Tesla drops in premarket after Musk lets loose on call

Tesla’s founder Elon Musk is also behind the SpaceX project to send a spaceship to Mars but he is having trouble getting his electric car business off the ground
Elon Musk calls out Tesla skeptics in a tweetstorm 2 days after his confrontational earnings call
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05 May, 2018

He decided instead to take questions from a Tesla investor and Musk acolyte.

Musk had, arguably, given those on the call some warning that his patience levels were low.

Tesla posted better-than-expected first-quarter earnings and stuck with its forecast for the production of the Model 3, but the rapid buildup forced the company to spend more cash than analysts had expected.

Bernstein analyst A.M. (Toni) Sacconaghi: So where specifically will you be in terms of capital requirement? "Boring, bonehead questions are not cool".

Things went downhill from there. He then moved on to a question from RBC Capital Markets analyst Joseph Spak, which he found equally unpalatable. Musk, though, had had enough.

"We're going to YouTube". These questions are so dry.

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Musk's grand apology came after Twitter user David Brady told the 46-year-old that he should've "just blocked them in the queue" rather than shutting down the critical questions they asked of Tesla during a live conference call.

"The reason the Bernstein question about CapEx was boneheaded was that it had already been answered in the headline of the Q1 newsletter he received beforehand", Musk pointed out, "along with details in the body of the letter". "Tesla has roughly half a million reservations, despite no advertising & no cars in showrooms". He stated that even after the company reaches 5,000 vehicles in production per week, and even if new sales dropped all the way to zero, it would take two years to satisfy existing demand.

Still, he also conceded that his handling of the call could've been better.

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.

"One of the common misimpressions is that when there is, say, a serious accident on Autopilot, people-or some of the articles-for some reason think that it's because the driver thought the auto was fully autonomous and it wasn't, and we somehow misled them into thinking it was fully autonomous".


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