Tesla Chair Robyn Denholm Sells Over $22M In Stock In Planned Sale: What You Need To Know

A Tesla, Inc. TSLA insider is selling shares, although it may not signal a red flag regarding the prospects of the company.

What Happened: Robyn Denholm, chair of Tesla's board, sold 31,250 shares in different tranches at an average price of $714.19 per share, a Form 4 filing by the company on Wednesday showed.

The 31,250 shares sold were acquired through the exercising of stock options by the executive at a price of $52.38 per share.
The transaction was done per a previously adopted 10B5-1 trading plan.

Denholm sold shares worth $22 million through the series of transactions, which netted her a profit of $20.48 million.

The transactions were executed on Monday.

Following the disposal, Denholm is still left with 5,000 shares of Tesla.

Related Link: Elon Musk Is Highest Paid CEO For Third Year In A Row: Here Are The Top 10

Why It's Important: Tesla's shares were languishing for much of the first half of 2021, after having hit an all-time split-adjusted closing high of $900.40 in late January.

On Monday, the stock moved above the $700 threshold for the first time since early May and since then it has picked up some momentum.

Denholm, an Australian businesswoman, has been a Tesla board member since 2014. She took over as the chair of the EV giant's board following Elon Musk's settlement agreement with the SEC that required Musk giving up on the role for a period of three years.

With the three-year period drawing to a close, Tesla could bring back its flamboyant CEO to head the board.

At last check, Tesla shares were up 1.14% at $719.02. 

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