Twitter Sued for Unpaid Rent Totaling $136,260 Following Elon Musk Takeover
Elon Musk is reportedly attempting to minimize expenses at Twitter by cutting them as close to zero as possible, even as his personal wealth declines.
This cost-cutting effort may have led to Twitter falling behind on rent payments for its offices in downtown San Francisco, amounting to a total of $136,260
In October 2022, Musk acquired Twitter for $44bn. As a result, the company is currently responsible for approximately $1bn in annual interest payments on the deal.
A significant portion of Musk's wealth is tied to his ownership of Tesla shares, which have decreased in value by over 50% since he took over Twitter.
In order to finance the Twitter purchase, Musk has sold approximately $23bn worth of Tesla stock since April 2022, when he began acquiring a stake in the social media platform.
According to Forbes, Musk has also lost his status as the world's wealthiest individual as a result.
Musk's Twitter is also reportedly selling off luxury office furniture, kitchen equipment, and other items from Twitter Office
It is estimated that around 75% of Twitter's employees have left the company, either due to layoffs, termination, or resignation.