Although businesses and residents alike have been fleeing the state of California in recent years, billionaire Elon Musk insists that he has no intention of moving his social media company elsewhere. On Saturday, Musk took to X (formerly known as Twitter) to say that X’s headquarters will remain in San Francisco for the foreseeable future…even if the city itself is in trouble.
Musk, who acquired Twitter for $44 billion last year, tweeted (x-ed?) that “Many have offered rich incentives for X…to move its HQ out of San Francisco. Moreover, the city is in a doom spiral with one company after another left or leaving. Therefore, they expect X will move too. We will not.”
“You only know who your real friends are when the chips are down,” he continued. “San Francisco, beautiful San Francisco, though others forsake you, we will always be your friend.”
Many have offered rich incentives for X (fka Twitter) to move its HQ out of San Francisco.
Moreover, the city is in a doom spiral with one company after another left or leaving.
Therefore, they expect X will move too.
We will not.
You only know who your real friends are when…
— Elon Musk (@elonmusk) July 29, 2023
The “doom spiral” Musk references is likely San Franscisco’s growing problems with crime, drug use, homelessness, and civil unrest, which have only escalated in recent years. These issues, combined with the California government’s stances on immigration, taxation, and gender ideology, have made life in the state difficult for both residents and business owners, prompting a mass exodus. This resulted in an “urban doom loop” in which declining tax revenue leads to decreasing public services and quality of life, driving further flight from the state.
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Even Musk himself objected to the state government’s policies, particularly its approach to COVID lockdowns during the pandemic. In December 2021, Musk moved Tesla HQ from Palo Alto, California, to Austin, Texas, citing high taxes, high cost of living, and COVID-era restrictions on “nonessential work” as the drivers for the move.
However, when it comes to X, Musk seems determined to stay put, possibly even investing in saving the city from its slow collapse.
At this point, though, it remains unclear if San Francisco will even want Musk to remain in the city, particularly in light of his latest addition to the X office building. The giant glowing X logo installed on top of the building over the weekend has sparked a permitting fight with the city, with neighboring offices and residences complaining of the blinding light.
Our HQ in San Francisco tonight pic.twitter.com/VQO2NoX9Tz
— Elon Musk (@elonmusk) July 29, 2023
But assuming San Francisco is willing to compromise on the sign, it seems as though the richest man in the world is still willing to help the city avoid “doom spiraling” out of control.
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