Twitter sued over unpaid rent for London and San Francisco HQs – National | 24CA News
Twitter is being sued by the U.Okay.’s Crown Estate after the corporate allegedly did not pay hire for its London headquarters. The social-media firm, owned by billionaire Elon Musk, has already been sued for US$136,260 in overdue hire from its headquarters in downtown San Francisco.
According to the BBC, the Estate — which oversees quite a few properties owned by King Charles III — filed a authorized declare within the High Court in London final week. The workplace area is situated on Air Street, close to Piccadilly Circus, in central London.
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Twitter and Musk haven’t commented publicly on both lawsuit.
It isn’t but recognized how a lot Twitter owes the Crown Estate in overdue hire. CNN reported that dialogue between Twitter and the Estate is ongoing.
The Estate is among the U.Okay.’s largest landowners with a property portfolio price roughly £15.6 billion throughout 241 areas in London, as per the courtroom submitting. The Estate generates income for governmental public spending and supplies a 15 per cent annual surplus to the king for use for official duties.
Musk, 51, purchased Twitter for $44 billion in October 2022. The social-media firm 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 practically $23 billion price of the electrical automobile 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 particular person, in keeping with Forbes.
After buying Twitter, Musk lower the corporate’s workforce of seven,000 folks in half, although some three-quarters of Twitter’s worker base are estimated to have left the corporate, as a result of they had been both laid off, fired or give up.
In November, the New York Times reported that Musk stopped paying hire on all Twitter places of work globally. The outlet additionally claimed Musk informed staff to cease paying firm distributors.
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Musk defended his excessive cost-cutting measures in December. During a late-night Twitter Spaces name, Musk described Twitter as “a plane that is headed towards the ground at high speed with the engines on fire and the controls don’t work.”
In addition to not paying hire and shedding employees, Musk’s Twitter can also be auctioning off firm memorabilia and high-end workplace furnishings and kitchen gear.
— With recordsdata from The Associated Press
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