--- title: "Elon Musk Officially Giving Up on Buying Twitter" description: "Tesla CEO Elon Musk is officially trying to back out of his bid to buy Twitter for $44 billion, the BBC reports." date: "2022-07-08" modified: "2022-07-08" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/elon-musk-officially-giving-up-on-buying-twitter" categories: - "Elon Musk" - "Future Society" - "The Industrialists" tags: - "elon musk" - "the digest" - "twitter" --- # Elon Musk Officially Giving Up on Buying Twitter ![Tesla CEO Elon Musk is officially trying to back out of his bid to buy Twitter for $44 billion, the BBC reports.]() *\Image: Getty Images/Futurism\* ## Giving Up Tesla CEO Elon Musk is officially trying to back out of his [bid to buy Twitter for $44 billion](), the [*BBC* reports](). That means he will either have to pay a $1 billion fine, as stipulated in the agreement — or take Twitter to court. In fact, Twitter is ready to do just that. "The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement," Twitter chairman Bret Taylor [tweeted]() in a statement. "We are confident we will prevail in the Delaware Court of Chancery." Twitter will also have the opportunity to legally force Musk to go through with the deal. Musk's team claims Twitter failed to provide him with detailed enough information on how many spam accounts there are on the social media network, a [bizarre excuse]() he has already used to undermine the validity of the agreement back in May. The billionaire has already left a significant mark on the company, with Twitter shares plunging by seven percent in extended trading today following his announcement, according to the *BBC*. ## Elon Pulls Out (For Once) The announcement sets the stage for what will likely turn into a massively expensive and drawn out legal battle. Meanwhile, other netizens picked up on the humor of the situation. "I think we can safely say this is the only time Elon Musk has pulled out," one user [joked](), referring to the fact that Musk has now had [nine children]() with three women. **READ MORE:** [Elon Musk ends $44bn bid to buy Twitter]() \[*BBC*\] **More on the saga:** *[Elon Musk Is Missing]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()