Elon Musk Settles SEC Lawsuit Over Twitter Stake Delay

Elon Musk, the world's richest person, has settled a civil lawsuit with the U.S. Securities and Exchange Commission (SEC), resolving allegations that he delayed disclosing his initial Twitter stock purchases in 2022. A trust under Musk's name will pay a $1.5 million civil fine as part of the settlement, though Musk neither admitted nor denied any wrongdoing.

This settlement marks the conclusion of several years of disputes between Musk and the SEC, beginning in 2018 when Musk faced charges for allegedly misleading investors about taking Tesla private. His attorney stated that Musk has been cleared of issues related to the Twitter acquisition, while the SEC declined to comment.

The settlement comes after the SEC accused Musk of delaying the disclosure of a 5% Twitter stake in early 2022, allowing him to buy $500 million in shares at lowered prices. Musk, who later integrated Twitter with his company xAI and subsequently SpaceX, faced continued legal challenges from Twitter shareholders. Despite these controversies, Forbes estimates Musk's wealth at $789.9 billion.

(With inputs from agencies.)