Elon Musk will settle the feds’ Twitter lawsuit with pocket change
The SEC has reached a settlement with Elon Musk over allegations he failed to timely disclose his stock purchases in Twitter in 2022. The settlement requires Musk's revocable trust to pay a $1.5 million civil penalty without admitting wrongdoing. The case will be fully resolved once the court approves the judgment and Musk is dismissed from the suit in his personal capacity.
- ▪The SEC alleged that Elon Musk saved over $150 million by not disclosing his Twitter stock purchases on time.
- ▪The settlement involves the Elon Musk Revocable Trust paying a $1.5 million civil penalty.
- ▪Musk does not have to admit wrongdoing or return any of the money allegedly saved.
- ▪The SEC will dismiss the case against Musk personally once the court approves the settlement.
- ▪The amended complaint states that the trust acquired over 5% of Twitter’s shares without timely filing required ownership reports.
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TechCloseTechPosts from this topic will be added to your daily email digest and your homepage feed.FollowFollowSee All TechNewsCloseNewsPosts from this topic will be added to your daily email digest and your homepage feed.FollowFollowSee All NewsPolicyClosePolicyPosts from this topic will be added to your daily email digest and your homepage feed.FollowFollowSee All PolicyElon Musk will settle the feds’ Twitter lawsuit with pocket changeThe SEC claimed Musk saved over $150 million by breaking the disclosure rules, now it’s settling for $1.5 million.The SEC claimed Musk saved over $150 million by breaking the disclosure rules, now it’s settling for $1.5 million.by Richard LawlerCloseRichard LawlerSenior News EditorPosts from this author will be added to your daily email digest and your…
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