Elon Musk Terminates Deal to Buy Twitter.. What is Next?

Elon Musk won’t be buying Twitter after all. Musk is terminating his agreement to purchase the social media giant based on a new filing with the Securities and Exchange Commission (SEC).

Twitter was formally notified that Musk decided to terminate his $44 billion deal on Friday.

This follows months of Musk’s complains about what he said was Twitter’s refusal to disclose all of its data on spam bots.

However, Twitter announced earlier last week that it removes more than 1 million spam accounts each day.

In response to the deal’s cancellation, Twitter is suing Musk. Twitter chairman Bret Taylor wrote, “The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.”

It is noteworthy that Musk first offered to buy Twitter back on April, prompting the company’s board of directors to adopt a “poison pill” plan to try and block the deal. Twitter subsequently reversed course and agreed to the $44 billion buyout, which Musk called his “best and final” offer.

In buying Twitter, Musk noted that he would be rolling back moderation policies while unbanning controversial figured like former President Donald Trump. He also vowed to address what he called Twitter’s persistent problem with spam bots and fake accounts.