Advisory Firm Sues Elon Musk’s Twitter, Saying It Hasn’t Been Paid

Last month, the company that owns Twitter’s San Francisco headquarters accused Twitter of refusing to make more than $3 million in rent payments. Twitter also faces legal proceedings in London over a failure to pay rent.

A private jet company sued Twitter last year, claiming it had failed to pay $197,725 for flights taken by a former executive during the closing of the deal.

Mr. Musk has also avoided making payments to some of Twitter’s former executives, who were set to receive multimillion-dollar payouts when he fired them. And the severance offered to laid-off employees was lower than what had been promised by Twitter’s previous management team, prompting suits by many of those former employees.

Firms like Innisfree play a crucial, but behind-the-scenes, role in mergers and acquisitions, often acting as a go-between with shareholders and executives. Innisfree helped advise Twitter executives and sent out a flurry of communications to shareholders about a vote last September on approving the sale to Mr. Musk.

In its lawsuit, Innisfree says it first sent an invoice to Twitter around Sept. 26. Around Oct. 28, Twitter said the invoice had been “successfully processed.” When Innisfree did not receive payment, it followed up twice in December, the complaint says. The advisory firm, through its lawyer, sent a letter to Twitter on Dec. 23 demanding payment but has not heard back from the company.

Article source: https://www.nytimes.com/2023/02/03/technology/twitter-elon-musk-adviser-lawsuit.html