Tesla CEO Elon Musk hosted Argentine President Javier Milei at the electric vehicle giant's headquarters in Austin, Texas, on Friday, where the pair reportedly agreed to work together to promote free markets and discussed potential lithium projects.

The Wall Street Journal reported this was the first face-to-face meeting between the pair, who have praised each other on Musk's social media platform, X, for months. The Journal referred to their relationship as a "bromance."

Argentina's incoming ambassador to the United States, Gerardo Werthein, told local media that Musk and Milei discussed lithium, the ultra-light metal seen as key for the rechargeable batteries needed for future fleets of electric vehicles.

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"We talked about the investment opportunities in Argentina in lithium... We're very committed not only to exporting raw materials but also to adding value," Werthein said in comments published by newspaper La Nacion. "(Musk) said he wants to help Argentina."

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Argentina can help Musk, too. The Journal noted that Argentina has the third-largest lithium deposits in the world, and the South American nation recently gave the green light for the billionaire's aerospace firm, SpaceX, to offer Starlink internet services in the country.

Melei was elected president of Argentina in November, rising from relative obscurity as a self-proclaimed "anarcho-capitalist" with the promise to slash government spending in the inflation-plagued nation. He frequently carried a chain saw with him on the campaign trail.

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The libertarian has repeatedly condemned socialism as the path to poverty, and promotes free enterprise as the way to prosperity.

Shares of Tesla have lost over 30% this year. 

Reuters contributed to this report.