May 4 (UPI) -- Elon Musk on Monday settled a lawsuit filed against him by the Securities and Exchange Commission for $1.5 million after the agency accused him of breaking securities laws.
The SEC alleged in January 2025 that Musk cost Twitter shareholders $150 million because he delayed disclosing his purchase of more than 5% of shares in the company within the 10 days required by law.
Musk's purchase of Twitter led to a series of lawsuits because of how he purchased the company, which has since been renamed to X, which saw him become its biggest shareholder before he launched a successful hostile takeover, The Washington Post reported.
In the settlement, which still needs to be approved by a judge, would see Musk pay a $1.5 million penalty while allowing him to admit no wrongdoing, CNBC reported.
"A trust vehicle has agreed to a small fine for being late on one filing," Musk attorney Alex Spiro said of the agreement, which will see one of his client's revocable trusts paying the fine.
