SaedNews: The controversial case regarding Elon Musk’s purchase of Twitter shares has been closed with the payment of a $1.5 million fine.
According to SAEDNEWS, citing Reuters, Elon Musk has finally ended his legal dispute with the U.S. Securities and Exchange Commission by paying a $1.5 million fine, closing the case related to the delayed disclosure of his Twitter stock purchase in 2022. The U.S. regulator had claimed that Musk delayed announcing the acquisition of more than 5% of Twitter’s shares, during which time he was able to buy hundreds of millions of dollars worth of shares at lower prices.
Under the settlement, the fine is paid through a fund linked to Musk, and he has not admitted any wrongdoing, nor is he required to return any potential profit.
Estimates suggest that the delay allowed Musk to save about $150 million, a figure that has led some analysts to criticize the relatively small size of the penalty. This case is part of a long series of disputes between Musk and the U.S. Securities and Exchange Commission that began in 2018 and continues in other areas, including shareholder-related cases.
