The richest man in the world would like to hire 3,600 employees and quintuple his turnover
Billionaire Elon Musk wants to quintuple Twitter’s revenue by 2028 and hire 3,600 employees after laying off hundreds, The New York Times reported on Friday, citing a presentation to investors.
According to the report, Musk expects the number of employees to grow from about 7,500 to 9,225 this year, drop to 8,332 in 2023 and rise to 11,072 by 2025.
The CEO of Tesla and SpaceX reportedly believed that the total number of Twitter users would increase from 217 million at the end of last year to nearly 600 million by 2025 and 931 million by 2028. He also reportedly predicted that Twitter’s revenue would quintuple to $26.4 billion. by 2028.
The newspaper says the document shows Musk sees advertising dropping from around 90% of Twitter’s revenue in 2020 to 45% in the future. By 2028, ads would bring in $12 billion in revenue and subscriptions nearly $10 billion, according to the report.
Musk, who Forbes magazine ranks as the world’s richest man, struck the deal with Twitter’s board to buy the company for $44 billion late last month. He has promised to respect free speech and abide by the law, but has yet to unveil a detailed plan for Twitter under his leadership. This week he said he could do “commercial [and] government users » pay a fee for using the social network.
News of Musk’s proposed purchase of Twitter has sparked both praise and concern, including among company staff.
A group of 26 NGOs and advocacy organizations wrote an open letter claiming that Musk’s takeover “further toxify our information ecosystem” and pose a threat to public safety. After Musk publicly called for the funding of these organizations to be investigated, the Daily Mail reported on Wednesday that billionaire George Soros and staffers of former US President Barack Obama and former Secretary of State Hillary Clinton were among the donors of the activists behind the letter.
“Interesting. I wonder if those who fund these organizations are fully aware of what the organizations are doing,” Musk tweeted in response to the Daily Mail article.