Elon Musk and the US Securities and Exchange Commission denied improper collusion or corruption in a $1.5 million ($1.11m) settlement over Musk’s purchase of Twitter shares in 2022, after a judge said she could not “rubber-stamp” the deal.
Musk said in a filing on Monday night in Washington, DC federal court that the settlement was fair, adequate and reasonable and involved each side giving up something and gaining something.
He said he could have won if the case had come to trial, saying the settlement involved a “certain, immediate, record civil penalty” in exchange for releasing a “legally doubtful claim”.
‘Public benefit’
In a separate filing, the SEC argued the settlement entailed a benefit to the public, as the fine was imposed on a trust in Musk’s name that he frequently uses to manage his affairs.
