Technology billionaire Elon Musk is scrapping his deal with Twitter, his advisers said in a letter to formally inform the social media company on Friday afternoon, Bloomberg reports.

In a new filing, Elon Musk's lawyer says he is "terminating the merger agreement." pic.twitter.com/AZRQvGWki4

— David Gura (@davidgura) July 8, 2022

A United States Securities and Exchange Commission statement read:

On July 8, 2022, the Reporting Person’s advisors sent a letter to Twitter (on the Reporting Person’s behalf) formally notifying Twitter that the Reporting Person is terminating their merger agreement. The foregoing description of the Reporting Person’s letter is qualified in its entirety by reference to the full text of the letter, a copy of which is attached hereto as Exhibit P and incorporated herein by reference.

Musk’s agreement had been up in the air for some time, especially because of Twitter’s alleged hesitation to share information on spam accounts, CNBC reported on June 6. Conservatives were hoping Musk would purchase the platform in order to revise some of their policies, particularly with how the app handles controversial opinions.