Elon Musk got the new title of “Technoking of Tesla”
Elon Musk isn’t kidding any more. On Monday, Tesla announced that its CEO is adding the title of “Technoking of Tesla,” while Chief Financial Officer Zach Kirkhorn had got the title of “Master of Coin.” Both Musk and Kirkhorn will keep their standard titles of Chief Executive Officer and Chief Financial Officer along with new ones, though.
Last month, Telsa disclosed in a securities filing that it purchased $1.5 billion worth of bitcoin. The company also noted that it would accept cryptocurrency for its products in the future.
According to Tesla, it updated its investment policy in January 2021. The new policy provides the company with more flexibility to diversify further. It will also be able to maximize returns on its cash that is free from maintaining adequate operating liquidity. Furthermore, Tesla may invest a portion of such cash in specified alternative reserve assets as part of the policy, as they have invested in Bitcoin.
From Chairman of Tesla to “Technoking” – What influenced Musk’s decision?
Musk held the title of chairman of Tesla once. However, in 2018, he was stripped of that title in a settlement with the SEC because of deceptive tweets he sent out.
He had noted that funding secured to buy Tesla, private, at $420 a share, but he had only had discussions, instead of a firm agreement, about such funding with a Saudi sovereign wealth fund.
After that announcement, the SEC attempted to strip him of his CEO title. Yet, the agency settled for having Musk give up the chairman title and pay a $20 million fine instead. Robyn Denholm now holds the position Musk of forced to give away.
However, the bizarre title changes recently overshadowed a separate filing. For instance, Jerome Guillen – previously the president of Tesla’s automotive division-became president of Tesla’s heavy truck last week. While it’s not easy to say with 100 percent certainty how far Elon Musk will go, one thing is clear; we should expect more interesting twists from him in the future.
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