The president of Tesla, Robyn Denholm, has sold another $33 million worth of Tesla (TSLA) shares, while allowing Elon Musk to destroy the company’s brand.
As chairwoman of Tesla’s board of directors, Denholm is one of the few people who actually oversee Elon Musk at Tesla.
Although Musk is the CEO, he only owns about 13% of Tesla’s shares. Nevertheless, he is considered to have total control over the company and the board, which actually led a judge to rescind his compensation package last year.
Fleeing the ship before it sinks
This is partly because when he himself “negotiated” a compensation package of $55 billion with the board, they also granted themselves an exorbitant compensation, which they ultimately had to partially return to the company after shareholders sued them for excessive compensation.
Despite Musk threatening shareholders to gain more control over Tesla and resorting to channeling resources, the board, including Denholm, has remained silent.
The president has received hundreds of thousands of discounted Tesla shares through stock options as part of the aforementioned “excessive board compensation,” and has been selling them as soon as she is allowed.
Last month, he sold Tesla shares worth 43 million dollars, and today, Tesla revealed through a mandatory filing with the SEC that Denholm has another 112,390 Tesla shares worth more than 33 million dollars through Merill Lynch.
With this sale, he has sold Tesla shares worth more than 100 million dollars in the last 3 months.
Kimball Musk, brother of Elon, and Taneja Vaibhav, Tesla’s chief financial officer, also recently sold before a recent drop in the company’s stock price.