Elon Musk's bizarre Wednesday meltdown, when during the conference call he cut off analysts from Bernstein and RBC simply for asking "boring, boneheaded" questions, continued this morning on twitter, when he personally attacked Bernstein's Toni Sacconaghi and RBC's Joe Spak, accusing them of "trying to justify their Tesla short thesis" and working against the interest of (bullish) investors.
The “dry” questions were not asked by investors, but rather by two sell-side analysts who were trying to justify their Tesla short thesis. They are actually on the *opposite* side of investors. HyperChange represented actual investors, so I switched to them.
Some blame "Russians" when things don't go their way, others find blame with "sell-side" analysts who are "trying to justify their Tesla short thesis." And for the record, Tesla fell 5.6% to close Thursday at $284.45, just above Sacconaghi's $265 price target and almost in line with Spak's, who sees the shares falling to $280.
Of course, Musk's latest display of petulant anger, which naturally spares such analysts as Morgan Stanley's Adam Jonas who have idiotically high price targets, merely indicates that Musk has no idea how this works at all: sellside analysts don't do anything to justify a thesis, whether long or short, that's what buyside anlysts are for; what the sellside does is serve as conduits to arrange management meetings.
And in the case of RBC and Bernstein, they clearly won't be doing that any time soon - and certainly won't be invited to participate in any upcoming Tesla stock offering - so at least their analysis is credible, which may be what most angered Musk.
Actually, no, what infuriated Musk is that Tesla shares had their biggest drop in more than a month on Thursday after the earnings call, in which Musk said the questions “are so dry,” and turned instead to one from a channel on the YouTube video-streaming service; he also urged 'daytrading' retail investors to sell the stock if they don't believe the long-term vision of the company.
That's precisely what they did.
Meanwhile, the Musk meltdown was far from done on Twitter, where in his latest mood swing, he claimed that the recent "news is actually super good. Model S & X are producing major positive cash flow & Model 3 is about to do same."
Yeah, news is actually super good. Model S & X are producing major positive cash flow & Model 3 is about to do same.
Well, if that's the case why cut off the two questions which both were explicitly seeking clarity on cash flow and the Model 3 ramp.
Then, in response to a clear objection by a twitter user, who responded...