Ever since Elon Musk joined the social media platform Twitter, there have been some strange incidents occurring. This time, the Twitter office is at risk of closure due to failure to pay rent, causing frustration for the property owner. What could possibly be going on?
Twitter Office at Risk of Closure Over Unpaid Rent
According to information from TechCrunch, a judge has recently ordered the eviction of Twitter from the office space designated for top-tier companies. This action was taken because the social media company, currently led by Linda Yaccarino, has not paid the office rent for approximately three months, accumulating a total outstanding amount of $75,000.
While it may seem extreme, it is understandable for the property owner to involve the legal system to take decisive action, considering the significant amount owed. The judge has granted Twitter a deadline until the end of July 2023 before the office closure is enforced.
Failure to Pay Rent Since March
Based on the information we obtained from TechCrunch, the Twitter office is facing closure due to non-payment of rent since March. The office, located on Bluff Street in Boulder, Colorado, appears to be facing difficulties due to its unique payment arrangement.
At the time, Twitter was making rent payments through a Letter of Credit to the property owner, amounting to $968,000, which would be automatically deducted monthly starting from February 2020. Unfortunately, the funds were depleted by March 2023.
Despite being given some leeway, it seems that Twitter has shown no intention of paying the office rent, forcing the property owner to involve a judge to pursue their rightful claim.
