elon musk also blasted day traders.at he had to say, if you don't like what happens with tesla stock. >> people are concerned about volatility, they should not buy our stock. i'm not here to convince you to buy our stock. do not buy it if volatility is scary. there you go >> he also blasted the media, and then he made it clear that he was done with analyst questions. at one point saying, come on, man, this is not cool. these are boring, bone head questions. tony sakanachi who had the question about order force the model 3 out with a note saying tesla's earnings call raises more boring and not cool questions than it answers. >> phil, first of all, ae lelons is a founder/ceo that has the same kind of lightning rod aspect to him like others do jeff bezos back in the day had the same thing where people gave him runway because he was a visionary, he was doing big, great things is this a sense now that elon musk will get this what i get the sense of is there are no normal traffickers of tesla stock. either you are very, very

but the boss, elon musk, insists they're well on the road to profitability. plus, showdown in beijing. team trump fly in as the us and china try to head off a looming trade war. and on the financial markets today, japan and again for a public holiday. that is wednesday's trading session per right now in hong kong, we are seeing losses down 1.6%. we will talk you through the losses later. let's get stuck in with the electric car maker, tesla. its vehicles may not burn any fuel, but the company is burning through cash at an alarming rate — $6500 a minute, according to bloomberg. that's beginning to try the patience of once loyal investors. on wednesday, elon musk, its chief executive, promised that the firm will finally be profitable in the second half of this year, despite another quarter of huge losses. that show you some numbers. —— let's. tesla lost almost $710 million between january and march this year. that was its worst ever quarterly loss, and well over twice as much as this time last year. it has also been pouring money into the model 3 — its first tr

isn't this elon musk just being elon musk, unless we think elon musk isn't taking those questions becausehide something >> a little more feisty. you never hear a ceo on a call like this going after analysts it raises a lot of eyebrows. if you looked at the result, there were some positives the revenues were better than expected the loss was better than expected. we get off the call and the words are contentious, bizarre, surreal to describe his performance. that's not really what a company is going for >> i get it. elon musk is a degree of eccentricity that investors sort of expect. so i guess the question is, you know, at this point, is that wearing off? >> well, what he did here was pivot the conversation to things that he does leak to talk about. he talked about the upcoming model wise contact sport utility vehicle, self driving cars these are things in the past the future has helped the stock. this idewhe is taking personal transportation itself enthused investors he's trying to pivot to. that to your point, investors are in the now they want to know what the model 3 is doing, can he

betty: in elon musk says tesla should

max: elon musk. not just in a broad sort of grand pronouncement sense. you look at the memo he sent, it is very specific saying that musk is going to mid-level managers. he wants them to be able to justify even very small expenses. that is an approach that has worked for him in the past. spacex, he is the main rocket designer at this very large company. it is what he did with the previous cars, the model s and the roadster. making a car is a complicated process. there's a lot more automation than any other manufacturing endeavors that he has been involved with. emily: let's not forget we are expecting other tesla vehicles to be unveiled. how will tesla pull back on capex to produce 5000 cars at the same time we are expecting to see the semi and the model y? ed: i mean, yeah, you can't. you can't expand when they are pulling out automation they put in. they are pulling that out. they are putting in new automation and manual processes. they are changing things as they go along. you want to buy once, cry once. tesla is bringing this iterative approach and i

is itjust promises or can elon musk pulled it off?d confidence, that is his style, talking about the fact this is a software problem, no one does software better than tesla, your take on that? i do not believe him,i your take on that? i do not believe him, ido your take on that? i do not believe him, i do not think it is a software problem, that is a very glib statement to make. most of the problems with electric vehicles come from the manufacturing, the automotive engineering. it lets you down. is it about the fact they have gone from a niche maker of very premium vehicles to now the mass—market model? is it about the fa ct mass—market model? is it about the fact they have to produce thousands and there are 450,000 people waiting for their model 3? is it mass production they cannot cope with? they are running too fast or so. automotive manufacturers to typically take three, four years to get a modelling to launch and they go slowly for six months working out what is going wrong, it is called job one. elon musk is taking the approach

