Published: Sun, May 06, 2018
Markets | By Josh Butler

Elon Musk goes on Twitter to defend his weird earnings call behavior

Elon Musk goes on Twitter to defend his weird earnings call behavior

Sacconaghi said the response he got from Musk could be a worrying sign. Musk says that it will reduce the overall wiring significantly and simplify the production process. "These questions are so dry", Musk said.

However, CEO Elon Musk said during Tesla's first quarter earnings call Wednesday that production of the Model Y will likely start in 2020. Well, to be fair, Musk didn't so much as refuse to answer the question as he mocked the analyst for broaching it in the first place.

Musk suggested that the two questioners he ignored on the Q1 call "are sell-side analysts who represent a short-seller thesis, not investors".

But Model 3 production still isn't near the level of 5,000 per week that Musk promised past year.

"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".

After offering his explanation on Twitter, Musk changed topics and tweeted instead that the next batch of the Boring Company's "Not a Flamethrower" flamethrower would be arriving just in time for the "short burn of the century".

Both analysts were not immediately available for a comment on Musk's tweets.

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

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.

"At this critical point, he needs to reinforce confidence, not raise a narrative of him as unstable and whose rational side is lost in space", said Schiffer, who does not hold Tesla shares.

CNBC also reports that Musk chose 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.

Musk turned to Twitter this Friday to defend his behavior that had caused a 5% dip in the share value of Tesla.

Tesla states on its website that it would roll out the option for the standard battery Model 3 in late 2018, but it was unclear when the company would actually begin production given the delays. The analysts were not happy, and it was reflected in Tesla's stock price.

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