Musk had, arguably, given those on the call some warning that his patience levels were low. One of the inquiries, asked by an analyst from Bernstein, was described by Musk as a "boneheaded, boring" question. But he said the 15-year-old Tesla right now is focused on getting Model 3 output to more than 5,000 per week, with a good profit margin per vehicle.
The first few questions went as normal, but things took an unexpectedly spiky turn when Bernstein's Toni Sacconaghi asked about capital expenditures for the year.
Investors have consistently given Musk a pass for frequent misses of lofty production targets in the past, and Ramsey said that probably won't change. Musk, though, had had enough. Given the company's track record, we wouldn't be surprised if the Tesla Model Y launch date is pushed back further.
Amidst the firestorm of criticism from various media outlets followed by a steep dive of Tesla stock (NASDAQ:TSLA), Elon Musk has gone on Twitter to explain what exactly happened during the recently-held and now-controversial Q1 2018 earnings call.
Elon Musk goofed, but the Tesla CEO is unlikely to change
Tesla Inc. Chief Executive Elon Musk defended his dismissive treatment of Wall Street analysts earlier in the week, saying they represented people betting against the Silicon Valley electric-car maker while also conceding it was "foolish" not to answer them. That's quite interesting given the company is still facing difficulties with the Model 3 production. He stated that even after the company reaches 5,000 vehicles in production per week, and even if new sales dropped all the way to zero, it would take two years to satisfy existing demand.
Still, he also conceded that his handling of the call could've been better.
Even if they did advise clients to steer clear of Tesla's turbulent stock, that wouldn't be a good reason to dismiss their questions outright.
"True. And once they were on the call, I should have answered their questions live", Musk responded. (TSLA) sank this week on concerns over its most recent earnings call, which some on the Street said was the most freaky they have ever experienced.
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.
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Ellis proposed that this was because prosecutors had decided that the Cohen case did not "further our core effort to get Trump". Whether Manafort colluded with Russian government officials as Russia was trying to meddle in the 2016 United States election.