Elon Musk settles SEC lawsuit over Twitter disclosures

Elon Musk settled the U.S. Securities and Exchange Commission's civil lawsuit accusing the world's richest person of waiting too long in 2022 to disclose his initial purchases of Twitter, now known as X.



A trust in Musk's name will pay a $1.5 million civil fine, under the settlement disclosed on Monday in the Washington, D.C., federal court.



Musk did not admit wrongdoing, and won't have to give up any of the $150 million he allegedly saved from the delay.



The settlement requires approval by U.S. District Judge Sparkle Sooknanan, who in February rejected Musk's bid to dismiss the case.



It ends more than seven years of fraught battles between Musk and the regulator, starting in September 2018 when the SEC charged him with securities fraud for tweeting he had "secured" funding to potentially take his electric car company Tesla private.



Musk settled that case by paying a $20 million civil fine, letting Tesla lawyers review some Twitter posts in advance, and giving up his role as Tesla's chairman.