The Twitter company is being evicted from its Boulder, Colorado office by a court order due to debt owed to the landlord.
TechCrunch writes about it.
Twitter issued a letter of credit for $968 000 to the lessor in February 2020. However, this money ran out in March 2023, after which no rent payments were received from the company. The landlord sued in May, and a judge ordered Twitter to be evicted from the office by the end of July.A letter of credit is a document certifying the right of the person in whose name it is issued to receive the amount specified in the letter of credit from a credit institution.
- Ever since Elon Musk bought Twitter Inc., the company began to regularly ignore payments for renting premises and providing other services. The Wall Street Journal reported that landlords, consultants and vendors filed complaints for more than $14 million plus interest. At least nine trials are involved.
- In January 2023, the company put hundreds of items from its San Francisco headquarters up for online auction.
- In April, former Twitter CEO Parag Agrawal and two other top executives began suing the media company after it failed to reimburse them for more than a million dollars in personal legal expenses.
- The other day, a group of music publishers from the US sued Twitter. They claim that the platform allowed the copyright infringement of nearly 1,700 songs. The National Music Publishers Association (NMPA) is seeking more than $250 million in damages. In a lawsuit filed in Federal District Court in Nashville, the NMPA alleges that Twitter "permits and encourages infringement" in order to make a profit.