Elon Musk has announced that he is cancelling the $44 billion Twitter buyout agreement.

Elon Musk wishes to terminate his agreement to purchase Twitter.

The controversial $44 billion offer from Elon Musk to acquire Twitter has been withdrawn, putting the deal in danger of failing. Friday, the Tesla CEO informed the Twitter board in a letter that the transaction had been terminated.

According to Musk's attorney, Mike Ringler, "Twitter has ignored Mr. Musk's requests, at times denied them for reasons that appear to be unjustifiable, and at other times pretended to comply while providing Mr. Musk with inaccurate or partial information.

According to legal experts, this might not be enough justification to cancel the $44 billion agreement without Musk being forced to pay a significant penalty.

The Twitter Board intends to take legal action to enforce the merger agreement and is committed to completing the transaction on the terms and price agreed upon with Mr. Musk.

In April, the social networking company was agreed to be purchased by the billionaire CEO of Tesla and Space X. But almost soon, he began implying, and then outright declaring, that he had second thoughts.