• Tesla board chair Robyn Denholm’s latest sale means she has liquidated roughly $117 million in stock in total over the past three months. All the sales were part of a preapproved trading arrangement known as a 10b5-1 plan that is set in advance, but Denholm dumping hundreds of thousands of shares of Tesla nonetheless comes at a time when the stock has given back almost all its gains since President Trump won the election.

Once again, Tesla board chair Robyn Denholm pocketed millions of dollars from stock sales. This time however it came at a sensitive juncture for the carmaker when confidence in her ability to serve as an independent counterweight to CEO Elon Musk is already shaken.

The initial euphoria around Musk’s all-in bet on a Trump presidency has melted away with the stock price sinking to nearly half its mid-December peak following a slew of controversies surrounding the entrepreneur. Shareholders are increasingly feeling like they are being punished for the CEO’s exploits outside the company.

Just as the inevitable calls resume for Tesla’s board to rein in their CEO before he inflicts further damage to the brand, the company revealed that Denholm is piling on herself. The low-profile Australian has once again sold nearly 112,400 shares worth $33.7 million, bringing the sum total from three equal tranches to some $117 million over the past 90 days. 

It’s time for the $TSLA board to remove Elon Musk as CEO. While invaluable as an asset (especially considering his infiltration of the executive branch), he’s clearly not dedicating anywhere near the time required for the post. Keep him on the board but find someone else.

— Quinn Nelson (@SnazzyLabs) February 13, 2025

“DOGE should take a look at excessive compensation of Robyn Denholm,” argued Matt Smith, vice president of equity analysis at Indianapolis-based money manager Halter Ferguson Financial.

Shares in Tesla fell 6% on Tuesday, underperforming a broad selloff in equity markets after Trump’s tariffs imposed on Canada and Mexico took effect. That means the stock has given up all its gains since the Wednesday in November when election results pointed to a Republican sweep and are now only marginally higher than prior to the vote.

The declines have frustrated investors. Barstool Sports president Dave Portnoy said he too had joined the crowd of fellow Tesla shareholders turning the tables on Musk by now asking the DOGE cost-cutter-in-chief what five things he's done for them in the past few days. “Seemingly all he cares about right now is DOGE,” he told Fox News.

Tesla did not respond to a request from Fortune for comment.

Denholm has said being Tesla chair brought her ‘life-changing wealth’

Importantly, Denholm’s latest stock sale occurring at such a sensitive juncture is not directly her fault. The transaction is part of a 10b5-1 trading plan, which allows directors and insiders to set future stock sale orders in advance without suspicion of insider trading because the timing is outside of their control.

The board includes Musk’s business associates, personal friends, and even family, and Denholm and independent directors have developed a reputation for letting Musk run the company as he sees fit with minimal oversight. 

Very happy for the $TSLA board members and family members who sold before this dip.

— Earl (@28delayslater) March 3, 2025

Indeed, Musk even testified in Delaware court that he negotiated his generous 2018 pay package with none other than himself on the other side of the bargaining table. 

The pay plan was subsequently rescinded after Denholm’s board submitted it to a shareholder vote without informing them that Musk designed his own salary. 

Denholm herself admitted holding on to her post granted her “life-changing wealth.” 

On Monday, Tesla shareholders got another taste of what their chairwoman meant by that.

This story was originally featured on Fortune.com