Musk agrees to pay $1.5 mn over Twitter share buying

AFP | Washington

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Elon Musk on Monday agreed to pay a small amount to end a government lawsuit that accused him of breaking stock market rules when he was secretly buying up shares of Twitter before his $44 billion takeover of the social media platform in 2022.

Musk’s trust will pay a $1.5 million fine under the deal, which was filed in a Washington federal court and still needs a judge’s approval.

The case involves Musk’s missing a statutory deadline for notifying regulators as he bought more and more Twitter shares ahead of the takeover. Musk’s attorney Alex Spiro cast the outcome as a vindication, saying his client “has now been cleared of all issues related to the late filing of forms in the Twitter acquisition, as we said from the outset he would be.”