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Saturday, February 4, 2023

San Francisco Landlord Sues Elon Musk’s Twitter for Millions in Unpaid Rent

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San Francisco Landlord Sues Elon Musk’s Twitter for Millions in Unpaid Rent – Twitter is being sued by the landlord of its San Francisco headquarters for allegedly not paying $7 million in rent for December and January. SRI Nine Market Square LLC filed a lawsuit on Friday in California Superior Court in San Francisco, alleging that Twitter breached the terms of its lease in December by failing to make its monthly rent payment of nearly $3.4 million. The landlord reportedly filed a notice of default on December 5, 2022 and recouped the unpaid amount from a security deposit line of credit held by Twitter.

The lawsuit claims that Twitter once again breached the lease by not paying the monthly rent and additional rent due for the month of January 2023, amounting to $3,427,722.14. SRI Nine Market Square states that it has taken an additional $266,000 from the line of credit, which is now reportedly depleted. Therefore, Twitter allegedly owes $3.16 million in rent as per the lawsuit.

SRI Nine Market Square has filed a lawsuit against Twitter, stating in the filing that it is requesting to increase Twitter’s line of credit to $10 million as per the language in the lease. This increase is triggered by a change in control of the company, which occurred when Elon Musk bought Twitter in October. However, Twitter is reportedly refusing to do so. The lawsuit was first reported by the San Francisco Chronicle.

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Twitter, which dissolved its media relations team after Musk took over, did not respond to requests for comment. Additionally, in December, the New York Times reported Twitter was said to have stopped paying rent on its offices as a means of reducing expenses. Furthermore, in January, one of the landlords of a Twitter office in San Francisco filed a lawsuit for unpaid rent.

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