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Another Tesla Executive Exits as Musk Restructures for Growth

Sreela Venkataratnam, Tesla’s long-serving vice president of finance and business operations, has departed after 11 years, marking another high-profile exit amid recent leadership changes initiated by CEO Elon Musk. Venkataratnam shared her achievements on LinkedIn and plans to focus on family and personal well-being.

Key Points:
– Venkataratnam’s exit follows Musk’s operational shake-up in April aimed at preparing Tesla for its “next phase of growth.”
– Tesla stock fell 0.3% to $222.58 on Thursday, having seen a slight increase the previous day.
– Other executives, including senior director Rebecca Tinucci and Daniel Ho, have also left as Musk reassesses the company’s strategy, primarily focusing on Full Self-Driving and AI initiatives.
– Significant layoffs exceeding 10% of Tesla’s workforce were also part of this operational overhaul.
– Despite the recent downturn in stock performance, analysts remain optimistic, with Piper Sandler maintaining an overweight rating and a $300 price target ahead of the upcoming robotaxi reveal on October 10.
– Tesla’s stock has experienced a rough start to 2024, but it is working to regain ground after a recent dip.

Overall, the company continues to navigate its evolving landscape while engaging in strategic shifts and enduring executive turnover.

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