Tesla’s Master of Coin Resigns as CFO
Zachary Kirkhorn, who served as chief financial officer at Tesla, stepped down after staying in the position for the last four and a half years. He will remain part of the company until the end of 2023 to help transition the new CFO.
Kirkhorn earned the nickname “Master of Coin” in 2021, shortly after the electric vehicle giant splashed the waters with its whopping $1.5 billion bitcoin purchase.
Changes in Tesla’s Management Team
Kirkhorn (who joined Tesla in 2010) will be succeeded by the chief accounting officer Vaibhav Taneja. The former CFO confirmed the news on his LinkedIn profile, saying his journey at the firm has been a “special experience.” He also thanked all his colleagues, including CEO Elon Musk, for their support over the years.
“Being a part of this company is a special experience, and I’m extremely proud of the work we’ve done together since I joined over 13 years ago. As I shift my responsibilities to support this transition, I want to thank the talented, passionate, and hard-working employees at Tesla, who have accomplished things many thought not possible.
I also want to thank Elon for his leadership and optimism, which has inspired so many people,” he stated.
Kirkhorn did not disclose the reasons behind his departure nor what his next step will be. Apart from managing the financial policies of Tesla through challenging times such as the COVID-19 crisis, he will be remembered by his nickname “Master of Coin.”
He earned that informal title shortly after the EV behemoth bought $1.5 billion worth of bitcoin in 2021 and displayed intentions to accept the asset as a payment method. Musk, on the other hand, was named “Technoking.”
What Happened to Tesla’s BTC Bet?
The company kept its stash untouched for approximately a year and a half before selling 75% of it in July last year. However, Musk explained that the move was not prompted because Tesla does not believe in the primary cryptocurrency anymore but because it had to cover record production costs in China.
The firm has not sold any of its BTC possessions since then and remains one of the largest corporate holders of the leading digital asset. It has 10,725 BTC, equaling around $315 million (calculated at current rates).
Besides that, Tesla accepted the asset as a payment option for its vehicles in March 2021. Shortly after, though, it suspended that offering out of concern over the “rapidly increasing use of fossil fuels for bitcoin mining.”
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