Tesla Inc.’s stock price rose Wednesday, a sign that the electric-vehicle maker’s shares might stabilize after falling for three consecutive days.

Over the weekend, Chief Executive Elon Musk agreed to abide by a Twitter poll that called for him to sell 10% of his stake in the company. Shares have fallen more than 16% since that tweet, with 12% of that decline coming in Tuesday’s trading session—its biggest one-day drop since Sept. 8, 2020.

Tesla...

Tesla Inc.’s stock price rose Wednesday, a sign that the electric-vehicle maker’s shares might stabilize after falling for three consecutive days.

Over the weekend, Chief Executive Elon Musk agreed to abide by a Twitter poll that called for him to sell 10% of his stake in the company. Shares have fallen more than 16% since that tweet, with 12% of that decline coming in Tuesday’s trading session—its biggest one-day drop since Sept. 8, 2020.

Tesla shares rose 4% early Wednesday.

Mr. Musk hasn’t yet filed forms with the Securities and Exchange Commission informing them of a share sale, online records show.

Despite the dip, Tesla shares remain up more than 40% since the start of the year and its market value is above $1 trillion—one of the largest and most influential stocks in the S&P 500. Mr. Musk is Tesla’s largest shareholder, with around 17% of the company, according to FactSet.

“His renegade nature seems to take investors by surprise and I think that’s what we’ve seen again with this latest share slide,” said Susannah Streeter, a senior investment and markets analyst at Hargreaves Lansdown. She warned that given Tesla’s size, the slide could bleed into the overall market, though over the past few days broad indexes have moved little off all-time highs.

Tesla’s shares are notoriously volatile. They have a relatively limited so-called free float, or the amount of shares regularly traded and not held by insiders. Statements from Mr. Musk, a prolific tweeter, have caused sharp moves in Tesla’s shares—popular among individual investors—as well as joke cryptocurrencies dogecoin and Shiba Inu coin.

A sale share could provide Mr. Musk, who has at times said he was cash-poor, with a sizable liquidity infusion and go a long way toward helping the billionaire pay a bill likely coming due from the Internal Revenue Service.

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.’ He said the electric-vehicle maker would continue expanding in California. Photo: Brendan Smialowski/AFP/Getty Images The Wall Street Journal Interactive Edition

Write to Caitlin Ostroff at caitlin.ostroff@wsj.com