SEC Files Complaint Against Elon Musk Revocable Trust for Violating Reporting Requirements
On May 4, 2026, the U.S. Securities and Exchange Commission took legal action by filing an amended complaint that included the Elon Musk Revocable Trust as a defendant. The complaint alleged that the defendants failed to submit a beneficial ownership report to the Commission in a timely manner after the Revocable Trust acquired more than five percent of Twitter, Inc. common stock, violating reporting requirements under the Securities Exchange Act of 1934.
Simultaneously, the SEC requested a consent final judgment regarding the Revocable Trust. The Revocable Trust, without admitting or denying the complaint's allegations, agreed to a final judgment that would permanently prohibit it from violating Section 13(d) of the Exchange Act and Rule 13d-1, along with a $1.5 million civil penalty.
If the court approves the proposed final judgment for the Revocable Trust, the SEC will dismiss Elon Musk in his personal capacity, resolving the case completely.