Elon Musk plans to lay off 1,000 Twitter employees who acquired the social networking platform last month.
He is expected to fire many employees of the firm after the transfer of ownership, which will take about six months, after which Musk will likely own the ax.
But over the next three years, Musk estimates that thousands of new employees will increase the ranks to 11,000 employees compared to 7,500 now.
Most of the new talent is likely to be in engineering with a thousand or so lost during the takeover period, according to a platform presented by Musk this week to investors and spotted New York Times
The changes Musk is making are part of his plan to increase Twitterannual revenue has quadrupled to $ 26.4 billion by 2028 from $ 5 billion last year.
It is planned that advertising on the platform will fall to 45% of total revenue under the Mask, compared to about 90% in 2020.
According to the report, by 2028 it plans to bring in advertising revenue of $ 12 billion in 2028, while subscriptions are expected to bring in another $ 10 billion.
Other revenue will come from businesses such as data licensing.
Musk also plans to increase Twitter’s cash flow to $ 3.2 billion in 2025 and $ 9.4 billion in 2028.
Twitter’s cash flow can be increased by taking on $ 13 billion in debt as part of the company’s buyout.
However, he plans to repay the debt and increase the company’s cash flow.
Last month, Musk struck a deal to buy Twitter for $ 44 billion in cash, which would lead to the transfer of control of the social networking platform, populated by millions of users and world leaders, to the head of Tesla.
The billionaire has promised to revive the campaign and expand the number of users by combating spam bots and reducing the amount of moderation to promote more “freedom of speech”.
It is expected that after the deal closes, Musk will become the interim CEO of Twitter, as it became known on Thursday.
Among other goals, Musk expects the social networking company to bring in $ 15 million from the payment business in 2023, which will grow to about $ 1.3 billion by 2028.
As one of the founders of PayPal, Musk is familiar with the world of digital payments.
Today’s Twitter payment business, which includes tips and purchases, is insignificant.
It is speculated that Musk may want to introduce payment options on Twitter.
Elon Musk plans to quadruple Twitter’s revenue to $ 26.4 billion by 2028 On the site, Musk said he would increase Twitter’s annual revenue to $ 26.4 billion by 2028, up from $ 5 billion last year
Musk also said it would reduce Twitter’s reliance on advertising to less than 50 percent of revenue
Musk suggests he could increase Twitter’s average revenue per user to $ 30.22 in 2028 from $ 24.83 last year.
He also expects that by 2025 Twitter will have 11,072 employees out of about 7,500.
By 2025, revenue from Twitter Blue, the company’s premium subscription service, launched last year, is expected to have 69 million users.
Users currently pay $ 3 a month to customize their in-app experience.
Musk hopes that plans to increase the number of Twitter users will also lead to more subscriptions to Twitter Blue.
Last month, Musk on a remote tweet suggested a number of changes to the giant Blue’s premium Twitter social networking service, including cost reductions.
On Thursday, Musk listed a group of high-profile investors willing to allocate $ 7.14 billion in funding to his Twitter application, including Oracle co-founder Larry Allison and Sequoia Capital.
Musk increased its financing commitments to $ 27.25 billion, including 19 investors, and reduced the margin loan from Morgan Stanley tied to its Tesla shares to $ 6.25 billion.
It has already secured $ 13 billion in loan commitments under Twitter shares.
Launched in June 2021, Twitter Blue is the first Twitter subscription service and offers “exclusive access to premium features” based on a monthly subscription
Mask could not be reached for comment. Twitter also did not immediately respond to a request for comment.
Musk has promised to allow everyone to say on Twitter what he wants, after his capture of the social media giant.
He is said to be in favor of temporary “time-outs” for users who break new rules, rather than permanent bans, such as Donald Trump.
Details of his immediate plans are meager, however Tesla chief shows himself as an absolutist of freedom of speech.
Other changes discussed include blue check ticks for everyone who subscribes to the premium Twitter service Blue, which costs $ 2.99 a month.
Musk is said to prefer a subscription-based model rather than advertiser funding because it will make Twitter less susceptible to advertiser pressure. He even suggested that users could pay with cryptocurrency, including the humorous currency Dogecoin, which Musk has long loved.
Musk also spoke about other new features, including an “edit” button to customize previously published tweets, and to make the platform’s algorithms “open source to increase trust, defeat spam bots and authenticate everyone.”
This will allow people to understand exactly why Twitter decided to make some tweets more visible to users than others.
The top priority for Mask is to eliminate “bots” that often generate spam and run scams.