I have Cubase Elements 9.5 and I recently performed the update to 9.5.40 (previously on 9.5.30). However, after the update installed, I ran Cubase and I noticed that while it was launching, it still said 9.5.30. Has anyone had that problem? One thing I did notice that while it was updating, it did state that there were no changes to Cubase Elements. The only thing that was updated was Halion Sonic SE. Would appreciate anyone’s assistance.
It should list CB E 9.5.40.
Maybe you tried to update Elements using the update for the Pro or Artist version by mistake. Here is the link for the CB E 9.5.40 update.
Regards. 
Thanks for replying; however, I have a few questions. I went ahead and tried the download you posted, but as the pictures indicate, they were not listing any updates for Cubase just for HaLion Sonic SE. Anybody know why this is happening. BTW, I decided not to install since I had already updated it, and it was the Elements update.
You said you already updated to CB Elements 9.5.40. So if you run the update installer a 2nd time it would not update it again. So, apparently, the only update that applied to your software was the one for HSSE.
But, you said that when launching after the update Cubase still listed 9.5.30. I assume the 9.5.30 is listed on the Cubase splash screen during startup. What does it list in the Cubase>Help>About Cubase screen? If that one lists 9.5.30 then either something went wrong with the update or… maybe somehow your Cubase shortcut is pointing to an older version installed at a different location.
Please report what is listed in the Cubase>Help>About Cubase screen and what your computer OS is.
Regards