Minnesota Timberwolves guard Anthony Edwards has been fined $40,000 for using offensive and derogatory language on social media, the NBA announced Tuesday.

Edwards made anti-gay comments while observing a group of people standing on a sidewalk during a video posted to his Instagram story last week. The video has been deleted, and Edwards acknowledged that his actions were inappropriate, the league said in a news release.

He also issued an apology on his Twitter account last Sunday following the incident.

"What I said was immature, hurtful and disrespectful and I'm incredibly sorry," Edwards, 21, wrote in a tweet. "It's unacceptable for me to anyone to use that language in such a hurtful way, there's no excuse for it, at all. I was raised better than that."

The Timberwolves also expressed their disappointment with Edwards' comments in a statement last week.

"We are disappointed in the language and actions Anthony Edwards displayed on social media," the statement attributed to team president Tim Connelly read last Monday. "The Timberwolves are committed to being an inclusive and welcoming organization for all and apologize for the offense this has caused to so many."