Elon Musk discloses that he received a 'demand for settlement' from the SEC following investigation into his Twitter buyout.

• Elon Musk has received a "settlement demand" from the Securities and Exchange Commission, as per a Thursday social media post by the tech billionaire.
• The federal financial regulator is requesting that Musk accept conditions, including a penalty, or face legal action on multiple counts related to "Twitter Share Purchases, Sales, and Disclosures."
• In 2022, the SEC investigated whether Musk committed securities fraud while selling Tesla shares and acquiring a stake in Twitter prior to his leveraged buyout.

Elon Musk, the tech billionaire, received a "settlement demand" from the Securities and Exchange Commission, as he disclosed in a social media post on Thursday.

A letter from Musk's attorney, Alex Spiro of Quinn Emanuel, was included in the post.

The federal agency pressured Musk to settle a dispute over Twitter shares within 48 hours or face charges.

In 2022, the SEC investigated whether Musk or anyone working with him committed securities fraud while selling Tesla shares and acquiring a stake in Twitter, which was later renamed X, in preparation for a leveraged buyout of the social network.

Gary, how could you do this to me? Musk expressed his disappointment in a post he shared on X late Thursday, accompanied by an emoji depicting a tearful face and a copy of Spiro's letter.

In a post on Thursday, Musk stated that he had asked @Grok to create a picture of @GaryGensler. The resulting image depicted Gensler as a snail-like creature wearing a suit.

An anonymous source close to the probe revealed to CNBC that the SEC recently sent Musk a settlement offer, but he was given more than 48 hours to respond.

If the SEC cannot agree on a settlement with Musk, charges may not be filed immediately.

On Thursday, Gensler, Musk, and Spiro declined to provide comment.

The lawyer of Musk contended in a letter that the SEC has been harassing Musk for over six years through investigative actions, including the recent reopening of an investigation into Neuralink.

Spiro claimed that he had been personally subpoenaed by SEC staff but refused to comply. He accused the agency of an "improperly motivated campaign against Mr. Musk and the individuals and companies associated with him," and demanded to know whether the White House or the SEC had directed this action against his client.

In 2018, the SEC accused Musk of civil securities fraud for tweeting about taking Tesla private at $420 per share and having "funding secured," even though no such deal occurred.

The SEC fined Musk and Tesla $20 million each, and they reached a revised settlement agreement that mandated Musk to temporarily step down as Tesla's chairman. Despite this, Musk has consistently shown his disapproval of the SEC.

In recent years, the Tesla, SpaceX, and X leader has emerged as a significant Republican mega-donor, contributing to President-elect Donald Trump's successful re-election campaign.

In July, Trump pledged to dismiss the SEC chairman. However, following his election victory, Gensler revealed that he would resign from his position.

The Oklahoma Firefighters Pension and Retirement System accused Musk of hiding his investments in Twitter and intending to acquire the company in a civil lawsuit related to the SEC probe of the Twitter deal.

Musk's failure to disclose his investments in and intentions to buy Twitter influenced other shareholders' decisions and put them at a disadvantage, according to the pension fund's attorneys.

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