X Is Now Ditching Its Headquarters in California For Texas Soon

August 29, 2024

X is now ditching its headquarters in California for Texas soon according to several news reports confirming the dates.

X, the social media platform previously known as Twitter, is set to close its San Francisco headquarters in two weeks, specifically on Friday, September 13, according to reports.

The company, owned by Elon Musk, circulated an internal memo earlier this month, as noted by the New York Times, indicating plans to shut down the SF HQ “over the next few weeks.”

A follow-up report from Fortune revealed that the company informed employees on Thursday about the permanent closure of the headquarters on September, Friday the 13.

Located on Market Street in the struggling mid-Market area, the SF office has been the global headquarters for the social media platform.

According to the New York Times, employees at the San Francisco office will be relocating to existing offices in San Jose.

Musk, who acquired Twitter in 2022 and rebranded it as X, announced in July that the company would be moving its headquarters to Austin, Texas.

The SpaceX CEO has been critical of several of California’s policies over the years as he migrates his companies to business-friendly Texas.

Tesla’s global headquarters officially moved from California to Austin in late 2021, after tension with California’s government over stringent COVID-19 restrictions.

Since 2020, almost 150 companies have relocated to Texas, with 40% of them moving from California.

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Wells Fargo is now accused of overcharging customers in a lawsuit that alleges the bank giant has participated in unethical behavior.

A Wells Fargo customer named Barbara Prado has filed a proposed class-action lawsuit against the bank, alleging that Wells Fargo has been overcharging thousands of its customers on their mortgage loan accounts.

According to Prado, Wells Fargo realized there was an error in the charges, but instead of being transparent about it, the bank simply sent out cashier’s checks to affected customers to try to settle the damages without explaining what had happened.

Prado claims that Wells Fargo’s representatives are unable or unwilling to tell customers how much they were overcharged or how the amounts in the cashier’s checks were determined.

She argues that the bank’s actions have been “illusory and wholly inadequate” and have left consumers facing ongoing harm and out-of-pocket losses that have not been properly reimbursed.

The lawsuit alleges that Wells Fargo is guilty of unjust enrichment and has violated California’s Unfair Competition Law.

It also claims that the bank has violated California’s penal code by receiving property that was obtained through theft and by concealing or withholding that stolen property.

Overall, the lawsuit accuses Wells Fargo of systematically overcharging its mortgage customers and then attempting to cover up the issue through opaque and inadequate remedial actions.

Separately, Wells Fargo is facing a federal investigation over issues in its anti-money laundering and sanctions programs, the bank said.

Since September 2016, WFC faced significant challenges with numerous penalties and sanctions, including a cap on the asset position by the Federal Reserve.

Earlier this month, Wells Fargo faced a class action lawsuit alleging that it mismanaged its employee health insurance plan, forcing thousands of U.S.-based employees to overpay for prescription medications.

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Also Read: The US Treasury Direct is Now Freezing Customer Accounts

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