The world’s richest man reportedly wants to hire 3,600 employees and quintuple revenue
Billionaire Elon Musk wants to quintuple Twitter’s revenue by 2028 and hire 3,600 employees after firing hundreds of them, the New York Times reported on Friday, citing a presentation to investors.
The report states that Musk anticipates that the number of employees will rise to around 9,225 in 2018, drop to 8,332 by 2023 and then rise to 11,072 at 2025.
The Tesla and SpaceX CEO was said to believe that Twitter’s total number of users will grow from 217 million at the end of last year to nearly 600 million by 2025 and 931 million by 2028. He also reportedly projected that Twitter’s revenue would quintuple to $26.4 billion by 2028.
The paper said the document shows that Musk sees advertising falling from around 90% of Twitter’s revenue in 2020 to 45% in the future. The report stated that ads will bring in nearly $12 billion annually in revenue, and subscriptions would reach almost $10 billion.
Musk, whom Forbes magazine lists as the world’s richest man, secured the deal with Twitter’s board to buy the company for $44 billion late last month. While Musk said he would uphold freedom and obey the law, he is yet to reveal a specific plan for Twitter as his chief executive. He said this week that he might make a change to Twitter. “commercial [and] government users”You will need to pay for the use of this social network.
The news of Musk’s plans to buy Twitter was met with both praise and concern, including among the company’s staff.
A group of 26 NGOs and advocacy organizations penned an open letter arguing that Musk’s takeover would “further toxify our information ecosystem”and pose a danger to the public’s safety. Musk had publicly demanded that these groups be investigated. The Daily Mail reported Wednesday on Wednesday that George Soros, a billionaire and former US president Barack Obama’s staffer and former secretary of state Hillary Clinton were among those who donated to the activists.
“Interesting. I wonder if those funding these organizations are fully aware of what the organizations are doing,”Musk posted a response to the Daily Mail article.