Elon Musk, the CEO of Tesla and SpaceX, has withdrawn from his agreement to buy Twitter for $44 million. The CEO of Twitter said in a filing on Friday that the company hadn't "complied with its contractual responsibilities" to him, as stipulated in their April 26th merger agreement. One of them was for Twitter to give him all the data he needed for the transaction-related business needs. He was specifically looking for data on the incidence of spam accounts and bots on the social networking platform.

After Twitter estimated that 5% of its accounts were bogus, Musk put the agreement on hold in May.

Twitter transaction is currently on hold while details are gathered to support the estimate that less than 5% of users are spam or false accounts, he said. The letter describes how Musk repeatedly asked the platform for specific evidence to explain the predominance of spam accounts, but was never provided with appropriate responses.

Musk had shared plans of making Twitter more integrated with cryptocurrency similar to platforms like Telegram, Tok Lok app, Steemit and Minds.com suggesting that people who subscribe to Twitter Blue should be able to pay with dogecoin, however with a termination of agreement it won't be happening. Nonetheless, there is a chance that the termination won't go well.

A provision permitting Twitter to compel the billionaire to complete the merger was part of the original merger agreement.