Elon Musk has agreed to pay a $1.5 million fine to end a government lawsuit accusing him of breaking stock market rules when buying Twitter shares in 2022.
The case involved missing a deadline to notify regulators about his stake in Twitter, but Musk's attorney claims the outcome is a vindication and that his client 'has now been cleared of all issues.'
The Securities and Exchange Commission alleged that Musk's delay allowed him to save an estimated $150 million at the expense of other shareholders, but the deal does not require him to pay back those savings.
Musk's trust has agreed to the fine and a promise not to violate the same rule again, without admitting wrongdoing.
The lawsuit was first filed in 2023 and comes on the heels of a separate trial in California where a jury found Musk had misled Twitter investors.
