Tesla chair reaps $35M in stock options exercise

Tesla (NASDAQ:TSLA) chair Robyn Denholm has exercised 112,390 stock options that were set to expire next year, cashing in more than $35M from the EV stock that has rallied after the U.S. election.

Denholm sold the shares on Nov. 15 as part of a trading plan under Rule 10b5-1 and netted around $32.5M (excluding exercise cost) from the transactions that were prearranged in July, according to a regulatory filing.

The transactions were executed at prices ranging from $310.052 to $320.003 per share. Following these transactions, Denholm’s direct ownership stands at 85,000 shares.

Tesla (TSLA) shares have risen 38% ever since Donald Trump’s cliched victory in the U.S. elections, with the EV maker seen as a major beneficiary under Trump’s presidency.

The company’s CEO Elon Musk has arguably been the most prominent Trump backer, spending over $130M on the campaign and constantly voicing his support on social media platform X.

Musk, along with entrepreneur Vivek Ramaswamy, has already been tapped to lead a new department that will aim to make the government more efficient.