After 18 years of service, Drew Baglino has left Tesla. He made his announcement on X. https://twitter.com/baglino/status/1779872449628426739
He had made several appearances on earnings calls and investor presentation and made contributions to Tesla’s success. Drew attended Stanford University according to his LinkedIn profile. Losing top talent is not good but it’s inevitable and happens in many companies. Tesla has not announced his replacement.
Drew Baglino had also sold $181,476,562.21 Tesla share or 1,141,362 shares according to SEC 144 filing on 4/25/24. https://www.sec.gov/Archives/edgar/data/1318605/000197236224000520/xsl144X01/primary_doc.xml
In SEC filing Tesla has announced a 10% layoff globally and across all company functions. https://www.sec.gov/Archives/edgar/data/1318605/000095017024044588/tsla-20240414.htm
Layoff ensures a company’s expenses don’t exceed income. This layoff may be the result of the Q1 2024 delivery reductions and poor financial performance near term. Income is directly proportional to delivery numbers and will likely see a drop in Q1 2024 earnings. Losing talent and people losing jobs are not good but a company needs to maintain profitability to survive and to have a chance to prosper in future years.