and elon musk has guided that q3 and q4 will be profitable. it's wait and see. we know in the past some guidance tesla and elon musk offered has been a bit gray. >> perhaps they need a new person to handle the pr and analyst calls in the future. head to cnbc.com to find out more about elon musk's bizarre earnings call. >>> i'm happy to say joining us around the desk is patrick spencer, managing director and vice chairman of equities from baird. do you have a view on tesla? >> we can't talk about specific stocks, but certainly, i think the whole trend towards much more environmentally friendly cars, auto is the big problem. and there's a huge demand. so the capital, i don't think, will ever be a problem >> bigger picture is that this comes on the back of a strong earnings season as far as the u.s. are concerned, specifically fangs. a lot of focus on fangs for multiple reasons, idiosyncratic but also broader in the sector these technology companies are delivering results they're producing revenues and the bottom line with the exception of tesla now how are you thi

joe, you mentioned this rivalry between elon musk and jeff bezos. at jeff bezos is doing blue origin. could there be partnerships here? getting rockets into space, what is one striking difference musk is and compress and whether it is tesla or the rocket, it is part of the even watchinglon, the stock is a fascination with a lot of tesla fans and his friends. you get this fight it is all the vibething -- you get this it is the same thing. recap, the rocket launch to the ipo -- satellite has been aborted for now and will get details as it becomes available. stay here with us on bloomberg. ♪ >> u.s. stocks rebounded to a seven-week high as the dollar c-suite conflation and no speed up of rate hikes. >> on the economy, the malaysian prime minister is commenting a business from the government and says hedge funds role over the eb scandal. in singapore, president trump conferences summit with kim jong-un will happen there on june 12. >>

technology" and coming up, more questions swirl around tesla after it was a earnings call and ceo elon musks putting contractors on notice, starting with warren buffett. and this date of streaming, the industry think brought to life and how that rivalry between spotify and apple will play out into is getting paid. and the u.s. midterm elections kick into high gear as for states hold primaries and that companies prepare to take that fake news and disinformation, or will we see a repeat of 2016? elon musk has locked up contractors, a recent email was sent out to tesla employees warning outside workers worldwide would be denied access to tesla factories. part of the email wrote putting up edition opening night axis to networks on monday morning, supplies worldwide, time to scrub off the barnacles. this is after a bizarre earnings call were mosque could off boring posted analysts asking one of the questions about the company's cash burn, enjoying this with more is bloomberg businessweek's editor covers tesla. >> as elon musk has said, production has held factory and now scrambling to make model

>> elon musk. >> good, elon musk.he is trying to break into the automobile is this as the cofounder and ceo of tesla. as we have gone over, history tells us his prospects are not good. like preston tucker and john delorean, he is tirelessly promoting his vehicles. we see echoes of the delorean in the gull wing doors of some tesla models. he has the model s and x, and he is planning the model three, which will be sold at $35,000, which might ring the tesla into the mainstream. just last night, tesla unveiled a new semitrailer truck that will be electric powered. this could also be a game changer, as well. but in the end, let's face it, tesla is laboring in the shadow of failure. history does tell us that automobile makers, these maverick, independent automobile makers who try to get into the business fail. and yet tesla has been around for several years. tesla has made more cars than tucker and delorean combined. last year, around 80,000 cars, way more than tucker and delorean together. and elon musk has ambitious plan

vonnie: do you feel a little used by elon musk? you 25 minutes that could have been used by analyst. galileo: no, i think it is a bit of a win-win. it is developing a long-term storage. there is a ton of news that you are seeing coming out of tesla energy and storage. emily: galileo russell. to be fair, max, he did ask a lot of questions people would love to ask. they don't often get asked on these earnings call. that said, this is a company that has not turned a profit in its 15-year history, so analysts are right to wonder if and when that might happen. max: part of the concern when you saw the stock price fall in the wake of this call is what -- not about having a youtube personality, a fan boy analyst on the call, it was more about the reaction and the seemingly erratic demeanor of elon musk. you have a company that is totally dependent on this one person, and that is why people are paying attention to his eccentricity so closely. emily: a deal that will shake up the tv and broadband in europe -- vodafone challenging deutsche t

