00:00It's Benzinga bringing Wall Street to Main Street.
00:02Elon Musk is in discussions with the Securities and Exchange Commission to resolve a lawsuit
00:07filed in January 2025 over alleged securities law violations tied to his Twitter acquisition.
00:13The SEC said in a Tuesday court filing that a potential resolution could eliminate the
00:17need for further proceedings. A separate class action lawsuit from former Twitter investors
00:22is proceeding in federal court in San Francisco, with a jury expected to deliberate soon.
00:28Musk purchased Twitter for $44 billion in late 2022 and renamed it X the following year after
00:34building a stake above 5% without filing the required disclosure within 10 days.
00:39The SEC alleges the delay allowed him to buy shares at artificially low prices,
00:44disadvantaging other investors. Attorneys for Musk and the SEC did not immediately
00:49respond to a request for comment. For all things money, visit Benzinga.com.
Comments