A Tesla senior VPs that stop final week information to promote all $181 million of his TSLA inventory

Final week, Drew Baglino abruptly stop Tesla after 18 years on the electrical automobile firm, departing from his position as Senior Vice President of Powertrain and Vitality Engineering.

It hasn’t taken the 43-year-old lengthy to sever all ties with Elon Musk’s firm.

At present he filed to promote 1,141,362 shares of the corporate valued at $181 million.

Here’s what he wrote when he departed in tandem with a spherical of layoffs that included 10% of all workers:

I made the tough choice to maneuver on from Tesla after 18 years yesterday. I’m so grateful to have labored with and discovered from the numerous extremely gifted individuals at Tesla through the years.
I cherished tackling almost each downside we solved as a crew and really feel gratified to have contributed to the mission of accelerating the transition to sustainable power, a mission that I’m fairly enthusiastic about.
I’ll all the time have a heat spot for the individuals of Tesla and Tesla merchandise in my coronary heart and need the crew and firm one of the best sooner or later. After I joined as a junior firmware / electrical engineer again in 2006, a future Tesla that produced the world’s prime promoting car was effectively past my anticipated set of outcomes. A reminder to all of us to set greater expectations, I suppose 🙂

The shares he offered look like the ultimate spherical of inventory choices he was entitled to obtain. He had beforehand solely held round $5m value of shares.

The submitting offers him 90 days to promote the inventory however in an organization as massive and liquid as Tesla, the shares are sometimes offered instantly. For example, his 1.1 million shares would have simply been absorbed by the 126 million in quantity at this time.

He had beforehand offered 10,500 shares value $1.85m on April 1 instantly after receiving inventory choices priced at $17.22 and has made constant month-to-month gross sales of shares for years after receiving them, so maybe it is not a mirrored image of something happening on the firm and only a private desire. Nonetheless, this dwarfs all his earlier gross sales.

Or he may very well be following the lead of Musk, who has made almost 400 separate gross sales of TSLA shares previously two years starting from $4 million and ranging as much as $595 million.

What’s additionally notable about TSLA inventory is that there was nearly zero insider shopping for of shares regardless of a greater than 50% drop within the inventory over the previous two years.