{"id":599131,"date":"2023-01-17T18:00:00","date_gmt":"2023-01-18T00:00:00","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/17\/twitter-bird-statue-sells-for-100000-as-musk-auctions-off-old-company-mementos\/"},"modified":"2023-01-17T18:00:00","modified_gmt":"2023-01-18T00:00:00","slug":"twitter-bird-statue-sells-for-100000-as-musk-auctions-off-old-company-mementos","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/17\/twitter-bird-statue-sells-for-100000-as-musk-auctions-off-old-company-mementos\/","title":{"rendered":"Twitter Bird Statue Sells For $100,000 As Musk Auctions Off Old Company Mementos"},"content":{"rendered":"
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Topline<\/h2>\n

A massive bust of Twitter\u2019s bird logo sold for six figures Wednesday as part of the social media company\u2019s auction<\/a> of hundreds of items from its San Francisco headquarters, as the firm bought last October by billionaire Elon Musk continues to restructure and grapple with dwindling revenue<\/a>.<\/p>\n

<\/p>\n

Twitter’s San Francisco office, pictured here in 2020, is being sold for parts.<\/p>\n

<\/fbs-accordion>The Washington Post via Getty Images<\/small><\/figcaption><\/figure>\n

Key Facts<\/h2>\n
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Bidding for the nearly four-foot tall statue closed at 1:50 p.m. EST at $100,000, according to Heritage Global Partners<\/a>, the corporate asset disposal firm overseeing the auction.<\/p>\n<\/p><\/div>\n

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The statue appears to be the most expensive item sold as part of the sale of Twitter\u2019s \u201csurplus corporate assets,\u201d topping the more than $17,000<\/a> paid for a neon light-up bird logo.<\/p>\n<\/p><\/div>\n

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Aside from standard office and kitchen equipment, other notable items include three kegerators to store beer, a food dehydrator and a pizza oven that each sold for over $10,000, as well as hundreds of thousands of protective face masks and several soundproof phone booths that sold for over $4,000\u2014artifacts from a more laid-back office culture that Musk pledged to upend and make \u201cextremely hardcore.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n

Key Background<\/h2>\n

Twitter\u2019s mass unloading of office relics and supplies comes amid a broad corporate restructuring under Musk, who fired most of the company\u2019s top executives on the day his $44 billion purchase of the company was finalized, installing himself as CEO. Musk spent his first few weeks in charge firing more than half of Twitter\u2019s workforce and \u201ccutting costs like crazy,\u201d as he put it<\/a> last month, claiming Twitter\u2019s finances were comparable to heading \u201ctoward the ground at high speed with the engines on fire and the controls don\u2019t work.\u201d Twitter lost<\/a> $270 million in the three-month period ending in 2022, the last quarter for which the data is publicly available. Advertising accounted for about 90% of the company\u2019s $1.2 billion in revenue during that quarter. Twitter\u2019s revenue is down about 40% year-over-year, according to recent reports<\/a> from the Platformer and the Information, largely due to some 500 of the company\u2019s biggest advertising partners pausing spending on the site during Musk\u2019s brief tenure.<\/p>\n

Forbes Valuation<\/h2>\n

The several million Twitter is likely to pocket from its office auction is chump change compared to Musk\u2019s massive pile of wealth: His $150 billion<\/a> fortune makes him the world\u2019s second-richest man and the U.S.\u2019 wealthiest. But Musk\u2019s net worth is down more than 50% from its peak, as his purchase of Twitter caused panic among investors in Musk\u2019s electric vehicle giant Tesla, with shares of Tesla down 63% over the last year. Musk\u2019s stake in Tesla accounts for 55.6% of his wealth, far greater than the 8.2% his Twitter equity accounts for, according<\/a> to our estimates last month.<\/p>\n

Further Reading<\/h2>\n

Twitter\u2019s Money Problems Deepen: Revenues Reportedly Plummet As Major Advertisers Jump Ship After Musk\u2019s Takeover <\/a>(Forbes<\/em>)<\/p>\n

Twitter Auction: An Authentic Twitter Bird Statue Could Be Yours\u2014For $21,000<\/a> (Architectural Digest<\/em>)<\/p>\n<\/div>\n

Read More<\/a>
\n Derek Saul<\/p>\n","protected":false},"excerpt":{"rendered":"

Topline A massive bust of Twitter\u2019s bird logo sold for six figures Wednesday as part of the social media company\u2019s auction of hundreds of items from its San Francisco headquarters, as the firm bought last October by billionaire Elon Musk continues to restructure and grapple with dwindling revenue. Twitter’s San Francisco office, pictured here in […]<\/p>\n","protected":false},"author":1,"featured_media":599132,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[534,35960,687],"tags":[],"class_list":["post-599131","post","type-post","status-publish","format-standard","has-post-thumbnail","category-financial","category-statue","category-twitter"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/599131","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=599131"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/599131\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/599132"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=599131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=599131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=599131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}