SEC Demands Settlement From Musk Over Twitter Stock Deal

According to Odaily, Elon Musk has revealed that the U.S. Securities and Exchange Commission (SEC) has issued a settlement demand, requiring him to accept fines and other conditions within 48 hours. Failure to comply could result in multiple charges related to the purchase, sale, and disclosure of Twitter shares. The SEC is investigating whether Musk engaged in securities fraud prior to his 2022 acquisition of Twitter, now known as X. This includes examining whether his sale of Tesla stock and subsequent purchase of Twitter shares violated disclosure obligations. Previously, the SEC sued Musk over his 2018 tweet about taking Tesla private, which resulted in Musk and Tesla each paying a $20 million fine. Musk's legal team has accused the SEC of "over six years of continuous harassment" and questioned whether this action was directed by the White House or SEC leadership. Additionally, Musk is reportedly facing other civil lawsuits related to the Twitter transaction, including allegations that he failed to disclose his investment intentions in a timely manner, potentially influencing other shareholders' decisions.