Airbnb (NASDAQ:ABNB) cofounder Joseph Gebbia is resigning to pursue new possibilities, according to a message posted on the company’s website. Gebbia added that the fundamental reason for this move is that this is the only firm I’ve ever helped establish, and my mind is overflowing with new ideas to share with the world.

Gebbia, chief product officer, Brian Chesky, chief executive officer, and Nathan Blecharczyk, chief strategy officer, launched Airbnb(NASDAQ:ABNB)  in 2008. Gebbia contributed to the company’s transition from a scrappy San Francisco start-up battling regulatory difficulties across the country and the world to a publicly traded company that established a new way to travel. Airbnb is now present in over 200 countries and regions, and more than 4 million hosts have opened their homes to guests. This trend has made Gebbia a billionaire, according to the Bloomberg Billionaires Index, with a net worth of $7.5 billion.

Gebbia suggested he will build a supplementary product to Airbnb (NASDAQ:ABNB) and work in documentary filmmaking after fulfilling his parental duties. He noted that the company is in good hands now that it has emerged through the pandemic issue unscathed.  The resignation follows a string of stock sales by the founders, who formerly owned more than 10 percent of the business.

 For instance, he sold 200.5K shares in June and July, after selling almost 700K shares in April and May. In March, Gebbia sold more than 1.4 million shares, according to SEC Form 4 records. Gebbia will take on a new position as an advisor in addition to continuing to serve on the board of directors for Airbnb (NASDAQ:ABNB) and Airbnb.org, the company’s non-profit division. Since the beginning of the second quarter, Airbnb’s (NASDAQ:ABNB) stock has declined by roughly 40 %.  business is anticipated to report earnings on August 2.

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