Elon Musk to keep X headquarters in San Francisco

Twitter’s rebranding into X will not come with a new address, according to Elon Musk.

The social media company’s owner revealed that X will not relocate from its Bay Area hub, despite offers with various “rich incentives” to set up a new headquarters somewhere else, reported by Fortune. 

“The city is in a doom spiral with one company after another [having] left or leaving,” Musk said. “Therefore, they expect X will move too. We will not.”

In recent years, San Francisco has seen a number of companies exit the city, primarily citing an uptick in crime. Earlier this year, Whole Foods abruptly closed its flagship store in San Francisco, citing employee safety, while Nordstrom, Anthropologie and Saks Off 5th have also left the city’s Union Square retail neighborhood. 

Musk has been a critic of San Francisco and labeled the downtown area a “disaster,” likening it to “a derelict zombie apocalypse.” He also claimed Twitter employees “feel unsafe coming to work” in the city and had had their car windows smashed while they were parked outside the office.

The building located at 1355 Market Street’s future was in doubt late last year after Shorentine Properties couldn’t refinance a $400 million loan on the property. Shorenstine filed a lawsuit against Twitter for unpaid rent. However, the loan was paid off in May without further complications. 

All this and Musk giving a non-committal answer to an interview about the company’s possible relocation had observers expecting a move, prompting the owner to set the record straight.

Read more

San Francisco

Shorenstein pays off $400M loan on Twitter Building

San Francisco

Elon Musk signals Twitter HQ pullout from San Francisco

San Francisco

Twitter rent update: KKR drops Oakland suit 

— Pawan Naidu