According to PANews on December 13, CNBC reported that Musk revealed the U.S. Securities and Exchange Commission (SEC) had issued him a settlement request, demanding he accept fines and other conditions within 48 hours, or face multiple charges related to 'the purchase, sale, and disclosure of Twitter shares.'
The SEC is investigating whether Musk engaged in securities fraud before his acquisition of Twitter (now X) in 2022, including whether his sale of Tesla stock to purchase Twitter shares violated disclosure obligations. The SEC previously sued Musk for his 2018 'Tesla privatization' tweet, resulting in Musk and Tesla each paying a $20 million fine.
Musk's lawyers accused the SEC of 'more than six years of continuous harassment' and questioned whether the actions were directed by the White House or SEC leadership. Additionally, reports indicate that Musk is facing other civil lawsuits related to the Twitter deal, including allegations of failing to timely disclose his investment intentions to influence other shareholders' decisions.
