If you don't pay yourself, no one will pay you.. Elon Musk's companies exchange payments worth hundreds of thousands of dollars
April 19, 03:05 Share:
Elon Musk's companies are enriching themselves at the expense of each other (Photo: REUTERS/Hannibal Hanschke)
Tesla spent about $200,000 on advertising on X, and X paid Tesla over a million dollars for undisclosed work.
Tesla CEO Elon Musk promised shareholders last year that his company “ will try to advertise a little”. Since then, Tesla ads have started appearing in Google search results and on YouTube.. But it also became increasingly clear that Musk's car company was also paying his own social media company for advertising.. These costs are disclosed in section “ transactions with related parties” of its annual report, writes TechCrunch.
Tesla also paid X about $50K in 2023 and $30K through February 2024 for “commercial, consulting and support agreements.”. X also paid Tesla $1 million in 2023 and about $20 thousand until February 2024 for the same unspecified work. Tesla has not said what exactly these agreements involve, but it does say the companies shared or loaned employees to each other.
Interestingly, all of Musk's companies have been involved in similar transactions in recent years.. SpaceX paid Tesla $2.1 million in 2023 and approximately $800,000 through February 2024 for “certain commercial, licensing and support agreements with Tesla.”. Meanwhile, Tesla paid SpaceX $700,000 in 2023 and $100,000 through February 2024 for the use of the space company's corporate jet.. Also in 2023, Tesla paid Musk's The Boring Company $200 thousand, and until February 2024 – $1 million.
Moreover, Tesla hired a security company owned by Elon Musk in December 2023 to provide him with security services, “particularly in connection with his responsibilities and work at Tesla.”. The company says it's already cost $2.4 million in 2023 and about $500,000 through February 2024. Moreover, this is only “ part of the total cost of security services in relation to Elon Musk.”
Tesla also says it was paid $11.5 million in 2023 and about $6 million through February 2024 for scrap from EV battery recycling company Redwood Materials, which is run by board member and former Tesla CTO J.B. Straubel.
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