Tesla reveals $573M web of transactions between Elon Musk's companies

5 hours ago

Tesla's amended 10-K/A filing discloses $573.4 million in 2025 revenue from Elon Musk's companies, including $430.1 million from xAI for Megapack sales and $143.3 million from SpaceX for vehicle purchases like Cybertrucks.
Tesla incurred $24.8 million in 2025 expenses to Musk's companies, covering payments to SpaceX, xAI, X (formerly Twitter) for advertising, The Boring Company, and Musk's personal security firm, plus aircraft use.
Tesla made a $2 billion equity investment in xAI in 2026, which converted into SpaceX stock after SpaceX acquired xAI, resulting in shareholders holding a minority stake in SpaceX instead of an AI company.
The filing highlights governance concerns, as Musk controls both sides of these transactions, with Tesla's Audit Committee reviewing them but facing scrutiny over the cumulative financial entanglement and oversight adequacy.

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