Elon Musk wants to bring a new product to Twitter. It is called “X.”
Product “X” would launch in 2023 and is estimated to bring in 9 million users within the first year. Musk projects that 104 million users would subscribe to the product by 2028, as per a report by the New York Times.
This product is expected to massively increase the revenue of Twitter despite his previous claims that he doesn’t care about the economics of buying Twitter “at all.”
More details are yet to be revealed about the product. Among other changes that Musk wants to bring, are an edit button and an ad-free version of Twitter.
The pitch deck also described a “payments business” that Musk estimates would produce $15 million in revenue by 2023. Both Musk and Twitter co-founder Jack Dorsey have experience in digital payments — Musk is one of the original co-founders of PayPal and Dorsey is the CEO of Square (now called Block).
Musk said he wants to improve Twitter by “enhancing the product with new features, making the algorithms open source to increase trust, defeating the spambots, and authenticating all humans.”
Twitter’s board unanimously accepted Musk’s buyout at $54.20 per share on April 25. The deal is expected to close in 2022, “subject to the approval of Twitter stockholders, the receipt of applicable regulatory approvals, and the satisfaction of other customary closing conditions,” Twitter said in a statement.