"The amended complaint alleges that the defendants failed to timely file a beneficial ownership report with the Commission after the Revocable Trust acquired beneficial ownership of more than five percent of the outstanding shares of Twitter, Inc. common stock, in violation of the beneficial ownership reporting requirements under the Securities Exchange Act of 1934."
"Without admitting or denying the allegations of the complaint as to the Revocable Trust, the Revocable Trust consented to 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."
"If the court enters the proposed final judgment as to the Revocable Trust as proposed by the Revocable Trust and the SEC, the SEC will file a stipulated dismissal of Elon Musk in his personal capacity, which will resolve this case in its entirety."
On May 4, 2026, the SEC added the Elon Musk Revocable Trust as a defendant for not filing a beneficial ownership report after acquiring over five percent of Twitter shares. The SEC sought a consent final judgment against the Trust, which agreed to a judgment that would prevent future violations and impose a $1.5 million civil penalty. If approved, this judgment would lead to the dismissal of Elon Musk from the case, resolving the matter entirely.
Read at The Verge
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