Twitter Inc. put its large San Francisco office footprint on review for downsizing, and has nixed the opening of an office in Oakland, Calif., a person with direct knowledge of the matter said.The move clouds the future of the social-media site’s stylish San Francisco headquarters, a 1.1 million-square-foot trophy office complex at 1355 Market Street, where Twitter TWTR, +1.93% occupies about 75% of the space, according to Trepp data. Cutbacks by technology giants could result in painful ramifications for San Francisco, a city with a skyline and culture dramatically reshaped in recent decades by a tech boom on its home turf, but also by staggering inequality and a homelessness crisis made worse by the pandemic. Twitter said in a statement Wednesday it was “evaluating our global office portfolio and resizing certain locations based on utilization,” but also that its decision doesn’t “impact our current head count or employee roles.” Offices in Seoul; Wellington, New Zealand; Osaka; Madrid; Hamburg; Sydney; and Utrecht, Netherlands, were put under review for closure when leases expire, a person with knowledge of the matter said. The plan would be to resize offices in Tokyo, Mumbai, New Delhi, Dublin, New York and San Francisco, but scrap plans…
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As Twitter rethinks its San Francisco footprint, a bigger $9 billion question hangs … – MarketWatch
