Elon Musk was formally named “Technoking of Tesla”.

Elon Musk, Tesla CEO, attends an opening ceremony of the Tesla China-made Model Y program in Shanghai, east China, on Jan. 7, 2020.

Ding Ting | Xinhua News Agency | Getty Images

Tesla officially awarded CEO Elon Musk the title “Technoking of Tesla” in a new approval application on Monday.

Musk will retain his position as chief executive officer, Tesla said. Zach Kirkhorn, the company’s chief financial officer, has also been given a new title: “Master of Coin”.

In a report filed Monday with the Securities and Exchange Commission, the electric car company said, “Effective March 15, 2021, the titles of Elon Musk and Zach Kirkhorn were changed to Technoking of Tesla and Master of Coin, respectively.”

It is unclear what prompted the new titles.

Last month, the car company announced it had bought $ 1.5 billion worth of Bitcoin.

Tesla’s market cap surged over $ 800 billion in January before falling to $ 563 billion in March. This prompted some analysts to link the company’s share price to the value of Bitcoin, which was also volatile over the reporting period.

The company’s shares fell nearly 1% to around $ 690 in pre-market trading on Monday.

A Washington Post report found that Tesla’s Fremont, Calif. Facility had experienced 450 cases of coronavirus after reopening last May. There was a fire in the same facility last week.

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