[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]According to court documents issued by a judge, Twitter is being forced out of its Boulder headquarters after failing to pay rent for up to three months to its landlord.
Since Elon Musk took charge, the company’s operations have been in turmoil, with claims of multiple unpaid payments. While it is usual for contractors to experience payment challenges during transitional periods, Twitter’s protracted non-payment of rent suggests that the company’s condition may be worse than expected.
According to the Denver Business Journal and court filings, Lot 2 SBO LLC, the Chicago-based landlord that owns Twitter’s Boulder office at 3401 Bluff St, received a $968,000 letter of credit in February 2020.
The landlord has been using this credit to cover the rent instead of getting regular payments, while the specifics of this agreement are unknown. However, the letter of credit funds were gone by March, and Twitter has not made any payments since then.
Also Read: PTA advises mobile companies to prepare an anti-cyclone plan.
If we assume that the rent was paid on a regular basis with that amount, we get an estimate of around $27,000 each month, which sheds light on the financial scope of the scenario.
In May, the landlord filed legal action, which resulted in a court order on May 31 directing the sheriff to expedite Twitter’s eviction within the next 49 days, preferably by the end of July. The lawsuit, 2023CV30342, is currently being heard in Boulder District Court.
Previously, Twitter’s Boulder headquarters had roughly 300 people. However, due to a mix of layoffs, firings, and resignations, the present workforce is estimated to be less than half of that original figure.
While investigating the previously reported case, Tech Crunch identified another case that appears to confirm a separate event involving a cleaning company. In this case, the cleaning firm is suing Twitter for $93,504 in unpaid fees.[/vc_column_text][/vc_column][/vc_row]
