Elon Musk agreed to settle Securities and Exchange Commission allegationsSEC, that he defrauded Twitter shareholders out of millions of dollars in 2022 by failing to adequately disclose his growing stake in the social media company.
Musk agreed to pay $1.5 million to end SEC investigationwithout admitting the accusations of the regulatory body, according to a document presented on Monday. The agreement is still subject to court approval.
The SEC sued Musk in January 2025, days before President Donald Trump took office, alleging that Musk missed a deadline to reveal that he had accumulated more than 5% of the social media platform’s shares.
According to the regulatorthat delay cost Twitter shareholders more than $150 million. Musk subsequently bought the company in 2022 and renamed it X.
