AceShowbiz - Triller has reacted to Swizz Beatz and Timbaland's lawsuit against the company. In a statement on Wednesday, August 16, the video-sharing social networking company claimed that the "Verzuz" co-founders have collected over $50 million in cash and stock in the platform to date.
"This is not a feud over VERZUZ, but simply about earn-out payments to Swizz and Tim," the company wrote to TMZ. "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."
The sentiment continued, "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."
Earlier this month, Timbaland and Beatz filed a lawsuit against the company. The two Grammy Award-winning producers are suing it for $28 million, claiming that they agreed to sell Triller to the company in January 2021, but the deal defaulted after just two payments. Swizz and Timbo said they settled with Triller after the initial default, but they alleged the company continued to make one installment and then failed to pay the remaining balance.
The pair started "Verzuz" back in 2020 amid the COVID-19 pandemic. Ludacris, Nelly, Young Jeezy, Gucci Mane, Erykah Badu and Jill Scott were among high-profile guests on the show. Following its massive success, "Verzuz" was acquired by the Triller Network, the parent company of the popular Triller app, in March 2021. As part of the deal, Timbaland and Beatz joined Triller to help oversee its music department.