Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Musk's Apology to Analysts He Scorned Sends Tesla Stock Soaring

Published 08/01/2018, 06:59 PM
Updated 08/01/2018, 08:20 PM
© Reuters.  Musk's Apology to Analysts He Scorned Sends Tesla Stock Soaring

(Bloomberg) -- Contrition pays off -- just ask Elon Musk.

The Tesla (NASDAQ:TSLA) Inc. chief executive officer began the question-and-answer portion of the carmaker’s second-quarter earnings call by atoning for what he called his “bad manners” three months earlier. Musk then took the first two questions from two analysts he was harshest with last quarter -- Sanford C. Bernstein’s Toni Sacconaghi and RBC Capital Markets’ Joseph Spak -- and offered personal apologies.

In the first-quarter call in May, Musk cut off Sacconaghi for what he called “boring, bonehead” questions and said Spak’s questions were “so dry.” On Wednesday’s call, Musk apologized to Sacconaghi for being “impolite” before and blamed insufficient sleep.

It was a major mea culpa to Wall Street by a billionaire who in recent weeks called a British cave diver in the Thai rescue mission a pedophile and portrayed a former battery factory employee as a saboteur. Musk was urged last month by major shareholder Baillie Gifford & Co. and bullish venture capital firm Loup Ventures to focus on execution.

Investors responded very positively: Tesla shares surged as much as 12 percent in after-hours trading.

Terminal users can follow coverage of Tesla’s earnings in our TOPLive blog here.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.