WEBVTT - Tesla Investor Day Falls Short of Specifics 0:00:01.280 --> 0:00:05.640 This is Bloomberg business Week Inside from the reporters and 0:00:05.840 --> 0:00:09.400 editors who bring you America's most trusted business magazine, plus 0:00:09.480 --> 0:00:13.600 global business, finance and tech news. The Bloomberg Business Week 0:00:13.680 --> 0:00:18.600 Podcast with Carol Messer and Tim Stenebec from Bloomberg Radio. 0:00:18.960 --> 0:00:21.200 I actually think it's Elon's world and we're just living 0:00:21.239 --> 0:00:24.239 in it. This next half hour. It is all about 0:00:24.280 --> 0:00:26.960 the world's richest man. He just reclaimed that title and 0:00:27.160 --> 0:00:30.880 his world, including his marquee company, Tesla, which yesterday in 0:00:30.960 --> 0:00:34.040 Austin hosted its investor day. Kind of a dud and 0:00:34.159 --> 0:00:36.000 bummer if you base it on how shares of Tesla 0:00:36.120 --> 0:00:39.440 trading down today looking to shave some fifty billion off 0:00:39.440 --> 0:00:42.239 its market cap. Not a dud though, Elon's comments when 0:00:42.240 --> 0:00:46.040 it comes to rare earths, listen up, we need to 0:00:46.040 --> 0:00:54.440 make just a very tryant amount of hannode cathode lithium. 0:00:54.480 --> 0:00:58.840 Looking my rockside commonant, it's really the refining capacity that 0:00:59.000 --> 0:01:06.240 is the biggest choke point. Yeah, so that's why we're 0:01:06.240 --> 0:01:10.360 building a Lethian refinery and Corpus Christie. All right, you 0:01:10.400 --> 0:01:13.840 were just hearing from Elon Musk at his investor day 0:01:13.880 --> 0:01:17.800 in Austin yesterday. Actually, I'm sorry. Our next guest is 0:01:17.800 --> 0:01:20.959 with us in Austin. We've got Bloombergs Sean o'caine. He 0:01:21.040 --> 0:01:24.080 was at Tesla's investor day. He's our EV reporter joining 0:01:24.240 --> 0:01:27.160 us from Zoom in Austin, Texas. Sean, great to speak 0:01:27.200 --> 0:01:32.440 with you. Tell us your impressions. How the meeting go well? First, 0:01:32.440 --> 0:01:34.920 actually I was watching just like everybody else online. There's 0:01:35.000 --> 0:01:38.040 there's no way Tesla's letting us in to something like that, 0:01:38.160 --> 0:01:44.000 unfortunately these days. But yeah, it was meandering. I think 0:01:44.000 --> 0:01:46.080 one of the things that we appreciated from the reporting 0:01:46.080 --> 0:01:47.560 side of things, and I think even some of the 0:01:47.600 --> 0:01:51.120 analysts appreciate it as well, was just seeing a very 0:01:51.200 --> 0:01:56.520 deep roster of Tesla executives and managers and employees who 0:01:56.520 --> 0:01:59.320 were on stage speaking and also taking questions. At the end, 0:02:00.120 --> 0:02:02.000 we got some face time with Tom Jou, who is 0:02:02.960 --> 0:02:06.840 essentially arguably the number two at Tesla right now, who 0:02:06.960 --> 0:02:10.280 was must brought him over late last year from helping 0:02:10.400 --> 0:02:12.840 run Tesla China to be able to sort of straighten 0:02:12.880 --> 0:02:15.240 out some of the early problems they've had at the 0:02:15.280 --> 0:02:18.520 factory here in Austin. So seeing all of that was 0:02:18.560 --> 0:02:22.079 really helpful, and hearing some new details about some of 0:02:22.120 --> 0:02:24.840 the things that they're working on was also exciting to 0:02:25.760 --> 0:02:28.200 some of the faithful. But yeah, we didn't get as 0:02:28.320 --> 0:02:31.800 much explicit information about new products that I think some 0:02:31.800 --> 0:02:34.359 people were expecting heading into the event, which is why 0:02:34.360 --> 0:02:35.839 I think we're seeing a little bit of a dip 0:02:35.840 --> 0:02:39.200 in the price today. Was there anything that he didn't say, 0:02:39.240 --> 0:02:42.640 what was missing that you felt was critical that he 0:02:42.760 --> 0:02:46.360 left out? I mean, the big thing is really this 0:02:46.440 --> 0:02:48.760 next gen vehicle platform. I mean, it was something that 0:02:48.800 --> 0:02:52.080 he explicitly teased would be discussed on the most recent 0:02:52.080 --> 