Elon Musk has been granted more time to respond to a civil lawsuit filed by the U.S. Securities and Exchange Commission over his delayed disclosure of a large stake in Twitter in 2022.
A new court filing on Thursday in Washington, D.C., said both sides agreed to extend the deadline for Musk’s response to August 29. The previous deadline was July 18.
The SEC alleges Musk waited 11 days to disclose when he passed the 5% ownership threshold in Twitter, allowing him to buy over $500 million worth of shares at lower prices. The agency says the delay gave him an unfair advantage over other investors.
The lawsuit seeks to force Musk to give up the profits he made and pay a civil fine. The regulator argues that the delay harmed investors who sold their shares without knowing Musk was building a significant stake.
Musk eventually acquired Twitter and renamed it X. The SEC and Musk’s legal team did not comment on the latest extension.
This is the second time the deadline has been moved. The original date was June 6, later extended to July 18, before the latest agreement.
