PANews reported on December 13 that according to CNBC, Musk revealed that the U.S. Securities and Exchange Commission (SEC) has issued a settlement request to him, requiring him to accept fines and other conditions within 48 hours, otherwise he will face multiple charges involving "purchase, sale and disclosure of Twitter shares."
The SEC is investigating whether Musk committed securities fraud before acquiring Twitter (now X) in 2022, including whether his sale of Tesla stock and purchase of Twitter shares violated disclosure obligations. The SEC previously sued Musk for his 2018 "Tesla privatization" tweet, and Musk and Tesla each paid a $20 million fine.
Musk's lawyers accused the SEC of "continuous harassment for more than six years" and questioned whether the move was directed by the White House or SEC executives. Musk is also reportedly facing other civil lawsuits related to the Twitter transaction, including being accused of not disclosing his investment intentions in a timely manner to influence other shareholders' decisions.