listen, a lot of people are rooting for elon musk. lot of people are rooting against them i'm on the side where i would love this to be true the worry that i have as they ramp production of the 3, the ramping down the s and the x and i almost wonder if they're cannibalizing the higher end sales. because the model 3 isn't particularly a mass market car at the price point it is right now. so to me this is going to continue to be a hairy year, and i don't think you're going to see an explosion back towards the prior highs any time soon. >> what is interesting about the tone this year is that analysts on the street, while they may be in large part bullish on the stock with a lot of buy ratings out there, even the people with buy ratings believe still that tesla will l do a capital raise, regardless of what elon musk has said he said they will not require a capital raise equity or debt, but require doesn't mean won't and a lot of the street still believes that they will. >> i think they should why wouldn't that, right i don't understand wh

by the way, elon musk should do his conference call from now on at the tesla showroom in brooklyn which used to go there just for something to do. . >> jim mentioned earlier, musk last night on the call talking about share volatility take a listen to that. >> people are concerned about it they should definitely not buy our stock. i am not here to convince you to buy our stock. do not buy it if volatility is scary. there you go >> he said it. >> hard to argue that's all i want. i want a guy who says i'm not going to give you any information. you make up your mind yourself it's very unorthodox he's an unorthodox guy, but he told the truth and he's not about hedge funds. he's not about people who can't handle volatility. i think people are going to buy the stock because they are you know what? it's heavily shorted and i really like the car, and the model 3. we don't know how many people are lined up should they buy it no i agree with elon musk for the first time i find myself on a page with elon musk don't buy his stock. >> dow sitting almost exactly at its 200-day. let's get to bob pisani

but ceo elon musk insists they're well on the road to profitability. also in business briefing, we'll be live to china, where team trump has arrived in a bid to head off a damaging trade war. a warm welcome to the programme, in this hour, we'll brief you on all you need to know in global news, business and sport. as the maverick billionaire boss of tesla, elon musk, called analysts questions boring and "not cool" as they tried to grill him about his company's earnings. he's also said if you're in a bad meeting at work, you should just walk out. what do you make of his style? is it refreshing or rude? send us your comments. just use the hashtag, #bbcthebriefing. let's get started. in a notice on its website, cambridge analytica has confirmed it's ceasing operations worldwide and is filing for insolvency. the political consultancy has been at the centre of a scandal over the misuse of facebook data. the british firm says it's been vilified for practices that are legal and standard in online advertising, and that virtually all its customers have been driv

. >> i have covered elon musk since way back then. they have had a give-and-take. elon musk started it during his conference call a week ago when he said his electric semitrucks would hit the rails. warren buffett owns an entire railroad. i asked him about that. he said the railroads will still do great. he said he was fine if his batteries worked in warren buffett's trains. elon musk criticized the moat concept saying you are not to succeed if all you care about is pushing away attacking armies. warren buffett doesn't tweet but he does have an@warren buffett. >> thank you so much. >>> bank of america will give financial support to remington, the bank will go make a. this comes weeks after bank of america said it would stop financing military style weapons for civilians after the florida school shooting massacre in february. bank of america is contributing $43 million-$193 million lending package by seven banks. the goal of the loan is to help remington get back on its feet as it emerges from bankruptcy. >>> two big names in the world of coffee are teaming up to ta

elon musk's bizarre conference call with analysts taking down the stock today. should investors buy on the dip? >>> shark tank's mr. wonderful is going to weigh in and a little food company that's got him smiling. power lunch starts right now >>> and welcome to power lunch your money making a comeback this afternoon the dow is down more than 390 points at the low. more than 2/3 of the company in the dow correction levels or worse. the s&p falling below its average. yields on the benchmark ten year treasury note hitting 2.92%. lowest level since april 20th. the german ten year booned at its lowest level since april 18th that yield hitting .52%. gold trading above its 200 day moving average things have turned around in the last hour or so. >> they certainly have. >>> welcome, everybody let's give you some other headlines at this hour the u.s. trade gap narrowing sharply in march, hitting its lowest level since september the deficit shrank 15% from a month earlier to around $49 billion. that is the biggest one month decline in two years >>> the chinese smartphone m

