Elon Musk's Tesla Adds Airbnb Co-Founder Joe Gebbia to Its Board: Here's the Fine Print
Tesla Inc. TSLA has added Airbnb Inc ABNB co-founder Joe Gebbia to its board of directors effective Sept. 25, the company said in a statement.< /p>
Tesla has indicated in a regulatory filing that Gebbia is eligible to receive compensation consistent with the company's standard compensation for outside directors, as previously approved by the board.< /p>
Gebbia has waived any right to cash compensation and has joined the rest of the board in waiving equity compensation through July 2023. The board does not l has appointed to any of its committees, Tesla said in its filing.
Tesla's board had previously witnessed the departure of Oracle Corporation ORCL co-founder Larry Ellison, who opted not to run again. Shareholders had backed a proposal to re-elect Ira Ehrenpreis and Kathleen Wilson-Thompson, board members since 2007 and 2018, respectively.
Also read: Elon Musk Details New Reason to Cancel Twitter Deal in 3rd Termination Letter: What Investors Need to Know< /em>
Who is Gebbia: Gebbia is a designer and entrepreneur who spent the last 14 years of his career as a co-founder of Airbnb. More recently, Gebbia stepped down from her full-time operations role and transitioned into an advisory role while serving on the board of Airbnb and Airbnb.org.
The company's statement says it has also begun work on its next startup and acquired a stake in the San Antonio Spurs.
Why it matters: Adding Gebbia to Tesla's board of directors may help the company avoid further conflict with the Securities and Exchange Commission (SEC), which has launched multiple investigations to determine that Musk and Tesla remain in compliance with their agreement, according to a CNBC report.
Photo courtesy: World Bank Photo Collection on Flickr
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tesla Inc. TSLA has added Airbnb Inc ABNB co-founder Joe Gebbia to its board of directors effective Sept. 25, the company said in a statement.< /p>
Tesla has indicated in a regulatory filing that Gebbia is eligible to receive compensation consistent with the company's standard compensation for outside directors, as previously approved by the board.< /p>
Gebbia has waived any right to cash compensation and has joined the rest of the board in waiving equity compensation through July 2023. The board does not l has appointed to any of its committees, Tesla said in its filing.
Tesla's board had previously witnessed the departure of Oracle Corporation ORCL co-founder Larry Ellison, who opted not to run again. Shareholders had backed a proposal to re-elect Ira Ehrenpreis and Kathleen Wilson-Thompson, board members since 2007 and 2018, respectively.
Also read: Elon Musk Details New Reason to Cancel Twitter Deal in 3rd Termination Letter: What Investors Need to Know< /em>
Who is Gebbia: Gebbia is a designer and entrepreneur who spent the last 14 years of his career as a co-founder of Airbnb. More recently, Gebbia stepped down from her full-time operations role and transitioned into an advisory role while serving on the board of Airbnb and Airbnb.org.
The company's statement says it has also begun work on its next startup and acquired a stake in the San Antonio Spurs.
Why it matters: Adding Gebbia to Tesla's board of directors may help the company avoid further conflict with the Securities and Exchange Commission (SEC), which has launched multiple investigations to determine that Musk and Tesla remain in compliance with their agreement, according to a CNBC report.
Photo courtesy: World Bank Photo Collection on Flickr
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
What's Your Reaction?
