Wednesday, 24 October, 2018

Elon Musk Apologizes for Dismissing Finance Questions; Tesla Stocks Fall Anyway

Tesla’s founder Elon Musk is also behind the SpaceX project to send a spaceship to Mars but he is having trouble getting his electric car business off the ground Elon Musk isn't backing down despite weird remarks in Tesla call
Scott Davis | 06 May, 2018, 00:05

(TSLA) sank this week on concerns over its most recent earnings call, which some on the Street said was the most freakish they have ever experienced. "Next?" Shortly thereafter, analyst Joseph Spak of RBC Capital Markets asked a question about Model 3 reservations, Musk punted altogether and opted to take a question via YouTube.

"I should have answered their questions live". Musk interrupted the analyst and dismissed his question, indicating that "boring" questions are "not cool".

Tesla CEO Elon Musk is going on the defensive in a series of tweets, saying the people he shut down during a contentious conference call were "sell-side analysts who represent a short seller thesis, not investors".

"Reason RBC question about Model 3 demand is absurd is that Tesla has roughly half a million reservations, despite no advertising & no cars in showrooms".

In its letter, Tesla said Model 3 production hit 2,270 per week at the end of April, the third straight week that it reached over 2,000. "It was foolish of me to ignore them", he said.

Today, with Tesla's stock price having plummeted then gradually regained its momentum, Musk is defiant.

Musk told investors during the earnings call that Model Y production wouldn't start until "early 2020" at the earliest.




Many expect that its need for cash will require the company to again turn to markets to raise more capital.

Tesla gained 3.4% to $294.09 on Friday.

Tesla CEO Elon Musk irked investors this week by outright refusing to answer an analyst question about the company's financial future.

On Thursday, Sacconaghi sharply criticised Musk on CNBC: "This is a financial analyst call, this is not a TED talk". The decline grew after Musk lashed out at the analysts, and Tesla shares ended up closing down 5.5% in Thursday's session. 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.

According to CNCB, "The dollar amount of shares shorted on Tesla increased 28 percent in the last month to $10.7 billion, according to S3 Partners". On the call, he devoted 23 minutes to 25-year-old Tesla investor, Galileo Russell, who runs HyperChange TV.

Sacconaghi, one of the rebuffed analysts, wrote: "We do worry that such theatrics will unnecessarily undermine investor confidence in Tesla's outlook".

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