In the face of a growing corporate exodus from crime-ridden San Francisco, social media giant X, formerly known as Twitter, has pledged to remain in the city that has been its home since its inception. Despite tempting offers from other cities to relocate its headquarters, Musk has chosen “loyalty” over convenience.
San Francisco, once a buzzing hub for tech start-ups and established companies alike, is experiencing an exodus of businesses amid challenging social, economic, and political landscapes.
Critics argue that the city is spiraling downward as one company after another packs up to seek friendlier and safer operational environments.
Given the circumstances, it’s expected that X would follow suit, looking to move its base of operations. But the social media giant has made a firm and resounding declaration: it’s not going anywhere.
“Many have offered rich incentives for X to move its HQ out of San Francisco,” Musk revealed to his over 150 million followers.
“Moreover, the city is in a doom spiral with one company after another left or leaving. Therefore, they expect X will move too. We will not,” said Musk.
“You only know who your real friends are when the chips are down. San Francisco, beautiful San Francisco, though others forsake you, we will always be your friend,” Musk concluded.
According to New York Post:
San Francisco’s economy has suffered from an exodus of businesses and residents in the last few years, creating a “doom loop” in which a local government enters a downward fiscal spiral as its tax base declines.
According to data from the Census Bureau, the population of San Francisco County declined by 7.5% from April 1, 2020, to July 1, 2022.
Commercial real estate firm CBRE released data in early July that showed that San Francisco had an overall office vacancy rate of 31.6% in the second quarter of 2023.
The CBRE report noted that in the last quarter “negative net absorption accelerated due to slow leasing activity, combined with a high volume of lease expirations and several new sublease listings.
This resulted in 1.83 million sq. ft. of occupancy loss, which increased the market-wide vacancy rate from 29.4% to 31.6%.”
The crime-ridden city has rewarded Musk’s loyalty by launching an investigation into the headquarter after a giant “X” was installed at the building’s rooftop allegedly without a permit.
“They reportedly lacked the proper permits and had not taped off the sidewalk as a safety measure,” according to The Hill.
“Two new complaints were filed with the San Francisco Department of Building Inspection on Friday, one over the “unsafe condition” of the Twitter sign and another over the installation of the “X” sign,” the outlet added.
Our HQ in San Francisco tonight pic.twitter.com/VQO2NoX9Tz
— Elon Musk (@elonmusk) July 29, 2023