Advisory agency Innisfree sues Musk’s Twitter for $1.9 million in unpaid payments

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(Reuters) – U.S.-based advisory agency Innisfree M&A Included sued Twitter on Friday in New York State Supreme Courtroom, searching for 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 beneath the Settlement in an quantity of not lower than $1,902,788.03,” the lawsuit stated.

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 personal.

Final month Britain’s Crown Property, an unbiased industrial enterprise that manages the property portfolio belonging to the monarchy, stated that it had begun courtroom proceedings towards Twitter over alleged unpaid lease on its London headquarters.

Promoting spending on Twitter Inc dropped by 71% in December, information from an promoting analysis agency confirmed, as prime 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.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Modifying by Marguerita Choy)

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