Tesla CFO's Departure Yields Massive $600 Million

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【Summary】Former Tesla CFO, Zach Kirkhorn, who recently left the company, is walking away with a net worth of approximately $590 million. Despite his modest base salary, Kirkhorn's stock holdings and other options amount to around $550 million. He sold some of his Tesla shares in the past, contributing to his overall wealth. Tesla stock dropped 4% upon news of Kirkhorn's departure. Vaibhav Taneja will take over as CFO while retaining his current position as the head of accounting.

FutureCar Staff Aug 12, 2023 9:25 AM PT

Tesla CFO's Departure Yields Massive $600 Million

Outgoing Tesla Chief Financial Officer Zach Kirkhorn, who abruptly departed the company on Monday, has not yet revealed his next move. However, he is financially secure with a significant amount of cash to sustain himself until he finds his next job.

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

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

Although Kirkhorn's base salary was relatively modest at $300,000 per year during his departure, he possesses stock holdings and other options valued at around $550 million, as calculated by Bloomberg.

Securities and Exchange Commission filings indicate that Kirkhorn has sold small portions of his Tesla shares at different points throughout his tenure. On August 8, for example, he sold 3,750 shares at a value of $261 each.

When considering these transactions, along with his stock holdings and other benefits, Bloomberg's analysis determined Kirkhorn's net worth to be $590 million.

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

Earlier this year, a Wall Street Journal article credited Kirkhorn with guiding the company to profitability. He was also viewed as a potential successor to Tesla owner Elon Musk, providing a more balanced and predictable presence compared to Musk's bombastic nature.

When Kirkhorn assumed the role of CFO, Tesla's market capitalization was $50 billion. It has now reached a staggering $782 billion.

Vaibhav Taneja, Tesla's current head of accounting, will be taking over as CFO while also maintaining his current position.