Billionaire Joe Gebbia, co-founder of Airbnb Inc. ABNB, has purchased over 4000 Tesla Inc. TSLA stocks.
What Happened: Gebbia, who is a member of the company’s board of directors, purchased 4000 shares at $256.308, as revealed by an SEC filing on Monday.
Gebbia has been on Tesla’s board as an independent director since 2022. He also joined Elon Musk‘s DOGE, or Department of Government Efficiency, to work on the government’s paper-based retirement process.
Why It Matters: The news comes in as Tesla is gearing up for its robotaxi launch in June, which Musk shared at the Q1 earnings call, could feature 10 to 20 Model Ys deployed on the first day of operations.
The billionaire also reiterated at the earnings call that he would scale back on his DOGE duties to focus on Tesla, which led to analysts like Dan Ives setting high price targets on Tesla Stock, as well as the stock itself surging in value.
However, Tesla has been grappling with its fair share of problems, including declining sales figures in the U.S. as well as Europe, and a 71% YoY profit plunge for Q1 2025, which showcases what was a difficult quarter for the EV giant. Tesla owners in the U.S. are also battling declining used car values as well as rising insurance premiums amid bouts of vandalism.
TSLA scores well on Momentum and Quality metrics, and has a satisfactory Growth score. However, the stock scores poorly in Value. For more such insights, sign up for Benzinga Edge today!
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