Tesla filed a lawsuit Monday with its Securities and Exchange Commission, the least-favored regulator, and announced that Musk would add the title “Technoking of Tesla.” It is also said that Zach Kirkhorn, CFO, has adopted the title “Master of Coin”.
Each driver will also retain his more standard title.
Musk once held the title as chairman of Tesla, but he was stripped of the title in 2018 in a settlement with the SEC over misleading tweets he sent out. He said ‘funding’ was guaranteed to take Tesla privately at $ 420 per share, when in fact he only had discussions, not a firm agreement, about such financing with a Saudi government fund.
The SEC originally deprived him of his CEO title, but decided that he should pay a $ 20 million fine and instead relinquish the title of chairman, a position now held by Robyn Denholm.
The bizarre title changes overshadowed a separate submission, revealing that Jerome Guillen, who was president of Tesla’s auto division, “switched” to president of Tesla’s heavy truck last week.
Tesla is working on an electric semi-tractor truck. But it’s badly delayed: Tesla originally promised it would be available in 2019. In January, Musk told investors it would “not make sense” to build the truck now, as it would require five times as many batteries as a Tesla car – but it would not sell for five times as much money. The batteries are a significant part of the cost of an electric vehicle.
While Guillen held the title of president of Tesla automotive, it was clear that Musk oversaw the company’s automotive operations, in addition to his role as chairman, CEO and chief technology officer of the rocket company SpaceX.
Musk has run Tesla from the beginning as a disruptive force trying to change the entire automotive industry and move the world to the use of electric vehicles rather than traditional internal combustion engines. One of its most recent disruptive actions was the announcement that Tesla had bought volatile digital currency bitcoin with $ 1.5 billion of its cash on hand.
Musk was an outspoken critic of security measures taken to combat Covid-19, using an investor call for an indecent outburst in which he called such measures “fascist” and non-American. This was not his only unusual investor call: during a call in 2018, he interrupted his then chief financial officer, who answered an analyst question to say, “Annoying, cheating questions are not cool. Next?” He also insulted others for asking questions about the call.
He also recently took to Twitter to
Russian President Vladimir Putin to ask if he wants to do an interview with him in the social media app Clubhouse. In the past, he went on a podcast and smoked pot, even though it was done in California where it was legal.
Tesla has at times seen a rapid turnover of top executives, including a chief accountant who left work after less than a month following his tweet about taking the company private. But Kirkhorn – the newly appointed master of the coin – held the CFO title for two years.
Investors embraced Musk and Tesla and increased the value of the company’s shares to make it one of the most valuable American companies of any kind. The company is worth about as much as the seven largest car manufacturers in the world.
But the stock was recently on a rollercoaster. It closed Friday with 21% of its record high at the end of January. That puts it in the bear market area – although it was 23% higher than where it closed on Monday last week.
.Source
Related
