Elon Musk’s refusal to pay Twitter’s lease contributed to the surge in industrial actual property mortgage delinquencies that Goldman Sachs Group Inc. confronted within the first quarter, the Monetary Instances reported.
Twitter stopped paying its lease in November and Musk, the world’s richest man, advised workers he does not intend to restart funds or cowl these late, the FT mentioned, citing lawsuits. Columbia Property, which is suing Twitter over the missed funds, defaulted on the mortgage in February.
The worth of Goldman loans to industrial actual property debtors behind on repayments climbed 612% within the first quarter to $840 million, the FT mentioned, citing filings. That compares with a 30% enhance to greater than $12 billion for your complete US banking trade, the newspaper mentioned.
Columbia Property declined to remark to the FT, which was unable to achieve Twitter for remark.
