Musk Agrees to Settle SEC Charges for Failing to Report Beneficial Ownership of Twitter Shares

Elon Musk and the Musk Revocable Trust ("Musk") agreed to settle SEC charges for failing to timely file beneficial ownership reports, as required, after acquiring more than five percent of the outstanding shares of Twitter.

Under a consent motion filed  in the U.S. District Court for the District of Columbia, the SEC would permanently restrain and enjoin Musk from violating Exchange Act Section 13(d) ("Periodical and other reports") and Rule 13d-1 ("Filing Schedules") including by failing to file a Schedule 13D within five business days after directly or indirectly acquiring beneficial ownership of more than five percent of any equity security registered under the Exchange Act.

Musk consented to the entry of the Final Judgment without admitting or denying the violations. Musk also agreed not to seek or accept reimbursement or indemnification from any source, including from an insurance policy, and not to claim a tax deduction or credit for the penalty amount.