Tesla is among the stocks that retail traders just dumped en masse
CNBCOct 16, 2022
The Facts
Tesla's Chief Financial Officer Zachary Kirkhorn is leaving the company after 13 years, four of which have been spent as CFO. He announced his departure in a LinkedIn post on Monday.
Kirkhorn started at Tesla as a senior financial analyst and was named CFO in 2019. Two years later, his official job title was changed to “Master of Coin” while CEO Elon Musk became the “Technoking,” though both retained their traditional titles as CFO and CEO, respectively.
The Spin
Narrative A
Tesla’s stock saw a massive drop Monday morning after the news of CFO Zachary Kirkhorn’s departure, and it’s easy to see why. Not only was Kirkhorn an excellent executive who oversaw Tesla’s rise to profitability, but he was also a potential successor to the erratic Elon Musk. Without Kirkhorn’s steady hand, Tesla’s market price could continue to drop.
Narrative B
Zachary Kirkhorn did a great job as Tesla’s CFO, but the company will remain in good hands when Vaibhav Taneja takes over. Kirkhorn will remain with Tesla through the end of 2023, ensuring his departure won't cause any sudden problems. Tesla’s earnings are up this year and its stock price has soared — investors should be excited about Tesla’s future.
