Tesla Stock Screeches to a Halt

Eileen GuzmanMay 06, 2018

Elon Musk speaks at the International Astronautical Congress on September 29 in Adelaide, Australia.

Musk also noted that investors concerned about volatility "should definitely not" buy Tesla stock.

Tesla's stock dropped 8% in after-hours trading on Wednesday and opened down 7% on Thursday.

"Excuse me. Next. Boring bonehead questions are not cool", Musk replied.

The company beat analyst projections on its first-quarter earnings report, posting an adjusted loss of $3.35 per share on revenue of $3.41 billion during the first quarter, compared to an expected adjusted loss of $3.42 per share on revenue of $3.32 billion, according to Bloomberg. The company announced a plan to restructure deals with contractors with Musk stating: "The number of third-party contracting companies we're using is out of control".

Russell said on FOX Business' "Countdown to the Closing Bell" that he understood Musk's frustration with the analysts. Musk's comments on the conference call with analysts were a major source of buzz, with the CEO taking heat for, among other things, cutting off two analysts who were asking questions during the call. "I couldn't care less. Please sell our stock and don't buy it".

"People see these analysts in suits", Russell said. "I am not here to convince you to buy our stock".

Musk's remarks appeared to rattle investors. It was down more than 6 percent as of this morning.

"Actually, they shouldn't really be writing the story", he said. So they write inflammatory headlines that are fundamentally misleading to the readers. "Ultimately, the growth of Model 3 and the profit associated with it will help us accelerate the transition to sustainable energy even faster", Tesla said in its fourth-quarter shareholder letter. We're going to scrub the barnacles on that front. "So there's going to be a lot of barnacle removal".

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