Tesla Stock Plummets Following Investor Conference Call – IOTW Report

Tesla Stock Plummets Following Investor Conference Call

Breitbart: Tesla stock has taken a dive following what has been described as a “bizarre” conference call with CEO Elon Musk.

Elon Musk reportedly told investors not to purchase Tesla stock if they couldn’t stomach market volatility — and many of them seem to have taken his advice, resulting in a huge drop in Tesla stock, according to Bloomberg. An intense conference call took place on Wednesday night shortly before another huge drop in Tesla’s stock price, falling by  8 percent as of noon on Thursday.

This drop also comes shortly after Musk refused to answer questions from analysts shortly after it was reported that the company had once again burned $1 billion in cash in a single quarter. Tesla reportedly has only $2.1 billion in usable cash now after starting the year with $3.1 billion. 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. We’re going to scrub the barnacles on that front. We’ve got barnacles on barnacles. So there’s going to be a lot of barnacle removal.”  read more

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