OAKLAND, Calif. - Twitter has abandoned its plan for new office space in Oakland, as part of cost-cutting measures.
The social media giant terminated a lease signed less than a year ago at 1330 Broadway for a satellite office, which was supposed to open in late 2022, according to the San Francisco Chronicle.
Twitter also decided to reduce the size of its San Francisco headquarters, vacating four floors of space. This is after the company tried to sublease additional space at the building on 10th Street, which is attached to its main headquarters at 1355 Market St.
"We are evaluating our global office portfolio and re-sizing certain locations based on utilization. We’ve proven we can operate our business successfully with a distributed workforce over the years, and remain committed to our employees, our customers, and the markets we serve," a spokesperson told the outlet.
Bloomberg was first to report the news.
In an email sent to employees, the company said there aren't plans for another round of layoffs. Twitter cut staff and put a pause on hiring earlier this month.