Speaker 1: Elon Musk has been costing Tesla investors quite a lot
Speaker 1: of money lately. Tesla stock has lost of its value
Speaker 1: in a little over six weeks. That's about fourteen billion
Speaker 1: dollars of value wiped out, all because of a single tweet,
Speaker 1: Breaking news, real quick on Elon Musk. Uh It's a
Speaker 1: tweet from Mr Musk. He's considering taking Tesla privates. How
Speaker 1: about that, he's considering taking Tesla private at four and
Speaker 1: twenty dollars a share. This week, we're bringing you a
Speaker 1: special breaking news episode about everything that's gone on at
Speaker 1: Tesla since that tweet was sent. Hi, I'm brad Stone,
Speaker 1: And this week on Decrypted, we're taking a look at
Speaker 1: Tesla's current predicament. Elon Musk is a singular CEO, unfiltered
Speaker 1: and unscripted. Now that strategy could have big implications for
Speaker 1: the future of the company. Tesla is facing not one,
Speaker 1: but two government investigations from the SEC and the Department
Speaker 1: of Justice. We'll see how Tesla got here and what
Speaker 1: it needs to do to get out. This is part
Speaker 1: of a special season of Decrypted, where we explore the
Speaker 1: unintended consequences of technology. Stay with us, so Dana let's
Speaker 1: go back to the innocent days of early August, precisely
Speaker 1: August seven. You had just gotten back from vacation, if
Speaker 1: I remember, and that is the day, that fateful day
Speaker 1: that Elon tweets quote a considering taking Tesla private at
Speaker 1: four funding secured. You have a quick reaction that at
Speaker 1: first people thought that it was a joke, and so
Speaker 1: there was all these internal conversations here at Bloomberg about
Speaker 1: was he hacked? This is this a marijuana reference, like right,
Speaker 1: because as some significance in marijuana culture, and um, you
Speaker 1: know Tesla's PR team, they don't control his tweets. He
Speaker 1: doesn't have a tweet ghostwriter. Um. And my understanding now
Speaker 1: is that he was actually on a plane at the time,
Speaker 1: so no one at Tesla PR could actually get a
Speaker 1: hold of him. So we just assumed that it was true.
Speaker 1: But the crazy thing was that the stock started to
Speaker 1: explode higher than trading stopped, and no one could figure
Speaker 1: out what was going on, And there was kind of
Speaker 1: confidence that maybe Tesla and Ellen had put the kind
Speaker 1: of volatility of Tesla stock behind it, like as a
Speaker 1: private company wouldn't be as susceptible to the hated shorts right,
Speaker 1: which he has campaigned against for so long. Yeah, and
Speaker 1: Musk has talked quite openly for for years now about
Speaker 1: wishing that Tesla was private, SpaceX is private. Um. The
Speaker 1: volatility of the short sellers drives him bananas. He's always
Speaker 1: talking about burning the shorts. So it definitely seemed legitimate.
Speaker 1: And remember that was the day also that the Financial
Speaker 1: Times reported that the Saudis had taken some kind of
Speaker 1: stake in the company. So the go private tweet was
Speaker 1: sort of seen as a reaction to that. And but
Speaker 1: you know, it struck me immediately as odd because you know,
Speaker 1: there's no more of a material announcement than the fact
Speaker 1: that you know, a public company might be going private.
Speaker 1: And yet he had tweeted it right, not you know,
Speaker 1: not a filing with the SEC, not a press release
Speaker 1: from your reporting, Like how unusual was that? And who
Speaker 1: else that Tesla knew about this? It was pretty unusual. Um,
Speaker 1: And I don't think anyone that Tesla knew about it.
Speaker 1: I mean that was sort of one of my brain questions, like,
Speaker 1: so who on the executive team, you know, what did
Speaker 1: they know and when did they know it? Now it
Speaker 1: kind of appears that no one really knew. I think
Speaker 1: everybody was blindsided by it, even the board, his executives,
Speaker 1: the board, large institutional investors, and now in the ensuing days,
Speaker 1: there's kind of a scramble, uh to to document like
Speaker 1: who is advisors? Right? And we report that both Goldman
Speaker 1: and Morgan Stanley are like involved in this deal, so
Speaker 1: it seems legitimate at this point, right. Yeah. I think
Speaker 1: for first, the sort of narrative arc went from this,
Speaker 1: this is crazy, he must have gotten hacked, or he's
Speaker 1: joking too, Wow, Elon is going private? Okay, who's involved?
