Twitter sued by advisory firm for not paying $1.9 mn as Musk deal fees
An advisory firm Innisfree M&A Incorporated has sued Twitter for failing to pay it $1.9 million for services the firm rendered for the $44 billion deal by Elon Musk.
City Air News
Feb 5, 2023 11:34
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San Francisco, Feb 5 (IANS) An advisory firm Innisfree M&A Incorporated has sued Twitter for failing to pay it $1.9 million for services the firm rendered for the $44 billion deal by Elon Musk.
According to The New York Times, Innisfree M&A has filed the lawsuit in the New York State Supreme Court, seeking about $1.9 million in unpaid bills from Twitter.
The firm advised the micro-blogging platform on its acquisition to Musk last year.
"Twitter hired Innisfree last May to help it reach out to its shareholders about the $44 billion deal. When Musk completed the acquisition of Twitter in October, the bill became his," the report mentioned.
"As of December 23, 2022, Twitter remains in default of its obligations to Innisfree under the agreement in an amount of not less than $1,902,788.03," according to the lawsuit.
Twitter or the advisory firm were yet to comment.
Twitter has stopped paying some of its vendors, advisers and other service providers since Musk took over.
The company has also been sued as it failed to pay $136,250 rent for its office space in San Francisco.
According to a complaint filed by landlord Columbia Reit, Twitter is late on rent at 650 California Street on the edge of Chinatown.
Musk, who failed to pay the rent for Twitter headquarters in San Francisco, also asked its remaining staff in Singapore to stop coming to the office and work remotely as the company has reportedly failed to pay the monthly rent.
