Tesla drops in premarket after Musk lets loose on call

Tesla is flirting with a key level ahead of earnings

The outspoken CEO managed to overshadow Tesla's financial results this week, when he berated analysts for asking uninteresting questions during the Q&A session.

When asked during a sometimes-contentious conference call with analysts Wednesday whether he would want to raise additional cash even if Tesla doesn't need it, he insisted he wouldn't do so. But the two have "hold" or "neutral" ratings on the stock, according to Thomson Reuters data.

Ever since the California-based automaker went public, its stock often shows up the list of the most shorted stocks on the market, which means that investors are betting that the stock will lose value.

A small hedge fund manager who has always been betting against Tesla Inc TSLA.O on Thursday redoubled his call for the stock to fall to zero, comments that came as investors were already hammering the electric vehicle maker.

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"The 2 questioners I ignored on the Q1 call are sell-side analysts who represent a short seller thesis, not investors", he said on Twitter, before going on to address his reasons for ignoring each. During the call, Musk shot down a question from Sanford C. Bernstein & Co. analyst Antonio Sacconaghi about capital investment requirements. "They are actually on the *opposite* side of investors", Musk added in a follow-up tweet.

"I'm not here to convince you to buy our stock", Musk said. But that's no reason to hand the call over to a blogger from YouTube for a dozen questions that spanned 23 minutes, which is what Musk did. Perhaps by the time Tesla needs more money, Musk's antics will be forgotten, or at least accepted as Elon being Elon.

Sacconaghi has a US$265 price target on the stock, while Spak sees the shares falling to US$280. Next, next. Boring questions are not cool.

In response to RBC's "absurd" question regarding the percentage of Model 3 reservations that Tesla had started to configure, Musk said that Tesla has roughly a half a million reservations, despite no advertising and no cars in showrooms.

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