After having acquired Twitter, Tesla CEO Elon Musk claimed last week that as part of the additional funding commitments, he had secured around $7 billion to solidify his $44 billion Twitter takeover bid.
The Twitter-Musk deal included several financial partners, including Sequoia Capital, Binance, Oracle chief Larry Ellison and Saudi Prince Alwaleed, which will all now become minor shareholders of the social company, as the previous shareholders will be bought out by Musk. This points in the direction of Musk’s intentions regarding turning Twitter into a money-making machine.
The New York Times recently obtained a pitch deck that had been presented to the new shareholders. Some key points were found in the deck, which included: Musk’s plans to increase Twitter’s active user count to 600 million by 2025 and to 931 million by 2028, to increase revenue by five times by 2028, to reduce advertising income to around 45% of the company’s revenue, and lastly, to cut around 1,000 Twitter employees over the next year, before adding around 2,700 new employees by 2025.
Nobody knows Musk’s intended method of putting these plans into action, but the financial partner companies have clearly confided in Musk, regardless.
It would be interesting to see all the strategies that Musk adopts in order to make Twitter bigger than it currently is, since the world is already well familiar with the social platform and there is hardly any new major thing that could pique non-users’ interest. Perhaps it would be luring people into signing up for Twitter Blue subscriptions, since it is one of Musk’s main goals? We shall find out.