Tesla shares jump after it convinces investors of positive cash flow
The shares were up 10% in pre-market trade, however, Elon Musk’s conciliatory tone was even more remarkable for some
Bengalaru — Shares of Tesla jumped 10% in pre-market trade on Thursday, after the company convinced investors that it was able to produce positive cash flow and turn a profit, and CEO Elon Musk apologised for past incendiary remarks. In a conference call on Wednesday, Musk addressed the company’s largest quarterly loss to date, saying the electric vehicle (EV) maker would not need to raise more cash and that capital expenses would be slightly below $2.5bn in 2018, lower than most analysts’ estimates. However, it was his remorse for prior remarks to analysts that highlighted the call. Previously, he insulted some analysts — turning off investors and shareholders, and knocking $2bn off the company’s market cap. "I would like to apologise for being impolite on the prior call. Honestly, I think there is really no excuse for bad manners. I was kind of violating my own rule in that regard." In the previous quarter, Musk called questions posed by two analysts "boring" and "boneheaded", and...
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