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.
The Crypto community was already speculating about potential Tesla Bitcoin purchase ever since Musk changed his Twitter bio to Bitcoin.
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.
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.
Ripple CLO Stuart Alderoty has expressed his support for the proposed CLARITY Act. In contrary,…
Elon Musk's SpaceX finally announced a huge amount of Bitcoin in its long-anticipated SEC IPO…
Senator Cynthia Lummis detailed next steps for the Digital Asset Market Clarity Act. The bill,…
The April FOMC minutes indicate that most Fed officials are likely to support a rate…
WhiteBIT has announced the launch of whitebit.uk, which is a crypto platform for users specifically…
Morgan Stanley has submitted revised S-1 registration statements to the U.S. Securities and Exchange Commission…