Elon Musk, who successfully bought Twitter for $44 billion, said he plans to boost the microblogging platform's revenue by five times to $26.4 billion by 2028, the New York Times reported.
The world's richest person laid out his ambitious plans for the company in a presentation to investors, a copy of which was obtained by the Times, which also included plans to reshape Twitter's workforce and business strategies.
"With all of these changes, Mr Musk anticipates he can lift Twitter’s average revenue per user — a key metric for social media companies — to $30.22 in 2028 from $24.83 last year," the Times said, referring to the document.
The Tesla and SpaceX chief executive has a track record of saying ambitious things without any clear strategy to back them up. This was also the case during and immediately after his negotiations with Twitter, with analysts noting he had not set out clear plans from running the company to boosting its financials.
But the pitch deck revealed by the Times is the first significant blueprint unveiled by Mr Musk on how he would run one of the world's biggest social media platforms.
The revelation follows Mr Musk's announcement that he had secured more than $7.1bn in new equity funding from a group of investors to help finance his Twitter takeover, which has sparked internal unrest, polarising opinion and even a change of heart from some who initially opposed the acquisition.
Eighteen investors have made commitments ranging between $850,000 and $1bn, according to a regulatory filing in the US Securities and Exchange Commission.
Mr Musk's projected revenue in six years would mean a compound annual growth rate of more than a quarter from the $5bn reported by Twitter last year. The company in its first-quarter earnings report on April 28 said net income surged to $513.3 million, a more than seven-fold increase compared to the $68m in the same period in 2021, days after it agreed to be sold to Mr Musk.
Advertising, which is crucial to Twitter's bottom line, is seen to drop to 45 per cent of total revenue from around 90 per cent in 2020, the report said.
The pitch showed that advertising would create about $12bn in revenue, with subscriptions adding nearly $10bn, by 2028.
Mr Musk also has apparent plans to integrate payments into Twitter, according to the pitch, along the lines of PayPal, which he helped bring into the mainstream. This would add some $15m in revenue next year, rising to around $1.3bn by 2028. At present, Twitter does have a shopping and tipping business, but is not significant.
The Twitter deal will add about $13bn of debt as part of Mr Musk's buyout plan, but he said he would pay that debt down as free cash flow is projected to rise to $9.4bn in 2028 from $3.2bn in 2025, the pitch said.
"Free cash flow would rise even as operating expenses and costs also rose," according to the document.
User base and workforce additions after subtractions
As of January 2022, Twitter's monthly active users are at around 439 million, according to Statista data. Mr Musk's pitch includes plans to more than double that count to around 931 million by 2028; that figure today would make it the eighth most used social media network by number of monthly active users, Statista shows.
Around a fifth of his projected number, or around 159 million, would come from from Twitter Blue, in which users pay a monthly fee of $3 for a customised Twitter experience.
Then there's Mr Musk's secretive 'X' platform, a new product that he sees to have about 108 million users by 2028. There is little that is known about the X service, but Mr Musk had hinted it could be an ad-free experience.
On Twitter's workforce, the document said Mr Musk plans to hire around 3,600 people by 2025, which would increase it by about 47 per cent to more than 11,000 from around the 7,500 the company has today.
That would, however, come at a cost, as Mr Musk is planning to slash "hundreds" of jobs before bringing in new ones, causing the jobs number to fluctuate, the Times wrote, citing a person with knowledge of the matter.
"Mr Musk is likely to shed workers as part of his takeover, before bringing on new talent in engineering, a person with knowledge of the situation said," the Times said.
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Information: www.emirateslitfest.com
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
Thanksgiving meals to try
World Cut Steakhouse, Habtoor Palace Hotel, Dubai. On Thursday evening, head chef Diego Solis will be serving a high-end sounding four-course meal that features chestnut veloute with smoked duck breast, turkey roulade accompanied by winter vegetables and foie gras and pecan pie, cranberry compote and popcorn ice cream.
