STORY: Elon Musk has settled a U.S. Securities and Exchange Commission lawsuit against him for a $1.5 million fine.
The suit accuses the world's richest person of waiting too long in 2022 to disclose his initial purchases of shares in Twitter, now known as X.
Under the settlement disclosed Monday, a trust in Musk's name will pay the fine.
The Tesla chief did not admit wrongdoing, and won't have to give up any of the $150 million he allegedly saved from the delay.
Now the settlement requires approval by U.S. District Judge Sparkle Sooknanan, who in February rejected Musk's bid to dismiss the case.
The SEC declined to comment.
In its lawsuit, the regulator said Musk's 11-day delay in revealing his initial 5% Twitter stake let him buy more than $500 million of shares at artificially low prices, before he finally revealed a 9.2% stake.
Musk called the delay inadvertent, and accused the SEC of violating his free speech rights by targeting him.
The case is separate from a civil suit where a San Francisco jury in March held Musk liable for having defrauded Twitter shareholders after announcing the buyout.