. >> oining us, i imagine zipping through rush hour traffic at 150 mph, it is elon musk's dream come true and you can soon try it out.>>> thanks for joining us, >>5 -- kpix 5 brings you this issue. >> reporter: we saw workers today loading and unloading containers in this large west open lot. >> we got a cease and desist and you have somebody that is raking the law. >> reporter: a group of neighbors protesting this afternoon. neighbors say that the company moved to west oakland last year and they hauled debris from construction sites to the warehouse where they sort and break down the materials. the city sued the business for a number of violations including polluting the air. the city claims the business knocked out a portion of the wall and used a large fan to deliberately blow potentially toxic dust into the neighborhood. >> everything is covered with dust so we say inside for a reason so we don't get sick.>> reporter: there is evidence showing the company violated the court order to stop operations. workers refuse to answer the door when i tried to get a response today. earlier t

and elon musk is in hot water after another tweet tirade. the tesla ceo taking aim at the media? first, to our top story. president trump canceled the june summit with tim johnson, -- pointing tog-un, anger and hostility. mr. trump: based on the recent statement of north korea, i have decided to terminate the plan summit in singapore on june 12. while many things can happen and a great opportunity lies ahead , i believe this is a tremendous setback for north korea, and indeed, a setback for the world. the decision is likely to have far-reaching geopolitical implications and comes just as trade negotiations with china are in a state of confusion. the u.s. is now investigating if auto imports are a risk to national security and is considering tariffs. joining us now, the former deputy national security adviser for international economic affairs. he is currently the vice president of strategic growth at mastercard. michael, thank you so much. let's talk about north korea. what do you expect to be the business fallout and the fallout for the technology industry more specifically? mic

young retail investor and youtube vlogger has a totally different perspective on criticism against elon musk. meet the host of hyperchange tv, how he got to go one on one with musk, he's here in studio. >>> and small business week, we will tell you how can you use the 1% edge to build profits and fight the amazon effect, or join it. we're less than an hour to the closing bell. let's start the "countdown." all right, we're looking at wall street at the moment, aside from what just happened in washington, d.c. with the news conference. the markets are at least holding on, i wouldn't say by the skin of their teeth. gains for the dow up 23 points, s&p is barely lower by just under 5 points and the nasdaq which had been up, you know, down, rather 109 points now down 6. i'm going to call this a comeback at the moment. everything can change in this final hour. we've been seeing that lately. tesla, the investors are definitely slamming on the brakes after what morgan stanley veteran auto analyst called, quote, the most unusual conference call post earnings or reports in his 20-year career on wall st

this as elon musk tesla announced earnings beat. electric carmakers, still burning billions in cash. tonight we're on it, politics, money. i am in for liz mack -- mac macdonald the evening edit starts now. >> dow closing down 174 to tw 23924. tesla earnings just released. it is a beat. with me now christina with latest. reporter: thank you. >> a beat but still means that company is posting losses, they adjusted earnings per share $3.35 loss but the loss is better than what analysts were expecting $3.58 a share. revenue coming in higher than expected. a little bit stronger, there was an uptick in stock afte after-hs trading. but now a mute the reaction barely moving. what el? they know they don burn fuel -- they don't burn fuel they are an all electric carmaker, but they burn cash. we're seeing for cash balance, 2.7 billion dollars has been a concern because company has been using a lot of money to build the cars, there are issues with production. but affordable model 3, supposed to be base $35,000 u.s., but with add-ons is 55,000. l

so elon musk didn't play by the same rules of everyone else.your reaction to that >> well, as someone who did a number of earnings calls both at pepsi and made my own share of m mistakes on a couple of early calls and learned, these are public markets and these tech companies that run significantly negative cash flow are able to sustain that for a while. at some point the questions are going to come. and in-for a think for any, whe spotify or tesla, sooner or later there are questions about the fundamentals of the business model. and i can't speak -- he has a big and very diverse business between solar city which we did business with at direct tv, that business model is changing, too. the subsidies and government financing are all changing and so i think investors are going to want to is he more and understand more about the two business models and the economics of the two business models and if you don't need money, you can tell people to go pound sand but if you are going to need cash, whether you hit the debt markets or the public equity mar

blame elon musk.d investors on the call and also those were long global rim of her, bloomberg users can interact with the charts we show .t the day on gtv this is bloomberg. ♪ >> we're emitted to open markets. -- we are committed to open markets. world-class. usually important. watching, elon musk hurting those who are long cobalt. what he said about tesla's cobalt use. we can get the cobalt used to almost nothing. nickel andally, buy sell cobalt. in electric vehicles, you have lithium, cobalt, and nickel. the issue is that there is not enough supply, and cobalt in particular, the market is tighter prices are at around $100,000 a ton. lithium, you have until about 2025 before that market gets tight. that is about $20,000 a ton. if you find a substitute, that will do you a very well when you're trying to build these cars and ashley make cash flow and -- and actually make cash flow. david: they are going to make a lot of electric vehicles. alix: a lot of the companies are trying to secure that suppl

