Elon Musk accepts his move to snub Tesla analysts was 'foolish'
Elon Musk accepts his move to snub Tesla analysts was 'foolish'
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06 May, 2018, 00:05
That was one part of the call that many investors seemed to take literally, and now Musk is around $300 million poorer for it. They had asked about cash requirements and orders for the company's Model 3 auto after Tesla announced a record first-quarter loss on Wednesday.
"I should have answered their questions live". (TWTR) early Friday with a series of tweets justifying his bold behavior on Thursday's call, in which he dismissed some analysts' questions and redirected others to a pro-Tesla YouTube blogger.
Elon Musk's derisive dismissal of analysts' questions is proving expensive.
Wednesday's results showed Tesla tearing through $745.3 million in cash in the first quarter, due largely to the slow production ramp-up of the Model 3 mass-market electric sedan.
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.
Musk said people would have full ownership of their cars and loan them out when not using them, similar to Airbnb, or share them like Uber and Lyft drivers do. The executive has been critical in the past of investors who "short" Tesla shares, meaning they are betting that the stock will decline. On Friday, TeslaCEO Elon Musk told his fans that two questioners were analysts simply attempting to justify their short bets against TSLA stock.
Many expect that its need for cash will require the company to again turn to markets to raise more capital. "Next?", Musk said, as he cut off an exchange about capital expenditures.
When a Twitter user suggested that Musk could have blocked the analysts from speaking on the conference call, the Tesla founder responded, "True".
Shares in Tesla, which is based in Palo Alto, California, fell more than 4 percent in after-hours trading after the earnings report. They are actually on the *opposite* side.
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.
Sacconaghi wrote in a note on Thursday that "we do worry that such theatrics will unnecessarily undermine investor confidence in Tesla's outlook".
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The giant loss in a critical quarter for the 15-year-old company was bigger than Wall Street expected. The company reported having a revenue of $3.41 billion and adjusted stock losses at $3.35 per share.
The polarising smartphone marked a stark departure from the company's approach to the design and overall user experience. Apple iPhone X: Not a flop Apple fans and the industry pundits alike have been divided over the prospects of iPhone X .
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