Twitter Acquisition: Elon Musk’s plans for staff, products revealed

A mysterious new product, staff hiring and firing: Elon Musk’s secret plans for Twitter have been revealed.

Elon Musk’s plans for Twitter were revealed after the billionaire launched a successful bid to buy the social media platform for $ 44 billion ($ 61.4 billion).

Mr. MossThe richest person in the world is said to have presented a presentation to investors this week stating that he would increase the company’s annual revenue, which was $ 5 billion ($ 7 billion) last year, to 26. , $ 4 billion ($ 37.3 billion) in 2028

According to the deck, seen by the New York TimesMusk also plans to increase Twitter’s user base from 217 million at the end of last year to nearly 600 million in 2025 and 931 million in 2028.

He wants average revenue per user to be $ 30.22 ($ 42.70) in 2028, up from $ 24.83 ($ 35.08) last year.

To get there, many workers will be both hired and fired, according to NYT.

The ultimate goal is to have 11,072 employees by 2025.

There are currently around 7,500 Twitter employees and 1725 are expected to be hired in 2022. But 893 people would lose their jobs by 2023, before more people are recruited again.

According to NYTMr. Musk is likely to “spare the workers” as part of the acquisition and thereby attract new engineering talent.

A mysterious new product called X also reportedly received a mention in the deck, targeting 104 million users by 2028.

As for the current Twitter Blue, where users subscribe for $ A4.49 per month to personalize their experience, Musk expects 159 million users within six years. It was only launched last year.

Other key points included the withdrawal of $ 15 million ($ 21.3 million) from a payment business in 2023 and $ 1.3 billion ($ 1.8) by 2028. It is not known what that entails.

The company will also rely less on advertising, dropping to less than 50% of its revenue, according to the pitch.

the The Twitter board agrees to the acquisition of Mr Musk nearly two weeks ago.

In the days after him sold about $ 5.6 billion of Tesla stockand then stated on Twitter that there would be no more Tesla stock sales.

To finance the acquisition of the social media platform, he pledged up to $ 29.4 billion from his personal fortune, with the remainder funded by debt, according to AFP.

Musk’s “free speech” mission

A month before Mr. Musk reached the deal on Twitter, he asked users what they thought of the social media platform and free speech.

In a March 25 survey, he asked users if Twitter’s algorithm should be open source.

He then followed up hours later with a new poll, which stated: “Freedom of speech is essential for a functioning democracy. Do you think Twitter strictly adheres to this principle? “

“The consequences of this poll will be important. Please vote carefully, “she added.

After Twitter’s board of directors approved its acquisition, Musk continued to make public comments and tweets about the need for free speech on the platform and not censorship.

“For Twitter to deserve public trust, it must be politically neutral, which effectively means upsetting the far right and far left alike,” he wrote in a tweet.

Some messages leaked from the Slack corporate communication platform have revealed some Twitter employee vent against the new owner’s opinion on free speech.

“Physically creepy to watch Elon talk about free speech,” wrote a site trust engineer who identified himself as a non-binary transgender person.

“We are going through all five stages of pain in cycles and everyone’s nerves are exhausted,” wrote a senior staff software engineer who called Musk a “butt hole” and tried to console his colleagues.

“We are all turning our wheels and inventing worst case scenarios. (Trump returns! No more restraint!) The thing is, (Musk) hasn’t talked in detail about what he’s going to do outside of sweeping, sweeping claims that could easily be seen as a hyperbolic display.

Originally published as Elon Musk’s plans for Twitter were revealed in the investor speech

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