Tesla chair Denholm sells shares worth more than $22 million

Denholm replaced Chief Executive Officer Elon Musk as the chair in 2018

Tesla Inc chair Robyn Denholm sold more than $22 million worth of shares in the electric-car maker after exercising stock options, according to a filing with the US Securities and Exchange Commission (SEC).

Denholm sold 31,250 shares at weighted average prices ranging from $703 to $726.200 in transactions that took place on August 2, according to the filing from Wednesday.

Denholm, who joined Tesla's board as an independent director in 2014, replaced Chief Executive Officer Elon Musk as the chair in 2018, fulfilling a demand by the SEC to strip the job from Musk.