Elon Musk’s Latest Move To Cut Costs At Twitter: Skip Rent, Auction Office Supplies

Elon Musk is implementing several new cost-cutting measures

Twitter has not been making rent payments at its San Francisco headquarters and it is planning to auction off its Surplus Kitchen Appliances and office supplies’ under Twitter’s new boss Elon Musk. The social media company plans to strengthen its financial position, according to a report by New York Post.

Three people close to the company told The New York Times, Twitter hasn’t paid rent on its San Francisco location or any of its global offices for weeks.

According to the paper, Musk and his advisers are hoping to renegotiate the terms of lease agreements due to their smaller workforce after mass layoffs. This is Musk’s cost-cutting measures after he paid $44 billion for Twitter in October.

In November, Elon Musk witnessed a massive drop in revenue. According to a report by Times, the company is also refusing to pay nearly $200,000 bills for private charter flights made the week Musk took over.

Sources told the Times that Musk’s team is also considering what could happen if the company didn’t follow through on paying severance to the thousands of people laid off from Twitter since Musk came aboard. 7,500 employees used to work at the site before Musk joined.

Musk had originally planned to dole out at least two months of pay and another month of severance pay to US-based workers in line with federal and state labour laws, but now his team is discussing if they should pay some of those months, the Times reported, citing two sources. Five people shared with the leading publication that many former employees are still waiting for paperwork that formalizes their departure from Twitter.

According to a Fortune report, Elon Musk will soon be holding a year-end auction to eliminate some of the surplus items it has in its San Francisco office

Featured Video Of The Day

AAP Gujarat MLA Denies Defecting After Reports Of Talks With BJP

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *