In an effort to cut costs following Elon Musk’s chaotic $44 billion acquisition of Twitter, the social media company has stopped paying rent, according to a report from The New York Times.

 

Twitter has not paid rent for its global offices or San Francisco headquarters in weeks, the report said, as Musk’s team has been trying to renegotiate the terms of the company’s lease. As a result, Twitter has received complaints from real estate firms like Shorenstein, which owns Twitter’s San Francisco buildings.

 

https://www.cnbc.com/2022/12/13/twitter-reportedly-hasnt-paid-rent-on-its-office-spaces-for-weeks.html

You just can’t trust some people to honour commitments it seems.

Twitter will probably be moving soon, to properties that EM already owns....

most businesses going bankrupt stop paying rent, we know its going bankrupt thanks to credible medias balanced and honest reporting

Not surprising. After all, Musk tried for months to wriggle out of his deal to buy Twitter. Not exactly an honorable person.

4 hours ago, placeholder said:

Not surprising. After all, Musk tried for months to wriggle out of his deal to buy Twitter. Not exactly an honorable person.

rich...honorable...cant remember the last time I saw those  words in the same sentence 

2 minutes ago, wombat said:

rich...honorable...cant remember the last time I saw those  words in the same sentence 

And you still haven't.

The (not anymore) richest guy in the world buys a company for many billion USD. And then he fires people, doesn't pay the rent, does the opposite of what he promised, and and and.

Why?

If he can't afford it, then he shouldn't have bought it.

And if he can afford it, then he should pay and then maybe negotiate but still honor existing contracts.

It's amazing that so many people still admire this person.

Musk made the worst corporate decision of the century by offering a premium price just before the recent stock market crash and then being sued for manipulating the stock price with his tweets. The only way he could get out of that suit was to go ahead and buy it. Twitter's old shareholders are parting in the Bahamas.

Probably less expensive to default, and break the lease this way rather than ride it out or follow a different strategy....

There might be a clause he can use as he was not the original leasee..... He's shrewd, daring, & bold....

San Francisco is the last place he would want to remain....

1 minute ago, pgrahmm said:

Probably less expensive to default, and break the lease this way rather than ride it out or follow a different strategy....

There might be a clause he can use as he was not the original leasee..... He's shrewd, daring, & bold....

San Francisco is the last place he would want to remain....

When he bought the company he had to assume all it's liabilities by law.

It's only a matter of time before space karen ends up in the slammer imo.  Good.

10 minutes ago, Slip said:

It's only a matter of time before space karen ends up in the slammer imo.  Good.

More likely sued by TSLA shareholders. TSLA will suffer from the stink rubbing off now that Musk has shown who he really is. Someone already mentioned that electric cars are mainly owned by lefties.

1 minute ago, ozimoron said:

More likely sued by TSLA shareholders. TSLA will suffer from the stink rubbing off now that Musk has shown who he really is. Someone already mentioned that electric cars are mainly owned by lefties.

Fair enough, that too.  I don't understand why elon decided to set himself up as an "evil bond villain" other than hubris and vanity, but let's hope he enjoys the full consequences.

 

7 hours ago, placeholder said:

And you still haven't.

I beg to differ there are examples bill and Melinda gates Andrew Carnegie (later in life) there are examples .looks to me that Elon gonna pull a runner and burn his landlords guess money doesent buy class or integrity 

4 minutes ago, Tug said:

I beg to differ there are examples bill and Melinda gates Andrew Carnegie (later in life) there are examples .looks to me that Elon gonna pull a runner and burn his landlords guess money doesent buy class or integrity 

The only way I can see how he escapes the rent bill is to bankrupt Twitter but I think that's actually what you meant by "runner".

Edited December 14, 20223 yr by ozimoron

12 hours ago, placeholder said:

Not surprising. After all, Musk tried for months to wriggle out of his deal to buy Twitter. Not exactly an honorable person.

He's a businessman, 

4 minutes ago, EVENKEEL said:

He's a businessman, 

It's odd how right wingers are fans of people who repeatedly break their word and how they justify it in the name of doing business.

Looks like he needs cash....to potentially service Twitter debt...is he nose-diving Twitter into bankruptcy to get a better "deal" on buying back the $13B in debt?

 

Musk cashes out another $3.6 bln in Tesla stock

 

Dec 15 (Reuters) - Tesla (TLSA.O) boss Elon Musk disclosed another $3.6 billion in stock sales on Wednesday, taking his total near $40 billion this year and frustrating investors as the company's shares wallow at two-year lows.

 

A U.S securities filing showed he unloaded 22 million shares in the world's most valuable carmaker over three days from Monday to Wednesday.

 

The sale is the second big chunk of stock he has cashed out since his $44 billion purchase of Twitter in October, despite his repeated assurance in April that he was done selling Tesla shares.

 

https://www.reuters.com/business/autos-transportation/elon-musk-sells-22-mln-tesla-shares-worth-36-bln-filing-2022-12-15/

 

 

 

Huh?  $44 BILLION and he doesn't even get the building?

 

I used to live near there, those buildings were quasi-derelict for decades.  It's weird to see that area become a center for media coverage.