SpaceX Was Buying Cybertrucks in Bulk. Tesla Didn’t Tell Anyone.

Tesla (NASDAQ:TSLA | TSLA Price Prediction) shareholders are about to start asking a pointed question: why did they have to find out from outside reporting that SpaceX was purchasing Cybertrucks in bulk, as Bloomberg is reporting?>

Elon Musk controls both companies, which makes any commercial arrangement between them a textbook related-party transaction. Public companies are required to disclose material related-party deals so investors can assess whether terms are fair and whether one entity is subsidizing another. If SpaceX was buying Cybertrucks at scale, that revenue should have been flagged, contextualized, and disclosed. The fact that it apparently was not is the story.

To me, this goes beyond the usual “Musk is distracted” complaint. It raises a structural question about whether Tesla’s related-party disclosure practices are adequate for a company where the CEO runs multiple private and public entities simultaneously.

The timing matters. Tesla shares closed at $391.95 on April 15, down about 13% year-to-date, even as the stock bounced roughly 14% over the prior week. The company reported Q4 2025 net income of $840 million, down 64% year-over-year, and full-year 2025 revenue of $94.83 billion, down 3%. Investors are already scrutinizing every line.

Prediction markets price a 61% probability that Tesla misses earnings on April 22.

As for this particular issue: Tesla shareholders have given Elon infinite “get out of jail free” cards over the years, and for the long-term holders of the stock, it’s paid off in spades. What’s one or two more amongst friends?

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