Tesla's board member, Joe Gebbia, invests over a million dollars in TSLA stocks.
Tesla is set to make a significant leap in the autonomous vehicle sector, as it prepares to launch its first paid autonomous ride service using Model Y vehicles in Texas. The service, which is scheduled to begin in June, will offer fully autonomous rides, not requiring human drivers.
During Tesla's Q1 2025 earnings call, CEO Elon Musk confirmed these plans, marking an exciting development for the electric vehicle company. The initial operations of the service will focus on Austin, with plans to expand to additional U.S. cities by the end of the year.
Notably, Joe Gebbia, Airbnb co-founder and Tesla Board member, recently made a personal investment in Tesla by purchasing 4,000 shares of the company's stock. This purchase, made at an average price of $256.31 per share, totals approximately $1.02 million.
Joe Gebbia joined Tesla's board as an independent director in 2022. Prior to this purchase, he held 111 shares of Tesla stock. The transaction marks the first time in over five years that a Tesla insider has bought stock on the open market.
It's important to clarify that Joe Gebbia's recent purchase of Tesla shares does not appear to have influenced or been publicly connected to the anticipated launch of Tesla's robotaxi service in Austin, Texas. There is no available information or reports linking his insider purchase to this specific operational or strategic development at Tesla.
In recent months, several Tesla executives and board members, including CEO Elon Musk's brother, Kimbal Musk, and Tesla CFO Vaibhav Taneja, have sold substantial amounts of stock. Despite this trend, Gebbia's purchase breaks a long-standing trend where insiders had typically only sold shares.
The purchase was made through a trust, which now holds a total of 4,111 Tesla shares. It's worth noting that the Cybercab will not be involved in the initial rollout of the service.
Elon Musk publicly expressed his approval of Joe Gebbia's Tesla stock purchase, posting on social media, "Joe rocks."
As Tesla moves forward with its autonomous ride service, it continues to push the boundaries of what is possible in the electric vehicle industry. With the launch in Texas, the company is taking a significant step towards realizing its vision of a fully autonomous future.
Read also:
- Social Security Administration Abandons Plan for Electronic Payments: Important Information for Recipients of Benefits
- AI-Powered Transportation Stock's Possible Challenge to Tesla's Autonomous Dreams?
- Microsoft's Patch Tuesday essential fixes: 12 critical vulnerabilities alongside a Remote Code Execution flaw in SharePoint
- Artificial Fuel Explanation: Might Synthetic Fuels Prolong the Lifespan of conventional Internal Combustion Engines?
