00:00It's Benzinga, bringing Wall Street to Main Street.
00:02A federal judge questioned the SEC's $1.5 million settlement tied to Elon Musk's 2022
00:09Twitter stock purchases and raised concerns that the agreement was structured to avoid
00:13penalizing Musk personally, according to Reuters. U.S. District Judge Sparkle Suknanen said the
00:20deal contained red flags after the SEC removed Musk as a defendant and replaced him with a legal
00:26trust bearing his name. The settlement also dropped demands for $150 million in alleged
00:32gains and reduced the amount sought by 99 percent. Suknanen said she could not rubber stamp the
00:37agreement and questioned whether it was tainted by improper collusion or corruption. The SEC accused
00:45Musk last year of waiting too long to disclose his Twitter share purchases before his $44 billion
00:49acquisition of the company closed in October 2022. For all things money, visit Benzinga.com.
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