Elon Musk’s refusal to pay Twitter hire led to a spike in industrial actual property mortgage delinquencies that Goldman Sachs Group Inc. confronted within the first quarter, the Monetary Instances reported.
Twitter stopped paying its hire in November and Musk, the world’s richest man, instructed workers he didn’t intend to renew funds or cowl previous arrears, the FT mentioned, citing the lawsuit. Columbia Properties, which is suing Twitter over missed funds, defaulted on the mortgage in February.
The worth of Goldman loans to industrial actual property debtors rose 612% to $840 million within the first quarter, the FTA mentioned, citing the submitting. That compares to a 30% improve of greater than $12 billion for the entire The US banking business, the newspaper mentioned.
Columbia Properties declined to remark to the FT, which was unable to achieve Twitter for remark.
