Musk’s Pitch to Twitter Investors: Quintuple Revenue, Cut Reliance on Ads, Grow Payments

Billionaire Elon Musk, still set to buy social media app Twitter, has plans to “quintuple 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 world’s richest man and has pitched this among other things to investors in the last few days.

Musk agreed to buy Twitter for $44 billion two weeks ago.

According to a pitch deck obtained by NYT, Musk said he also wants to cut down on Twitter’s reliance on advertising until it’s under 50% of revenue. Advertising would be 45% of the revenue in 2028, down from 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. Twitter’s payments business today comes with tipping and shopping, but it’s not really much more than negligible. Musk has also floated the idea of introducing payment abilities to Twitter.

See also: Top Crypto Exchange Binance Joins Musk’s Twitter Bid, With Web3 in Its Sights

Binance has recently joined Musk’s Twitter bid, adding $500 million, PYMNTS wrote.

Binance accounts for $9.6 trillion out of a total $14 trillion in crypto trading volume, and is owned by Changpeng Zhao, the richest person in crypto.

The report says Binance announced plans in February to put $200 million into a SPAC deal with Forbes, to take the media firm public.

Zhao said at the time that the company is going on a “buying spree” in 2022.

Binance’s involvement in the Musk deal will likely put crypto payments as a more prominent part of Twitter. Ex-CEO Jack Dorsey had made an opening move through allowing bitcoin tipping. The social media platform also expanded into the space to add payments to small businesses, through a deal with payments company Stripe.