Tesla CEO Elon Musk Image Credit: Reuters

Dubai: Elon Musk is planning to fire 1,000 staffers at Twitter as soon as his purchase of the social media platform is complete, the Daily Mail reported.

According to the report, he will fire many of the firm's woke staff following the transfer of ownership which will take around six months, after which Musk is likely to wield the axe.

But then within the next three years, Musk anticipates making thousands of new hires, swelling the ranks to around 11,000 employees, up from 7,500 currently.

Much of the new talent is likely to be in the field of engineering.

“If Twitter acquisition completes, the company will be super focused on hardcore software engineering, design, infosec and server hardware,” Musk tweeted late Friday.

I strongly believe that all managers in a technical area must be technically excellent. Managers in software must write great software or it is like being a cavalry captain who cannot ride a horse!

- Elon Musk

Revised revenue target

Elon Musk is aiming to increase Twitter’s annual revenue to $26.4 billion by 2028, up from $5 billion last year, the New York Times reported on Friday, citing a pitch deck presented by the world’s richest man to investors.

Advertising will fall to 45 per cent of total revenue under Musk, down from around 90 per cent in 2020, generating $12 billion in revenue in 2028, while subscriptions are expected to pull in another $10 billion, according to the report.

The social media company would bring in $15 million from a payments business in 2023, the NYT reported, that would grow to about $1.3 billion by 2028.

The real deal

Musk clinched a deal last month to buy Twitter for $44 billion in cash, in a move that will shift control of the social media platform populated by millions of users and global leaders to the Tesla chief.

Musk is expected to become Twitter’s temporary CEO after closing the takeover, a person familiar with the matter said on Thursday, as the billionaire seeks to add investors to the deal.

Subscription revenue from Twitter Blue is expected to generate $69 million in revenue by 2025, the NYT reported.

Users currently pay $3 a month to customize their experience on the app.

The newspaper said Musk anticipates he can increase Twitter’s average revenue per user to $30.22 in 2028 from $24.83 last year.