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Elon Musk’s X, formerly known as Twitter, will close its San Francisco office, ending the company’s long-standing presence in the city where it was founded in 2006. The decision comes as part of a broader shift in the company’s operations, with employees set to be relocated to existing offices in San Jose and Palo Alto, reported Bloomberg.
In an internal email, X CEO Linda Yaccarino announced the closure of the Market Street office, a key location for the company since it moved into the Mid-Market neighborhood in 2012.The move follows Musk’s acquisition of the company in 2022 and his expressed discontent with San Francisco’s cultural and political climate. The company has been vocal about its dissatisfaction with the city and California state legislation under Governor Gavin Newsom.
Headquarters relocation
Musk had previously indicated that X would relocate its headquarters to Texas, reflecting his broader critique of the city’s liberal environment. Last month, the company put 460,000 square feet of its San Francisco office space up for lease. The decision to close the Market Street office solidifies this shift away from the city.
Impact on San Francisco’s tech scene
The closure marks the end of a significant era for San Francisco, where Twitter’s roots began nearly two decades ago. The Market Street office was part of a development that included other tech companies benefiting from special tax breaks. Although the neighborhood once thrived with tech workers and new developments, it has struggled in recent years, exacerbated by the Covid-19 pandemic and a slow return of office workers. San Francisco currently has the highest office-vacancy rate among major US metro areas, surpassing 36%, according to CBRE data.
In an internal email, X CEO Linda Yaccarino announced the closure of the Market Street office, a key location for the company since it moved into the Mid-Market neighborhood in 2012.The move follows Musk’s acquisition of the company in 2022 and his expressed discontent with San Francisco’s cultural and political climate. The company has been vocal about its dissatisfaction with the city and California state legislation under Governor Gavin Newsom.
Headquarters relocation
Musk had previously indicated that X would relocate its headquarters to Texas, reflecting his broader critique of the city’s liberal environment. Last month, the company put 460,000 square feet of its San Francisco office space up for lease. The decision to close the Market Street office solidifies this shift away from the city.
Impact on San Francisco’s tech scene
The closure marks the end of a significant era for San Francisco, where Twitter’s roots began nearly two decades ago. The Market Street office was part of a development that included other tech companies benefiting from special tax breaks. Although the neighborhood once thrived with tech workers and new developments, it has struggled in recent years, exacerbated by the Covid-19 pandemic and a slow return of office workers. San Francisco currently has the highest office-vacancy rate among major US metro areas, surpassing 36%, according to CBRE data.
