Twitter is not paying office rent, weighing in and not paying severance:
- According to the New York Times Elon Musk is increasingly using cost-cutting strategies at Twitter, according reports.
- Twitter reportedly has stopped paying rent for its office buildings and Musk has instructed workers to stop paying vendors.
- According to reports, management is considering whether or not to pay severance to ex-employees.
Elon Musk is apparently implementing more extreme cost-cutting measures to make Twitter more profitable in his quest for greater profits.
AccordingAccording to the New York Times Twitter stopped paying rent for any of its offices including San Francisco headquarters. Musk instructed employees to stop paying vendors. The Times cited a New Hampshire lawsuit that found that Twitter refused to pay $200,000 for private plane flights in October.
Twitter laid off 50% its more than 7,000 employees last month to save money. They promised that fired US employees would get three months’ pay, including 60 day of salaried pay and one month severance. According to The Times’ report, Musk’s team is weighing whether to pay the severance in full or not. This could lead to lawsuits from disgruntled former employees.
Twitter recently added a Twitter account. listed office suppliesFor auction in another cost-cutting effort
Insider asked Twitter for comment but did not receive a response immediately.
According to the Times Musk appears to be trying save money as Twitter gears itself up for multiple legal battles. Twitter is facing an investigation by the Federal Trade Commission and a potential lawsuit. class-action lawsuitFrom former employees. In recent weeks, Musk has reportedly shaken up Twitter’s legal department and brought in lawyers from SpaceX to help it run.
The company also faces a significant interest bill. They owe roughly $1 billion in annual payments each year to banks. This is due to Musk’s borrowing money to finance his $44 Billion purchase of Twitter.
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