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

05 May, 2018, 01:46 | Author: Gladys Mathis
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He decided instead to take questions from a Tesla investor and Musk acolyte.

As it turns out, Tesla spots falling Autopilot use in the wake of each media fiasco, according to a statement by Tesla CEO Elon Musk in the company's first quarter conference call, as transcribed by Electrek. He believes Spak and Sacconaghi are short-selling Tesla, even though both analysts hold a neutral rating on the Silicon Valley auto company.

"The 2 questioners I ignored on the Q1 call are sell-side analysts who represent a short seller thesis, not investors", he said on Twitter, before going on to address his reasons for ignoring each.

To Musk's credit, in his erratic tweetstorm that included several tweets to critics and random people on Twitter, he did acknowledge in a tweet that he shouldn't have dismissed the analysts.

The outspoken Musk's treatment of RBC Capital Markets' Joseph Spak and Bernstein's Toni Sacconaghi roiled Wall Street and sent Tesla's shares down 5 percent on Thursday.

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Some on Wall Street were puzzled by what they called Musk's "unusual" performance on his latest earnings call, but he did share a few details about Tesla's planned autonomous vehicle network. "And once they were on the call, I should have answered their questions live". "No", he said. "I specifically don't want to". But that's no reason to hand the call over to a blogger from YouTube for a dozen questions that spanned 23 minutes, which is what Musk did. Actually, Musk responded to three separate questions from Tamberrino about the Model 3 and Model Y. Perhaps by the time Tesla needs more money, Musk's antics will be forgotten, or at least accepted as Elon being Elon.

Also see: The price of Musk cutting off analysts?

He explained that the question from Bernstein's Sacconaghi was "boneheaded" because the topic had already been covered in a shareholder letter.

Tesla tore through $745.3 million in cash in the quarter, due largely to the slow production ramp-up of the Model 3 mass-market electric sedan.

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