Elon Musk Settles SEC Twitter Disclosure Case as Trust Agrees to $1.5M Fine

Elon Musk’s trust has agreed to pay $1.5 million to settle a Securities and Exchange Commission lawsuit over the timing of Musk’s 2022 Twitter stock disclosures, according to the SEC.

The agency said Monday that it amended its complaint to add the Elon Musk Revocable Trust as a defendant. The proposed final judgment, if approved by a federal court, would permanently bar the trust from future violations of federal beneficial-ownership reporting rules and require the civil penalty. Musk’s trust did not admit or deny the allegations.

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The SEC had accused Musk of waiting too long to disclose that he had acquired more than 5% of Twitter, now X. Reuters reported that the agency alleged the delay allowed Musk to buy more than $500 million in shares at artificially low prices and save about $150 million.

The settlement still needs court approval.

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