Musk Wants to Hire More People and Quintuple Twitter’s Revenue: NYT

  • Elon Musk plans to hire 3,600 new employees, shed some, and quintuple revenue, according to The NYT.
  • In a pitch deck, the Tesla CEO claimed he could boost Twitter’s user base to over 931 million.
  • Musk told investors he’d probably double or triple their money if they backed him, it was reported.

Elon Musk wants to hire thousands of new employees at Twitter while shedding some existing staffers, create a secretive new product known as “X,” and more than quadruple the size of the social media platform’s user base.

The enigmatic tech founder told investors he could dramatically increase the company’s revenue while making it less reliant on ad income, The New York Times reported, citing a pitch deck that had been sent to prospective backers of his $44 billion acquisition.

The Tesla and SpaceX’s CEO previously said he had secured $46.5 billion in financing before making his formal offer. It emerged on Thursday that he had secured another $7.1 billion in financing for his bid, according to a Securities and Exchange Commission filing.

Musk plans to increase the average revenue per user by $5.39 to $30.22 by 2028, according to the report. The increase in revenue per user would lead to the company’s overall income increasing five times over to $26.4 billion.

He also said he wants to hire 3,600 new employees by 2025 while letting go of hundreds. Twitter will employ 11,072 people by 2025 – a marked increase on its current headcount of 7,500 – but Musk expects that number to go up and down over the next year, per the newspaper.

Included in his estimates is a goal to reach 931 million users by 2028 with 104 million users subscribed to a new product called X. However, while the X subscribers product shows up on the pitch deck in 2023, with nine million users expected in its first year, there is no indication of what the product actually is. 

Musk also told investors he was highly confident he would double or triple their money if they backed his $44 billion buyout of Twitter. Musk said they could see returns of five to ten times their investments if all went well, per the report. 

The Times reported that Musk told investors he would serve for a time as CEO of Twitter. Sources also told CNBC Musk is expected to step in as interim CEO after the closing of the deal, which is awaiting regulatory approval.

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