<p><strong>特斯拉</strong>(TSLA -3.42%) 的股票在最近几周承受了巨大的压力。在美国总统选举后，由于对首席执行官埃隆·马斯克与总统唐纳德·特朗普亲密关系可能为电动车（EV）公司带来意外之财的期望，股价曾大幅上涨，但自 12 月中旬以来，股价已下滑近 45%。</p>
<p>马斯克在多个问题上的直言不讳以及他为特朗普政府的一个名为政府效率部（DOGE）的项目所做的工作损害了他的声誉，并使特斯拉品牌卷入政治争议。在某些情况下，这导致了几家特斯拉经销商和充电站的破坏。此外，根据注册数据，特斯拉在欧洲的汽车销量在今年前两个月暴跌了 43%。</p>
<p>股票抛售促使马斯克最近召开了一次全员会议，以安抚员工并告诉他们不要出售自己的股票，宣传公司在人工智能（AI）、自动驾驶汽车和机器人技术方面的创新。</p>
<p>尽管马斯克告诉员工要坚持，但其他特斯拉内部人士在最近几个月的过山车行情和围绕马斯克及公司的争议中却在抛售股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTI1OTIvYnV5LXNlbGwtaG9sZC1kaWUtbW9uZXkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTI1OTIvYnV5LXNlbGwtaG9sZC1kaWUtbW9uZXkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>特斯拉内部人士纷纷退出</h2>
<p>投资者通常将内部人士的销售视为股票出现问题的证据，但并非所有内部人士的销售都是一样的。这些销售通常是预先确定的计划的一部分，称为 10b5-1，旨在让高管或董事在预定的时间间隔内出售股票，以便他们能够多样化投资并在需要时带来流动性。由于这些销售是预先确定的，因此不应被视为受到内部信息或业务表现的驱动。</p>
<p>特斯拉在最近几周报告了几笔 10b5-1 内部销售，包括首席财务官瓦伊巴夫·塔内贾和董事罗宾·登霍尔姆的销售，投资者可以安全地忽略这些销售。</p>
<p>然而，也有几笔非计划的销售，或者那些不属于 10b5-1 的销售，更可能是由于公司内部存在潜在问题所驱动。</p>
<p>最近几周出售股票的内部人士包括：</p>
<ul>
<li>塔内贾于 3 月 6 日出售了 2,672 股。</li>
<li>董事詹姆斯·默多克，曾任 21 世纪福克斯首席执行官（2015 年至 2019 年），是鲁珀特·默多克的儿子，出售了 54,776 股，价值 1,320 万美元。</li>
<li>董事金巴尔·马斯克，埃隆·马斯克的兄弟，于 2 月 6 日出售了 75,000 股，价值 2,760 万美元。</li>
</ul>
<p>当然，内部人士出售股票的原因各不相同，可能与公司的表现无关，包括他们需要钱用于其他事情，但首席财务官和两位董事在特斯拉股票暴跌的过去两个月选择出售股票，也可能反映出业务的更大问题。这也可能显示出管理层对业务缺乏信心，或者至少这三位内部人士如此。</p>
<p>法律也禁止内部人士基于重大非公开信息进行交易，例如即将收购的消息，因此投资者不应假设这些销售是基于内部信息，尽管高管和董事对公司有零售投资者所没有的见解。</p>
<h2>特斯拉有麻烦吗？</h2>
<p>总体而言，我认为围绕特斯拉的消息比内部人士的出售所暗示的更令人担忧。我也认为这削弱了马斯克对员工坚持持股的呼吁，因为他最亲近的副手正在出售他们的股票。</p>
<p>在这一点上，尽管特斯拉似乎正处于危机之中，但很难知道什么是有意义的，什么是夸大的。欧洲销量的暴跌显然似乎是个问题，而破坏行为可能会停止，并且很可能是少数人所为。</p>
<p>当公司在 4 月 2 日报告第一季度交付时，我们将更清楚地了解业务的走向。分析师已将他们的交付预估下调至 355,000 辆，第一季度下降 15%，这远低于马斯克设定的今年 20% 至 30% 的_增长_目标。十几个百分点的下降似乎证实了公司正处于危机之中的说法，即使特斯拉达到了分析师的预期。</p>
<p>与此同时，特斯拉似乎越来越多地基于其朝着自动驾驶未来的进展而被估值，预计在今年晚些时候推出机器人出租车网络时将迈出重要一步。</p>
<p>鉴于即使在公司面临挑战的情况下，估值仍然很高，看到内部人士兑现他们的股票也就不足为奇了。在这一点上，内部人士的销售似乎并不是一个警告信号，但特斯拉在第一季度报告上有很多事情要依赖。投资者将更清楚地了解马斯克与特朗普政府的关系及相关品牌危机对业务的影响。如果情况比预期更糟，特斯拉的股票可能会暴跌。</p>

