Elon Musk announces closure of ‘X’ headquarters

SAN FRANCISCO: Tech billionaire Elon Musk announced the closure of social media platform X (formerly Twitter) headquarters in San Francisco, ending the company’s decade-long presence in the city.

Elon Musk stated that the decision to close down X headquarters was part of a broader restructuring plan to transform X into an ‘everything app,’ which will enable users to send and receive funds.

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In a tweet, Musk said that operating from San Francisco “impeded” the platform’s financial capabilities, referencing the departure of other companies like Block (Cash App) due to similar issues.

X’s Chief Executive, Linda Yaccarino, confirmed in an email to staff that the office would be shut down in the coming weeks.

Musk’s comments seem to reflect concerns over California’s economic regulations, though Stripe had previously relocated from San Francisco in 2019, citing a shortage of office space.

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The move marks a significant shift for X as it seeks to revamp its operational strategy and expand its service offerings.