Pedestrians stroll in entrance of the Twitter Inc. headquarters in San Francisco, California.
David Paul Morris | Bloomberg | Getty Images
In an effort to chop prices following Elon Musk’s chaotic $44 billion acquisition of Twitter, the social media firm has stopped paying lease, in response to a report from The New York Times.
Twitter has not paid lease for its international places of work or San Francisco headquarters in weeks, the report mentioned, as Musk’s crew has been making an attempt to renegotiate the phrases of the corporate’s lease. As a consequence, Twitter has acquired complaints from actual property corporations like Shorenstein, which owns Twitter’s San Francisco buildings.
Representatives for Shorenstein and Musk didn’t instantly reply to requests for remark. Twitter now not has a communications division.
Musk mentioned Twitter suffered a “large drop in income” within the days following his $44 billion acquisition of the corporate. Without offering any figures or proof, he claimed in a tweet that the income drop was the results of activist teams placing stress on advertisers.
Though many corporations did pause promoting on Twitter, some main promoting giants like Apple and Amazon have resumed spending on the platform.
Musk has additionally revamped Twitter’s subscription service, Twitter Blue, with the hope of producing recent income for the corporate. The service launched Monday after Musk pulled and delayed the launch in November.
Twitter Blue prices $8 a month for internet customers and $11 a month for iOS customers who buy it by way of Apple‘s App Store. The $3 iOS value distinction displays Musk’s current gripes about Apple’s 30% minimize of all digital gross sales made by way of apps.
Subscribers with a verified telephone quantity will obtain a blue checkmark as soon as their account is reviewed and permitted, Twitter mentioned in a tweet Saturday. Blue customers can even be capable of edit tweets and get early entry to new options. The firm says Blue subscribers will “soon” see fewer advertisements, have the choice to publish longer movies and can seem on the high of replies and mentions.
Musk has been a vocal critic of Twitter’s earlier system, which granted verification to notable customers like politicians, executives, members of the press and organizations to sign their legitimacy. He mentioned the brand new verification system will likely be “the great leveler” and provides “energy to the folks.“