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Tesla shares fell nearly 8% in morning trading.Musk tweeted on Saturday that he would offload 10% of his stock if users of the social media network approved the proposal.The Twitter poll asking Musk's followers if he should sell stock garnered more than 3.5 million votes, and 57.9% of people voted "Yes".

(Bloomberg) -- Kimbal Musk sold Tesla Inc. shares a day before his brother, Chief Executive Officer

Tesla shares rose more than 2% in premarket trading. Tesla Chief Executive Elon Musk sold about $5 billion in shares, the billionaire reported in filings on Wednesday, just days after he polled Twitter users about selling 10% of his stake.

Rivian shares rose more than 8% in premarket as the stock jumped nearly 30% in its debut.Rivian shares closed at $100.73 on last day, marking a nearly 30% jump from its offering price.That made Rivian the second most valuable U.S. automaker after Tesla Inc, which is worth $1.06 trillion. Despite just having started selling vehicles and having little revenue to report, Rivian ranked ahead of General Motors Co at $86.05 billion, Ford Motor Co at $77.37 billion, and Lucid Group at $65.96 billion.