On the Tesla board, Joseph Gebbia was added. The most valuable automobile in the world, Tesla Inc., announced that Joseph Gebbia, co-founder of Airbnb, has joined the board of directors, reversing a decision to cut the number of directors.

 

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.

 

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.