King Charles III’s Crown Estate said that it had begun court proceedings against Twitter over alleged unpaid rent on its London headquarters, Reuters reported. The Crown Estate, an independent commercial business that manages the monarchy’s property portfolio, said its action is related to “rental arrears” on Twitter’s office space in London.
Although the estate hasn’t shared how much rent Twitter allegedly owed, it said it brought the action after making contact with Twitter. Both are now in discussions.
When King Charles III became monarch, he inherited a large number of the royal-owned properties managed by a trust, the Crown Estate. These properties include residences, luxurious office spaces, and an address publicly listed as Twitter’s UK headquarters.
The public listing noted that the last accounts were made up to the 31st of December 2020. The following is an excerpt from the listing.
“Next accounts made up to 31 December 2021 due by 31 December 2022.”
“Last accounts made up to 31 December 2020.”
A December report from The New York Times stated that Twitter stopped paying rent for its San Francisco headquarters and its global offices for weeks in order to cut costs.
Since purchasing the platform for $44 billion in October, Elon Musk has not only been cutting back costs, such as millions of dollars spent on food that later went to waste but he’s been focusing on growing Twitter’s daily active users and trying to save the platform from bankruptcy.
In 2018, the platform recorded its first annual profit and, at the time, was struggling with declining monthly active users. In the final three months of 2018, Twitter had a total of 321 million monthly active users, which was down by five million from its prior quarter and by nine million from the same period in 2017. It also hasn’t had an annual profit since 2019.
CNN reported that Twitter’s declining trend was due to several factors, including efforts to improve “the health of the service” and changes it made to comply with data privacy protections. It was also the focus of scrutiny for its role in spreading fake news and election meddling.
It was later revealed in the Twitter Files that during 2018, the platform’s executives were dealing with “congressional trolls” over Russian bots, of which the platform’s internal memos show none were found.
Teslarati reached out to the Crown Estate for additional comments. We’ll update you when/if we receive one.
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