The Space-X and Tesla CEO let the company know Friday he is intending to terminate the deal agreed upon in late April.

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Image: Getty/Robyn Beck

Just a few months after having his offer to purchase Twitter accepted by the company’s board, Elon Musk stated that he would like to end his $44 billion acquisition of the social network. CNBC is reporting that Musk’s lawyer notified the company’s chief legal officer on July 8 that he no longer wishes to take control of Twitter.

Musk cites in a letter through his attorney that “Twitter has not complied with its contractual obligations” and that the company has not provided the billionaire with the information necessary to make the sale final.

Twitter has previously claimed that only around 5% of the monetizable daily active users (mDAUs) are spam accounts, an assertion that has been rebuffed by Musk. Through Musk’s attorney, he says that the actual number of spam accounts on the social network has not been provided by Twitter, leading to the reneging of the deal.

Twitter responds to Musk’s change of heart

Bret Taylor, the board chair of the platform, sent out this tweet just a few days ago that Twitter intends on completing the sale and are willing to go to court in order to make it happen:

As a refresher, Musk had previously offered to purchase Twitter at a 54% markup back in April, at $54.20 per share. Earlier that month, the Space-X CEO purchased a 9% stake in the company, with the aim to get on the Twitter board. The offer to buy the platform was initially resisted by those with decision-making power at the company, but after toying with the idea of a ‘poison pill’, the company agreed in principle to sell to Musk.

Twitter’s shares fell by more than 5% at pre-open on Monday, with the Musk news largely being attributed to the move in share price.

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Social media reaction to the news

Twitter users’ response to the announcement were mixed, as it typically is with news surrounding the billionaire. Those who were against the move chalked it up as a publicity stunt by Musk:

While those who were originally for Musk purchasing the platform are predictably blaming Twitter for not providing the Tesla founder and CEO with the requisite information regarding spam accounts.

It remains to be seen whether Musk will be forced to make the purchase at the price previously agreed on, or whether Twitter will remain in the hands of its current leadership.