Elon Musk has confirmed that he will buy Twitter after the Tesla-owner tried to back out of the multi-billion-dollar takeover deal in July.

The Twitter board first agreed to allow the $44 billion deal in April.

The social media platform, known as the 'world's town square' had initially pushed back advances from Musk to acquire the platform after it was revealed he had bought a 9.2 per cent stake in the company.

But months later the billionaire, who also owns SpaceX, tried to back out of the deal.

Lawyers for the Tesla chief executive sent a letter to Bret Taylor, Twitter’s board chair, stating that Twitter had ‘not complied with its contractual obligations’, according to a filing by the US Security and Exchanges Commission (SEC).

In a Tweet, the legal representatives said that Musk was terminating the merger agreement because Twitter was in material breach of multiple provisions of the deal, including "false and misleading" representations which he relied upon when agreeing to the takeover.

On Monday, representatives for Musk filed a notice with the government agency confirming Musk's intention to proceed with the buyout.

The social media platform issued a statement on Tuesday confirming it had received a letter from the representatives. It said that the company is to close the transaction at $54.20 per share.

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