Drew Baglino, a former Tesla executive who played a significant role in the company’s journey as a member of its leadership team, has recently sold shares worth a substantial $181.5 million, as reported by a SEC filing on Thursday. Baglino’s departure from the company came just last week, amidst Tesla’s announcement of plans to reduce its global workforce by more than 10% in order to prepare for the “next phase of growth” through cost reduction and productivity enhancement.
Baglino, a long-serving employee of Tesla since 2006, had held the position of senior vice president of powertrain and energy engineering. His departure coincided with Tesla’s decision to streamline its operations, a move that has generated considerable industry buzz.
The SEC filing reveals that Baglino exercised a stock option, resulting in the sale of approximately 1.1 million shares. The filing also indicates an “approximate date of sale” of April 25th for this transaction. Notably, this is not Baglino’s first stock sale this year; he has previously exercised stock options twice, selling shares worth around $4 million.
This news of Baglino’s major stock sale has garnered attention in the financial world and the automotive industry, particularly in light of Tesla’s recent announcements regarding workforce reduction and strategic shifts. The sale underscores the dynamic nature of the EV market and the ongoing evolution within the industry.
