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Writer: Lois

Photo: Dado Ruvic / Reuters

The New York Times (NYT) reported on Friday that Elon Musk wants to quintuple Twitter’s annual revenue to 26.4 billion USD by 2028.

Mr Musk’s plan for Twitter involves halving advertising from 90 per cent to 45 per cent of total revenue. According to the report, under this plan advertising will generate 12 billion USD in revenue in 2028, with subscriptions bringing another 10 billion USD.

The SpaceX founder made a deal last month to buy Twitter for 44 billion USD in cash, which will give make him the temporary Chief Executive Officer (CEO) of the social media giant.

Mr Musk has already confirmed commitments for 13 billion USD in loans against Twitter shares.

Oracle co-founder Larry Ellison and Sequoia Capital are among the high-profile investors ready to provide funding of 7.14 billion USD for Mr Musk’s Twitter bid.

According to Mr Musk’s pitch, he aims to increase Twitter’s cash flow to 3.2 billion USD in 2025 and 9.4 billion USD in 2028.

He also said he wants to expand the company’s user population by cracking down on spambots and scaling back moderation to allow for greater freedom of speech.

According to the NYT, the billionaire also expects Twitter to gain 15 million USD from a payments business in 2023, which will grow to 1.3 billion USD by 2028.

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