24/7 Wall St. Insights
- The Tesla Inc. (NASDAQ: TSLA) chair of the board of directors has sold about $35 million worth of the stock.
- Also: Dividend legends to hold forever.
Tesla Inc. (NASDAQ: TSLA) Chair Robyn Denholm sold about $35 million in stock after the presidential election as the value of the shares rose. An SEC Form 4 filing shows that the shares were sold in 12 trades on November 15. The expiration date of the underlying options was June 18, 2025. The number of options exercised was 112,390.
The sale was not made because of the rapid rise in the stock. It was part of an automatic share sales plan set in place in June. Such plans are not unusual and allow executives and board members to sell in a way that shows the sales were not made based on insider information. Once the transactions were finished, Denholm netted $32.5 million.
Denholm became board chair in November 2018, taking over from CEO Elon Musk. At the time, TechCrunch wrote, “Musk’s resignation was part of a settlement with the SEC, which found Tesla guilty of failing to require disclosure controls and procedures relating to a tweet from Musk about taking the company private.”
As of Tesla’s last proxy, she had 1,662,480 shares of underlying options outstanding. That means she is extremely rich.
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