In a surprising shift from his longstanding anti-advertising stance, Elon Musk, CEO of Tesla Inc (TSLA.O), announced on Tuesday that the electric vehicle manufacturer would test the waters of traditional advertising. This change of strategy comes at a time when Tesla is looking to boost its market standing and customer appeal amidst increasing competition and an economic slowdown.
The announcement was made at Tesla’s annual shareholder meeting in Austin, Texas, where Musk, known for his unorthodox approach to promoting his products, commented on the irony of his current situation. As the CEO of Tesla, he had never used traditional advertising, yet as the new owner of Twitter, he finds himself in charge of a platform that is significantly reliant on ads for its operation. Furthermore, he recently hired advertising veteran Linda Yaccarino to steer the social media giant, which he acquired in October.