Tesla adds Airbnb co-founder Gebbia to board




  • In Business
  • 2022-09-28 20:27:34Z
  • By Reuters

(Reuters) -Tesla Inc said on Wednesday that Airbnb Inc co-founder Joseph Gebbia has joined the electric vehicle maker's board, months after stepping back from his full-time role at the vacation rental company.

The appointment raises the board strength at the world's most valuable automaker to eight.

Oracle Inc co-founder Larry Ellison did not stand for re-election at the company's annual shareholder meeting in August, which reduced the board's size to seven.

The company had said it would evaluate the size and composition of the board over time, in a regulatory filing prior to the meeting.

Gebbia, 41, has waived all entitlement to cash compensation and has agreed to not take any stock-based rewards until July 2023, the company said in a regulatory filing.

In July, Gebbia said he would take on an advisory role at Airbnb, stepping away from his full-time role after 14 years at the company. The Airbnb co-founder had in 2018 called Musk's attempt to take Tesla private a "baller move".

In a blog post accompanying the filing, Tesla said Gebbia has begun work on his next startup without elaborating further.

In January, the entrepreneur also bought a minority stake in National Basketball Association team San Antonio Spurs.

(Reporting by Niket Nishant and Akash Sriram in Bengaluru; Editing by Sriraj Kalluvila)

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