The latest controversy around short-video app Triller relates to one of its acquisitions: livestreaming video series Verzuz.
Triller’s parent company snapped up the brand in March 2021 in a deal blending cash and shares for its founders Timbaland and Swizz Beatz. Now that appears to have gone sour: the Washington Post reported that the pair are suing Triller claiming it owes them more than $28m of promised payments.
According to the lawsuit, that includes a settlement brokered earlier this year after Triller missed a payment stipulated in the acquisition, agreeing instead to pay the founders $18m by 20 March then $1m a month for the next 10 months. The lawsuit claims none of these payments have been made, although Triller has yet to respond publicly to the allegations.
Needless to say, the lawsuit is a big spanner in the works of Triller’s plans – announced in June – to go public by September this year via a direct listing.