Robyn Denholm, the chair of $Tesla (TSLA.US)$ and a prominent Australian businesswoman, is preparing to sell a portion of her Tesla stock valued at up to $50 million.
What Happened: Electrek reported a new SEC filing revealed Denholm's plan to potentially sell up to 281,116 of her Tesla shares. This move comes under a trading arrangement adopted on Oct. 23, 2023, covering stock options expiring in August 2024.
The arrangement is set to expire on Aug. 16, 2024. Denholm's decision to sell a portion of her shares aligns with the substantial compensation she has received for her role at Tesla. In 2022, she was awarded more than 600,000 shares, valued at over $85 million at the time. Tesla faced a lawsuit from shareholders over what was deemed excessive compensation to board members, leading to a settlement that saw the return of about $735 million in shares and cash.
Why It Matters: The disclosure of Denholm's potential stock sale coincided with ongoing discussions regarding CEO Elon Musk's next compensation plan.
Musk reportedly seeks a package that would grant him 25% control over Tesla's shares.
This latest development in Tesla's upper echelons reflected the dynamic and often scrutinized financial landscape of the electric vehicle giant as it continues to navigate the complexities of corporate governance and compensation amidst its influential and high-profile leadership.