Tesla Inc.
TSLA 0.98%
He said chief executive Elon Musk changed his title to the company to “Tesla Technoking,” extending an irreverent streak into the 49-year-old electric vehicle manufacturer’s leadership.
The company also said CFO Zach Kirkhorn will hold the title of “Master of Coin”. Both Mr. Musk and Mr. Kirkhorn will hold their respective positions as CEO and chief financial officer, according to a regulatory statement filed Monday in the Securities and Exchange Commission.
The company did not explain the meaning of the titles and did not respond to a query. Mr. Kirkhorn’s new title could echo Tesla’s ambitions around cryptocurrency. Earlier this year, Tesla said it had invested $ 1.5 billion in bitcoin and intended to begin accepting bitcoin as payment from vehicle buyers.
Over the weekend, Bitcoin crossed the $ 60,000 mark for the first time on Saturday before falling again. A steady stream of institutional demand has been credited with driving much of Bitcoin’s concentration since early 2020, when it traded near $ 7,000.
Elon Musk’s optimism and affinity for grandiose claims that could have diminished his credibility may now have helped him become the second richest person in the world. WSJ takes a look at how it managed to succeed in the midst of the pandemic. Photo: Britta Pedersen / Zuma Press (Video of 12/12/20)
Other companies have also adopted bitcoin in recent months. Square Inc., which shares Bitcoin lawyer Jack Dorsey as CEO with Twitter Inc.,
TWTR 1.89%
it acquired about $ 50 million for its corporate treasury in October. Bank of New York Mellon Corp.
BK -0.85%
he said he would start treating Bitcoin like any other financial asset and Mastercard Inc.
MA -0.27%
said it would integrate Bitcoin into its payment network this year.
Most job titles for corporate leaders fit a narrow set of variations, but some Silicon Valley companies have previously used fantastic language to describe employee roles. For years, some companies have used terms like “guru,” “jedi,” or “ninja” to color job descriptions that involve experience or mental agility. Other colorful titles that emerge include the head of happiness, the futuristic future and the leading digital evangelist.
Tesla revealed title changes amid signs of a more bumpy road than 2020. Rivals show first signs of eating up its market share in electric vehicle sales. The company briefly stopped part of its car production at its only U.S. plant last month due to a shortage of parts. Tesla has also said it expects lower production of Model S and Model X sport utility vehicles this quarter, as it introduces updated versions of the vehicles, while increasing production of its Model Y compact sports vehicle in China.
Shares of Tesla soared more than 700% last year, then fell more than 25% earlier this month and have varied little over the year. Last year, the company achieved record vehicle deliveries, posted its first full year of profits, and landed a spot on the S&P 500 index.
Mr Musk’s new title could be intended to reflect Tesla’s view that it is a source of long-term technological disruptions, Wedbush analyst Daniel Ives wrote in a research note, noting autonomous driving work of the company and its advances in battery technology.
Mr. Musk’s role as Tesla’s public face has not stopped him from provoking blatant provocations. Breaking the mold of the CEOs of large companies who make carefully worded public statements, Mr. Musk often posts messages on Twitter with free reflections on topics ranging from the price of Tesla shares to science fiction and online memes.
The tweets have put Mr. Musk in trouble with regulators. In 2018 he announced on Twitter that he was considering plans to deprive the automaker, a claim the SEC later found misleading after it became clear he had no finalized funding for the move.
He denied the violations, but eventually agreed to an agreement that included resigning as Tesla president and agreeing to review any of his Twitter messages related to the car business before posting them.
Musk’s involvement in the company helped him surpass Amazon.com Inc.
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founder Jeff Bezos as the richest man in the world this year.
In addition, Tesla on Monday named Jerome Guillen, who has led the company’s automotive business, as its president of Heavy Trucking. He oversaw the truck project in a previous role and, before joining Tesla in 2010, worked on trucks at Daimler AG
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The appointment comes when the vehicle manufacturer increases activity around its delayed semi-trailer.
Over the weekend, Tesla tweeted about a video of the electric booth circulating on a test track. Musk said the supply of sufficient batteries has been slowing down the truck. “If we had to make the Semi right now, we could easily go into production with the Semi, but now we wouldn’t have enough with the cells,” Musk said at the company’s last earnings call in January.
Write to Matt Grossman to [email protected]
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