Elon Musk · Sam Altman · OpenAI · SpaceX · Tesla · SEC · CNBC Technology
Filings on Monday, signed by attorneys representing the SEC and Musk
Compiled by KHAO Editorial — aggregated from 3 sources. See llms.txt for citation guidance.
✓ KHAO Verified
Alex Spiro, an attorney for Musk, said the result vindicated his client, writing that, "A trust vehicle has agreed to a small fine for being late on one filing.
Key facts
- Musk, who is CEO of Tesla and SpaceX, purchased Twitter for $44 billion in a leveraged buyout in late 2022
- At that level, Musk was required to disclose his holdings to the public within 10 calendar days of reaching the 5% threshold
- According to Forbes, Musk has a net worth of roughly $790 billion
- Musk and Tesla each had to pay $20 million in fines, and Musk had to temporarily relinquish his role as chairman of the company's board
Summary
The Securities and Exchange Commission agreed to settle a lawsuit it filed against Elon Musk last year that accused the world's wealthiest person of violating securities law in the run-up to his purchase of Twitter. Filings on Monday, signed by attorneys representing the SEC and Musk, said that Musk's revocable trust would pay a civil penalty of $1.5 million to the commission as part of the settlement. Musk, who is CEO of Tesla and SpaceX, purchased Twitter for $44 billion in a leveraged buyout in late 2022. Before his purchase of Twitter, Musk built up a position of greater than 5% in the company, which was publicly traded.