Tesla Inc. (NASDAQ:TSLA) Chair Robyn Denholm has sold approximately $33.7 million worth of the electric vehicle maker’s stock, according to a filing with the Securities and Exchange Commission on Monday. This sale is part of a previously adopted trading plan.

What Happened: Denholm has been steadily offloading Tesla shares over recent months. In early February, she sold 112,390 shares worth about $43.2 million, alongside CFO Vaibhav Taneja and board member Kimbal Musk, who also offloaded significant holdings.

This trend among Tesla insiders comes as the company navigates macroeconomic uncertainties and intensifying competition in the EV market.

See Also: Polestar Vs. Tesla: Can Smaller EV Company Disrupt Giant Facing Boycotts, Protests With ‘Trade In’ Offer?

Why It Matters: Tesla shares declined 2.84% on Monday, weighed down by broader market concerns following President Donald Trump's announcement of new tariffs on imports from Canada, Mexico, and China. The 25% tariffs on Canadian and Mexican imports and 20% tariffs on Chinese goods have sparked fears of rising costs and inflationary pressure.

Meanwhile, Tesla’s leading competitor, BYD Co. Ltd. (OTC:BYDDY), reported robust sales growth in February, more than doubling its new energy passenger vehicle deliveries to 318,233 units. The Chinese EV maker, which briefly overtook Tesla as the world's top battery electric vehicle (BEV) seller in late 2023, remains a formidable challenger, particularly with its dominance in plug-in hybrids.

Price Action: Tesla's stock declined 2.84% on Monday, closing at $284.65, with an additional 0.79% drop in after-hours trading, according to data from Benzinga Pro.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.