The United States provides ample opportunities to alien workers who possess requisite skills.
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USCIS sometimes faces delays in processing the applications/petitions. So, they have introduced a regulation that will provide a 240-day extension of employment authorization for some classes of nonimmigrant visa holders on whose behalf a timely extension petition has been filed.
The 240-Day Extension Rule is aimed to cover most of the nonimmigrant visas, including an O-1 visa
You do not get automatically eligible for a 240-day rule regulation benefit if you fall under the nonimmigrant category covered by it.
What will happen after USCIS rejects your petition during the 240 days?
What will happen if your petition is pending at USCIS and 240 days are over?
What will happen if USCIS approves your extension petition during the 240 days?