Musk, SEC Explore Settlement Over Twitter Stock Disclosure
In a submission to the district court in Washington on Tuesday, filed jointly by the SEC and Musk’s legal team, the parties reported that they had convened and engaged in discussions.
According to the court filing, both sides are involved in talks about a “potential resolution” that might eliminate the need for additional court proceedings.
They requested the court to prolong the deadline for filing a combined status update by two weeks, pushing it to April 1, to allow the negotiations to continue.
The SEC initiated the lawsuit against Musk last January, focusing on his acquisition of shares in Twitter, which is now under Musk’s ownership and known as X.
The complaint claimed that Musk breached federal securities regulations by not promptly submitting a report to the SEC that he had obtained more than 5% of Twitter’s shares in March 2022.
The regulatory body asserted that this delay enabled Musk to purchase shares at lower prices, resulting in underpayment of at least $150 million.
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