they say elon musk says that he's always thinking ten steps out.he does it automatically and that's how his mind works. and having that long association you will see the world the family than you do. he will see the impatience of something what happened next and what happens next or what caused that and what caused that and he will get the bigger picture quicker because he does ten steps out. >> elon is a good person to go to the next characteristic which is higher purpose idealism. elon musk is something that there's a lot of differing opinions is he this -- what is aÇai doing? is he trying to do a big snow job on all of us or is he a guy trying to save the world and -- what is his higher purpose? >> he is so interesting. if you take the time to study elon musk there is no way you will come away from that thinking is about the money. he is not about the money at all. remember he sold his first videogame when he was 12. he taught himself to program attend and so the first videogame at 12. if a 12 -year-old went videogame to date your not that impre

tesla ceo elon musk heated conference call after the company reported earnings wednesday. rned out musk's responses overshadowed the company results, which the expectations. -- beat expectations. then came what an analyst described as a truly bizarre earnings call, where musk had a blunt message for investors. elon: if you are concerned about volatility, you should buy another stock. i am not here to convince you to buy our stock. do not buy it if volatility is scary. there you go. emily: musk was especially combative with two analysts in this exchange. >> where specifically will you be -- elon: next. more boneheaded questions are not cool. next. >> can you let us know what percentage have actually taken steps to configure -- elon: we are going to go to youtube. sorry. these questions are so dry. they are killing me. emily: investor response was swift. shares of tesla fell 5%, its worst performance in less than a month. musk built up his reputation as a showman, ushering in new technology to the masses, but is the tide of public opinion turning? we have romit shah, an analy

, what's it like to work for elon musk?ere's been a lot of that in the press lately i love working for elon. he's a great boss, he's funny. he's really fair, almost to a fault. he works very hard he's an inspirational leader and inspirational boss i want to work hard to do whatever it is i can to help him. >> mapping out some of these charges and technologies, how much time does he spend with you? >> he spends roughly half time on spacex and half time on tesla, depending on what's happening in either company. >> you've done nine rocket launches so far this year. you have another one scheduled for this week. how should we think about that launch cadence through the rest of the year and beyond >> the rest of this year we're flying at least a few time this is month overall between 24 and 28 times we'll fly this year. next year will be a slight slowdown the market has decreased a little bit you won't see as many launches as you see in 2018 probably roughly on the same order as 2017. >> why is it slowing down next year >> geotel

what happened as far as elon musk was concerned. did he get deeply frustrated? >> yeah. ross. there was a loss of patience with the questions elon has to answer that are all too familiar. i guess it is reflected in the results of the company, one of the things that has been really consistent is this is a company that is burning through a ton of cash. than $1 billion and negative free cash flow in the first quarter. thatwas the third time they have gone through $1 billion and a quarter. were sorts of questions something that were a sore subject for you on. there is even -- for elon. there was even a question of how they were retaining holders for model 3 so that also set him off. it was all over the place in terms of what subjects he wanted to respond to. he did not come across as being an ace well made. scarlet: these are not unusual questions. these are questions that analysts pose on every call. not like they want to get in the weeds on how tesla comes up with the projections. by dismissing these wall street does elon musk in need wall street or are there alternative fu

look, elon musk is a brilliant visionary and has extraordinaire strength. times, he cant become frustrated with monday and and he can be temperamental and that is what we saw today. last night. excuse me. investors who know him, they are probably not entirely surprised. as i mentioned, to discuss financial metrics in a form created for financial metrics can be incrementally worrisome. >> let's discuss. how do those compared to your expectations? >> the quarter itself was really in line. i think for me where the incremental disappointment was was the company has been stating it believes it could get its 25%l three gross margins to once it got to a volume of 5000 cars per week or shortly thereafter. the implication was that might happen in the air or fourth quarter of the year. last night, they said no, they did not think gross margins would get to 25% until mid-two night in and they would most likely going to get to 20 -- two it by the end of the year. the trajectory is weaker than the company thought three months ago and that is important because the margin

