Elon Musk recently notifies Twitter he is terminating deal

According to a letter a lawyer on behalf of billionaire Elon Musk addressed to the company's top legal officer on Friday, Musk wants to cancel his $44 billion bid to purchase Twitter.

Bret Taylor, the head of Twitter's board, stated that the firm is still committed to completing the transaction at the agreed-upon price and that it intends to take legal action to enforce the contract.

After hours on Friday, Twitter stock was down roughly 6%.