Elon Musk settles Twitter case against the feds with fund changes

On May 4, 2026, the US Securities and Exchange Commission filed an amended complaint to add the Elon Musk Revocable Trust dated July 22, 2003 (the “Revocable Trust”) as a defendant in this case. The amended complaint alleges that the defendants failed to file a beneficial ownership report with the Commission after the Revocable Trust acquired beneficial ownership of more than five percent of Twitter, Inc.’s shares. common stock, in violation of the reporting benefit rules under the Securities Exchange Act of 1934 (the “Exchange Act”).

The SEC simultaneously moved to enter a final judgment on the Revocable Trust. Without admitting or denying the allegations of the Revocable Trust’s complaint, the Revocable Trust agreed to enter a final judgment, subject to court approval, which would have prohibited it from violating Section 13(d) of the Exchange Act and Rule 13d-1 below and ordered it to pay a civil penalty of $1.5 million.

As explained in the official decision, if the court enters a final decision related to the Revocable Trust as described by the Revocable Trust and the SEC, the SEC will issue a decision confirming Elon Musk’s position, which will resolve the matter completely.