Tesla adds Airbnb co-founder Joe Gebbia to board

Joe Gebbia, co-founder of Airbnb and chairman of Airbnb.org, for the duration of South By Southwest (SXSW) festival in Austin, Texas, U.S., on Sunday, March 13, 2022.

Matthew Busch | Bloomberg | Getty Pictures

Tesla has added Airbnb co-founder, designer and billionaire Joe Gebbia as an independent member to its board of administrators, according to a regulatory submitting out Wednesday.

Gebbia’s addition to the board of Elon Musk’s electrical car or truck maker follows the departure of Oracle chair and chief technological innovation officer Larry Ellison, which was introduced in June and finalized after a shareholders’ proxy vote in August.

Tesla included Ellison and former Walgreens Boots Alliance exec Kathleen Wilson-Thompson to the board in December 2018 in purchase to comply with the phrases of a settlement arrangement with the Securities and Exchange Fee. The SEC had charged Tesla and Musk with civil securities fraud immediately after the CEO tweeted that he was thinking of getting Tesla non-public for $420 per share and had funding secured to do so.

Adding Gebbia to the Tesla board may well assistance Tesla prevent even more conflict with the SEC, which has initiated numerous probes to decide that Musk and Tesla remain in compliance with their arrangement.

A designer by education, Gebbia had been with Airbnb considering the fact that its earliest times in 2007. He stepped down from his operating job at the small-phrase rentals juggernaut in July this yr.

However, Gebbia stays on the Airbnb board and serves as chair of Airbnb.org, the company’s affiliated nonprofit that supplies housing to individuals displaced in moments of disaster, including these impacted by natural disasters and worldwide conflicts.

Tesla noted in a firm blog post and filings with the SEC that Gebbia has “waived entitlement to income compensation” right up until even more notice, and waived “equity payment right until July 2023,” right up until the board decides on what ideal fairness payment will glance like for each member shifting ahead.

Gebbia has not been assigned to any Tesla board committees but.

Tesla’s other non-govt board users include:

  • Chair Robyn Denholm
  • Ira Ehrenpreis, founder of the undertaking funds investment decision business DBL Partners
  • Previous Japanese pension fund executive Hiro Mizuno, who is the UN’s exclusive envoy on progressive finance and sustainable investing.
  • Media entrepreneur James Murdoch
  • Restaurateur Kimbal Musk, who is CEO Elon Musk’s brother.

Tesla did not promptly reply to a request for remark about Gebbia’s appointment and the SEC.