In 2024, Musk sued Altman and OpenAI, alleging they reneged on their promise to keep the artificial intelligence lab

Mon, May 4 · 8:52 PM UTC 2 min read

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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. 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. 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.