News Summary

Elon Musk has reached a settlement with the U.S. Securities and Exchange Commission (SEC) over a lawsuit concerning his delayed disclosure of a significant stake in Twitter, now known as X. The SEC accused Musk of delaying the disclosure of his more than 5 percent stake in Twitter, which reportedly saved him over $150 million at the expense of shareholders. Musk has agreed to pay a $1.5 million civil penalty without admitting any wrongdoing. This settlement resolves the years-long legal battle that began in 2022, marking the largest penalty in SEC history for such a violation. The SEC’s probe into Musk’s Twitter investment included accusations of ‘gamesmanship’ to delay the investigation, while Musk accused then-SEC chair Gary Gensler of harassment.