NEW YORK (Reuters) -The U.S. Securities and Exchange Commission and Elon Musk have again agreed to give the billionaire more time to respond to the regulator’s civil lawsuit accusing him of waiting too long in 2022 to reveal his large stake in Twitter. In a filing in federal court in Washington, D.C., the SEC and […]
Science
US SEC, Musk seek more time for billionaire to respond to SEC’s lawsuit
Audio By Carbonatix
NEW YORK (Reuters) -The U.S. Securities and Exchange Commission and Elon Musk have again agreed to give the billionaire more time to respond to the regulator’s civil lawsuit accusing him of waiting too long in 2022 to reveal his large stake in Twitter.
In a filing in federal court in Washington, D.C., the SEC and Musk said they have agreed to give Musk until August 29, 2025, to answer or otherwise respond to the lawsuit. He was due to respond by July 18.
The SEC has said Musk’s 11-day delay in disclosing his initial 5% 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. Musk later renamed the social media company X after buying it.
The agency’s lawsuit seeks to force Musk to pay a civil fine and give up profits he didn’t deserve. The SEC, Musk and his lawyer did not respond immediately to requests for comment.
The regulator and Musk previously agreed to extend the deadline for Musk’s response to July 18 from June 6, calling it “reasonable and in the interest of conserving judicial resources.”
(Reporting by Chris Prentice and Jonathan Stempel)