Tesla's former executive Drew Baglino, who announced resignation just last week, sold shares valued at around $181.5 million, as revealed in a filing with the Securities and Exchange Commission (SEC) on Thursday, April 25.

Drew Baglino Sells 1.14 Million Shares

In a CNBC report, Baglino is selling 1.14 million shares as part of an exercise of stock options, with an "approximate date of sale" listed as April 25.

This sale followed previous transactions. According to records, Baglino had already sold shares valued at around $4 million in two transactions this year, the first occurring in early April and the second in late February.

A decline in first-quarter deliveries and a precipitous fall in the stock price led Tesla to announce on April 15 that it was laying off 10% of its worldwide staff. Another executive, Rohan Patel, stepped down from the position, aside from Baglino.

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Baglino Resigns Amid Major Business Transition

Baglino joined Tesla in 2006. With humble beginnings, Baglino worked his way up the ranks and happened to be Tesla's senior vice president of powertrain and energy engineering, a position he has held since 2016.

Shareholders recognized Baglino since he often addressed mining, battery production, and performance on earnings calls and other important corporate events.

Benzinga reports that Baglino's exit from Tesla occurred during a significant transition for the business. Falling demand and intensifying worldwide competition caused the electric vehicle (EV) maker's first-quarter sales to fall by 9%, marking its largest year-over-year reduction since 2012.

Regardless, CEO Elon Musk is still bullish about Tesla's prospects, citing the firm's investments in artificial intelligence (AI) infrastructure and the prospects for autonomous car technology.

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