"Musk's 11-day delay in revealing his initial 5% X stake in late March and early April 2022 let him buy more than $500m shares at artificially low prices, before he finally revealed a 9.2% stake."
"Musk called the delay inadvertent and accused the SEC of violating his free speech rights by targeting him."
"Musk's civil penalty is the largest in SEC history for the type of violation he was accused of, a person familiar with the settlement said."
Elon Musk settled a civil lawsuit with the SEC regarding his delayed disclosure of stock purchases in Twitter, now X. A trust in his name will pay a $1.5 million penalty. Musk's 11-day delay allowed him to buy shares at lower prices before revealing a 9.2% stake. The SEC sought a civil fine and repayment of $150 million. Musk claimed the delay was inadvertent and accused the SEC of infringing on his free speech. The settlement marks the largest civil penalty for such violations in SEC history.
Read at www.theguardian.com
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