Speaker 1: And there was this appearance of forward momentum. We were
Speaker 1: hearing from bankers that they were meeting with Elon, that
Speaker 1: they were flying to l A to meet with him.
Speaker 1: People kind of felt like, well, if anyone can pull
Speaker 1: this off, it's him. I mean, this is a man
Speaker 1: who's been able to raise billions of dollars from the
Speaker 1: capital markets, has a lot of long term, long horizon
Speaker 1: investors on his side. SpaceX has had a great year.
Speaker 1: You know, Tesla has had challenges with the Model three,
Speaker 1: but it's still this wildly popular brand. I mean, there
Speaker 1: was kind of a sense that Ellen could potentially do
Speaker 1: this right and ironically, we had just written a cover
Speaker 1: story which you co authored, about the scramble to meet
Speaker 1: the Model three production goals. Uh. Great headline Hell for
Speaker 1: Elon Musk is a mid sized sedan and documented you know,
Speaker 1: his sleeping at the at the factory and and rushing
Speaker 1: to meet these goals. And he had hit the numbers right.
Speaker 1: I mean, there was there was a quarter where they
Speaker 1: met met the Wall Street shade finally kind of got
Speaker 1: into this state where they had, you know, even though
Speaker 1: they had to build a tent and like manufacture production
Speaker 1: line at the last minute, they were kind of at
Speaker 1: there was a feeling that they had finally exited production
Speaker 1: hell and that the cars were coming out, and you
Speaker 1: started to see more cars on the road here in
Speaker 1: California for sure. A little more than two weeks after
Speaker 1: the initial funding is secured tweet, Elon admits that in fact,
Speaker 1: funding was not really secured. This was a Friday night
Speaker 1: news dump, but late at night is when the company
Speaker 1: posted a blog post from Elon Musk essentially saying we're
Speaker 1: going to be staying a publicly traded company and here's
Speaker 1: the reasons why we're not going to go into all
Speaker 1: of them. Take us through what happened then. So that
Speaker 1: was really late on a Friday night, like so late
Speaker 1: that I don't know if East Coast Newspaper has made
Speaker 1: their deadlines. The thing that was remarkable about the blog
Speaker 1: post is that he basically admitted that all of the
Speaker 1: investors were not on board with the idea and that
Speaker 1: the prevailing sentiment was pleased, don't do this, which was
Speaker 1: completely contradictory to what he had said previously, because not
Speaker 1: only did he say that funding was secured, but he
Speaker 1: was like, shareholders are on board and there's consensus and
Speaker 1: it just needs to go before a vote. So he
Speaker 1: was really contradicting himself in a way that was pretty remarkable.
Speaker 1: Very quickly, it was like, all right, so when is
Speaker 1: the first shareholder lawsuit? And you know, he pulled the
Speaker 1: plug on a Friday. Within a week we had the
Speaker 1: first of now several shareholder lawsuits filed that are that
Speaker 1: are attempting to get class action status, right, and then
Speaker 1: the sec comes in, right, and they served Tesla with
Speaker 1: a subpoena, and the SECS interest is they're looking at
Speaker 1: you know, when did he send the tweet? Who knew it? Did?
Speaker 1: Was anyone involved? Did his board or his executives or
Speaker 1: large investors have any heads up that this was coming. Well,
Speaker 1: if nobody traded on the information is that, you know
Speaker 1: it has a crime been committed? I think that's really
Speaker 1: that's a really good question. I mean, the short sellers
Speaker 1: would certainly argue that they were hurt, But how the
Speaker 1: SEC views that. I'm not entirely sure. Then we we
Speaker 1: come into early September, September six and Ellen, after this
Speaker 1: plan has been scrapped and and Tesla sort of still
Speaker 1: wobbly from all of these lawsuits and the investigation. All
Speaker 1: this sort of negative attention is placed on the company.
Speaker 1: Ellen goes on a podcast called The Joe Rogan Experience. Boom,
Speaker 1: thank you, thanks for doing this, man, I really appreciate it. Hey, welcome,
Speaker 1: It's very good to meet you. Nice to meet you too,
Speaker 1: and thanks for not lighting this place on fire. You're welcome.
