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Speaker 1: From the heart of where innovation, money and power collive

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Speaker 1: in Silicon Valley and beyond. This is Bloomberg Technology with

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Speaker 1: Emily Jay I'm Emily changing San Francisco in This is

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Speaker 1: Bloomberg Technology. Coming up in the next hour. Tesla beats

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Speaker 1: the first major US car makers report first quarter results,

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Speaker 1: and they don't disappoint. How the company is weathering supply issues,

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Speaker 1: rising costs, and production delays, while it's CEO explores buying

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Speaker 1: Twitter plus Netflix still falling down on the day, making

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Speaker 1: it the s ANDPS worst performer of the year so far.

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Speaker 1: Is the solution adds gaming? Just better content or maybe

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Speaker 1: a big fire like Apple? Will explore all scenarios and

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Speaker 1: as public markets fall all the CEO of Amazon Web

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Speaker 1: Services tells me he's open to deals of all sizes.

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Speaker 1: Adam Selipski joins me here in the studio on the

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Speaker 1: heels of the AWS summit in San Francisco, will explore

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Speaker 1: the future of the cloud, and well, what about Amazon

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Speaker 1: as a buyer for Twitter? Lots to get to I

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Speaker 1: want to start by digging deeper into Tesla's results. I'm

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Speaker 1: joined out by Steve Wesley, founder of the Wesley Group.

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Speaker 1: He was an early investor in Tesla and is a

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Speaker 1: former Tesla board member. Okay, Steve, there's a lot going

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Speaker 1: on here. The call is gonna start a little bit

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Speaker 1: later in our show. We're gonna hear what Ellen has

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Speaker 1: to say live. Let's talk about the headline numbers. First,

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Speaker 1: how is it the Tesla's managing all of these very

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Speaker 1: difficult challenges out there, from a chip crisis to inflation

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Speaker 1: to you know, a production shutdown in Shanghai. So well, well, first,

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Speaker 1: Tesla Blue Way the numbers once again, posting three d

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Speaker 1: and ten thousand vehicles delivered. That's a big number. They

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Speaker 1: were predicted to deliver e seventot six billion, and it

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Speaker 1: looks like they're going to beat that by a good

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Speaker 1: marsh And folks, this is year over year growth, annual

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Speaker 1: growth off a big number and posting their eleventh profitable

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Speaker 1: quarter on top of that. The real story is they've

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Speaker 1: just opened two new facilities in Austin, Berlin. They're sitting

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Speaker 1: on four massive production facilities and they just have capacity

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Speaker 1: that others don't. Elon is saying he predicts Tesla will

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Speaker 1: deliver one point four million cars this year. I think

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Speaker 1: he's going to produce at least one point six million.

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Speaker 1: If they do that, they could be on their way

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Speaker 1: to becoming a one point trillion dollar company. We'll see.

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Speaker 1: There's been concerned that Elon Musk's interest in Twitter could

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Speaker 1: potentially distract him from Tesla. We've seen Tesla shares take

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Speaker 1: a leg down since this whole drama has unfolded. Of course,

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Speaker 1: we'll have to see where markets closed tomorrow. But what's

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Speaker 1: your take on that can he do all of this

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Speaker 1: at once? Well? Look, if a test to shareholder, you

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Speaker 1: probably wanted to stay focused on Tesla. Only Ellen and

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Speaker 1: Twitter's board know what is going to happen there. As

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Speaker 1: you know, he offered his best and final offer forty

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Speaker 1: three billion dollars last week. They responded with the boys

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Speaker 1: and Bill. Look, Elon is not one to take no

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Speaker 1: for an answer, But heading test less SpaceX and Twitter,

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Speaker 1: it feels like a stretch to me. But people have

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Speaker 1: lost a lot of money betting against Tesla, and I

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Speaker 1: think I know for sure this one's gonna be exciting. Indeed,

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Speaker 1: if you can build rockets to Mars, why not try

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Speaker 1: to buy Twitter? It certainly seems much more reasonable. Indeed,

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Speaker 1: all right, so let's talk about the challenges that lie

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Speaker 1: ahead for Tesla, given the chip crisis ongoing, given rising inflation,

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Speaker 1: given a pandemic that's not over. I mean, there's reports

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Speaker 1: that workers at the Tesla pant in Shanghai are planning

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Speaker 1: to sleep there to avoid further lockdowns. How well do

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Speaker 1: you think the company will continue to navigate all of

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Speaker 1: these things through the rest of the year. Look, there's

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Speaker 1: a lot going on in the auto industry, and generally speaking,

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Speaker 1: I would say if you're investor in auto companies, you

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Speaker 1: need to be careful because you're seeing huge supply chain challenges.

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Speaker 1: Most of these other companies don't even have their factories

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Speaker 1: up and running, and we could be heading into a recession.

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Speaker 1: And precisely at the same time all that's going on

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Speaker 1: their twenty new EV companies coming into the market, Rivan, Lucid.

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Speaker 1: You've heard all the names, but the reality is it's

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Speaker 1: hard to make e vs, and you're seeing Rivan and

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Speaker 1: Lucid already backtracking on numbers, pulling numbers down. Ford and

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Speaker 1: General Motors dramatically lower numbers than people have expected. Ford

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Speaker 1: fewer than seven thousands n e vs delivered this quarter,

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Speaker 1: General Motors less than a thousand, so I think the

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Speaker 1: takeaway here is touch Slate is lapping the competition when

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Speaker 1: most of the other automakers are just getting buckled in.

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Speaker 1: Let's see how checks out. There's also, of course, what

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Speaker 1: you mentioned the R word recession inflation on the rise.

