In a bid to privatise the microblogging platform, the billionaire had offered to buy Twitter for $43 billion in April.
He later agreed to acquire the platform for $44 billion.
But after several internal turmoils on the buyout, Musk decided to soft-pedal on his acquisition bid, citing reasons of fake accounts on the platform.
“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5 percent of users,” Musk had tweeted.