Twitter's 27-hour online auction as Elon Musk grapples with rent

500 advertisers have paused spending on Twitter since Musk took over: Report

The 27-hour online auction, organised from Tuesday by Heritage Global Partners, at the San Francisco headquarters, is the latest sign of upheaval at the firm, which Musk acquired for $44 billion.

The 631 lots of “surplus corporate office assets” range from the mundane — industrial-scale kitchenware and typical office furniture to less typical fare for office auctions, such as quirky signage and more than 100 boxes of KN95 masks. It also includes a range of designer chairs, coffee machines, iMacs and stationary bike stations capable of charging appliances.

With about 20 hours left in the auction, the neon logo had received 64 bids valuing it at $17,500 — the highest current bid of the lot. The bird statue had 55 bids, pushing the price to $16,000, while the “@” sculpture had 52 bids for a $4,100 value.

Organisers have said teh sale isn’t intended to shore up Twitter’s finances. A representative of Heritage Global Partners told Fortune magazine last month that “this auction has nothing to do with their financial position.” 

Still, more cash is likely welcome for Musk, who is trying to cut costs radically, and has failed to pay rent.

Advertisers hit  pause

Over 500 of Twitter’s advertisers have paused spending on the micro blogging site since Elon Musk’s takeover last year, The Information reported on Wednesday, citing a person familiar with its ad business.

The social media company’s daily revenue on January 17 was 40 per cent lower than the same day a year ago, the report added.