Airbnb co-founder Joe Gebbia joins Tesla board

Just two months after stepping down from his executive role at Airbnb, Joe Gebbia is joining Tesla’s board of directors, according to a filing with the Securities and Exchange Commission.

Mr. Gebbia, whose term as a board member began Sept. 25, according to the filing, serves as an independent director on Tesla’s board. He joins the board following the departure of Oracle Chairman Larry Ellison last month.

At 41, Mr Gebbia, who became a billionaire as the co-founder of home and apartment rental service Airbnb, announced in June that he was leaving his full-time role at Airbnb to pursue new projects. and parenting, but would remain on the board of Airbnb and Airbnb.org, the company’s nonprofit arm. He met Brian Chesky, co-founder and CEO of Airbnb, when they were students at the Rhode Island School of Design.

Prior to his departure from Airbnb, he sold $700 million worth of stock, or about 8% of his stake in Airbnb. Forbes estimates his net worth at $7.4 billion. Since leaving Airbnb, he has started working on his next startup, according to an announcement on the Tesla company blog. In early 2022, Mr. Gebbia purchased a minority stake in NBA team San Antonio Spurs for an undisclosed sum.

When Tesla announced, in a June filing, that Ellison would step down from the board when his term expires at the company’s August 2022 annual meeting, it said it planned to cut the number of board seats from seven to six, that is, she would not replace Ellison. The company seems to have changed its mind about this.

According to the filing, Mr. Gebbia has waived all cash compensation from Tesla and all stock compensation — like the rest of the board — until July 2023.

Bloomberg was the first to report news of Mr. Gebbia’s new position on the board.

Article translated from Forbes US – Author: Kerry A. Dolan

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