2 倍做多特斯拉 ETF - Direxion

特斯拉

<p>特斯拉的股票自 12 月中旬以来已下跌近 45%，受到首席执行官埃隆·马斯克的争议性政治关系和欧洲销售额下降 43% 的影响。虽然一些内部销售是预先设定的计划的一部分，但首席财务官 Vaibhav Taneja 和董事们最近的非计划性销售引发了对公司健康状况的担忧。分析师已将第一季度交付预估下调至 355,000 辆，显示出潜在危机。尽管马斯克敦促员工持有股票，但内部销售可能反映出管理层缺乏信心。即将发布的第一季度报告将对评估特斯拉的未来至关重要</p>

<p><strong>Tesla</strong>(TSLA -3.42%) stock has been under enormous pressure in recent weeks. After surging in the aftermath of the U.S. presidential election on hopes that CEO Elon Musk's cozy relationship with President Donald Trump would lead to a windfall for the electric vehicle (EV) company, the stock price has been on a downward slide since mid-December, falling nearly 45%.</p>
<div class="lb-trans"><p><strong>特斯拉</strong>(TSLA -3.42%) 的股票在最近几周承受了巨大的压力。在美国总统选举后，由于对首席执行官埃隆·马斯克与总统唐纳德·特朗普亲密关系可能为电动车（EV）公司带来意外之财的期望，股价曾大幅上涨，但自 12 月中旬以来，股价已下滑近 45%。</p>
</div><p>Musk's outspoken views on multiple issues as well as his work on a project for the Trump administration called the Department of Government Efficiency (DOGE) has damaged his reputation and has tied the Tesla brand up in political controversy. In some cases, it has resulted in vandalism at several Tesla dealerships and charging stations. Additionally, Tesla vehicle sales in Europe have plunged 43% in the first two months of the year, according to registration data.</p>
<div class="lb-trans"><p>马斯克在多个问题上的直言不讳以及他为特朗普政府的一个名为政府效率部（DOGE）的项目所做的工作损害了他的声誉，并使特斯拉品牌卷入政治争议。在某些情况下，这导致了几家特斯拉经销商和充电站的破坏。此外，根据注册数据，特斯拉在欧洲的汽车销量在今年前两个月暴跌了 43%。</p>
</div><p>The stock sell-off prompted Musk to hold an all-hands meeting recently to reassure employees and tell them not to sell their shares, touting the company's innovations in artificial intelligence (AI), autonomous vehicles, and robotics.</p>
<div class="lb-trans"><p>股票抛售促使马斯克最近召开了一次全员会议，以安抚员工并告诉他们不要出售自己的股票，宣传公司在人工智能（AI）、自动驾驶汽车和机器人技术方面的创新。</p>
</div><p>While Musk is telling his employees to hold fast, other Tesla insiders have been dumping the stock amid the roller-coaster ride in recent months and the controversy surrounding Musk and the company.</p>
<div class="lb-trans"><p>尽管马斯克告诉员工要坚持，但其他特斯拉内部人士在最近几个月的过山车行情和围绕马斯克及公司的争议中却在抛售股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTI1OTIvYnV5LXNlbGwtaG9sZC1kaWUtbW9uZXkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F812592%2Fbuy-sell-hold-die-money.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Tesla insiders hit the exits</h2>
<div class="lb-trans"><h2>特斯拉内部人士纷纷退出</h2>
