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Twitter sued over failure to pay hire on San Francisco HQ – Occasions of India

SAN FRANCISCO: Beneath new proprietor Elon Musk, Twitter Inc. stop paying hire on its San Francisco headquarters in December, in keeping with a lawsuit filed by the owner.
The social media firm didn’t pay the $3.36 million December hire for its places of work at 1355 Market Road and the $3.42 million for January hire, Sri 9 Market Sq. LLC, the proprietor of the constructing, mentioned in a lawsuit filed Monday in state courtroom in California.
Since taking on Twitter, the billionaire has been slashing prices. He’s fired half the workers, held again hire on the corporate’s different places of work world wide and refused to pay some excellent payments, corresponding to a jet constitution. These measures come as Musk is going through his first cost on the $12.5 billion in debt he took on to amass Twitter.
The go well with additionally comes with Musk on the witness stand in a securities fraud trial in San Francisco the place he’s defending his tweet to take Tesla Inc. personal. He’s set to return Tuesday to complete his testimony.
Twitter rents greater than 460,000 sq. toes of house on eight flooring of the San Francisco constructing, in keeping with the grievance. Sri 9 Market Sq. held a letter of credit score for $3.6 million as safety, which Twitter was required to extend to $10 million if there have been a switch in management, which occurred when Musk purchased the corporate in October for $44 billion.
Twitter argued it didn’t have to spice up the road of credit score, in keeping with the grievance.
Sri 9 mentioned it drew upon the prevailing line of credit score to cowl the December hire of $3.36 million and a portion of the January hire, leaving the stability of the road of credit score at $1.
Sri 9 is looking for to get well the unpaid hire and a courtroom declaration that Twitter is in breach of the lease for failing to extend the road of credit score to $10 million.
Twitter, which has disbanded its public relations division, didn’t reply to a request for remark.
The case is Sri 9 Market Sq. LLC v Twitter Inc., CGC-23-604136, Superior Court docket of California, County of San Francisco.

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