- Elon Musk has been granted more time by the Securities and Exchange Commission to respond to its lawsuit alleging he failed to disclose his ownership of Twitter stock in a timely manner in 2022.
- Musk now has until Aug. 29, an additional six weeks, to answer the SEC’s complaint.
- Musk purchased Twitter, which he later renamed to X, for $44 billion in 2022.
Stream San Diego News for free, 24/7, wherever you are with NBC 7.
The Securities and Exchange Commission has agreed to give Elon Musk more time to respond to its lawsuit over his alleged failure to properly disclose purchases of Twitter stock before bidding to buy the company.
In a motion filed Thursday in U.S. District Court in Washington, the SEC said it had reached a joint agreement with Musk to push back the deadline for his response to Aug. 29. The date was originally set for June 6, before being extended to July 18, according to the filing.
Get top local San Diego stories delivered to you every morning with our News Headlines newsletter.
The SEC
filed
its lawsuit against Musk in January. The agency contends that Musk, who is also CEO of
Tesla
and SpaceX, violated securities law in 2022 by failing to disclose that he had built an active stake in Twitter. In doing so, it enabled him “to underpay by at least $150 million for shares he purchased after his financial beneficial ownership report was due,” according to the SEC.
Musk
purchased Twitter
, which he later renamed to X, for $44 billion in 2022.
The SEC is seeking a jury trial and asks that Musk be forced to “pay disgorgement of his unjust enrichment” as well as a civil penalty.
Money Report
Defense manufacturing startup Hadrian closes $260 million funding round led by Peter Thiel’s Founders Fund
Amazon cuts some jobs in cloud computing unit as layoffs continue
Lawyers for Musk, who is the world’s richest person, have previously denied that he did anything wrong and called the lawsuit a “sham.”
— CNBC’s Lora Kolodny contributed to this report.
WATCH:
White House AI czar David Sacks on future of relationship between President Trump, Elon Musk
Also on CNBC
-
Uber inks six-year robotaxi deal with Lucid, invests $300 million in EV company
-
Crypto theft is booming as criminals increasingly turn to physical attacks
-
Crypto accumulator DeFi Development to franchise its Solana treasury model
