Elon Musk settles SEC allegations over undisclosed Twitter stake
Updated
Updated · Bloomberg · May 4
Elon Musk settles SEC allegations over undisclosed Twitter stake
8 articles · Updated · Bloomberg · May 4
He agreed to pay $1.5 million, without admitting wrongdoing, to resolve claims tied to his 2022 share purchases, in a deal that still requires court approval.
The SEC alleged Musk failed to properly disclose his growing stake, cheating Twitter shareholders out of millions of dollars before his eventual takeover of the social media company.
A related report said Musk's trust will pay the civil penalty. The case follows Musk's earlier 2018 settlement with the SEC over Tesla-related securities violations.
Why was Musk's penalty just $1.5 million when the SEC alleged he saved over $150 million?
Are new court rulings forcing the SEC into weaker settlements with powerful billionaires?