Musk crowns himself ‘Technoking of Tesla’ – as finance boss becomes ‘master of coin’

Tesla’s filing with the SEC follows news of a fresh lawsuit against Elon Musk relating to his Twitter posts.

Elon Musk has crowned himself “technoking of Tesla” in a regulatory filing that also appears to celebrate the firm’s cryptocurrency investments.

“Elon and Zach will also maintain their respective positions as Chief Executive Officer and Chief Financial Officer.”

In another document Tesla said its president of automotive, Jerome Guillen, had become the boss of its heavy trucking division.

Mr Musk, Tesla’s eccentric founder and chief executive, has been credited with driving a surge of interest in cryptocurrencies.

Mr Musk has also recently promoted another digital currency, dogecoin, on Twitter. But his posts have often placed him on a collision course with the SEC.

The SEC, as part of a settlement to avoid a fraud lawsuit, made a further condition that Mr Musk would agree to clear market sensitive posts before publication.

At the weekend, it was revealed that an investor was suing Mr Musk and Tesla for allegedly violating that agreement with the regulator.

Chase Gharrity’s claims relate to several tweets, such as Mr Musk’s assessment in May last year that Tesla’s stock price was “too high”.

Tesla’s market value lost $13bn (£9.35bn) at the time, though it has since hit record levels.

Bitcoin, meanwhile, hit fresh highs of almost $62,000 (£44,000) over the weekend but retreated by 5% early on Monday.

Category: Technology

Source: Sky