Twitter Faces Credit Challenges, Ratings Pulled

Twitter Faces Credit Challenges, Ratings Pulled

Twitter faces significant challenges as advertisers have balked at promoting their products and services since its acquisition by billionaire Elon Musk, pushing credit ratings agencies to pull their ratings. The $44 billion takeover by Musk, who also serves as CEO of Tesla, has been met with a flurry of rash decisions such as the immediate layoffs of 50% of its workforce, attempts to generate revenue by allowing anyone to pay for its infamous blue checkmark that was later rescinded and allowing racist, discriminatory accounts to post tweets again. S&P Global Ratings withdrew its 'B-' long-term issuer credit rating of the social media company on Dec. 2 due to a "lack of sufficient information to maintain the rating," the company said.