Musk’s Twitter: revenue quintupled, payments increased
Billionaire Elon Musk, ever ready to buy social media app Twitter, aims to “quintuple his revenue” to $26.4 billion by 2028, The New York Times (NYT) reported.
The company’s annual revenue was $5 billion in 2021.
Musk is the richest man in the world and has presented him among other things to investors in recent days.
Musk agreed to buy Twitter for $44 billion two weeks ago.
According to a pitch deck obtained by the NYT, Musk said he also wants to reduce Twitter’s reliance on advertising until it’s below 50% of revenue. Advertising would represent 45% of revenues in 2028, compared to 90% in 2020.
In 2028, he wants advertising to generate $12 billion in revenue and subscriptions around $10 billion, with other revenue coming from things like data licensing.
NYT also writes that Musk’s vision would come with Twitter earning $15 million from a payments business in 2023, which would grow to around $1.3 billion by 2028. Musk also floated the idea of introducing payment capabilities on Twitter.
See also: Top Crypto Exchange Binance Joins Musk’s Twitter Offering, With Web3 in Focus
Binance recently joined Musk’s Twitter offering, adding $500 million, PYMNTS wrote.
Binance represents $9.6 trillion out of a total of $14 trillion in crypto trading volume and is owned by Changpeng Zhao, the richest person in crypto.
The report states that Binance announced plans in February to invest $200 million in a SPAC deal with Forbes, to take the media company public.
Zhao said at the time that the company would embark on a “buying spree” in 2022.
Binance’s involvement in the Musk deal will likely make crypto payments a bigger part of Twitter. Former CEO Jack Dorsey took a first step by allowing bitcoin tipping. The social media platform has also expanded into the space to add payments for small businesses, thanks to a deal with payments company Stripe.