Tesla's longtime vice president of finance and business operations, Sreela Venkataratnam, announced her departure after 11 years. Venkataratnam is the latest Tesla executive to leave this year, following Chief Executive Elon Musk's decisions in April to shake up operations and prepare for the "next phase of growth." TSLA shares sank Thursday but edged up Friday.
Venkataratnam posted on LinkedIn Wednesday some of her and Tesla's accomplishments over her 11 years at the EV company. She plans to "take a break to spend quality time with family" and "reconnect with old friends, and focus on personal well-being."
Tesla stock gained 1.4% during premarket action on Friday after dropping 5.7%, falling back below its 50-day moving average, to 210.66 during Thursday's trade.
Venkataratnam's departure is the latest executive to exit Tesla in 2024. With Musk focused on Full Self-Driving (FSD) and artificial intelligence, he has been shaking up Tesla, letting top executives go and announcing layoffs.
In late April, Musk dismissed Rebecca Tinucci, senior director of Tesla's supercharger efforts, and Daniel Ho, head of the new vehicles program. The Tesla CEO also reportedly cut teams under Tinucci and Ho along with laying off its public policy employees and the entire staff working on Tesla superchargers.
"Next Phase Of Growth"
However, since then he appears to have since started hiring back employees.
Musk also decided in April to lay off more than 10% of Tesla's global workforce, an effort to prepare for the "next phase of growth." Drew Baglino, who served as senior vice president of powertrain and energy, and Rohan Patel, vice president of public policy and business development, both departed Tesla around the time of those cuts.
Meanwhile, reports emerged Tuesday that Uber has hired Tinucci to oversee the company's shift to electric vehicles. Tinucci will start her new position on Sept. 16.
Competition between Tesla and Uber appears to be heating up with the EV giant scheduled to unveil its robotaxi on Oct. 10, and claims it is currently working on its own integrated ride-hailing service.
Tesla Stock Performance
Tesla stock is down around 15% in 2024, but it's about 60% rebound from a late-April low has had ups and downs.
Shares rallied onto positive ground for the year in mid-July, then rolled over into a five-week slide. Now two weeks into an attempt to climb out of that ditch, the stock has regained support above the 200-day line, according to MarketSurge charts.
Tesla Stock Has Plunged In 2024, But At Least It's Cheaper, Right? Nope
Tesla stock surged 8% to 216.12 last week, regaining the 21-day, 50-day and 200-day lines and clearing a steep downtrend.
On Monday, Piper Sandler analyst Alexander Potter maintained an overweight rating on Tesla stock with a 300 price target. Sandler recommended owning shares of Tesla heading into the Oct. 10 robotaxi reveal and touted Tesla's energy business growth.
Tesla stock ranks third in the 35-member IBD Auto Manufacturers industry group. The stock has a 59 Composite Rating out of a best-possible 99. Shares also have a 53 Relative Strength Rating and a 57 EPS Rating.
Please follow Kit Norton on X @KitNorton for more coverage.
YOU MAY ALSO LIKE:
Is Tesla Stock A Buy Or A Sell?
Get Full Access To IBD Stock Lists And Ratings
Learning How To Pick Great Stocks? Read Investor's Corner
AI Is Fueling A 'Nuclear Renaissance.' Bill Gates And Jeff Bezos Are In The Mix.