Speaker 1: How does one um just in the middle of doing
Speaker 1: all the things you do create cars? Rockets has a
Speaker 1: very profound conversation about very weighty issues. Is life of
Speaker 1: simulation things things like that, the future of electric cars,
Speaker 1: But all the attention is captured by the fact that
Speaker 1: he smokes marijuana on this video podcast says that a joint. Okay,
Speaker 1: it's um marijuana inside of tobacco. Okay, so it's like
Speaker 1: pot tobacco. Never had that. I think I tried one once.
Speaker 1: Come on, man, you probably can't because stockholders, right. I mean,
Speaker 1: it's legal, right, totally legal. Okay? How does that work?
Speaker 1: Do people get upset at you if you do certain things?
Speaker 1: Just tobacco and marijuana in there, that's all it is.
Speaker 1: Musk has you know, talked openly in the past about
Speaker 1: mixing red wine and ambient In this very cheerful New
Speaker 1: York Times interview that came in the middle of the
Speaker 1: Go Private drama, you know, the Times reported that he
Speaker 1: was not sleeping well, that there was concerns about recreational
Speaker 1: drug use, and so this whole narrative around his mental
Speaker 1: health and his potential substance use and abuse was sort
Speaker 1: of out there. So you think, okay, he's pulled the plug.
Speaker 1: You know, you would think that he would know better
Speaker 1: than to smoke pot at this particular juncture. Well, see,
Speaker 1: I just wonder if he's trolling us with this, right
Speaker 1: he just because to go back to, you know, the
Speaker 1: point we made earlier. He's unscripted, he's unfiltered, you know,
Speaker 1: in a way he depends on the media. But maybe
Speaker 1: he doesn't really care about how he's portrayed. Of course
Speaker 1: he cares too much, right, because he's so obsessed with it.
Speaker 1: But it is in a way, is he poking a
Speaker 1: finger in the eye of everyone who is so absorbed
Speaker 1: by his behavior and his communication during this period? Well, right,
Speaker 1: And then the conspiracy theories, theorists will have you believe
Speaker 1: so that so he smokes pot late on a Thursday night.
Speaker 1: The next morning, it's like, oh my god, musk smoke pot, Like,
Speaker 1: this is so crazy. But then that same day they
Speaker 1: filed an a K in which they revealed that their
Speaker 1: chief accounting officer had resigned. So the stock started to tank,
Speaker 1: and it's like, well, it's the stock tanking because the
Speaker 1: CEO smoke potter? Is it tanking because a finance executive quit?
Speaker 1: So the theorists, the conspiracy there is believe that musts
Speaker 1: smoked pot specifically knowing that the media would then talk
Speaker 1: about the pot and ignore the fact. Very trump Like,
Speaker 1: isn't it a little twitter or orchestrated misdirection? Yeah? And
Speaker 1: and you know, and I mean there's been a lot
Speaker 1: of parallels to Trump, just in terms of his use
Speaker 1: of Twitter and and the passion of his base. About
Speaker 1: a week after he smokes pot on the Joe Rogan podcast,
Speaker 1: our colleagues report that the Department Justice has opened a
Speaker 1: criminal investigation. Here is the latest in terms of the
Speaker 1: d o J probe of Tesla. You saw Kate Kelly
Speaker 1: on about fifteen twenty minutes ago talking about the fact
Speaker 1: that Goldmen and silver Lake have also been subpoeneded. Here
Speaker 1: the focus is on Elon musk Sweet in early August
Speaker 1: when he said, so, this is on top of the
Speaker 1: SEC subpoenas, on top of these, um, you know, these
Speaker 1: these more formal shareholder lawsuits, um a criminal investigation because
Speaker 1: what does that mean? And does somebody go to jail
Speaker 1: if if, if you know, the Department of Justice finds
Speaker 1: evidence of criminality. Well, I think I think it's still
Speaker 1: very early stages and we shouldn't, you know, shouldn't should
Speaker 1: let the investigation play out. But it certainly is like
Speaker 1: another It's like another friend. Right. My understanding is that
Speaker 1: you know, the SEC kind of plods along and if
Speaker 1: they see anything that seems criminal, they flag it to
Speaker 1: their colleagues at the DOJ, and then the d o
Speaker 1: J opens its own inquiry. You know, we're not under
Speaker 1: the impression that like FBI agents and like Blue Windbreakers
Speaker 1: were like pounding on Elon's door and like hauling away computers.
