Elon Musk’s 44 billion dollars (£36.5 billion) bid to buy Twitter is on the verge of collapse — after the Tesla CEO sent a letter to the social media company’s board saying he is terminating the acquisition.

Twitter did not immediately respond to a message for comment. It is not entirely clear whether Twitter’s board will accept the one billion dollars (£830 million) break-up fee or if there will be a court battle over the deal.

The possible unravelling of the deal is just the latest twist in a saga between the world’s richest man and one of the most influential social media platforms.

Much of the drama has played out on Twitter, with Mr Musk — who has more than 95 million followers — lamenting that the company was failing to live up to its potential as a platform for free speech.