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In 2022, the U.S. regulator began an investigation after Musk postponed the purchase of a 9.2% share in Twitter. He needed to inform the SEC about the transaction within 10 days, but the notification was submitted 11 days past the deadline: the transaction occurred on March 14, and the notice was received on April 4.
In mid-April of that year, Musk acquired Twitter completely, valued at $44 billion. As reported by Reuters, the SEC stated that the late announcement of the first share acquisition resulted in a savings of around $150 million for the businessman, since the social media company's stock did not rise in value after the initial deal. Under the terms of the settlement with the commission, Musk will pay a penalty without confessing to any wrongdoing.
Reuters noted the previous day that a federal judge sanctioned the regulator's agreement with Musk, even though the SEC voiced "serious concerns" regarding the "red flags" it highlighted. U.S. District Judge Sparkle Sooknanan in Washington stated that her function in determining if the agreement satisfied basic standards of fairness and reasonableness or if it "mocked judicial authority" was restricted. She also wondered if the administration of current US President Donald Trump had "released" the world's wealthiest individual too readily.
source: reuters.com
In mid-April of that year, Musk acquired Twitter completely, valued at $44 billion. As reported by Reuters, the SEC stated that the late announcement of the first share acquisition resulted in a savings of around $150 million for the businessman, since the social media company's stock did not rise in value after the initial deal. Under the terms of the settlement with the commission, Musk will pay a penalty without confessing to any wrongdoing.
Reuters noted the previous day that a federal judge sanctioned the regulator's agreement with Musk, even though the SEC voiced "serious concerns" regarding the "red flags" it highlighted. U.S. District Judge Sparkle Sooknanan in Washington stated that her function in determining if the agreement satisfied basic standards of fairness and reasonableness or if it "mocked judicial authority" was restricted. She also wondered if the administration of current US President Donald Trump had "released" the world's wealthiest individual too readily.
source: reuters.com
