Andre Porter on August 17, 2022
Triller has had some issues with Swizz Beatz and Timbaland for a good while now. With the pair’s lawsuit, the issue involving the two men and the company was kicked up a notch.
Triller has responded to news of Swizz Beatz and Timbaland’s lawsuit against the company, saying that the Verzuz creators have been paid over $50 million in cash and stock in the platform. The company explained the situation in a statement provided to TMZ on Wednesday.
“This is not a feud over VERZUZ, but simply about earn-out payments to Swizz and Tim,” they wrote. “Swizz and Tim have personally been paid by Triller over $50 million in cash and stock to-date, and they stand to benefit even more over time. In addition, they have annual obligations, which if met, and no breach has occurred, entitles them to additional payments.”
“Only one payment of $10 million is in question. We do not believe they have met the thresholds for that payment yet, which include, but are not limited to, delivery of a set number of VERZUZ events for 2022. We have been trying to resolve this amicably and this does not affect VERZUZ operations or Triller’s ownership of VERZUZ. If this does proceed in court, we look forward to a judgment that weighs all the facts.”
According to the outlet, Beatz and Timbaland are suing for $28 million, claiming that they agreed to sell Triller to the company in January 2021. Although, the deal defaulted after just two payments.
Swizz and Timbaland launched Verzuz during the height of the coronavirus pandemic, and the two shows because very successful. Ludacris, Nelly, Young Jeezy, Gucci Mane, Erykah Badu, and Jill Scott were among the guest at the shows. We’ll have to see what impressive named they land next on the popular platform.
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August 17, 2022 6:07 pm
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