"Musk agreed to pay a $1.5 million fee without admitting wrongdoing in exchange for the SEC dropping its case, the regulator said."
"The SEC began investigating Musk that same year over his 11-day delay in disclosing that he had acquired a more than 5 percent stake in the company."
"The 1.5 million penalty is 'the largest in SEC history for the type of violation he was accused of,' according to Reuters."
"During the course of its investigation, the SEC accused Musk of using 'gamesmanship' to stall its probe as he repeatedly dodged the regulator's subpoena."
Elon Musk reached a settlement with the SEC, agreeing to pay a $1.5 million fee without admitting wrongdoing. This settlement resolves a dispute regarding Musk's 11-day delay in disclosing his acquisition of over 5 percent of Twitter. The SEC argued that this delay saved Musk more than $150 million at the expense of Twitter shareholders. The penalty is noted as the largest in SEC history for such a violation. The investigation included accusations of Musk using tactics to stall the SEC's probe.
Read at Engadget
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