US judge approves Elon Musk SEC settlement after 11-day delay
A US judge has signed off on Elon Musk's settlement with the Securities and Exchange Commission (SEC) after he waited 11 days longer than required to disclose buying up Twitter shares back in early 2022.
The SEC says this delay let Musk scoop up shares at lower prices, netting him about $150 million.
To settle, a trust controlled by Musk will pay $1.5 million, though Musk insists the delay wasn't intentional or meant to game the system.
Judge Sooknanan stresses limited approval role
US District Judge Sparkle Sooknanan made it clear her job was just to approve or reject the deal, not weigh in on its fairness: she had a limited role in assessing whether the settlement met minimum standards of fairness and reasonableness.
For some quick context, Musk went on to buy Twitter for $44 billion in October 2022 and rebranded it as X, adding it to his growing list of companies like SpaceX and Tesla.