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Tesla Inc (NASDAQ:TSLA) shares traded down nearly 8 percent Thursday morning after a Wednesday afternoon earnings call described as “bizarre” — a “sparring session.”
What Happened
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CEO Elon Musk interrupted two analysts on the call to assert that “boring, bonehead questions” about capital requirements and Model 3 reservations “are not cool.”
“These questions are so dry. They're killing me,” Musk said.
He also advised analysts “not [to] make a federal” investigation of the guided gross margin ramp for the Model 3.
Why It’s Important
Musk’s deflection of fundamental business discussions failed to allay concerns over the firm’s $1 billion quarterly cash burn and persistent target misses.
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The CEO’s inability or unwillingness to confirm production progress and the status of the balance sheet — factors critical to investment theses — catalyzed a sharp and sustained sell-off during the call.
What’s Next
The answers investor seek may not be seen until the next mandated report, when numbers testify to cash burn, vehicle deliveries, gross margins and production rates.
Tesla's stock traded around $278.98 at time of publication, down 7.7 percent.
Related Links:
Tesla's Q1 Earnings Recap: Per-Share Loss Better Than Expected, Model 3 Updates
With Consumer Happiness Dropping, Is Tesla In Real Trouble?
Image credit: Steve Jurvetson, Flickr
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.