Speaker 1: But it does seem like the investigation is considering is
Speaker 1: continuing now there. You know, there's multiple investigations on multiple fronts.
Speaker 1: And what was striking about our colleagues report is that,
Speaker 1: you know, TESLA basically then put out a statement saying
Speaker 1: that we heard from the Department of Justice last month
Speaker 1: and we're cooperating. So they didn't deny that the Department
Speaker 1: of Justice is involved. There's some you know, splitting of
Speaker 1: hairs about whether it's definitely criminal or civil. When the
Speaker 1: Department of Justice gets involved, it means that there's concerned
Speaker 1: about possible criminal behavior. It doesn't mean that they will
Speaker 1: file charges, doesn't mean that someone's going to jail, but
Speaker 1: it means that there is enough there that they're they're involved.
Speaker 1: And again, what they're investigating is the tweet and and
Speaker 1: the proclamation that funding was secured and then you know,
Speaker 1: which moved the stock price. And then we find out
Speaker 1: two weeks later that you know that that no, no
Speaker 1: such deal ever existed exactly. So, Dana, we've talked about
Speaker 1: these dramatic last few months in the lives of Tesla
Speaker 1: and Elon Musk, and we've talked about the consequences, the
Speaker 1: unintended consequences of this ill conceived tweet from Elon Musk
Speaker 1: that he was had a plan to take Tesla private
Speaker 1: and had funding secured. So let's talk about a little
Speaker 1: bit about what what it all means for Tesla and
Speaker 1: the future of electric vehicles and for Elon Musk's career.
Speaker 1: I mean, do you do you think some of these probes,
Speaker 1: the criminal probe and the shareholder lawsuit are any any
Speaker 1: kind of a turning point for a company that seems
Speaker 1: to have had so many of these kinds of episodes.
Speaker 1: I mean, I guess my question is what how does
Speaker 1: this impact their ability to raise additional capital. Musk has
Speaker 1: a laundry list of projects that he wants to complete,
Speaker 1: a giga factory in China, a Model y cross over,
Speaker 1: the solar roof semi truck. I mean, all of his
Speaker 1: ambitions need more money. And this is a guy who's
Speaker 1: been able to raise money from the capital markets. Hand
Speaker 1: over fist for like over a decade now. But I mean,
Speaker 1: do you really think he'll have a problem if, you know,
Speaker 1: the next time he needs to raise money. I think
Speaker 1: a lot of it rides on how this quarter looks
Speaker 1: in terms of the fundamentals of Tesla's business, which is
Speaker 1: making and selling cars. And so for all the drama
Speaker 1: about Zelia Banks and smoking pot and grimes and this
Speaker 1: tweet and the sec and the do o J like, fundamentally,
Speaker 1: the question, the existential question for Tesla is can they
Speaker 1: become a mass market carmaker? Can they make cars in
Speaker 1: high volume with high quality. And we're gonna find out
Speaker 1: very soon in early October, they're going to release their
Speaker 1: delivery and production figures, and they're they're kind of sounding good.
Speaker 1: You know. I was thinking a little bit about whether
Speaker 1: there had any have been any similar episodes in Silicon
Speaker 1: Valley history. Uh. The one, the one that kind of
Speaker 1: sprang to mind was Steve Jobs at Apple back in
Speaker 1: the early two thousands. He had just come back to
Speaker 1: the company, he had turned it around, and him and
Speaker 1: his his some members of his management team received you know,
Speaker 1: some probably well deserved stock options which they then back
Speaker 1: dated to uh to minimize some of the tax impact.
Speaker 1: You know, Jobs like Ellen maybe uniquely right is it
Speaker 1: was a CEO who you know, was a visionary ahead
Speaker 1: of his time and really didn't care what you know
Speaker 1: the world thought, right, wanted to bend everyone to his
Speaker 1: will and sometimes skirted the rules. Right, So it's different
Speaker 1: than Twitter obviously didn't exist back then. It would be interesting, Uh,
Speaker 1: you know, if we had ever seen what Steve Jobs
Speaker 1: would have been like on on on Twitter, um, he
Speaker 1: probably would have stewed it. But but you know, somewhat,
Speaker 1: I guess what I'm saying is there's a little bit
Speaker 1: of a pattern here among these larger than life Silicon
Speaker 1: Valley figures. The other Jobs comparison is that Jobs was
Speaker 1: also running Pixar at the time, or at one point
Speaker 1: he was simultaneously running both. Definitely he was for years.
