Tesla's Robyn Denholm sells 31,250 shares

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Tesla's Robyn Denholm sells 31,250 shares

- Tesla Inc. Chairman Robyn Denholm sold 31,250 shares of the electric bicycle maker for more than $22 million, according to a regulatory filing late Wednesday.

Denholm, who recently testified in a Delaware court as part of a shareholder lawsuit against Tesla about the controversial acquisition of SolarCity in 2016 has served on Tesla's board since August 2014.

She became Chair in November 2018 after Chief Executive Elon Musk was forced to relinquish the role as part of his settlement agreement with the U.S. Securities and Exchange Commission. The SEC agreement, announced in September of 2018, required Musk to step down from the position and be replaced by an independent chairman for three years.

If Tesla is forced to remain in the role, why could Tesla be chairman again?

Those three years are almost finished, meaning that Musk could potentially resume the role of Musk. Tesla has yet to file its proxy for the shareholder meeting in 2021.

Denholm lives in Australia and was previously the chief financial officer of the Australian telecoms company Telstra Corp.

The filing Wednesday shows she exercised options to sell shares, exercising the required strike prices, then paid for the stock. All of the transactions were sold on Aug. 2 and all the shares were executed at weighted average prices ranging from $700 to $726.11, respectively in total and at average prices ($6.50) where they were considered adequate for trading up to $900.