Elon Musk trust to pay $1.5 million in SEC settlement
A trust in Musk's name just agreed to pay $1.5 million to settle a US Securities and Exchange Commission (SEC) lawsuit that accused him of waiting too long to tell everyone he was buying up Twitter shares back in 2022.
The SEC said this delay let him grab more stock at cheaper prices, while regular investors missed out.
Musk settled without admitting he did anything wrong.
SEC says Elon Musk saved $150 million
According to the SEC, Musk's 11-day delay saved him about $150 million and cost other investors just as much.
They wanted both a fine and for Musk to pay back his alleged gains, but in the end, a trust in Musk's name is only paying the $1.5 million penalty.
Musk says it was all unintentional and claims the SEC is messing with his free speech, but either way, he now owns Twitter (now called X) after buying it for $44 billion in October 2022.