Musk Promises 'Short Burn of the Century'

Tesla’s founder Elon Musk is also behind the SpaceX project to send a spaceship to Mars but he is having trouble getting his electric car business off the ground

Short-sellers who had targeted Tesla Inc logged a $700 million paper profit on Thursday following the fall of the stock nearly 9 percent a day after CEO Elon Musk stunned experts by dodging "boring" questions regarding the automaker's financial outlook.

Both analysts were not immediately available for a comment on Musk's tweets.

Tesla (TSLA) reported first-quarter earnings after the market close Wednesday that topped estimates as it showed some consistency in Model 3 production. Tesla built just 2,400 of the sedans in the first six months of production, although the company says it is now building approximately that amount per week and targets a 5,000-per week figure in the next two months. Musk cut off an analyst asking about the company's need to raise additional money from investors. In a series of tweets, Musk described precisely what prompted his strong responses.

Musk then went on to elaborate.

Musk tweeted that analysts at Sanford C. Bernstein & Co. and RBC Capital Markets were representing "a short seller thesis, not investors" when posing questions that Musk cut off during the Wednesday call.

More news: Gas Prices Continue to Rise Featured font size +

"The reason the Bernstein question about CapEx was boneheaded was that it had already been answered in the headline of the Q1 newsletter he received beforehand", Musk pointed out, "along with details in the body of the letter".

Tesla posted a net loss of $710 million on $3.41 billion in revenue for the January-March quarter. 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. The compact SUV is likely to carry a similar $35,000 (£26,000) price tag to the Model 3 saloon. I worry zero about demand.

If Elon Musk has any regrets about dissing some pesky stock analysts in a call this week to discuss Tesla's latest earnings, it's not showing up in his Twitter feed. The decline grew after Musk lashed out at the analysts, and Tesla shares ended up closing down 5.5% in Thursday's session.

On Thursday, Sacconaghi sharply criticised Musk on CNBC: "This is a financial analyst call, this is not a TED talk".

"Oh and uh short burn of the century comin soon", he wrote. Flamethrowers should arrive just in time.

Related News:

  • US Jobless Rate Falls to 3.9%, Lowest Since 2000

    US Jobless Rate Falls to 3.9%, Lowest Since 2000

    With qualified job applicants harder to find in many industries, employers have become less and less likely to shed employees. But in the last few years, the economy has strengthened considerably, which the president has worked to improve on even more.
    Boy Scouts welcome girls to program

    Boy Scouts welcome girls to program

    This gender-neutral term will affect the program for 11- to 17-year-olds and allow girls and non-binary youth to join. For 10-year-old Ana Garcia, being around the Boy Scout organization was like a second home for her.
    European Union  warns of more uncertainty after tariff delay

    European Union warns of more uncertainty after tariff delay

    Canada exported over $12 billion of steel and aluminium to the United States in 2017, with another $3 billion from Mexico. Some countries were then exempted temporarily from those tariffs, including Canada, the European Union and Mexico.
  • Taiwan Attacks China over 'Dollar Diplomacy' with Former Ally Dominican Republic

    Taiwan Attacks China over 'Dollar Diplomacy' with Former Ally Dominican Republic

    The decision by the Dominican government to open diplomatic relations with China comes after 77 years of ties to Taiwan. The Dominican Republic's announcement follows other Latin American countries that have dropped ties with Taiwan.
    Graeme Murty sacked by Rangers, paving the way for Steven Gerrard

    Graeme Murty sacked by Rangers, paving the way for Steven Gerrard

    Murty was initially installed as interim boss in October following the sacking of Pedro Caixinha , before being handed the role until the end of the campaign in December.
    Facebook's mission to connect people now includes helping them date

    Facebook's mission to connect people now includes helping them date

    We will be sure to cover Zuckerberg's second keynote address again tomorrow on the last day of the conference. Facebook wants to help you get laid, personal privacy be damned.
  • Victory for Arizona Teachers After Walkouts

    Victory for Arizona Teachers After Walkouts

    The Senate has already approved the entire budget, and the House is still working on five bills in the budget package. While many teachers are happy that lawmakers have responded, others note that the budget plan falls short of demands.
    Kentucky Derby Contenders 2018: Picks for Best Horses

    Kentucky Derby Contenders 2018: Picks for Best Horses

    What's more, just about every news organization that is covering the Derby will have an in-house handicapper offering predictions. Bolt d'Oro, on the other hand, appears to have enough speed in addition to the stamina needed to carry it the classic distance.
    Nate Diaz in talks with UFC for August return

    Nate Diaz in talks with UFC for August return

    He was charged with three counts of assault and one count of criminal mischief. " We'll see what happens". He will appear before the courts again on June 14.
  • Balotelli attacks Kanye West for 'bull***t' slavery comments

