Elon Musk, CEO of Tesla, has some new ambitions for Twitter following his acquisition. Elon Musk plans to hire thousands of Twitter employees to work on a new, mysterious product known as “X”. Along the process; he considered sacking some of the company’s current employees.
The wealthy tech founder convinced investors that he could significantly boost the company’s income. According to The New York Times, Musk pledged that Twitter would be less reliant on ad income. Musk also gave the pitch deck to all of his investors who supported Twitter’s $44 billion takeovers.
The CEO of Tesla and SpaceX also stated that he intends to improve the average income per user by $5.39 to $30.22 by 2028. Previously, he also said to charge some amount to commercial government users while making it accessible for the general public. The increase in such income would increase the company’s overall revenue to $26.4 billion. The amount is almost five times greater than the current income.
According to the plan, Mr. Musk expects Twitter to have 11,072 workers by 2025. That would be an increase from roughly 7,500 today.
Mr. Musk estimates the number to vary in the meantime, rising to 9,225 people in 2022, then falling to 8,332 in 2023 before growing again. According to a source familiar with the issue, Mr. Musk is expected to lay off employees as part of his acquisition before bringing on fresh engineering expertise. Stock-based compensation expenditures are also predicted to climb from $914 million in 2022 to just over $3 billion by 2028.
About Musk’s mysterious product “X”, he estimates that he will have over 104 million users subscribed to his product X. The estimates also include increasing Twitter’s users to 931 Million by 2028. Despite the estimation of the users, there is no sign of what the product actually is. But we hope, Elon Musk will soon tweet about this mysterious product X.
Musk reportedly assured investors that if they supported his $44 billion takeover of Twitter, he would more than double or treble their money. As per the source, Musk stated that if all went well, they may see returns of five to 10 times their investment.
According to the New York Times, Musk assured investors that he will serve as CEO of Twitter for a period of time. Musk is anticipated to take over as interim CEO following the completion of the purchase, which is subject to regulatory approval.