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       lite.cnn.com - on gopher - inofficial
       
       
       ARTICLE VIEW: 
       
       Tesla discloses it spent $200,000 advertising on X
       
       By Chris Isidore, CNN
       
       Updated: 
       
       1:45 PM EDT, Thu April 18, 2024
       
       Source: CNN
       
       Here’s one advertiser that social media platform X doesn’t have to
       worry about losing because it’s turned off by Elon Musk’s comments:
       Tesla.
       
       The car company that famously shuns spending money on advertising spent
       $200,000 advertising on X through February of this year, it disclosed
       in an SEC filing this week.
       
       It’s not clear when the spending started, because Tesla doesn’t
       break out any spending in 2023, as it does in other listings of what
       are called “related person transactions” in the filing. So it’s
       possible that all $200,000 was spent in just the first two months of
       this year.
       
       X, formerly known as Twitter, has been hemorrhaging advertisers, its
       primary source of revenue, since Musk in 2022.
       
       Sometimes advertisers have pulled out due to concerns about being
       associated with Musk’s , such as his retweet of a tweet in November
       that said Jewish communities push “hatred against Whites.” To which
       Musk commented in his “You have said the actual truth.”
       
       While Musk later for his tweet, calling it his “dumbest” ever
       social media post, he took shots at advertisers who had left in its
       wake, telling them to “Go. F**k. Yourself.”
       
       The since Musk bought what was then called Twitter has put the future
       of the company into question, according to comments from Musk himself.
       
       Tesla reluctant to advertise
       
       Tesla has become a major automaker without spending any money on
       advertising in the past. Musk had dismissed the need to adverstise.
       
       “Tesla does not advertise or pay for endorsements. Instead, we use
       that money to make the product great,” he said in a .
       
       But the company has been facing weaker growth in than many had
       forecast, and the headwind of higher interest rates make it more
       expensive for consumers to finance their car purchases. In response,
       Tesla has been cutting prices. Still, Tesla just reported its first
       since the peak of the pandemic.
       
       A year ago, in response to a question at the company’s shareholders
       meeting, Musk said the company would , though did not give any details.
       
       The Tesla filing also disclosed that the company spent about $700,000
       in 2023 and another $100,000 in the first two months of 2024 on
       aircraft operated by SpaceX, the rocket company he also owns. And it
       spent $200,000 in 2023 and $1 million so far this year with The Boring
       Company, a company that digs tunnels that Musk also owns and operates.
       
       In addition the filing said that Musk also owns a security company,
       unnamed, that provides security services for him. And Tesla spent $2.4
       million for such security services in 2023 and about $500,000 more so
       far this year.
       
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