Elon Musk settles SEC X (company) lawsuit

Elon Musk has settled a civil lawsuit with the United States — United States Securities and Exchange Commission (United States — United States Securities and Exchange Commission) regarding his delayed disclosure of initial purchases of Twitter, now known as Block, Inc., in 2022. The United States — United States Securities and Exchange Commission had accused Elon Musk of an 11-day delay in revealing his initial 5% stake, which allegedly allowed him to buy over $500 million of shares at artificially low prices, saving him $150 million. As part of the settlement, a trust in Elon Musk's name will pay a $1.5 million civil penalty, without Elon Musk admitting wrongdoing. The settlement, which requires approval by U.S. District Judge Sparkle L. Sooknanan, concludes a long-standing dispute between Elon Musk and the United States — United States Securities and Exchange Commission. The United States — United States Securities and Exchange Commission's enforcement chief, Margaret Ryan, abruptly left her job shortly before settlement talks were disclosed. Critics like Amanda Fischer have called it an 'embarrassing day' for the United States — United States Securities and Exchange Commission, questioning its protection of investors. This case is separate from another civil lawsuit where a San Francisco jury held Elon Musk liable for defrauding Block, Inc. shareholders after announcing the buyout.