WASHINGTON, May 13 — Tesla’s chairwoman, Robyn Denholm, sold $198 million worth of the company’s shares over the past six months, even as CEO Elon Musk urged shareholders not to part with their stock, The New York Times reported Tuesday.
The newspaper noted that since Denholm was appointed chairwoman of the automaker’s board in late 2018, management has sold $530 million worth of shares.
The past six months have been marked by Musk’s closeness to U.S. President Donald Trump, including his leadership of the controversial Department of Government Efficiency (DOGE), as well as his support for far-right political groups in Europe.
Musk’s activities have sparked boycott campaigns against Tesla in several countries around the world and a sharp decline in the electric car manufacturer’s sales, which has subsequently depressed its stock value.
So far this year, Tesla shares have lost 11.92% of their value, or $45.21. In March, following a sharp drop in the stock price, Musk asked his employees to hold on to their shares.
The New York Times analysis notes that between 2014 and 2020, Denholm received stock options between 2014 and 2020, which she exercised last week to buy more than 112,000 shares at $24.73 per share and sell them the same day for more than $270.
The newspaper added that the immediate sale of shares could be interpreted as a lack of confidence in Tesla’s future prospects.
In total, Denholm has sold more than 1.4 million shares, owns 85,000 shares, and has options on 49,000 more, the New York Times reported.
During Denholm’s tenure as Tesla’s board chairman, the board has approved Musk’s largest compensation payment in U.S. corporate history, valued at tens of billions of dollars.
The payment was suspended by a Delaware judge who criticized the way Tesla’s board of directors operates.