Tesla Shares Slide After Musk’s Tweet

Carmaker’s chief executive Elon Musk asked Twitter users whether he should sell 10% of his Tesla stock.

Tesla will move its headquarters to Austin, Texas, said CEO Elon Musk, comparing the current crowded operations at the factory in Fremont, Calif., to “spam in a can”.

Musk said the electric-vehicle maker would continue expanding in California. Tesla Inc. shares slid after Musk signaled he was open to selling 10% of his holdings.

Shares in the electric-vehicle maker were down 2.9% midday Monday after Musk launched a weekend poll of his 63 million followers on Twitter, asking them if he should sell the stake, worth around $21 billion at Friday’s market close, to pay taxes.

58% of the 3.5 million participants voted in favor of the sale and Musk tweeted that he had been prepared to accept either outcome.