0:02:57.480 elearnings call, and we got bits and pieces about their strategy, 0:02:58.520 --> 0:03:02.960 how they're approaching building it. We learned that primarily it 0:03:03.000 --> 0:03:05.520 will be built at the new factory in Mexico that 0:03:05.880 --> 0:03:08.920 was announced earlier this week by AMLO and confirmed by 0:03:09.000 --> 0:03:11.120 Musk last night. All the way in the back end 0:03:11.160 --> 0:03:13.800 of the event during the Q and A session, So 0:03:13.960 --> 0:03:16.359 we learned a little bit about it. We understand sort 0:03:16.360 --> 0:03:20.480 of how they're thinking about making it more efficiently, making 0:03:20.480 --> 0:03:22.920 it so that more employees can work on it at 0:03:22.919 --> 0:03:26.760 a time versus their cars now. But we didn't see 0:03:26.760 --> 0:03:28.640 what it looks like we didn't really get a price 0:03:28.680 --> 0:03:34.200 tag or a price range, and they have talked about 0:03:34.200 --> 0:03:36.240 being able to use that new platform to power different 0:03:36.240 --> 0:03:39.080 types of vehicles, but they were a little fuzzy on 0:03:39.200 --> 0:03:41.880 what those types of vehicles would be. And there's also 0:03:41.920 --> 0:03:43.600 not a lot of headroom for that to begin with, 0:03:43.640 --> 0:03:46.080 because Musk said last night that he doesn't think they're 0:03:46.120 --> 0:03:50.320 going to ever make more than ten different vehicles at all, 0:03:50.400 --> 0:03:53.800 and they already have about seven either on the road 0:03:53.880 --> 0:03:56.520 or in the pipeline that we know of. So that 0:03:56.560 --> 0:03:58.560 was I think the biggest thing that we were a 0:03:58.560 --> 0:04:00.320 lot of people were looking for and didn't really get. 0:04:00.680 --> 0:04:04.160 I don't even know where to begin or think about it. 0:04:04.200 --> 0:04:05.680 I mean, it's kind of wild. I feel like it's 0:04:05.720 --> 0:04:07.640 pure Elon. But you know, the thing, what he said 0:04:07.680 --> 0:04:12.920 about the rare earth minerals, that's a big deal, Sean, 0:04:13.000 --> 0:04:16.720 because there is a huge narrative, huge reporting space at 0:04:16.720 --> 0:04:20.440 Bloomberg and otherwise, you know, watching this amid the kind 0:04:20.440 --> 0:04:24.920 of China US tensions and you know the world competing 0:04:25.040 --> 0:04:28.600 for all of these minerals. I mean, is he upending 0:04:29.160 --> 0:04:33.559 evs and batteries? I mean, I think there's a lane 0:04:33.640 --> 0:04:37.479 for that for sure. I think they're his hesitants to 0:04:37.520 --> 0:04:42.080 get into mining full bore. You know, pun not intended 0:04:43.440 --> 0:04:46.560 probably means that that's not necessarily what's going to happen 0:04:47.320 --> 0:04:49.560 in the near term. I mean, he once again stressed 0:04:49.560 --> 0:04:52.160 this call of getting any other entrepreneurs, you know, out 0:04:52.160 --> 0:04:55.080 in the world involved in this sort of process. And 0:04:55.480 --> 0:04:57.640 you know, he thinks that, you know, even though Tesla's 0:04:57.680 --> 0:05:00.560 obviously now working on its own lithium refinery here in Texas, 0:05:01.080 --> 0:05:02.480 he thinks that that's not going to be enough, and 0:05:02.480 --> 0:05:04.040 there needs to be a lot more people doing that 0:05:04.120 --> 0:05:08.080 kind of material refining of the raw material which is 0:05:08.240 --> 0:05:10.919 in abundance and really, you know, sort of at the 0:05:11.000 --> 0:05:13.160 moment and in the near term doesn't really look like 0:05:13.240 --> 0:05:15.839 the supply of that is going to be a constrain. 