TSLA Stock: Elon Musk Named ‘Technoking’ and 5 Other New Tesla Takeaways

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Tesla (NASDAQ:TSLA) made waves in its latest U.S. Securities and Exchange Commission filings when it came up with a new name for Elon Musk. Once the chief executive officer, Musk is now going by Technoking. What does that even mean? And what else do you need to know about TSLA stock?

The LinkedIn profile picture of Elon Musk, CEO of Tesla (TSLA)

Source: Pe3k / Shutterstock.com

Investors should know that although Musk is no stranger to random and cryptic moves, there may be real takeaways here. Wedbush analyst Dan Ives suggests that the Technoking moniker could speak to Tesla becoming more of a pure tech company.

With that in mind, here are five other recent TSLA stock takeaways:

  • Musk is not the only executive getting a title change. Zach Kirkhorn has changed his title from chief financial officer to Master of Coin. The SEC filing makes clear that Musk and Kirkhorn will maintain their positions as CEO and CFO.
  • According to Ives, Master of Coin speaks to Tesla’s big Bitcoin (CCC:BTC) buy. After investing $1.5 billion in the crypto and announcing intent to accept it as a form of payment, the company has made $1.2 billion in paper profit.
  • An earlier report from March 11 notes that Jerome Guillen has taken over as president of Tesla Heavy Trucking. He previously served as president of Tesla Automotive. Tesla says that Guillen will help prep the company to enter the heavy trucks market and will lead all aspects of the Tesla Semi program.
  • The company also released a new video of its Tesla Semi on the track over the weekend.
  • Lastly, Musk gave an update on the Tesla full self-driving beta program. He announced that a button to download the beta will be available in cars soon, potentially on March 16.

What Does the Technoking News Mean for TSLA Stock?

Is there reason to believe this is more than just another stunt from Musk?

Ives and the team at Wedbush think so. In fact, the analyst believes that the Technoking and Master of Coin titles speak to real shifts over at Tesla. He thinks Tesla will continue to expand its Bitcoin position, and will lean into more tech initiatives such as self driving and battery advancements.

Lastly, Ives thinks Tesla is getting serious about trucking. He argues in his client note that Guillen was a key player in the success of the Model 3. Moving him to the Heavy Trucking unit could be seen as a sign of its importance to the overall company. With Wedbush betting on the Semi launch in 2022, that may make a whole lot of sense.

Keep an eye on the TSLA stock news.

On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article. 

Sarah Smith is a Web Content Producer with InvestorPlace.com. 


Article printed from InvestorPlace Media, https://investorplace.com/2021/03/tsla-stock-elon-musk-named-technoking-and-5-other-new-tesla-takeaways/.

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