Media reports have revealed the plans billionaire Elon Musk intends to implement for the famous blogging site "Twitter" as soon as he officially completes the acquisition process. In late May, the CEO of SpaceX reached an agreement with Twitter's management to acquire the platform for $44 billion. The British newspaper "Daily Mail" stated that once the ownership transfer procedures are completed, which will take about six months, Musk will lay off 1,000 employees.
It was noted that the American billionaire plans to recruit thousands of new employees over the next three years, raising the company's employee count to around 11,000, compared to the current 7,500. Sources expect that Elon Musk will focus his "hiring campaign" on young engineering talents.
On another note, Musk has previously proposed the idea of closing Twitter's main headquarters in San Francisco to "reduce expenses," and it is likely that board members will not receive salaries in the future, potentially saving about $3 million. Musk, aged 50, also promises to increase Twitter's annual revenue fivefold from current levels, from $5 billion to $26.4 billion by 2028.
Conversely, the American billionaire does not rule out implementing his "favorite idea," which is a subscription-based model rather than relying solely on advertiser funding, which he believes will make Twitter less beholden to advertisers' pressures. Musk suggests that users pay their subscriptions in various forms, including cryptocurrencies like "Dogecoin," which he has long expressed admiration for. Some Twitter users currently pay $3 a month for the "Twitter Blue" service. The CEO of SpaceX aims to increase the number of subscribers to this paid service to around 69 million by 2025.
