Tesla CFO's Departure Comes With Massive $600M Payout

author: FutureCar Staff    

Outgoing Tesla Chief Financial Officer Zach Kirkhorn, who abruptly departed the company on Monday, has not yet revealed his next move. However, he has a substantial amount of money to sustain himself until he secures his next job.

According to Bloomberg's analysis of securities filings, Kirkhorn, also known as the "master of coin" in SEC filings, has a net worth of approximately $590 million.

Kirkhorn initially joined Tesla as a senior analyst in 2010 and steadily climbed the corporate ladder. In 2019, he was appointed as the CFO.

Although his base salary was relatively modest at $300,000 per year upon his departure, Bloomberg estimates that Kirkhorn's stock holdings and other options are valued at around $550 million.

SEC filings reveal that Kirkhorn has sold small portions of his Tesla shares at different points during his tenure. For instance, on August 8, he sold 3,750 shares worth $261 each.

Considering these transactions, along with his stock holdings and additional benefits, Bloomberg's analysis concludes that Kirkhorn's total net worth amounts to $590 million.

Upon the news of Kirkhorn's resignation, Tesla's stock dropped by 4%.

An article by The Wall Street Journal earlier this year highlighted Kirkhorn's role in guiding the company towards profitability. He was also seen as a potential successor to Tesla owner Elon Musk, known for his bombastic and unpredictable nature, and was regarded as a calming influence.

When Kirkhorn assumed the role of CFO, Tesla's market capitalization was $50 billion. Currently, the company's market capitalization stands at $782 billion.

Vaibhav Taneja, the current head of accounting at Tesla, will take over as CFO while retaining his current position.

FutureCar Staff