Twitter The company is being sued by Britain’s Crown Estate because it allegedly failed to pay rent for its London headquarters. billionaire-owned social-media company Elon MuskIs already sued overdue rent from its headquarters in Downtown San Francisco for US$136,260.
According to the BBC, the estate – which oversees a number of properties owned by King Charles III – filed a legal claim At the High Court in London last week. The office space is located on Air Street near Piccadilly Circus in central London.
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Twitter and Musk have not commented publicly on either lawsuit.
It is not yet known how much the Crown Estate owes Twitter in overdue rent. CNN reported Discussions between Twitter and the estate are ongoing.
The estate is one of the UK’s largest landlords, with a property portfolio of approximately £15.6 billion across 241 locations in London, according to court filings. The estate generates profits for government public spending and provides a 15 percent annual surplus to the monarch to be used for official duties.
Musk, 51, bought Twitter in October 2022 for $44 billion. The social-media company is on the hook for about $1 billion a year in interest payments from the deal.
Much of Musk’s wealth is tied to his ownership of Tesla shares, which have lost more than half their value since taking ownership of Twitter. Since April, when he began building a position in Twitter, he has sold about $23 billion worth of the electric vehicle company’s stock to make purchases. that is equal lost the top spot According to Forbes, the richest person in the world.
After acquiring Twitter, Musk cut the company’s workforce of 7,000 people by half, although three-quarters of Twitter’s employee base have since left the company, either because they were laid off, fired was or was abandoned.
In November, The New York Times reported that Musk stopped paying rent At all Twitter offices globally. The outlet also claimed that Musk told employees to stop paying the company’s vendors.
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Musk defended his extreme cost-cutting measures in December. During a late night Twitter space call, Musk described to Twitter as “a plane that is heading towards the ground at high speed with the engines on fire and the controls not working.”
In addition to not paying rent and laying off employees, Musk Twitter is also auctioning company memorabilia and high-end office furniture and kitchen equipment.
, With files from The Associated Press
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