SEC Extends Deadline for Elon Musk's Response in Twitter Investigation Settlement

The U.S. Securities and Exchange Commission (SEC) has granted Elon Musk an extension, giving him more time to respond to the agency's settlement offer regarding its investigation into his $44 billion purchase of Twitter in 2022. Originally, the SEC had set a tight 48-hour window for Musk to accept the settlement, but after his legal team requested additional time, the deadline has been pushed to Monday.

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Musk revealed the SEC's original offer in a tweet on Thursday, sharing a letter from his lawyer. The letter explained that SEC officials had demanded Musk agree to pay a penalty or risk facing legal charges related to his stock purchases in Twitter. The SEC’s investigation is focused on whether Musk complied with securities laws when buying the social media giant and if his public statements and filings about the acquisition were accurate and timely.

The investigation has been ongoing for some time, with the SEC scrutinizing Musk's late filings about his Twitter stock purchases in 2022. One of the key issues is whether Musk intended to benefit from those purchases in ways that might have violated regulations. The SEC had also sought to enforce a subpoena to compel Musk to testify about his actions during the takeover.

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Musk’s acquisition of Twitter, which he later rebranded as X, has been a major point of contention. While the billionaire has faced regulatory challenges in relation to the deal, he has also been vocal in his criticism of the SEC, which has only intensified the legal battle between the two.

Despite the ongoing investigation, it remains unclear whether Musk will agree to the settlement terms. The SEC has not publicly commented on the case, and Musk’s legal team has not responded to additional inquiries. However, the extension gives Musk more time to weigh his options and consider how to move forward with the settlement discussions.

With the new deadline set for Monday, all eyes are on Musk to see if he will resolve the matter or face further legal action from the SEC.

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