Overview
- A settlement announced Monday between Musk and the SEC sets a $1.5 million payment, according to court filings in Washington.
- The money will be paid by a Musk trust and the deal includes no admission of wrongdoing.
- The agreement does not require him to return the more than $150 million the SEC says he saved by buying shares before disclosing his stake.
- Regulators say he crossed 5% ownership on March 14, 2022, then revealed about 9% on April 4, eleven days after the 10-day disclosure deadline.
- Judge Sparkle Sooknanan rejected his bid to dismiss the case in February and now must approve the settlement before it takes effect.