Elon Musk changes his job title to 'technoking' of Tesla amid cryptocurrency craze

Tesla Chief Executive Elon Musk has changed his job title to “technoking” of the electric car manufacturer. Also, the company's financial chief, Zach Kirkhorn, has been titled as “master of coin”. This comes after Musk sets a new record of earning a profit of an estimated $25 billion in one single day, becoming the first to do so. On March 9, Tesla’s share rose by 20 per cent pushing Musk’s fortune to $174 billion. 

(Image Credits: ElonMusk/Twitter)

As of now, the company has not explained the meaning of the titles. However, as per speculations, Mr. Kirkhorn’s new title might have something to do with Tesla’s ambitions around cryptocurrency. Tesla, earlier this year, had invested $1.5 billion in bitcoin. The company also said that it aims to start accepting bitcoin as payment form its customers. 

Tesla and bitcoins 

Earlier, Tesla’s stock market benefit was fuelled by an upgrade by New Street Research analyst Pierre Ferragu. He also recommended buying the stock. Musk also benefited from a sudden rally in the value of bitcoins. The shares of the electric car company have been plummeting since January end. Moreover, the recent gain has pushed its founder’s fortunes closer to that of Bezos. In the aftermath, the two tech tycoons are less than $6 billion (roughly Rs. 43,580 crores) apart.

The gains contrast with the remarkable fall of China's Zhong Shanshan, who in December unseated Mukesh Ambani as Asia's richest person and surpassed Warren Buffett in January and became the sixth-wealthiest in the world. Zhong is now the biggest loser of the year and has dropped off the list of the top 15 on the Bloomberg ranking. The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. It is based on closing figures at the New York Stock Exchange.

As of March 11, Bezos remains at the top with a total net worth of $180 billion followed by Musk with $173 billion. Third on the list is Bill Gates with a net worth of $138 billion. After Gates comes Bernard Arnault with $122 fortune and fifth on the list is Mark Zuckerberg with a net worth of $101 billion.