Twitter is backing off leasing more real estate, as its user base continues to stagnate at 300 million. The microblogging service had a large expansion planned at Market Sq. Headquarters in San Francisco, where Uber and Square are based, but backed out at the last minute.
The former Bank of America building offers 100,000 square feet space, which would be a rather large expansion for Twitter. On top of the withdrawal for the new office space, Twitter has apparently been lowering its hiring rates.
After Dick Costolo announced his resignation, things have only went from bad to worse for Twitter. The company still lacks a leader—although Jack Dorsey will reportedly take over, running Square and Twitter simultaneously—and lacks any major vision for how to grow its user base in the future.
The user base for Twitter grew two per cent in the last quarter, much lower than all the other social networks in the world. Part of this is Twitter’s complete lack of growth in Southeast Asia, where Instagram, Facebook, and Snapchat are starting to see growth.
Another part is Twitter’s complete lack of updates to keep users engaged. Vine and Periscope are both excellent additions to Twitter’s portfolio, but aren’t expanding the microblogging service to any users who don’t have an account already set-up.
Dorsey has a few focus points that he plans to work on when he becomes CEO, including making Twitter more accessible, lowering the barrier to entry, and adding new features to make videos, photos, and other multimedia available on the site.
Scooping up property in San Francisco is becoming a race for the Silicon Valley’s big names, with Google and Apple both working on new massive headquarters that offer large open areas.