After months of speculation, Elon Musk is ending his $44 billion deal to buy Twitter, though it may not be so easy

In what could be the costliest case of buyer’s remorse the world has ever seen, Elon Musk is backing out of his deal to buy Twitter.

But Twitter board chairman Bret Taylor said the company was still committed to closing the deal at the agreed price and planned to take legal action to enforce the deal.

In the letter, disclosed in a Securities and Exchange Commission filing, Skadden Arps attorney Mike Ringler said “Twitter failed to meet its contractual obligations.”

Undesirable accounts

Musk previously said he wanted to test Twitter’s claims that around 5% of its active users are spam accounts.

Twitter has continually denied this to be true.

“Twitter either failed or refused to provide this information,” Ringler said. “Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that seem unwarranted, and sometimes it has pretended to comply while giving Mr. Musk incomplete or unusable information.”

“While this analysis is ongoing, all indications suggest that several of Twitter’s public disclosures regarding its mDAUs are either false or materially misleading,” Ringer alleged.

“Despite public speculation on this point, Mr. Musk did not waive his right to review Twitter data and information simply because he chose not to research such data and information before entering into the agreement. merger,” added Ringer.

“In fact, he negotiated the access and information rights as part of the merger agreement precisely to be able to review data and information material to Twitter’s business before funding and completing the transaction.”

Twitter shares were down around 6% after hours on Friday.

With Musk now officially looking to walk away from the deal, this saga is likely far from over.