Musk's Tesla Tantrum Costs Him $300 Million as Carmaker Sinks
Elon Musk’s derisive dismissal of analysts’ questions is proving expensive.
(Bloomberg) -- Elon Musk’s derisive dismissal of analysts’ questions is proving expensive.
The billionaire cut off queries about Tesla Inc.’s capital requirements and whether it was retaining Model 3 reservation holders on a Wednesday earnings call, describing the questions as “so dry” and “not cool.”
Investors are giving the thumbs down to his performance. The carmaker’s shares dropped 6.4 percent at 9:38 a.m. in New York, dropping his fortune by $300 million to $19.5 billion according to the Bloomberg Billionaires Index.
Musk’s fall comes amid a bad week for two tech tycoons. Snap Inc.’s Evan Spiegel and Bobby Murphy saw their net worth fall more than 22 percent on Wednesday after the company said revenue gains will be even smaller in the current quarter as users of its mobile photo-sharing app revolt over a redesign.
To contact the reporter on this story: Tom Metcalf in New York at tmetcalf7@bloomberg.net.
To contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Steven Crabill
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