After placing a $44 Billion bid on Twitter, Elon Musk is planning to back out of it.

The reason being is that Twitter failed to provide the information that Elon Musk wanted, such as spam accounts and fake accounts. Twitter also has a $1 Billion back out fee that Mr. Musk must pay if he wants to end his bid.

In May, Elon Musk said that his deal was on hold because he wanted Twitter to give him the information that he wanted on accounts. Mr. Musk also wants evidence that the spam accounts only make up less than 5% of Twitter accounts.

This is the latest news on the richest man on Earth and his bid on Twitter.