The automobile giant, Tesla, on Wednesday said that the co-founder of Airbnb Inc., Joseph Gebbia, has joined the board of directors of the automobile firm, reversing the decision to reduce the number of directors.
Following the exit of Oracle Inc. co-founder Larry Ellison in August, Tesla previously announced in June that it would have just seven board seats, drawing criticism from shareholder organisations for the absence of independent board directors.
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The US Securities and Exchange Commission (SEC) received a complaint from SOC Investment Group in July, alleging that Tesla’s proposal did not follow a 2018 decree with the SEC, which required having two independent boards. This agreement was reached after Tesla owner Elon Musk announced plans to go private, Reuters reported.
Tesla appointed Ellison in December 2018. Gebbia, a US billionaire designer, and Internet entrepreneur joins Tesla after announcing in July that he would step down from his position and take an advertising role at Airbnb. During this, Musk, taking it to Twitter, tweeted, “Congrats on an incredible company with Airbnb, now for Book 2!.”
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In text exchanges released this year as part of ongoing shareholder litigation, Gebbia praised Musk’s decision to go private as a “baller move,” to which Musk responded by saying, “Sucks being public.”
Some experts doubt Tesla’s decision to add Gebbia to the board of directors as to whether he will be able to add any value to the company. Some believe this to be more of Musk’s bros gathering rather than hiring someone new for it.
(With inputs from agencies)
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