Elon Musk loses R3 billion

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Musk took to Twitter after the call to address some of the controversy surrounding what he said.

According to Market Watch, during the Wednesday call, Sacconaghi attempted to ask about Tesla's capital expenditure before getting cut off with a loud "next" from Musk. Well, to be fair, Musk didn't so much as refuse to answer the question as he mocked the analyst for broaching it in the first place.

Musk dove further into the discussion by explaining that the reason he opted to dismiss the questions was because the callers were "sell-side analysts who represent short seller thesis, not investors".

Musk's failure to answer questions from the analysts about Tesla's finances caused the stock to go down by 5.6 percent on Thursday.

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Tesla tore through $745.3 million in cash in the quarter, due largely to the slow production ramp-up of the Model 3 mass-market electric sedan.

In its letter, Tesla said Model 3 production hit 2,270 per week at the end of April, the third straight week that it reached over 2,000. However, despite their bets and Elon Musk's "Bonehead" call tweet, the top 3 ETFs with Tesla exposure are up.

Tesla CEO Elon Musk irked investors this week by outright refusing to answer an analyst question about the company's financial future.

Many expect that its need for cash will require the company to again turn to markets to raise more capital.

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The Model Y will be the new entry level model of Tesla after its launch and it is based on the same platform of Model 3. "They are actually on the opposite side of investors", Musk tweeted earlier Friday.

Finally, Musk promised those betting against Tesla would have regrets.

Sacconaghi has a US$265 price target on the stock, while Spak sees the shares falling to US$280. But short sellers, who shorted almost 400,000 shares on Thursday, doubled that amount on Friday, according to financial analytics firm S3 Partners. On the call, he devoted 23 minutes to 25-year-old Tesla investor, Galileo Russell, who runs HyperChange TV.

"With over $11 billion of total short interest in Tesla, many traders are either at or close to their risk limits and will not be able to increase their positions substantially". "We wonder what spending is deferred and for how long", CFRA analyst Efraim Levy wrote in a note to investors.

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