In July this year, Trump vowed to fire the SEC chairman. After Trump's election victory, Gensler announced that he would be resigning from his post instead.
In a separate civil lawsuit concerning the Twitter deal, which is a focus of the recent SEC probe, the Oklahoma Firefighters Pension and Retirement System sued Musk accusing him of deliberately concealing his progressive investments in the social network, and intent to buy out the company.
The pension fund's attorneys argued that Musk, by failing to clearly disclose his investments in and intentions to buy Twitter, had influenced other shareholders' decisions and put them at a disadvantage.