Elon Musk is trying to slash expenses at Twitter as close to zero as possible while his personal wealth shrinks — and this apparently has included falling behind on rent payments at the company's offices.
SAN FRANCISCO — Elon Musk is trying to slash expenses at Twitter as close to zero as possible while his personal wealth shrinks — and this apparently has included falling behind on rent payments at the company’s offices.
Twitter owes $136,260 in overdue rent on its offices on the 30th floor of a building in downtown in San Francisco, according to a lawsuit filed by the building’s landlord last week. The landlord at 650 California St., which is not Twitter’s main San Francisco headquarters, served a notice to the social media company on Dec. 16 informing it that it would be in default if it didn’t pay within five days. The five days elapsed without payment, according to the lawsuit.
The landlord, Columbia REIT 650 California LLC, is seeking damages totaling the back rent, as well as attorney fees and other expenses. Twitter signed a seven-year lease for the offices in 2017. The monthly rent was $107,526.50 in the first full year and increase gradually to $128,397 per month in the seventh year.Twitter did not respond to a message for comment. The company no longer has a media relations department.
Musk bought Twitter for $44 billion in October and the company is on the hook for about $1 billion a year in interest payments from the deal. Most of Musk’s wealth, which have lost more than half of their value since he took ownership of Twitter. He has sold nearly $23 billion worth of the electric vehicle company’s stock to fund the purchase since April, when he started building a position in Twitter. He’s even lost the top spot for the world’s wealthiest person, according to Forbes.
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