Musk wants to hire thousands of new employees at the social media platform and create a new product called "X" that will be more than four times the size of the platform's user base.
According to The New York Times, the enigmatic tech founder told investors he could dramatically increase the company's revenue while making it less reliant on ad income, in a pitch deck that had been sent to prospective backers of his $44 billion acquisition.
Before making his formal offer, the CEO of the two companies said he had secured $46.5 billion in financing. He had secured $7.1 billion in financing for his bid, according to a Securities and Exchange Commission filing.
According to the report, Musk plans to increase the average revenue per user by $5.39 to $30.22. The increase in revenue per user would lead to a five times increase in income for the company.
He wants to hire 3,600 new employees by the year 2025. Musk expects the number of people on the site to go up and down over the next year.
There is no indication of how many users the X subscribers product will have in its first year.
Musk told investors he would double or triple their money if they backed his acquisition of the micro-blogging site. If all went well, Musk said they could see returns of five to ten times their investments.
According to The Times, Musk told investors that he would stay on as CEO of the company. Sources told CNBC that Musk is expected to take over as interim CEO after the deal is approved.
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