Thursday, 16 August, 2018

Musk defends cutting off analysts during conference call

Elon Musk’s April Fool tweet sent shares tumbling Elon Musk’s April Fool tweet sent shares tumblingSUZANNE CORDEIRO REX
Kenneth Drake | 06 May, 2018, 00:07

"Musk's meltdown will change Tesla's ability to raise capital when he needs it with a sector of investors", said Eric Schiffer, chief executive of the Patriarch Organization, a Los Angeles-based private-equity firm.

"I would say it's probably closer to 24 months from now...2020 is a more likely prospect", he said.

"An odd conference call that lacked answers to questions on investors' minds and overshadowed earnings".

"You need to have full autonomy, level 4 or 5, whatever you want to call it and, obviously, a lot of cars on the road, and then build the software infrastructure behind that to enable shared autonomy", Musk said. "These questions are so dry", Musk said.

Musk's refusal to answer "boring" Wall Street questions about finances sent the electric vehicle maker's shares down as much as 7 percent on Thursday.

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 Elon Musk is known for having a bit more personality than your typical financial heavyweight, speaking off the cuff and generally following an idiosyncratic approach to the public billionaire life. In light of that, some analysts have suggested that Musk's attitude towards Wall Street could be self-defeating.


The spat comes at a crunch time for Tesla when it is struggling to ramp up production of its Model 3 sedan, on which its profitability depends.

Following Musk's initial tweets, a user replied to let him know that he could just block analysts in the queue if he knew beforehand that they'd ask negative questions, to which Musk replied that that was "true".

Disclosure: I have no ownership in shares of TSLA and have no plans to initiate any positions within 72 hours. Musk also noted that there are "really big numbers" involved.

Next, Musk was asked many questions by Galileo Russell, a 25-year-old retail investor, and owner of a YouTube Channel.

Elon Musk's derisive dismissal of analysts' questions is proving expensive.

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

Tesla also reported a net loss of almost $800 million during the last quarter, as the company grapples with widely reported problems over its inability to efficiently produce Model 3 cars.

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