Elon Musk is admitting he messed up - sort of. Musk's comments may have been enough to assuage them for now.
Tesla CEO Elon Musk said during the company's first quarter earnings call that it is looking to launch its own autonomous ride-sharing network soon but did not go into specifics on when it will start. "Next. Boring questions are not cool".
Tesla shares tumbled as much as 8 percent on Thursday as investors anxious about the fallout from Musk's behaviour on the earnings conference call. During the 12 following months, Tesla's stock price increased by 461% - much of which was attributed to a short squeeze after Tesla reported its first quarterly profit in Q1 2013. Sacconaghi said the response he got from Musk could be a worrying sign. "I couldn't care less".
The next day, the Goldman Sachs analyst reiterated his "sell" rating on Tesla and warned the stock could plunge another 30%. "It was foolish of me to ignore them", Musk wrote in a tweet Friday morning addressing the call. "Do not buy it if volatility is scary".
Back in 2012, Musk commented on the short interest on Tesla's stock and warned that anyone holding a stock position against the company will have a "tsunami of hurt" coming for them.More news: Trump Pokes Fun At The State Department
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Shares dropped more than 7 percent in premarket trading.
Yet the Tesla CEO also mounted a defense of the call that may raise even more questions about his handling of the situation, which continues to overshadow the company's actual results.
"I'm not here to convince you to buy our stock", Musk said. "This is not good because people are reading things in the press that causes them to use Autopilot less, and then that makes it risky for our customers, and that's not cool".
Tesla investors have been hoping that by enduring millions of dollars of short-term losses for years that they will see a long-term payoff. Tesla will undergo "a sort of reorganization, restructuring" this month to help achieve that goal, he said.
We'll be updating this story as Musk keeps tweeting.