Twitter Faces Eviction from Office Space in Boulder, Colorado
Twitter is being forced to vacate its office space in Boulder, Colorado due to unpaid rent, according to reports from the Denver Post. A court ruled in favor of the landlord’s lawsuit, which was submitted in early May. The rent had previously been paid from a letter of credit, but Twitter failed to increase it as required. The dispute escalated to court after Twitter refused to clear the offices upon request. This is not the only legal case involving Twitter in Boulder, as negotiations are currently underway for another premises-related matter. Additionally, Twitter is also said to have failed to pay bills to a cleaning company in the area.
The social media giant established a branch in Boulder following its acquisition of data analysis company Gnip in 2014. At the time, the branch employed 300 people, but this number has since decreased significantly. Elon Musk acquired Twitter in the fall of 2022 for $44 billion and implemented cost-cutting measures, resulting in the dismissal of thousands of employees. Despite urging employees to return to the office, Musk halted rent payments in multiple locations. The eviction in Boulder marks the company’s first forced departure.
Musk has been facing challenges in finding new sources of revenue for Twitter, due to the flight of advertisers. As a result, he has implemented strict cost-saving measures across the company. Several former employees have claimed in a lawsuit regarding severance payments that Musk operates on a “zero-cost basis”. The austerity measures have reportedly even led to a shortage of basic supplies, such as toilet paper, in some office locations. Consequently, Twitter’s overall value has plummeted to approximately one-third of the purchase price.
