Elon Musk, the new owner of Twitter, is in the process of shrinking the company’s headquarters in San Francisco. This comes many months after Twitter fired hundreds of employees. The social networking company, which Musk took over in October in a massive acquisition for $44 billion, has cut its space at 1355 Market St. by two-thirds, according to the San Francisco Business Times, which cited the New York Times.
Because they fell behind on their rent payments, Twitter is now occupying only two of the building’s six levels. At the beginning of November, Twitter implemented a significant cost-cutting strategy that resulted in the termination of about half of its worldwide staff of 7,500 employees. This includes 800 people who called San Francisco their home base.
According to the Real Deal, Shorenstein Properties is in the process of negotiating with lenders after missing a September deadline to renew its $400 million debt on the property. Shorenstein Properties owns the building along with JPMorgan.
According to a story by the Times, there has been an increase in the number of employees who have voiced their dissatisfaction with the working environment at their tech business, stating that it smells like body odor and fast food, and that staff are required to carry their own toilet paper. (This took place not long after Elon Musk fired the janitorial staff members who went on strike.)
In response, Elon Musk said on Twitter that staff would only need to bring their own toilet paper for “half a day.” In addition, it has been claimed that Twitter plans to shut its headquarters in Seattle and New York City in an effort to reduce operating expenses. Even now, the social media firm has more than 2,000 people working for it.
Twitter’s new owner, Elon Musk, is in the midst of downsizing the company’s headquarters in San Francisco. These changes are already taking place. This comes after Twitter terminated the employment of hundreds of staff several months ago.
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