Elon Musk, a close associate of U.S. President Donald Trump, has been accused of accounting fraud related to Tesla.
On the 20th (local time), the Financial Times (FT) reported, "During the second half of 2024, when comparing Tesla's capital expenditure to the value of the assets the money was spent on, $1.4 billion (approximately 2 trillion won) appears to have gone missing."
Tesla stated in its financial statement report that it spent $6.3 billion (approximately 9 trillion won) on the purchase of assets and equipment, excluding financial leases, during the second half of last year. However, during the same period, the balance sheet showed that the total amount of assets, facilities, and equipment increased by only $4.9 billion (approximately 7 trillion won).
Tesla discloses both depreciation on assets and the total amount of assets, allowing for the calculation of net worth. However, Tesla did not disclose any asset sales or asset impairments that could explain the missing $1.4 billion.
FT reported that currency fluctuations make it difficult to explain the disappearance of $1.4 billion. Tesla manufactures vehicles in the U.S., China, and Germany, and while the euro was weaker against the dollar during the second half of last year, about 80% of Tesla's long-term assets are located in the U.S.
FT stated, "This asset discrepancy could be a warning sign," adding that it may indicate Tesla's internal controls are weak. Tesla did not respond to FT's request for comment.