0:05:15.960 --> 0:05:18.000 So he really thinks that refining it is going to 0:05:18.040 --> 0:05:20.479 be the constraint, which we heard in the quote. And 0:05:20.560 --> 0:05:23.920 so you know, if they were really reaching their hands 0:05:23.960 --> 0:05:25.440 down deep all the way to the bottom of the 0:05:25.440 --> 0:05:28.159 supply chain and being the ones that themselves were pulling 0:05:28.240 --> 0:05:29.800 materials out of the ground, maybe that would be a 0:05:29.839 --> 0:05:32.960 little bit different. We know that something they've entertained just 0:05:33.000 --> 0:05:35.680 a couple of weeks ago we reported that they have 0:05:35.920 --> 0:05:40.120 been considering buying sigma lithium, which is a minor here 0:05:40.160 --> 0:05:43.160 in North America. They've had talks with Glencore in the past. 0:05:43.200 --> 0:05:45.119 I think that was reported last year or the year before, 0:05:45.480 --> 0:05:47.480 So it's something that's on their mind and something he's 0:05:47.480 --> 0:05:50.599 talked about on earning skulls. But it's not quite as 0:05:50.680 --> 0:05:53.880 full bars as it might seem. That it was interesting 0:05:53.880 --> 0:05:55.880 to hear them confirmed that they actually broke around on 0:05:55.920 --> 0:06:00.880 the site in Corpus Christophers Refinery because up until literally yesterday, 0:06:00.920 --> 0:06:03.279 I had local officials down there telling me they haven't 0:06:03.320 --> 0:06:04.640 heard a peep from them in the last couple of 0:06:04.640 --> 0:06:06.520 months and they were unsure what was actually going on. 0:06:06.560 --> 0:06:08.080 All right, John, I'm going to do a little rapid 0:06:08.080 --> 0:06:09.560 fire with you and then we can kind of build 0:06:09.560 --> 0:06:11.599 some stuff out because I feel like with Ellen, there's 0:06:11.600 --> 0:06:17.200 always so many different moving parts. Okay, so roadster just quickly, 0:06:17.320 --> 0:06:20.400 did we get anything. No, we didn't really hear anything 0:06:20.400 --> 0:06:22.560 about that, So not really sure what the status of 0:06:22.600 --> 0:06:26.080 that is at the moment. What about the truck, the 0:06:26.320 --> 0:06:28.800 which one the cyber truck or the semi cyber truck. 0:06:28.920 --> 0:06:32.359 We are continuing a pace at trying to get the 0:06:32.400 --> 0:06:35.039 first few units built here in Texas later this year, 0:06:35.080 --> 0:06:37.640 but not until next year will we see any sort 0:06:37.680 --> 0:06:40.480 of real volume production site. You know. That's about all 0:06:40.480 --> 0:06:42.679 we got it updated on last night. Twitter the company 0:06:42.720 --> 0:06:45.640 the distraction Succession, So I'm going to run Twitter while 0:06:45.640 --> 0:06:50.160 Elan does other stuff. Anything surprisingly little about Twitter last night, 0:06:50.520 --> 0:06:53.920 because Musk does love a tangent. Although I do think that, 0:06:54.040 --> 0:06:56.280 you know, Succession was maybe winked at a little bit 0:06:56.279 --> 0:06:59.000 by having Tom Ju speak and having all these other 0:06:59.000 --> 0:07:02.159 people up there, if not to say here's who's going 0:07:02.200 --> 0:07:03.800 to take over the company if I decide to leave, 0:07:03.839 --> 0:07:07.360 like I've teased in the past, but to say, you know, 0:07:07.760 --> 0:07:10.000 look at this wealth of people that we have working, 0:07:10.320 --> 0:07:12.200 these bright minds that we have working on this company, 0:07:12.240 --> 0:07:14.440 running this company, so that you know, if I do 0:07:14.520 --> 0:07:16.400 go off and get distracted by something else and buy 0:07:16.440 --> 0:07:18.480 some other company that takes up all my time and money, 0:07:19.200 --> 0:07:21.320 the company's in good hands. All right. One more, and 0:07:21.320 --> 0:07:25.880 then Maddie, it's yours Ai, because my understanding is that 0:07:26.240 --> 0:07:27.920 I forget there was a column or something I've read 0:07:27.920 --> 0:07:30.600 and it was like, wait, you know, don't worry. Ellen's 0:07:30.680 --> 0:07:32.320 kind of done with Twitter. The shiny new thing is 0:07:32.360 --> 0:07:34.400 now AI and he's got his own little group working 0:07:34.480 --> 0:07:38.520 on it. Did any of that come up, not specifically 0:07:38.560 --> 0:07:42.560 about that report, but you know, Tesla is working very 0:07:42.560 --> 0:07:46.640 hard and spending a lot of resources on developing artificial 0:07:46.720 --> 0:07:49.720 intelligence in the sense that they're using neural networks to 0:07:49.760 --> 0:07:53.320 train their software that you know, handles all their driver 