Twitter, one of the world’s most popular social media platforms, has been in the spotlight recently. The company has faced significant challenges and a decline in value due to radical decisions made after its acquisition by Elon Musk. Despite the appointment of a new CEO, the company is still grappling with various issues. Today, it has been announced that one of Twitter’s offices is closing down due to unpaid rent. Here are the details…
Twitter’s Boulder office is closing down!
After Elon Musk acquired Twitter, the company faced difficulties as a result of misguided decisions, leading to financial problems. Additionally, many companies stopped advertising on Twitter, almost as if imposing sanctions. Considering that advertising is the primary source of revenue for a social media platform, this was not good news for the company.
One-third of Twitter’s largest advertisers severed ties with the platform, resulting in the company losing nearly half of its total value. As economic problems emerged, office rent payments were delayed and sometimes remained unpaid.
Several Twitter offices have already closed down due to unpaid rent, as ordered by the courts. Today, the Boulder office in Colorado, USA, joins the list. According to TechCrunch, a court has issued an eviction order for Twitter due to non-payment of rent for three months.
According to court documents and a report from the Denver Business Journal, Twitter provided a $968,000 security deposit to its landlord in February 2020. However, payment ceased from March onwards. As a result, the property owner filed a lawsuit.
The judge initially granted Twitter until July 2020 to vacate the office. However, this did not happen. After a long period, another judge has reportedly ruled today that the company must vacate the office. This is recorded as the second ruling. Furthermore, Twitter has been ordered to pay three months’ worth of rent to the property owner.
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