Thursday, 24 May, 2018

Elon Musk isn't backing down despite weird remarks in Tesla call

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 calls out Tesla skeptics in a tweetstorm 2 days after his confrontational earnings call
Heather Davidson | 05 May, 2018, 01:46

Elon Musk pledged to "burn" investors shorting Tesla Inc. and criticized analysts and even himself after exchanges during the electric-car maker's earnings call sent shares tumbling.

CNBC also reports that Musk made a decision to take several questions from a 25-year-old retail investor and owner of a YouTube channel, Galileo Russell, which is unusual because questions on earnings calls are traditionally reserved for analysts, professional investors, and sometimes media.

After several quarters of major losses due to major investments related to bringing the Model 3 to production, Musk now says that he expects Tesla could start showing small profits in the second half of the year. "Excuse me, next", Musk dismissed the question.

Sacconaghi and Spak indeed are both sell-side analysts.

His actions had immediate consequences.

With his pointed comments on social media, Musk is doubling down on the defiant attitude he displayed on Wednesday's earnings call - one that infuriated analysts across Wall Street. Tesla shares to lost more than five percent after the call. First of all, even though short sellers take the position that a stock is headed lower, by most definitions, they are "investors".

"As soon as the Model 3 gets out to the masses, you're going to see the public view of this investor's view of this story is going to turn more positive", he said.

Musk is now on damage control, attempting to justify his unusual behavior in an unfiltered tweetstorm.

Tesla's stock price dropped to $283 on Thursday, down from a record of $389 reached in September.

"The reason the Bernstein question about CapEx was boneheaded was that it had already been answered in the headline of the Q1 newsletter he received beforehand", Musk pointed out, "along with details in the body of the letter".

However, his justification for calling out the other analyst speaks to how much work Tesla still has in front of it. Musk argues it would be impossible to fulfill existing Model 3 orders even if production goals are met, due to high demand.

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