After Musk Takeover, Twitter Cuts Back On Office Rent Dues

(RTTNews) - In a move aimed at cutting costs after Elon Musk's dramatic $44 billion acquisition of Twitter, the social media platform has stopped paying rent, said a report from The New York Times.

The company has not paid the rent for its global offices or San Francisco headquarters in weeks, as per the report. This is because Elon Musk's team has been trying to hammer it out the terms of the lease. Following this, Twitter has been receiving complaints from real estate firms like Shorenstein, which is the owner of Twitter's San Francisco buildings.

Representatives for Shorenstein and Musk did not immediately respond to requests for comment. Interestingly, Twitter no longer has a communications department.

Musk had earlier said that Twitter faced a big drop in revenue after his acquisition. Without any figures or evidence, he said in a tweet that the revenue drop was due to activist groups putting pressure on advertisers.

Though many companies had stopped advertising on Twitter, big names like Apple and Amazon are now back with their ads on the platform.

Musk has also revamped Twitter's subscription service, Twitter Blue, with the hope of generating fresh revenue for the company. The service was launched on Monday following a delay in November.

Twitter Blue costs $8 a month for web users and $11 a month for iOS users who purchase it through Apple's App Store. The $3 iOS price difference shows Musk's recent complaints about Apple's 30 percent cut of all digital sales made through apps.