0:07:53.360 --> 0:07:56.520 assistance features. Also in the Tesla robot, which we got 0:07:56.560 --> 0:07:58.600 a glimpse of again yesterday. Is still not a lot 0:07:58.640 --> 0:08:02.240 of detail about that. So they are moving forward pretty 0:08:02.280 --> 0:08:05.840 fast on some of those some of that, but we 0:08:06.040 --> 0:08:09.720 it was honestly a little bit less of a feature 0:08:10.040 --> 0:08:13.200 of last night's presentation than I expected to hear. I 0:08:13.280 --> 0:08:16.840 was really excited, but I'm so sorry by the potential 0:08:17.000 --> 0:08:20.440 cost reduction on cars. I think fifty percent targeting a 0:08:20.440 --> 0:08:22.560 fifty percent cost reduction. Can you talk a little bit 0:08:22.600 --> 0:08:26.520 about the impetus for that. Yeah, it's interesting. I think 0:08:26.560 --> 0:08:28.120 one of the funny things about it, and maybe this 0:08:28.200 --> 0:08:30.840 is factoring into the market reaction, is that last night's 0:08:30.840 --> 0:08:35.600 event was less about flash and promises and more about fundamentals. 0:08:35.600 --> 0:08:38.120 And when's the last time that we've heard, you know, 0:08:38.400 --> 0:08:41.400 an event from teslad be more about fundamentals than and 0:08:41.760 --> 0:08:45.600 promises and big ideas. Yeah, the goal with this next 0:08:45.640 --> 0:08:48.800 generation vehicle platform, based on all the learnings that Tesla's 0:08:48.840 --> 0:08:51.920 done over you know, popularizing the model Y and building 0:08:51.920 --> 0:08:55.280 it out at huge volumes at least for them, is 0:08:55.880 --> 0:08:59.520 going to be able to let them get yeah, fifty 0:08:59.559 --> 0:09:02.560 percent cost reduction upfront as far as what it's going 0:09:02.559 --> 0:09:04.360 to cost him to build that vehicle, which you know 0:09:04.480 --> 0:09:07.360 is why people are so excited about it because it 0:09:07.400 --> 0:09:11.000 means that they could substantially lower the price of whatever 0:09:11.120 --> 0:09:13.040 vehicle they build or vehicles they build out of it. 0:09:13.800 --> 0:09:15.560 And they spent a lot of a lot of time 0:09:16.320 --> 0:09:18.959 talking about how they reached some of those cost reductions, 0:09:19.280 --> 0:09:22.520 how they've reduced their footprint and become more efficient. Um, 0:09:22.679 --> 0:09:25.120 you know, the story from the beginning, since must got 0:09:25.160 --> 0:09:29.440 involved with Tesla fifteen plus years ago, has been vertical integration, 0:09:29.480 --> 0:09:31.920 and so this was really a celebration of that strategy 0:09:31.960 --> 0:09:35.000 paying off for them, one that you know has sort 0:09:35.000 --> 0:09:37.839 of other companies and other startups in this space have 0:09:37.960 --> 0:09:41.480 tried to replicate, you know, are finding out how difficult 0:09:41.480 --> 0:09:44.480 it is. Rivan's the most recent example reporting sort of 0:09:44.520 --> 0:09:47.200 lackluster earnings earlier this week and burning tons of cash, 0:09:47.240 --> 0:09:49.600 still trying to do the same kinds of things. Yeah, Sean, 0:09:49.800 --> 0:09:56.920 really really quickly, Ross Scarber, he was there, Yes, he's 0:09:57.000 --> 0:09:59.080 he you know, he's he's sort of thrown up his 0:09:59.120 --> 0:10:01.400 hands and surrendered his board bid, but he was there. 0:10:01.440 --> 0:10:02.719 He seems to be one of the ones who was 0:10:03.200 --> 0:10:07.000 most happy about the presentation and the things that Tesla discussed. 0:10:07.320 --> 0:10:10.000 And you know, we'll see where he goes from here. 0:10:10.080 --> 0:10:11.440 If I don't know, I don't know what kind of 0:10:11.559 --> 0:10:14.160 role he's going to be playing going forward, but he's 0:10:14.200 --> 0:10:16.240 certainly trying to remain one of the latter voices on 0:10:16.280 --> 0:10:18.719 the sidelines, cheering this company on. Well, he's going to 0:10:18.800 --> 0:10:21.360 join us actually tomorrow too, So you know, maybe we'll 0:10:21.360 --> 0:10:24.000 pick your brain see what you're interested in from Ross Gerbern. 