SEC Extends Deadline for Musk's Response

The U.S. Securities and Exchange Commission (SEC) has granted Elon Musk an extension until Monday to respond to its offer to settle an inquiry into his $44-billion takeover of Twitter in 2022. A source familiar with the matter shared this information with Reuters.

Musk, through his lawyer, had received a letter from the SEC on Tuesday, giving him 48 hours to agree to a penalty or face potential charges. The initial deadline was later extended to Monday upon Musk's request for more time, according to the source.

Public Court Battle with SEC

The SEC and Musk have been engaged in a public court battle over the agency's investigation into his acquisition of the social media platform, which he has since renamed X. The SEC's inquiry focuses on whether Musk violated securities laws in 2022 regarding his Twitter stock purchases and subsequent statements and filings related to the deal.

The SEC has sought court enforcement of a subpoena to compel Musk's testimony on these matters. The investigation centers on Musk's late SEC filing concerning his Twitter stock purchases and whether he intended to benefit from them.

A spokesperson from the SEC's public affairs office declined to comment on the matter. Musk's lawyer did not immediately respond to requests for comment.