Tesla Chairman Robyn Denholm Sells Shares Worth More Than $22 Million

(Bloomberg) — Tesla Inc. Chairman Robyn Denholm. sold 31,250 shares of the electric vehicle manufacturer for more than $22 million, according to a regulatory filing late Wednesday.

Denholm, who recently testified in a Delaware court as part of a shareholder lawsuit over Tesla’s controversial 2016 acquisition of SolarCity, has been on Tesla’s board since August 2014.

She became chairman in November 2018 after Chief Executive Officer Elon Musk was forced to relinquish the role as part of his settlement agreement with the U.S. Securities and Exchange Commission. The SEC agreement, announced in September 2018, required Musk to resign from office and be replaced by an independent chairman for three years.

Read more: Tesla can make Musk chairman again after SEC-ordered hiatus

Those three years are almost up, meaning Musk could potentially resume the role. Tesla has yet to submit its proxy for the 2021 shareholder meeting.

Denholm lives in Australia and was previously Chief Financial Officer at the Australian telecommunications company Telstra Corp.

Wednesday’s filing shows she exercised options to buy the stock, paid the required strike prices, and then sold the stock. All trades were executed on August 2 and the shares were sold at weighted average prices ranging from $700 to $726.11.

More stories like this are available on bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2020 Bloomberg LP