Former Tesla SVP Drew Baglino is promoting $181.5 million price of inventory

Former Tesla government Drew Baglino, who introduced his resignation earlier this month, offered shares within the electrical automobile firm price round $181.5 million, based on a submitting on Thursday with the SEC.

Baglino, who joined Tesla in 2006, is promoting about 1.14 million of his shares, the submitting stated, itemizing an “approximate date of sale” of April 25, and describing it as an train of inventory choices.

Tesla introduced on April 15 that it is shedding 10% of its international workforce, following a drop in first-quarter deliveries and a steep slide within the inventory value. That day, Baglino and fellow firm veteran Rohan Patel stated they had been leaving the corporate.

Baglino introduced his departure in a statement posted to X.

“I made the tough determination to maneuver on from Tesla after 18 years yesterday,” he wrote. “I’m so grateful to have labored with and discovered from the numerous extremely proficient folks at Tesla through the years.”

Baglino started as an engineer and climbed the ranks, most just lately serving as senior vp of powertrain and power engineering, a job he’d held since 2016. Reporting on to Musk, Baglino was seen because the unofficial chief of operations by many colleagues.

Previous to the most recent sale, Baglino had unloaded about $4 million price of shares in two transactions this 12 months — one in late February and the opposite in early April, filings present. In every case, he offered 10,500 shares, exercising inventory choices in each.

Throughout earnings calls and different main firm occasions, together with a presentation of Tesla’s “Grasp Plan half 3” within the spring of 2023, Baglino had change into a well-recognized voice and face to shareholders, usually discussing mining, battery manufacturing and efficiency.

Baglino did not reply to requests for remark. Tesla additionally did not present a remark.

Baglino’s resigned as Tesla appeared to embark on a serious strategic shift.

Musk stated on the corporate’s earnings name this week that whereas Tesla nonetheless intends to supply reasonably priced, new mannequin electrical automobiles in 2025, buyers ought to focus extra on Tesla’s “autonomy roadmap.” Tesla stated it plans to unveil a robotaxi, or CyberCab, design on Aug. 8.

Musk additionally touted Tesla’s investments in AI infrastructure and the corporate’s potential to lastly ship self-driving automobile expertise, robotaxis, a driverless ride-hailing service, and a “sentient” humanoid robotic. He even informed doubters to avoid the inventory.

“If someone does not consider Tesla’s going to resolve autonomy, I believe they shouldn’t be an investor within the firm,” Musk stated on the decision.

Tesla’s share value, which was down about 40% for the 12 months previous to the earnings report, jumped 18% within the two buying and selling days after Musk’s commentary, closing on Thursday at $170.18.

Bernstein analyst Toni Sacconaghi is among the many skeptics. In an interview with CNBC’s “Squawk on the Avenue,” Sacconaghi questioned whether or not the reasonably priced EVs Musk promised will “actually be new fashions, or tweaks on current fashions.” He additionally stated that rivals, notably Waymo, have already got robotaxi providers on the street, whereas Tesla remains to be grappling with autonomous automobile analysis and improvement.

Tesla reported a 9% drop in first-quarter income, its steepest year-over-year decline since 2012, on account of declining demand and elevated international competitors. The corporate additionally reported a 55% drop in internet revenue within the quarter.

Whereas Musk stated he expects the second quarter to be higher than the primary, the corporate hasn’t issued steering for the 12 months.

On the finish of the earnings name, Martin Viecha, Tesla’s vp of investor relations, introduced that he, too, was resigning.

WATCH: Tesla and Musk followers have an optimistic outlook