Zach Kirkhorn 'Highly Likely' To Have Been Fired From Tesla Based On SEC Filing
Tesla announced the resignation of Zachary Kirkhorn as CFO in early August and at that time, neither the company nor the executive clarified the reason for the departure.
Following the filing of Tesla's third-quarter earnings report on Form 10-Q with the SEC, a fund manager said Kirkhorn may have been fired, based on "one nugget" from a regulatory filing.
The 10-Q report contained a severance agreement between Tesla and Kirkhorn dated Aug. 4, 2023, which happens to be the separation date, said Future Fund Managing Partner and Tesla investor Gary Black.
The formal disclosure and wording of the severance agreement, "makes it highly likely Zach was terminated rather than resigned," Black said.
The fund manager noted that the severance agreement contained severance benefits, which are largely a continuation of salary and benefits and vesting of equity, through Kirkhorn's "exit date," which was omitted.
His obligations to receive the severance benefits, included release of all claims, confidentiality agreement, non-solicitation of TSLA employees for an undisclosed amount of time, and importantly no non-compete, he added.
In a post on X, Black said, "Severance packages are for when C-suite execs get fired, not for resignations."
Replying to a question from a follower regarding the potential reason for the "likely" firing, Black said it could have been due to disagreement on the pricing philosophy.
Tesla has been aggressively cutting prices since the start of 2023 to chase volume. This has led to continued margin erosion and precipitated a doubled miss in the third quarter.
"But with Elon [Musk] it could have been anything," the fund manager added.
One thing that is clear is that, after Kirkhorn departure, Tesla missed deliveries and revenue expectations in the third quarter.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Moo Contributor
Follow me to get useful analysis, learn TA and make profitable trades.
Maximise profit 利润最大化
7212Followers
44Following
25KVisitors
Follow
TestLa Kopi : Old news.
bullrider_21 OP TestLa Kopi : SEC filing is not old news.
Bisco : 1. Select positive article on BYD and post 2. select negative article on Tesla and post 3. Repeat on daily basis
bullrider_21 OP Bisco : For someone, it's the opposite.
1. Select positive article on Tesla and post 2. Select negative article on Tesla rivals and post 3. Repeat on daily basis
Bisco : Er? You might want to check your facts… which is probably good advice in general looking at what you select to post
Nickz_AI Bisco : Hahaha
... its paid to talk against Tesla!! Just ignore..
TestLa Kopi bullrider_21 OP : In the financial world, 3 days is old news.