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Speaker 1: Are people going to want to buy new cars right now?

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Speaker 1: Maybe Tesla is the best at making e vs, but

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Speaker 1: doesn't matter if people aren't buying them. So that's the

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Speaker 1: big issue. You know. On the one hand, if you

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Speaker 1: go down to the testa dealership, now they're gonna tell

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Speaker 1: you eight, ten, twelve month wait. So there's a huge

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Speaker 1: demand there. The question is will that cool off? In

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Speaker 1: Q two or Q three. Looks to me like there's

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Speaker 1: a lot of pent up demand. Tesla will take advantage

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Speaker 1: of it because they have got four plants going now

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Speaker 1: and by the way, a or in the process of

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Speaker 1: doubling capacity of their plant in Shanghai. By the way,

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Speaker 1: just for the viewers, we can picture this. You've all

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Speaker 1: have been to a costco. The Tesla facility in China

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Speaker 1: is ten million square feet. That's the size of one

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Speaker 1: hundred costcos placed next to each other. These are huge facilities.

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Speaker 1: There's are up and running, others aren't just also do

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Speaker 1: something smart. They've put supply chain contracts with firms you've

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Speaker 1: probably never heard of, like Veil, the world's largest nickel producer,

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Speaker 1: so they know where the supply supply is coming from

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Speaker 1: and they've got I think a leg up on supply chain. Now,

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Speaker 1: how is and how big a recession is coming? That's

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Speaker 1: hard to predict right now there in the capperl seat. Meantime,

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Speaker 1: Steve in the long list of other things that Elon

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Speaker 1: Musk has to deal with, there is this lawsuit over

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Speaker 1: that tweet that he sent in funding secured. He's being

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Speaker 1: sued by shareholders over this. He had asked to judge

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Speaker 1: if he could continue tweeting about it, making comments about it. Uh,

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Speaker 1: you know, as the suit is ongoing. A judge has

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Speaker 1: now ruled that yes he can. He's not going to

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Speaker 1: be muzzled. What do you make of this particular situation,

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Speaker 1: the fact that this is going on now almost five

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Speaker 1: years So, look, you've got a guy who's gonna get

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Speaker 1: out of the park with SpaceX, out of the park

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Speaker 1: with tesla Um. Would I advise him to get into

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Speaker 1: a a pissing match with the SEC or the government?

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Speaker 1: Probably not, But Elon is nothing if not genuine. He

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Speaker 1: As I said before, people have lost a lot of

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Speaker 1: money betting against him. We'll see how this shakes out.

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Speaker 1: It's really only up to the SEC to decide. Personally,

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Speaker 1: I'd love to see him staying focused on building great vehicles,

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Speaker 1: because right now he's doing a heck of a good

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Speaker 1: job of that, all right. Steve Wesley, founder of the

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Speaker 1: Wesley Group, early investor in Tesla, early Tesla board member.

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Speaker 1: Always great to have your perspective here on the show.

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Speaker 1: Some announcements from the Amazon Web Services Summit right here

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Speaker 1: in San Francisco. Amazon has taken a new step toward

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Speaker 1: getting all of its power from green sources. By the

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Speaker 1: world's large just online retailer, has reached deals to boost

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Speaker 1: its access to renewable energy by almost a third. Most

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Speaker 1: of it will come from solar farms in the United States.

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Speaker 1: It will be used to supply Amazon's offices, warehouses, and

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Speaker 1: data centers. Meantime, Adam Slitsky, CEO of AWS, joined meat

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Speaker 1: here on the set in San Francisco. We're gonna get

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Speaker 1: to that conversation momentarily, but first I want to get

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Speaker 1: back to our Ed Ludlow, who's been following testa's results,

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Speaker 1: and we're not just minutes away from the Tesla earnings call. Normally,

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Speaker 1: how this goes, I believe Elon jumps on, muddles through

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Speaker 1: some prepared remarks, and then goes off the cuff, right, Yeah,

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Speaker 1: he kind of respectfully mumbles through prepared remarks before passing

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Speaker 1: on to Zach kirk Con who's the CFO. Sometimes Shrew Bagnino,

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Speaker 1: who's the s VP of power Train and Energy, but

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Speaker 1: he often interjects. But as you know him, today is

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Speaker 1: four twenty. I know nothing's happened yet and being but

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Speaker 1: we were all expecting a big moment exactly. So a

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Speaker 1: lot of Twitter users to Twitter and said, oh, I

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Speaker 1: wonder if Elon Musk tagging him in the tweet at

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Speaker 1: Elon Musque will be on the cool He replied yes,

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Speaker 1: So you know there's a lot going on in Elon

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Speaker 1: Must's world right now. The bid for Twitter tests are

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Speaker 1: having a great quarter in the first quarter, SpaceX doing

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Speaker 1: really well. There's just intense interest here. But what is

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Speaker 1: it we want to know from him? Probably if he's

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Speaker 1: not going to talk about Twitter, the outlook for Cybertruck,

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Speaker 1: the outlook for Semi truck, these kind of new products

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Speaker 1: because that's what he does. He keeps investors looking to

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Speaker 1: the horizon. So could we hear something more dramatic from

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Speaker 1: him on the Tesla Ernis call. Could that be the

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Speaker 1: moment that he chooses to do some sort of reveal

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Speaker 1: or make a move if I was a betting man. Yes,

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Speaker 1: all right, we'll be listening into that call as it

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Speaker 1: starts momentarily ed, thank you. Meantime, back to that conversation

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Speaker 1: with Adam Selipski, the CEO of a w S AS

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Speaker 1: I mentioned a slew of new announcements, including thirty seven

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Speaker 1: in new renewable energy projects, thirty million dollar commitment to

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Speaker 1: startups led by diverse founders. My conversation with Adam Selipsky

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Speaker 1: earlier talking about the future of AWS and the cloud,

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Speaker 1: and two major Amazon Web Services outages late last year,

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Speaker 1: I asked what he learned from that. Take a listen.

