Musk won’t have to give up any money he allegedly saved from delaying disclosure of initial purchase of Twitter stock
Elon Musk settled the US Securities and Exchange Commission’s civil lawsuit accusing the world’s richest person of waiting too long in 2022 to disclose his initial purchases of stock in Twitter, now known as X.
A trust in Musk’s name will pay a $1.5m civil penalty, without admitting wrongdoing. Musk won’t have to give up any money he allegedly saved from the delay.
The settlement was disclosed on Monday in the Washington DC federal court.
In its January 2025 lawsuit, the SEC said Musk’s 11-day delay in revealing his initial 5% Twitter stake in late March and early April 2022 let him buy more than $500min shares at artificially low prices, before he finally revealed a 9.2% stake.
