Elon Musk kinda, sorta admits he messed up

by Fredrick Graves May 5, 2018, 1:28
Elon Musk kinda, sorta admits he messed up

Musk's antics on the freakish call pushed the electric vehicle maker's shares down on Thursday, with several analysts making scathing comments and at least three brokerages cutting price targets on the stock. But the two have a hold or neutral ratings on the stock, according to Thomson Reuters data. 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. "It was foolish of me to ignore them".

After offering his explanation on Twitter, Musk changed topics and tweeted instead that the next batch of the Boring Company's "Not a Flamethrower" flamethrower would be arriving just in time for the "short burn of the century". Spak wanted to know more about reservations for the Model 3. The stock was trading at $284 before the opening bell on Friday. The EV maker claims it doesn't need to raise more funds for capital expenditures.

Wall Street weighed in by putting a halt to its recent hammering of Tesla - its shares rose more than 1 percent in morning trade. (AAPL), who stole the position for a short time. Musk also noted that there are "really big numbers" involved.

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

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"We've also found that there are some things that are very well suited to manual operation and some things that are very well suited to automated operation, and the two should not be confused", Musk said in reference to automation.

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. "They are actually on the opposite side of investors", Musk tweeted earlier Friday. He devoted 23 minutes to 25-year-old Tesla investor, Galileo Russell, who runs HyperChange TV.

He's correct to call the analysts "sell-side", meaning they come from brokerage firms, which earn fees when clients trade stocks.

Sacconaghi wrote in a note on Thursday that "we do worry that such theatrics will unnecessarily undermine investor confidence in Tesla's outlook". The iconoclastic tech leader sent Tesla stock downward after the call, which generated a number of noteworthy quotes. With management's past failures regarding cash flow and profitability, many are skeptical that Tesla will hit its targets for the second half of the year.

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