Tesla has almost stopped spending on ads on X
What's the story
Tesla has almost stopped advertising on Elon Musk's social media platform, X. The company spent $400,000 in 2024 but has only spent $10,000 in the first two months of this year. At this rate, the electric carmaker's annual ad spend on X could be just $60,000, a drastic decrease unless something changes.
Strategy change
Shift in Tesla's advertising strategy
Tesla has long relied on hype and Musk's own voice rather than paid ads. However, as competition in the EV market intensifies and sales slow down, the company has started experimenting with advertising its cars on different platforms like X, YouTube, and Google. Even after scaling back on X, around 700 Tesla ads were still active across Google at the start of this year.
Financial transactions
Other notable spending trends
In 2024, Tesla paid SpaceX $800,000 for using its private jet. This amount dropped to $40,000 by early 2025. The company also paid Musk-owned security firms a whopping $2.8 million last year. Meanwhile, xAI (another venture owned by Musk) bought nearly $200 million worth of Megapack batteries from Tesla in 2024, and added almost $37 million more early this year for its Tennessee data center.