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Speaker 1: Availability is absolutely critical. Our first priority is always security,

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Speaker 1: and immediately following that, operational performance including availability and overall,

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Speaker 1: if you look at the sixteen year operating history of AWS,

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Speaker 1: and even if you look at you know, shorter periods

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Speaker 1: the last year, the last three years, we've been highly reliable.

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Speaker 1: We've been highly available. We've had better availability track records

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Speaker 1: than other large cloud providers. Are certainly better than really

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Speaker 1: any enterprise I've talked to has been able to achieve

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Speaker 1: in their own data centers. So any evidence you've lost

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Speaker 1: customers as a result of those, No, We've had a

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Speaker 1: lot of conversations. I mean we Uh, we had a

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Speaker 1: couple of days of course in December, which you know,

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Speaker 1: we're not not good operational days and we own that,

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Speaker 1: by the way, you know, we don't we don't run

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Speaker 1: away from that. Um. And uh, we learned from them

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Speaker 1: and have been really trying to take whatever lessons we

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Speaker 1: could to make ourselves even more reliable. But as we've

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Speaker 1: talked to customers, uh, they've they've really all you know,

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Speaker 1: understood that. Um. While we don't like what happened on

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Speaker 1: a day like that at all, if because of our

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Speaker 1: customers hurt, you know, we we feel to hurt too.

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Speaker 1: That we really have a very strong track record and

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Speaker 1: that keeps the partnership strong. People have been asking for

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Speaker 1: years whether AWS should be spun off from Amazon. Do

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Speaker 1: you spend any time thinking about this or thinking about

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Speaker 1: the hypothetical benefits? Really only with folks like you, m

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Speaker 1: As it turns out, Uh, honestly not. We We have

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Speaker 1: no current plans to spend on AWS. We think that

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Speaker 1: our customers are very well served by having a w

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Speaker 1: s B a part of Amazon. In fact, so many

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Speaker 1: an increasing number of the conversations I have with particularly

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Speaker 1: big inn prizes UH they want to make use of

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Speaker 1: the capabilities at Amazon has across the company. Whether it's

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Speaker 1: energy companies want wanting to um sell us power, whether

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Speaker 1: it's auto manufacturers who have electric vehicles that we need

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Speaker 1: for our delivery fleets, whether it's UH telcos who want

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Speaker 1: to deliver five G enabled services to their consumers around

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Speaker 1: things like entertainment and and Amazon Prime Video. Okay, but

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Speaker 1: Andy Jesse might have said he never thought about a

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Speaker 1: stock split, and recent events show that even in this environment,

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Speaker 1: sometimes we have to revisit those sacred cows. Has the

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Speaker 1: idea of a split ever come up in a conversation

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Speaker 1: with Andy or Jeff, It's it's really not a topic

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Speaker 1: of conversation. We were very squarely focused on the way

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Speaker 1: we're operating today. We we honestly do not have any

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Speaker 1: plans in which I'm aware to uh really entertain split

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Speaker 1: off of AWS. We think the way that we're organized

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Speaker 1: now is actually very good for customers. That said, the

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Speaker 1: market is changing, eulations are dropping. If you look at

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Speaker 1: what's happening in the macro environment. How is this impacting

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Speaker 1: your strategy around acquisitions? We've seen Microsoft be really opportunistic. Well,

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Speaker 1: we've We've very consistently done acquisitions over the really the

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Speaker 1: whole history of AWS. I'd say that overall our strategy

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Speaker 1: has been to do smaller, tuck in acquisitions. Part of

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Speaker 1: that it's because we're trying to build a complete infrastructure

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Speaker 1: a single platform. Casual spectators often point out that Amazon

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Speaker 1: doesn't really have a social play. Does Amazon need a

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Speaker 1: social play? Could it be could a Twitter makes sense?

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Speaker 1: Well that I don't know, but we certainly, I mean

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Speaker 1: our strategy into different businesses revolve around partners and our ecosystem.

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Speaker 1: Certainly to an AWS it's two and other parts of

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Speaker 1: companies with a very strong social presence, be it as

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Speaker 1: as AWS customers or in our retail business for customer

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Speaker 1: acquisition and UH customer messaging, doing more and more in

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Speaker 1: the retail business with the shopping experience using social channels.

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Speaker 1: So we're very intertwined with social media companies, and I

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Speaker 1: would imagine across all of our business what will continue

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Speaker 1: to be closely intertwined. One of those is Meta, which

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Speaker 1: recently picked Amazon as its long term cloud provider. I'm

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Speaker 1: curious if Meta is just giving you a piece of

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Speaker 1: their business or if this is a step towards them

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Speaker 1: getting out of their own data center business. Well, I

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Speaker 1: think you have to ask them that. But we've been

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Speaker 1: working with them for quite a while. But we and

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Speaker 1: they did announce recently that they were doing a significant

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Speaker 1: amount of their machine learning workloads on AWS and would

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Speaker 1: be doing more that going forward, and UM, we really

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Speaker 1: love that as the next development and our long term

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Speaker 1: partnership with them. UM. I do think there's a lot

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Speaker 1: of things so we can do with with companies like

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Speaker 1: that together. UM to the economics, the agility, the flexibility

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Speaker 1: and powerful and even for a large sophisticated UH cost

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Speaker 1: in the cloud. How much companies like that move to

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Speaker 1: the cloud, move to AWS will be a function of

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Speaker 1: how well do we understand and anticipate their needs and

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Speaker 1: how well can we build in a way that's really

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Speaker 1: effective for them for their own customer acquisition and retention.

