Even the rich cry: Landlord sues Elon Musk’s Twitter for defaulting on rent

US billionaire Elon Musk’s troubles have increased in the new year after a commercial landlord sued his new company Twitter for allegedly not paying rent on time Office located in San Francisco Filed in California Superior Court Documents revealed that Twitter defaulted on $136,260 (KSH16.9 million) in rent .Documents submitted to the California Superior Court show that Twitter did not pay $136,260 (16.9 million) in rent for its San Francisco office. Musk who acquired Twitter for $44 billion (KSH 5.1 trillion), is believed to be associated with the microblogging site.

The landlord had given notice to Twitter to pay the dues on 16 December 2022. However, the Musk-led company failed to do so and now the landlord wants Twitter to pay unpaid rent and interest. CTV News reported that Musk is trying to reduce costs to almost zero and has initiated cost-cutting measures.

Musk said that this company is basically like a plane that is speeding towards the ground with the engine on fire and the controls not working. He may want to renegotiate the rental lease agreement or may choose to opt out of some if certain conditions are not met. Musk set a record as the first person in recorded history to lose $200 billion (KSH 24.7 trillion) in a single year. In early 2022, the Tesla and Space X CEO had a net worth of $320 billion (KSH 39.5 trillion), which he lost in 12 months.

The new Twitter boss’ net worth fell to $132 billion (KSH 16.3 trillion), losing the title of world’s richest person. Is Elon Musk Obsessed With Twitter? Many believe Musk, who acquired Twitter for $44 billion (KSH 5.1 trillion), is frustrated with the microblogging site. After the recent selloff in 2022, the techpreneur’s alleged association with Twitter drove Tesla shares down posted on twitter.

Currently his stake in SpaceX is estimated to be worth $44.8 billion (KSH 5.5 trillion), which is higher than his $44 billion (KSH 5.4 trillion) position in Tesla shares. Elon Musk is trying to reduce expenses at Twitter as close to zero as possible while reducing his personal wealth and this obviously includes reducing the rent payments on the company’s offices.

Twitter owes $136,260 in past due lease for its workplaces on the 30th floor of a structure in midtown San Francisco, as per a claim recorded last week by the structure’s landowner. The property manager of 650 California Road, which isn’t Twitter’s principal San Francisco base camp, gave a notification to the virtual entertainment organization on December 16 saying it would be in default in the event that it didn’t pay in five days or less what will occur.

As indicated by the claim five days passed without installment. The landowner Columbia REIT 650 California LLC, is looking for full harms for back lease as well as lawyer’s expenses and different expenses. Twitter marked a seven-year rent for the workplaces in 2017. Month to month lease was $107,526.50 in the primary entire year and slowly expanded to $128,397 each month in the seventh year.

The organization no longer has a media relations division. Musk purchased Twitter in October for $44 billion and the organization is on the snare for about $1 billion a year in interest installments from the arrangement. Quite a bit of Musk’s abundance is attached to his responsibility for shares, which have lost the greater part their worth since taking responsibility for.

Since April, when he began building supporters on Twitter, he has traded portions of the electric vehicle organization worth about $23 billion. As per Forbes, he has likewise lost the best position for the most extravagant individual on the planet. Musk protected his super expense cutting estimates in a Twitter space call toward the end of last month.

This organization, essentially, you’re in a plane that is advancing toward the ground and the motors are ablaze and the controls aren’t working Musk said on December 21. The organization’s base camp is situated in the second San Francisco. The location, 1355 Market Road is where even Twitter has allegedly fallen behind on lease.

Notwithstanding not taking care of lease and laying workers, Musk’s Twitter is additionally selling very good quality office furniture, kitchen gear and different relics of the past, when Twitter had in excess of 7,500 full-time representatives overall And there were free snacks and different workplaces.

The highlights were normal to the point that a few 3/4 of Twitter’s workers are supposed to have left the organization either on the grounds that they were terminated or stopped. Indeed, even a Twitter bird sculpture (offering begins at $25) and a neon Twitter bird light presentation (offering begins at $50) are available to anyone in this fire deal style closeout suggestive of the website bust of the mid 2000s when bombed tech new businesses were auctioning off their debauched office products.

Twitter has been in the news since its takeover by Elon Musk. To begin with, it was the mass cutback wherein almost 50% of organization’s labor force, including the top administration, was terminated. The stage confronted a few blackouts since. Many see that Musk has attempted to oversee Twitter.

Financial backers in Tesla and SpaceX, two different organizations headed by Elon Musk, have voiced worries that Musk’s regard for Twitter has made him ‘disregard’ organizations which made him the symbol he is today. Indeed, even a Twitter Bird doll (offers begins at $25) and a neon Twitter Bird light showcase (offers begins at $50) are available to all in this fire deal style sell off that is set to commend the 2000s. prepared without a doubt for It is suggestive of the website bust of the mid 1960s when tech new companies fizzled. were auctioning off their debauched office products.

Twitter has been in the news since its acquisition by Elon Musk. First, it was a massive layoff in which nearly half of the company’s employees, including top management, were fired. Since then the platform has faced several hurdles.

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