In an effort to cut costs following Elon Musk’s chaotic $44 billion acquisition of Twitter, the social media company has stopped paying rent.
Twitter has not paid rent for its global offices or its San Francisco headquarters for several weeks, the report said, while Musk’s team tried to renegotiate the company’s lease terms.
As a result, Twitter has received complaints from real estate firms such as Shorenstein, which owns Twitter’s buildings in San Francisco.
Representatives for Shorenstein and Musk did not immediately respond to requests for comment. Twitter no longer has a communications department.
Musk said Twitter suffered a “massive decline in revenue” in the days following the company’s $44 billion acquisition. Without providing any figures or evidence, he claimed in a tweet that the drop in revenue was the result of pressure from activist groups on advertisers.
Although many companies stopped advertising on Twitter, some major advertising giants such as Apple and Amazon have resumed spending on the platform.