Speaker 1: And you know, even though everyone thinks about Musk and Tesla,
Speaker 1: his real passion has always been SpaceX, And like SpaceX
Speaker 1: has had a phenomenally successful year um and has been
Speaker 1: sort of largely drama free. Just on Monday, you know,
Speaker 1: Musk announced he's got this Japanese billionaire ready to pay
Speaker 1: billions of dollars to go to the moon with him, right,
Speaker 1: Yusako Mazawa. And and that's interesting because, uh, you know,
Speaker 1: despite all the turmoil around Elon Musk, it doesn't seem like, uh,
Speaker 1: you know, this particular business man has lost any faith
Speaker 1: in him. I mean, I wonder has Ellen lost any supporters?
Speaker 1: Do you think through these months of turmoil. We'll find
Speaker 1: out when the next thirteen fs are filed whether Lard's
Speaker 1: institutional shareholders have sold off their holdings. Um, you know,
Speaker 1: it's hard to say. I mean, you're not really seeing
Speaker 1: like a lot of public people break with him. I mean,
Speaker 1: analysts like Gene Munster are like, Elon, you should apologize
Speaker 1: to the you know, to the cave rescue team. And
Speaker 1: I mean people are sort of calling on him to
Speaker 1: tone it down. But you're not seeing like a big break. Um.
Speaker 1: I think that people want him to modulate his behavior,
Speaker 1: but I think they fundamentally recognize that Ellen is going
Speaker 1: to be Elon. So before we sat down to record
Speaker 1: this podcast, I put out a request on Twitter, uh
Speaker 1: to to listeners to ask them if they have any
Speaker 1: questions for you, Dana, And we got a bunch of
Speaker 1: good questions. Uh. We got one from a user at
Speaker 1: temper worker um asking about the recent executive departures. Yeah,
Speaker 1: this is sort of an area that I really have
Speaker 1: delved into this year because Tesla is not super transparent
Speaker 1: about what their executive leadership is, you know, unlike an
Speaker 1: Apple or even an Uber. If you go to their website,
Speaker 1: there's no organ charts, so I created one on my own.
Speaker 1: And what's kind of striking is that like fourteen vice
Speaker 1: presidents have left this year and they have not been
Speaker 1: replaced by outside hires. In general, there this sort of um.
Speaker 1: The positions are kind of shuffled around, and more and
Speaker 1: more people are reporting directly to Ellen, so Ellen has
Speaker 1: a lot of direct reports for a CEO who's not
Speaker 1: a full time CEO. And then the people who have
Speaker 1: departed have been really high profile people. John McNeil, who
Speaker 1: was you know, the president of like sales service and Deliveries,
Speaker 1: he left, he's now the CEO at left, Doug Field,
Speaker 1: who was the engineering chief left, he's now back at Apple.
Speaker 1: And there's been this kind of drip drip of pretty
Speaker 1: significant departures at a time when like Tesla should be
Speaker 1: doing pretty well. You know, a company like Tesla at
Speaker 1: this age and its maturity should have like a deep
Speaker 1: bench of talent, and they just don't have that right now.
Speaker 1: A dana. Another Twitter question from a user calling himself
Speaker 1: as one does at Twain's mustache. The Bloomberg story yesterday
Speaker 1: about the d o J looking into, you know, connecting
Speaker 1: a criminal investigation of Tesla. UH said that they were
Speaker 1: looking into claims that Ellen had misled the market about
Speaker 1: the health of Tesla. Right, So that's markedly different, right
Speaker 1: than UH an investigation into the timing of the tweet
Speaker 1: or whether funding was secured. This is like, do you
Speaker 1: have an indication that this is a source of concern
Speaker 1: here that maybe Tesla isn't as healthy as it is
Speaker 1: professed to be. So our understanding is that the SEC
Speaker 1: is looking into two things, the tweet and sort of
Speaker 1: public statements that Musk and the company have made about
Speaker 1: delivery targets and production figures. I'm not under under the
Speaker 1: impression that the DOJ is looking into that, but certainly
Speaker 1: it's like, once the door is open, it's kind of
Speaker 1: a Pandora's box. Another question from a user calling him
Speaker 1: or herself plans for Elon. I don't know if that's
Speaker 1: a big group or not. Are there SEC whistleblowers out
Speaker 1: there or is there a d o J whistleblower? So
Speaker 1: I guess that's like, are there people inside Pesla that
Speaker 1: might be the source? Yes, there is a former Tesla
Speaker 1: employee who worked at the Giga factory named Martin Tripp,
Speaker 1: who filed a whistleblower complaint with the SEC. Has hired
Speaker 1: an attorney, and he alleges that, you know, Tesla was
Speaker 1: not being forefront, not being forthright about battery production figures,
Speaker 1: and there's a whole crazy story about him and the
Speaker 1: police in Nevada got involved, and now he's been he's
Speaker 1: on Twitter, he's trying, he's got to go fund me
Speaker 1: to raise money for his legal fees. His attorneys has
Speaker 1: been very has been very outspoken. The attorney is in
Speaker 1: turn asking other whistleblowers to come forward. I think a
Speaker 1: second person has also come forward, But yeah, that's there.
