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Elon Musk, who is the second richest man in the world, owes a debt to King Charles III of the United Kingdom. What about debt? 20 Air Street, Piccadilly Circus, London, the headquarters of Twitter, which has decided not to pay the rent to the British Crown. The decision not to pay the rent is the result of a strategy set in motion by Musk to lower the price.
The Crown owns many properties, rivers, coasts, sea beds, palaces, entire counties. The Crown Estate is suing Twitter, and the first hearing is expected to take place next June. The Crown Estate took Twitter to court in January alleging that billionaire Elon Musk's company was not paying rent for its offices in Piccadilly Circus.
Elon Musk doesn't want to pay a huge debt to King Charles III!
John Wallace, a lawyer and director of London law firm Ridgemont, told the Guardian that the first hearing is expected to take place between June and July 2023.
He explained that the downturn in the UK economy will inevitably lead to landlords having to take action against tenants not paying. I expect to see a large increase in commercial rental arrears claims in the second and third quarters of 2023, given the Office for Budget Responsibility's forecast that a recession will last at least through fall 2023.
Twitter had moved to London's West End office in 2011, as explained by the lawsuit filed in the High Court of London. The building has now been stripped of all Twitter logos, yet the company still occupies the headquarters, according to the Daily Telegraph.
The Crown Estate had tried to contact the managers in the United Kingdom, but had not received any response. Now the arrears have piled up, and Elon Musk also risks owing the crown major compensation for all the unpaid months' rent.
The Sunday Times has estimated the king's net worth at £600 million. According to the Guardian it is 1.16 billion pounds. The Crown's assets total £20.6 billion, and the 2022 profit came in at £408 million. King Charles with his 25% right from the profits of the real estate assets about 356 million pounds.
