Elon Musk’s tumultuous $44 billion bid to buy Twitter is on the verge of collapse — after the Tesla CEO sent a letter to Twitter\'s board Friday saying he is terminating the acquisition.

The chair of Twitter\'s board, Bret Taylor, tweeted Friday that the board is “committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.”

Twitter could have pushed for a $1 billion breakup fee Musk agreed to pay under these circumstances. Instead, it looks ready to fight over the deal, which the company\'s board has approved and CEO Parag Agrawal has insisted he wants to consummate.