It looks like Elon Musk might not be buying Twitter after all as it has now been confirmed that the billionaire is terminating his deal to buy the social media platform. Musk previously agreed to buy Twitter for a whopping $44 billion, but is now backing out according to a new filing with the Securities and Exchange Commission. However, backing out of the deal may not be as easy as Musk would like it to be.Shortly after Musk's plans to terminate the agreement were made public, Twitter chairman Bret Taylor posted to his personal Twitter account that the Twitter Board is determined to see the deal to the end. Taylor says that the board plans to "pursue legal action" to force the merger through and is confident that they "will prevail."While this is big news, it's probably not that shocking for some. Ever since details of the potential deal were made public, Musk has continuously criticized the platform over a perceived problem with the number of active fake accounts. As recently as last month, Musk accused Twitter of "actively resisting" his information requests to see how many fake accounts were present on the platform after it claimed it could not give out the information due to privacy and security concerns.
It'll be interesting to see what happens as a result of Twitter taking Elon Musk to court. Musk has signed a contract after all, and the billionaire's wariness about a potential bot problem might not be good enough of a reason for him to back out of a legally binding contract. If that's the case, Musk may be saddled with a social media platform he doesn't actually want.
Elon Musk himself has yet to respond to the situation, either officially or on his personal Twitter account. Whatever the case, the buyout of Twitter just got a whole lot more complicated and the platform will remain publicly owned, at least until the proposed court ruling.