Elon Musk is getting sued by the King of England.
Am I kidding?
Not really.
Elon Musk is getting sued because he is not paying the rent on two of
his headquarters for Twitter, one in San Francisco and the other in London.
So there's two lawsuits as you see here.
I love this headline and photograph set up from Insider that says King Charles'
real estate company is suing Elon Musk's Twitter over unpaid rent.
So the King of England owns the building,
sort of, for the most part, in which Twitter is housed.
And I love Elon Musk thinking he is so powerful and awesome and the richest man
in the world, but King Charles is like, no, honestly, you have to pay your rent.
It's so sad.
And lawsuit two, the company failed to pay its $3.36 million in rent last month,
prompting the landlord to draw the sum from Twitter's line of credit.
And then, Twitter subsequently again failed to pay
the $3.42 million dollar rent for the next month, but
the landlord only managed to get about 265,000 from
the line of credit, which now has a $1 balance.
And the landlord argues that Twitter has breached the contract for
rent also by not raising its line of credit by $10 million,
which it was required to do in the event of a change of ownership.
Which is from the previous owners to Elon Musk under the lease agreement.
And a spokesman from Elon Musk had this to say in this graphic which will go,
the rent is too damn high.
>> [LAUGH] I didn't see that coming.
>> [LAUGH] >> I was once in
a commercial with that guy.
>> Were you really?
>> Yeah. Love that guy.
>> [LAUGH] Okay, >> So what do you think?
>> It was for Sixth Rental Car, check it out.
[LAUGH] Okay, anyways, look guys, the reason why this story is relevant is not
because, Elon Musk forgot to pay the dry cleaner bill, okay?
No, because of the ramifications.
It can only mean one of two things.
One is they're on the verge of bankruptcy because that's
what you do when you run out of all money is you stop paying your bills.
And rent is primary bill cuz otherwise you will be removed from the premises and
will no longer have offices.
And remember,
Elon Musk is not one of these guys who are like, just work from home.
Remember, he threatened to fire everyone if they didn't come into the office, but
twitter doesn't have enough money to pay for the offices.
Okay, So that's usually the answer.
But there is a second possibility which is that he's gonna move their
headquarters all to Texas or someplace where he's gonna pay no taxes, right?
Okay, but if you do that, basically, by not paying these bills,
you're saying, I'm gonna stiff them.
There's another way to say that, I'm going to rob them because I have a contract
where I'm supposed to pay them a lot of money.
They can get somebody else to pay them a lot of money, but
I'm just gonna take their property and not pay them, okay?
And so at least obviously for a while since it's rent.
Well, in the old days that would have brought disrepute on you,
people would be like, that is shameful, right?
Now, Republicans think, atta-boy!
Remember when Trump went bankrupt six times and
he didn't pay anyone who believed in him and trusted him.
That was so smart, you gotta screw people over.
We want a leader who's just the worst, most immoral person you've ever seen,
who when they have a handshake, it doesn't mean a goddamn thing.
When they promise you they're gonna do something, they're lying.
And right wingers now love that, so I guarantee you that if he stiffs them,
they're gonna be like, I knew Mus, was smart.
That's what you do, you rip people off, family values.
[LAUGH] Right wing, they have no morals,
they now pride themselves on having no morals.
>> Yeah, it's insane.
Looking into the specifics of his financial situation,
trying to find out exactly the way in which and why he's missing these payments.
Twitter revenue, according to Fortune,
reportedly down 40% just when Elon Musk's first major interest payment is due.
According to reports, the first quarterly payment on the $13 billion worth
of debt used by Musk to buy Twitter which is backed by his Tesla stock,
by the way, must be paid by the end of the month.
Analysts put the amount at approximately $300 million,
which is about ten times as much as his monthly rent or
a quarter of the estimated $1.2 billion in annual interest payments due.
And he has, according to some reports I saw, $1.1 billion in liquidity,
which is money, cash, and $6 billion in expenses, reportedly.
It's been a bad year for Elon.
Just to kind of rehash the other financial hardships he has faced,
over 500 advertisers halted their spending on Twitter,
Musk fired their account managers.
So those companies reportedly couldn't even call someone to find out
how they could continue their ad buys.
Fidelity marked down, basically reported losses,
its stake in Twitter, the Twitter parent company by more than half.
Basically saying, yeah,
no, the part I own of Twitter is not worth half as much as I bought it for.
And the fourth quarter revenue was also down 35%, but there's hope, Cenk.
The hope is a garage sale.
For those of you haven't seen these headlines, Twitter rids itself of bird
statue, espresso machine, in auction following cuts.
