Elon Musk's decision to not pay rent on Twitter's offices is adding to commercial mortgage headaches at Goldman Sachs
Elon Musk's decision not to pay rent on Twitter's offices is causing some pain in Goldman Sachs' commercial mortgage portfolio. this week that Goldman Sachs' banking arm saw the value of delinquent commercial real estate loans rise 612% to $840 million over the first quarter.
of last year. Goldman is part of a group of banks that made a $1.7 billion loan to Columbia Property Trust, a real estate investment firm that owns several of Twitter's office spaces. Forgoing rent payments appears to be one of the radical cost-cutting measures Musk has implemented at the company since acquiring it last year, as Twitter squares up its finances and pays off the $12.5 billion of debt Musk took out in Twitter's name to purchase the social media platform." though the company is now facing a lawsuit from Columbia Property for its failure to make payments on its lease.
A spokesperson from Columbia Property declined to comment to Insider on the suit. Meanwhile, Twitter, which has a policy of
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