Elon Musk hits back on complaints about Tesla's wild earnings call

Elon Musk hits back on complaints about Tesla's wild earnings call

Tesla CEO Elon Musk acknowledged it was "foolish" of him to snub a pair of Wall Street analysts during an earnings call that quickly derailed into a circus-like atmosphere.

Musk said the underlying software technology will be ready by the end of next year, but still has a way to go, according to a transcript of the call.

Musk complains that he doesn't want to engage with sell-side analysts who are shorting his stock. The quarterly performance, coupled with the conference call, saw Tesla's stock drop quickly in after-hours trading and continue to decline on Thursday. "They are actually on the opposite side of investors", Musk tweeted earlier Friday.

Musk claims that the questions that were ignored were from short-sellers "who were trying to justify their Tesla short thesis". And once they were on the call", Musk admitted, "I should have answered their questions live. "They're killing me", he said before moving on from Spak and Sacconaghi's questions.

Musk said that a "short burn of the century" is "coming soon".

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Musk suggested that the reason he dismissed the questions was because the analysts didn't have "buy" ratings on Tesla stock. First of all, even though short sellers take the position that a stock is headed lower, by most definitions, they are "investors".

CNBC reported that Musk's decision to ignore the questions pushed Tesla's stock down by 5.6 percent Thursday.

During Wednesday's call, Spak asked about customer reservations for the Model 3 sedan, while Sacconaghi wanted to know about Tesla's capital requirements. "Next. Boring questions are not cool".

In response to RBC's "absurd" question regarding the percentage of Model 3 reservations that Tesla had started to configure, Musk said that Tesla has roughly a half a million reservations, despite no advertising and no cars in showrooms. Tesla has burned through billions in cash as it battles to hit production targets for the Model 3, the vehicle the company is counting on to crack the broader auto market.

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