</div><p>Investors often flag insider sales as evidence that something is wrong with a stock, but not all insider sales are created equal. Often, these sales are part of predetermined program, known as a 10b5-1, designed for an executive or a director to offload stocks at prearranged intervals so they can diversify and bring in liquidity as needed. Since those sales are predetermined, they shouldn't be seen as motivated by insider information or the performance of the business.</p>
<div class="lb-trans"><p>投资者通常将内部人士的销售视为股票出现问题的证据，但并非所有内部人士的销售都是一样的。这些销售通常是预先确定的计划的一部分，称为 10b5-1，旨在让高管或董事在预定的时间间隔内出售股票，以便他们能够多样化投资并在需要时带来流动性。由于这些销售是预先确定的，因此不应被视为受到内部信息或业务表现的驱动。</p>
</div><p>Tesla has reported several 10b5-1 insider sales in recent weeks, including by CFO Vaibhav Taneja and Director Robyn Denholm, which investors can safely ignore.</p>
<div class="lb-trans"><p>特斯拉在最近几周报告了几笔 10b5-1 内部销售，包括首席财务官瓦伊巴夫·塔内贾和董事罗宾·登霍尔姆的销售，投资者可以安全地忽略这些销售。</p>
</div><p>However, there have also been several unplanned sales, or those that aren't part of the 10b5-1, that are more likely to be driven by underlying issues with the company.</p>
<div class="lb-trans"><p>然而，也有几笔非计划的销售，或者那些不属于 10b5-1 的销售，更可能是由于公司内部存在潜在问题所驱动。</p>
</div><p>The insiders who have sold the stock in recent weeks include:</p>
<div class="lb-trans"><p>最近几周出售股票的内部人士包括：</p>
</div><ul>
<li>Taneja, who sold 2,672 shares on March 6.</li>
<li>Director James Murdoch, who was CEO of 21st Century Fox from 2015 to 2019 and is the son of Rupert Murdoch, sold 54,776 shares, or $13.2 million worth of the stock.</li>
<li>Director Kimbal Musk, the brother of Elon Musk, sold 75,000 shares on Feb. 6 for $27.6 million.</li>
</ul>
<div class="lb-trans"><ul>
<li>塔内贾于 3 月 6 日出售了 2,672 股。</li>
<li>董事詹姆斯·默多克，曾任 21 世纪福克斯首席执行官（2015 年至 2019 年），是鲁珀特·默多克的儿子，出售了 54,776 股，价值 1,320 万美元。</li>
<li>董事金巴尔·马斯克，埃隆·马斯克的兄弟，于 2 月 6 日出售了 75,000 股，价值 2,760 万美元。</li>
</ul>
</div><p>Of course, insiders sell stock for all sorts of reasons that have nothing to do with the company's performance, including that they need the money for something else, but the CFO and two directors choosing to sell the stock in the last two months as Tesla stock spiraled could also reflect the business's greater problems. It also could show a lack of confidence in the business from management, or at least those three insiders.</p>
<div class="lb-trans"><p>当然，内部人士出售股票的原因各不相同，可能与公司的表现无关，包括他们需要钱用于其他事情，但首席财务官和两位董事在特斯拉股票暴跌的过去两个月选择出售股票，也可能反映出业务的更大问题。这也可能显示出管理层对业务缺乏信心，或者至少这三位内部人士如此。</p>
</div><p>Insiders are also forbidden by law from trading on material non-public information, such as knowledge of an upcoming acquisition, so investors shouldn't assume that those sales are based on insider information, though executives and directors are privy to insights about the company that retail investors don't have.</p>
<div class="lb-trans"><p>法律也禁止内部人士基于重大非公开信息进行交易，例如即将收购的消息，因此投资者不应假设这些销售是基于内部信息，尽管高管和董事对公司有零售投资者所没有的见解。</p>
