Musk's decision to walk away from his deal to buy the company sparked a legal battle.

On the day that Musk agreed to a takeover deal, the company plunged 25%.

In a letter filed with the SEC on Friday, Musk's lawyers said he was abandoning his deal to buy the micro-blogging site.

Musk's legal team wrote that the company had not complied with its contractual obligations. For nearly two months, Mr Musk has sought the data and information needed to make an independent assessment of the prevalence of fake or spam accounts on the platform.

Musk has expressed concern before about the number of fake accounts on the social networking site. He said in May that the takeover deal wouldn't move forward if he didn't have proof that less than 5% of the accounts were fake.

"As his enthusiasm towards the deal appears to be waning, likely reflecting buyer's remorse from his $44 billion proposed offer price that now appears laughable, we don't think Twitter will be able to provide any information that will ultimately appease Musk, as his enthusiasm towards the deal seems to be

Analysts said that unless Musk reverses his decision to pull out of the deal, the share price of the company will likely fall.

Zino thinks that Musk will walk away from the company unless it reduces its offer by at least 15% to 20%.

On Friday, after Musk abandoned his takeover bid for the micro-messaging service, Musk's company rallied 2.54%.

Musk is expected to use "firehose" of user data to force a renegotiation of the deal.