Sam Altman Elon Musk SEC corporate governance business news Twitter acquisition X Corp SEC lawsuit Twitter stock financial penalties

The U.S. Securities and Exchange Commission (SEC) has reached a settlement with Elon Musk over allegations related to his delayed disclosure of Twitter stock purchases in 2022. The agreement, announced today, resolves a lawsuit that accused Musk of underpaying by at least $150 million and harming investors who sold their shares during the undisclosed period.

The SEC originally filed the lawsuit last year, alleging that Musk failed to disclose his purchase of more than $500 million in Twitter stock in the spring of 2022. The settlement was announced as the Trump administration took over, though the timing of the announcement was not tied to the transition.

SEC Expands Lawsuit to Include Elon Musk Revocable Trust

According to Reuters, the SEC has expanded its lawsuit to include the Elon Musk Revocable Trust as part of the settlement. The terms of the agreement were not immediately disclosed, but the penalty is expected to be $150 million, a fraction of the original allegations.

Musk’s Legal Battles Continue with Sam Altman

While the SEC settlement resolves one legal challenge, Musk remains embroiled in another lawsuit. He is currently suing former OpenAI CEO Sam Altman in a separate case that is still ongoing. The details of that lawsuit have not been finalized, and no settlement has been reached.

For more updates on this story, visit The Verge.

Source: The Verge
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