0:10:24.120 --> 0:10:28.400 See see how happy is post that meeting and changes 0:10:28.440 --> 0:10:32.120 perhaps and not looking for that board seat anymore. So okay, 0:10:32.120 --> 0:10:34.800 and you're incredible. Evie Reporter up Bloomberg News via zoom 0:10:34.840 --> 0:10:38.840 in Austin. You're listening to the Bloomberg Business Week podcast. 0:10:39.080 --> 0:10:42.040 Catch us live weekdays from two to five pm Eastern 0:10:42.120 --> 0:10:45.439 on Bloomberg Radio. The Bloomberg Business app band you too. 0:10:45.720 --> 0:10:48.840 You can also listen live to our flagship New York station, 0:10:49.240 --> 0:10:54.679 Just Say Alexa play Bloomberg E Love and Dirty. We 0:10:54.840 --> 0:10:57.160 gotta get to my next joy. It's a most read 0:10:57.200 --> 0:11:00.000 story on the Bloomberg and I understand why because I mean, Carol, 0:11:00.080 --> 0:11:02.680 if you could take a private jet anywhere all the time, 0:11:02.720 --> 0:11:04.600 would you do it? Yes? Yes? You had me at 0:11:04.600 --> 0:11:06.880 Hello Yes, yes, right like I don't care if it's 0:11:06.920 --> 0:11:08.480 one minute all I would do it. I would do 0:11:08.480 --> 0:11:10.280 it all the time. And that's exactly what Elon Musk 0:11:10.360 --> 0:11:12.840 is doing. We were just talking about him. He's got Tesla, 0:11:12.960 --> 0:11:15.320 he's got Twitter, he's got the challenges of being the 0:11:15.400 --> 0:11:18.440 richest man in the world. That busy schedule requires a 0:11:18.440 --> 0:11:21.160 lot of private jet time. So here with more on 0:11:21.280 --> 0:11:25.079 this wild story. It's very interactive, so you really should 0:11:25.120 --> 0:11:27.400 check it out online on the Bloomberg terminal. We've got 0:11:27.440 --> 0:11:30.680 Bloomberg News Wealth Team reporters Sophie Alexander. She's one of 0:11:30.720 --> 0:11:34.400 the three writers on this story. Sophie, thank you so 0:11:34.480 --> 0:11:37.880 much for chatting with us about this. Did this story 0:11:37.920 --> 0:11:42.240 come about because of the college kid who was tweeting 0:11:42.640 --> 0:11:48.200 about Elon's flights or did it come about with something else? Yeah, 0:11:48.240 --> 0:11:50.280 I mean, and this is one that we've been wanting 0:11:50.320 --> 0:11:53.120 to do for a while, just because of the attention 0:11:53.160 --> 0:11:55.600 that Elon's flights have gone. And I got to say that, 0:11:56.320 --> 0:11:59.960 you know, Jack Tweeeney's work in his Twitter accounts definitely 0:12:00.040 --> 0:12:02.680 brought more attention to it. And you know, I think 0:12:02.920 --> 0:12:07.360 also just the fact that Ulon was so bothered by it, 0:12:07.360 --> 0:12:10.000 it made us think, Okay, well maybe let's take it, 0:12:10.280 --> 0:12:12.200 keep it. Look here, do you just want to poke 0:12:12.280 --> 0:12:15.800 the bear? Right? Is that what's going on, Sophie? Yeah, 0:12:15.800 --> 0:12:18.240 I mean I think everyone's just curious, and you know, 0:12:18.360 --> 0:12:21.360 Jack's done a great job of cataloging where this jet 0:12:21.400 --> 0:12:23.000 has been going, and I think we just wanted to 0:12:23.000 --> 0:12:24.959 take a step back and look at what that actually 0:12:25.000 --> 0:12:27.240 means over the course of the year. Did you talk 0:12:27.240 --> 0:12:29.040 to him for the story at all or were you 0:12:29.080 --> 0:12:31.320 really just like, yeah, we're doing our own reporting, but 0:12:31.360 --> 0:12:36.600 thanks for the idea. So yeah, we've talked to Jack before. 0:12:36.679 --> 0:12:39.720 I mean, he's been doing this as a sort of 0:12:39.760 --> 0:12:43.360 side project while he's in college. But our team, our 0:12:43.440 --> 0:12:48.960 data team scraped the our data from ADBs exchange, our 0:12:49.040 --> 0:12:52.040 ADSP Exchange, excuse me, which is where Jack also gets 0:12:52.080 --> 0:12:58.240 his data. So, yeah, you know what's interesting, You know, Sophie, 0:12:58.240 --> 0:12:59.960 we talk so much, and we just talked with our 0:13:00.000 --> 0:13:03.960 own Sean o'caine about the investor meeting at Tesla yesterday. 