Exercising 112,390 stock options, Tesla (TSLA, Financial) chair Robyn Denholm sold the resulting shares on November 15, reaping almost $35 million as the stock jumped following Donald Trump's election victory. A regulatory disclosure claims the trades fit a trading strategy developed in July under Rule 10b5-1.
From shares sold at values ranging from $310.052 to $320.003, Denholm received around $32.5 million, minus exercise fees. Her direct holding in Tesla follows at 85,000 shares following the deals. Since Trump's election, Tesla's shares have dropped 38%; the firm should profit under his presidency. A prominent supporter of Trump, CEO Elon Musk has given over $130 million to his campaign and publicly expressed support on social media.
Musk has been selected to oversee a new government department emphasizing efficiency alongside businessman Vivek Ramaswamy. The surge by Tesla shows hope for possible legislative changes under the new government supporting electric cars.
