Sources
Loading...
Additional media
Loading...
DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
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.
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