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00:02SpaceX named Roloff Botha to its board of directors as an independent director
00:07and audit committee member less than a week after the company's IPO.
00:11According to CNBC, Botha is the eighth board member and joins Elon Musk,
00:16who serves as chairman, CEO, and technology chief.
00:20Botha and Musk share a history dating to 2000, when Musk recruited him to PayPal.
00:25Both men are from South Africa.
00:27Botha spent more than two decades at Sequoia,
00:30rising to managing director before stepping down last year.
00:33Sequoia, which first invested in SpaceX in 2019,
00:37holds a stake of just under 1.5% now valued at roughly $35 billion.
00:42Botha is not representing Sequoia on the board.
00:45Botha left his oversight role at Sequoia last year amid controversy over his management style
00:50and his defensive remarks by colleague Sean McGuire that were widely criticized as Islamophobic.
00:55For all things money, visit Benzinga.com.
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