Elon Musk and the U.S. Securities and Exchange Commission (SEC) reach a proposed settlement resolving the SEC’s claims that Musk filed delayed disclosure reports about his beneficial ownership in Twitter, now known as X. Under the agreement, Musk is set to pay a $1.5 million civil penalty. The settlement follows years of litigation over the late 2022 timeline after Musk bought Twitter/X for about $44 billion. The SEC had alleged that the disclosure delay harmed other shareholders and quantified the alleged impact at roughly $150 million. Multiple outlets report that the proposed $1.5 million penalty is the maximum civil penalty sought for this type of violation. The settlement terms described in coverage indicate that Musk does not admit wrongdoing. Sources also state that Musk is not required to pay back the $150 million the SEC alleged he may have saved from the delay. The settlement is outlined in court documents and is presented as resolving the SEC’s lawsuit brought after the delayed filings.