The company announced this Friday (local time) in Chicago. Musk bought Twitter for about $44 billion at the end of October. The star entrepreneur took the short message service off the exchange so that it no longer had to file public company reports.
As part of the acquisition, Musk saddled Twitter with billions of dollars in debt. On November 1, S&P downgraded its credit rating by five notches to “B-“—thus lower still in the so-called junk territory for highly speculative investments—because of these charges.
In addition, the credit watchdog had taken a closer look at the rating. However, due to a lack of insight into the financial situation, S&P no longer sees an opportunity for an evaluation. (sda/dpa)
Source: Watson
I’m Ella Sammie, author specializing in the Technology sector. I have been writing for 24 Instatnt News since 2020, and am passionate about staying up to date with the latest developments in this ever-changing industry.
