REPORT: Elon Musk to Clean House at Twitter, Tells Investors He Will Quintuple Revenue

will launch a new mystery product named 'X'

Musk is planning to fire 1,000 Twitter employees after he takes control of the social media network, according to the Daily Mail.

THEBLAZE.COM – During a presentation to woo investors, Elon Musk laid out his plans for what actions he intends on implementing when he takes over Twitter. Musk reportedly told investors that he would clean house at Twitter, but then go on a hiring spree.

The Tesla CEO also assured investors that he would quintuple revenue on the social media platform within a few years and launch a new mystery product named “X,” according to a new report.

Musk reportedly told financial backers that he would quintuple Twitter’s annual revenue from $5 billion in 2021 to a whopping $26.4 billion by 2028.

The New York Times reported, “Twitter would bring in $15 million from a payments business in 2023, according to the document, which would grow to about $1.3 billion by 2028.”

Musk allegedly wants to rely on advertising far less – dropping from roughly 90% of total revenue in 2020 to about 45% of total revenue derived from advertising. Instead, the SpaceX founder expects to take in nearly $10 billion from subscriptions to the social media platform.

Musk also plans to release a new product that is mysteriously named “X.” The enigmatic product X would launch in 2023, and Musk estimates the service will have 104 million users in 2028. The Times hypothesizes that the mystery product could be an “ad-free experience on Twitter.”

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Some trivia: With the announcement of Elon Musk’s Twitter acquisition offer being accepted, interest in Twitter jobs on Glassdoor rose 263 percent last week (4/24-4/30), compared to the March 2022 baseline.

— Daniel Zhao (@DanielBZhao) May 5, 2022

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