Tesla Chairwoman Robyn Denholm has filed a new Form 144, indicating her intention to sell 112,390 Tesla shares, valued at around $32 million. This move comes after a recent insider purchase by board member Joe Gebbia, who bought over $1 million worth of Tesla stock.
Details of the Sale
The planned sale is part of a Rule 10b5-1, which means Denholm may have predetermined the transaction timing and share amounts, and is not based on any insider information. According to the filing, the latest transaction comes after Denholm exercised Tesla options acquired on June 18, 2018.
Denholm’s Previous Sales
Denholm also sold the same number of shares (112,390) in February and March, with sales totaling $43.2 million and $33.7 million, respectively. The filing indicates that Denholm owns 85,000 Tesla shares and 300,440 options after the latest transaction.
Reaction from Tesla Influencer
Tesla influencer “Tesla Larry” pointed out that Denholm has exercised options previously, keeping a portion of the shares and selling others. Tesla Larry believes that reports of Denholm selling shares are misleading, as she is not liquidating her entire Tesla position and often increases her Tesla stake with the exercising of options.
Importance of the Sale
Denholm has been one of the most active sellers among Tesla insiders, with sales earlier this year in February and March. She has received over $600 million in stock compensation since joining the Tesla Board of Directors in 2014 and has sold over $500 million in Tesla stock since that time.
Background on Denholm
Denholm became the Tesla Chairwoman in 2018, replacing Tesla CEO Elon Musk, who was required to step down from the role as part of an SEC settlement. Some Tesla investors have been less than pleased with Denholm’s hands-off role as Chairwoman and her constant selling of shares.
Impact on Tesla Stock
The latest filing by Denholm may overshadow the insider purchase made by Gebbia. While Gebbia’s transaction was small in size, it marked the first insider purchase in years and may signal increased confidence in Tesla ahead of robotaxis, FSD, new vehicle models, and other coming catalysts. Tesla stock was down 5.1% to $277.14 on Wednesday, compared to a 52-week trading range of $167.41 to $488.54.
Conclusion
The planned sale by Denholm is just the latest in a series of insider sales by Tesla executives. As the company continues to navigate the challenges of the electric vehicle market, investors will be watching closely to see how these sales affect the stock price and the overall direction of the company.