A federal judge on Wednesday authorized a consent judgment, putting an end to a Securities and Exchange Commission (SEC) lawsuit against Elon Musk over his alleged failure to, in a timely manner, disclose stock purchases in Twitter ahead of his 2022 takeover of the social media company.
U.S. District Judge Sparkle L. Sooknanan entered the revised consent judgment. The ruling orders Musk’s revocable trust to pay a $1.5 million civil penalty, which represents the largest ever for a standalone violation of Section 13(d) of the Securities Exchange Act.
The ruling submits the trust to a permanent injunction against future violations of the disclosure rule. The SEC will in turn revoke all claims against Musk personally as part of the deal….