Tesla Inc. seems to have initiated paid advertising on Instagram, marking its second promotional venture on a Meta Platforms Inc.-owned social media platform within less than a few days of commencing the same on Facebook.
What Happened: Tesla investor and influencer Sawyer Merritt posted that Tesla has officially started paid advertisements on Instagram. This marks the company’s first foray into advertising on the platform, which boasts over 2 billion monthly active users, or as Merritt put it, approximately a quarter of the global population.
See Also: 6 Best Social Media Stocks
This move comes on the heels of Tesla’s recent return to Facebook, after a six-year hiatus. The company reactivated its presence on the social media giant’s platform last week, with a newly created page running two ads promoting the Model Y SUV.
Why It Matters: Tesla’s decision to advertise on Instagram and Facebook comes amid increased competition and slowing electric vehicle adoption. The company has faced pressure to boost appeal for EV ownership, particularly for its own models, leading to the launch of paid ad campaigns on various platforms.
Previously, Tesla had initiated a paid ad campaign on X, formerly known as Twitter. However, the move was met with mixed reactions, with some finding it peculiar given Elon Musk‘s ownership of the platform.
Read Next: Cyberflop? Tesla’s Electric Truck Resale Market Reportedly Crashes After Early Hype
Image via Shutterstock
Engineered by Benzinga Neuro, Edited by Ramakrishnan M
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
