(Bloomberg) — Almost like clockwork since mid-November, Tesla Inc. board chair Robyn Denholm has been selling the company’s stock. During that time, shares whipsawed and the company’s sales slowed — and then cratered — around the world.

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As part of a pre-arranged plan around exercising equity options, Denholm cashed in 112,390 shares worth $35 million on Nov. 15, weeks after a post-presidential election pop. Then the same amount of stock on Dec. 2. Then again on Feb. 3, March 3 and, most recently, on Tuesday.

All told, Denholm has sold $558 million worth of stock since 2020, according to data compiled by Bloomberg, building a fortune she’s described as “life-changing.” That’s almost half the $1.2 billion worth of shares sold by Tesla’s current directors in that span, nearly all of which came from exercising options.

That massive sum is emblematic of the riches created by Tesla over the past several years under Elon Musk’s tenure as chief executive officer. While much of that has accrued to Musk, the world’s wealthiest person with a $332.7 billion fortune, the carmaker’s volatile rise also benefited its board, which is partly populated by his friends and family.

Yet, even by Musk’s own telling, the world’s most valuable automaker is at a crossroads. Tesla stock is down 41% from its highs in December, with his emergence as a top donor and adviser to US President Donald Trump rendering its vehicles, stores and charging stations targets for the administration’s detractors at home and abroad.

Where Tesla goes from here will depend on Denholm and the rest of its low-profile board, which faces questions from some investors over Musk’s focus and future with the company. Members recently reached out to several executive-search firms to work on a process for finding the carmaker’s next CEO, the Wall Street Journal reported. Denholm denied this, saying the board is “highly confident in his ability to continue executing.”

Musk, Denholm and representatives of Tesla didn’t respond to requests for comment.

‘Couldn’t Find Anyone’

With Musk’s time in the US government potentially winding down as soon as this month, Tesla’s board — collectively still holding about $1.63 billion worth of shares and options — will be under new pressure to chart the best path forward with Musk.