Elon Musk cancels bid to buy Twitter, Company to sue him to complete the deal

Tesla CEO Elon Musk on Friday announced that he was canceling plans to purchase social media giant Twitter, citing the company's failure to produce information on fake accounts while Twitter announced it would sue him to complete the deal.

Musk sent a letter to Twitter's board of directors on Friday announcing he would not acquire the company. He told the Securities and Exchange Commission that Twitter has “not complied with its contractual obligation," according to the Associated Press.

Twitter announced it would sue Musk to complete the 11-figure purchase and was "confident" the firm would succeed, the AP later reported.