Elon Musk isn't backing down despite weird remarks in Tesla call

Musk then announced that he was "going to go to YouTube" and take questions from a blogger there who had previously gotten Musk's approval to ask a question on the call via a Twitter campaign.

RBC Capital Markets analyst Joseph Spak: The first question is related to the Model 3 reservations. "We're going to go as long as there are good questions to answer", he said of the question and answer phase of the call. First, Musk stated that the two analysts he opted to ignore were attempting to justify their Tesla short thesis.

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

In a weird conference call, the iconoclastic CEO described concerns about Tesla's capital requirements as "boring" after the company, which also makes solar technology, reported a record loss of $709.6 million, or $4.19 each share, in the first quarter ended March 31.


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.

Ultimately, however, Musk maintained that Tesla will soon prove its critics wrong once more. Musk says that it will reduce the overall wiring significantly and simplify the production process.

Sacconaghi has a US$265 price target on the stock, while Spak sees the shares falling to US$280.

According to CNCB, "The dollar amount of shares shorted on Tesla increased 28 percent in the last month to $10.7 billion, according to S3 Partners".


Short-sellers look for profit by selling borrowed shares with the hope of purchasing them back later at a smaller price.

Tesla gained 3.4% to $294.09 on Friday.

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".

The outspoken CEO spent the following 20 minutes speaking with Galileo Russell, a retail investor and host of the YouTube channel HyperChance TV, who convinced Musk on Twitter to allow him on the call despite it being reserved for analysts, investors, and the media.


Sacconaghi, one of the rebuffed analysts, wrote: "We do worry that such theatrics will unnecessarily undermine investor confidence in Tesla's outlook".

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