Diluted, bloated and for now, erstwhile home, San Francisco may no longer be home to Twitter. The San Francisco Chronicle reports that co-founder Jack Dorsey's Twitter Inc. is looking to reduce its tax burden in San Francisco by over $10 million.
A city panel approved a study of shifting the value of Twitter to the city's general fund from its current tax schedule. That would mean that the city would receive a previously untouchable $7.9 million more in tax revenue every year, reports the Chron.
Dorsey, whose net worth is estimated to be $2.6 billion, would not be benefiting directly from this tax credit—the publication reports that Twitter only makes up about three percent of the city's tax revenue—but he's fought off attempts to wrest more of its earnings from the city.
In 2007, Dorsey received $1.5 million in tax credits to build a new building for Twitter. Earlier this month, the New York Times reported that at least 30 of Twitter's 1,049 employees in San Francisco are housed in converted housing that the company receives as tax credits.
Twitter has recently been reporting earnings below expectations—advertising revenue was down 35 percent during the fourth quarter of 2018 and Dorsey admitted that the company's headcount and expenses were exceeding its ability to pay.