US EditionElon Musk settles SEC lawsuit over Twitter disclosures, $1.5 million penalty imposed
A trust in Musk’s name will pay the penalty without admitting wrongdoing, and the SEC will not recover the $150 million it sought.
- On Monday, Elon Musk settled an SEC lawsuit regarding his 2022 Twitter disclosure delay, with a trust in his name paying a $1.5 million civil penalty without admitting wrongdoing.
- The SEC alleged that Musk's 11-day delay in disclosing his initial 5% Twitter stake allowed him to purchase shares at "artificially low prices," violating the required 10-day disclosure window.
- While regulators previously sought $150 million in repayment, the settlement does not require Musk to surrender those alleged gains. Musk has maintained a fraught relationship with the SEC since his 2018 Tesla securities fraud settlement.
- U.S. District Judge Sparkle Sooknanan must still approve the proposed settlement filed on Monday, following her rejection of Musk's dismissal bid three months prior.
- Current SEC Chairman Paul Atkins has been refocusing the regulator's enforcement priorities as Musk remains embroiled in separate litigation with OpenAI CEO Sam Altman over alleged nonprofit conversion breaches.
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leprogres.fr
The world's richest man has been fined $1.5 million by the US market regulator for failing to meet his obligations in connection with the acquisition of Twitter.
US billionaire Elon Musk has agreed to pay $1.5 million in penalty for a late announcement to take over the Twitter short news service. Musk's fund company agreed to pay this relatively small sum for settlement on Monday. SEC had offered this, the competent judge still has to agree. According to the SEC, its unfair approach to taking over Twitter has saved Musk $150 million in additional costs. SEC accuses Tesla's boss and richest man in the wor…
Die Presse
The U.S. stock exchange supervisor SEC and Elon Musk seem to have reached an agreement in connection with the Twitter takeover. Elon Musk gets away with this, should the competent judge agree to the settlement.
Elon Musk Reaches $1.5 Million Settlement With SEC Over Twitter Stake
Tech billionaire Elon Musk on May 4 agreed to pay $1.5 million to resolve a Securities and Exchange Commission (SEC) lawsuit alleging he violated securities laws over the delayed disclosure of his Twitter stake. A filing dated May 4 states that Musk’s revocable trust will pay a civil penalty of $1.5 million to the commission as part of the settlement, subject to approval by the court. According to the filing, once the proposed settlement is appr…
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