With all the bad news at Tesla, you would think that Elon Musk would use a major investor conference call to soothe nervous investors who were losing faith in the company’s ability to produce the new Model 3.
Unfortunately, the stress seems to be getting to Musk, and instead he lashed out hard at people asking questions:
Tesla Inc (TSLA.O) chief Elon Musk’s refusal to answer “boring” Wall Street questions about finances sent the electric vehicle maker’s shares down as much as 7 percent on Thursday, jarring investors and raising concerns about its ability to raise money in the future.
Tesla’s bonds followed the shares lower and, with at least three brokerages cutting price targets for the stock, several wondered what it would now cost the company to raise more funds this year if need be.
In a conference call on Wednesday, Musk refused to answer questions from analysts on Tesla’s capital requirements, saying “boring questions are not cool.”
Instead, he took over a dozen consecutive questions from YouTube investment channel HyperChange TV, which had previously recommended buying Tesla shares.
Cowen analyst Jeffrey Osborne dubbed the call, in which Musk talked of “barnacles, flufferbots, and bonehead bears”, surreal.
Morgan Stanley’s Adam Jonas said it was the most unusual he had heard in 20 years in the business, noting that “the analysts on the call represent the providers of capital that Tesla has throughout its history depended upon.”