    Balotelli attacks Kanye West for 'bull***t' slavery comments

    Lathan continued: "But there is fact, and real-world, real-life outcome behind everything that you just said". But I think that context and restraint are very important when you're trying to make a salient point.
    India tops World Health Organization's air pollution list

    India tops World Health Organization's air pollution list

    In terms of PM10 levels, 13 cities in India figured among the 20 most-polluted cities of the world in 2016. If steps are not taken to control pollution levels in these cities it would create a Delhi-like situation.
    Rozier stars as Celtics ease past 76ers in game one

    Rozier stars as Celtics ease past 76ers in game one

    Embiid scored 31 points and had 13 rebounds in what was a return to the dominant center that can take over game when it is needed. The Sixers will look to even the series when they visit the Celtics in Game 2 at 8:30 p.m.


Most liked

The DPRK plans to launch air routes to South Korea
Chung provided Bolton with a detailed readout of the Moon-Kim meeting, said the White House in another statement. The President said a date and location for the summit have already been agreed on and will be announced soon.

Two-Time Wells Fargo Champ McIlroy In The Mix Again At Quail Hollow
Still in the early stages of his return from debilitating back trouble, Woods said the more he plays, the better he feels. What did he do? "Once I sort of got back into my routine, I was fine", said McIlroy. "Binge-watched a couple of shows".

National Basketball Association players react to another epic performance from LeBron James
ET on ABC), and the National Basketball Association world will once again be watching to see what James can do for an encore. Lowry couldn't miss in the first quarter, going a ideal 4-for-4 including a pair of threes for 10 points in the frame.

Satellite images claim to reveal 'unusual activity' at Iran nuclear site
As Iran's economy tanks, Rouhani faces growing criticism from opponents who never supported his efforts at détente with the West. Mohammad Javad Zarif delivered defiant remarks in a video posted on YouTube about the future of the Iran nuclear deal .

Drake warned by NBA over bad language at basketball game
Perkins said he told Raptors player and his former teammate Serge Ibaka at halftime that the Cavaliers were going to beat them. Perkins, who was not suited up for the game, fired back at Drake with the pair being separated by security.

Govt Expresses Shock Over Adamawa Blast, Orders Security Beef Up
Another resident of the town, Abdullahi Labaran, said there were 73 freshly dug graves. "We buried 76 people yesterday (Tuesday). The attack bore the hallmarks of terrorist group Boko Haram which has been waging a war against the Nigerian nation since 2009.

The Brand New: A Few Capturing that is Separated Answer to Vegas
Police also argued that the work to review the footage would be too costly and require a significant amount of funds and manpower. Officers are heard examining documents found in the room and trying to make sense of his massacre.

Tesla says it is on track despite losses
Tesla did not disclose Model 3 preorder numbers but we know its huge - they report over $900 million cash from deposits remaining. Model 3 production surpassed 2,000 cars per week only in the past month or so, which is far behind Musk's initial timeline.

Narendra Modi may address more rallies in Karnataka
The prime minister accused the Congress of targeting Ballari like thieves and thugs, and destroying its rich history and legacy. He gave an "F' grade report card to the Modi government on the subject of agriculture".

'Mean Girls' and 'Angels in America' Sweep 2018 Tony Award Nominations
It now will face " The Children ", " Farinelli and The King ", " Junk " and " Latin History for Morons " for best new play. Mean Girls and SpongeBob SquarePants both received 12 nominations each, and Angels in America received 11.

Cavs' LeBron James not concerned about fatigue coming into series vs. Raptors
They were fortunate to get here, in part due to a free throw disparity in Game 7: they were 31 of 40 while in was 19 of 24. George Hill was 10 of 11 from the field and had 22 points. "Every step of the way we're going to come across somebody".

Parliament vote falls short for Armenia's protest leader
On Sunday, RPA faction head Vahram Bagdasaryan said that the party would not impede Pashinyan's election. Some voters accuse Sarksyan and his associates of cronyism and corruption, an allegation they deny.

Ruling party 'will not block' protest leader as Armenian PM
Organizer of protests in Armenia , the head of fraction "EFC" Nikol Pashinian officially approved as a candidate for the post of Prime Minister.

Prince Louis Almost Wasn't A Prince (And Charlotte Nearly Wasn't A Princess)
Prince Louis is fifth in line to the throne and is the first royal prince to not bypass an older sister in the line of succession. His middle name Charles, of course, comes from his paternal grandfather, The Prince of Wales.

Lion mauls British wildlife park owner Mike Hodge at South African sanctuary
Visitors to the park are able to watch animals being fed up close, with at least a dozen big cats living on the property. As the animal pulls the man further into the bushes, gunshots rang out, which caused the lion to flee.