00:00It's Benzinga, bringing Wall Street to Main Street
00:02The SEC moved to settle a lawsuit against Elon Musk over allegations
00:06that he failed to timely disclose his 2022 Twitter share purchases,
00:11according to the Wall Street Journal.
00:13Musk's family trust agreed to pay a $1.5 million fine,
00:16subject to court approval, while claims against Musk personally were dismissed.
00:21Regulators had sought repayment of more than $150 million
00:24in alleged savings tied to the delayed disclosure.
00:28The SEC said Musk disclosed his Twitter stake late,
00:31and the stock rose 27% when he reported it.
00:34The case was filed in January 2025, after years of investigation.
00:39Musk sold the social media company to XAI,
00:42and the combined entity was later acquired by SpaceX in a $1.25 trillion deal.
00:47For all things money, visit Benzinga.com.
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