Robyn Denholm, Tesla’s board chair since November 2018, sold roughly $117 million in stock in the past 90 days as part of scheduled plan, according news reports.
Denholm’s liquidation was part of a 10b5-1 plan, a rule that lets company insiders buy and share stock on a predetermined schedule in order to avoid accusations of insider trading, Yahoo! Finance reported.
Earlier this year, Denholm was among Tesla directors who agreed to repay a total $919 million to settle a lawsuit brought by shareholders who accused them of overpaying themselves, Reuters reported. The suit alleged that director compensation from 2017 to 2020 was excessive, with directors’ stock options becoming worth hundreds of millions.
Once again, Tesla board chair Robyn Denholm pocketed millions of dollars from stock sales. This time however it came at a sensitive juncture for the carmaker when confidence in her ability to serve as an independent counterweight to CEO Elon Musk is already shaken.
—Yahoo! Finance writer Christiaan Hetzner