Twitter signs deal to stay in San Francisco

AP News
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Posted: Apr 22, 2011 6:00 PM
Twitter signs deal to stay in San Francisco

Twitter will keep its nest in San Francisco.

Twitter's chief financial officer, Ali Rowghani, announced in a tweet Friday that the company had signed a lease on a new headquarters in the city's Mid-Market neighborhood.

The deal comes after the city's Board of Supervisors gave final approval to a tax break that will exempt the company from paying city payroll taxes on new hires.

The rapidly growing social media service is expected to add more than 2,000 new employees over the next few years.

City leaders pitched the tax break as a way to bring economic revitalization to the struggling neighborhood near City Hall.

The company says it expects to move into the new space in mid-2012.