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Speaker 1: There's a lot of new exciting technologies out there. Andy

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Speaker 1: recently said that Amazon could potentially sell n f t

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Speaker 1: s in the future. How do you think about n

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Speaker 1: f t S, blockchain, web, three, the metaverse. Where's the

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Speaker 1: opportunity there for AWS? Where do you want to play Boy?

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Speaker 1: There's just a lot of buzzwords in that center, aren't there?

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Speaker 1: There are We're wondering what the actual market opportunity is.

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Speaker 1: What fundamentally, you know, what we want to do is

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Speaker 1: to enable all of the underlying technologies that our customers

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Speaker 1: at AWS. Customers need to build all of those things,

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Speaker 1: to build the metaverse, to build you know, three D computing, UH,

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Speaker 1: to build a blockchain and cryptocurrency applications, and we're currently

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Speaker 1: doing that. So if you look at I mean, gaming

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Speaker 1: companies are often where people start when they talk about

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Speaker 1: quote unquote metaverse companies. And if you look at companies

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Speaker 1: like Riot Games, if you look at epic. Uh, they're

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Speaker 1: both you know, very deep AWS customers. If you look

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Speaker 1: at Meta which is of course even had had a

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Speaker 1: name change. UM, we're doing more with them over time,

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Speaker 1: which is which is really gratifying. And so we also

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Speaker 1: you look at things like Ethereum, of Ethereum workloads in

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Speaker 1: the world run on AWS. So we're doing more and

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Speaker 1: more around blockchain, around Ledger technology, around three D and

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Speaker 1: spatial computing, which is going to be an important part

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Speaker 1: of the metaverse. And UH at the AW strategies to

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Speaker 1: really again try and be uh as far out ahead

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Speaker 1: of where those emerging metaverse company demand ends and blockchain

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Speaker 1: and cryptocurrency customer demands are going to be, and UH

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Speaker 1: and deliver really great innovative services. M Amazon Web Services

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Speaker 1: CEO Adam Selipsky. There you can catch that full interview

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Speaker 1: at Bloomberg dot com. Let's get an update on the

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Speaker 1: Musque Twitter saga continuing to go viral. Elon Musk now

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Speaker 1: reaching out to potential financing partners across Wall Street. But

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Speaker 1: the question is he having any luck. I'm gonna bring

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Speaker 1: in Bloomberg's Michelle Davis for more on that, Michelle, who's

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Speaker 1: actually considering this? Yeah, so, you know, as we know,

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Speaker 1: the most interesting one of the most interesting parts about

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Speaker 1: musk S bid for Twitter is that he didn't made

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Speaker 1: it public without having the financing lined up. We know

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Speaker 1: that as of now, he has started to have financing

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Speaker 1: conversations with potential financing partners. At this point, he's only

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Speaker 1: focused on raising debt UM. It's our understanding that he

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Speaker 1: has yet to initiate conversation around you know, raising equity UM.

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Speaker 1: And so it's his bank Morgan Stanley reaching out to

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Speaker 1: other big banks UM reaching out to We understand Apollo

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Speaker 1: has agreed to participate help you know, finance through debt

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Speaker 1: this offer UM. But at this point we also know

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Speaker 1: that there are a couple of firms like Blackstone, Brookfield

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Speaker 1: and Vista that have at this point said, you know,

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Speaker 1: we kind of want to stay away from this situation.

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Speaker 1: We're not going to help provide any financing. Do any

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Speaker 1: context done? How much how these conversations are actually going.

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Speaker 1: Is he putting pressure on on potential investors here, like, Hey,

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Speaker 1: if you work with me, you get the benefits of

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Speaker 1: working with me, and I've got obviously a huge portfolio. Yeah.

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Speaker 1: I mean, so that's one of the big questions that

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Speaker 1: we're trying to find out is how exactly what a

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Speaker 1: deal be structured. Um. Some things that have been floated

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Speaker 1: are you know, maybe investors could come in and they

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Speaker 1: might have some certainty baked in that they would have

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Speaker 1: veto power over what Musk says. But at this point

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Speaker 1: it's very you know, very little. We just know that

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Speaker 1: they are reaching out to other banks, other financing sources.

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Speaker 1: Morgan Stanley is a bank that's advice saying Elon Musk,

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Speaker 1: and so it's our understanding that you know, they would

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Speaker 1: help with provide some of the financing for him. But um, yeah,

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Speaker 1: unclear exactly you know, how it will be structured. How

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Speaker 1: long could it take before it becomes clear whether he

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Speaker 1: has money or not. So Elon Musk has indicated that

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Speaker 1: he wants to make an official tender offer at some

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Speaker 1: point soon. You know, he made a cryptic tweet past

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Speaker 1: night that you know, blank is the day. And so

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Speaker 1: before he does that tender offer, he's going to need

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Speaker 1: to have the financing gund up. Um, so soon when

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Speaker 1: would they Well, it is four twenty. I was waiting

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Speaker 1: for something, had to happen today, but we've still got

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Speaker 1: a few more hours. Michelle Davis, thank you so much.

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Speaker 1: And then it's disappointing for investors, and it is for sure.

