The declaration ends a protracted saga that began when the richest person in the world decided to purchase Twitter in April.
Mr. Musk claimed that the reason for his withdrawal was that Twitter had not given him enough information about the quantity of spam and false accounts.
By choosing to leave, he would have to pay a $1 billion (£830 million) break-up fee and risk legal action.
In May, Musk stated that the agreement was “temporarily on hold” while he awaited information regarding the quantity of spam and phoney Twitter accounts.
The company’s claim that less than 5% of its customers are spam bot accounts was challenged by the wealthy businessman, who demanded proof.
Mr. Musk’s attorney claimed in a letter that Twitter had either failed or refused to give this information.
Following Mr. Musk’s announcement, Twitter stock plummeted by 7% in extended session.
