Tesla (TSLA) has revealed the newest net of transactions between itself, Elon Musk, his a number of firms, and board members.
As a public firm, Tesla has to report back to its shareholders transactions between the corporate and its executives, board members, and different firms linked to them.
With a brand new SEC submitting, the corporate has disclosed these newest transactions for 2024 and as much as February 2025.
Right here’s a listing with my feedback:
SpaceX is celebration to sure industrial, licensing and assist agreements with Tesla. Below these agreements, SpaceX incurred bills of roughly $2.4 million in 2024 and roughly $0.1 million by means of February 2025.
Tesla didn’t particularly disclosed what are these “sure industrial, licensing and assist agreements”.
Nonetheless, we do know that Tesla and SpaceX share a fabric science crew they usually have shared ERP techniques prior to now.
Tesla additionally pays SpaceX for the usage of Elon Musk’s jet:
Since April 2016, SpaceX has invoiced Tesla for our use of an plane owned and operated by SpaceX at charges decided by Tesla and SpaceX, topic to guidelines of the Federal Aviation Administration governing such preparations. Tesla incurred bills of roughly $0.8 million in 2024 and roughly $0.04 million by means of February 2025.
These transactions have been reported yearly between Tesla and SpaceX.
X is a more moderen addition to Musk enterprises and the CEO has pushed Tesla to spend on promoting on his privately owned platform.
It solely amounted to about $400,000 in Tesla spending on X final yr aboud solely $10,000 this yr:
X is celebration to sure industrial, consulting and assist agreements with Tesla. Below these agreements, Tesla incurred bills of roughly $0.1 million in 2024. As a part of a multi-platform promoting marketing campaign, Tesla additionally immediately or not directly bought promoting on X, which totaled roughly $0.4 million in 2024 and roughly $0.01 million by means of February 2025.
Tesla solely began to promote in 2023, shortly after Musk purchased Twitter, a platform that depends on promoting, nevertheless it has but to actually ramp up its promoting effort.
As a substitute, it depends on advertising and marketing.
xAI is the newest non-public Musk firm that Tesla’s CEO is pushing to work with Tesla.
Primarily based on Tesla’s new disclosure, xAI paid Tesla nearly $200 million in 2024 and nearly $37 million within the first two months of 2025:
xAI is celebration to sure industrial (together with these for the acquisition of Megapacks), consulting and assist agreements with Tesla. Below these agreements, xAI incurred bills of roughly $198.3 million in 2024 and roughly $36.9 million by means of February 2025. Roughly $191.0 million throughout 2024 and $36.8 million by means of February 2025 was incurred by xAI for its buy of our Megapack merchandise.
The overwhelming majority of that was xAI shopping for Tesla Megapacks to energy its knowledge facilities.
Nonetheless, there are additionally a number of tens of millions not accounted for.
Musk has admitted to redirecting NVIDIA computer systems that had been supposed for use for Tesla’s tremendous cluster in Texas to xAI.
Tesla additionally disclosed paying The Boring Firm (TBC), an organization privately owned by Musk, over $3 million in 2024 and $800,000 within the first two months of 2025:
TBC is celebration to industrial agreements with Tesla. Below these agreements, Tesla incurred bills of roughly $3.6 million in 2024 and roughly $0.8 million by means of February 2025.
That is doubtless associated to TBC constructing a tunnel to hyperlink the Cybertruck’s end-of-line at Gigafactory Texas to a loading lot.
Tesla additionally pays a safety firm owned by Musk to supply safety companies to the CEO:
We’re celebration to a service settlement with a safety firm, owned by Elon Musk and arranged to supply safety companies regarding him, together with in connection along with his duties to and work for Tesla. Tesla incurred bills of roughly $2.8 million for such safety companies in 2024 and roughly $0.5 million by means of February 2025, representing a portion of the whole value of safety companies regarding Elon Musk.
These prices have drastically elevated. In 2023, Tesla paid $2.4 million. It elevated to $2.8 million in 2024 and primarily based on Tesla having spent $500,000 within the first two months of the yr, it seems to be prefer it might enhance to $3 million in 2025.
Tesla additionally disclosed that it bought about $30 million value of scrap supplies for JB Straubel’s Redwood Mateirals to recycle:
JB Straubel is the Chief Govt Officer of Redwood. Tesla is celebration to an settlement with Redwood to provide sure scrap supplies. Below this settlement, Redwood incurred bills of roughly $30.3 million in 2024 and roughly $0.6 million by means of February 2025.
Straubel is a Tesla co-founder and long-time CTO. He left in 2019 to construct a battery recycling and battery materials agency, however he additionally extra not too long ago rejoined Tesla’s board – therefore why transactions between his firm and Tesla should be reported.
Lastly, Tesla disclosed that it paid $300,000 to Kimbal Musk’s firm, Nova Sky Tales, for a drone present:
Kimbal Musk is the Chief Govt Officer of Nova Sky Tales. In 2024, we entered right into a industrial settlement with Nova Sky Tales in relation to the manufacturing of an aerial present. Below this settlement, Tesla incurred bills of roughly $0.3 million in 2024.
Kimbal Musk is on Tesla’s board and he’s Elon Musk’s brother.
Electrek’s Take
I can admit that there might be attention-grabbing synergy between firms. When Musk was simply main Tesla and SpaceX, I had some reservations, however I assumed it was possible and a few collaboration, like the fabric science crew, made sense.
Nonetheless, now that Musk is main Tesla, SpaceX, X, xAI, The Boring Firm, Neuralink, and DOGE, it is unnecessary by any means. It’s an excessive amount of.
And the synergy between them is commonly wanting like a stretch. For instance, the $3 million tunnel is ridiculous. Tesla ought to have merely higher designed its EOL. The Boring Firm had a ton of tasks that by no means amounted to something and it seems to be like Musk is holding them busy with Tesla cash.
Tesla sending its NVIDIA computer systems to xAI can also be ridiculous. Musk’s excuse was that Tesla’s knowledge heart was not able to obtain them, however then he boasted about xAI being to deploy its personal knowledge heart in a file time of simply 3 weeks.
Why was xAI in a position to do it in 3 weeks however Tesla couldn’t?
Lastly, Tesla giving Elon’s brother $300,000 for a drone present can also be extremely questionable.
Like Leo KoGuan stated, “Tesla is a household enterprise masquerading as a public firm.”
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