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Speaker 1: It's just a softer seasonal quarter for us. We have

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Speaker 1: this addressable market that's expanding over town. Internally, we're really

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Speaker 1: geared up and this is like our moment to shine.

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Speaker 1: Welcome back to Bloomberg Technology Eclipse from the Netflix earnings

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Speaker 1: called I Want to Stick with Netflix, bringing Ross Gerber

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Speaker 1: whose investment from Gerber Kawasaki is also an investor in Netflix. Ross,

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Speaker 1: this has got to hurt. Yeah, well, you know, it

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Speaker 1: hurts for sure on the short term. But if you're

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Speaker 1: a long term investor like we are. I bought a

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Speaker 1: little bit myself today to be honest, Why why do

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Speaker 1: you think, why do you see potential? Well, it's what's

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Speaker 1: changed is really in my mind two things. Number one,

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Speaker 1: I don't really see the competition as really being the

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Speaker 1: biggest issue from other streamers. The competition is with real life,

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Speaker 1: and real life is back and people are going out

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Speaker 1: and people are going to Vegas and people are going

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Speaker 1: to Disneyland, and the problems are just watching less Netflix,

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Speaker 1: and and when you look at how many people are

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Speaker 1: getting Netflix for free and what that addressable market is,

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Speaker 1: which is actually a third of their total subscribers. Um,

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Speaker 1: Netflix still has a lot of room they can grow.

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Speaker 1: I think another thing a lot of people are talking

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Speaker 1: about is this could be a byproduct of the work

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Speaker 1: from home culture. You know, Netflix has really struggled with

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Speaker 1: the work from home culture because making movies and and

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Speaker 1: content is a collaborative process and it's been very difficult.

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Speaker 1: And Netflix is called all their employees back into the

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Speaker 1: office that's starting I think this month, and I think

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Speaker 1: Read Hastings and the team there are the smartest people

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Speaker 1: in Hollywood, and they're going to figure out new ways

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Speaker 1: to monetize their brand. And I think we just have

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Speaker 1: to change the metrics that we're valuing Netflix with towards

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Speaker 1: earnings growth and away from subscriber growth. And when you

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Speaker 1: look at that, Netflix is a very cheap store. So

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Speaker 1: let's talk about the ways that they could unlock new growth.

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Speaker 1: One cracking down on password sharing. How much growth is

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Speaker 1: that really going to unlock? Then of course there's the

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Speaker 1: idea of an ad supported model, a tiered model gaming,

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Speaker 1: or maybe it's just making better content, which of all

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Speaker 1: of those options seems to be the hardest. Well, better

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Speaker 1: content is sort of a nonsensical thing right now. They

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Speaker 1: have the most watched shows on television currently. Uh, I

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Speaker 1: think it's inventing Hannah, which my wife is watching like NonStop.

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Speaker 1: They have the best producers in Hollywood, and they have

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Speaker 1: every great project in Hollywood. So the content isn't the issue.

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Speaker 1: The issue is monetizing the content in ways that they

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Speaker 1: haven't in the past. And I'm a big believer that

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Speaker 1: Netflix needs to reinvent the theater experience around their shows

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Speaker 1: and movies. And there's many ways they can monetize, between merchandise,

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Speaker 1: events and communities they can build around their content, which

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Speaker 1: they currently are not. Secondly, you've mentioned to I think

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Speaker 1: very important areas, which is an AD supported Netflix Light,

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Speaker 1: which they take zero dollars in on ad revenue. And

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Speaker 1: you look at a model like YouTube and how much

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Speaker 1: money they're printing on advertising and the engagement. Netflix has

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Speaker 1: the same engagement level as YouTube, and if they ran ads,

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Speaker 1: they would be very successful. And I would advertise on

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Speaker 1: Netflix for sure, you know. And so that's another thing.

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Speaker 1: And then of course half the people in my office

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Speaker 1: don't actually pay for Netflix. So I asked them, you know, well,

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Speaker 1: what would get you to pay? And it's the same

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Speaker 1: thing with iTunes and music where people didn't want to

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Speaker 1: pay until it became a hassle to do it. So

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Speaker 1: Netflix can employ several strategies to start monetizing these users,

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Speaker 1: and we suspect they could capture another million users, maybe

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Speaker 1: at a lower rate of cost, but I mean of revenue.

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Speaker 1: But but certainly there's a lot of growth. When you

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Speaker 1: got a hundred million subs, you aren't paying all right,

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Speaker 1: ross You are also a testlate shareholder. And the Tesla

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Speaker 1: earnings call has begun. We've been listening to the CFO

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Speaker 1: deliver some prepared remarks and Elon Musk is speaking. Now.

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Speaker 1: We're gonna bring you headlines as those roll in, But

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Speaker 1: curious what your thoughts are on the results looked. Tesla

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Speaker 1: has had a better report than than certainly Netflix yesterday.

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Speaker 1: But a lot going on in the world of Elon Musk.

