Judge has ‘serious misgivings’ about a $1.5M fine over Elon Musk’s Twitter takeover - but approves it anyway
- A judge on Wednesday reluctantly approved a $1.5 million settlement in a lawsuit accusing Elon Musk of failing to immediately disclose his growing stake in what was then Twitter ahead of his eventual acquisition of the platform in 2022.
- District of Columbia federal judge Sparkle Sooknanan wrote that she “significant misgivings” over the terms of the deal with the Securities and Exchange Commission.
- She argued that Musk’s allegedly delayed admission that he owned more than five percent of Twitter, which has been renamed X, is estimated to have saved him upwards of $150 million.
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- A judge on Wednesday reluctantly approved a $1.5 million settlement in a lawsuit accusing Elon Musk of failing to immediately disclose his growing stake in what was then Twitter ahead of his eventual acquisition of the platform in 2022.
- District of Columbia federal judge Sparkle Sooknanan wrote that she “significant misgivings” over the terms of the deal with the Securities and Exchange Commission.
- She argued that Musk’s allegedly delayed admission that he owned more than five percent of Twitter, which has been renamed X, is estimated to have saved him upwards of $150 million.
Sources: The Independent