Tesla share price fell on Monday after CEO Elon Musk promised to sell 10% of his stake, or $25 billion — as was decided by millions of users in a Twitter poll.
Stock price of Tesla was exchanging hands at $1,162 per share as of 4:00 p.m. ET, down approximately 4.84% from its Friday closing price of just over $1,222.
The price fall comes after Elon Musk — who is worth an estimated $338 billion, mostly in Tesla stock — asked users on Twitter if he should sell a major stake in the electric car company.
“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?” he asked his Twitter followers during the weekend alongside a poll.
The current world richest person, who has around 63 million followers on Twitter, gave users the option to vote “Yes” or “No” and promised to obey the results of the poll.
More than 3.6 million followers responded in the poll, and almost 58% voted in favor of the sale. Musk has not yet said when exactly he might sell his 10% in the company.
However, although the way Elon announced his move came as a shock to his followes, many analysts have expected Elon Musk to sell some of his stake in Tesla this year.
Elom Musk has repeatedly stated that he does not receive any salary from any of the companies that he runs and is only compensated through stock options.