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Flying Taxi CEO Regains Billionaire Status After Stock Surges 160%

Flying Taxi CEO Regains Billionaire Status After Stock Surge
Joby Aviation’s Market Revival
Four years after a high-profile SPAC debut followed by a significant stock decline, Joby Aviation has experienced a remarkable resurgence, propelling CEO JoeBen Bevirt back into billionaire ranks. Bevirt, 51, currently holds a 12% stake in the electric air-mobility company, now valued at approximately US$1.3 billion according to the Bloomberg Billionaires Index. The value of his holdings has more than doubled since April, driven by a 160% surge in Joby’s stock from its yearly low.
Shares rose 10% to US$13.92 in New York trading on Thursday, reflecting renewed investor confidence in Joby’s electric vertical takeoff and landing (eVTOL) aircraft. This momentum followed the company’s successful piloted test flight in Dubai last month and was further bolstered by a recent U.S. executive order establishing a federal pilot program for advanced air mobility technology. Bevirt emphasized the administration’s prioritization of air taxis in a March interview with Bloomberg Television, highlighting strong backing from the Department of Defense.
Industry Growth and Competitive Pressures
Joby’s revival is part of a broader wave of positive developments within the emerging air mobility sector. The company has announced plans to double production capacity at its primary manufacturing facility, aiming to introduce its quiet, runway-free aircraft—capable of speeds up to 322 km/h—into commercial service. Bevirt has outlined ambitious plans for seven-minute flights connecting lower Manhattan to JFK Airport, with pricing designed to compete with premium ride-hailing services.
Despite these advances, Joby faces intensifying competition as major technology firms enter the autonomous mobility market. Tesla recently launched its own self-driving taxi service, triggering an 8% increase in its stock and boosting CEO Elon Musk’s net worth by US$15 billion. Amazon’s Zoox division has also expanded with a new production facility for self-driving taxis, signaling rapid progress and escalating investment in the sector. Additionally, a leading self-driving AI company secured US$600 million in funding, while a US$250 million deal for air taxis further underscores the growing market appetite.
Challenges Ahead for Joby Aviation
These developments underscore both the opportunities and challenges confronting Joby. While the company’s stock has rebounded sharply, the sector’s rapid evolution may invite increased regulatory scrutiny and intensify competition from well-capitalized rivals. At the time of its 2021 public listing, Joby had yet to deliver a finished product, and its first paying customer remains forthcoming. Nonetheless, recent interest from the defense sector and broader industry optimism have fueled the current rally.
JoeBen Bevirt, a mechanical engineering graduate of UC Davis and Stanford, is a seasoned entrepreneur with a track record that includes founding Velocity11, a robotics firm, and Joby, the maker of the GorillaPod camera tripod. As Joby Aviation advances toward commercial operations, the company’s future—and Bevirt’s billionaire status—will hinge on its ability to navigate a rapidly changing landscape shaped by technological innovation and formidable competitors.

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