</div><h2>Is Tesla in trouble?</h2>
<div class="lb-trans"><h2>特斯拉有麻烦吗？</h2>
</div><p>Overall, I think the news surrounding Tesla is more concerning than just the insider selling would imply. I also think it undermines Musk's plea to his employees to hold their stock when his closest deputies are selling theirs.</p>
<div class="lb-trans"><p>总体而言，我认为围绕特斯拉的消息比内部人士的出售所暗示的更令人担忧。我也认为这削弱了马斯克对员工坚持持股的呼吁，因为他最亲近的副手正在出售他们的股票。</p>
</div><p>At this point, while Tesla seems like it's in a crisis, it's hard to know what's meaningful and what's exaggerated. The plunge in European sales certainly seems like a problem, while the acts of vandalism could stop and are likely the work of a small group of people.</p>
<div class="lb-trans"><p>在这一点上，尽管特斯拉似乎正处于危机之中，但很难知道什么是有意义的，什么是夸大的。欧洲销量的暴跌显然似乎是个问题，而破坏行为可能会停止，并且很可能是少数人所为。</p>
</div><p>We'll get a clearer sense of where the business is headed when the company reports first-quarter deliveries on April 2. Analysts have cut their delivery estimates to 355,000, or a 15% drop in the first quarter, which would be well below Musk's goal of a 20% to 30% <em>increase</em> in vehicle sales this year. A double-digit decline would seem to confirm the contention that the company is in crisis, even if Tesla meets analyst estimates.</p>
<div class="lb-trans"><p>当公司在 4 月 2 日报告第一季度交付时，我们将更清楚地了解业务的走向。分析师已将他们的交付预估下调至 355,000 辆，第一季度下降 15%，这远低于马斯克设定的今年 20% 至 30% 的_增长_目标。十几个百分点的下降似乎证实了公司正处于危机之中的说法，即使特斯拉达到了分析师的预期。</p>
</div><p>Meanwhile, Tesla seems to be increasingly valued based on its progress toward an autonomous future, which is expected to take a big step later this year when it launches a robotaxi network in Austin.</p>
<div class="lb-trans"><p>与此同时，特斯拉似乎越来越多地基于其朝着自动驾驶未来的进展而被估值，预计在今年晚些时候推出机器人出租车网络时将迈出重要一步。</p>
</div><p>Given the high valuation even amid the company's challenges, it's not surprising to see insiders cashing in their shares. At this point, the insider sales don't seem like a red flag, but Tesla has a lot riding on its first-quarter report. Investors will get a clearer sense of how much of an impact Musk's involvement with the Trump administration and the related brand crisis is having on the business. If it's worse than expected, Tesla stock is likely to plunge.</p>
<div class="lb-trans"><p>鉴于即使在公司面临挑战的情况下，估值仍然很高，看到内部人士兑现他们的股票也就不足为奇了。在这一点上，内部人士的销售似乎并不是一个警告信号，但特斯拉在第一季度报告上有很多事情要依赖。投资者将更清楚地了解马斯克与特朗普政府的关系及相关品牌危机对业务的影响。如果情况比预期更糟，特斯拉的股票可能会暴跌。</p>
</div>

Tesla Insiders Are Dumping the Stock. Is It a Red Flag or a Red Herring?

- 特斯拉股票近期承压，股价自去年 12 月以来下跌近 45%。  
- 欧洲销量在前两个月暴跌 43%，引发内部人士抛售股票。  
- 投资者关注即将发布的第一季度交付数据，以评估公司前景。  

特斯拉内部人士正在抛售股票。这是一个危险信号还是一个虚假警报？