Twitter owes $136K in overdue rent for San Francisco offices, lawsuit alleges – National | 24CA News
Elon Musk is attempting to slash bills at Twitter as near zero as potential whereas his private wealth shrinks — and this apparently has included falling behind on hire funds on the firm’s workplaces.
Twitter owes $136,260 in overdue hire on its workplaces on the thirtieth ground of a constructing in downtown in San Francisco, based on a lawsuit filed by the constructing’s landlord final week.
The landlord at 650 California St., which isn’t Twitter’s primary San Francisco headquarters, served a discover to the social media firm on Dec. 16 informing it that it might be in default if it didn’t pay inside 5 days. The 5 days elapsed with out fee, based on the lawsuit.
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The landlord, Columbia REIT 650 California LLC, is looking for damages totaling the again hire, in addition to lawyer charges and different bills. Twitter signed a seven-year lease for the workplaces in 2017. The month-to-month hire was $107,526.50 within the first full 12 months and enhance step by step to $128,397 monthly within the seventh 12 months.
Twitter didn’t reply to a message for remark. The firm now not has a media relations division.
Musk purchased Twitter for $44 billion in October and the corporate is on the hook for about $1 billion a 12 months in curiosity funds from the deal. Most of Musk’s wealth is tied to his possession of Tesla shares, which have misplaced greater than half of their worth since he took possession of Twitter. He has bought almost $23 billion value of the electrical car firm’s inventory to fund the acquisition since April, when he began constructing a place in Twitter. He’s even misplaced the highest spot for the world’s wealthiest individual, based on Forbes.
Musk defended his excessive price slicing measures final month in a late night time Twitter Spaces name.
“This company is like, basically, you’re in a plane that is headed towards the ground at high speed with the engines on fire and the controls don’t work,” Musk mentioned on Dec. 21.
The firm’s headquarters are situated at one other San Francisco deal with, 1355 Market St., the place Twitter has additionally reportedly fallen behind on hire, based on The New York Times.
In addition to not paying hire and shedding staff, Musk’s Twitter can also be auctioning off high-end workplace furnishings, kitchen gear and different relics the previous, when Twitter had over 7,500 full-time staff world wide, and free lunch and different workplace perks had been frequent. Some three-quarters of Twitter’s worker base are anticipated to have left the corporate, both as a result of they had been laid off, fired or give up.
Among the objects Twitter is auctioning off are a pizza oven, 40-quart industrial kitchen ground mixer (retails for round $18,000; bidding begins at $25), high-end designer furnishings reminiscent of Eames chairs from Herman Miller and Knoll Diamond chairs that retail within the 1000’s.
Even a Twitter fowl statue (bidding begins at $25) and a neon Twitter fowl mild show (bidding begins at $50) are up for grabs on this fireplace sale-style public sale harking back to the dot-com bust of the early 2000s when failed tech startups had been promoting off their decadent workplace wares.
© 2023 The Canadian Press
