Musk wants to increase Twitter's annual revenue to $26.4 billion by 2028

The New York Times (NYT) has reported that billionaire Elon Musk wants to increase Twitter's annual revenue to $26.4 billion by 2028.

Citing a pitch deck presented by Musk to investors, NYT reported that he aims to increase Twitter's cash flow to $3.2 billion in 2025 and $9.4 billion in 2028.

According to the report, Musk plans on ensuring that 45 per cent of total revenue comes from advertising instead of 90 per cent in 2020.

This will generate $12 billion in revenue in 2028, while subscriptions are expected to pull in another $10 billion as per the report.

The NYT cited the document as saying, Musk expects the social media company to bring in $15 million from a payments business in 2023 that will grow to about $1.3 billion by 2028.

Also read | US Federal Trade Commission is reviewing Musk's buyout of Twitter: Report

Tesla Chief Elon Musk, who is the world's richest man with a net worth of $265 billion as per Forbes, had offered to buy Twitter for $44 billion in cash.

He has raised $7.1 billion for his Twitter acquisition from 18 investors who agreed to cash investments including Ellison ($1 billion), Sequoia Capital ($800 million), and Vy Capital ($700 million). 

The South African billionaire, who describes himself as a ''free speech absolutist'', has vowed to get rid of bots and trolls.

(With inputs from agencies)

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