Tesla Inc. TSLA insiders, including members of the board of directors, have reportedly sold more than 50% equity in the company.
Tesla Insiders Sold A Big Chunk Of Equity
Several key figures within Tesla, excluding Elon Musk, sold almost half their equity in the EV giant, Electrek reported on Monday.
Key personnel within Tesla, including CFO Vaibhav Taneja of the company and Musk's associate Tom Zhu, who currently serves as the Senior Vice President of Automotive at Tesla, sold equity in the company.
Zhu offloaded more than 80% of his equity in Tesla in the span of a year. His stake in the EV giant mainly comprised options and company shares, the report suggests.
Besides key executives, Board Members like Robyn Denholm and Musk's brother, Kimbal Musk, with the pair offloading the entirety of their options stake in Tesla, the report says.
Tesla's Sales Woes, Lease Price Discounts
The news coincides with Tesla's sales woes across multiple markets, including the UK, where Tesla sold just 987 units in July, a 60% drop in sales. Meanwhile, Rival BYD Co. Ltd. BYDDY BYDDF surged more than 300% in the country.
Tesla has since reportedly offered over 40% discounts to leasing companies in the UK, which translates to significantly lower monthly payments to customers on Tesla vehicles like the Model Y and the Model 3, among others.
Tesla Model Y L launch in China
Tesla also launched the Model Y L SUV in China, which is a 6-seater version of the Model Y, retailing in the country for 339,000 RMB or around $47,200. The Model Y L offers over 467 miles of CLTC range and features an 82 kWh battery pack.
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