What you need to know on Wall Street today
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Tesla CEO Elon Musk conducted a deeply strange earnings conference call with analysts after the company reported Q1 earnings.
At one point, Musk cut off an analyst and turned the call over to a YouTuber. And he labeled questions about Tesla's business issues "boring" and dry."
In other words, Elon Musk has completely stopped hiding his contempt for Wall Street - and he's paying the price.
Back in finance news, there's a new pay czar approving how much Goldman Sachs' top brass gets paid. Guggenheim has lured a senior healthcare banker away from Bank of America Merrill Lynch. And a top hedge fund recruiter says graduates should think twice about going into the industry.
In crypto news, bitcoin popped after a report that Goldman Sachs will start trading products linked to crypto. And Coinbase has made a key hire for a product aimed at luring Wall Street into the crypto market.
In markets news:- "Earnings are not all that matter" - A Wall Street chief strategist breaks down the story he says the market is ignoring
- In its first quarterly report since becoming a public company, Spotify had disappointing news: a loss that came in much bigger than expected.
- Meanwhile, WeWork's "entirely new, nonsense" way of evaluating its profits is eerily similar to the tech bubble.
- Fed holds interest rates steady, says inflation is close to its target
- Trump's top economic advisers are embarking on a trip that could make or break the US-China trade fight
- 1,100 economists warn that Trump is repeating one of the biggest mistakes of the Great Depression