Tesla, Inc.’s (NASDAQ:TSLA) longtime CFO Zachary Kirkhorn, who went by the official designation of “Master of Coin” announced Monday his decision to leave after a 13-year stint at the company.

Boss Responds: Tesla CEO Elon Musk weighed in on the departure of one of his longstanding, trusted lieutenants. “I would like to thank Zach Kirkhorn for his many contributions to Tesla over the course of often difficult years,” he said in a post on the X social media platform he owns.

“Much appreciated and best wishes for the next stage of his career,” he added.

When a Tesla influencer commented that Kirkhorn may have got a job offer elsewhere, which he couldn’t refuse, the billionaire offered a glimpse into the former CFO’s potential post-Tesla life.

“13 years is a long tour of duty. Zach will spend time with friends & family, then do something else,” Musk said.

Two of the bullish Tesla analysts also offered their takes on the development.

Reading Between Lines: Future Fund’s Gary Black said Kirkhorn may have informed Musk about his plans to quit by the year-end. The fund manager noted that Tesla stock vested as part of Kirkhorn’s compensation package may have left him “very wealthy,” apparently referring to a lack of drive to stay on.

A Form 4 filed by Tesla on behalf of Kirkhorn on July 7 showed that he owned 197,540 Tesla shares, which would be valued at about $50 million based on Monday’s closing price of $251.45. His base salary for fiscal year 2022 was $300,000, according to the latest proxy statement.

Despite the Tesla CEO’s urging to stay back, the former executive may have insisted on leaving, prompting the billionaire to make to give immediate effect to the departure, according to Black.

The Future Fund Managing Partner said most amicable resignations after an executive stayed with the company for 10+ years will have a transition period of one to two quarters and the executes hands over control at the end of the transition period.

He also noted that nowhere in the 8-K filing concerning the development or Kirkhorn’s LinkedIn post was it mentioned that he had resigned.

Among the potential reasons Black explored include disagreement with Musk on some aspects of strategy related to price cuts or margins, or even succession. Probably, Kirkhorn was told he was not a contender for the CEO post, he added.

Meanwhile, Pierre Ferragu of New Street Research said Kirkhorn will be missed. “Excellent CFO for me, as an analyst best at answering questions that matter in a helpful way,” he said.

Although a CFO departure is always a risk, the well-planned transition bodes well in Tesla’s case, Ferragu said. Tesla promoted company insider Vaibhav Taneja as the next CFO.

“Part of the model: Tesla is best in the world at attracting talents, but will always struggle to retain them, given the intensity and the pace at which they get rich at Tesla!” Ferragu said.  

“Tesla has an incredible bench, I am not worried about the transition,” he added.

Tesla closed Monday’s session down 0.95% at $251.45, according to Zenger News Pro data.

Produced in association with Benzinga

A group from Ford Motor Co (NYSE:F), led by CEO Jim Farley, is currently embarking on a road trip across the American West in an F-150 Lightning electric pickup. 

What Happened: The journey, commencing in Silicon Valley, is set to cover Los Angeles, Route 66, and Las Vegas. Utilizing charging infrastructure throughout the route, the team will engage with various stakehZenger News, including researchers, businesses, dealers, salespeople, EV conversion shops, EV drivers, and communities, Farley said in a LinkedIn post on Monday.

“There are things you can’t learn in an office or from a PowerPoint,” Farley said. The CEO also reminisced his younger days when he drove around the country in a Mustang and the year he spent on the road for Toyota before he joined Ford.

“Long hauling in an electric truck is an act of pioneerism, not because it’s hard or dangerous, but because it’s a new way to experience America,” Farley wrote while adding that the shift from fueling to charging stations opens up for new possibilities.
 

This week, a few of us are hitting the road in an #F150Lightning to go and see the EV transition in action. Here’s what’s on my mind… https://t.co/xhUvu8bXsY

— Jim Farley (@jimfarley98) August 7, 2023

Why It Matters: The road trip comes amidst significant curiosity around Cybertruck sightings in California as it undergoes testing. At Tesla‘s (NASDAQ:TSLA) annual shareholder meeting in May, CEO Elon Musk confirmed that the Cybertruck delivery event is scheduled for later this year. 

Once it hits the road, the Cybertruck will be up against the F-150 lightning and Rivian vehicles in the electric pickup truck segment.

During the company’s second-quarter earnings call last month, Musk said, “Demand is so far off the hook, you can’t even see the hook.” The Cybertruck crossed 1.5 million pre-orders as early as November last year. It accumulated over 250,000 pre-orders less than a week after its unveiling in 2019.

However, Farley has previously dismissed the Cybertruck as “a cool high-end product parked in front of a hotel.” While the Cybertruck is for Silicon Valley people, Ford makes trucks for real people who do real work, the CEO said.

Produced in association with Benzinga

Palantir Technologies, Inc. (NYSE:PLTR) reported Monday after market close second-quarter results that came in line and issued upbeat guidance.

The Palantir Analyst: Wedbush’s Daniel Ives, who recently initiated the stock, maintained an Outperform rating and $25 price target.

The Palantir Thesis: Palantir bulls will likely focus on the positive commentary around AIP, the company’s artificial intelligence platform, launched 10 weeks ago, said Ives in a note. The AIP was front and center of the quarterly results and overall customer count rose about 38% year-over-year, the analyst said.

Ives sees the 35% growth in U.S. commercial customer count to 161 as a large step forward to the company’s expansion in the space.

The revenue beat was made possible due to strength in its government business, the analyst said, adding that the commercial segment was also gaining traction. The company recorded its third consecutive year of GAAP profitability and adjusted free cash flow came in at $96 million, well above the Street estimate of $68.6 million, he added.

The analyst also noted that the company raised the mid-point of full-year revenue guidance, calling for top-line excess of $2.212 billion, compared to the previous outlook of $2.185 billion to $2.235 billion. It also raised the operating income guidance from $506 million-$556 million to $576 million.

See Also: Best Artificial Intelligence Stocks

With AIP “a star is born,” Ives said. CEO Alex Karp’s letter to sharehZenger News suggests the platform is seeing the strongest demand in the past 20 years, the analyst said.

He also noted that the company is engaging with 300+ enterprises to deploy AIP, all “searching for an efficient and secure solution to adapt the latest LLMs for use on internal systems and proprietary data.”

“With a raise in FY23 guidance, a significant increase in customer count, strong performance, and the AI arms race well underway, we continue to believe Palantir is the gold standard in AI,” Ives said.

Palantir Price Action: Palantir rose 2.61% in Monday’s after-hours session to $18.46, according to Zenger News Pro data.

Photo by Spyro the Dragon on Shutterstock

Latest Ratings for PLTR

Date

Firm

Action

From

To

Mar 2022

Piper Sandler

Initiates Coverage On

Overweight

Mar 2022

Morgan Stanley

Upgrades

Underweight

Equal-Weight

Feb 2022

Citigroup

Maintains

Sell

Produced in association with Benzinga