"Mr. Musk has now been cleared of all issues related to the late filing of forms in the Twitter acquisition, as we said from the outset he would be."
"The SEC said Musk's 11-day delay in revealing his initial five percent Twitter stake let him buy more than $500 million of shares at artificially low prices."
"Musk called the delay inadvertent, and accused the SEC of violating his free speech rights by targeting him."
Elon Musk settled a civil lawsuit with the SEC regarding his delayed disclosure of Twitter purchases in 2022. A trust in Musk's name will pay a $1.5 million fine, but he did not admit any wrongdoing and retains the $150 million he allegedly saved. The settlement requires approval from U.S. District Judge Sparkle Sooknanan. Musk's lawyer stated that he has been cleared of all issues related to the late filing. The SEC had claimed Musk's delay allowed him to buy shares at lower prices, impacting investors.
Read at www.cbc.ca
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