Tesla share falls after Elon Musk\`s Twitter poll

Tesla shares have fallen by 4.9% after Twitter users voted in favour of boss Elon Musk selling 10% of his stake in the carmaker in order to pay tax.

Mr Musk polled his Twitter followers on whether he should sell the shares_ and 58% of the 3.5 million accounts that voted said he should.

It could see him dispose of nearly $21bn (£16bn) of stock.

Mr Musk held the poll over the weekend in response to a "billionaires tax" proposed by US Democrats.

Mr Musk - who is one of the world's richest people - pledged that he would abide by the results of the poll_ "whichever way it goes".

The Democrats had proposed plans to target billionaires by taxing their assets_ such as shares.

Billionaires are often compensated in shares_ which means their wealth rises or falls depending on the stock price. But they only pay tax on the gains once the shares are sold.

Mr Musk has a large number of stock options which are due to expire next year. In order to exercise them_ Mr Musk would have to pay a large tax bill.

As of 30 June_ Mr Musk's shareholding in Tesla came to about 170.5 million shares and selling 10% would amount to close to $21bn based on Friday's closing prices.

The chief executive_ who currently owns a 23% stake in Tesla_ has yet to comment publicly on the Twitter poll result.

Mr Musk said on Twitter he takes no salary or bonuses from any of his companies_ meaning he has no earnings on which to pay income tax.

"Elon Musk doesn't like to do things in a conventional way and so holding a poll on Twitter about whether he should sell 10% of his stake in Tesla might seem crazy_ but one could say it is normal behaviour for him_" said Russ Mould_ director at AJ Bell Investment.

Mr Mould said the situation was an "open invitation for sellers to "place a bet that the shares will fall" which would generate a profit for them if the stock declined in price.

The Securities and Exchange Commission_ the US regulator_ declined to comment.