The U.S. Securities and Exchange Commission has given Elon Musk six more weeks to respond to its civil lawsuit accusing the world’s richest person of waiting too long in 2022 to reveal his large stake in Twitter, the social media company he later bought and renamed X.
In a filing in federal court in Washington, D.C., the SEC and Musk agreed to push back the deadline for Musk’s response to July 18 from June 6, calling it “reasonable and in the interest of conserving judicial resources.”
The SEC has said Musk’s 11-day delay in disclosing his initial 5 per cent Twitter stake let him to buy more than $500 million of the company’s shares at artificially low prices, at the expense of unsuspecting investors. The agency’s lawsuit seeks to force Musk to pay a civil fine and give up profits he didn’t deserve.
