As a former restructuring and bankruptcy advisor at Lazard, I can recognize the signs of a company in distress. And it’s a pretty obvious tell that there’s financial trouble brewing when a company stops paying its bills.
tl;dr: Twitter had plans to build out a massive office to consolidate all the small crappy offices they had in Boulder, CO. Pandemic came along. Jack Dorsey says everyone WFH permanently. Nobody thought to cancel the build. Build complete. Grand Opening (but don’t show the hundreds of empty desks). Elon acquisition. Payments not made. Court-ordered eviction of new office building that wasn’t occupied.
…what the hell? Why didn’t Jack Dorsey cancel the project once he decided that Twitter would be remote work only? Reeks of incompetence tbh, seems like the company was already having leadership issues before Elon took over.
Because the building was an asset during the sale…
On paper it was “smart” to have it there because it was a tangible asset. Long term it was a waste of money, but canceling would have been worse before the sale because it would have been an immediate loss affecting the price.
An office they didn’t even inhabit. Read the crazy story from someone who was there: https://mastodon.social/@rodhilton/110561579833908574
tl;dr: Twitter had plans to build out a massive office to consolidate all the small crappy offices they had in Boulder, CO. Pandemic came along. Jack Dorsey says everyone WFH permanently. Nobody thought to cancel the build. Build complete. Grand Opening (but don’t show the hundreds of empty desks). Elon acquisition. Payments not made. Court-ordered eviction of new office building that wasn’t occupied.
…what the hell? Why didn’t Jack Dorsey cancel the project once he decided that Twitter would be remote work only? Reeks of incompetence tbh, seems like the company was already having leadership issues before Elon took over.
Because the building was an asset during the sale…
On paper it was “smart” to have it there because it was a tangible asset. Long term it was a waste of money, but canceling would have been worse before the sale because it would have been an immediate loss affecting the price.
Just kicking the can down the road
Man, the thread author is right, that office is gorgeous. What a monumental waste.