Twitter is cutting office space to cut costs

Twitter is reducing its physical office space in several global markets, including San Francisco, New York and Sydney, as the company cuts costs and focuses more on remote work.

witter will significantly reduce its corporate presence in San Francisco by vacating an office on Tenth Street directly behind its Market Street headquarters, according to an email sent to employees Wednesday. Twitter currently occupies several floors in the building. It has also scrapped plans to open an office across the bay in Oakland.

The company may close its Sydney office and is considering plans to close several other offices after leases expire, including those in Seoul, Wellington, Osaka, Madrid, Hamburg and Utrecht, according to the memo.

It may find alternative office space at some of these locations.

Corporate space in other key markets is being reduced, including Dublin, Tokyo, Mumbai, New Delhi and New York.

According to the email, Twitter is not planning any job cuts.

“I want to be clear that this does not change our commitment to working in each of these markets,” wrote Dalana Brand, Twitter’s chief people officer. “If certain offices were to close, there would be no impact on Tweeps employment; They would simply switch to full-time employees at WFH.”

A spokesman said the decisions would not affect current headcounts or staff roles, “and we will continue to support our customers and meet with them regularly to help them launch and connect with what’s new. what is happening on Twitter.”

The changes are the latest in a series of cost cuts by the social media company, which has pointed to global economic factors as the reason behind the cuts.

Twitter imposed a hiring freeze in early May, and Chief Executive Officer Parag Agrawal also announced declines in marketing and business travel, urging employees to be more prudent with their spending.

A company-wide offsite at Disneyland planned for early 2023 was also canceled.

Twitter is tightening the reins after its board agreed in late April to sell the company to Tesla CEO Elon Musk for $44 billion. But Musk has since tried to get out of the deal, and the two sides are now in the middle of a contentious legal battle. Twitter is suing Mr Musk in Delaware Chancery Court to force him to finalize the deal with a trial scheduled sometime in October. Mr Musk had previously told advisors and bankers that he planned to cut costs at the company after his takeover.

Turning off the lights in global offices also solidifies a major cultural shift for Twitter, which announced in mid-2020 that its employees could work remotely forever.

The prospect of permanent remote work has raised questions about corporate office space needs, particularly in expensive cities like San Francisco and New York. Twitter is cutting office space to cut costs

Fry Electronics Team

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