Tesla (TSLA, Financials) finally got a rare show of confidence from inside its boardroom. Director Joe Gebbia, better known as the billionaire co-founder of Airbnb, just bought $1 million worth of Tesla stockthe first insider to do so in over five years.
But that hopeful signal didn't last. Within a day, Tesla board chair Robyn Denholm sold more than $32 million in stock, adding to nearly $150 million she's offloaded since December.
Gebbia's $1 million buy is small next to his $8 billion net worth but still notableno Tesla insider has bought shares on the open market since Elon Musk in 2018.
Denholm's recent sale brings her total sales under a preset 10b5-1 plan to around $150 million in under five months.
Tesla has long faced a running joke: insiders only ever sell. Gebbia's buy broke that patternand came just as Tesla tries to reignite investor excitement around robotaxis and AI.
Still, Denholm's sale poured cold water on that enthusiasm. Her low-profile leadership style has drawn mixed reactions, especially as Elon Musk shifts priorities and the company struggles to deliver on its low-cost EV promises.
Meanwhile, the numbers aren't helping. Tesla's Q1 operating margin dropped to 2.1%its lowest since 2019as vehicle sales declined for the first time in years.
Denholm's term ends next year. Musk is doubling down on robotaxis and AI hardware. But as longtime customers grow uneasy and insiders keep cashing out, investors may be left wondering: who at Tesla still has skin in the game?
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.