BREAKING

Elon Musk affirms: Twitter HQ staying put in San Francisco

By Al Mayadeen English
Source: Agencies
30 Jul 2023 08:52

Despite facing numerous opportunities to relocate to other tech hubs or tax-friendly states, Musk has chosen to remain in San Francisco.

Workers install lighting on an "X" sign atop the downtown San Francisco building that housed what was formally known as Twitter, now rebranded X by owner Elon Musk, on July 28, 2023. (AP)

Tech mogul Elon Musk recently affirmed that the Twitter headquarters will remain in San Francisco, despite other companies choosing to leave the city.

In a tweet on Saturday, Musk mentioned that various entities had offered attractive incentives for Twitter, now known as X, to relocate its headquarters elsewhere. However, he expressed unwavering support for the city, which he believes is facing a challenging period with numerous companies departing.

Musk also emphasized the loyalty he and X have towards San Francisco. He noted that true friends are revealed during difficult times, and despite the doom spiral the city is experiencing, they have chosen to stand by it. He expressed admiration for the beauty of San Francisco and reaffirmed their commitment to being a steadfast friend even when others forsake the city.

Many have offered rich incentives for X (fka Twitter) to move its HQ out of San Francisco.

Moreover, the city is in a doom spiral with one company after another left or leaving.

Therefore, they expect X will move too.

We will not.

You only know who your real friends are when…
— Elon Musk (@elonmusk) July 29, 2023

Interestingly, on the same day, a massive X sign appeared on the rooftop of Twitter's headquarters as part of the platform's re-branding efforts. However, city officials promptly opened a complaint and launched an investigation, citing safety reasons for requiring permits for such installations.

Our HQ in San Francisco tonight pic.twitter.com/VQO2NoX9Tz
— Elon Musk (@elonmusk) July 29, 2023

Musk claimed on Friday that the number of monthly users on his social media platform X has reached a "new high" of 540 million.

This came in light of heightened competition after Meta Platforms launched a direct competing platform called Threads on July 5.

Ever since the takeover, Musk introduced some ground-breaking changes to the company, including launching the verified blue tick as a paid service and sharing a portion of ad sales with content creators on the platform.

Earlier this month, Musk said that X's earnings were negative due to a near 50% drop in ad revenues, which accounts for 90% of Twitter’s turnover, coupled with a heavy debt load.

Musk took over Twitter on October 2022 in a deal valued at around $44 billion, including about $13 billion in debt.