Elon Musk wants to hire thousands of new employees at Twitter while laying off some current employees, develop a secretive new product called “X,” and more than quadruple the social media platform’s user base.
According to a pitch deck sent to prospective backers of his $44 billion acquisition, the enigmatic tech founder told investors he could dramatically increase the company’s revenue while making it less reliant on ad income.
The CEO of Tesla and SpaceX previously stated that he had secured $46.5 billion in financing prior to making his formal offer. According to a Securities and Exchange Commission filing on Thursday, he had secured an additional $7.1 billion in financing for his bid.
According to the report, Musk intends to increase the average revenue per user by $5.39 to $30.22 by 2028. The increase in revenue per user would result in a fivefold increase in overall income to $26.4 billion.
He also stated that he intends to hire 3,600 new employees by 2025 while laying off hundreds. According to the newspaper, Twitter will employ 11,072 people by 2025, a significant increase from its current headcount of 7,500, but Musk expects that number to fluctuate over the next year.
His projections include a goal of reaching 931 million users by 2028, with 104 million subscribers to a new product called X. While the X subscribers product appears on the pitch deck in 2023, with nine million users expected in the first year, there is no indication of what the product is.
Musk also assured investors that if they supported his $44 billion takeover of Twitter, he would more than double or triple their money. According to the report, Musk stated that if everything went well, they could see returns of five to ten times their investment.
According to the New York Times, Musk told investors that he would serve as CEO of Twitter for a period of time. According to CNBC, Musk is expected to take over as interim CEO following the completion of the deal, which is subject to regulatory approval.