Triller is facing a lawsuit from Timbaland and Swizz Beatz for failing to pay $28 million for their live music face-off series after agreeing to pay $18 million and $1 million each month starting in March.
Triller has Been Sued for Its Unpaid Debts Since January
After the short-form video platform reportedly failed to make a $28 million payment for the acquisition of their live music face-off series, Verzuz, Timbaland, and Swizz Beatz filed a lawsuit against Triller.
The duo behind Triller claims it has not made any of the necessary payments since January. The complaint claims that Triller agreed to a settlement that required it to pay $1 million each month for the following ten months starting in March and $18 million in total.
However, the company reportedly neglected to pay Timbaland and Swizz Beatz in January. But those payments also allegedly haven't been made.
The petition claims that since the defendants have failed and refused to pay Mosley and Dean any past due payments due and outstanding, they continue to violate their payment duties under the agreement. The case was initially reported by The Washington Post.
In an email to The Verge, Triller claimed to have given Timbaland and Swizz Beatz $50 million in cash and stock. According to the corporation, the greatest winners from Triller are Timbaland and Swizz Beatz. Ryan submitted Triller's communications to The Verge, as indicated by the email signature.
A day later, Triller issued a revised second statement, raising the sum paid to $55 million and excluding any mention of a potential counterclaim. The business claimed that Mahi D'Silva, also known as Mahi de Silva, the CEO, and chairman of Triller, made this assertion.
The Washington Post, as cited by The Verge, reported earlier this month that TikTok competitor Triller had similarly failed to pay Black producers regularly. As a result of Triller's strict productivity standards, several artists are struggling financially. Maverick Baker and other influencers who signed TrillerTV deals in February 2021 haven't heard from the startup, according to The Post.
Triller Filed Documents With the SEC for a Class A IPO
Last month, Triller informally filed papers with the US Securities and Exchange Commission (SEC) for an IPO of its Class A Common Stock. The statement comes after the business completed its $5 billion merger with SeaChange International, a video technology company.
Triller enables people to develop and share musically-themed short films. Since 2015, more than 250 million people have downloaded the Los Angeles company's app. Justin Bieber, Marshmello, The Weeknd, Alicia Keys, Cardi B, Eminem, Post Malone, and Kevin Hart joined Triller. Charli D'Amelio and Noah Beck are also TikTok partners.
According to Triller, the public listing is anticipated after the SEC's review procedure, pending market, and other circumstances.
The company planned to reverse merge with SeaChange International to go public in December. Both corporations' boards approved the combination, which would have created a $5 billion conglomerate. Triller said on June 14 that the companies mutually decided to discontinue the arrangement and will now seek an IPO.
Triller lost $769.7 million last year, per Business Insider, as cited by Tech Crunch. The study found that stock compensation costs accounted for $496 million of this loss. Mahi De Silva, CEO of Triller, said most of the company's stock compensation costs come from buying other businesses. The company gave its employees and some outstanding clientele shares.
The news of Triller's IPO comes as the business has just finished a flurry of acquisitions. Triller most recently acquired the Fangage platform from Dutch DJ Sam Feldt to provide artists and companies with a more comprehensive range of services. Most recently, Julius, a platform for influencers, was purchased by Triller.
