Twitter, which reported a net loss of more than $270 million in the second quarter of this year, is reportedly planning to reduce its physical office space globally as the company focuses on remote work to cut operational costs.
The microblogging site will cut back office space in various cities, including San Francisco, New York and Sydney, Bloomberg reported, citing an email sent to Twitter employees on Wednesday.
The company has also reportedly shelved plans to open an office in Oakland city.
It is also considering shutting various offices once leases expire, including those in Seoul, South Korea; Wellington, New Zealand; Osaka, Japan; Madrid, Spain; Hamburg, Germany; and Utrecht, the Netherlands, Bloomberg reported. It may find alternative office space in some of those locations.
Corporate space in other key markets will be reduced, including Tokyo, Mumbai, New Delhi, Dublin and New York, it added.
However, Twitter is not planning any job cuts, the email said.
“I want to make it clear that this does not change our commitment to the work in each of these markets,” Dalana Brand, Twitter’s chief people officer, wrote in the email.
“If certain offices were to close, there would be no impact to Tweeps’ employment; they would simply transition to full-time WFH [work from home] employees.”
Twitter was one of the first technology companies that announced in 2020 that its employees can work remotely “forever” after facing Covid-induced disruption.
It has also announced various cost-cutting measures since its board agreed to sell the company to billionaire businessman Elon Musk in April.
The company announced a hiring freeze in May after its chief executive Parag Agrawal ousted two senior executives, consumer product leader Kayvon Beykpour and general manager of revenue Bruce Falck. The company also announced cutbacks in marketing and corporate travel.
Mr Musk proposed to acquire Twitter in a $44 billion deal, pledging to pay $54.20 a share. Upon completion of the deal, the plan is for Twitter to be converted into a privately held company.
But the deal is facing headwinds. On July 8, Mr Musk filed paperwork to terminate the transaction, claiming Twitter did not address inquiries on its “spam” or bot accounts, or provide him with relevant business information.
On July 12, Twitter legally challenged Mr Musk for breaching the agreement.
With uncertainty around the deal building, Twitter's stock declined from more than $50 a share when the deal was announced in April to as low as $32.55 earlier this month. Shares were trading at $39.60 at 8.27pm UAE time on Wednesday.
Twitter will hold a special shareholder meeting on September 13 to vote on Mr Musk's offer, the company said in a regulatory filing to the US Securities and Exchange Commission this week.
The company’s shareholders will also be asked to vote on a proposal to “approve, on a non-binding, advisory basis, the compensation that will or may become payable by Twitter to its executive officers in connection with the merger”, said the filing, which was signed by Mr Agrawal and board chairman Bret Taylor.
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UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
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Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Six tips to secure your smart home
Most smart home devices are controlled via the owner's smartphone. Therefore, if you are using public wi-fi on your phone, always use a VPN (virtual private network) that offers strong security features and anonymises your internet connection.
Keep your smart home devices’ software up-to-date. Device makers often send regular updates - follow them without fail as they could provide protection from a new security risk.
Use two-factor authentication so that in addition to a password, your identity is authenticated by a second sign-in step like a code sent to your mobile number.
Set up a separate guest network for acquaintances and visitors to ensure the privacy of your IoT devices’ network.
Change the default privacy and security settings of your IoT devices to take extra steps to secure yourself and your home.
Always give your router a unique name, replacing the one generated by the manufacturer, to ensure a hacker cannot ascertain its make or model number.
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
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Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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