Tesla has officially given CEO Elon Musk the title of “Technoking of Tesla” in a new regulatory filing on Monday.
Musk will retain his position as chief executive officer, Tesla said. Zach Kirkhorn, the company’s chief financial officer, has also been given a new title: “Master of Coin.”
Last week, Elon Musk made $25 billion in one day. On Monday, he crowned himself “Technoking of Tesla.” In Musk-speak, this new title still translates into the CEO of the electric car company.
The new appellations were announced via a U.S. Securities and Exchange Commission filing, which reads:
“Effective as of March 15, 2021, the titles of Elon Musk and Zach Kirkhorn have changed to Technoking of Tesla and Master of Coin, respectively. Elon and Zach will also maintain their respective positions as Chief Executive Officer and Chief Financial Officer.”
As for the “Technoking” inclusion, it could hit at “Musk viewing Tesla more
as a technology disruptor in the future especially with robotaxis, (full self driving capabilities), and massive battery technology advancements on the horizon at Tesla,” he said. The CFO’s “Master of Coin” title may allude to Tesla’s bitcoin ownership “which we expect to expand in the coming year.”
US electric car maker Tesla Vice President Jerome Guillen poses at the Paris Auto Show on the last press day on October 3, 2014. The Paris Auto show opens to the public on Saturday.
Tesla has moved its former president of Automotive, Jerome Guillen, into the role of president of Heavy Trucking according to a regulatory filing dated March 11, 2021.
The change means less responsibility for Guillen, who oversaw the company’s entire vehicles business since his appointment in the third quarter of 2018.
He had already served as the leader of Tesla’s truck program, working on a pure battery-electric Class 8 truck, in the role of vice president of trucks and programs there since 2016.
During his time as president of Automotive, Tesla opened its first plant overseas, in Shanghai, and expanded its battery cell supply partnerships. The company’s shares have skyrocketed more than 1000% since Sept., 2018, and Tesla has become a higher volume manufacturer of electric vehicles.
Guillen has worked at the company in roles reporting directly to CEO Elon Musk since November 2010.
News of Guillen’s shifting role at Tesla was announced Friday but drew little attention as Musk spent the weekend tweeting to his tens of millions of followers about the company’s automated driving systems which are marketed as Full Self-Driving (even though they do not make Tesla vehicles driverless); the cryptocurrency Dogecoin, and “woke” culture.
On Monday, Tesla and Musk made headlines and stirred up social media buzz with a filing appointing Musk as “Technoking” of the electric vehicle company, and appointing CFO Zachary Kirkhorn “Master of Coin.”
This title change follows Musk’s announcement last month that Tesla might start accepting bitcoin as a form of payment in the near future. The cryptocurrency’s stock price hit a new high of $61,788 over the weekend.
The company bought about $1.5 billion in bitcoin in February, a move that some on Wall Street criticized for creating a “slideshow” for the electric-vehicle maker.
Tesla’s market cap climbed to more than $800 billion in January before dropping to $563 billion in March, leading some analysts to link its share price to the value of bitcoin, which was also volatile over the period.
However, Tesla’s shares went up by more than 1% on Monday to trade around $704. This increase comes after rumors spread regarding Tesla’s plant in Fremont,California.
Investors quickly reacted to a report from The Washington Post which suggested that Tesla’s plant had 450 cases of coronavirus after reopening last May. This rumor comes only a week after a fire at the same plant last week.
After such ups and downs in Tesla’s stocks Musk’s announcement had a negligible impact on the stock price. Tesla’s stock is up 1.5% in morning trading. Tesla shares had an impressive 600% soar in 2020.
However, the stock is now down 20% for the year from a high of $880.82 reached January 8.