Tesla’s Elon Musk defends comments during earnings call

SHARE Tesla’s Elon Musk defends comments during earnings call
ap18124543382103_e1525458626856.jpg

Elon Musk | AP file photo

Tesla CEO Elon Musk is going on the defensive in a series of tweets, saying the people he shut down during a contentious conference call were analysts who believe investors could profit by betting that the company’s stock price will fall.

Musk, who’s been known for his quirky behavior, came under scrutiny after the conference call for Tesla’s quarterly earnings Wednesday went awry. Musk was criticized for cutting off two analysts that asked about the electric vehicle and solar panel company’s cash needs and orders for its Model-3. Musk called the questions “dry” and “not cool.”

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.

Musk also said a question about Model-3 demand was absurd because Tesla reservations far surpass current production levels, noting it’d take two years just to fill existing demand.

The conference call Wednesday night came just after Tesla Inc. announced a record first-quarter loss. The quarterly performance, coupled with the conference call, saw Tesla’s stock drop quickly in after-hours trading and continue to decline on Thursday. 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.

Tesla investors have been hoping that by enduring millions of dollars of short-term losses for years that they will see a long-term payoff. Musk’s comments may have been enough to assuage them for now.

The Latest
College coaches were in the gym watching the two players who, in the eyes of the City/Suburban Hoops Report, have raised their stock the most in June: Bolingbrook’s Mekhi Cooper and Macaleab Rich of East St. Louis.
Amy Brown, 22, was in a fight in the 5300 block of South Carpenter Street when she was stabbed in the chest and arms, police and the Cook County medical examiner’s office said.
They pushed a man to the ground and beat him under the platform in the 900 block of West Belmont early Wednesday. Then they went to the platform and beat another man, police say.
Dr. Donald Lloyd-Jones, a Northwestern University cardiologist who heads the American Heart Association, says in a new advisory that adults should average seven to nine hours of sleep a night.
With the NBA’s free agency period set to begin at 5 p.m. on Thursday, the Bulls have been very public about their desire to keep LaVine in Chicago.