Elon Musk Settles SEC Lawsuit Over Twitter Purchase Disclosures

Elon Musk and the U.S. Securities and Exchange Commission have reached a settlement in a lawsuit related to Musk’s delay in disclosing his initial 2022 purchases of Twitter, now known as X. In the lawsuit, the U.S. Securities and Exchange Commission alleged that Elon Musk waited 11 days to disclose his initial 5% stake in Twitter (now known as X) in late March and early April 2022, allowing him to purchase more than $500 million in shares at artificially low prices.

He will pay a $1.5 million civil penalty, without admitting wrongdoing.