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Twitter does not plan to cut jobs at this time.
David Paul Morris/Bloomberg
I tweet
is evaluating its demand for office space in an effort to cut costs.
The social media platform will scale back its presence at multiple office headquarters, including in places like San Francisco, New York, Tokyo and Mumbai, according to Bloomberg, which cited a company email sent to employees. In addition to reducing office space,
I tweet
(tick: TWTR) may close offices in Sydney as well as offices in countries such as New Zealand and Japan after leases expire, the report added.
Twitter has no plans to cut jobs, and affected workers will transition to a work-from-home model.
A Twitter spokesperson said in a statement emailed to Barron’s that the company was “evaluating our global office portfolio and resizing certain locations based on utilization. We have proven that we can successfully operate our business with a distributed workforce over the years and remain committed to our employees, our customers and the markets we serve.”
The spokesperson added that the decisions will not affect Twitter’s current headcount or employee roles, and “we will continue to support and meet regularly with our customers to help them launch something new and connect with it.” what’s happening on twitter”.
Twitter isn’t the only big tech company to stop building office space this year. According to data from the Bear Traps Report, an investment research publication,
Amazon.com
(AMZN) has halted the construction of five office towers in Washington and another in Tennessee.
Salesforce
(CRM) put half of its office space in San Francisco’s largest tower on the market for sublease. And the parent on Facebook
Meta Platforms
(META) recently canceled plans to acquire an additional 300,000 square feet of office space in New York.
Twitter has made other efforts to reign in cost this year. The social media company cut most hires and fills except for business-critical roles in May.
Twitter is locked in a legal battle with Elon Musk, which aims to force its CEO
Tesla
( TSLA ) to stick to its deal to buy the social media company.
Shares of Twitter were 1.2% higher on Wednesday at $39.82. The stock is down 8% in 2022.
Email Angela Palumbo at [email protected]
