Elon Musk kinda, sorta admits he messed up

SpaceX and Tesla CEO Elon Musk speaks at a news conference in Cape Canaveral Fla. Tesla is a company of big

Tesla's shares are tumbling before the market open Thursday after the electric vehicle maker posted a record first-quarter loss and its CEO got testy at times during a conference call.

Tesla CEO Elon Musk said during the company's first quarter earnings call that it is looking to launch its own autonomous ride-sharing network soon but did not go into specifics on when it will start.

The embattled Tesla CEO clarified his remarks on the latest Tesla earnings call in a Friday morning tweetstorm, explaining why he dismissed two critical questions from analysts by calling them "boring" and "boneheaded".

A small hedge fund manager who has always been betting against Tesla Inc TSLA.O on Thursday redoubled his call for the stock to fall to zero, comments that came as investors were already hammering the electric auto maker.

Excuse me. Next. Boring bonehead questions are not cool.

I think that if people are concerned about volatility, they should definitely not buy our stock.

Levy added that although Tesla management should be "more disciplined publicly", the key to the stock is whether Tesla can ramp up production of the Model 3, its mass-market electric vehicle. It is trying to build 5,000 of the vehicles per week by the end of June and overcome manufacturing hurdles that have delayed its rollout. Under this rate and with the most generous assumption that there's no further production delay in Q2 and the weekly production will be between 3,000 and 4,000 cars by Q3, at least $1.1 billion in capital needs to be raised by Q3 and over $1.8 billion for 2018 (Table 3).

"We would consider Mr. Musk's at times unfiltered approach as part of the price to be paid for Elon's visionary genius", Efraim Levy, a CFRA Researach analyst, wrote to clients on Thursday.

"That has an impact but it's not something that will prevent them from raising capital", Houchois said.

Musk then went on to elaborate. By the time Spak had the floor and inquired about the number of reservations for Tesla's Model 3 auto, Musk shut it down by saying he simply didn't want to answer "dry" questions. The 2 questioners I ignored on the Q1 call are sell-side analysts who represent a short seller thesis, not investors. He also says, "They are actually on the opposite side of investors". "They're killing me", and punted to a retail investor who runs a channel on YouTube for a lengthy back-and-forth.

Spiegel is not the only one betting against Tesla, with the stock listed as the biggest USA equity short, according to financial analytics firm S3 Partners.



Other news