Elon Musk reached a settlement with the U.S. Securities and Exchange Commission (SEC) regarding his 2022 acquisition of Twitter shares. The SEC alleged Musk failed to file a public disclosure within 10 days of his ownership stake exceeding 5%.
This delay reportedly allowed Musk to purchase additional shares at lower prices before the market reacted to his involvement. A trust in Musk's name will pay a $1.5 million civil penalty to resolve the matter.
Musk does not admit to any wrongdoing under the agreement, which currently awaits court approval. The settlement does not require Musk to forfeit the estimated $150 million he allegedly saved through the delayed filing.