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According to the Financial Times, on May 14, U.S. Federal Judge Sparker Sorknanan refused to immediately approve the $1.5 million settlement agreement reached between Elon Musk and the U.S. Securities and Exchange Commission (SEC), citing 'red flags' in the agreement. The agreement aims to resolve the SEC's lawsuit against Musk for delaying the disclosure of increased stock holdings during his acquisition of Twitter (now renamed X) in 2022. The SEC accused Musk of delaying the disclosure, allowing him to continue buying Twitter shares at a lower price, saving approximately $150 million and harming the interests of other investors. The judge stated that more information is needed to assess the fairness of the agreement and whether it was subject to undue influence before approval, and ordered both parties to appear in court on May 13 to submit statements of the case.
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