Tesla CFO's Departure Results in $600 Million Windfall

author: FutureCar Staff    

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

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

Kirkhorn joined Tesla in 2010 as a senior analyst and gradually climbed the corporate ladder, eventually becoming CFO in 2019.

Although his base salary was a modest $300,000 per year at the time of his departure, Kirkhorn's stock holdings and other options are valued at around $550 million, as calculated by Bloomberg.

SEC filings reveal that he has sold small portions of his Tesla shares at various points during his tenure. Most recently, on August 8, he sold 3,750 shares valued at $261 each.

When considering these transactions, along with his stock holdings and other benefits, Kirkhorn's total net worth amounts to $590 million, according to Bloomberg's findings.

Following the news of Kirkhorn's resignation, Tesla stock experienced a 4% decline.

An earlier Wall Street Journal article stated that Kirkhorn played a crucial role in guiding the company to profitability. He was also seen as a potential successor to Tesla owner Elon Musk, providing a moderating influence on Musk's bombastic and unpredictable behavior.

When Kirkhorn assumed the position of CFO, Tesla's market capitalization was $50 billion. Presently, the company's market capitalization has skyrocketed to $782 billion.

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

FutureCar Staff