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Tesla’s ‘Master of Coin’ departs unexpectedly from Elon Musk’s Electric-Car firm

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In a surprising turn of events, Zachary Kirkhorn, Tesla’s Chief Finance Officer and often referred to as the ‘Master of Coin’, has resigned from his position.

This departure has left Tesla CEO Elon Musk without a potential successor to lead the electric car company.

The company announced that Vaibhav Taneja, the Chief Accounting Officer, will step into the role of CFO following the change. The decision was officially revealed in an SEC filing by the company on August 4.

The announcement had an immediate impact on Tesla’s stock, causing a 3.5% drop in share prices on the day of the news.

However, the stock managed to recover slightly, ending the day with a less than 1% decrease, closing at $251.45 per share.

The exact reasons behind Kirkhorn’s surprising departure from his role as CFO are not clear. This move comes just ahead of Tesla’s eagerly awaited launch of the Cybertruck later this year, adding to the uncertainty surrounding the company’s financial leadership.

Succession plan

Now there are questions about the succession plan for Elon Musk, who is 52 years old and holds leadership roles in SpaceX and the rebranded Twitter site, X. There were discussions among the board members about Kirkhorn’s potential as a successor to Musk as CEO, as reported by The Wall Street Journal in May.

Kirkhorn, who joined Tesla in 2010 at the age of 34, played a pivotal role in translating Musk’s vision for revolutionizing the car industry into reality.

Known for his calm demeanor, Kirkhorn balanced out Musk’s more volatile nature and was a prominent figure in interactions with analysts, frequently making presentations on strategic matters and products.

Thomas Martin, a senior portfolio manager at Globalt Investments and a Tesla investor, emphasized Kirkhorn’s ability to effectively mediate between Musk and other executives.

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Money

Moody’s downgrades China credit outlook, cites growth concerns

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Moody’s Investors Service has downgraded China’s credit outlook, expressing concerns about the country’s economic growth prospects and the ongoing property market crisis.

The credit rating agency revised its outlook from stable to negative, citing a combination of factors that are putting pressure on China’s economy.

China’s economic growth has been slowing down in recent years, and Moody’s warns that this trend is expected to continue. The country faces challenges such as high debt levels, a rapidly aging population, and a declining labor force. These factors could hamper its ability to sustain robust economic growth in the future.

Additionally, the ongoing property market crisis in China is a major concern for Moody’s. The real estate sector has been a significant driver of the country’s economic growth, but it is currently experiencing a severe downturn with falling property prices and a growing number of unsold homes. This crisis has the potential to further weigh on China’s economic performance.

Moody’s decision to downgrade China’s credit outlook raises questions about the country’s ability to manage its economic challenges effectively. It also underscores the importance of addressing issues in the property market to prevent a broader economic crisis.

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Money

Australia Post to shift to alternate-day mail delivery

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In a move aimed at modernising its operations and accommodating the growing e-commerce industry, Australia Post has announced plans to reduce letter deliveries to every second day.

This significant shift is part of a broader strategy to expand its parcel business and adapt to changing consumer preferences.

Australia Post has recognized the declining demand for traditional letter services in an increasingly digital age. With more people communicating electronically and relying on email and messaging apps, the postal service has faced challenges in sustaining daily mail deliveries. By transitioning to alternate-day letter delivery, Australia Post aims to optimize its resources and focus on meeting the surging demand for parcel deliveries, driven by the booming online shopping market.

This strategic shift comes as a response to the changing landscape of postal services worldwide. Many postal agencies are diversifying their services to remain relevant and profitable. Australia Post’s move is expected to not only streamline its operations but also reduce costs associated with daily letter deliveries, ultimately benefiting both the organization and its customers.

While the change may be welcomed by those who prefer faster parcel deliveries, it raises questions about the impact on individuals and businesses reliant on daily mail services. Australia Post will need to address concerns regarding the potential delay of important correspondence and provide solutions to ensure minimal disruption for customers during this transition period.

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RBA maintains 4.35% rates as mortgage applications surge

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The Reserve Bank of Australia (RBA) has decided to keep its official cash rate at 4.35%, citing concerns over the rapidly increasing number of mortgage applications.

This decision comes after several consecutive meetings where the RBA has refrained from adjusting interest rates.

The central bank’s decision to hold rates steady reflects their cautious approach to managing the current housing market boom. Mortgage applications have seen a significant surge in recent months, driven by record-low interest rates and increased demand for housing. While this has been a boon for the real estate industry, it has raised concerns about the potential for a housing bubble and financial stability.

Experts are divided on whether the RBA’s decision is the right course of action.

Some argue that maintaining low-interest rates is necessary to support economic recovery, especially in the wake of the COVID-19 pandemic. Others worry that the continued surge in mortgage applications without rate adjustments could lead to unsustainable levels of household debt.

In light of this decision, homeowners, prospective buyers, and investors will be closely watching the housing market’s trajectory and wondering how long the RBA can maintain its current stance.

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