Elon Musk won't be buying Twitter after all. As reported by Bloomberg's Ed Ludlow, 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 the $44 billion deal, which would have taken the social media private amid a host of other changes, was being terminated on Friday. This follows months of speculation that Musk had gotten cold feet over the deal as he repeatedly complained about what he said was Twitter's refusal to disclose all of its data on spam bots.
Earlier this week, Musk's Twitter buyout was reported to be in "serious jeopardy" as negotiations dragged on. Now it has been canceled entirely.
More from filing: On July 8, 2022, the Reporting Person's advisors sent a letter to Twitter (on the Reporting Person's behalf) formally notifying Twitter that the Reporting Person is terminating their merger agreement. $TWTR @elonmusk
— Ed Ludlow (@EdLudlow) July 8, 2022
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 adding Twitter to holdings that also includes SpaceX and Tesla, Musk said 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.
Since then, Musk has continuously sparred with Twitter, claiming breach of contract over what he claimed was its unwillingness to divulge the true number of fake accounts on the platform. Twitter, for its part, has moved steadily ahead with the deal, with the board unaminously recommending that shareholders vote in favor of the deal.
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Kat Bailey is a Senior News Editor at IGN as well as co-host of Nintendo Voice Chat. Have a tip? Send her a DM at @the_katbot.