Elon Musk's earnings call comments cost Tesla $2B in market cap


Tesla CEO Elon Musk cut off analysts asking about the company's profit potential during an earnings call May 2, which sent shares down 5 percent, according to Reuters.

Here are four things to know.

1. Tesla reported a record loss of $709.6 million in the first quarter of 2018. That's compared to the company's loss of $330.3 million in the same period a year earlier.

2. Tesla stock experienced little change after the earnings announcement but fell when Mr. Musk began cutting analysts' questions short during an earnings call, which cost Tesla more than $2 billion in market capitalization, according to Reuters.

3. Mr. Musk cut off an analyst who asked about a capital requirement. After another analyst asked what percentage of Tesla 3 reservation holders have started configuring options for their vehicles, Mr. Musk responded, "These questions are so dry. They're killing me," according to Reuters.

4. During the earnings call, Mr. Musk said over-automating the Model 3 assembly line led to production delays. The company's goal is to build 5,000 Model 3s per week by the end of June.

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