vonnie: he got elon musk's attention. up --l: i set representing over 20 million worth of shares to get a voice for retail investors on a conference call. bunchd sourced the of questions from viewers and subscribers. they let me on the call. mark: do you think the model is being disrupted by what you achieved? 23 minutes, that is a lot of time. he was quite dismissive of many of the traditional wall street analyst questions. those questions were valid talking about gross margins, does it need to raise more money . do you think this is a pivotal moment in the analyst call epoch? russell: i think the questions before me were reiterating -- the perfect storm of elon getting frustrated. i had 10 to 12 questions prepared from all of the shareholders who i solicited feedback from. i decided to keep asking questions. mark: i've got so much to ask you. you've got this youtube channel. the channel is not making money and i gather you have sold some of your bit coin investment to fund the channel. much a bit coin you owned, what pr

they responded nearly 9 out of 10 said yes, we support what you want to do elon musk. ive report card grades to journalists and reporters. musk invents a lot of things, maybe he'll do it. i'm bringing in al mudder and kristen teague. you like this idea? >> i think it could be phenomenally successful. everything he does makes news and everything that he says holds weight, so to see him take on the mainstream media, i say more power to him, he has a point that a lot of journalists today are in the business of getting clicks and eyeballs. liz: what did he say was wrong about the crash of the woman who drove her tesla into the back of a fire truck? >> she broke her ankle, that's not great, but it was front page story. he was making the point that every year there are 40,000 fatal car crashes and one woman breaks her ankle in a tesla crash, he has a point. liz: elon musk is saying listen you don't relinquish control of the car when you sit in a tesla self-driving vehicle, you are supposed to have one hand on the wheel. he's saying reporters are missing that angle and the cri

road map does begin with elon musk and space x sending another set of satellites into space.pace x's president. it is the number one on the just released cnbc disrupter list. >>> j.c. penney ceo leaving the company for lowe's. we'll dive into what it means. >>> the new york stock exchange makes history. the ncse is naming a female president. >>> dow is up 14 points. treasury yields creeping higher. mortgage rates hitting a seven-year high. is this signaling a new era for the markets? joining us is former wells fargo chairman and ceo. with oil hitting key higher levels, is that a big threat to the overall stock market >> i think it could be. i think it won't be in the sense that the reason these increases are occurring is because there is confidence in continuing economic growth. as you know profits were double what everyone expected by analysts in the first quarter. and if we achieve the three percent growth that is likely to be the case in the second quarter for the rest of the year i think you will see rates increase from where they are today by 40 to 50 basis points by yea

the good that elon musk has taken on the shorts at least rhetorically speaking via twitter. it so hard for him to pull this off actually squeeze them out? dana: bloomberg confirmed that doug field is on some kind of leave of absence and we are not white shirt for how long he will be on leave but that's a really big deal. he has been in charge manufacturing it has been a key player in tesla for all these years. today we got a memo from elon musk that he's announcing some kind of reorganization of the company and this was something he alluded to in the last earnings call that there aren't many details as to what that means. over theok at tesla past year and a half, there has been a string of departures they typically when someone leaves, they announced their replacements, but that hasn't happened recently. we have doug field on leave, matthew's wall on the out of pilot team is out weibo. and everyone is asking what are the changes next? one thing that is difficult about tesla is a lot of people don't know the executives are. is no listing on the website of who the name executi

you once thought apple should buy tesla and make elon musk ceo.long time ago, and now we see elon musk calling out questions boneheaded and boring. we have seen that april fools jokes. what you think about that kind of behavior? is that ok? chamath: unlike most people who read the peanut gallery version of the call, i listen to the call, and i would tell you that a lot of the stuff is overblown. in fairness to public market investors, they provide critical liquidity for his companies. specifically, tesla is at a critical point where they may need more money so i think it needs to make sure that you have the right kind of exchange. i'm not sure if quarterly earnings calls is the best way to get at them. they are too perfunctory in general. and for a business as nuanced as tesla, there's currently no opportunity to ask the right question, and what i would rather see him do is take the four or five analysts that understand business and at the top of that list i would adam jonas and bring him under the tent and say let me explain the businesses to you

