For the third time this month, Twitter has been sued for nonpayment.
at its headquarters and that certain rooms in the headquarters have been equipped with beds, the latter of which led to a still-open investigation by San Francisco's Planning Department and Department of Building Inspection.
Shorenstein, the real estate investment company that originally acquired the building at 1355 Market St. in 2011, alleged in the suit that Twitter owes $3.162 million in unpaid rent for Jan. 2023 — plus interest and late fees. The suit alleged that Twitter didn't pay rent in Dec. 2022 either; Shorenstein was able to obtain the December rent amount from Twitter's $3.6 million letter of credit, which functionally served as a security deposit.
Shorenstein said in the suit that as a result of the Musk buyout last October, Twitter's letter of credit was supposed to increase well beyond $3.6 million — by a sum of $10 million, in fact. But Shorenstein alleged that Twitter has refused to replenish the amount withdrawn from its letter of credit to cover rent owed, and has also refused to bump up its letter of credit by $10 million.
Via a representative, Shorenstein declined to comment on the lawsuit. Twitter's communications department was eliminated after Musk became CEO.
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