A US federal judge in Washington approved a settlement on Wednesday that will see Elon Musk pay $1.5 million (£1.12 million) to the Securities and Exchange Commission for failing to promptly disclose his 2022 Twitter share purchases, but warned in blunt terms that the deal lets him keep about $150 million (£111 million) in alleged illicit profits and may be a 'one-time deal for Musk.'
The SEC sued Musk in January last year over his rapid accumulation of Twitter stock in early 2022. Under the Securities Exchange Act of 1934, any investor who crosses the 5 per cent ownership threshold in a public company must notify the SEC within 10 days.
