Tesla's Musk calls Wall Street snub 'foolish' but defends his behavior

06 May, 2018, 00:06 | Author: Shannon Aguilar
  • Elon Musk: Tesla Model Y Will be a 'Manufacturing Revolution', Production to Begin in 2020

"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.

Tesla CEO Elon Musk defended his criticism of analysts during the company's recent earnings call, though he acknowledged it was "foolish" to cut off their questions.

"I should have answered their questions live".

Musk dove further into the discussion by explaining that the reason he opted to dismiss the questions was because the callers were "sell-side analysts who represent short seller thesis, not investors".

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

The company is spending too much money to stay ahead of the competition and they were expecting Model 3 which is the entry level model of Tesla to bring in cash.

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"Excuse me. Next. Boring bonehead questions are not cool", Musk said. "Shorting" means they were betting the stock would fall, but the two have "hold" or "neutral' ratings on the stock, according to Thomson Reuters data".

To streamline the manufacturing process, Electrek says that Tesla plans to announce the location of a new factory for Model Y production by the final quarter of this year. On Friday, Tesla CEO Elon Musk told his fans that two questioners were analysts simply attempting to justify their short bets against TSLA stock.

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". They expected Tesla to report a loss of $3.54 per share on revenue of $3.28 billion. (AAPL), who stole the position for a short time.

Tesla shares are up 1.1% in Friday trading but off 3.3% over the past 12 months, while the S&P 500 has gained 10%.

Sacconaghi has a US$265 price target on the stock, while Spak sees the shares falling to US$280.

Sacconaghi wrote in a note on Thursday that "we do worry that such theatrics will unnecessarily undermine investor confidence in Tesla's outlook". Then, unsatisfied with the following question, Musk ended the queue and spent 20 minutes answering product-related questions from a YouTube channel host.



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