Monday, June 24, 2024

Artificial Intelligence news

Synthesia’s hyperrealistic deepfakes will...

Startup Synthesia’s AI-generated avatars are getting an update to make them even...

How underwater drones could...

A potential future conflict between Taiwan and China would be shaped by...

How generative AI could...

First, a confession. I only got into playing video games a little...

I tested out a...

This story first appeared in China Report, MIT Technology Review’s newsletter about...
HomeTechnologyTwitter getting kicked...

Twitter getting kicked out of Colorado office after reportedly not paying rent


Twitter is reportedly being evicted from its office in Boulder, Colo., after not paying rent the past two months.

Last month, Twitter’s landlord filed a complaint against its Elon Musk-headed tenant, alleging the company was behind on rent payments, according to court documents obtained by the Denver Business Journal.

A Boulder County judge has since ordered a sheriff to remove Twitter from its Rocky Mountain outpost, located at 3401 Bluff St. in Boulder, Colo., the outlet reported.

Twitter reportedly signed a lease for four office suites in the Bluff St. building — known as Railyards at S’Park — in 2020, amassing to 65,000 square feet shared among 300 workers.

The offices were leased from Lot 2 SBO LLC, a landlord affiliated with The John Buck Company, a Chicago-based real estate firm, according to the Business Journal.

Twitter moved into the office in Feb. 2020 and set up a letter of credit worth $968,000, which Lot 2 was authorized to use if Twitter failed to pay its rent.

The lease agreement said Twitter must replenish the letter of credit within 10 days if that were to happen, the Denver outlet reported.


Twitter reportedly faulted on its rent payment at its Boulder, Colo. hub located in Railyards at S’Park (pictured).
Google Maps

The complaint alleges that the landlord used the letter of credit to cover Twitter’s rent for March, but the so-called “everything app” failed to top up the funds within the 10-day allotted time period outlined in the lease.

Lot 2 took Twitter to court, demanding that it surrender the property back to the landlord or refill the letter of credit within 72 hours.

Twitter did neither, according to the complaint obtained by the Business Journal.

On May 31, a judge ordered a sheriff to evict Twitter with a “writ of restitution,” which will remain in effect for 49 days.

In the three-plus years Twitter occupied the Railyards at S’Park office space, 38 Boulder-based employees resigned, citing Musk’s internal memo that said workers need to be “extremely hardcore” in pursuing “Twitter 2.0 and succeeding in an increasingly competitive world.”

“This will mean working long hours at high intensity. Only exceptional performance will constitute a passing grade,” Musk added in the formidable message.

Prior to the memo, Musk slashed Twitter’s workforce in half in a cost-cutting move that affected 87 employees based at the Boulder hub.


Elon Musk set up a letter of credit worth nearly $1 million in 2020 to pay rent at the Colorado office, which the landlord had to use to pay April's rent. However, Musk failed to replenish the funds, as per the terms of the lease agreement.
Elon Musk set up a letter of credit worth nearly $1 million in 2020 to pay rent at the Colorado office, which the landlord had to use to pay April’s rent. However, Musk failed to replenish the funds, as per the terms of the lease agreement.
REUTERS

Twitter’s finances have been dire since Musk bought the social media platform for $44 billion in October.

According to a separate complaint filed in May, Twitter is also behind on nearly $100,000 in cleaning fees at its other offices in Colorado, at 1301 Walnut St., the Business Journal reported.

Twitter’s also behind on payments at that outpost as well, and was served a “demand for compliance or right to possession” back in December.

The company — which raked in $4.4 billion in revenue in 2022, most of which came from ads — is also facing litigation in San Francisco over $136,260 in unpaid rent.

Recently, advertisers have flocked from Twitter as they’ve become increasingly worried that the app will become chaotic under Musk.

By moving their marketing dollars elsewhere, Twitter has suffered a 59% drop in US ad revenue, which usually makes up most of the platform’s profits.

Recently, the struggling company has frequently fallen short of its sales projections, sometimes by up to 30%, and the figures aren’t predicted to improve anytime soon.


Twitter has been struggling financially since Musk took over in October. It has faulted on rent payments in Colorado, San Francisco and London and is losing its all-important ad revenue as advertisers take their marketing dollars elsewhere.
Twitter has been struggling financially since Musk took over in October. It has faulted on rent payments in Colorado, San Francisco and London and is losing its all-important ad revenue as advertisers take their marketing dollars elsewhere.
AFP via Getty Images

On top of that, Twitter has had to shell out billions in interest expenses on a $13 billion loan, including about $600 million on capital expenditures.

The Musk-owned company is also being asked to dish out an additional $100,000 in back pay to eleven former janitors who used to clean Twitter’s New York City offices who claim they were terminated in violation of the Displaced Building Service Workers Protection Act.

When The Post reached out to Twitter for comment, the company auto-responded with a poop emoji, as it has done since Musk decimated its communications team in November.



Article Source link and Credit

Continue reading

Bugatti unveils new sports car with 1,800 horsepower and a $4M price tag

High-performance automaker Bugatti has unveiled its next-generation hyper sports car, the Tourbillon, its successor to the Chiron. The French luxury car manufacturer said it named the new model after a watchmaking invention made by a Swiss-born “genius” living in France in 1801, describing...

Meta, Apple reportedly discuss partnership to add AI to iPhones

Facebook parent Meta Platforms has discussed integrating its generative AI model into Apple’s recently announced AI system for iPhones, the Wall Street Journal reported on Sunday. The move comes as Apple plans to add technology from other AI companies on its devices amid reports that it was...

X CEO Linda Yaccarino shakes up inner circle amid pressure from Elon Musk to boost sales, cut costs: report

Linda Yaccarino, the chief executive of social media platform X, has shaken up her inner circle in the face of pressure from owner Elon Musk to boost sales and cut costs, the Financial Times said on Sunday. This month Yaccarino fired her...