Robyn Denholm, the Chairman of Board for Tesla Inc., has sold 31,250 of her shares in the company, according to a regulatory filing late Wednesday night. The shares were sold at average weighted prices of between $700 and $726.11, combining for a value of more than $22 million, reports Automotive News. The reasons for the sale are not yet known.
Denholm recently testified in a Delaware court as part of a shareholder lawsuit against CEO Elon Musk over Tesla’s controversial acquisition of SolarCity, a solar panel manufacturer owned by Musk’s cousins. The suit alleges that Musk used his outsized influence to make a deal with SolarCity that did not benefit Tesla or its shareholders.
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Although four other Tesla board members owned stock in SolarCity at the time of the 2016 acquisition, they all settled the allegations against them and did not admit fault.
Denholm has served on Tesla’s board since August 2014. In 2018, she took over the role of chairman after Musk was required to step down from the position as part of an agreement with the U.S. Securities and Exchange Commission.
That deal only required Musk to step down for three years, though, a time which is close to wrapping up. That means that he could legally take the position back soon.
Denholm lives in Australia and previously served as the CFO for Telstra Corp, an Australian telecom company. She has also worked at Toyota, Sun Microsystems, and a number of other companies.
