Tesla (TSLA) discloses network of transactions among Elon Musk’s companies

Tesla (TSLA) has disclosed the intricate web of financial transactions among itself, Elon Musk, his various enterprises, and board members through a recent SEC filing that covers 2024 and early 2025.

As a publicly traded company, Tesla is obligated to inform its shareholders about transactions involving the company’s executives, board members, and affiliated entities. Some notable transactions share insights into the financial relationships between Tesla and Musk’s enterprises.

SpaceX, one of Musk’s companies, has engaged in commercial, licensing, and support agreements with Tesla, resulting in expenses of approximately $2.4 million in 2024 and around $0.1 million as of February 2025. While the specific nature of these agreements was not disclosed, shared resources such as a material science team and ERP systems suggest collaboration between the two entities.

Moreover, Tesla has paid SpaceX for the usage of an aircraft owned and operated by SpaceX since April 2016. The invoices indicate that Tesla incurred costs of about $0.8 million in 2024 and approximately $0.04 million through February 2025, reflecting an ongoing financial relationship between the two companies.

Additionally, X, a newer addition to Musk’s ventures, has engaged in commercial, consulting, and support agreements with Tesla. Last year, Tesla spent around $0.1 million on these agreements and approximately $0.4 million on advertising on X’s platform. Despite Musk’s ownership of Twitter, which relies heavily on advertising revenue, Tesla’s advertising expenditures on X have been modest, amounting only to about $400,000 last year and $10,000 this year, showcasing the company’s reliance on alternative marketing strategies.

xAI, another privately-held company under Musk’s purview, has entered into various commercial, consulting, and support agreements with Tesla, resulting in payments of nearly $200 million in 2024 and approximately $37 million in early 2025. The majority of these expenses stem from xAI purchasing Tesla Megapacks to power its data centers, although some transactions remain unaccounted for.

Furthermore, The Boring Company, also privately owned by Musk, received payments exceeding $3 million in 2024 and around $0.8 million in early 2025 from Tesla. These payments are likely related to TBC’s construction of a tunnel linking the Cybertruck line at Gigafactory Texas to a loading lot, demonstrating the interconnected financial dealings between Musk’s companies.

Tesla also earmarked funds to cover security services provided by a company owned by Musk for the CEO’s protection, with costs mounting to $2.8 million in 2024 and approximately $0.5 million in early 2025. This increase in security-related expenses underscores the company’s dedication to safeguarding Musk.

Moreover, Tesla reported the sale of approximately $30 million worth of scrap materials to JB Straubel’s Redwood Materials, a recycling and battery material firm helmed by Tesla’s co-founder and former CTO. These transactions were necessitated by Straubel’s reentry onto Tesla’s board, underscoring the importance of disclosing all financial ties between Tesla and its executive team.

Lastly, Tesla paid $300,000 to Kimbal Musk’s company, Nova Sky Stories, for a drone show in 2024. Kimbal Musk, Elon’s brother and a member of Tesla’s board, was on the receiving end of this financial transaction, emphasizing the close-knit relationships across Musk’s business ventures.

In conclusion, the intricate financial ties between Tesla, Musk’s companies, and affiliated board members highlight the complexity and interdependence present within this ecosystem of enterprises. The disclosed transactions shed light on the inner workings of these entities and their financial interconnections, paving the way for a deeper understanding of the extent and implications of Musk’s sprawling business empire.