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

Elon Musk has withdrawn his $44bn bid to buy Twitter after a dramatic few weeks of speculation that his deal to take over the company was falling apart.

The likely unraveling of the acquisition was just the latest twist in a saga between the billionaire businessman and one of the most influential social media platforms, and it may portend a titanic legal battle ahead.

With the deal, Musk stood to take control of a social media network with more than 200 million users. An avid, but critical user of the platform, he had vowed to push through various reforms, including relaxing its content restrictions, ridding the platform of fake and automated accounts and shifting away from its advertising-based revenue model.

The Musk takeover had been controversial among Twitter employees, with consternation among staff growing after Musk engaged with tweets criticizing Twitter staff following the announcement of the agreement.

Musk, Elson points, has claimed his desire to buy the company had to do with freedom of speech and that has not changed.

In after-hours trading on Friday, shares of Twitter fell 7% to $34, well below the $54.20 that Musk had offered to pay. Shares of Tesla, meanwhile, climbed 2.5% to $752.29.

Others remained skeptical the deal could be revived at all, even if Twitter takes Musk to court.

The Associated Press contributed reporting