The world’s wealthiest man, Elon Musk, has announced new eccentric corporate titles for himself and his CFO. While Musk will be referred to henceforth as “Technoking,” Zach Kirkhorn will be known as “Master of Coin.” The first-of-a-kind titles were announced this week on the U.S. Securities and Exchange Commission’s (SEC) official website.
Tesla did not explain the new titles, although they appear related to the billionaire’s cold relationship with the SEC.
Musk and the SEC have a no-love-lost relationship after the federal agency stripped him of his “chairman” title in a settlement over deceptive tweets he made in 2018.
Musk tweeted at the time, “funding secured to take Tesla private at $420 a share,” CNN reported. Meanwhile, he had only had discussions with a Saudi sovereign wealth fund on receiving the funding, but had yet to reach a firm agreement. The SEC fined him and the company $40 million for failing to implement the required disclosure controls and procedures relating to his tweets. Tesla agreed to settle and paid the fine.
Musk’s bullish prowess in the crypto market, through his tweets, has also moved the price of bitcoin. CoinDesk reported in February that Tesla invested $1.5 billion in bitcoin, with plans to soon accept bitcoin as a form of payment for its products. As a result, Bitcoin’s price shot up 14 percent to a new all-time high of $44,801, based on CoinDesk’s Bitcoin Price Index.
On March 13, Bitcoin defied logic once again and crossed a record high of $60,000 — a huge bull run* partly fueled by the billionaire, Forbes reported. Ahead of the surge, Musk called on the popular Coinbase cryptocurrency exchange to support the meme-based Dogecoin.
*A bull run is an extended period of rising prices and optimism on financial markets, in this case on the cryptocurrency market. It is significant confidence in the market that moves investors to buy the currency on a massive scale, believing it will rise.