It Finally Happened: Elon Filed to Kill the Twitter Deal

On Friday evening, Musk made it clear that he doesn't want to be named the owner of the social network. The move was a long time coming.

In a letter to the chief legal officer of the social media company, Musk told them that he was ending the deal. It's not clear if Musk can end the agreement on his own.

According to Musk's lawyers, the billionaire is backing out of the agreement due to the fact that the social network is in violation of multiple provisions of the agreement.

Minutes after the news broke, Parag Agrawal, the company's CEO, sent a message to the company's chairman.

The board intends to pursue legal action to enforce the merger agreement, and is committed to closing the transaction on the price and terms agreed upon with Mr. Musk. The Delaware Court of Chancery is where we are confident we will win. By the time of publication, Gizmodo had not received a response from the social networking site about the letter. When we hear back, we will make sure to update this post.

The news that Musk is backing out of the acquisition agreement is not new. There are a lot of accounts on the social network. According to the company, 5% of the social network's users have automated bot accounts.

The Washington Post reported on Thursday that the deal to acquire Twitter was in serious jeopardy and that Musk had stopped talking to funders. There were doubts from Musk's team over the data provided on the number of fake accounts.

The back-and-forth with Musk has had a negative effect on the social networking site. The company's stock price fell to $36.10 as of Friday, well below his offer. The company laid off members of its recruiting team on Friday as well, though layoffs have struck the tech industry writ large. The Post asked about the June response, and it was the same thing as before.

The company said in an email that it would continue to share information with Mr. Musk in order to complete the transaction. The agreement is in the best interests of all shareholders. The transaction will be closed and the merger agreement will be enforced.

The story is getting better.