Elon Musk has until Monday to respond to SEC Twitter settlement, source says
Elon Musk until Monday to respond to an offer to resolve a probe into the billionaire's $44-billion takeover of Twitter in 2022, a source familiar with the matter told Reuters.
The development, which signals the investigation may be nearing a conclusion, is the latest salvo in a year-long public feud between the top U.S. markets regulator and the world's richest man.
Musk on Thursday posted on X a copy of a letter sent by his lawyer to SEC Chair Gary Gensler saying the agency had given Musk 48 hours to agree to pay a penalty to settle the probe or face civil charges, and demanding to know whether Gensler was personally behind the development.
The SEC has been investigating whether Musk broke securities laws in 2022 when he bought stock in Twitter, which Musk subsequently renamed X, as well as statements and filings he made in relation to the deal, previous disclosures show. According to the source, the agency has been probing Musk's SEC filing disclosing his Twitter share purchases, which was at least 10 days late, and whether he intended to benefit from that delay, which some academics have estimated saved Musk over $140 million. As part of the probe, the agency had asked a federal court to compel Musk to testify after the billionaire failed to show up to agreed depositions.
On Tuesday, the SEC sent Musk a settlement offer seeking a response in 48 hours, but extended the deadline to Monday after a request for more time, the source said, speaking on the condition of anonymity to discuss confidential enforcement
