BREAKING

Twitter office supplies auctioned due to inability to pay office rent

By Al Mayadeen English
Source: Agencies
18 Jan 2023 17:22

Twitter has not paid office rent since December, according to reports, and is currently auctioning off all excess supplies.

Neon Twitter sign for auction (Global Heritage Partners)

After having faced difficulties paying office rent, Twitter has reportedly auctioned off coffee machines, neon displays marked with the company's logo, office equipment, and kitchen appliances according to a CNBC report on Wednesday.

Heritage Global Partners, according to the report, has been in charge of the Twitter appliances auction, which can be found on their website, which includes items such as a rotisserie cooker, refrigerators, and pizza ovens, as well as televisions, desks, and conferencing equipment.

Reportedly, someone bid $17,500 for one of the electrical neon signs with Twitter's logo on it.

Earlier, in December, it was reported by The New York Times that Twitter had stopped paying rent for office space in order to cut costs.

Twitter offers free ads to lure brands back

Twitter Inc. is introducing a new incentive to entice brands to return to the social media platform, which has seen its ad business deteriorate since Elon Musk's $44 billion takeover.

According to emails obtained by The Wall Street Journal, the tech company is dangling free ad space by offering to match advertisers' ad spending up to $250,000. The entire $500,000 in advertising must run by February 28, according to the emails.

The incentives are the company's latest attempt to entice brands to spend money on its platform. Twitter recently offered advertisers $500,000 in free advertising if they spent at least $500,000. According to ad buyers, the incentive could be used to purchase promoted tweets during Super Bowl week, a key selling period for Twitter.

Advertisers have flocked to Twitter in recent years to generate buzz around their big-game marketing efforts. According to the Journal, the Super Bowl is Twitter's most profitable day of the year.

Twitter is under financial pressure to entice back the many advertisers who have stopped spending since Musk bought the company in late October. They left primarily due to concerns about Musk's approach to content moderation and the possibility that their ads would appear near controversial content.

Musk stated in November that Twitter had experienced a "massive drop in revenue" and was losing $4 million per day.