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Speaker 1: Does it bother you as an investor that there are

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Speaker 1: all of these many distractions, Well, clearly they're not affecting

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Speaker 1: Tesla's focus. Um, you know, Elon's sort of lives on

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Speaker 1: another planet we call Mars, and he doesn't sleep, and

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Speaker 1: he has a tremendous passion for making the world a

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Speaker 1: better place and doing it profitably. How he's executed with

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Speaker 1: such a difficult supply chain environment and manufacturing environment further

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Speaker 1: shows the dominance and the mode that Tesla's built around

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Speaker 1: their business and in the foresight that Elon hasn't being

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Speaker 1: able to deliver so many vehicles profitably in this environment

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Speaker 1: where no other company is doing that in their industry,

429
00:24:49,760 --> 00:24:53,439
Speaker 1: whether traditional cars or e vs. So where I think

430
00:24:53,640 --> 00:24:55,879
Speaker 1: the lack of focus at Netflix has caused them to

431
00:24:55,960 --> 00:24:58,359
Speaker 1: drift a little bit and now creating an opportunity for

432
00:24:58,400 --> 00:25:01,720
Speaker 1: long term investors. Testa obviously is a fully valued company

433
00:25:01,760 --> 00:25:05,880
Speaker 1: that's executing really, really well, and I think we'll continue

434
00:25:05,880 --> 00:25:08,159
Speaker 1: to for a long time. So this is really a

435
00:25:08,160 --> 00:25:11,440
Speaker 1: special time for Tesla because next sir looks even better

436
00:25:11,840 --> 00:25:15,680
Speaker 1: than this year and they're executing beautiful. The CFO has

437
00:25:15,680 --> 00:25:18,360
Speaker 1: been digging into this idea of you know, the impact

438
00:25:18,440 --> 00:25:22,040
Speaker 1: of the production shutdown in Shakai, saying they lost about

439
00:25:22,119 --> 00:25:26,240
Speaker 1: a month of build volume. They're they're working back to

440
00:25:26,240 --> 00:25:29,160
Speaker 1: to get full productive, full projection as quickly as possible,

441
00:25:29,280 --> 00:25:32,720
Speaker 1: But how big of a concern is this ongoing, given

442
00:25:32,720 --> 00:25:35,520
Speaker 1: that the Shanghai factory is such a lynch pin of

443
00:25:35,520 --> 00:25:39,240
Speaker 1: Tesla's production strategy. Yeah, and I don't want to minimize

444
00:25:39,280 --> 00:25:41,600
Speaker 1: the concern because I think this is the biggest risk

445
00:25:41,680 --> 00:25:44,399
Speaker 1: to many companies, not just Tesla right now, which is

446
00:25:44,840 --> 00:25:49,520
Speaker 1: China's failed COVID policies are creating huge problems not just

447
00:25:49,680 --> 00:25:52,320
Speaker 1: at Tesla, but also a companies like Apple and others

448
00:25:52,320 --> 00:25:55,280
Speaker 1: in the hardware business in technology, so we're seeing and

449
00:25:55,400 --> 00:25:58,960
Speaker 1: other industries as well. So we're seeing continued disruption, even

450
00:25:59,000 --> 00:26:03,239
Speaker 1: worse than we saw earlier, which sucks. So you know,

451
00:26:03,640 --> 00:26:05,800
Speaker 1: I don't have a spin on that. What I do

452
00:26:05,880 --> 00:26:08,440
Speaker 1: think is they are opening. They just opened to new

453
00:26:08,520 --> 00:26:12,080
Speaker 1: factories and to new markets that aren't it China, and

454
00:26:12,119 --> 00:26:14,600
Speaker 1: there couldn't be a better time for that to happen.

455
00:26:15,160 --> 00:26:17,639
Speaker 1: But what I do suspect is that China is going

456
00:26:17,680 --> 00:26:20,359
Speaker 1: to be challenging for Tesla over the next six months.

457
00:26:20,640 --> 00:26:22,560
Speaker 1: I think it's a short term issue and I think

458
00:26:22,560 --> 00:26:25,639
Speaker 1: it will hurt production on the short term, but I

459
00:26:25,640 --> 00:26:27,400
Speaker 1: think they're going to make it up in the other

460
00:26:27,440 --> 00:26:30,440
Speaker 1: factories because I think what we're gonna see is tremendous

461
00:26:30,560 --> 00:26:34,440
Speaker 1: uh productivity and growth in Berlin and Austin, and so

462
00:26:34,840 --> 00:26:39,760
Speaker 1: I think within sixty days they'll have figured out how

463
00:26:39,800 --> 00:26:42,040
Speaker 1: to make up all the production that might be lost.

464
00:26:42,080 --> 00:26:43,639
Speaker 1: But I think for sure we're going to see that

465
00:26:43,640 --> 00:26:45,200
Speaker 1: in the quarter, and I don't think there's any spin

466
00:26:45,240 --> 00:26:49,080
Speaker 1: on it. Elon Musk just give a shout out to

467
00:26:49,200 --> 00:26:53,280
Speaker 1: the Tesla China team and the Shanghai factory. Talked about

468
00:26:53,520 --> 00:26:56,240
Speaker 1: how it's been a record quarter on many levels, but

469
00:26:56,359 --> 00:26:59,119
Speaker 1: this the latest headline saying Tesla Ross is working on

470
00:26:59,160 --> 00:27:04,480
Speaker 1: a dedicated robo taxi with no steering wheel or pedals.

471
00:27:04,600 --> 00:27:06,760
Speaker 1: Of course, you know, el On Musk, because you know,

472
00:27:06,840 --> 00:27:10,040
Speaker 1: talk quite boldly about things that will come in Testa's future,

473
00:27:10,040 --> 00:27:12,960
Speaker 1: and many things have taken a while to come to fruition,

474
00:27:13,080 --> 00:27:15,240
Speaker 1: some haven't quite yet. But do you like the sound

475
00:27:15,240 --> 00:27:17,840
Speaker 1: of that? Yeah? I do. And I think this is

476
00:27:17,880 --> 00:27:21,120
Speaker 1: really more a byproduct of the convergence of the full

477
00:27:21,160 --> 00:27:24,640
Speaker 1: self driving technology, which is making a lot of progress currently,

