Less than four months ago, Musk struck a blockbuster $44 billion deal to buy the micro-messaging service. The company had a lot of potential, he said.
The months since have seen Mr. Musk change his mind. He criticized the top executives at the micro-messaging service. The company's board was taunting him on social media. He said that the social media service had too many accounts and that he didn't know what was going on. He expressed his displeasure by posting a poop symbol on his account.
Mr. Musk attempted to back out of the acquisition.
Mr. Musk stated in the regulatory filing that he wanted to end the deal because of the disagreement over the number of accounts on the platform. He claimed that the company had made inaccurate statements about the number of accounts and that it had not provided the necessary information.
The company appears to have made false and misleading representations, according to the filing.
Requests for comment were not returned by Mr. Musk or the social media company. The company said it would close the transaction and enforce the merger agreement.
Mr. Musk is going to have a lengthy legal battle with the social networking site. In April, the billionaire signed a legally binding agreement to buy the company for $54.20 a share, but he didn't have to go through due diligence. If the deal fell apart, Mr. Musk would have to pay a $1 billion break-up fee or face a lawsuit from the social network.
The stock fell in after hours trading.
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