MW UPDATE: Elon Musk is now officially 'Technoking of Tesla'
Tomi Kilgore
Musk will maintain CEO position, while CFO Zach Kirkhorn is now officially 'Master of Coin'
Elon Musk may have already been the unofficial king of Tesla Inc., but starting Monday, his title has officially changed to "Technoking of Tesla."
The company $(TSLA)$ disclosed in an 8-K filing Monday that the change in title was effective March 15. The company said Musk will maintain his position of chief executive officer.
But that's not all. Zach Kirkhorn will maintain his position of chief financial officer, but his official title has changed to "Master of Coin," also effective March 15.
The title changes come about a month after the electric vehicle maker disclosed it had acquired $1.5 billion in bitcoins in January, and said it could accept the digital asset for payment in the future.
Separately, Tesla disclosed Monday that Jerome Guillen, president of automotive, has transitioned to the role of President, Tesla Heavy Trucking.
That shows that Tesla "plans to double down on its semi and trucking vision over the next few years," Dan Ives with Wedbush said in a note Monday.
The company over the weekend released a video showing its commercial truck prototype on a test track. The Tesla Semi and its eventual release will likely be discussed more over the coming months, Ives said.
As for the "Technoking" inclusion, it could hit at "Musk viewing Tesla moreas 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."
The company bought about $1.5 billion in bitcoin in February, a move that some on Wall Street criticized for creating a "sideshow" for the electric-vehicle maker.
Tesla's stock slipped 1.1% in morning trading. It has advanced 8.3% over the past three months, and soared 527.5% over the past 12 months. In comparison, the S&P 500 index has gained 6.7% over the past three months and rallied 45.4% the past year.
Claudia Assis in San Francisco contributed to this report.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
$(END)$ Dow Jones Newswires
March 20, 2021 15:49 ET (19:49 GMT)
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