Tesla Board of Directors to Shareholders: "Don't Sell Stock". But the Chairwoman Sells for $198 Million

Elon Musk asks small investors and employees to hold on to Tesla shares. But some are not following the advice, and it's not just savers.

In particular, the company's board chairwoman Robyn Denholm sold Tesla shares worth $198 million in the last six months, The New York Times reports.

The newspaper noted that since Denholm was named chairman of the automaker’s board in late 2018, the board has sold $530 million in stock . The past six months have been marked by Musk’s closeness to U.S. President Donald Trump , who has entrusted him with the leadership of the controversial Department of Government Efficiency (DOGE) , as well as his support for far-right political groups in Europe.

Tesla Board of Directors Chairwoman Robyn Denholm (@web)

05/14/2025

Musk's activities have led to boycott campaigns against Tesla in several countries around the world and a sharp decline in sales of the electric carmaker, which in turn has led to a decline in the value of its shares. So far this year, Tesla shares have lost 11.92% of their value , equal to $45.21.

In March, after a sharp decline in the stock, Musk asked his employees to hold on to their shares. The New York Times analysis found that between 2014 and 2020, Denholm was rewarded with stock options that allowed him to buy more than 112,000 shares at $24.73 a share last week and sell them the same day at more than $270.

Tesla Headquarters (@web)

05/14/2025

The newspaper added that the immediate sale of shares can be interpreted as a lack of confidence in Tesla's future prospects. A lack of confidence that is probably in the company's board that "unloads" its shares, ensuring that the losses, if things go badly, will be entirely borne by minor investments, be they employees or private investors.

In total, Denholm has sold more than 1.4 million shares. She owns 85,000 of them and has options on 49,000 more, according to the paper. During Denholm’s time as Tesla’s board chair, the board approved paying Musk the largest payout in U.S. corporate history, valued at tens of billions of dollars. The payout was put on hold by a Delaware judge who criticized the way Tesla’s board operates.