Tesla shares fall 5.5% after Twitter users vote for Elon Musk to sell stock

Tesla Inc. shares fell 5.4% in premarket trading on Monday as investors prepared for CEO Elon Musk’s proposed sale of about a tenth of his holdings in the electric carmaker following his Twitter poll.

Musk, the world’s richest person, tweeted on Saturday that he would offload 10% of his stock if users of the social media network approved the proposal. The Twitter poll asking Musk’s followers if he should sell stock garnered more than 3.5 million votes, and 57.9% of the people voted “Yes”.