Elon Musk crowns himself the “Technoking of Tesla” – as CFO Zachary Kirkhorn becomes the “Master of Coins” | Business news

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Elon Musk has crowned himself the “Technoking of Tesla” filing that also appears to celebrate the company’s cryptocurrency investments.

The document that added the bizarre title to the list Mr. Muskhas been filed with the US Securities and Exchange Commission (SEC).

Tesla also said CFO Zachary Kirkhorn would be known as the “master of the coin”.

No explanation was offered for the change.

The submission stated: “Effective March 15, 2021, the titles of Elon Musk and Zach Kirkhorn were changed to Technoking of Tesla and Master of Coin, respectively.

“Elon and Zach will also retain their respective positions as Chief Executive Officer and Chief Financial Officer.”

In another document, Tesla said its auto industry president Jerome Guillen had become head of its heavy truck division.

Mr. Musk, Tesla’s eccentric founder and CEO, has been credited with greatly increasing interest in cryptocurrencies.

The values ​​have reached record levels this year.

Elon Musk has written many tweets that support Bitcoin. Tesla recently invested $ 1.5 billion
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Mr. Musk was one of the few U.S. corporate leaders who endorsed Bitcoin

Last month, Tesla announced it had bought $ 1.5 billion (£ 1.1bn) Bitcoin and would soon accept it as payment for cars.

Mr Musk also recently promoted another digital currency, Dogecoin, on Twitter. But his posts have often put him on a collision course with the SEC.

He was Fine of $ 20 million in 2018 and had to give up his dual chairmanship with the company after he was accused of tweeting “false and misleading” tweets about the possible privatization of Tesla.

As part of a settlement to avoid a fraud suit, the SEC has set a further condition that Mr. Musk agrees to vacate market-sensitive positions before publication.

At the weekend it became known that an investor was suing Mr. Musk and Tesla for allegedly violating this regulatory agreement.

Chase Gharrity’s claims relate to several tweets, such as Mr Musk’s assessment in May last year that Tesla’s stock price was “too high”.

Tesla’s market value at the time lost $ 13 billion (£ 9.35 billion), although it has since hit record levels.

Bitcoin hit new highs of nearly $ 62,000 (£ 44,000) over the weekend, but fell 5% early Monday.

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