Finance

Elon Musk kinda, sorta admits he messed up

Elon Musk kinda, sorta admits he messed up

Mr Musk, who's been known for his quirky behaviour, came under scrutiny after the conference call for Tesla's quarterly earnings on Wednesday went awry.

CNBC also reports that Musk made a decision 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 interrupted the analyst and dismissed his question, indicating that "boring" questions are "not cool".

His actions had immediate consequences. "This is a financial analyst call; this is not a TED talk", Sacconaghi told CNBC. But following Musk's comments to his 21.6 million followers on Twitter, the shares have started to recover: up about 1.3 percent in Friday morning trading.

"We have no interest in satisfying the desires of day traders", Musk said Wednesday. He also says, "They are actually on the opposite side of investors".

It's just the latest chapter in Musk's contentious relationship with Tesla bears and short sellers, who he has excoriated in the past. First of all, even though short sellers take the position that a stock is headed lower, by most definitions, they are "investors".




"The 2 questioners I ignored on the Q1 call are sell-side analysts who represent a short seller thesis, not investors", he said on Twitter, before going on to address his reasons for ignoring each.

Musk claims Bernstein's question about capital expenditure was "boneheaded" because it was "answered in the headline of the Q1 newsletter he received beforehand" and later in the body of the document.

Musk further insulted RBC's Spak by saying he had asked an "absurd" question about demand for Tesla's Model 3 - easily the company's most important vehicle.

The electric-car maker affirmed plans to hit a weekly production rate of 5,000 Model 3 sedans by the end of the second quarter and continues to forecast profits and positive cash flow in the third and fourth quarters.