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Thursday, November 23, 2023

Advisory firm Innisfree accuses Twitter of failing to pay $1.9 million in bills


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After advising the social media company on its acquisition by Elon Musk last year, U.S.-based advisory firm Innisfree M&A Incorporated filed a lawsuit against Twitter on Friday in New York State Supreme Court, seeking roughly $1.9 million for what it claims are unpaid bills.

According to the lawsuit, “Twitter remains in default of its obligations to Innisfree under the Agreement as of December 23, 2022 in an amount of not less than $1,902,788.03.”

Requests for comment from Twitter and an attorney for Innisfree were not immediately fulfilled.

In October of that year, Musk completed the $44 billion takeover of Twitter that had been announced in April.

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The British Crown Estate, a private company that oversees the monarchy’s real estate holdings, announced last month that it had filed legal action against Twitter for allegedly failing to pay rent on the company’s London headquarters.

According to data from an advertising research company, advertising spending on Twitter Inc. decreased by 71% in December as top advertisers reduced their spending on the social media platform after Musk’s takeover.

According to a recent Reuters report, the banks that provided $13 billion in financing for the Tesla CEO’s acquisition of Twitter last year scrapped plans to sell the debt to investors due to the uncertainty surrounding the social media company’s profits and losses.

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According to Reuters, Twitter has started paying interest on a loan it received from banks to help Musk pay for the social media company’s acquisition last year.

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