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Elon Musk hit by legal dispute with King Charles over unpaid Twitter rent

Published 24/01/2023, 08:00
Updated 24/01/2023, 09:11
Elon Musk hit by legal dispute with King Charles over unpaid Twitter rent

Elon Musk hit by legal dispute with King Charles over unpaid Twitter rent

Proactive Investors - Twitter Inc (NYSE:TWTR) is facing legal action from the King’s Crown Estate over unpaid rent, following several similar cases.

Elon Musk’s company allegedly failed to pay rent for its London headquarters on Air Street near Piccadilly Circus, which was due at the end of December, according to Companies House.

It potentially faces legal action for rent shortfalls in two of its San Francisco offices, a Seattle office and its London headquarters.

A lawsuit has been filed, the Telegraph reported.

Twitter also owed US$6.8mln on its San Francisco headquarters in December and January, according to legal filings, as well US$136,000 on another office in the city.

Accusations of missed rent payments come as the social media firm struggles to stem losses, made worse by advertisers leaving the site following Musk’s US$44bn October takeover.

According to Musk, controversial cuts to its workforce, which has taken its total size from roughly 8,000 to 2,300 since October, were necessary as Twitter faced a daily hit of US$4mln.

Pfizer Inc (NYSE:PFE), Ford Motor Company (NYSE:F) and Meta Platforms Inc (NASDAQ:META) are among some 500 companies which have left Twitter since Musk bought it, leading to a 40% drop in daily revenues.

Unfulfilled payments stretch across all of its offices, the New York Times reported in December, as Musk continues attempts to cut costs and renegotiate leases.

Read more on Proactive Investors UK

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