Tesla Chairwoman Robyn Denholm sold $17.3 million worth of Tesla shares, bringing her total stock sales this year to over $50 million. She has sold all 281,116 shares allowed under a 10b5-1 plan set in October.
Despite these sales, Denholm still holds the majority of her 1.66 million shares from last year. Her sales follow those of other key stakeholders, like former Senior Vice President Drew Baglino, who sold shares worth $181.5 million post-resignation in April.
Tesla shares are down 26% this year, closing at $184.76 on Monday, amid competition, weakened EV demand, and a drop in first-quarter deliveries. CEO Elon Musk has shifted focus towards Tesla’s self-driving future.
Tesla Chairwoman Robyn Denholm sells $17.3M shares.
He urged investors doubting the company’s autonomy capabilities to avoid the stock. Tesla has yet to market its autonomous vehicle software, robotaxi, or factory-capable humanoid robots.
Denholm joined Tesla’s board in 2014 and became chair in 2018 following an SEC settlement requiring Musk to relinquish the role temporarily.
Before Tesla, Denholm held executive positions at Sun Microsystems and Toyota in Australia. She is part of Tesla’s audit, compensation, nominating and corporate governance, and disclosure controls committees.
Denholm is also a defendant in a shareholder lawsuit regarding Musk’s 2018 CEO pay plan. The court ruled the plan, the largest in public corporate history, was approved by a board overly influenced by Musk.
Tesla is undergoing restructuring, including significant layoffs. Demand for Tesla’s EVs dropped in Q1, leading to increased inventory and a 9% revenue decline. Musk described the restructuring as a “pruning exercise” to reduce inefficiency.
Denholm and Musk are advocating for shareholders to support several proxy proposals, including the reinstatement of Musk’s invalidated compensation package, worth billions in Tesla shares. Largest retail shareholder Leo Koguan opposes the plan, urging a “NO” vote.
