Airbnb co-founder stepping down after spate of stock sales
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Airbnb (NASDAQ:ABNB) cofounder Joseph Gebbia is stepping down to pursue new opportunities, according to a letter posted to the company website.

âThe primary reason for this transition is that this is the only company Iâve ever helped build, and my brain is bursting with more ideas to bring to the world,â Gebbia wrote. 

After taking some time to fulfill his role as a parent, Gebbia indicated he will develop âa complementary product to Airbnb (ABNB)â and work on documentary filmmaking. He added that the company is in good hands after emerging from the pandemic crisis with the business intact.

Gebbiaâs departure follows a spate of stock sales by the cofounder that once held a more than 10% share in the company. For example, he sold 200.5K shares in both June and July, following a sale of over 700K shares in both April and May. In March, Gebbiaâs sales reached over 1.4M shares, per SEC Form 4 documents.

Shares of Airbnb (ABNB) have slid nearly 40% since the start of the second quarter.
The company is expected to post earnings on August 2.