Following the buyout of Twitter by Elon Musk for $44 billion, reports obtained by the New York times state Tesla CEO’s plan to launch a new product named ‘X’ under the Twitter banner. According to the pitch deck, the product will be launched in 2023 with 9 million users expected to be brought in, within the first year itself. Reports estimate that 104 million users are to subscribe to the product by 2028.
During the TED 2022 conference, Musk went on record stating not caring about the economics of buying Twitter, although the outline of the proposed pitch of product “X” seems to be aimed at “quintupling Twitter’s revenue and quadrupling its user base”.
Once Musk’s takeover of the social media website is accredited, he is likely to bring about some additions including an edit button to the user base and an ad-free version of the same.
Other plans in the investor pitch deck include the “payment’s business” which aims at increasing the revenue of Twitter by $15 million by 2023 and $1.3 billion by 2028.
On April 25, 2022, a unanimous decision on Musk’s buyout of Twitter at $54.20 per share was accepted by the board. According to the statement released by Twitter, the deal is expected to be closed in 2022, “subject to the approval of Twitter stockholders, the receipt of applicable regulatory approvals, and the satisfaction of other customary closing conditions”.
In an April press release following the buyout of Twitter, Musk stated wanting to improve the current state of the website by “enhancing the product with new features, making the algorithms open source to increase trust, beat spam bots, and authenticate all humans.”
