Elon Musk said he is prepping to terminate his agreement to buy Twitter. However, it is unclear why the deal won’t come to fruition.

An earlier report indicated that the deal was in “serious jeopardy.” Elon Musk’s deal to purchase Twitter has officially been terminated, as per a report by Reuters.

To recap, the Tesla CEO landed a deal to buy Twitter outright for $44 billion in April 2022.  “Leave Twitter” trended for over 24 hours as part of an uproar on the microblogging social network. Notably, Twitter’s board of directors had approved the deal.

However, a new report claims that the deal will not come to fruition as originally planned. According to a report by The Washington Post, Musk may not buy Twitter after all.

Musk and his team had requested data about spam accounts on Twitter. “Musk’s camp concluded that Twitter’s figures on spam accounts are not verifiable,” WaPo said.

“Musk’s team’s doubts about the spam figures signal they believe they do not have enough information to evaluate Twitter’s prospects as a business,” the report suggested.

So, Elon’s doubt about the spam accounts has led him to “stop engaging in certain discussions around funding for the $44 billion deal.”

Since Musk offered to acquire Twitter at $54.20 a share, the stock prices have come down to below $37. This could be another reason the 51-year-old business magnate wants to pull back from the deal.

It will be interesting to see if Musk pulls the plug entirely. However, this would be a legal matter.

Watch this space for the latest updates on Elon Musk!