In response to rumors that Swizz Beatz and Timbaland are suing Triller, the business claims that the two Verzuz creators have already received over $50 million in cash and equity in the platform. The scenario was described by the corporation in a statement given 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.”
They 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…”
Beatz and Timbaland, according to TMZ’s report on Tuesday, are suing for $28 million, saying they promised to sell Triller to the company in January 2021, but the agreement fell through after only two payments.
Verzuz was started by the two musicians at the start of the coronavirus pandemic, and it has since become a huge hit. Numerous well-known performers have been on the program, including Ludacris, Nelly, Young Jeezy, Gucci Mane, Erykah Badu, and Jill Scott.