SEC Extends Deadline for Musk's Response to Settlement Offer

NEW YORK (Reuters) – The U.S. Securities and Exchange Commission (SEC) has extended the deadline for Elon Musk to respond to its offer regarding the inquiry into his $44-billion takeover of Twitter in 2022, according to a source familiar with the situation.

On Thursday, Musk shared a letter from his lawyer addressed to the chair of the SEC, indicating that SEC staff had given him 48 hours to accept a penalty or face charges.

The SEC issued a settlement offer to Musk on Tuesday with the initial timeline, but it has been extended to the following Monday after Musk requested additional time, the source revealed.

Neither an SEC spokesperson nor Musk's lawyer provided immediate comments on the matter.