Tesla’s “Master of Coin” has stepped down after working at the Elon Musk-owned electric vehicle company for over 13 years. Zachary Kirkhorn became Tesla’s chief financial officer four and a half years ago in 2019, and was reportedly a potential successor to Mr Musk in running the EV company. The Tesla boss had dubbed him “Master of Coin” in 2021 – a reference to a title in hit TV series Game of Thrones. “During his tenure, Tesla has seen tremendous expansion and growth. Tesla thanks Mr Kirkhorn for his significant contributions,” Tesla noted in an SEC filing. Tesla’s current chief accounting officer, Vaibhav Taneja, will succeed Mr Kirkhorn, the electric automaker said on Monday. “This morning Tesla announced that I’ve stepped down from my role as Chief Financial Officer, succeeded by our Chief Accounting Officer, Vaibhav Taneja,” Mr Kirkhorn posted on his LinkedIn profile. “Being a part of this company is a special experience and I’m extremely proud of the work we’ve done together since I joined over 13 years ago,” he said. Mr Taneja previously worked as Tesla’s chief accounting officer up to March 2019, prior to which he worked as corporate controller from May 2018. It remains unclear what led to Mr Kirkhorn’s surprise decision to quit his role as Tesla’s CFO. Tesla recently announced its second quarter earnings, reporting a 20 per cent increase from the same quarter last year, better than what analysts estimated. Mr Kirkhorn’s departure also comes ahead of Tesla’s much-anticipated launch of its Cybertruck later this year. “As I shift my responsibilities to support this transition, I want to thank the talented, passionate, and hard-working employees at Tesla, who have accomplished things many thought not possible,” he said. Tesla shares dropped by about 3.5 per cent on Monday following the news, and continued to fall as the market opened. Mr Kirkhorn is expected to stay on till the end of 2023 to assist his successor with the transition. “I would like to thank Zach Kirkhorn for his many contributions to Tesla over the course of 13 often difficult years,” Mr Musk tweeted. Read More ‘It’s the factories that won’t be built’: Understanding the Brexit damage to economy Mark Zuckerberg’s wife not happy as he puts UFC octagon in garden ahead of Elon Musk fight Elon Musk ‘stopped Ukraine military using Starlink for military operation’ Zuckerberg says he is ‘ready today’ but ‘not holding breath’ for cage fight with Musk Musk pledges to fund legal bills of X users ‘unfairly treated’ by employers for posts Mark Zuckerberg reveals his 4,000 calorie diet and large McDonald’s order

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Meta will be forced to pay a record €1.2 billion fine over claims it abused its users’ data. The Irish Data Protection Commission said that Meta had broken the EU’s data protection rules by moving data between Europe and the US. It had failed to protect European users from having their data used under US law when it did so, regulators said. It will now be fined €1.2 billion, as well as being required to delete the Facebook data or move it back into Europe. That fine is easily a record under the EU’s General Data Protection Regulations, or GDPR. The previous record was held by Amazon – which was fine €746 million by regulators in Luxembourg – though the four biggest fines after that have been paid by Meta as part of data issues at Facebook, Instagram and WhatsApp. Meta called the fine “unjustified and unnecessary”, and said that it would appeal the ruling. It also said that there would be no immediate disruption to the way Facebook works. The company has repeatedly threatened that new limits on how data is transferred to the US could cause it to shut down Facebook and Instagram in Europe. Meta said in response to the new ruling that it will be able to continue to operate as it does today if a new data agreement between the EU and US is able to come into effect. Previously, data sharing between the US and Europe was governed by a framework called the “Privacy Shield”, which allowed that data to flow if US companies showed they were using proper data protections. In 2020, however, that was scrapped after the European Court of Justice said that it was not properly protecting data. Since then, lawmakers have been working on a new deal, known as the Trans-Atlantic Data Privacy Framework, though that is yet to go into effect. But lawmakers have indicated that it should be ready by October, when the deadline for Meta to delete the Facebook data at the heart of the fine is up. Read More Instagram back online after hours of global outages Instagram experiencing global outages Solar panel efficiency to increase 50% with first ‘miracle’ tandem cells

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