Tesla shares fall after Elon Musk’s Twitter poll backs sell-off plan.

Tesla shares fall after Elon Musk’s Twitter poll backs sell-off plan.
Tesla’s Frankfurt-listed shares fell about 9% in early trading on Monday as investors prepared for the chief executive Elon Musk’s proposed sale of about a tenth of his holdings in the electric carmaker after 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 poll attracted more than 3.5m votes and 57.9% of people voted “yes”.
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Musk had said previously he would have to exercise a large number of stock options in the next three months, which would create a big tax bill.
Selling some of his stock could free up funds to pay the taxes.
“I was prepared to accept either outcome,” Musk said, after the voting ended.
Market participants expected speculators would try to front-run his selling.