Gate News reports that on March 18, U.S. Securities and Exchange Commission (SEC) court documents show Elon Musk is negotiating a settlement with the SEC over his failure to disclose his purchase of Twitter (now X) stock in a timely manner before making a takeover offer in April 2022. It is reported that SpaceX’s bankers hope to resolve this matter before potentially launching the largest IPO in history. According to U.S. securities laws, investors who acquire 5% or more of a publicly traded company’s shares must disclose their ownership within 10 days of the purchase. However, Musk only disclosed his holdings 21 days after reaching that threshold. Additionally, he filed a “13G” form intended for passive investors, rather than the “13D” form used by aggressive investors, including those intending to make takeover bids. Musk’s lawyers earlier this month informed the court that these settlement negotiations were conducted, at least to some extent, without the involvement of SEC attorneys responsible for the case.
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