Remote work works. So good that Twitter has decided to sell most of its offices. Or rent them. The imperative now is to reduce costs and in order not to put the strain on the staff, the company has decided to reduce the costs of its spaces. It is in summary the content of a letter that the managers of the company have sent to their employees who will therefore have to work remotely. They will have to, they will not be able as the company had said at first. For now, it is not known what percentage of the company’s approximately 8,000 employees will have to work from home.
“Remote work was a success”
In fact, last April the social network had reopened its internal spaces, but had given the possibility to those who wanted to stay and work from home. Today the decision a Twitter spokesperson confirmed at Barron’s. “We are evaluating our portfolio of offices around the world and scaling the locations based on how much they are actually used,” the spokesperson said. “We have demonstrated over the years that we can successfully run our business with a distributed workforce and will continue to do so.”
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The spokesperson added that the decisions will have no impact on Twitter’s current staff or employee roles. “We will continue to support and meet our employees regularly to keep creating new things and help them stay connected with what’s happening in the company.”
Before Twitter, also Meta, Amazon and Salesforce
Twitter isn’t the only big tech company that has halted office building this year, or is busy divesting existing ones. According to the data of the Bear Traps Report, an investment research publication, Amazon has halted construction of five office towers in Washington and another in Tennessee. Salesforce has sublet half of its offices in San Francisco’s largest tower. And Facebook’s parent company Meta recently canceled plans to acquire another 300,000 square feet of office space in New York.
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Twitter has made other attempts this year to keep costs down. In May, the social media company suspended most of its hiring and layoffs, except for critical roles for the company. Shares of Twitter on Wall Street are climbing 1.2% to $ 39.82, partially limiting the 2022 losses that see the company’s value shrink today by 8%.
Twitter is also engaged in a lawsuit with Elon Musk, after the businessman canceled the $ 44 billion deal for 100% control of the company. The first hearing, which will be held with an abbreviated rite against Musk’s will, will be held in October.
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