the big question is what production numbers will elon musk announce?at we heard a month ago is that they crossed the 2000 production number per week. we expect them to highlight some progress. we would like to hear that production is exceeding 2000 a week, and that there is still a clear path to get to 5000 by the end of the quarter. vonnie: why are we so focused on how many they come in he can yet don't knowek what another company overtake them if they are not productive enough? romit: how does a good point. people have been waiting for over a for this vehicle. production is very important. production drives revenue, which drives profitability which drives cash flow and the balance sheet. there is quite a bit of people betting on this company going bankrupt the next several quarters. in order to sustain themselves, it is important that they get model three production above 5000 cars per week and we see a path towards 10,000 in the next six to nine months. vonnie: we frequent the show bloomberg.on on the why would suddenly creditors give up on tesla no

he was taking on elon musk there.actually a few days ago elon musk called this lame, buffett has this view of what makes business attractive. it is barriers of entry that make it harder for competitors, and buffett fired back. they did admit there are some areas where both sites have become a race a little bit, but they are still important, and i like elon musk tweeting after the meeting, saying he was going to start his candy company after buffett said elon musk would not taking them on in that regard. so a little back-and-forth between the two billionaires. come: certainly billionaire playground. it will only be disputes there. what about talking with the media landscape, because it was interesting buffett did not do his newspaper talk i don't think at the beginning of the meeting which normally does? what does that say about his views on media? katherine: he was asked about his newspaper holdings. he holds a lot of regional, local newspapers. he reiterated that this business is hard and has not gotten easier. he no

i'll want to talk about elon musk.er taunting shorts. it is an interesting week. last week he was asked by analysts covering the company to talk about how much cash they burn through. it is $1 billion worth of cash every three months. three out of the last four quarters they did. they have not made profit in 15 years. they were asked by analysts how they can keep this up and make money. he said it was a stupid question. it is the most shorted stock. he has bought a lot and now has 20% of a stake. he is putting his money where his mouth is. he is trying to drive out shorts. it's the most shorted in the nyc. they have tried to raise money. the value of their bonds are falling. many people will not get their money back. he is going down swinging, certainly, buying $10 million of stock. his final appearance before walking down the aisle. that's it from me. thank you. goodbye. hello there. what a bank holiday weekend that turned out to be. in fact, a recordbreaker. 29 degrees. the warmest early may bank holiday weekend on r

part of elon musk's world.ng we're watching and talked about yesterday is tesla. $45 billion electric car baby. guess what, liz, in the news today? tesla, the model 3, we were talking about that. are we getting to the model 3 or continue talking about spacex and the imminent launch at this point? but, yes, this is a tenth launch of the year. i'll tell you more about tesla in just a bit. this is the tenth launch of the year on spacex, falcon 9 rocket. this is part of the great plan. eventually going to start the short trips to the red planet, mars, by 2019. liz: one minute, one minute remaining before the blastoff. of course, we laugh and we -- yeah, we're going to colonize mars, 10 1/2 years ago when we launched fox business, i went to hawthorne california where he was starting spacex. it looked like a science project, and fast-forward to today where he has the deal with nasa. he has had many successful launches, and these are reusable rockets, he's really changed the course of all that rocketry has really done

in the long run, i think elon musk will be very positive for shareholders.dana, are investors worried about this kind of behavior despite the numbers? dana: yes. the shares started dropping once he started talking. that is phenomenal to me. the shares were down further today. i think people are concerned. he probably said things that every ceo would love to say on an earnings call, but he broke the norms of convention. when you are a publicly traded company, you do not treat analysts in this way. he was the rating them in a way that i don't think there has been an earnings call quite this combative in a long time. emily: bloomberg'ss dana hull and romit shah from instinet. we continue our coverage from the milken institute global conference. speaking to john thompson about joining lightspeed as a venture partner. that is next. all episodes of bloomberg technology are livestreaming on bloomberg. check us out. this is bloomberg. ♪ ♪ emily: welcome back to the "best -- "the best of bloomberg technology." i am emily chang. back to our coverage from the milken co

