Home / Business and Economy / Tesla CFO Sells Millions in Stock Amidst Turbulence
Tesla CFO Sells Millions in Stock Amidst Turbulence
11 Dec
Summary
- CFO Vaibhav Taneja sold over $19 million in Tesla stock this year.
- Taneja's sales occurred during a turbulent period for Tesla.
- Tesla's market share dropped to an eight-year low recently.
Tesla's Chief Financial Officer, Vaibhav Taneja, has offloaded more than $19 million worth of company stock this year, with his latest sale amounting to $1.1 million. This activity took place over several months, with a trading arrangement allowing for the potential sale of 84,000 shares. These transactions underscore a notable shift in Taneja's holdings as the company faces market headwinds.
The significant stock sales by Taneja occurred against a backdrop of considerable challenges for the electric vehicle manufacturer. Tesla experienced a drop in its U.S. market share to an eight-year low, falling below 40% for the first time in years. Profitability also saw a decline, with operating income and net income decreasing significantly in the third quarter.
This period of financial adjustment for Tesla and its CFO coincided with increased shareholder scrutiny on CEO Elon Musk. Amidst concerns over sales, profits, and regulatory attention, investors re-evaluated executive compensation, notably a contentious proposal for Musk's pay package, as the company navigated a complex competitive landscape.