0:13:04.280 --> 0:13:06.400 Elon is someone who has a lot on his plate 0:13:06.440 --> 0:13:09.680 and seems to you know, excel by having a lot, 0:13:09.720 --> 0:13:13.920 whether it's Solar, whether it's the Boring Company, whether it's Ai, 0:13:14.080 --> 0:13:18.080 whether it's Tessa, whether it's you know, Rockets and you 0:13:18.120 --> 0:13:22.440 know SpaceX. Having said that, the ability to have a 0:13:22.480 --> 0:13:24.840 private jet and bop around the world and have that 0:13:24.880 --> 0:13:27.800 at your beck and call kind of makes it possible. 0:13:28.640 --> 0:13:31.360 And so tell us what you guys learned in putting 0:13:31.400 --> 0:13:34.920 this together and what he's been doing. Yeah, and I 0:13:34.960 --> 0:13:37.640 should add that this is just Elon's personal jet. This 0:13:37.720 --> 0:13:40.719 isn't a SpaceX jet or the Tesla jet that by 0:13:41.160 --> 0:13:45.120 the company. But yeah, I mean, this man is moving 0:13:45.120 --> 0:13:47.800 around a lot, and I think something that's been really 0:13:47.840 --> 0:13:50.560 interesting to see in the data is just like how 0:13:50.679 --> 0:13:55.280 much more he's flying after he's acquiring Twitter, especially of 0:13:55.320 --> 0:13:58.920 course to the Bay Area that really shot up after that, 0:13:58.960 --> 0:14:01.680 and it really just off shows the tool it takes 0:14:01.720 --> 0:14:04.760 to run five companies. I'll tell you what it takes. 0:14:04.880 --> 0:14:07.640 It takes Musk's jet flying around the Earth twelve point 0:14:07.640 --> 0:14:11.400 four times last year. I was just gonna say it, like, 0:14:11.559 --> 0:14:14.199 pick your data point, and again, you really need to 0:14:14.240 --> 0:14:17.000 experience this story on the terminal because Sophie, you guys 0:14:17.000 --> 0:14:20.640 did just such a cool job visualizing this. Sophie, what's 0:14:20.720 --> 0:14:25.200 your favorite data point here about about the flights that 0:14:25.280 --> 0:14:28.280 this man is taking. I think it's kind of fun. 0:14:28.360 --> 0:14:29.720 This is less of a data point, but I think 0:14:29.760 --> 0:14:32.320 it's kind of fun to see where he's going and 0:14:32.480 --> 0:14:34.520 you can sort of math along. You know, we don't 0:14:34.520 --> 0:14:36.560 know when he's in the jet or not, but because 0:14:36.560 --> 0:14:39.360 he tweets so much, we sort of do, you know, 0:14:39.520 --> 0:14:42.640 like so we have this great globe graphics so you 0:14:42.680 --> 0:14:44.720 can see, you know, in January he's in Hawaii on 0:14:44.840 --> 0:14:48.760 Larry Ellison's Island, then he's in April, and April he's 0:14:48.800 --> 0:14:51.480 in Berlin, and then later he's in Vancouver for a 0:14:51.560 --> 0:14:53.960 TED event, and then he's in Stout Polo and then 0:14:54.000 --> 0:14:56.120 in Rome, and then later in the year he's at 0:14:56.120 --> 0:14:58.720 the World Cup. So yeah, that I think that was 0:14:58.760 --> 0:15:01.600 the most fun to that's the other thing, that's so 0:15:01.640 --> 0:15:04.720 cool that you have the tweets imbedded in the story 0:15:04.800 --> 0:15:07.280 next to the locations. Well, it's just a reminder, right 0:15:07.320 --> 0:15:09.040 of the amount of data. I mean, someone who knows 0:15:09.280 --> 0:15:12.160 so much about data and the usage of it. But 0:15:12.280 --> 0:15:14.120 you think about all the information that's out there that 0:15:14.280 --> 0:15:19.000 enables you guys to I would say fairly easily have 0:15:19.160 --> 0:15:23.040 the data to put something like this together. That's right. 0:15:23.360 --> 0:15:26.880 Ul Must doesn't engage with reporters all that much, but 0:15:26.960 --> 0:15:30.760 we all know that he does engage with Twitter a lot. Yeah. 0:15:30.800 --> 0:15:33.080 I love too that you compare him to the other 0:15:33.120 --> 0:15:35.640 billionaires flying private jets. Must comes in at the top 0:15:35.680 --> 0:15:38.000 with one hundred and seventy one flights, Zucks got one 0:15:38.040 --> 0:15:41.400 hundred and fifteen, page at eighty five, and Ellison at 0:15:41.440 --> 0:15:45.000 eighty two. It's just it's so it's I think that's 0:15:45.040 --> 0:15:47.000 really cool that you