Judge approves Musk’s $1.5m SEC Twitter settlement despite ‘red flags’
A federal judge has approved the Securities and Exchange Commission’s settlement with Elon Musk over his late disclosure of a Twitter stake, closing a case that has run for years.
US District Judge Sparkle L. Sooknanan entered the consent judgment on Wednesday in Washington, DC, despite what she described as significant misgivings about the deal.
The dispute traces back to Musk’s 2022 bid for Twitter, as he built a stake. The agreement, first announced in early May, orders a revocable trust in Musk’s name to pay a $1.5m civil penalty.
That is the largest sum the SEC has ever secured for a standalone violation of Section 13(d) of the Securities Exchange Act, the rule that governs beneficial-ownership disclosure.
The 💜 of EU tech
The latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week,...
Copyright of this story solely belongs to thenextweb.com. To see the full text click HERE
