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Tesla Chair Robyn Denholm Sells $50M+ Stock

Tesla Chairwoman Robyn Denholm has recently sold $17.3 million worth of her shares in the electric vehicle maker
May 8, 2024

Tesla Chairwoman Robyn Denholm has recently sold $17.3 million worth of her shares in the electric vehicle maker, according to a filing on Monday. This latest sale brings her total stock sales for the year to over $50 million.

Denholm, who joined Tesla’s board as an independent director in 2014 and became chair four years later, sold the shares as part of a 10b5-1 program put into place in October. She has now sold all of the 281,116 shares allowed in the agreement.

While Denholm still holds the vast majority of the 1.66 million shares she owned as of the end of last year, her stock sales follow significant selling from other major stakeholders. Former Tesla Senior Vice President Drew Baglino, who announced his resignation in mid-April, sold shares worth around $181.5 million soon after his departure, according to a filing.

Another Tesla board member, Kathleen Wilson-Thompson, set up a 10b5-1 trading plan in February 2024, for the potential sale of up to 280,000 shares by or before Feb. 28, 2025.

Tesla shares have experienced a 26% decline this year, closing Monday at $184.76. This downward trend comes as the company faces increased competition, weakened demand for its EVs, and a drop in first-quarter deliveries.

CEO Elon Musk has been focusing investors’ attention on the company’s self-driving future, rather than its core automotive business. He emphasized this during Tesla’s recent earnings call, stating that those who doubt the company’s ability to deliver self-driving vehicles should stay away from the stock.

Despite the challenges, Denholm and Musk are currently working to convince shareholders to vote with directors and executives at Tesla on several proxy proposals. The most significant proposal asks shareholders to return to Musk his compensation package that was invalidated by the Delaware Chancery Court in the Tornetta decision. This pay package would be worth tens of billions of dollars in Tesla shares to Musk.

Robyn Denholm's recent stock sales coincide with struggles at Tesla and a broad restructuring effort, which has included thousands of layoffs. While demand for Tesla’s EVs slumped in the first quarter and revenue fell 9% from a year earlier, Denholm and Musk are actively engaging shareholders to secure support for several proxy proposals. Tesla's future, amid these challenges, remains a subject of interest for investors and industry observers alike.

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