Billionaire Elon Musk on Friday announced his decision to drop his $44 billion offer to buy Twitter. The social media giant is now planning to take legal action against the Tesla CEO for overturning the deal.
Musk said he was eliminating the biggest buyout in recent days because Twitter failed to provide enough information about the number of fake accounts on the platform.
Twitter and Musk both agreed in April to pay a $1 billion fine if either party chooses to withdraw from the deal. With the SpaceX CEO backing out, Twitter could have pushed for a break-up fee, but is instead up for an uphill battle to complete the purchase.