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Musk says don't buy Tesla, goes to YouTube as call devolved

05 May, 2018, 01:49 | Author: Melinda Barton
  • Elon Musk has been acting strange lately. On Friday he defended his actions in a lengthy tweetstorm

He decided instead to take questions from a Tesla investor and Musk acolyte.

Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk said on Friday it was "foolish" of him to snub Wall Street analysts on a post-earnings conference call on Wednesday. But the two have a hold or neutral ratings on the stock, according to Thomson Reuters data. Morgan Stanley's Adam Jonas said it was "the most unusual call I have experienced in 20 years on the sell-side", while Eric Schiffer, head of equity firm Patriarch Organization called it "the single greatest CEO meltdown in American vehicle history", Reuters reports. "Excuse me, next", Musk dismissed the question.

Musk suggested that the two questioners he ignored on the Q1 call "are sell-side analysts who represent a short-seller thesis, not investors".

Tesla shares fell as much as 1.2 per cent as of 9:35 a.m.in NY, a day after Musk's behavior on the company's earnings call sent the stock down by the most in more than a month.

"While the consequences are unquantifiable, we believe Tesla's CEO made a mistake in refusing to answer some of the analyst questions about the Model 3 ramp", Morgan Stanley analyst Adam Jonas wrote in a note on Thursday. "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.

Musk believes the two analysis he rebuked - RBC Capital Markets' Joseph Spak and Bernstein's Toni Sacconaghi - were asking questions created to stoke a short-selling frenzy.

Elon Musk's derisive dismissal of analysts' questions is proving expensive. "No", he said. "I specifically don't want to".

During Wednesday's call, Spak asked about customer reservations for the Model 3 sedan, while Sacconaghi wanted to know about Tesla's capital requirements.

Also see: The price of Musk cutting off analysts? "Boring, bonehead questions are not cool".

"Reason RBC question about Model 3 demand is absurd is that Tesla has roughly half a million reservations, despite no advertising & no cars in showrooms".



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