Twitter Hasn’t Paid Bill, M&A Advisory Firm Says

“As of December 23, 2022, Twitter remains in default of its obligations to Innisfree under the Agreement in an amount of not less than $1,902,788.03,” the lawsuit says.

A representative for Twitter declined to comment. Innisfree didn’t respond to a request for comment.

Billionaire Elon Musk in April 2022 said he wanted to acquire Twitter and take the social-media company private. He acquired the company in an October deal that valued Twitter at $44 billion, and has since been working to cut costs and make other changes.

The New York Times earlier reported on the lawsuit.

According to Innisfree’s filing, Twitter hired Innisfree in May to reach out to Twitter’s shareholders and provide analysis and advice ahead of a September meeting, when shareholders would vote on the deal to take Twitter private. 

Innisfree says that following that meeting, it sent Twitter an invoice for about $1.9 million. In October, Twitter told Innisfree that the invoice had been “successfully processed” and would be paid in November, the suit says. Innisfree followed up with Twitter when it didn’t receive payment, according to the filing.

Twitter’s failure to pay Innisfree for its work constitutes a breach of agreement, Innisfree says in its lawsuit.

In January, the landlord for one of Twitter’s offices in San Francisco said the social-media company hadn’t paid its rent.

The landlord, in a lawsuit filed in California Superior Court in San Francisco, said Twitter had failed to pay about $130,000.

Other companies, including a software provider, also have sued Twitter in recent weeks in an effort to recoup what they say are overdue payments.