Extended Deadline for Musk's Response

The United States Securities and Exchange Commission (SEC) has agreed to extend the deadline for billionaire Elon Musk to respond to its lawsuit. The lawsuit accuses Musk of not adequately disclosing his purchases of Twitter stock before his attempt to acquire the company.

New Response Deadline

In a motion filed on Thursday, the SEC announced an agreement with Musk to extend his response deadline to August 29, moving it from the original date of July 18.

Background of the Lawsuit

Filed in January, the lawsuit by the SEC alleges that Musk failed to timely disclose his ownership of more than 5% of Twitter stock in 2022. This oversight violated SEC rules requiring investors to disclose such ownership within 10 calendar days of crossing the 5% threshold. Musk later proceeded to buy Twitter for $44 billion and renamed it to X.