you mapped all of that out. 0:15:47.040 --> 0:15:49.280 But of course, the carbon footprint here is a really 0:15:49.320 --> 0:15:52.520 big deal. Can you talk a little bit about the 0:15:53.080 --> 0:15:57.360 impact that his flights are causing. Sure? Yeah, that's that's 0:15:57.400 --> 0:16:02.320 two thundred and twelve metric tons of greenhouse gas roughly 0:16:02.360 --> 0:16:05.400 emitted in twenty twenty two from you know that personal 0:16:05.480 --> 0:16:08.120 jet alone, and so you know when you when you 0:16:08.200 --> 0:16:11.800 hear you know, the vague statistic or the vague fact 0:16:11.920 --> 0:16:15.240 that rich people are the one percent are the biggest 0:16:15.240 --> 0:16:18.760 emitters of these greenhouse gases compared to regular folks. You know, 0:16:18.800 --> 0:16:21.240 this is a good example of that. You know, that 0:16:21.400 --> 0:16:24.440 is one hundred and forty times more than the average 0:16:24.440 --> 0:16:29.440 Americans carbon footprint. And you know, we decided to compare 0:16:29.440 --> 0:16:32.840 it to Tesla's because of course, you know Musk, and 0:16:32.880 --> 0:16:36.080 so to make that up, a Tesla Model three would 0:16:36.080 --> 0:16:39.680 have to replace an average premium just combustion car for 0:16:39.920 --> 0:16:44.440 seven million miles to make that up. Some perspective for you. Hey, um, 0:16:44.680 --> 0:16:47.120 the title on the story is Elon Musk is so 0:16:47.240 --> 0:16:49.680 busy as private jet is taking thirteen minutes flight? So 0:16:49.720 --> 0:16:53.120 what is that thirteen minute flight? That's a good question. 0:16:53.240 --> 0:16:56.240 We're not totally sure what's going on there, but there 0:16:56.280 --> 0:16:59.040 are a handful of these fifteen minute flights. You know 0:16:59.160 --> 0:17:02.560 that they're just like either circling or going from like 0:17:03.040 --> 0:17:06.080 Hawthorne to Long Beach, which was like, you know, fifteen 0:17:06.080 --> 0:17:10.159 minutes away and there. It is just like interesting to 0:17:10.200 --> 0:17:12.679 go through all this data. You're seeing all different sorts 0:17:12.720 --> 0:17:15.560 of weird stuff like that, like you know, a trip 0:17:16.560 --> 0:17:20.800 from northern California and then circling around Las Vegas and 0:17:20.840 --> 0:17:23.320 then just going back to California, so as I think 0:17:23.320 --> 0:17:25.399 he was just like going up to see the lights. 0:17:25.400 --> 0:17:26.879 But these are the kinds of things that we're not 0:17:26.920 --> 0:17:28.840 going to have that much insight into us to like 0:17:28.920 --> 0:17:31.720 why that those things are happening. I think I remember 0:17:31.920 --> 0:17:36.240 our Twitter friend, the college student, tweeting that this out 0:17:36.280 --> 0:17:38.639 when it was happening, and a lot of the response 0:17:38.760 --> 0:17:41.639 was that maybe it was like a fueling thing, or 0:17:41.640 --> 0:17:43.560 it had to do with the staffing on the airplanes. 0:17:43.560 --> 0:17:46.000 I know you just explained very well that we're not 0:17:46.080 --> 0:17:49.000 going to know the reason, But does that seem plausible 0:17:49.040 --> 0:17:50.280 to you at all? Did that come up at all 0:17:50.280 --> 0:17:54.119 in your reporting? Yeah, totally possible that these could just 0:17:54.160 --> 0:17:57.720 be routine checks. There was also a period during the 0:17:57.800 --> 0:18:00.920 year where the plane was grounded for a while, and 0:18:01.480 --> 0:18:05.560 again Sweenie speculated that that was probably for some routine maintenance. 0:18:06.680 --> 0:18:10.200 But yeah, it's possible that it's all routine. It's possible 0:18:10.240 --> 0:18:12.920 that he's also just going up for a joy ride. Sophie. 0:18:13.040 --> 0:18:16.119 You know, you are a wealth team Reporter and Elon 0:18:16.240 --> 0:18:21.240 Musk recently getting back the title of the world's richest person. 