Twitter Downsizing New York Offices To Cut Operational Costs: Report

Since Elon Musk took management of Twitter in November of final yr, the corporate has skilled a collection of transformations—some minor, others extra important—together with his appointment as CEO and the termination of quite a few workers.

Musk has additionally been recognized to demand excessive ranges of efficiency from his group, anticipating them to work lengthy hours and sort out difficult duties. Most not too long ago, he eradicated roughly 10% of the remaining workforce—resulting in the lack of round 200 jobs. Now, along with these modifications, it has been reported that the corporate’s New York workplaces are additionally being downsized as a part of Musk’s management.

Twitter is reportedly subleasing 2,00,000 sq. ft of workplace house in Manhattan, in response to Bloomberg. Simply put, because of this Twitter will probably be renting the house out to another person whereas nonetheless retaining some rights to the property.

“Twitter recently listed nearly 200,000 square feet (19,000 square meters) of space for sublease at 245 and 249 W. 17th St. in Manhattan, according to data from real estate brokerage Savills,” Bloomberg’s report stated.

This transfer follows Twitter’s earlier struggles with paying hire for his or her San Francisco and London workplaces, which led to lawsuits in opposition to the corporate.

According to Bloomberg, Facebook’s mum or dad firm Meta additionally deserted “some offices at Manhattan’s Hudson Yards” final yr, and Amazon scaled again its enlargement plans within the metropolis.

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