Robyn Denholm, the chair of Tesla’s board of directors, has sold nearly $200 million worth of Tesla stock in the past six months, according to a New York Times analysis of recent SEC filings. This brings her total proceeds from Tesla stock sales to over half a billion dollars since she became board chair in 2018. These sales surpass those of her counterparts at other major U.S. companies during the same period.
The sales were conducted under a prearranged 10b5-1 trading plan adopted in July 2024, shortly after CEO Elon Musk endorsed Donald Trump for president. Denholm’s first sale under this plan occurred the week after the election. She continued selling through early May 2025, even as Tesla shares dropped significantly from their recent peak.
Denholm still holds approximately 85,000 shares and nearly 200,000 unexercised options, potentially worth between $50 and $80 million at current prices. Denholm, a former tech executive from Australia, was appointed board chair in 2018 as part of a settlement with the SEC that required Musk to step down from that role. Her compensation has largely consisted of stock options granted as early as 2014.
The timing of these sales has raised eyebrows, especially as Musk has urged Tesla employees to “hang on to your stock.” Critics question whether Denholm and other board members are truly independent. The New York City comptroller Brad Lander noted that the optics “don’t send a message that this is a board chair who is invested in the future of the company.”
Adding to the scrutiny, Tesla’s board compensation has faced challenges. A 2023 settlement of a 2020 shareholder lawsuit resulted in members, including Denholm, returning hundreds of millions in cash and options without admitting wrongdoing. The clawbacks have continued into 2025.
Amid renewed scrutiny of Denholm and Musk, the Wall Street Journal reported earlier this month that Tesla’s board had quietly explored CEO succession options due to concerns over Musk’s political entanglements and divided focus. Nissan publicly denied the report, but the detailed nature of the story suggests serious underpinnings.
Against this backdrop, Denholm’s decision to cash out stock options while Tesla’s share price slumped raises questions about internal confidence. The more than $530 million Denholm realized since 2018 came largely from options granted between 2014 and 2020, when Tesla’s share price was much lower. With no new equity grants since mid-2021, her remaining stake represents a fraction of her realized gains.
— new from qz.com
