Twitter’s gotta go. A judge has given the thumbs-up to The John Buck Co.’s request to oust ’em and mandated they exit the premises before the month of July is out. The rent dispute sparked this legal action when Twitter refused to refill their credit line– which was initially agreed upon when they moved in last year.
It’s been quite a while since Twitter has made use of its 65,000 square foot office, and the company hasn’t shelled out rent since March. It’s estimated that they owe $75k in past payments already, but some whispers suggest they’re behind on rent for their Walnut Street building too. A notification posted in December 2022 exposed that the bill had climbed to almost $180k.
Twitter’s got a long history of stiffing small businesses. This latest lawsuit– filed by Colorado-based Avalanche Commercial Cleaning Inc.– claims the tech company never coughed up a hundred grand in cleaning bills. And, according to Bloomberg, they owe more than ten million dollars total. A real shame for these small companies. When Elon Musk became the captain of Twitter’s ship, it’s safe to say that the bad news started accumulating. He piled on twelve billion dollars worth of debt, and over a half-year period, the company went from being worth forty-five billion to fifteen. Fidelity’s stake in Twitter took an equally rough hit– diminishing from twenty million to just six point fifty-five million.
Legal disputes and financial losses have resulted from Twitter’s refusal to pay its rent on time and rising debt. The company’s activities have had an influence on small vendors’ and businesses’ lives in addition to their reputation. It is unclear how Twitter can solve its financial difficulties and recover stability in the social media industry’s highly competitive environment as the firm prepares to be evicted from its Colorado offices.
