Twitter for Elon Musk was once more sued, this time for failing to pay a marketing company’s costs

 Now, a San Francisco-based marketing business named Canary Marketing claims that the social network corporation has not paid payments for services rendered. According to reports, the corporation is suing Twitter for $392,239.11 (around Rs 3.19 million) plus interest.The lawsuit was brought on January 6 for breaking its contract with the company by not paying fees, according to Business Insider. Canary Marketing is described as a multidimensional marketing business in the complaint, and according to its official website, it creates campaigns and packages for companies including Google, Slack, KFC, and Sephora.
 Source : Economic TimesAccording to the complaint, Twitter received products from marketing company Canary between June 2020 and August 2022, and under the terms of the contract, Twitter was required to pay the costs within 60 days of receiving an invoice. According to Canary, two of its invoices are still outstanding. It’s interesting to note that Musk started pursuing Twitter in April 2022, but the actual agreement wasn’t signed until October 2022, thus the majority of the relationship with Canary was handled by former Twitter executives.Twitter appears to construe the MSA [contract agreement] as permitting it to pay or not pay Canary bills when Twitter wishes to do so, the article quoting the complaint said.Musk has implemented stringent steps to cut Twitter’s expenses since the official acquisition. At initially, the corporation terminated thousands of employees worldwide. Top Twitter employees including former CEO Parag Agrawal, CFO Ned Segal, and legal chief Vijaya Gadde have all been let go by Musk. Due to requests for them to terminate their colleagues, some of Twitter’s senior executives have voluntarily left the company.Twitter has taken further steps to reduce operating expenses in addition to employment cutbacks. For instance, the corporation no longer offers free meals and other benefits. Additionally, Twitter has closed some of its data centres.Online rumours that Musk is not paying the rent for offices in numerous locales began to circulate earlier this month. For instance, the social network business was sued by the landlord of its San Francisco headquarters, Hartford Building u2014 Columbia Reit – 650 California LLC, for failing to pay rent totaling over Rs. 1.12 crore. This week, tech analyst Casey Newton said that the landlord of Twitter’s Singapore headquarters requested staff to vacate the premises because the firm had not made rent payments.He stated: According to reports, Twitter’s Asia-Pacific headquarters in Singapore recently had staff members ejected for failing to pay their rent. Employees were led out of the premises by the landlords.Staff members in Singapore are forced to work remotely as a result.Twitter has not yet responded to these accusations, despite firing its communications department.Share your thoughts with us in the comments.According to an investing firm, traders are only riding a hot ball of momentum and that there is little underlying worth or support for cryptocurrency.
According to a research from Starkiller Capital, there is little inherent value or support for fundamentals in cryptocurrencies, and traders are essentially riding a hot ball of momentum.The cryptocurrency investment company claimed in a paper written by Leigh Drogen, Corey Hoffstein, and Kevin Otte on Wednesday that Cryptocurrencies have very little intrinsic value in the sense that a long track record of market participants valuing these assets using a generally agreed upon set of fundamental variables does not exist.The study pointed out that basic criteria like price-to-sales ratio and price-to-earnings ratio cannot account for the advances in cryptocurrencies. Crypto traders are largely relying on a large handful of narratives that affect the prices of digital assets without those fundamentals to set the market’s course. In other words, they are riding the market’s overall momentum rather than placing bets on the intrinsic value of the assets themselves.The prevalence of fraud and market manipulation in the sector, the fact that crypto traders are extremely online, and their propensity to respond strongly to the emergence of specific market narratives, all likely contribute to this dynamic.For instance, Elon Musk’s promotion of Dogecoin on Twitter caused the joke coin’s value to soar. Another example is Mark Zuckerberg’s decision to rename Facebook to Meta, which sparked interest and investment in the metaverse and its related tokens.The article claimed that when market players try to front run the hot ball of money, the momentum effect becomes self-fulfilling.The critique from well-known critics is echoed by the absence of inherent value in crypto. Paul Krugman, a Nobel laureate in economics, has called cryptocurrency a Ponzi scheme since its value is mostly determined by hype and unchecked speculation.Jamie Dimon, CEO of JPMorgan, questioned bitcoin’s $1.1 trillion valuation at the time and stated that he thought it will be worthless in 2021. Since then, the value of the biggest cryptocurrency in the world has fallen to $349 billion, according to CoinMarketCap.Share your thoughts with us in the comments.