On May 4, 2026, the U.S. Securities and Exchange Commission filed an amended complaint to add the July 22, 2003 Elon Musk Revocable Trust (“Revocable Trust”) as a defendant in this action. The amended complaint alleges that Twitter, Inc. was held by a revocable trust in violation of beneficial ownership reporting requirements under the Securities Exchange Act of 1934 (the “Exchange Act”). The defendants failed to timely file beneficial ownership reports with the Commission after they acquired beneficial ownership of more than five percent of the outstanding shares of common stock.
The SEC also applied for entry of consent final judgment with respect to the Revocable Trust. Without admitting or denying the allegations in the complaint regarding Revocable Trust, Revocable Trust agreed to the entry of a final judgment, subject to court approval, that would permanently enjoin it from violating Section 13(d) of the Exchange Act and Rule 13d-1 thereunder and order it to pay a civil penalty of $1.5 million.
As set forth in the Consent Motion, if the Court enters the proposed final judgment regarding the Revocable Trust and the SEC’s proposed Revocable Trust, the SEC will file a scheduled dismissal of Elon Musk in his individual capacity, which will fully resolve this matter.
<a href