A person directly familiar with the probe, who asked to remain un-named due to the sensitive nature of the matter, told CNBC that the SEC did send a settlement offer to Musk in recent days, but he was given more than 48 hours to respond.
If the SEC cannot reach a settlement agreement with Musk, this person said, charges would not necessarily follow as a next step. When the agency cannot arrive at a settlement agreement with defendants, it will sometimes issue what's called a Wells Notice before enforcement staff make recommendations to agency commissioners, who then decide whether or not to file charges.