Elon Musk’s Tesla has already paid about $200 thousand for advertising in X

Tesla CEO Elon Musk, after pressure from shareholders last year, agreed to advertise on his own X platform.

According to TechCrunch, from 2023 to February 2024, the company’s advertising expenses in X amounted to about $200 thousand. This became known from the paragraph on transactions with related parties in the Annual Proxy Statement published by Tesla.

“As part of the multi-platform advertising campaign, Tesla has also directly or indirectly purchased advertising on X totaling approximately $200,000 through February 2024,” the document says.

In addition, it also indicates that both companies paid each other for commercial, consulting, and support services.

“X is a party to certain commercial, consulting and support agreements with Tesla. Under these agreements, X spent approximately $1 million in 2023 and approximately $20 thousand through February 2024, and Tesla spent approximately $50 thousand in 2023 and approximately $30 thousand through February 2023,” the report says.

The companies do not specify what exactly these deals entail, but it is reported that they have been sharing employees since Elon Musk acquired X and focused on developing artificial intelligence in each of his businesses.

Such deals are nothing new for Elon Musk’s companies. In the past, similar transactions have taken place with SpaceX and even with Musk’s own security company, to which Tesla paid $2.4 million in 2023 and about $500,000 more until February 2024 for the businessman’s protection.