Elon Musk gets more time to respond to SEC suit over Twitter disclosure

Elon Musk has successfully negotiated a new timeline in his legal battle with the Securities and Exchange Commission (SEC) regarding his alleged failure to disclose key stock purchases of Twitter prior to his bid for the company. In a recent filing with the U.S. District Court in Washington, the SEC announced a mutual agreement with Musk to extend the deadline for his response to August 29, a shift from the initial June 6 date, which was previously postponed to July 18. The SEC's lawsuit, initiated in January, accuses Musk—also the CEO of Tesla and SpaceX—of violating securities regulations in 2022 by not revealing that he had amassed a significant stake in Twitter. This oversight allegedly allowed him to acquire shares for at least $150 million less than their fair value after his financial disclosure was due. Musk's acquisition of Twitter, which he later rebranded as X, for $44 billion in 2022 forms the crux of the SEC's claims. The regulatory body is pursuing a jury trial, seeking not only the return of what it describes as Musk's unjust enrichment but also a civil penalty against him. Musk's legal team has consistently defended his actions, labeling the lawsuit as baseless and asserting that he did nothing wrong.