[TAG0][TAG2]
- Twitter is under threat from the Crown Estate, which oversees properties owned by King Charles III.
- Insider has learned that the estate is suing Twitter for its London offices.
- King Charles is the ultimate owner of the estate. However, he has very little involvement in the day to-to-day affairs.
The Crown Estate, which oversees King Charles III's property portfolio, is taking Twitter to court in the UK. It is investigating an alleged failure by Twitter to pay rent at its London office.
Insider has learned that the Crown Estate has initiated court proceedings against Twitter after previous contact with the social media company over unpaid rental. The parties are currently in talks.
The London office has been stripped of all Twitter logos and signs, but Elon Musk's company is still there, according to The Daily Telegraph. This newspaper first reported the lawsuit.
The New York Times reported in December 2022 that Twitter had not paid rent for its offices in several weeks. The landlord of Twitter's San Francisco headquarters began legal proceedings against the social media company.
Singaporean employees were temporarily expelled from their offices for not paying rent. Musk eventually paid the rent later that day, Insider's Kali Hays reported.
[TAG1][TAG3]
Insider reported earlier this month that Twitter's New York headquarters has a cockroach problem. Staff also complain of uncleaned bathrooms, clogged toilets, and other problems.
According to Musk, this comes amid a series cost-cutting measures at Twitter. The workforce has been reduced from more than 7,000 to just 2,300. The company also sold nearly 250 items at auction from its San Francisco headquarters, including a statue of the Twitter logo that sold for $100,000.
Twitter didn't immediately respond to Insider’s request for comment.
According to the Crown Estate's most recent annual report, $19.2 billion in properties is managed by it. This includes 241 in central London. The Crown Estate's net revenue profit of $384 million goes to public spending in Britain. Three-quarters of it is owned by the monarch.
The Guardian reported last week, that King Charles asked for the public funding of the profits of a portfolio worth $1.2 billion comprised offshore wind farms.
—————————————————————————————————————————————
By: psyme@insider.com (Pete Syme)
Title: King Charles III’s $19 billion real estate firm is taking legal action against Elon Musk’s Twitter over unpaid rent
Sourced From: www.businessinsider.com/king-charles-crown-estate-takes-twitter-court-for-unpaid-rent-2023-1
Published Date: Tue, 24 Jan 2023 11:48:31 +0000
Related posts:
Twitter is being sued in a lawsuit by a consultant firm. They claim it owes $2 million for the work it performed to get Elon Musk’s acquisition.
Twitter is looking at whether to auction off inactive Twitter handle to raise more money, a report states
Elon Musk claims Twitter will launch ad free subscriptions for a lower fee in the next weeks
Report states that Twitter executives encouraged advertisers to be flexible with Elon Musk’s unpredictable nature as the company continues to lose advertising dollars.
Leave a Reply