You’ve Got Insider Scoop on Tesla’s Recent Changes
In a recent internal memo, Elon Musk disclosed that Tesla will be downsizing its workforce by about 10%, leaving many employees uncertain about their future at the company. One notable departure is Andrew ‘Drew’ Baglino, who served as the senior VP of Tesla’s powertrain and energy engineering team for almost two decades before making the tough decision to leave.
An Insider Move Worth Over $2 Million📉
Before his exit, Baglino made a significant trade involving Tesla shares. Just two weeks before his departure, he sold 10,500 shares, pocketing a profit of $1.85 million. This wasn’t his first sell-off, as earlier in 2024, Baglino also disposed of a substantial number of shares, pulling in over $2 million.
Tesla Stock Faces Insider Selling Pressure in 2024📉
Baglino’s sales are just a fraction of the insider trades happening at Tesla. Robyn Denholm, the Chairman of the board of directors, has been offloading TSLA shares, selling nearly $35 million worth since the beginning of the year. This influx of insider selling comes at a time when Tesla’s stock has been on a downward spiral, dropping by more than 33% since the start of the year.
This slump has raised concerns about Tesla’s future performance, leading to repercussions such as price cuts and layoffs. With Tesla closing at its lowest price in over 11 months, investors are wondering if this is just the beginning of more challenges ahead for the electric vehicle giant.
Hot Take: What’s Next for Tesla’s Stock?🔥
As a crypto enthusiast, you now have the inside scoop on the recent insider trading activities at Tesla, shedding light on the uncertainties surrounding the company’s future. With insider selling pressure mounting and stock prices taking a hit, it’s essential to keep a close watch on Tesla’s performance in the coming months to gauge whether the current challenges are temporary hiccups or signs of deeper troubles ahead. Stay tuned for more updates on Tesla’s stock movement and how it may impact the broader EV market.
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