0:18:21.480 --> 0:18:24.520 And I do think about, you know, we track so 0:18:24.640 --> 0:18:27.680 much when it comes to Elon and Tesla. I think 0:18:27.680 --> 0:18:29.960 about how we used to track, um, you know, when 0:18:29.960 --> 0:18:32.040 you would say some things and then when they came true. 0:18:32.040 --> 0:18:34.280 I mean, it's just we're obsessed with him. What is 0:18:34.320 --> 0:18:37.919 it that you think for someone who, like yourself, you know, 0:18:38.160 --> 0:18:42.399 tracks the world's rich people, what is it about Elon 0:18:42.560 --> 0:18:46.960 in particular that we are just also fascinated with? I mean, 0:18:47.720 --> 0:18:52.440 he is he makes himself such a public figure by 0:18:52.520 --> 0:18:57.199 nature of tweeting and by his activities. He's a total 0:18:57.280 --> 0:19:00.240 goofball in a lot of ways, and I think people, well, 0:19:00.280 --> 0:19:03.119 there's a total cultural personality there. There's a lot of 0:19:03.240 --> 0:19:05.960 Musk supporters, of course on Twitter, who will come to 0:19:06.000 --> 0:19:09.600 defend him at an instant. I think a lot of 0:19:09.640 --> 0:19:12.000 it has to do with the products that he's producing 0:19:12.160 --> 0:19:15.959 with Tesla and SpaceX. But it's also just like a 0:19:16.000 --> 0:19:19.280 remarkable thing for one individual to say, you know what, 0:19:19.520 --> 0:19:22.400 I'm going to buy this social media company and then 0:19:22.480 --> 0:19:25.639 actually follow through on it. I mean, we live in 0:19:25.640 --> 0:19:28.520 the capitalist society. Money is power, and this man has 0:19:28.560 --> 0:19:31.320 a lot of money, Sophie, really quickly, we've got thirty 0:19:31.320 --> 0:19:34.119 seconds left. What do you think is the biggest risk 0:19:34.280 --> 0:19:38.399 factor for Elon Musk potentially dropping off that highest spot 0:19:38.400 --> 0:19:41.040 of his on the rich list. I mean, I think 0:19:41.040 --> 0:19:44.040 everyone's watching this investor day. It's all about Tesla for 0:19:44.119 --> 0:19:47.080 Elon and for as well. Yeah, and so far, you know, 0:19:47.119 --> 0:19:49.320 what are we talking about? Fifty billion dollars being shaved 0:19:49.320 --> 0:19:52.280 off the market cap of Tesla because a little bit 0:19:52.280 --> 0:19:55.640 of a dad coming off that investor meeting yesterday. Hey, Sophie, 0:19:55.640 --> 0:19:58.600 thank you so much. Sophie Alexander, Wealth team reporter at 0:19:58.640 --> 0:20:01.320 Bloomberg News, joining on the phone in New York City. 0:20:01.480 --> 0:20:03.919 As Maddie said, this is a story to really be 0:20:03.960 --> 0:20:07.800 experienced online or on the Bloomberg because it's interactive. You 0:20:07.880 --> 0:20:10.080 play around with it and there's lots of fun and 0:20:10.160 --> 0:20:12.520 interesting data points. And I'm sure Elon is just loving 0:20:12.600 --> 0:20:14.880 it that we're like obsessed with his flights. I mean, 0:20:15.560 --> 0:20:18.520 she said it so well. He got upset about people 0:20:18.520 --> 0:20:20.800 talking about his flights, and that gave us a clue, Yeah, 0:20:20.840 --> 0:20:22.960 what we should cover and to be fair like security 0:20:23.000 --> 0:20:25.000 issues that because right now I think there's a well 0:20:25.040 --> 0:20:28.560 transit the information you're listening to The Bloomberg Business Week 0:20:28.600 --> 0:20:31.920 podcast got us Live weekdays from two to five pm 0:20:31.960 --> 0:20:35.840 Eastern on Bloomberg Radio, the Bloomberg Business app band you Doo. 0:20:36.080 --> 0:20:39.200 You can also listen live to our flagship New York station, 0:20:39.600 --> 0:20:44.480 Just Say Alexa Play Bloomberg e Love and thirty. This 0:20:44.680 --> 0:20:47.560 next story has it all for US celebrities, fugitives, and 0:20:47.720 --> 0:20:50.600 even the Fuji's. On that last point, Pras Michelle, you 0:20:50.640 --> 0:20:53.199 might remember him as a Grammy Award winning rapper, longtime 0:20:53.240 --> 0:20:55.879 member of Fuji's. What you may not know is his 0:20:56.040 --> 0:20:59.879 role in a high stakes negotiation between the US and China. Carrol. 0:21:00.400 --> 0:21:02.600 That's for sure. It is the cover story of the 0:21:02.600 --> 0:21:04.880 new issue of Bloomberg Business Week. It is mind blowing 0:21:05.000 --> 0:21:07.879