Elon Musk Moves to Terminate His $44 Billion Twitter Deal

Elon Musk is attempting to back out of his controversial Twitter acquisition. 

The Tesla CEO announced his decision Friday in a letter filed with the U.S. Securities & Exchange Commission. Musk claims he was terminating the $44 billion agreement because the social media platform failed to meet its contractual obligations.

“Mr. Musk is terminating the Merger Agreement because Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement, and is likely to suffer a Company Material Adverse Effect,” the letter reads.

This story is being updated.