tesla making headlines for something other than elon musk's attitude.ompany said it has reduced the amount of cobalt to make its model 3. >> it is helpful to understand the different commodities and the trends we are pursuing in the batteries. you know, being on a path to reduce cobalt usage for instant ce is something we have been working on for literally several years now. >> i think we can get the cobalt to almost nothing. alix: joining me is from celine from bloomberg new energy finance. make a material difference? >> cobalt, they don't have huge exposure to it. they had been able to reduce their cobalt exposure for the last two years. they use about 5% of cobalt and in theirtals batteries. they are quite low on the spectrum. we don't think it is likely they will reduce that for three or four years. >> what will be in the mix for them going forward? what will get them there? >> the chemistry will stay the same. the big struggle and challenges they have now is on the manufacturing side, making sure they are getting the volumes they told investors the

is elon musk's message to wall street as tesla burns another billion dollars.s the tech bust starting to feel the pressure? and will adidas drop kanye? we is elon musk's message to wall street as tesla burns another billion dollars. will speak to the ceo in a few minutes' time. matt: we are looking forward to that conversation and looking forward to the opening of stocks. take a look at the indexes down across the board with the ftse futures down .4 1%. dax futures down almost as much and cac futures not falling so substantially. take a look at treasuries. we have a 2.97 yield. not only are we getting further away, but we are trading at a stable rate. 2.9 7%. no longer approaching the 3% level. not as close as we were yesterday with 2.99 and change. will speak to the ceo in a few minutes' time. guy: we are seeing the effect of the fed clearly. asian equity markets dipping, not trading very positively. indonesia down by 2.29%. europe came back to play catch-up, the dax was trading stronger. show you what is happening in the foreign exchange markets. the peso is

answers fromtting elon musk. we will hear from a 25 euros investor who had 20 years of fame on the tesla earnings call. quite the call. this is bloomberg. ♪ julia: this is bloomberg markets. scarlet: after elon musk pulled week, henalyst next gave the retail investor galileo his 23 minutes of fame. test focused.nd earlier to bloomberg today about it. >> inspiring millennials to take an interest in finance by making fun and more unique and more excess will content on youtube. musk's'sd you get elon attention? >> a set up a campaign and had about a couple hundred of my representing in, over 20 million worth of shares to get a voice for retail investors on a conference call. i crowd sourced a bunch of questions to viewers and subscribers and pitched them to elon musk. disrupted bytheme what you achieved, 23 minutes is a lot of time. --was obviously quite since dismissive of many of the questions and some were valid talking about gross margins, does it need to raise more money. is a pivotalit moment in the analyst co

. >>> later, the man who could stand in the way for elon musk's vision of tunnels underground to ease up 344 points. stay with us cks.com! no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. sending your own clubs ahead with shipsticks.com makes it fast & easy to get to your golf destination. with just a few clicks or a phone call we'll pick up and deliver your clubs on-time, guaranteed, for as low as $39.99. shipsticks.com saves you time and money. make it simple. make it ship sticks. when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. >>> challenging google's practices in a report last night. saying the company engages in illegal behavior take a listen. >> just as well as i admire some of the innovation of by google over the last decade i want their illegal behavior to stop. >> that's what you feel has gone on >> we mean that. we can prove it. >> for more on this, we're joined by ricoh

what elon musk posted on instagram overnight that's getting a lot of buzz.iday, may 11, 2018. you're watching "worldwide exchange" on cnbc. >>> welcome to "worldwide exchange." i'm seema mody >> i'm dominic chu we have a futures picture pointing to a stable open for right now. the dow slated to open up by just around 15 or 20 points if things hold steady the way they are now. the s&p would open about flat. so would the nasdaq. we are still seeing a bit of a drop in yields across the board. focusing on the ten-year treasury note yield which is 2.95%. so we backed off that 3% area. for the currency side of things, we are seeing a bit of dollar weakness pretty much across the major trading pairs. you can see euro at 1.1920 dollar/yen, 109.28 pound sterling, 1.3526 >> let's discuss the market further. joining us now is diana moa from jpmorgan asset management and art hogan from b. riley fbr. great to have you both on the show diana, how are stocks capable of continuing to rise in the face of rising rates? >> i think stocks now are first reacting to the strong ea

fighting the hands that feed you, elon musk lashing out on a conference call, tesla's debt rolling overwe began with a big issue -- the payroll's port. >> 3.9% unemployment rate is strong. >> this is a great number for the markets. >> this is very good news. 3.9% isdown to astonishing. would it means is we now have the longest labor expansion continuously. >> the bad news for me on this is that solid gains of employment that continued to push the employment rate lower means we are stuck in a low