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Tesla Insider Trade Alert: CFO Zachary Kirkhorn Sold $1M Of Company Stock Ahead Of Q2 Print

Kirkhorn sold over 7,000 shares of the company as Tesla continues away with price cuts for its vehicles.

Tesla, Inc. (NASDAQ:TSLA) CFO Zachary Kirkhorn sold a few chunks of shares with just two weeks to go for the electric vehicle maker’s quarterly results.

A visitor passes the Tesla booth at the 2023 World Artificial Intelligence Conference in Shanghai, China, July 6, 2023. On July 6, 2023, Tesla CEO Elon Musk attended the opening ceremony of the 2023 World Artificial Intelligence Conference in Shanghai by video. Musk said at the meeting that with the rapid development of artificial intelligence technology, around the end of this year, Tesla may have L4 or L5 level full autonomous driving capability. (Costfoto/NurPhoto via Getty Images) 

Kirkhorn sold 3,750 Tesla shares, which wad vested as part of his options award. The sale, apparently done on Wednesday, was in accordance with the 10b5-1 adopted in July 2022.

The 10b5-1 rule of the SEC allows company insiders to set up a trading plan for selling stocks at predetermined times and predetermined prices, without inviting regulatory scrutiny.

The aggregate market value of stock Kirkhorn sold Wednesday was listed as $1.05 million in the filing.

The filing also showed that Kirkhorn sold 7,403 shares that fetched him $1.60 million on June 6, 3,750 shares worth $816,337.50 on June 5, and 3,751 shares worth $610,287.32 on April 4.

Over the past three months, the executive has cumulatively sold $4.076 million shares.

Tesla shares have run up since May after a period of lull and are up about 130% this year. The company recently reported stellar second-quarter deliveries and the focus now shifts to its quarterly earnings report due on July 19.

Analysts are concerned about potential margin erosion due to the price cuts and discounts the company has offered to boost volume.

Tesla continues to do away with price cuts in order to meet demand especially for their best-selling vehicles that include the Model 3 and the Model Y. It continues to be the best-selling brand in California, where fossil-fuel vehicles will no longer available to sell.

The company suffered from setbacks from the price cuts where Tesla exceeded expectations in sales.


Produced in association with Benzinga

Edited by Alberto Arellano and Joseph Hammond

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