Tesla Chairman Robyn Denholm has sold shares of the electric carmaker in recent months as Elon Musk’s political activities have taken a toll on the company.

In March, after Tesla’s stock plummeted, CEO Elon Musk sent a message to employees: “Hold on tight.” But Tesla’s board chair, Robyn Denholm, did the opposite.

According to a New York Times analysis, Denholm has made $198 million in Tesla stock sales in the past six months alone. In total, since taking the job in late 2018, Denholm has made more than $530 million in Tesla stock sales—far more than the board directors of the most valuable companies in the United States.

Tesla Board Chairwoman Robyn Denholm. Photo: Reuters.

The move raises questions about Denholm’s confidence in Tesla’s prospects. The recent stock sales come as Elon Musk takes on a prominent role in the Trump administration. Tesla’s car sales have fallen sharply amid political concerns, sending its first-quarter 2025 profit to a four-year low.

A board member since 2014 and appointed chairman in 2018 after Musk was forced to step down under a settlement with the US Securities and Exchange Commission (SEC), Denholm received stock options at a discount from 2014 to 2020. Tesla’s stock price has risen sharply since then, bringing Denholm huge profits. Last week, she bought more than 112,000 Tesla shares at $24.73 per share and sold them the same day for more than $270 per share.

A Denholm spokesperson said Tesla’s stock compensation is fully aligned with shareholder interests. “The increase in option value is due to Tesla outperforming its industry peers and delivering above-average shareholder returns,” the spokesperson said.

For years, Tesla board members have earned most of their income from stock options, which are only worth as the stock rises. Denholm has sold more than 1.4 million Tesla shares, but still holds 85,000 shares and about 49,000 options, according to an NYT analysis.

The recent sell-off began in November, when Tesla’s stock price surged in the wake of the U.S. presidential election. The stock peaked in December but has since fallen about 34% amid consumer backlash against billionaire Elon Musk’s political activities.

In an internal meeting in March, Musk acknowledged the difficult situation but still called on employees to hold on to their shares and affirmed that Tesla would become the most valuable company in the world thanks to self-driving cars and humanoid robots.

Compared to other Tesla board members (except Musk), Denholm has sold more shares than any other. Data from the NYT also shows that Denholm is the chairman who has made the most money from selling shares among the largest companies in the US.

Some studies have shown that executive stock sales are often a warning sign of poor future corporate performance. Executives like Denholm often have inside information and an understanding of the impact of macroeconomic factors, making their trades highly profitable.