The SEC issued a settlement demand to Elon Musk, alleging potential securities fraud linked to his 2022 purchases and sales of Tesla and Twitter shares. Musk's attorney accused the agency of a six-year campaign of harassment and claimed the SEC pressured Musk to agree to a settlement within forty-eight hours. The probe focuses on Musk’s disclosures during his acquisition of Twitter, now X. A source revealed that the SEC recently sent Elon Musk a settlement offer, allowing more than forty-eight hours to respond. If no agreement is reached, the SEC may issue a Wells Notice before deciding whether to pursue charges.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02SEC issued a settlement demand to Elon Musk alleging potential security frauds
00:07linked to his 2022 purchases and sales of Tesla and Twitter shares.
00:12Musk's attorney accused the agency of a six-year campaign of harassment and claimed
00:15the SEC pressured Musk to agree to a settlement within 48 hours.
00:20The probe focuses on Musk's disclosure during his acquisition of Twitter, now X.
00:24A source revealed that the SEC recently sent Elon Musk a settlement offer,
00:28allowing more than 48 hours to respond.
00:31If no agreement is reached, the SEC may issue a
00:34Wells notice before deciding whether to proceed.