According to a New York Times analysis of securities filings, Robyn Denholm, Chair of Tesla’s Board, has sold shares totalling $198 million (£156 million) since November 2024.
The transactions were executed under a pre-arranged trading plan filed in July, shortly after Elon Musk endorsed Donald Trump for the US presidency.
Since becoming Chair in 2018, Denholm has earned over $530 million (£418 million) from selling Tesla shares, far surpassing the profits made by non-executive chairs at other leading US firms.
The sales occurred amid a period of financial strain for Tesla. In the first quarter of 2025, the company reported its lowest quarterly profit in four years, while vehicle sales declined. The downturn has been partly linked to Musk’s increasing political involvement, which has reportedly alienated certain consumer segments.
The shares were acquired through stock options granted between 2014 and 2020 for Denholm’s service on the board. In one transaction, she purchased over 112,000 shares at $24.73 each and sold them the same day for over $270, capitalising on Tesla’s long-term share price growth.
The first sale under her current plan occurred in November, the week after the US presidential election. She continued selling through early May, even as Tesla’s stock declined by around 34 per cent from its December peak, though it has since recovered part of those losses.
A spokesperson for Denholm stated that Tesla’s board compensation aligns with shareholder interests, adding that the increase in stock option value reflects the company’s outperformance compared to industry peers.
According to the report, Denholm retains approximately 85,000 shares and holds around 49,000 unexercised stock options.
Denholm, an Australian technology executive, was appointed to Tesla’s board in 2014 and became Chair in 2018 after Elon Musk stepped down as part of a settlement with the US Securities and Exchange Commission. She has maintained a low public profile and rarely comments on Tesla or Musk.
Her leadership has faced scrutiny from investors, activist groups and the judiciary. In 2023, a Delaware court invalidated Musk’s 2018 pay package worth $56 billion, citing a lack of proper board oversight. The judge described Denholm’s approach as “lackadaisical”.
In response, Denholm told The Financial Times that she is “intense and very diligent” in her role, stating that the compensation she received from Tesla was “life-changing.”
She and other board members settled a separate shareholder lawsuit in 2023 by agreeing to return compensation valued at $735 million (£580 million). As part of that settlement, more than $130 million in stock options were cancelled on 1 May. Tesla’s board also ceased issuing new equity grants in June 2021.
Denholm’s share sales have significantly outpaced those of other Tesla directors, excluding Musk. Among non-executive chairs at major US companies, only Stephen Hemsley of UnitedHealth Group came close, earning over $100 million from share sales — mostly from stock he received while serving as CEO.
Academic studies indicate that executive and director share sales can signal declining company performance, due to their access to privileged information. According to finance professor Nejat Seyhun of the University of Michigan, insiders often adjust their trading plans based on evolving internal and external conditions.
