According to a new US Securities and Exchange Commission (SEC) document,TeslaChief Financial Officer Zachary Kirkhorn (Zachary Kirkhorn) carried out a major “internal sell-off” on September 7, selling 2,780 Tesla shares at a price of $752.9 per share and cashing out $2,092,885.

Following this transaction, Kirkhorn still holds 57,412 Tesla shares worth US$43.33 million.

Tesla shares rose 0.13% on Thursday to close at $754.86.

In legal terms, an “insider” refers to any shareholder who owns at least 10% of the company's shares, including company executives. These insiders are required to disclose their transactions to the public by filing a Form 4 document with the SEC, which must be submitted within two business days of the transaction.

Normally, when company insiders buy more stock, it indicates that they expect the stock price to rise. On the other hand, an “internal sell-off” can have a number of reasons, and it doesn't necessarily mean that sellers think stocks will fall.