Tesla, the electric car makers in an unusual 8K Filing with the SEC revealed that the official titles of CEO Elon Musk and CFO Zach Kirkhorn have changed to Technoking of Tesla and Master of Coin, respectively. The official filing read,
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. Elon and Zach will also maintain their respective positions as Chief Executive Officer and Chief Financial Officer.
The change of titles did not take as many by surprise and Elon Musk’s avid love for memes, but the fact that it was revealed via an SEC filing did really take many by surprise.
The change of titles for Tesla CEO and CFO is presumably based on Tesla’s recent foray into Bitcoin where the company amended their investment policy to make the largest single purchase of $1.5 billion last month. Although Musk is often seen shilling Dogecoin on Twitter because of which he could be questioned by the SEC as well, the decision to buy Bitcoin seemed inevitable.
Origin of Doge Day Afternoon:
The ancient Romans sacrificed a Dogecoin at the beginning of the Doge Days to appease the rage of Sirius, believing that the star was the cause of the hot, sultry weather.
— Elon Musk (@elonmusk) March 13, 2021
The Crypto community was already speculating about potential Tesla Bitcoin purchase ever since Musk changed his Twitter bio to Bitcoin.
Tesla Made More From its $1.5B BTC Purchase Than Revenue From Car Sales
Tesla bought Bitcoin worth $1.5 billion for under $40,000 apiece and the top cryptocurrency has already soared to a new all-time high of above $62,000. Tesla has already made over a billion dollars on their $1,5B purchase last month, making it their most profitable investment to date. To understand the extent of profit on Tesla’s Bitcoin investment, the one-month Bitcoin profit is said to be more than their total profits generated from the sale of cars.
Tesla has now made more money by buying and holding Bitcoin than in 13 years of selling cars ????
— Genevieve Roch-Decter, CFA (@GRDecter) March 14, 2021
Not just Tesla, MicroStrategy, the software giant which is at the forefront of institutional bitcoin adoption has invested just over $2.1 billion in Bitcoin using debt security and treasury cash and their profits from this investment have soared well above 100% in less than a year.