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Under a the system they want filed by the SEC yesterday, the Elon Musk Revocable Trust “will be permanently barred and enjoined from violating” Section 13(d), and the trust will be ordered to pay fines to the SEC. The trust did not admit or deny the SEC’s claims, court records show he said.
Musk’s lawyer, Alex Spiro, “said in a statement that regulators only paid the fines while rejecting Musk’s claims,” he said. according to The Wall Street Journal.
“Mr. Musk is now removed from all actions related to the delay in the forms in the acquisition of Twitter, as we said from the beginning that he would be,” said Spiro. “Reliable Car has agreed to pay a small fine for late booking one.”
A jury found Musk guilty of perjury
US District Judge Sparkle Sooknanan rejected Musk’s actions to settle the case in February 2026.
“In his statement, Mr. Musk does not dispute that the Complaint sufficiently alleges that he has disregarded the disclosure requirements of Section 13(d),” Sooknanan wrote. “Rather, he challenges the constitutionality of the statutes. He argues that Section 13(d) cannot be imposed on him because it burdens his constitutional rights under the First Amendment by forcing him to speak against his will; that Section 13(d) is unconstitutional; that the SEC is enforcing Section 13 against him; Immunity from removal. The plain application of the statute shows that there is no basis in fact that would allow this case to be removed.
In a a different case related to Musk’s purchase of Twitter, a federal jury found that Musk is responsible for misrepresenting the number of bot and spam accounts on Twitter. Musk made the claim as he tries to get back on his contract to buy social media. The group’s lawsuit alleges that Musk’s misrepresentations caused them to sell at low prices.
“Damages have not been calculated but Francis Bottini, a lawyer for the shareholders, said they could be around $2.5 billion,” Reuters he wrote after the March 20 decision.
