Washington Post Op-ed and columnist Heather Long discusses the Federal Reserve’s managed interest rate cuts and the impact of July’s jobs report.
Social media company X, which was known as Twitter before it was acquired by Elon Musk, is reportedly planning to close its San Francisco headquarters and relocate to Texas.
An internal email from X CEO Linda Yaccarino to employees, reviewed by The New York Times, said employees would be transferred to the company’s existing offices in San Jose. The company also plans to open an engineering-focused office in Palo Alto.
“This is an important decision that will affect many of you, but it is the right decision for our company in the long term,” Yaccarino wrote.
Elon Musk sues Twitter executives for $128 million in severance pay
Workers begin dismantling the large X logo on the roof of X’s headquarters in San Francisco, California, on July 31, 2023. According to an internal memo, X plans to close its San Francisco office ahead of a relocation to the Texas capital. (Justin Sullivan/Getty Images/Getty Images)
Last month, Musk said he would move his company headquarters and SpaceX to Austin, the Texas capital, after California passed a law banning school districts from requiring teachers and other school staff to notify parents if a child’s gender identity changes.
“This is the final straw,” Musk wrote to X at the time. “This law, and so many before it, have attacked both families and businesses. SpaceX We are relocating our headquarters from Hawthorne, California to Starbase, Texas.”
Twitter faces lawsuit seeking at least $500 million in severance payments from former employees
X Chief Technology Officer Elon Musk spoke onstage during the “Exploring New Frontiers of Innovation: A Conversation with Elon Musk and Mark Read” session at the Lumiere Theatre during the Cannes Lions International Festival of Creativity 2024. (Richard Bode/WireImage / Getty Images)
“And X headquarters is moving to Austin,” he added.
Senator Gavin Newsom, Democrat of California, responded to Musk at the time, writing “You have caved” above a social media image of Musk and former President Trump at the White House.
Musk acquired the social media platform in 2022, but the company isn’t paying rent to Shorenstein, the real estate firm that manages X’s office buildings, The New York Times reported.
In this photo illustration, the “xAI” logo appears on a mobile phone screen in front of a photograph of Elon Musk in Ankara, Turkey on July 13, 2023. (Hakan Nurul/Anadolu Agency via Getty Images/Getty Images)
Click here to get FOX Business on the go
FOX Business has reached out to Mr. X and Mr. Shorenstein.
