Former Tesla executive Drew Baglino has just sold his shares in the company worth approximately $181.5 million, Reuters reports, citing an SEC filing on Thursday.
Drew Baligno sold about 1.14M Tesla shares
Powertrain and Energy Engineering Ex-Senior Vice President Drew Baglino recently sold about 1.14 million Tesla shares totaling roughly $181.5 million.
The move apparently marks the third time the Tesla exec exercised his stock options in 2024. It sold just below $4 million in Tesla shares before the latest round.
Hard decision
Ex-Tesla SVP Drew Baglino announced his plans to leave the American electric vehicle giant after 18 years in mid-April. He asserted that the move was “difficult” without specifying the reason behind his decision to resign from his high-ranking position.
“I made the difficult decision to move on from Tesla after 18 years yesterday. I am so thankful to have worked with and learned from the countless incredibly talented people at Tesla over the years.”
Ex-Tesla SVP Drew Baglino
Apart from Mr. Baglino, ex-Public Policy and Business Development VP Rohan Patel also announced his departure from Tesla on X after eight years. He expressed his appreciation to the Musk-led company, even noting that Tesla’s Policy and Business Development team is one of the best in the industry.
Tesla layoffs
Tesla executives’ resignation came following the company’s announcement of layoffs in its global workforce.
The electric vehicle giant is cutting 10% to 20% of its workforce to aid its next growth phase and eliminate redundancies.
“So if a company is sort of, organizationally, is five percent wrong per year, that accumulates to 25, 30 percent of inefficiency. We’ve made some corrections along the way, but it is time to reorganize the company for the next phase of growth.”
Tesla CEO Elon Musk said during the Q1 2024 earnings call
Drew Baglino’s resignation is undoubtedly a huge hit to the American automaker, as he had become a familiar voice and face to shareholders. It would be interesting to see how Tesla would fare with its recent organizational changes.
