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Crime is not the only reason for 𝕏 to leave San Francisco. The city's gross receipts taxes were also a significant factor in the decision to leave. Elon also mentioned that 𝕏 could not remain in San Francisco & launch payments, as it would immediately fail due to these taxes. https://t.co/LdW4Ol08lU
Crime is not the only reason for 𝕏 to leave San Francisco. The city's gross receipts taxes were also a significant factor in the decision to leave. Elon also mentioned that 𝕏 could not remain in San Francisco & launch payments, as it would immediately fail due to these taxes. https://t.co/OQoPACvbMG
Elon Musk tells Marc Benioff that the biggest reason X is departing San Francisco is due to the gross receipts city tax that would essentially ruin any payment processing company from operating in the city. The city is cooked. https://t.co/vjPPX8kwz1
X (formerly Twitter) has decided to move its headquarters out of San Francisco. The primary reason cited for this decision is the city's gross receipts tax, which would impose a huge financial burden on the company, particularly as it pivots to become a payment provider. Elon Musk, in discussions with Marc Benioff, highlighted that the tax would make it impossible for X to operate a payment processing business in the city. Crime and concerns over dwindling tax revenues in San Francisco, which could impact the funding of social programs, also influenced the decision.