(Reuters) - Elon Musk's social media platform X has agreed to pay about $10 million to settle a lawsuit that U.S. President Donald Trump brought against the company and its former chief executive, the Wall Street Journal reported on Wednesday.

Trump's team considered letting the lawsuit fizzle out, people familiar with the matter told WSJ, citing the billionaire's close proximity to the president and the fact that Musk spent $250 million to help elect him.

But they ultimately moved forward with the settlement, it reported.

X did not immediately respond to a Reuters request for comment.

Last month, Meta Platforms ( META ) said it had agreed to pay about $25 million to settle a lawsuit by Trump over the company's suspension of his accounts after the Jan. 6, 2021, attack at the U.S. Capitol.