Jones the Grocer, various locations across the UAE. Jones’s take-home holiday menu delivers on the favourites: whole roast turkeys, an array of accompaniments (duck fat roast potatoes, sausages wrapped in beef bacon, honey-glazed parsnips and carrots) and more, as well as festive food platters, canapes and both apple and pumpkin pies.
Ruth’s Chris Steakhouse, The Address Hotel, Dubai. This New Orleans-style restaurant is keen to take the stress out of entertaining, so until December 25 you can order a full seasonal meal from its Takeaway Turkey Feast menu, which features turkey, homemade gravy and a selection of sides – think green beans with almond flakes, roasted Brussels sprouts, sweet potato casserole and bread stuffing – to pick up and eat at home.
The Mattar Farm Kitchen, Dubai. From now until Christmas, Hattem Mattar and his team will be producing game- changing smoked turkeys that you can enjoy at home over the festive period.
Nolu’s, The Galleria Mall, Maryah Island Abu Dhabi. With much of the menu focused on a California inspired “farm to table” approach (with Afghani influence), it only seems right that Nolu’s will be serving their take on the Thanksgiving spread, with a brunch at the Downtown location from 12pm to 4pm on Friday.
Brown/Black belt finals
3pm: 49kg female: Mayssa Bastos (BRA) v Thamires Aquino (BRA)
3.07pm: 56kg male: Hiago George (BRA) v Carlos Alberto da Silva (BRA)
3.14pm: 55kg female: Amal Amjahid (BEL) v Bianca Basilio (BRA)
3.21pm: 62kg male: Gabriel de Sousa (BRA) v Joao Miyao (BRA)
3.28pm: 62kg female: Beatriz Mesquita (BRA) v Ffion Davies (GBR)
3.35pm: 69kg male: Isaac Doederlein (BRA) v Paulo Miyao (BRA)
3.42pm: 70kg female: Thamara Silva (BRA) v Alessandra Moss (AUS)
3.49pm: 77kg male: Oliver Lovell (GBR) v Tommy Langarkar (NOR)
3.56pm: 85kg male: Faisal Al Ketbi (UAE) v Rudson Mateus Teles (BRA)
4.03pm: 90kg female: Claire-France Thevenon (FRA) v Gabreili Passanha (BRA)
4.10pm: 94kg male: Adam Wardzinski (POL) v Kaynan Duarte (BRA)
4.17pm: 110kg male: Yahia Mansoor Al Hammadi (UAE) v Joao Rocha (BRA
Copa del Rey
Semi-final, first leg
Barcelona 1 (Malcom 57')
Real Madrid (Vazquez 6')
Second leg, February 27
'Tell the Machine Goodnight' by Katie Williams
Penguin Randomhouse
Company profile
Name: GiftBag.ae
Based: Dubai
Founded: 2011
Number of employees: 4
Sector: E-commerce
Funding: Self-funded to date
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The five pillars of Islam
COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The five types of long-term residential visas
Obed Suhail of ServiceMarket, an online home services marketplace, outlines the five types of long-term residential visas:
Investors:
A 10-year residency visa can be obtained by investors who invest Dh10 million, out of which 60 per cent should not be in real estate. It can be a public investment through a deposit or in a business. Those who invest Dh5 million or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.
Entrepreneurs:
A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.
Specialists
Expats with specialised talents, including doctors, specialists, scientists, inventors, and creative individuals working in the field of culture and art are eligible for a 10-year visa, given that they have a valid employment contract in one of these fields in the country.
Outstanding students:
A five-year visa will be granted to outstanding students who have a grade of 95 per cent or higher in a secondary school, or those who graduate with a GPA of 3.75 from a university.
Retirees:
Expats who are at least 55 years old can obtain a five-year retirement visa if they invest Dh2m in property, have savings of Dh1m or more, or have a monthly income of at least Dh20,000.
THE BIO
Favourite holiday destination: Whenever I have any free time I always go back to see my family in Caltra, Galway, it’s the only place I can properly relax.
Favourite film: The Way, starring Martin Sheen. It’s about the Camino de Santiago walk from France to Spain.
Personal motto: If something’s meant for you it won’t pass you by.
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