Elon Musk’s trust has agreed to pay $1.5mn, a fraction of the sum originally sought, to settle a case in which the US Securities and Exchange Commission accused him of failing to properly disclose stakes in Twitter.
The SEC and the Elon Musk Revocable Trust asked a federal judge in a joint filing on Monday to accept the deal, after which the agency said it would file a dismissal of Musk that would “entirely” resolve the case, in which the regulator initially sought at least $150mn.
Musk’s proposed settlement comes after the SEC showed leniency towards several figures and businesses with ties to the Trump administration, notably dismissing cases against crypto exchanges Coinbase and Kraken, both of which have donated to the president.
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