Tesla Insider Confidence Shifts as Board Member Purchases 4,000 Shares

In a surprising move for Tesla, Joe Gebbia, a board member and co-founder of Airbnb, recently purchased 4,000 shares of the electric vehicle giant, valued at approximately $1 million.

This transaction marks a significant departure from the trend observed over the past five years, where insiders—executives and board members—predominantly sold shares rather than buy them.

This long-standing pattern had become a source of dark humor within the company, as it suggested a lack of confidence among Tesla’s leadership.

Airbnb Co-Founder Takes Bold Step by Buying 4,000 Tesla Shares

Before this purchase, Gebbia’s stake in Tesla was minimal, owning only 111 shares despite being on the board since 2022. This relatively modest investment in relation to his estimated net worth of over $7 billion serves as a testament to his newfound confidence in the company.

The timing of this transaction is especially notable given the significant turmoil Tesla has recently faced; the company reported its worst quarterly performance in years, yet its stock surged by 20% post-announcement, leaving many analysts scratching their heads over the firm’s actual health.

Despite the poor results, the board’s inaction has left Tesla enthusiasts and market followers disillusioned.

Historical transactions from board members, including a peak sale of over $100 million by chairwoman Robyn Denholm, have contributed to a narrative of insiders looking to cash out at critical moments, often before declines in stock value. The recent sales by executives like Kimball Musk and CFO Vaibhav Taneja further feed into this skepticism.

As Tesla grapples with major challenges in its core business, many are questioning if the board, now seemingly awakened by Gebbia’s purchase, will take assertive steps to revive confidence in the company amid diminishing prospects from its prior ambitions of self-driving and humanoid robotics.