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Numbers Talk at Tesla
When Zachary Kirkhorn (MBA 2013) became CFO of Tesla in early 2019, few envied him. The electric carmaker had just reduced headcount by 7 percent. Tesla needed to cut costs and its vehicle prices to avoid bankruptcy, CEO Elon Musk told analysts. Then longtime finance chief Deepak Ahuja stepped down suddenly, sparking further investor concern. When Musk announced the appointment of an unknown 30-something as CFO, Tesla’s stock price tumbled.
That was then. Two years later, Tesla’s financial picture is entirely different—and many are giving credit where credit is due, citing Kirkhorn’s conservative, disciplined approach. At the end of 2018, Tesla’s cash on hand totals stood at $3.7 billion; that total was $14.5 billion for the third quarter of 2020. That’s money the carmaker can use for global expansion, including new auto and battery plants under construction in Austin, Texas, and near Berlin. “People still don’t really know who Zach is, but they know what he’s done,” Gene Munster, managing partner at Loup Ventures, told Bloomberg. “He’s a shy person, and I don’t think he likes to speak publicly. But it’s been a remarkable turnaround.”
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