According to an 8K regulatory filing with the Securities and Exchange Commission, the titles of Elon Musk and Zach Kirkhorn have formally been changed to “Technoking” of Tesla and “Master of Coin,” respectively.
The duo will also maintain their respective positions of chief executive officer and chief financial officer, the filing stated.
“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," the filing said. "Elon and Zach will also maintain their respective positions as Chief Executive Officer and Chief Financial Officer.”
Wedbush Securities analyst Dan Ives had a different view of the title change, noting in a research note to clients that the unusual title change "...hints at Musk viewing Tesla more as a technology disruptor in the future especially with robotaxis, FSD, and massive battery technology advancements on the horizon at Tesla."
Ives also said that Kirkhorn's "Master of Coin" title in his view alludes to Tesla's bitcoin ownership, "...which we expect to expand in the coming year," adding that by his group's calculations Tesla has so far made roughly $1.2 billion in paper profit on its Bitcoin investment.
Tesla also disclosed that effective March 11, Jerome Guillen, president, automotive, has transitioned to the role of president, Tesla Heavy Trucking. Since September 2018, Guillen has successfully overseen Tesla’s vehicle programs, supply chain and service infrastructure.
Ives also said in his note that his team views Guillen's move "...as a significant strategic move showing Tesla plans to double down on its semi and trucking vision over the next few years." Ives is maintaining his buy rating on the stock and $950 price target.
The title changes come as Tesla’s Fremont, Calif., factory reported more than 400 cases of COVID-19 infections after reopening last May through December.
According to data collected by PlainSite, December saw the highest number of cases, with 125 infections reported. When the plant reopened, there were only less than 11 cases reported.
Musk announced the restart of productions at the site in May in defiance against Alameda County health safety rules. Reports said health department officials eventually were able to convince the electric vehicle manufacturer to implement "site-specific" health protocols.
PlainSite noted on its Twitter handle that its affiliates may hold long/short investments in companies discussed.
Tesla last week raised prices on four of its models: The Model 3 Standard Range Plus was increased 1.4% to $37,490 from $36,990, while the Model 3 Long Range All-Wheel-Drive was lifted to $46,490, up 1.1% from $45,990.
The Model S Plaid Plus price moved up $10,000, or 7.1%, to $149,990 from $139,990, while the price of the Model Y Long Range was increased 2%, or $1,000, to $149,990.
At last check, shares of Tesla were up 1.16% at $701.80.