Investing.com -- Elon Musk and the U.S. Securities and Exchange Commission filed separate defenses of their settlement agreement regarding Musk’s Twitter share purchases after a federal judge questioned the deal.
Musk described the settlement as a fair and reasonable resolution where both parties made compromises, according to a filing submitted Monday in Washington, D.C. federal court.
The SEC filed separately on Monday, stating the agreement allows Musk to publicly deny the agency’s accusations under a recent policy change for defendants who settle enforcement actions.
The settlement requires a trust in Musk’s name to pay a $1.5 million civil penalty. The SEC had accused Musk of waiting 11 days beyond the required deadline in March and April 2022 to disclose his Twitter share purchases, which allegedly allowed him to buy shares at lower prices before other investors became aware.
Musk said the delay was unintentional. He purchased Twitter for $44 billion in October 2022 and later renamed the platform X. Musk’s other business ventures include Tesla (NASDAQ:TSLA) and SpaceX.
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