Elon Musk is auctioning off many of Twitter’s corporate assets
It’s a Sale at Elon Musk’s Twitter. The new owner of the social media platform is holding an auction to sell off many of the company’s remaining corporate assets and everything has to go, whether it’s chairs, couches or coffee machines. nearly 300 pounds of coffee.
Over 600 items including Twitter office supplies, furniture and memorabilia has been included in the auction block months ago when Musk started taking over Twitter on a mission to cut costs. The online biddingorganized by Heritage Global partner Inc., officially kicked off on Tuesday and will close late Wednesday morning Pacific Time.
And with the variety of items on offer, casual shoppers, Twitter aficionados, and even restaurant owners can find something useful in Musk’s catalog.
Pay attention to not one but five Authentic Italian espresso machine? One types of the meat slicer? industrial scale freezer? A giant neon Twitter bird display? For all of the above and many more, Elon may have covered the shopper.
Musk’s offerings also include office supplies and furniture, but some items are much more luxurious and upscale than what most would expect from an office. The selection includes custom wood tables and desk as luxury relaxation sofa.
But these office supplies also have moral value for a company that recently began a tumultuous new chapter—and that has seen more than half of its employees laid off. Twitter alumni used the platform this week to reminisce about the company’s memorabilia from its early days.
Kevin Weil, former Twitter executive, Written that the items being auctioned reminded him of “great memories from another era”.
Some items are priced quite high for most buyers. The electric Twitter bird display, for example, costs $35,000. And if you’re looking to buy a meat slicer, don’t expect to find one for less than $5,000.
But perhaps Musk is hoping the items will be even more expensive, as the auction is just the latest step in a string of cost-cutting measures the new Twitter owner has taken since he was announced. $44 billion acquisition bid passed October.
During his nearly three months at the helm at Twitter, Musk has revamped the company’s structure to reduce costs. In November, Twitter lay off about 50% of Twitter’s workforce, about 3,700 employees, and release outsourced content moderators and dissolution certain advisory group. Also in November, Musk directed Twitter’s teams to figure out how the company could save money $1 billion in annual infrastructure costs by cutting down on cloud services and internal server space.
Since acquiring Twitter, Musk has repeatedly expressed concerns about its solvency, even declare in December that the company had been in the “fast lane to bankruptcy since May.” in one live forum on Twitter last month, Musk described the company as an “airplane going straight to the ground at high speed with engines on fire and controls not working,” adding that Twitter could faced with a “negative cash flow situation”. about $3 billion by 2023.
Over the past few months, Musk has presided over Twitter’s continued decline advertising revenuewhich in 2021 accounts for 90% of the company’s total revenue. On Tuesday, a senior Twitter manager told employees that the company’s daily revenue was 40% lower than on the same day a year ago, Information report, as more than 500 of Twitter’s top advertisers have paused spending on the platform since Musk took over. On Wednesday, Information report that Twitter’s fourth-quarter 2022 revenue fell about 35% year-over-year to $1.025 billion, citing remarks by a top executive at a staff meeting.
When Twitter’s auction took place last month, Nick Dove, a representative of Heritage Global Partners, told Asset that “this auction has nothing to do with their financial situation.”
Legacy did not respond immediately Assetasked for comment after the bidding took place, although Ross Dove, managing director of Heritage Global, Talk to New York Times on Tuesday that the auction could raise Twitter up to $1.5 million. That number is unlikely to “move the needle” when it comes to the company’s financial difficulties, he added.
Update: This post was updated on January 18 with more information on Twitter’s revenue numbers.
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