DEVELOPING: Elon Musk notifies Twitter he is terminating deal.

Billionaire Elon Musk wants to end his $44 billion deal to buy Twitter, according to a letter sent by a lawyer on his behalf to the company’s chief legal officer Friday.

But Twitter’s board chairman Bret Taylor said the company is still committed to closing the deal at the agreed-upon price and plans to pursue legal action to enforce the agreement.

“We are confident we will prevail in the Delaware Court of Chancery,” Taylor wrote.

Twitter shares were down about 6% after hours on Friday.

In the letter, disclosed in a Securities and Exchange Commission filing, Skadden Arps attorney Mike Ringler charged that “Twitter has not complied with its contractual obligations.”

As Clay Travis tweets, “Musk says he’s not buying Twitter for $44 billion because of all the bots & fake accounts. Twitter says it’s suing him to compel purchase. I’d bet on a lower purchase price being negotiated before all is done here.”

(Updated and bumped.)