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Sunday, April 2, 2023

Elon Musk Sued For Not Paying Twitter Headquarters Rent


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Elon Musk has not paid rent for its San Francisco headquarters since taking ownership of Twitter. The owner of the building says he still has 6.8 million dollars (6.3 million euros) in back rent and has taken the social media company to court.

Real estate company Sri Nine Market Square leases Twitter about 43,000 square feet of office space in San Francisco. According to them, Musk has not paid a penny for the month of December and January. The landlord wants to receive this money as soon as possible, otherwise the overdue rent may have other consequences.

The company also wants Twitter to increase its collateralized credit from $3.6 million to $10 million. The landlord has had to use almost all of the available credit as rent for the past few months. The company believes that if Musk does not pay his rent, the credit should in any case be increased so that the company can still get its money somewhere.

Musk has saved enormously on costs since the acquisition of Twitter. In the first week, for example, he immediately fired half of the staff. After that, he stopped paying the rent for offices other than those in San Francisco. For this reason, the company was previously evicted from a building in Seattle.

But that’s not even the only thing. Musk refused to pay a bill for a chartered plane shortly afterward. Hopefully, this isn’t because he’s in money trouble. The billionaire borrowed $ 12.5 billion for the purchase of Twitter and the first part of the loan must be repaid soon.

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