00:00 It's Benzinga and here's what's on the block.
00:02 Tesla announced the departure of its longtime chief financial officer, Zachary Kirkhorn,
00:07 who had been with the company for 13 years, including over four years as CFO.
00:12 Given Tesla's unique compensation structure for executives, where most of their pay comes
00:16 in the form of stock options rather than high-based salaries, Kirkhorn's departure puts his significant
00:21 holdings of around 2.7 million Tesla shares in the spotlight.
00:26 The stock sales by executives are closely monitored by investors, as seen with CEO Elon
00:31 Musk's sale of Tesla stock in the past, which have caused volatility in the stock price.
00:37 The impact of Kirkhorn's sales might be limited due to Tesla's high daily trading volume.
00:42 Tesla stock dropped by 1% after Kirkhorn's departure was announced and continued to decline
00:46 slightly with the broader market trends.
00:49 For all things money, visit Benzinga.com.
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