Elon Musk and SEC Reach Settlement Over Twitter Share Disclosure Lawsuit - Alpha Spread

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Elon Musk has agreed to settle a civil lawsuit brought by the U.S. Securities and Exchange Commission over how he disclosed his early purchases of Twitter shares in 2022.

The SEC had accused Musk of waiting too long to reveal that he had built up an ownership stake in Twitter before buying the company, which he later renamed X.

Under the proposed settlement, Musk’s trust will pay a $1.5 million penalty.

The case centered on allegations that the delayed disclosure violated securities laws during the run-up to Musk’s Twitter buyout. The settlement means Musk will not have to give up the money the SEC said he may have saved from the delay.

The SEC said Elon Musk did not disclose his growing Twitter stake quickly enough before he bought the company in 2022.

The proposed settlement says his trust will pay a $1.5 million penalty.

It involved Twitter before Musk bought it. The platform was later renamed X.

No. The reports say Musk will not have to give up the money he allegedly saved from the delay.

CNBC

The SEC and Elon Musk agreed to settle a lawsuit filed last year by the regulator against the world's richest person. Musk was sued by the SEC for allegedly violating securities law in the run-up to his purchase of Twitter in 2022.

WSJ

The case had alleged that Musk failed to timely disclose his buildup of ownership in the social media platform he renamed X.

Reuters

Elon Musk and the U.S. Securities and ‌Exchange Commission settled the regulator's civil lawsuit accusing the world's richest person ⁠of waiting too long in 2022 to disclose his initial purchases of Twitter, now known as X.

Market Watch

A proposed settlement with U.S. regulators would have Musk pay just $1.5 million. He was accused of cheating investors out of $150 million.

New York Post

Musk won't have to give up any money he allegedly saved from the delay.

Reuters

Elon Musk settled the U.S. Securities and Exchange Commission's civil lawsuit accusing the world's richest person of waiting too long in 2022 to disclose his initial purchases of Twitter, now known as X.

The Guardian

Musk won't have to give up any money he allegedly saved from delaying disclosure of initial purchase of Twitter stock

Show All Sources

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