On May 4, 2026, the U.S. 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 to this action. 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 (“Exchange Act”).
The SEC simultaneously moved for entry of a consent final judgment as to the Revocable Trust. 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.
As explained in the consent motion, 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.