Twitter also quit paying rent on its San Francisco headquarters in December, according to court filings.
The Crown Estate — which manages a range of assets from shops and offices to the seabed around England is ultimately owned by the British monarch. It filed a suit against Twitter over its London premises in the West End, according to court filings. No further detail was available, and a spokesperson for the Crown Estate declined to comment beyond confirming the suit.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.
Since taking over Twitter, Elon Musk has been slashing costs. He’s fired half the staff, held back rent on the company’s other offices around the world and refused to pay some outstanding bills, such as a jet charter. Those measures come as the billionaire is facing his first payment on the US$12.5 billion in debt he took on to acquire Twitter.
Twitter rents more than 460,000 square feet of space on eight floors of the San Francisco building, according to the complaint. Sri Nine Market Square held a letter of credit for US$3.6 million as security, which Twitter was required to increase to US$10 million if there were a transfer in control, which occurred when Musk bought the company in October for US$44 billion.Article contentSri Nine said it drew upon the existing line of credit to cover the December rent of $3.
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