Musk Plans to Settle with SEC Over X Stock Disclosure Issue, Paving the Way for SpaceX IPO

Odaily News According to a report from the AXIOS website, based on a court filing from the U.S. Securities and Exchange Commission (SEC), Elon Musk is in settlement negotiations with the SEC regarding his failure to disclose his purchase of Twitter stock before issuing a takeover offer in April 2022. The report states that SpaceX's bankers hope to resolve this matter before potentially launching what could be the largest IPO in history. According to regulations, investors who purchase 5% or more of a publicly traded company's shares must disclose their ownership within 10 days of the purchase. However, Musk disclosed his holdings 21 days after reaching that threshold. He also filed a "13G" form, which is applicable to passive investors, instead of using the "13D" form intended for activist investors, including those planning to make a takeover offer. Musk's lawyers told the court earlier this month that, at least to some extent, these settlement negotiations were conducted without the involvement of the SEC enforcement lawyers handling the case. (Jin10)