Tesla crowned CEO Elon Musk the “Technoking of Tesla” and named CFO Zach Kirkhorn “Master of Coin” in a regulatory filing Monday.
The Security and Exchange Commission filing 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.” It did not provide a reason for the new titles.
— IGN (@IGN) March 15, 2021
While the origin of “Technoking” is unclear, “Master of Coin” was a common name for royal treasurers in medieval times, according to Mashable. Tesla’s decision to invest in bitcoin may have inspired the new titles, Barron’s speculated. Tesla announced it had purchased $1.5 billion of bitcoin in February and plans to allow car payments to be paid in bitcoin in the near future.
Another reason for the name changes may be Musk’s tendency to “troll people,” as he has done repeatedly over the years, a CNN reporter pointed out.
The filing also said Musk and Kirkhorn will continue in their positions as chief executive officer and chief financial officer.
Tesla stock prices increased by 600% in 2020, causing Musk’s personal wealth to quadruple, according to NBC News. He became the richest man in the world for a time, ahead of Jeff Bezos, before losing billions caused him to fall into second place. (RELATED: Elon Musk Says He Has a Monkey That Can Play Video Games With Its Mind Thanks To Brain Chip)
Musk and Tesla’s board are currently facing a lawsuit due to some of Musk’s tweets. An investor claimed the CEO’s “erratic” tweets have caused billions of dollars in losses for the company and violate an agreement Musk made with the U.S. Securities and Exchange Commission in 2018.