By sending Tesla Roadster into space and developing self-landing rockets, Elon Musk has become one of the main symbols in the world representing a man's commitment and sheer will.
And now, Elon wants to go further with his $44 billion Twitter takeover as The New York Times has obtained a copy of his representation to investors about what exactly he is going to do with the social network. Here's what his pitch deck essentially says:
Layoff hundreds to hire thousands
By the end of 2022, Elon projects that Twitter will have 9,225 employees. However, next year the number is expected to decline to 8,332. By 2025, Musk says Twitter will have over 11,070 employees, which is up almost 50% in comparison to the current 7,500.
Grow user base to 931 million users
In 2025, the total number of Twitter users is expected to hit 600 million, up from 217 million at the end of 2021. By 2028, Elon hopes that the social network will surpass the 930 million mark.
The American billionaire plans to drive that growth with Twitter's ad-supported business. However, in the meantime, he wants to cut Twitter's reliance on advertising to less than 50% of the company's revenue. Thus, the Tesla and SpaceX CEO plans to diversify Twitter's revenue flow by focusing more on data licensing.
Quintuple revenue to $26.4 billion
In addition to massive layoffs and a decrease in reliance on ads, Musk told investors he would increase the social network's annual revenue to $26.4 billion by 2028. Last year, Twitter made $5 billion.
At least $1.3 billion from that number is expected to be made from payments businesses like tipping and shopping. He didn't elaborate though if the company plans to expand support for new payment methods to reach that milestone.
Earlier in April, Twitter accepted Elon Musk's offer to acquire the company for almost $43 billion, or $54.20 per share. The billionaire explains that Twitter should be transformed into a private company to unlock its "extraordinary potential."
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