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Zachary Kirkhorn, who held the position of chief financial officer at Tesla, has resigned after serving for the past four and a half years. He will continue to be associated with the company until the end of 2023 to assist in the transition to the new CFO.
Kirkhorn acquired the title “Master of Coin” in 2021, shortly after the electric vehicle manufacturer made headlines with its substantial $1.5 billion bitcoin acquisition.
Changes in Tesla’s Management Team
Kirkhorn, who became part of Tesla in 2010, will be succeeded by Vaibhav Taneja, the chief accounting officer. The outgoing CFO announced this development on his LinkedIn profile, describing his time at the company as a “special experience.” He expressed gratitude to all his colleagues, including CEO Elon Musk, for their support throughout 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.
Zachary Kirkhorn, Source: CNBC
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Kirkhorn did not reveal the reasons for his departure or his future plans. In addition to overseeing Tesla’s financial strategies during challenging periods such as the COVID-19 pandemic, he will be remembered by his nickname “Master of Coin.”
This informal title was given to him shortly after the EV giant purchased $1.5 billion worth of bitcoin in 2021 and indicated plans to accept the cryptocurrency as a payment method. Musk, in contrast, was designated as “Technoking.”
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What Happened to Tesla’s BTC Bet?
The company maintained its bitcoin holdings for roughly a year and a half before liquidating 75% of it in July of the previous year. However, Musk clarified that this decision was not due to a lack of faith in the primary cryptocurrency but was necessary to address record production expenses in China.
Since then, the firm has not sold any of its bitcoin assets and continues to be one of the largest corporate holders of the leading digital currency. It currently possesses 10,725 BTC, valued at approximately $315 million (based on current rates).
Additionally, Tesla began accepting bitcoin as a payment method for its vehicles in March 2021. However, it later suspended this option due to concerns regarding the “rapidly increasing use of fossil fuels for bitcoin mining.”
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