- Twitter Inc shut two of its three India offices and told its staff to work from home.
- Twitter, which fired more than 90% of its roughly 200-plus staff in India late last year, closed its offices in the political center of New Delhi and the financial hub of Mumbai, Bloomberg reports.
- The move reflected Elon Musk’s mission to slash costs.
- Also Read: Elon Musk Conceived Twitter HQ Bedrooms Draw Regulatory Scrutiny
- It also suggested less importance to the market for now, given insignificant revenue, strict content regulations, and increasingly savvy local competition.
- Twitter operates an office in the southern tech hub of Bengaluru that mostly houses engineers.
- CEO Musk has fired staff and shut offices worldwide to get Twitter financially stable by late 2023. Yet U.S. tech giants from Meta Platforms Inc (NASDAQ:META) to Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google eye India as a critical growth market.
- Since the $44 billion buyout, Twitter failed to pay millions in rent for its San Francisco headquarters and London offices and auctioned off everything from bird statues to espresso machines to raise money.
- Musk has also fancied the idea of bankruptcy.
- Twitter also experienced significant glitches and outrages, most recently just this month.
- Photo by Daniel Oberhaus on Flickr
- This news was earlier reported on Benzinga’s new India portal
Citigroup Maintains Buy on Instructure Holdings, Raises Price Target to $32
Citigroup analyst Steven Enders maintains Instructure Holdings (NYSE:INST) with a Buy and raises the price target from $28 to $32.
