
Tesla CFO sells $957K in stock amid waning sales
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Tesla executives including Board Chair Robyn Denholm and board member Kimbal Musk, the brother of CEO Elon Musk, have also sold millions in stock in recent months, following a Delaware judgment which required the two executives, among others, to pay back a collective $919 million in compensation to Tesla, CFO Dive reported.
The stock sales by company executives are occurring as Tesla faces ongoing challenges, with its latest slump in vehicle deliveries part of an ongoing nosedive in global sales. In Europe, backlash against CEO Elon Musk’s U.S. political activities contributed to sales of its EVs plummeting by just over 40% in February compared to the prior year, according to March data from the European Automotive Manufacturers’ Association. Tesla has also seen sales in China slump, though the launch of its Model Y in the market enabled it to climb into third place for sales in March, The Wall Street Journal reported, citing data from the China Passenger Car Association.
Meanwhile, Tesla’s declining sales represent growing opportunities for the EV maker’s competitors, many of which saw their sales grow over the past month. Global sales of Volkswagen AG’s EV models, for example, climbed by 59% year-over-year, the German automaker said Wednesday — skyrocketing by 113% in Europe and 51% in the U.S., according to the release.