Tesla's 'Master of Coin' bids the EV-maker farewell after racking up a $590 million fortune

2023-08-09 - Scroll down for original article

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Tesla's CFO is leaving. YouTube A Tesla exec's departure will see him leave with a $590 million fortune, according to Bloomberg. Zachary Kirkhorn, worked at Tesla for 13 years, including four as its chief financial officer. Kirkhorn's wealth has surged in 2023, linked to the sharp rise in Tesla's share price. Tesla's chief financial officer is leaving the company with a bulky fortune. Nicknamed the "Master of Coin," Zachary Kirkhorn ended his 13-year stretch at Elon Musk's carmaker on Tuesday, having spent four of those years as CFO. Kirkhorn departs with a net worth of $590 million, largely due to the value of his Tesla shares and options, according to Bloomberg data. Despite owning less than 1% of Tesla's common stock, Kirkhorn has still gone home with deep pockets, according to the company's latest proxy filing. In 2022 alone, Kirkhorn earned about $16.3 million in stock awards, while being awarded almost $1.3 million in options. That's on top of a $300,000 base salary in 2022. Tesla shares have skyrocketed this year thanks to a string of aggressive price cuts and an AI-fueled tech boom. The company's stock has surged more than 100% year-to-date, boosting its market cap to roughly $800 billion, per Markets Insider data. Driving the automaker's stock higher in recent months was a pair of standout deals with GM and Ford that will allow the rival companies to use Tesla's charging network. Kirkhorn is by no means the only Tesla executive to benefit from the company's surging stock price. CEO Musk himself has seen his wealth climb to $229 billion, making him the richest man in the world. The tech guru owns about 13% of all Tesla stock, so his personal wealth is directly tied to the value of the company. It's unclear what Kirkhorn's next career step will be. Held in high-esteem at Tesla, it was rumoured he would succeed Musk as CEO. Vaibhav Taneja, Tesla's chief accounting officer will step in Kirkhorn's role following his exit. Read the original article on Business Insider