>> That will probably do it, yeah.
>> Someone from Twitter said, obviously we're not gonna make all the money back,
we're just doing it cuz we wanna Marie Kondo the whole place,
[LAUGH] I don't know.
If it doesn't bring you joy, reminding you how much you're in debt, sell it.
And he's actually gotten some money back from it, the giant bird statue,
which is how it's described, fetched $100,000.
A neon bird statue, fetched $40,000.
A six foot @ symbol planter, $15,500, and an espresso machine,
$13,500, which is still not three million.
>> Yeah, that's not gonna get you the 300 million you owe in debt payments just for
this quarter, let alone the three million for the rent of just one of the offices.
But holy cow, you had a $13,000 espresso machine?
How good was that espresso?
Okay, probably put two strong coffee in there, I get it.
Okay, you want to get a good quality machine for that.
All right, look guys, the jury is starting to come in.
So people are smart at different things, right?
Einstein was great at physics, but
couldn't figure out a comb if his life depended on it.
Okay, [LAUGH] so that's why everybody's like, well, Elon Musk,
three companies that went to a billion dollar valuation, and
then became the richest man on earth.
So he's got to be a genius, right?
And then you start to unravel it a little bit.
Wait a minute, he didn't actually create Tesla, he just bought Tesla.
So that whole engineering genius Bruce Wayne kind of thing is like,
well not exactly, which is kind of ironic given Nicholas Tesla's history.
He kind of Edison the owner, the guys who created Tesla.
>> Right, he's Bruce Wayne in that his parents were rich.
>> Yeah, yeah, I mean, now you know, his dad owned emerald mines, etc.
So when you have that big a leg up and you're in Silicon Valley, people tripped
over a billion dollars in Silicon Valley when he was coming up, right?
But the jury is not in, and a lot of people say no, no, no,
he did amazing things with Paypal and Space X, etc, right?
But now Tesla stock tanking super hard, and he's doing things
that we can see with our own eyes don't make any sense at all, right?
I mean, Fidelity marking it down means that they think it's no longer worth 44
billion, and now they think it's worth 22 billion.
Oops, you just lost $22 billion right in front of our eyes in the span of a couple
of months, and that's your best case scenario.
And this thing, because you're not paying the rent, I don't know how he's gonna make
those interest payments given Twitter's revenue or now lack of revenue.
And firing account managers, look, I got no love for sales.
>> [LAUGH] >> Trust me, that's a long story, okay?
But if you don't have sales people to take the call of the advertisers, well,
literally they have no way of advertising with you.
So of course your revenue is gonna go down, don't you know that?
You can't fire two-thirds or three quarters of your employees and
think that you can still run a company.
I can kinda see the idiot now, right?
The curtain is starting to pull back, and not the whole jury is in, but
two people just came in and were like, idiot.
>> Yeah, running a social media site is not rocket science,
which sucks for him cuz he's only good at rocket science.
We got to take a break.
When we come back, Steven Crowder and Alex Jones taking his side over Ben Shapiro.
Was Cenk right?
Find out after the break.
>> I am a dangerous human being, I am scary,
I am threatening, and Darth Vader.
[MUSIC]
>> All right, back on the social break.
Don James 1676 writes in from Twitch, watching TYT since 2009,
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More from Twitch, constraint agency said,
instead of banning women from state travel, that's the Indiana story,
why don't we ban the transport of firearms across state lines.
[SOUND] The firearms actually kill people.
And if you're pro-life, you might care about that.
But of course, as you know, if a Republican is talking,
a Republican is lying, they don't care about life at all.
Massacre after massacre and
they think we should actively do nothing to stop the massacres.
The least pro-life people I have ever met or heard of.
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you get classified documents, weirdest Oprah show ever.
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Nate Dog says, the people in charge of classified documents should be in trouble.
Absolutely true.
I mean, of all the people, Pence, Biden, Trump,
how about the knuckleheads that can't track the classified documents at all?
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So a lot of people should be in trouble.
Night Grizzly 0713 said, sending love from Scotland.
Love Chang's passion for doing the right thing and standing up for one and all.
Thank you for saying that.
By the way, Scotland is where we get armed to the teeth from.
You might have heard me say it before.
The teeth is actually a river in Scotland and you could be armed to the teeth, but
you could not be armed past the teeth cuz they did gun control.
Okay, but we don't do that here in America unfortunately.
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MS doll13 says, on the Pelosi story, as a recovering catholic,
she probably just got a blessing similar to a saging, can be seen as exorcism, but
the hypocrisy is hilarious.
Now she's too religious for wanting to fight evil.
It's always distractions, not policies