Elliot Grainge, British-American music businessman and founder of 10K Projects, took over the role of CEO in Warner Music Group on October 1, 2024. Little over a year later, Taz Taylor's Internet Money has filed $4 million lawsuit against Elliot Grainge and his label 10K Projects, claiming wrongdoing in a joint venture agreement and breach of contract.The lawsuit, which was filed in Los Angeles Federal Court on November 4, 2025, alleges that 10K Projects violated many contractual commitments under its 2019 joint venture with Internet Money and withheld millions of dollars in revenues. The complaint was reported by Variety and Billboard, which was filed by Internet Money founder Taz Taylor, whose real name is Danny Snodgrass Jr.The lawsuit read:“Unfortunately, the defendants, in violation of their obligations to plaintiffs, have acted in such a manner that they are the only entities who have benefited from this relationship.”According to the complaint, the two companies signed a deal in August 2019 to work together to develop and sign musicians, with a 50/50 profit share. However, Internet Money claims that 10K Projects violated the agreement, “engaged in a pattern of misconduct, indeed breaching every promise and obligation that was owed to the plaintiffs.” Among them, 10K reportedly reduced Internet Money's earnings portion by cross-collateralizing accounts and making unauthorized deductions. Additionally, the complaint alleges that 10K renegotiated contracts and gave an artist a $500,00 advance without Internet Money's consent, diluting royalties from the 2020 worldwide hit song, "Lemonade," which peaked at No.6 on the Billboard Hot 100. Furthermore, 10K is charged with hindering Internet Money's representatives' demands for an audit and neglecting to complete profit participation agreements pertaining to artist iann dior. Citing accounting violations, fraudulent inducement, unjust enrichment, and breach of contract, Internet Money is requesting at least $4 million in damages. Internet Money's lawyer, Sarah Matz, stated:“As a direct and proximate result of the breaches, Internet Money Records has been denied millions of dollars in net profits to which it is entitled and continues to suffer ongoing damages due to 10K’s intentional misreporting and bad-faith conduct.”Warner Music Group, which purchased a majority share in 10K Projects in 2023, is also asked in the case to release its accounts for examination and give financial transparency. Elliot Grainge's rise in musicGrainge founded 10K Projects in 2016 as an independent label specializing in hip-hop and new online talent before he signed with Atlantic. Among the artists to have had their careers launched through 10K under his guidance are Trippie Redd, iann dior, 6ix9ine, and more recently, Ice Spice.This caught the attention of Warner Music Group, which saw the label as being agile, digitally savvy, and artist-centric. In 2023, Warner formally acquired 10K.In August 2024, Warner Music Group announced that Elliot Grainge will be appointed chief executive of Atlantic Music Group effective Oct. 1, 2024, succeeding Julie Greenwald. Grainge will be in charge of both Atlantic Records and its affiliates. The hiring was perceived as a part of Warner's effort to modernize its leadership and further incorporate independent-minded, digital-first tactics into its major label ecosystem.At just 31 years old, Elliot Grainge is the son of Lucian Grainge, CEO and chairman of Universal Music Group, Warner's biggest competitor. Despite that, Elliot has carved his own path and has consistently been spotlighted for a singularly data-driven approach to streaming-era marketing and artist development.Elliot Grainge and Sofia Richie Grainge attend the 2025 Vanity Fair Oscar Party Hosted By Radhika Jones on March 02, 2025, in Beverly Hills, California. (Photo by Cindy Ord/VF25/Getty Images for Vanity Fair)Source: GettyElliot Grainge's marriage to model and businesswoman Sofia Richie Grainge, daughter of the iconic artist Lionel Richie, has also generated public interest outside of the music world.Warner and 10K's responseWarner Music Group and 10K Projects representatives have declined to comment on the pending lawsuit. 10K has become a vital part of Warner Music Group.The lawsuit seeks to “recoup losses and ensure transparency in accounting,” according to a spokeswoman for Internet Money's legal team, who told Billboard that 10K's internal handling of earnings unfairly harmed their client. As of now, no trial date has been set, and neither Grainge nor Taylor have commented on this. Stay tuned to Soap Central for more information.