Elon Musk goofed, but the Tesla CEO is unlikely to change

Elon Musk goofed, but the Tesla CEO is unlikely to change

Elon Musk goofed, but the Tesla CEO is unlikely to change

Tesla Inc Chief Executive Officer Elon Musk said it was "foolish" of him to snub Wall Street analysts on a conference call after earnings on Wednesday.

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.

I asked Musk how he thinks it will compare to the 2013 short squeeze that followed his 2012 warning to the shorts. Both Toni Sacconaghi of Bernstein and RBC's Joseph Spak have the equivalent of "neutral" ratings on Tesla. Musk on the call said "boring, bonehead questions are not cool" and went to an alternate line of questioning from a little-known investor, who runs YouTube investment channel HyperChange TV.

His actions had immediate consequences. And once they were on the call", Musk admitted, "I should have answered their questions live. Sacconaghi said the response he got from Musk could be a worrying sign.

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Ever since the California-based automaker went public, its stock often shows up the list of the most shorted stocks on the market, which means that investors are betting that the stock will lose value. But if Musk turns out to be right on that, then he could also likely be right about his "next level short burn of the century" prediction.

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.

Notably, Tesla's stock took a dive Thursday morning after the call. The first question was labeled boneheaded because "it had already been answered in the headline of the Q1 newsletter he received beforehand", while the second question about Model 3 reservations was "absurd" because Tesla has roughly a half-million reservations. If his account checks out, it's not hard to see why Musk would be annoyed.

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.

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