Musk and the SEC have failed to reach a settlement in the Twitter case, and both sides will proceed to trial

According to Jinshi Data, Elon Musk and the U.S. Securities and Exchange Commission (SEC) informed the judge that both sides are heading towards a trial to resolve the regulatory agency's allegations that Musk deceived investors of the social media platform before acquiring Twitter in 2022.

As the joint case progress report was submitted to the Washington federal court on Wednesday local time, it was only two weeks since both parties' lawyers indicated they were negotiating a settlement. The lawyers stated in the new document that they and their clients have discussed alternative dispute resolution options.

The document states: "Both parties believe that, under the current circumstances, the court's alternative dispute resolution procedures or any other form of alternative dispute resolution would be of no benefit to this case." Musk has recently faced setbacks in other legal cases related to his acquisition of Twitter four years ago.