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

Elon Musk calls out Tesla skeptics in a tweetstorm 2 days after his confrontational earnings call

Elon Musk lost his composure on Wednesday during Tesla's first-quarter earnings call, and now he's scrambling to clean up the mess.

After receiving a suggestion on Twitter that blocking analysts who are going to be negative would solve his problem, Musk wrote back: "True".

Days after the Tesla boss shocked Wall Street by completely dismissing critical questions from two analysts as "boring", Musk said on Friday it was "foolish of me" to ignore the queries. At the Model 3's launch, Tesla said it hoped to build 500,000 of the sedans per year, and the company targets a similar number for the Model Y.

"These questions are so dry", said the serial entrepreneur and venture capitalist. But that's no reason to hand the call over to a blogger from YouTube for a dozen questions that spanned 23 minutes, which is what Musk did.

His actions had immediate consequences.

After the conference call cutoffs, Musk, as he has in the past, showed humility and introspection.

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.




As for whether this is the last of Musk's unusual behavior, that seems unlikely.

CNBC reported that Musk's decision to ignore the questions pushed Tesla's stock down by 5.6 percent Thursday.

Musk tweeted that analysts at Sanford C. Bernstein & Co. and RBC Capital Markets were representing "a short seller thesis, not investors" when posing questions that Musk cut off during the Wednesday call.

On Friday Musk tried to clarify some comments he made during the call, tweeting that he deemed a question about capital expenditures "boneheaded" because the answer was already given in a first-quarter newsletter. If his account checks out, it's not hard to see why Musk would be annoyed.

The chief executive was criticised for cutting off two analysts who asked about the electric vehicle and solar panel company's cash needs and orders for its Model-3. "Tesla has roughly half a million reservations, despite no advertising & no cars in showrooms". Even after reaching 5k/week production, it would take 2 years just to satisfy existing demand even if new sales dropped to 0. Tesla built just 2,400 of the sedans in the first six months of production, although the company says it is now building approximately that amount per week and targets a 5,000-per week figure in the next two months.

"Oh and uh short burn of the century comin soon".

However, production of the Model 3 hasn't been going smoothly.

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