Elon Musk Apologizes for Dismissing Finance Questions; Tesla Stocks Fall Anyway

Daimler advanced technology trucks at the ACTExpo

Tesla's record net loss in the first quarter and fast-burn through millions of dollars is raising questions about the company's ability to pay all its bills. Nevertheless, the investors were more concerned about the auto Model 3's progress, cash burn rate and margins.

Many expect that its need for cash will require the company to again turn to markets to raise more capital.

But Model 3 production still isn't near the level of 5,000 per week that Musk promised previous year.

Shortly after Elon Musk changed his perspective to deal with the prospect of Tesla's earnings, he faced severe social media backlash, primarily on Twitter, due to his odd behavior on an earnings conference call.

The chief executive added that the two questioners he ignored were "sell-side analysts who represent a short seller thesis, not investors".

It's tough to blame him for that, but his performance during the call reportedly spooked investors, and led directly to a significant plunge in the value of Tesla stock that in turn reduced Musk's own personal fortune by some $300 million.

The Fed keeps the guys but sees inflation closer to the target
It held short-term rates unchanged at 1.5% to 1.75%, but that will change, soon, probably at the Fed's meeting in mid-June. Even if Trump's selections all win approval, he would still have one more vacancy to fill on the seven-member board.

Explaining his decision in a string of tweets - which Mr Musk prefaced with a warning to "ignore unless you're interested in a tedious discussion about Tesla stock" - he said that the company was the most shorted stock on the market.

However, Musk said in Tesla's earnings call that the Model Y would be a "manufacturing revolution".

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. Sorry. These questions are so dry. Then, unsatisfied with the following question, Musk ended the queue and spent 20 minutes answering product-related questions from a YouTube channel host. Sacconaghi said the response he got from Musk could be a worrying sign. "Next. Boring, bone-head questions are not cool".

After receiving a suggestion on Twitter that blocking analysts who are going to be negative would solve his problem, Musk wrote back: "True". If his account checks out, it's not hard to see why Musk would be annoyed. He decided instead to take questions from a Tesla investor and Musk acolyte.

Russell had asked on Twitter before the call if he could pose a question on behalf of individual investors, and Musk had agreed.

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