Elon Musk withdraws $44bn bid to buy Twitter after weeks of high drama

Walking away will not be easy for the world's richest man, as Twitter says it will sue to keep deal alive

Elon Musk has withdrawn his $44bn bid to buy Twitter after a dramatic few weeks of speculation that his deal to take over the company was falling apart.

Mr Musk is terminating the merger agreement because Twitter is in material breach of multiple provisions of that agreement, appears to have made false and misleading representations upon which Mr Musk relied when entering into the merger agreement, and is likely to suffer a Company Material Adverse Effect," wrote lawyers for Musk to Twitter.