Elon Musk is withdrawing from a $44 billion deal to acquire social media platform Twitter.

Friday afternoon, the CEO of Tesla stated in a filing that he believed Twitter was seriously violating various aspects of the April 25 sale deal, including Musk's request that the firm discloses the number of bogus and spam accounts on social media network.

"Twitter has not provided information that Mr. Musk has requested for nearly two months notwithstanding his repeated, detailed clarifications intended to simplify Twitter's identification, collection, and disclosure of the most relevant information sought in Mr. Musk's original requests," the filing states.

Musk further accused Twitter of breaching the purchase agreement by allegedly failing to maintain its regular business operations, citing the company's dismissal of two critical, high-ranking workers and the announcement of the reduction of one-third of its talent acquisition team.

In response, Twitter board chairman Bret Taylor tweeted on Friday that the firm will pursue legal action to seal the deal.

Musk had shown his displeasure with the original purchase agreement within weeks of its execution, writing on May 13 that he was concerned about the number of fraudulent identities on the site.

Twitter has consistently declared in quarterly SEC filings that it estimates no more than 5 percent of its accounts are phony or automated. And ever since Musk began expressing concerns about the prevalent presence of bots on Twitter, the business has maintained that it has fulfilled its duties under the purchase agreement.

On June 6, however, Musk's attorneys submitted a letter saying that a portion of Musk's financing for the purchase was predicated on him receiving the bot information to evaluate the business.

Musk "is clearly entitled to the requested data to prepare for the transition of Twitter's business to his ownership and to facilitate his transaction financing," the attorneys stated.

The Washington Post reported on June 8 that Twitter had granted access to additional information, including a raw feed of account activity.

Ann Lipton, a law professor at Tulane University, stated that the issue of spam on the site had been a concern for years. "It would be surprising if that is what gave him cold feet at this time."