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Tesla is set to witness a substantial stock sell-off as three of its board members—Kimball Musk, Robyn Denholm, and Kathleen Wilson-Thompson—have arranged to sell shares totaling $300 million. The insider trading plans were detailed in Tesla's latest SEC filing, marking one of the largest collective sales by company insiders in recent history.
Board Members Set Sights on $300 Million Stock Sale
Three high-ranking Tesla employees, one of whom is Elon Musk's brother, are getting ready to unload about $300 million worth of TSLA shares.
According to Tesla's 10Q SEC filing, three board members, including Chairwoman Robyn Denholm and Elon Musk's brother Kimball, entered into new agreements to sell a large number of shares last quarter, Electrek reports.
Inside the SEC Filing: Details on Planned Sales
- On July 25, 2024: "Robyn Denholm, one of our directors, adopted a Rule 10b5-1 trading arrangement for the potential sale of up to 674,345 shares of our common stock (all resulting from stock options expiring in June 2025), subject to certain conditions. The arrangement’s expiration date is June 18, 2025."
- On July 31, 2024: "Kimbal Musk, one of our directors, adopted a Rule 10b5-1 trading arrangement for the potential sale of up to 152,088 shares of our common stock, subject to certain conditions. The arrangement’s expiration date is May 30, 2025."
- On August 12, 2024: "Kathleen Wilson-Thompson, one of our directors, adopted a Rule 10b5-1 trading arrangement for the potential sale of up to 300,000 shares of our common stock, subject to certain conditions. The arrangement’s expiration date is February 28, 2025."
Potential Profits and Stock Valuations
Denholm stands to gain $175 million from her proposed selling of Tesla shares at the present price of around $260 per share.
Wilson-Thompson would be able to sell almost $78 million under her arrangement, while Kimball Musk's 152,000 shares would be worth nearly $40 million.
Stock Options and Compensation Concerns
Denholm is executing her stock options, but she only had 85,000 Tesla shares in her possession as of her most recent report.
A lawsuit claims that shareholders have compensated Tesla's board members too much.
Settlement of the Shareholder Lawsuit
In a settlement reached last year, board members of Tesla agreed to refund more than $700 million in stock and cash.
