SEC defends Musk Twitter settlement, saying it reflected ‘compromises’

The Securities and Exchange Commission (SEC) on Monday defended its decision to settle with billionaire Elon Musk over the delayed disclosure of his stake in Twitter, now known as X, after the judge raised questions about the settlement.

The SEC said in May that it had reached an agreement with Musk to pay a $1.5 million penalty for failing to properly disclose when his stake in Twitter surpassed 5 percent as he bought up stock in the company in early 2022.

The agency argued the settlement reflects “compromises by all parties” and touted the fine as the largest penalty it has ever obtained in a case involving this type of securities violation.

“This agreement arises from extensive negotiations among counsel of record over the........

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