Musk Settles with SEC over Delayed Twitter Stake Disclosure

Elon Musk has concluded a civil lawsuit with the U.S. Securities and Exchange Commission (SEC) regarding his delayed disclosure of an initial Twitter stake in 2022. Under the settlement, a trust in Musk's name will cover a $1.5 million fine, as revealed by a Washington, D.C., federal court filing.

Musk, who is not required to admit any wrongdoing, will retain the $150 million he reportedly saved by delaying disclosure. The settlement awaits approval from Judge Sparkle Sooknanan, a judge who earlier declined Musk's request to drop the case.

This resolution concludes over seven years of repeated disputes between Musk and the SEC. The agency initially charged Musk with securities fraud in 2018 for tweets about taking Tesla private. Former SEC chief's aide Amanda Fischer described the settlement as an 'embarrassing day for the SEC' and criticized the regulatory body's actions.

(With inputs from agencies.)