Categories: Business

Joseph Gebbia, co-founder of Airbnb, added to the Tesla board

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.

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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.