INTERNATIONAL - 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% at 9:38 a.m. in New York, dropping his fortune by $300 million (R3 800 250 000.00) to $19.5 billion (R246 987 000 000.00) according to the Bloomberg Billionaires Index.
“Clearly, he seems fatigued and frustrated, and this is the wrong time to lash out at the investor community,” James Albertine, an analyst with Consumers Edge Research, said on Bloomberg Television.
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% 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.