478
00:27:25,000 --> 00:27:27,520
Speaker 1: along with the idea of having a cheaper vehicle that

479
00:27:27,880 --> 00:27:31,240
Speaker 1: would cost less money, like let's say thirty dollar price

480
00:27:31,280 --> 00:27:34,359
Speaker 1: point instead of fifties sixty price point. But instead of

481
00:27:34,359 --> 00:27:37,520
Speaker 1: selling that cheaper vehicle, we've seen tremendous demand from the

482
00:27:37,560 --> 00:27:40,919
Speaker 1: rental car companies for low end Testla's whether it be

483
00:27:41,000 --> 00:27:44,000
Speaker 1: Hurts or others. And so I think test is like, well,

484
00:27:44,040 --> 00:27:48,520
Speaker 1: why should we make rental cars, you know our robotaxis

485
00:27:48,560 --> 00:27:50,639
Speaker 1: for everybody else, We should make them for ourselves, and

486
00:27:50,760 --> 00:27:53,639
Speaker 1: especially this new vehicle which is using the new battery

487
00:27:53,640 --> 00:27:56,600
Speaker 1: cell technology. So what I suspect is that Tesla fields

488
00:27:56,600 --> 00:27:59,919
Speaker 1: they can build low cost vehicles using all their technology

489
00:28:00,280 --> 00:28:03,439
Speaker 1: in battery technology as well as full self driving to

490
00:28:03,600 --> 00:28:07,640
Speaker 1: create this sort of master yellow cab without a human

491
00:28:07,680 --> 00:28:09,680
Speaker 1: in it. And and I think that that's a reality.

492
00:28:10,080 --> 00:28:12,600
Speaker 1: It's just how long it'll take. And I think that's

493
00:28:12,640 --> 00:28:16,080
Speaker 1: really been the challenge with Tesla isn't the vision, it's

494
00:28:16,160 --> 00:28:18,600
Speaker 1: it's how long it takes to achieve those visions. So

495
00:28:18,600 --> 00:28:20,280
Speaker 1: so I don't know how long that's gonna take. But

496
00:28:20,880 --> 00:28:23,320
Speaker 1: but I wouldn't be betting against Ellen, That's for sure.

497
00:28:23,480 --> 00:28:26,360
Speaker 1: I'm betting with him, and I'm betting more with him. Well,

498
00:28:26,480 --> 00:28:30,760
Speaker 1: he's saying he hopes to reach volume production in and

499
00:28:30,760 --> 00:28:34,679
Speaker 1: says this will be a massive driver of Tesla growth

500
00:28:34,680 --> 00:28:37,800
Speaker 1: timing for us. Interesting. I recently sat down with Aisha Evans,

501
00:28:37,800 --> 00:28:40,320
Speaker 1: the CEO of Zooks on the latest studio One point

502
00:28:40,320 --> 00:28:43,360
Speaker 1: I was Zooks, of course, is the uh self driving

503
00:28:43,520 --> 00:28:47,960
Speaker 1: robo taxi company that Amazon bought for over a billion dollars.

504
00:28:47,960 --> 00:28:49,880
Speaker 1: We're gonna see a clip of that later in the show.

505
00:28:50,560 --> 00:28:53,480
Speaker 1: Ross Gerber Gerber Kawasaki. Always good to have you and

506
00:28:53,600 --> 00:28:57,000
Speaker 1: your colorful opinions here on the show. Thank you for

507
00:28:57,120 --> 00:29:11,280
Speaker 1: stopping by. We're gonna get to our crypto report in

508
00:29:11,280 --> 00:29:13,160
Speaker 1: just a moment. But Elon must speaking right now on

509
00:29:13,200 --> 00:29:16,000
Speaker 1: the Tesla ernies call, saying that the first quarter was

510
00:29:16,040 --> 00:29:19,200
Speaker 1: a record quarter on many levels, congratulating the Tesla's team

511
00:29:19,240 --> 00:29:22,240
Speaker 1: despite facing many headwinds, also giving a special shout out

512
00:29:22,240 --> 00:29:25,760
Speaker 1: to the Tesla China team at that factory in Shanghai.

513
00:29:25,800 --> 00:29:28,400
Speaker 1: He also said they're working on a new vehicle, a

514
00:29:28,400 --> 00:29:33,360
Speaker 1: dedicated robo taxi that won't have a steering wheel or pedals,

515
00:29:33,400 --> 00:29:36,520
Speaker 1: but could be a massive driver of Tesla's growth in

516
00:29:36,520 --> 00:29:39,480
Speaker 1: the future. We're continuing to monitor headlines from that column,

517
00:29:39,480 --> 00:29:42,680
Speaker 1: will bring you more as they roll in to our

518
00:29:42,720 --> 00:29:45,800
Speaker 1: crypto report. Now, I want to bring in Framework Ventures

519
00:29:45,840 --> 00:29:48,240
Speaker 1: of venture capital firm that has just raised four million

520
00:29:48,280 --> 00:29:51,400
Speaker 1: dollars for a fun focused on investing in early stage

521
00:29:51,440 --> 00:29:55,080
Speaker 1: crypto startups from gaming and Web three to defy. Cofident

522
00:29:55,120 --> 00:29:58,520
Speaker 1: founder Michael Anderson joins me now. Michael talked to us

523
00:29:58,520 --> 00:30:02,240
Speaker 1: about the advantages of being a Web three native venture

524
00:30:02,280 --> 00:30:08,360
Speaker 1: capital firm and competing in an industry where most venture capitalists, uh,

525
00:30:08,400 --> 00:30:10,680
Speaker 1: you know, go about their business in more traditional ways

