Electric vehicle giant Tesla Inc TSLA shared its 2022 impact report recently. In the report is a section on the role of social media for the company.
Here’s a look at the key details.
What Happened: In 2022, Tesla CEO Elon Musk announced he was acquiring social media platform Twitter for $44 billion. The acquisition was closed in November, ending a nearly year-long saga that captured the attention of the media and social media alike.
Some investors and fans of Tesla believed there could be potential synergies between Musk owning the electric vehicle company and also the social media platform. While the full results of the $44 billion acquisition and potential to turn Twitter into a super app remain to be seen, Tesla has benefitted from its social media initiatives.
The 2022 impact report showed that between Twitter and LinkedIn, Tesla saw strong engagement from its followers, as reported by Teslarati.
According to the report, Tesla saw its Twitter followers grow 53% year-over-year to 19 million in 2022. The company also saw over one billion total post views from its Twitter profile.
On LinkedIn, Tesla saw its followers grow 16% year-over-year to 10.9 million in 2022. The company saw 75.5 million total post views on LinkedIn in 2022.
“We connect with and educate global audiences about our products, mission and career opportunities on social media. Social channels allow direct and immediate access to Tesla updates, news, launches and more — without the filter of traditional media or influencers,” Tesla said in the report.
Related Link: Tesla Q1 Earnings Highlights: Revenue Beat, EPS In Line, Cybertruck Update And More
Why It’s Important: Tesla is unique from many traditional automakers as it does not use traditional mediums like television commercials to show off its vehicles.
Instead, Tesla counts on strong word of mouth, return customers and utilizing social media and online marketing.
One item likely helping Tesla on Twitter is the fact that along with being the CEO of the company, Musk is the most followed person on the platform.
A 2022 report showed Tesla was the most tweeted about topic by Musk dating back several years.
While Tesla doesn’t advertise on television, that hasn’t stopped it from being mentioned in commercials or even seeing spikes in interest thanks to rivals.
The 2022 Super Bowl (Super Bowl LVI) saw several companies air Super Bowl ads that dropped digs at Tesla and/or Musk. Tesla reported months later that it saw a spike up in orders placed following the Super Bowl.
So while rivals hoped to launch ads to take on Tesla, it may have backfired. Tesla didn’t spend $6.5 million on a Super Bowl commercial, but likely came out a winner from the big game instead.
Tesla’s advertising methods may be unique, but they appear to be working. With Musk owning Twitter now there could be opportunities down the road for synergies.
The help Twitter provided for Tesla in 2022 could also come in stark contrast to its share price, which fell 69% in 2022. One of the items that may have impacted Tesla shares the most in 2022 was Musk's stock sales and the overhang of the Twitter acquisition.
Right now, just having Musk and Tesla tweet updates and product offerings is helping the company continue to push forward.
Read Next: Here's How Many Vehicles Tesla Has Delivered And Produced In Each Quarter Since 2019
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