$44 Billion Twitter Sale to Elon Musk Ignites Fears Company May Be Moved Out of San Francisco – California Globe

The acquisition of Twitter for $44 billion by Tesla CEO and billionaire Elon Musk on Monday fueled fear by Twitter staff and others that that the corporate could possibly be moved out of state, or at the least out of San Francisco, the place the corporate has been headquartered since its founding in 2006.

Neither Musk nor any Twitter govt mentioned something a couple of potential transfer on Monday, with Musk focusing solely on the sale and assuaging fears to customers that he would use the platform as a approach to limit-free speech regardless of being an advocate of free speech expansions on Twitter, would reinstate former President Donald Trump to Twitter, or different actions that will significantly change the platform. In an announcement on Monday, Musk maintained his dedication to free speech, in addition to enhancing the social media platform.

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital city sq. the place issues very important to the way forward for humanity are debated,” mentioned Musk on Monday. “Twitter has great potential — I sit up for working with the corporate and the group of customers to unlock it. I additionally need to make Twitter higher than ever by enhancing the product with new options, making the algorithms open supply to extend belief, defeating the spam bots, and authenticating all people. Even my worst critics stay on Twitter, as a result of that’s what free speech means.”

Musk’s phrases quieted some critics, with the buyout inflicting Twitter’s inventory to leap up over 5% earlier than the bell on Monday. Different fears had been additionally lessoned following the Twitter boards announcement that they rigorously assed Musk’s supply, with Twitter Board chair Bret Taylor noting on Monday that “The Twitter Board carried out a considerate and complete course of to evaluate Elon’s proposal with a deliberate concentrate on worth, certainty, and financing. The deal was greatest path ahead for Twitter’s stockholders.”

Nonetheless, for a lot of Twitter staff, the query over Musk’s dedication to California remained within the air.

“There’s no means we’re shifting to a hellhole like Texas,” mentioned a bunch of 4 Twitter staff in a Globe interview on Monday. “Everybody right here is totally on edge after it was introduced right this moment. I imply, we’ve been this fashion for awhile with Musk coming out and in of being on the board or making an attempt to purchase us. However now that it has occurred, and contemplating that Musk has moved a lot he had in California out of state, we’re very involved.”

Concern of a transfer exterior of San Francisco

Previously, Musk has had a blended relationship with California. He personally moved from California to Texas in 2020, shifting Tesla’s headquarters from Palo Alto to Austin late final yr and SpaceX increasing into Texas. Nonetheless, he has additionally proven exceptional dedication to the state, preserving the House X headquarters in Hawthorne, enhancing the Tesla plant in Fremont, and constructing a brand new manufacturing unit in Lathrop. Many within the tech business have famous that Musk has hinted about shifting Twitter out of San Francisco previously.

“Musk has mentioned earlier than that he desires to show Twitter’s HQ right into a homeless shelter,” mentioned Anthony Ferry, a San Francisco tech guide, to the Globe on Monday. “He even reiterated on Twitter that he was critical. That’s not precisely concrete, however it’s a pink flag.”

“Plus many in Texas try to get Musk to maneuver them in. Governor [Greg] Abbott tweeted to Musk earlier right this moment to maneuver them to Texas. So this isn’t simply hypothesis. That is an lively motion. If I used to be somebody in energy right here in San Francisco I might be extremely nervous. Twitter is without doubt one of the principal firms right here for tech. In the event that they had been gone, many would begin panicking.”

Twitter staff had been additionally involved.

“Past Musk taking on right here, we’re nervous simply what he’ll do right here now,” mentioned “Saanvi,” one of many 4 Twitter staff interviewed, to the Globe. “All of us have lives right here now and like residing right here. Nobody actually desires to go.”

One other worker, “David,” instantly added, “It could sound like we’re simply exaggerating issues, however we aren’t. We aren’t in some bubble. Nobody desires a transfer. And you’ll wager that town doesn’t need them to go too. There’s a variety of taxes using on Twitter right here, in addition to Twitter being an vital a part of the financial system. California loses Twitter, there goes one other huge firm in addition to loads in taxes and plenty of well-paid staff.”

“If we don’t give up earlier than,” added a 3rd worker. “If there’s a transfer, a few of us may simply transfer on elsewhere right here somewhat than go there. That is one thing nobody desires however Musk may. And if he does, effectively, keep in mind when Boeing was moved out of Seattle after which tanked in Chicago due to the mind drain and all of the errors with it? Loads of parallels right here is all I’m saying.”

As of Monday, Musk nor anybody else in Twitter has talked about a doable transfer, with no different metropolis reporting on a transfer exterior of hypothesis.