Friday, 21 September, 2018

Elon Musk apologizes for ignoring analyst questions in classic fashion

Thor electric semi-truck ACT Expo 2018A Thor electric semi-truck
Jodi Jackson | 06 May, 2018, 00:07

That was one part of the call that many investors seemed to take literally, and now Musk is around $300 million poorer for it.

Tesla's (TSLA) earnings call was moving along about as normally as a Tesla earnings call could (http://www.marketwatch.com/story/elon-musk-acted-like-a-jerk-and-tesla-stock-paid-the-price-2018-05-02) when Bernstein analyst Toni Sacconaghi asked about the company's capital requirements. Tesla's stock dropped as much as 9 percent on Thursday, hours after he avoided answering the question about Tesla's ability to raise capital.

Musk dove further into the discussion by explaining that the reason he opted to dismiss the questions was because the callers were "sell-side analysts who represent short seller thesis, not investors".

"Boring, bonehead questions are not cool".

Tesla CEO Elon Musk on Wednesday made another round of headlines after a handful of contentious exchanges with analysts during an earnings report conference call.

Tesla's key metric is hitting 5,00 per week and that their target for Model 3 production may not happen until late July.

Problems with building Model 3s at a plant in Fremont, California, got so bad during the quarter that Musk has tweeted he's sleeping at the factory, automation is overrated and more humans are needed to build the cars. If his account checks out, it's not hard to see why Musk would be annoyed.

Tesla Chief Executive Elon Musk stands on the podium as he attends a forum on startups in Hong Kong, China January 26, 2016.

It's no secret that Tesla has experienced a series of issues with the manufacturing of its Model 3 saloon. Not all long shares are in stock-lending programs, and given the high short interest at the moment, that leaves just 6.5 million shares for expanded short positions.

In the tweet below, he defends his behavior by claiming that two of the investor questions were already answered directly in the prepared earnings statement.

Wall Street weighed in by putting a halt to its recent hammering of Tesla - its shares rose more than 1 percent in morning trade.

The outspoken CEO spent the following 20 minutes speaking with Galileo Russell, a retail investor and host of the YouTube channel HyperChance TV, who convinced Musk on Twitter to allow him on the call despite it being reserved for analysts, investors, and the media.

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