SCHEDULE: Joby Aviation: Key Investors Reduce Ownership

Sentiment:

Beneficial Ownership Amendment 18 August 2025 6:30 PM

A group of significant investors, including entities managed by Dipender Saluja and Ion Yadigaroglu, have reduced their beneficial ownership in Joby Aviation, Inc. to below 5% through pro rata in-kind distributions.

Worse than expectedA group of significant investors, including entities managed by Dipender Saluja and Ion Yadigaroglu, reduced their beneficial ownership in Joby Aviation, Inc. to below 5%.

Summary

Reporting persons, including TIF Partners, LLC, Technology Impact Fund, LP, Capricorn-Libra Partners, LLC, Capricorn-Libra Investment Group, LP, TIGF Partners, LLC, Technology Impact Growth Fund, LP, Dipender Saluja, and Ion Yadigaroglu, ceased to be beneficial owners of more than five percent of Joby Aviation, Inc. common stock on August 14, 2025.
The reduction in ownership was primarily due to pro rata in-kind distributions of common stock for no additional consideration to general partners and limited partners/members.
On August 14, 2025, Capricorn-Libra distributed 2,399,721 shares, with C-L Partners receiving 70,105 shares.
On August 14, 2025, TIF LP distributed 7,171,564 shares, with TIF LLC receiving 99,968 shares.
On August 14, 2025, TIGF LP distributed 518,868 shares, with TIGF LLC receiving 10,924 shares.
On August 14, 2025, TIF LLC distributed 99,968 shares, with Dipender Saluja receiving 44,008 shares and Ion Yadigaroglu receiving 44,007 shares.
On August 14, 2025, TIGF LLC distributed 10,924 shares, with Dipender Saluja receiving 3,550 shares and Ion Yadigaroglu receiving 3,550 shares.
The percentage of class represented by the aggregate amount beneficially owned by Technology Impact Fund, LP and TIF Partners, LLC is 2.5% (21,514,683 shares).
The percentage of class represented by the aggregate amount beneficially owned by Capricorn-Libra Partners, LLC and Capricorn-Libra Investment Group, LP is 0.8% (7,269,268 shares and 7,199,163 shares respectively).
The percentage of class represented by the aggregate amount beneficially owned by Technology Impact Growth Fund, LP and TIGF Partners, LLC is 0.2% (1,556,592 shares).
Dipender Saluja's aggregate beneficial ownership is 28,974,883 shares, representing 3.4% of the class.
Ion Yadigaroglu's aggregate beneficial ownership is 23,118,832 shares, representing 2.7% of the class.
The percentages are based on 855,981,489 shares of common stock outstanding as of August 4, 2025, as reported in Joby Aviation's Quarterly Report on Form 10-Q filed on August 7, 2025.

Sentiment

Score: 4

Explanation: A group of significant investors reduced their beneficial ownership below 5% through in-kind distributions. While not a direct market sale, this represents a reduction in their direct stake, which could be perceived as a slight negative signal regarding their long-term conviction or simply a portfolio rebalancing.

Future Outlook

No forward-looking statements or guidance are provided in this filing.

Industry Context

This filing is a disclosure of changes in beneficial ownership by specific investment entities and individuals, and does not provide broader industry context or trends.

Related Party Transactions

Pro rata in-kind distributions of common stock were made for no additional consideration by Capricorn-Libra, TIF LP, TIGF LP, TIF LLC, and TIGF LLC to their respective general partners, limited partners, and members.

Stakeholder Impact

Shareholders may perceive the reduction in significant investor stake as a signal of reduced institutional confidence or a portfolio rebalancing, potentially influencing market sentiment and share price.

Key Dates

Date	Description
12/17/2021	Original Schedule 13D filing date with the SEC.
08/04/2025	Date as of which 855,981,489 shares of common stock were outstanding.
08/07/2025	Date Joby Aviation, Inc.'s Quarterly Report on Form 10-Q was filed with the SEC.
08/14/2025	Date of event requiring this filing, as reporting persons ceased to be beneficial owners of more than five percent of common stock. Also, the date of all pro rata in-kind distributions.
08/18/2025	Date this Amendment No. 1 to Schedule 13D was signed.

Recommendation

hold

The filing indicates that a group of significant investors, including entities managed by Dipender Saluja and Ion Yadigaroglu, have reduced their beneficial ownership in Joby Aviation to below 5% through pro rata in-kind distributions. While this is not a direct market sale, it represents a reduction in their direct stake, which could be interpreted as a neutral to slightly negative signal. Without further financial or operational updates, a 'hold' recommendation is appropriate as this filing primarily provides an update on ownership structure rather than fundamental performance.

Keywords

Joby Aviation, Beneficial Ownership, SEC Filing, Schedule 13D, Investor Stake, Common Stock, Aviation, eVTOL

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