Per NY Post
Twitter Sued Over $136,250 in Rent Due For San Francisco Office Space
1/3/2023
Twitter has just received a lawsuit over failure to pay rent since Elon Musk's acquisition of the company. The lawsuit comes from the company's San Francisco HQ landlord, alleging that the company failed to pay $136,250 in rent.
Columbia Property Trust filed the lawsuit, noting that Twitter owes $136,260 in unpaid rent. This lawsuit follows another one directed at the company for failing to pay $197,725 for private charter flights during the week of the new CEO's takeover, per NYT.
Over a month and a half after Musk's acquisition of the company, the first report came out that Twitter did not pay rent. Per Fox Business, people familiar with the topic say that the CEO is trying to renegotiate lease agreement terms amid his cost-cutting actions.
Musk recently had one of the three main computing storage facilities in Sacramento disconnected as the Twitter CEO prioritizes cost-cutting, according to another article by the NYT. The article cites two people familiar with the matter who said the company is facing eviction in its Seattle office for not paying rent.
Musk's $44 billion acquisition landed the billionaire in billions' worth of debt. The new Twitter CEO has to pay $1 billion annually for interest alone.
The Twitter CEO has been public about the dire financial state of the social platform and has even opened it up to investors. Previously, he announced that the platform was headed towards losing $3 billion in 2023, so Musk decided to employ drastic cost-cutting measures.
Elon Musk has also made those drastic cost-cutting measures in its San Francisco HQ, where workers now occupy only two floors as he closed four. In response to workers on strike trying to ask for better wages, Musk canceled janitorial services in December.
Musk has since fired around 75% of Twitter employees since his acquisition of the social platform was completed. So far, since early November, the billionaire has positioned the company to save in nonlabor costs totaling around $500 million.
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