Investor sues Elon Musk over Twitter filing delay

However, the way he bought those shares last week led to a lawsuit this week.

On Tuesday, investor Mark Rusella sued Musk for not reporting its purchase to the Securities and Exchange Commission earlier.

Russella claims that Musk’s decision to wait past the SEC-set deadline to disclose his stake resulted in Russella losing money because he sold Twitter shares at “artificially low prices” without knowing Musk had made a large purchase on the social media platform . according to complaint.

After Musk told the SEC about his newly acquired Twitter shares in April and became the company’s largest outside shareholder, his stock price rose over 27%.

“Plaintiff and Klass would not have sold Twitter securities at the sale price, or not sold at all, had they known that market prices were artificially and falsely low by Respondent’s misleading statements,” the lawsuit states.

The lawsuit does not ask for a specific amount in damages, but says Musk saved about $143 million by filing the form after the SEC deadline and buying shares in the meantime.

Musk did not immediately respond to a HuffPost request for comment.