Tesla CFO Zachary Kirkhorn Sold Shares Days Before Stepping Down, New CFO Also Sold Shares Prior To Taking New Role
Portfolio Pulse from Chris Katje
Zachary Kirkhorn, the former CFO of Tesla Inc (NASDAQ:TSLA), and Vaibhav Taneja, the new CFO, have been actively selling shares of Tesla. Kirkhorn sold 3,750 shares at an average price of $278.70 and another 3,750 shares at $261, leaving him with 193,790 shares. Taneja exercised 4,000 options at $18.22 and sold the shares for an average of $261, leaving him with 104,504.25 shares. Both transactions were part of a 10b5-1 pre-scheduled plan.
August 09, 2023 | 6:09 pm
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NEGATIVE IMPACT
Insider selling by the former and new CFOs of Tesla could potentially impact the company's stock price.
Insider selling is often viewed as a bearish signal by investors as it could indicate that insiders believe the company's stock is overvalued. However, these transactions were part of a pre-scheduled plan, which may mitigate some of the potential negative impact.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100