Longtime Tesla executive Drew Baglino, who joined Tesla in 2006, has sold $181.5 million worth of Tesla shares.
futurism.com
APR 26, 12:27 PM EDT
by
VICTOR TANGERMANN
/
ADVANCED TRANSPORT
PEACE OUT
A TESLA VICE PRESIDENT JUST QUIT AND SOLD $181 MILLION OF ITS STOCK
CASHING OUT.
GETTY / FUTURISM
Abandon Ship
Tesla is going through a crisis right now.
The company, which posted disastrous first-quarter results earlier this month, isn't just losing over ten percent of its
rank-and-file workforce due to layoffs. A number of high-profile insiders have also abandoned ship.
Take longtime Tesla executive Drew Baglino, who joined Tesla in 2006 — and now, just ten days after announcing his resignation, he's sold a staggering $181.5 million worth of Tesla shares, according to a Thursday
filing with the Securities and Exchange Commission.
Baglino is
one of three top executives who resigned this month, including VP of investor relations Martin Viecha and longtime public policy VP Rohan Patel.
It doesn't take much reading between the lines to see that the EV maker is in for some big changes —
and a very tough year ahead. Even the company's stalwart executives, who have stood by CEO Elon Musk's side for well over a decade, are looking to leave for greener pastures — and, strikingly, cashing out on the way out the door.
"I made the difficult decision to move on from Tesla after 18 years yesterday," Baglino
tweeted earlier this month, making no mention of a stock dump. "I am so thankful to have worked with and learned from the countless incredibly talented people at Tesla over the years."
Hands-Free Leadership
Baglino became the company's VP of powertrain and energy engineering in 2016 and started reporting to Musk directly at the time, as
CNBC reports. Many colleagues saw him as the unofficial chief of operations.
"Thanks for everything you’ve done for Tesla," Musk
tweeted in response to Baglino's announcement. "Few have contributed as much as you."
Baglino and his two fellow executives' departures highlight a signifcant shift in strategy, with Musk announcing that the company is
doubling down on realizing a "robotaxi" nicknamed "Cybercab" — which likely won't materialize for a
number of years, given the billionaire's
long-established track record of making empty promises and overly optimistic predictions.
"If somebody doesn’t believe Tesla’s going to solve autonomy, I think they should not be an investor in the company," Musk told investors during this month's earnings call.
For their part, however, investors are seemingly unimpressed with Musk's plans. The company's stock is down around 40 percent so far this year — and analysts
fear the worst is still to come.
More on Tesla: Facebook Cofounder Says Tesla Has Committed "Consumer Fraud on a Massive Scale," Will End in Jail
. But he's too blinded by his own Elon fandom to realize it.
