Twitter
Loss of rent in London: Why Elon Musk is now King Charles III. owes money
King Charles III is a large landowner through his “Crown Estate” – and thus also a landlord of Twitter.
© Aaron Chown
Twitter no longer pays rent for most offices around the world. In London, the building where Twitter is based is owned by the British Crown via the “Crown Estate”. Twitter is now suing them for outstanding money.
Twitter needs every penny — it’s no secret. Since Elon Musk took over the company, one radical austerity measure has followed the other. The new owner seems to have promised a lot from the suspension of all liabilities, because Twitter very quickly stopped payments for travel expenses, invoices of all kinds and also rent payments on Musk’s orders.
In theory, the latter would actually save a lot of money, because over the years Twitter had established itself at the best addresses in major cities, including the heart of San Francisco, New York, Singapore, London and many other locations. There should be over 25 in total.
Lawsuits against outstanding rents – and being kicked out of Twitter
But Elon Musk has apparently skilfully ignored one problem: rent payments for offices for which the company has signed contracts are not optional. Among other things, this has already led to forced evictions in Singapore – and, of course, to lawsuits.
With King Charles III. is now joined by an extremely prominent believer. How “Reuters” reported, the “Crown Estate” is also taking Twitter to court – and it is subordinate to none other than the British monarch.
The “Crown Estate” or Crown Estate owned by the British Crown is an independent organization principally owned by the reigning monarch – with one caveat: the Crown Estate is not the private property of the King and revenues generated by ownership go into the state treasury. In return, the monarch receives a lavish annual payment – as King George III did. decided in 1760.
Crown Estate and privately owned
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£2.6million rent a year
The Crown Estate includes a large portfolio of properties valued at £13.4 billion. Around four billion pounds are accounted for by real estate in cities and in the country. These include all of Regent Street, half of London’s St. James’s, numerous shopping malls and lots of Kensington Palace Gardens. The Twitter office building on Air Street, too.
Again “DailyTelegraphreported that signs and logos have already been removed from the building, but someone who works there has confirmed that Twitter is still based there. The rent for the third-floor office is reported to be £2.6million a year.
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