Elon Musk's New Titles and Tesla Updates

Elon Musk experienced a significant financial gain last week, adding $25 billion to his net worth in a single day. Following this, he designated himself as the “Technoking of Tesla” on Monday.

Despite the unconventional title, it remains equivalent to his existing role as the chief executive officer of the electric vehicle manufacturer. Musk is known for his inventive approach to naming conventions, as evidenced by the name of one of his children, X Æ A-Xii.

New Leadership Designations

Alongside Musk, Zach Kirkhorn, Tesla’s chief financial officer, has been given the title of Master of Coin. This designation appears to be a reference to the popular television series “Game of Thrones,” though the reasoning remains speculative.

These changes were formally announced through a filing with the U.S. Securities and Exchange Commission. The filing explicitly states:

“Effective as of March 15, 2021, the titles of Elon Musk and Zach Kirkhorn have changed to Technoking of Tesla and Master of Coin, respectively. Elon and Zach will also maintain their respective positions as Chief Executive Officer and Chief Financial Officer.”

Bitcoin and Market Position

This title adjustment comes after Musk’s recent announcement regarding Tesla potentially accepting bitcoin as a payment method. The cryptocurrency’s value subsequently reached a new peak of $61,788 over the weekend.

This move could be interpreted as a demonstration of leadership by Musk, particularly after briefly being surpassed by Jeff Bezos as the world’s wealthiest individual. He is also currently facing a lawsuit from a Tesla investor concerning his potentially damaging tweets.

Stock Performance and Heavy Trucking

The announcement of these title changes had a minimal effect on Tesla’s stock price. Currently, Tesla’s stock has increased by 1.5% during morning trading.

While Tesla shares experienced a remarkable 600% increase in 2020, the stock has decreased by 20% year-to-date, falling from a high of $880.82 on January 8.

Tesla Semi Production

Furthermore, Tesla revealed that Jerome Guillen, formerly president of automotive, will now lead Tesla Heavy Trucking. During the 2020 Q4 earnings call, Musk projected the commencement of Tesla Semi deliveries this year.

The engineering phase for the all-electric freight truck is complete; however, potential limitations in battery cell availability could impede production.