Tesla CFO's Departure Results in $600 Million Payout

author: FutureCar Staff    

Outgoing Tesla Chief Financial Officer Zach Kirkhorn, who unexpectedly left the company on Monday, has not yet revealed his future plans. However, he has a substantial amount of money that will sustain him until he secures his next job.

According to Bloomberg's analysis of securities filings, Kirkhorn, also known as the "master of coin," will walk away with a net worth of approximately $590 million.

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

While his base salary was relatively modest at $300,000 per year when he left, Kirkhorn possesses stock holdings and other options valued at around $550 million, as calculated by Bloomberg.

During his tenure, Kirkhorn sold small portions of his Tesla shares on multiple occasions, as indicated by Securities and Exchange Commission filings. Most recently, on August 8, he sold 3,750 shares valued at $261 each.

Combining these transactions with his stock holdings and other benefits, Bloomberg determined that Kirkhorn's total worth amounts to $590 million.

Upon the announcement of Kirkhorn's departure, Tesla stock experienced a 4% decline.

An article published by The Wall Street Journal earlier this year credited Kirkhorn with guiding the company to profitability. He was considered a potential successor to Tesla owner Elon Musk and was seen as a stabilizing influence in contrast to Musk's often bombastic and unpredictable nature.

When Kirkhorn assumed the role of CFO, Tesla's market capitalization was $50 billion. It has since grown to $782 billion.

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

FutureCar Staff