Tesla stock dropped more than 5% in early trading Monday after CEO Elon Musk asked his Twitter followers whether he should sell 10% of his stake in the electric vehicle company.
Tesla’s stock was down 5.3 percent to $1,157.30 at 09:16 a.m. ET on Monday, down from $1,222.09 at Friday’s market close. Shares had fallen nearly 7% in pre-market trading on Monday.
It comes after Musk urged his 62.5 million Twitter followers to help him decide what to do with a portion of his Tesla stock.
In a Twitter poll launched Saturday, Musk said: “Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?”
The billionaire offered people the choice of voting “Yes” or “No” and promised to follow the poll’s results regardless of the outcome.
A total of 3,519,252 people voted, with 57.9% of them voting “Yes.”
Musk previously said that he planned to sell “a huge part” of his stock in the fourth quarter.
Musk indicated in September at the Code Conference in Beverly Hills, California, that when his Tesla stock options expire, his marginal tax rate would be above 50%, and that he was likely to sell shortly.
“I have a bunch of options that are expiring early next year, so … a huge block of options will sell in Q4 — because I have to or they’ll expire,” he said.