Musk aims to raise Twitter's annual revenue five-fold to $26 billion by 2028
Elon Musk on Friday reportedly unveiled his earnings goals for Twitter
He plans to increse Twitter's revenue to $26.8 billion in 2028, up from $5 billion in 2020
The added revenue is expected to come from ads, subscriptions, new users, and improved cash flow
Elon Musk is reportedly looking to increase Twitter's annual earnings five-fold, from $5 billion last year to $26.4 billion by 2028 after he completes his $44 billion takeover of the microblogging company.
According to the New York Times (NYT), which accessed a pitch deck presented by Musk, Twitter, under new ownership, will cut down on advertisements considerably, with ads projected to account for only 45% of Twitter's income in 2028, down from 90% in 2020.
As per the presentation, Musk expects Twitter in 2028 to earn $12 billion from ads, $10 billion from subscriptions, and the rest from increased cash flow.
The news comes on a day when a Florida pension fund sued the 50-year-old billionaire, Twitter, and Twitter founder Jack Dorsey, looking to stall Musk's takeover of the company till 2025.
After weeks of speculation about Musk's interest in acquiring Twitter, the billionaire confirmed his interest in early April. Subsequently, in late-April, Twitter agreed to a sale, thereby greenlighting the $44 billion deal.
A self-declared "free speech absolutist," Musk has promised to cut down on policing in a bid to expand Twitter's userbase, and has also vowed to improve the platform by cracking down on spam bots.
Reports also suggest that the 50-year-old has plans to directly take control of the company, at least on a temporary basis, after the completion of the $44 billion acquisition, with Reuters and CNBC reporting that Musk will replace current Twitter CEO Parag Agarwal after the deal.
The billionaire, who had announced his intention to buy Twitter without securing adequate funding, is currently in the process of arranging funds to try and ensure that the deal gets completed before the end of the year.