Elon Musk, who is also CEO of Tesla, has been accused of violating stock exchange rules when he bought shares in Twitter ahead of his acquisition of the company.
In an agreement with the US Securities and Exchange Commission, Musk, through his foundation, has now agreed to pay $1.5 million, about SEK 14 million. However, the settlement must be approved by a court.
Musk's lawyer Alex Spiro states that the foundation "has agreed to pay a minor fine for submitting a report late."
The case centers on a provision that acquisitions of more than five percent of shares in a listed company must be announced within ten days.
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