Twitter is being sued for allegedly not paying the rent on its London headquarters, according to the independent commercial enterprise Britain's Crown Estate. The Crown Estate controls the monarchy's property assets.
The Crown Estate is one of the biggest property managers in the U.K., managing assets worth £15.6 billion, with urban buildings accounting for the majority of the estate's value at £9.1 billion. The estate also has sovereignty over 7,920 km2 of agricultural land and forest, more than half of the UK's foreshore, and numerous other customary holdings and rights, including Ascot Racecourse and Windsor Great Park. These include many residences in downtown London.
The action was due to "rental arrears" on the social networking platform's office space in the British capital, according to a statement from the Crown Estate, which is the owner of some of the most costly land in central London. As per court records, the High Court in London received the complaint against Twitter last week.
After Elon Musk took charge last October, the company let go of almost half of its workers. Any traces that Twitter had formerly occupied the building in London were removed, and the workplace was left abandoned.
Twitter is currently being sued for unpaid rent in at least one other case. Twitter is being sued for breach of contract by a commercial landlord after it is claimed that the business did not pay the rent for one of its San Francisco sites. Instead of Twitter's primary offices on Market Street, the 650 California Street office space is the subject of the case.
But it did so after news reports said that Twitter's new owner, Elon Musk, had ceased paying rent on the company's offices throughout the world, including its headquarters, and had instructed staff members not to pay business vendors in an apparent effort to reduce costs.
Musk paid $44 billion for Twitter, which included a sizable amount of debt financing. Elon Musk, 51, closed the $44 billion deal to take Twitter Inc. private on Thursday and took ownership of the important social media platform by firing top executives right away. Musk is the world's richest man with a net worth of $222 billion, according to Forbes, but a significant portion of his fortune is tied to his stakes in Tesla and Space X.
Republicans who claimed that Twitter restricted conservative perspectives have praised the deal. According to researchers, Twitter's policies have proved crucial in preventing online hate speech and misinformation. Some business owners have expressed concern about having their products associated with divisive comments.