Elon Musk defends frustration in Tesla conference call
06 May, 2018, 00:08 | Author: Teresa Adams
Musk during the earnings call also said that the Model Y will need to be produced at a new plant, as the Fremont plant was "jammed to the gills" and "crazy packed" with production of the Model 3, Model S and Model Y.
During the Wednesday call, he abruptly cut off two analysts when they attempted to ask questions about issues other than Tesla's future plans.
"I should have answered their questions live".
And in typical Musk fashion, the TeslaCEO added one final tweet where he said that the "short burn of the century" is coming soon for Tesla bears. Next, next. Boring questions are not cool.
Musk said in his tweets (http://www.marketwatch.com/story/tesla-ceo-elon-musk-defends-his-behavior-on-post-earnings-conference-call-2018-05-04) that the two analysts "represent a short-seller thesis", though Sacconaghi rates Tesla at market perform and Spak rates it at sector perform.
"Reason RBC question about Model 3 demand is absurd is that Tesla has roughly half a million reservations, despite no advertising & no cars in showrooms".
But Model 3 production still isn't near the level of 5,000 per week that Musk promised a year ago.
Although Musk has insisted the company neither needs nor wants new funding, many believe the company will seek to raise more capital by the end of 2018. They expected Tesla to report a loss of $3.54 per share on revenue of $3.28 billion. "It was foolish of me to ignore them", he said. Then, unsatisfied with the following question, Musk ended the queue and spent 20 minutes answering product-related questions from a YouTube channel host.
"With over $11 billion of total short interest in Tesla, many traders are either at or close to their risk limits and will not be able to increase their positions substantially".
It's tough to blame him for that, but his performance during the call reportedly spooked investors, and led directly to a significant plunge in the value of Tesla stock that in turn reduced Musk's own personal fortune by some $300 million.
On Thursday, Sacconaghi sharply criticised Musk on CNBC: "This is a financial analyst call, this is not a TED talk".
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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