Tesla Chair Robyn Denholm Sells $33.7 Million in Stock Amidst Economic Challenges

Tesla Inc. TSLA Chair Robyn Denholm recently sold around $33.7 million of the company’s stock, as reported in a Securities and Exchange Commission filing on Monday. This sale is part of a trading plan that she had previously adopted.

What Happened: Denholm's stock sales have been a recurring theme over the past few months. In early February, she sold 112,390 shares totaling approximately $43.2 million. This significant sale coincided with similar actions by the company's CFO, Vaibhav Taneja, and board member Kimbal Musk, both of whom also sold large amounts of their holdings.

The ongoing sales by Tesla insiders occur during a period marked by macroeconomic uncertainties and increasing competition within the electric vehicle (EV) sector, putting added pressure on the automaker.

Why This Matters: On the same day of Denholm's stock sale, Tesla shares fell by 2.84%, reflecting broader market concerns. This decline was exacerbated after former President Donald Trump announced new tariffs on imports from Canada, Mexico, and China. The proposed tariffs include a 25% tax on goods from Canada and Mexico and a 20% tax on items from China, raising worries about potential cost increases and inflation.

In contrast, Tesla's major competitor, BYD Co. Ltd. BYDDY, reported impressive sales in February, with deliveries of new energy passenger vehicles more than doubling to 318,233 units. BYD briefly overtook Tesla as the biggest seller of battery electric vehicles (BEVs) late last year and continues to pose strong competition in the market, particularly with its leading position in the plug-in hybrid segment.

Price Action: Following these developments, Tesla's stock closed at $284.65 after the initial drop on Monday, with an additional decline of 0.79% in after-hours trading, according to data from Benzinga Pro.

Tesla, RobynDenholm, BYD