Speaker 1: There are definitely whistleblowers. Whether any action results comes out
Speaker 1: of that, I'm not entirely sure, but okay, Well, maybe
Speaker 1: more importantly, a user at j MT is asking us
Speaker 1: about impending competition and how realistic are some of these
Speaker 1: other companies like Audie that have talked about electric cars
Speaker 1: now I I an analysis from Tony Sakanagi and an
Speaker 1: analyst at Bernstein said that there was no credible competition,
Speaker 1: at least on the near horizon. So what is the
Speaker 1: environment out there for? So my sense is that, you know,
Speaker 1: any time a legacy automaker like Audie comes out with
Speaker 1: an electric car, the headline is always, you know, is
Speaker 1: this is this the Tesla killer? But I went to
Speaker 1: the Audie event on Monday night, and you know, it's
Speaker 1: a compelling electric car. If you like an if you'd
Speaker 1: like Audie, if you were a brand loyal to Audie,
Speaker 1: you'll probably look at it. But the goal of Tesla
Speaker 1: was always to accelerate the advent of electric transportation, and
Speaker 1: electric cars are still such a small part of the
Speaker 1: market that there's plenty of room for other automakers to
Speaker 1: come in. I mean, the goal is to get people
Speaker 1: to switch from the internal combustion engine to electric. It's
Speaker 1: not to get people to s which from a Tesla
Speaker 1: to an Audie. So, Dana, let's wrap up this discussion
Speaker 1: going back to to your life covering Tesla. You in
Speaker 1: the in the last few months have gone through the
Speaker 1: model three production hell months, You've gone through the funding,
Speaker 1: secured tweets. You've gone through Elon's marijuana smoking podcast, uh,
Speaker 1: and now the SEC and perhaps d J investigations. What
Speaker 1: is what are the next few months look like? Are
Speaker 1: things going to calm down on the Tesla beat? Yeah,
Speaker 1: that would be nice. Um. I think the next few
Speaker 1: months are really about their ability to retain talent and
Speaker 1: higher additional talent. It's about the next it's about the
Speaker 1: current quarter and are they able to kind of hit
Speaker 1: these numbers and then you're gonna just start seeing more
Speaker 1: cars on the road frankly, and so what is the
Speaker 1: consumer attitude about the car? Okay, Dana Hall. So we
Speaker 1: will stay tuned to your reporting for Bloomberg News, will
Speaker 1: be looking for the production and delivery numbers that Tesla
Speaker 1: will be making available in early October, and of course,
Speaker 1: as always, we will be paying attention to Elon Musk's
Speaker 1: Twitter account. And that's it for this week's episode of Decrypted.
Speaker 1: Thanks for listening. If you have a story about Tesla,
Speaker 1: send us an email at Decrypted at Bloomberg dot net,
Speaker 1: or you can reach out to us on Twitter. I'm
Speaker 1: at Dana Hall and I'm at brad Stone if you
Speaker 1: haven't already Please subscribe to our show wherever you get
Speaker 1: your podcasts, and while you're there, I hope you take
Speaker 1: a minute to leave us a rating or a review.
Speaker 1: This does so much to get us in front of
Speaker 1: more listeners. This episode was produced by Pia Goodcary, Liz Smith,
Speaker 1: and Magnus Hendrickson. Special thanks to Akado and Vandermay and
Speaker 1: Emily Abusso. Francesco Levi is a head of Bloomberg Podcasts.
Speaker 1: We'll see you next week.