March 17 (Reuters) – Elon Musk and the U.S. Securities and Exchange Commission are in talks to settle the regulator’s lawsuit accusing the world’s richest person of waiting too long to disclose his purchases of Twitter shares in 2022.
In a court filing, the SEC and Musk said they are “engaged in discussions of a potential resolution that would mean further proceedings might not be necessary.”
Both sides asked the presiding judge to extend until April 1 from March 18 a deadline to propose a schedule for further proceedings.
Neither the SEC nor lawyers for Musk could immediately be reached for comment.
The SEC sued Musk in January 2025, saying his 11-day delay in revealing his initial 5% Twitter stake in late March and early April 2022 let him buy more than $500 million of shares at artificially low prices.
It has argued that Musk should pay a civil fine and repay the $150 million he allegedly saved at the expense of unsuspecting investors. Musk has called the delay inadvertent.
(Reporting by Jonathan Stempel and Chris Prentice in New York; Editing by Alison Williams)
