Tesla CFO's Departure Yields Massive $600 Million Payout

author: FutureCar Staff    

Outgoing Tesla Chief Financial Officer Zach Kirkhorn, who abruptly departed the company on Monday, has not revealed his next move. However, he has a substantial amount of money to sustain himself until he finds 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 worked his way up to become CFO in 2019.

While his base salary was $300,000 per year at the time of his departure, Kirkhorn possesses stock holdings and other options valued at around $550 million, as calculated by Bloomberg.

Securities and Exchange Commission filings reveal that he has sold small portions of his Tesla shares during his tenure. In his most recent transaction on August 8, he sold 3,750 shares at a value of $261 each.

Considering these transactions, along with his stock holdings and other benefits, Bloomberg estimates Kirkhorn's net worth to be $590 million.

The news of Kirkhorn stepping down caused Tesla stock to decline by 4%.

An article from The Wall Street Journal earlier this year highlighted how Kirkhorn guided the company to profitability. He was seen as a potential successor to Tesla owner Elon Musk and a balancing force to Musk's bombastic and unpredictable nature.

When Kirkhorn became CFO, Tesla had a market capitalization of $50 billion. Presently, it has grown to a market capitalization of $782 billion.

Vaibhav Taneja, the current head of accounting at Tesla, will assume the role of CFO while retaining his current position.

FutureCar Staff