According to recent reports, Twitter is facing eviction from its office in Boulder, Colo., due to non-payment of rent for the past two months. The landlord filed a complaint against Twitter, headed by Elon Musk, stating that the company was behind on rent payments. A judge has ordered the eviction and a sheriff will remove Twitter from its location at 3401 Bluff St. in Boulder.
Twitter signed a lease for four office suites in the building known as Railyards at S’Park in 2020. The office space spans 65,000 square feet and accommodates 300 workers. The lease agreement included a letter of credit worth $968,000, which the landlord was authorized to use if Twitter failed to make rent payments. The agreement required Twitter to replenish the letter of credit within 10 days if such a situation occurred.
The landlord alleges that they used the letter of credit to cover Twitter’s rent for March, but the company failed to refill the funds within the specified 10-day period. The landlord took Twitter to court, demanding that they surrender the property or refill the letter of credit within 72 hours. Twitter failed to comply with either option.
A judge has now ordered the eviction with a “writ of restitution” that will be in effect for 49 days. During the time Twitter occupied the office space, 38 employees based in Boulder resigned, citing a memo from Musk emphasizing the need for exceptional performance and dedication.
Since Musk acquired Twitter for $44 billion in October, the company’s finances have been struggling. They are also behind on cleaning fees at their other offices in Colorado and are facing litigation in San Francisco over unpaid rent.
Advertisers have also expressed concerns about the future of Twitter under Musk’s leadership, leading to a significant drop in ad revenue for the platform. Additionally, Twitter has fallen short of sales projections and is burdened by interest expenses on a significant loan.
When contacted for comment, Twitter responded with a poop emoji, reflecting the state of its communication team after Musk made changes in November.
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