Musk Settles Twitter Lawsuit for Under $20 Million

The US Securities and Exchange Commission (SEC) has announced a settlement with the trust established by Elon Musk in connection with his acquisition of Twitter, resolving allegations that he underpaid taxes on his 2022 stock purchases. According to reports, the SEC alleged that Musk failed to disclose more than $500 million worth of Twitter stock transactions within the required timeframe, which resulted in underpayment of at least $150 million and harmed investors who sold their shares during that period. The settlement will effectively wipe clean Musk’s financial obligations stemming from these allegations. Musk still faces ongoing litigation with Sam Altman, CEO of OpenAI, over a separate dispute, but the resolution of this case marks another significant milestone in his efforts to move past the regulatory hurdles surrounding his high-profile Twitter acquisition.