Many businesses were hit hard by the pandemic, but on the contrary, most tech companies seemed to thrive catching a big break. Mega companies like Amazon made an impressive profit increase of up to 84% in 2020, not to mention Google which recorded a $21 billion profit increase from 2019.
Surprisingly, Pinterest preferred to pay an $89.5 million termination fee, after pulling out of a deal they had made in 2020 to relocate to an office space in San Francisco covering 500,000 square feet. Similarly, the renowned tech Guru Twitter is now subleasing about 100,000 square feet of its office space in San Francisco.
The shift towards full-blown teleworking is been spearheaded by tech companies, with companies like Facebook and Twitter being among the first organizations to announce their permanent shift to home working. Dropbox, Shopify, Zillow among others have also adopted the working from home model.