Joseph Gebbia added to the Tesla board: Tesla Inc. said that Airbnb co-founder Joseph Gebbia has joined the board of directors, reversing a decision to reduce the number of directors at the most valuable automaker in the world. Following the departure of Oracle Inc. co-founder Larry Ellison in August, Tesla announced in June that it will have just seven board seats, drawing criticism from a shareholder organisation for the absence of independent board members.
Joseph Gebbia added to the Tesla board: Key Points
- The U.S. Securities and Exchange Commission (SEC) received a complaint from SOC Investment Group in July alleging that Tesla’s proposal did not follow a 2018 “consent decree” with the SEC, which required having two independent board seats.
- That arrangement was the result of Tesla’s CEO Elon Musk’s tweet about going private.
- Tesla recruited Ellison, a man who calls Musk a close friend, in December 2018 to follow the contract.
- Tesla stated in a regulatory filing that Gebbia, 41, has forfeited all rights to cash remuneration and has agreed to forgo taking any stock-based incentives until July 2023.
Important Takeaways For All Competitive Exams:
- Tesla CEO: Elon Reeve Musk
- Tesla Headquarters: Austin, Texas, United States