Elon Musk and his political action committee, America PAC, have agreed to settle two proposed class-action lawsuits over his $1 million-a-day giveaway during the 2024 US presidential election, according to court filings. The settlements, reported by the parties in a federal court in Austin, Texas, on Thursday, are subject to court approval.

The lawsuits were filed by two Arizona residents who said Musk and America PAC misled voters in seven swing states into signing a petition by promising $1 million a day to randomly selected signatories. The terms of the settlements were not made public, and the defendants have denied the allegations.

Musk announced the giveaway in 2024 as he campaigned for Donald Trump. At a hearing, a representative for the PAC, Chris Gober, told a judge that the recipients "are not chosen by chance", contradicting the stated lottery.

Philadelphia's district attorney, Larry Krasner, separately sued to stop the giveaway, calling it an illegal lottery, but his argument was rejected. The Justice Department had warned in 2024 that the giveaways could violate federal laws against vote-buying.

Musk is the chief executive of Tesla and SpaceX and the owner of the social media platform X. A federal judge said in June that Musk had to testify in the lawsuits.