The top bid of the Twitter auction was 0,000;  it could owe 0 million next week

The top bid of the Twitter auction was $100,000; it could owe $300 million next week

The top bid of the Twitter auction was $100,000;  It could owe $300 million next week

Twitter owes $13 billion and is expected to make its first payment on that debt next week, Bloomberg reports. Faced with this looming financial strain, CEO Elon Musk has done everything to cut costs — including ordering mass layoffs, forgoing rent payments and cutting employee benefits. But even those big cost-cutting moves weren’t enough to stop Musk from turning to austerity. Twitter held an auction this week that was essentially a flea market selling equipment no longer needed by Twitter’s drastically reduced staff.

The liquidation of Twitter’s corporate headquarters assets came during an online auction that ended yesterday that appeared to have raised thousands from the sale of more than 600 items, including kitchenware, furniture, electronics and memorabilia.

Auction site Heritage Global Partners has chosen not to publish the auction results, so it’s impossible to see at a glance just how much the auction impacted Twitter’s overall debt. Heritage Global Partners President Nick Dove told Fortune last month that the auction had “nothing” to do with Twitter’s murky finances.

advertising

“They sold for $44 billion and we’re selling some chairs and desks and computers,” Dove told Fortune. “So if anyone really thinks that the proceeds from selling a couple of computers and chairs would pay for that mountain there, then they’re an idiot.”

The Wall Street Journal reported that a Twitter bird statue sold for about $100,000, while the cheapest piece sold for $150. Unusual items commanded higher bids, like a Twitter bird neon light that sold for $40,000, The Guardian reported, while everyday items found in pretty much any large office closet sold for less, like 68 packs of Belkin power strips , which sold for $1,000.

All items will be picked up by the auction winners next week, the WSJ reported.

According to Bloomberg, Twitter could owe $300 million by the end of the first loan payment deadline on Jan. 27. One analyst told Bloomberg that Musk would likely be motivated to make the payment “come hell or high tide.” Last year, however, Musk warned that bankruptcy was still a possibility for Twitter, and right now it looks like Musk has run out of palatable options.

Twitter and Heritage Global Partners did not immediately respond to Ars’ request for comment.

A potentially more lucrative auction that Twitter has considered but not yet implemented is username auctioning, the New York Times reported earlier this month. No one is sure if Twitter will move forward with this plan. Historically the platform has banned the sale of usernames.