Unpaid rent amounts to millions of dollars. Read more at straitstimes.com.
SAN FRANCISCO – Under new owner Elon Musk, Twitter stopped paying rent on its San Francisco headquarters in December, according to a lawsuit filed by the landlord.
Those measures come as Mr Musk 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 sqft 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.Sri Nine said it drew upon the existing line of credit to cover the December rent of US$3.
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