US-based advisory agency Innisfree M&A Integrated sued Twitter on Friday in New York State Supreme Courtroom, in search of about $1.9 million for what it says are unpaid payments after it suggested the social media firm on its acquisition by Elon Musk final yr.
“As of December 23, 2022, Twitter stays in default of its obligations to Innisfree below the Settlement in an quantity of not lower than $1,902,788.03,” the lawsuit mentioned.
Twitter and a lawyer for Innisfree didn’t instantly reply to request for remark.
Musk in October closed the $44 billion deal introduced in April that yr and took Twitter non-public.
Final month Britain’s Crown Property, an impartial industrial enterprise that manages the property portfolio belonging to the monarchy, mentioned that it had begun court docket proceedings in opposition to Twitter over alleged unpaid lease on its London headquarters.
Promoting spending on Twitter Inc dropped by 71% in December, knowledge from an promoting analysis agency confirmed, as high advertisers slashed their spending on the social-media platform after Musk’s takeover.
The banks offering $13 billion in financing final yr for the Tesla chief government’s acquisition of Twitter deserted plans to promote the debt to traders due to uncertainty across the social media firm’s fortunes and losses, Reuters reported final month.
Twitter made its first curiosity cost on a mortgage that banks supplied to assist finance Musk’s buy of the social media firm final yr, Reuters reported final month.
(This story has not been edited by NDTV employees and is auto-generated from a syndicated feed.)
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