526
00:30:10,680 --> 00:30:14,000
Speaker 1: that they've been doing for decades. Yeah, it's it's a

527
00:30:14,040 --> 00:30:15,920
Speaker 1: great point and a great question. You know. One of

528
00:30:15,960 --> 00:30:18,880
Speaker 1: the things that really I think separates us from traditional

529
00:30:18,960 --> 00:30:22,760
Speaker 1: venture investors, especially investors in the web free space as well,

530
00:30:23,040 --> 00:30:25,360
Speaker 1: is that we actually have more engineers on the team

531
00:30:25,360 --> 00:30:28,800
Speaker 1: than we have venture investors. When we make an investment,

532
00:30:28,880 --> 00:30:33,120
Speaker 1: we're participating by building alongside the investor, alongside the investments

533
00:30:33,120 --> 00:30:35,600
Speaker 1: that we make, and partnering at a really deep level

534
00:30:35,680 --> 00:30:38,880
Speaker 1: to the founding teams that we're backing. And because of this,

535
00:30:39,040 --> 00:30:41,440
Speaker 1: you know, we we've been able to really help dictate

536
00:30:41,480 --> 00:30:44,080
Speaker 1: success of the investments that we make and really help

537
00:30:44,240 --> 00:30:47,480
Speaker 1: understand where where things are going from new opportunities before

538
00:30:47,480 --> 00:30:50,320
Speaker 1: they rise and before anybody else you notice them. So

539
00:30:50,400 --> 00:30:53,520
Speaker 1: what are those opportunities? You've just announced a four hundred

540
00:30:53,560 --> 00:30:56,400
Speaker 1: million dollar fund to invest in new blockchain startups. You've

541
00:30:56,440 --> 00:30:59,800
Speaker 1: got all kinds of money, including the traditional money chasing

542
00:31:00,040 --> 00:31:03,280
Speaker 1: the startups. You know, what do you believe is out

543
00:31:03,320 --> 00:31:07,400
Speaker 1: there that's unique that they're not going to see? Yeah,

544
00:31:07,440 --> 00:31:10,120
Speaker 1: So when we started Framework with our first fund in ten,

545
00:31:10,280 --> 00:31:12,280
Speaker 1: we were really I think one of the first firms

546
00:31:12,320 --> 00:31:14,920
Speaker 1: to go bet the farm on DeFi and and DeFi

547
00:31:15,040 --> 00:31:18,800
Speaker 1: has become commonplace at this point, it's really the poor

548
00:31:18,840 --> 00:31:21,520
Speaker 1: area of engagement for most of the applications that are

549
00:31:21,520 --> 00:31:24,640
Speaker 1: being developed on top of Web three currently. And what

550
00:31:24,720 --> 00:31:27,160
Speaker 1: we see now and especially with this new fund, is

551
00:31:27,200 --> 00:31:30,600
Speaker 1: that blockchain based gaming and and what we see is

552
00:31:30,640 --> 00:31:33,120
Speaker 1: the potential for blockchain based gaming into the next couple

553
00:31:33,160 --> 00:31:35,200
Speaker 1: of years is really the same opportunity that we saw

554
00:31:35,240 --> 00:31:38,800
Speaker 1: with Defied twenty nineteen. It's really a unique opportunity to

555
00:31:38,800 --> 00:31:41,800
Speaker 1: to get these these game developers that have been developing

556
00:31:41,840 --> 00:31:45,240
Speaker 1: on consoles, on on PCs, on mobile for the last

557
00:31:45,280 --> 00:31:47,600
Speaker 1: ten twenty years and and build on a new form

558
00:31:47,640 --> 00:31:50,920
Speaker 1: factor which has advantages that just aren't aren't possible in

559
00:31:50,920 --> 00:31:53,880
Speaker 1: the ecosystems that they're used to today. All Right, well,

560
00:31:53,880 --> 00:31:55,640
Speaker 1: we'll be watching to see where you make your next move.

561
00:31:55,680 --> 00:31:58,880
Speaker 1: Framework Ventures co founder Michael Anderson, thanks for joining us

562
00:32:08,040 --> 00:32:10,560
Speaker 1: as we continue to monit our Tesla results. I spoke

563
00:32:10,600 --> 00:32:14,400
Speaker 1: exclusively with Zooks CEO Aisha Evans, the autonomous driving company

564
00:32:14,440 --> 00:32:17,720
Speaker 1: recently bought by Amazon for over a billion dollars this

565
00:32:17,880 --> 00:32:19,680
Speaker 1: and the latest edition of Bloomberg Studio. At one point

566
00:32:19,720 --> 00:32:22,320
Speaker 1: out we talked about what it takes to turn a

567
00:32:22,360 --> 00:32:28,680
Speaker 1: startup into a global ride hailing giant, including competing with Tesla.

568
00:32:29,360 --> 00:32:32,640
Speaker 1: M this is Silicon Valley. We are, you know, pay

569
00:32:32,720 --> 00:32:36,120
Speaker 1: tribute to disruptors. Having said that, we're not exactly in

570
00:32:36,120 --> 00:32:38,960
Speaker 1: the same business. We don't sell a car to people.

571
00:32:39,120 --> 00:32:42,120
Speaker 1: We sell a right to people. Our customers are not drivers,

572
00:32:42,240 --> 00:32:44,880
Speaker 1: they are writers, and therefore we use the same types

573
00:32:44,920 --> 00:32:47,840
Speaker 1: of technologies. But they are in the car selling business.

574
00:32:48,160 --> 00:32:53,920
Speaker 1: So how does Zooks fit into the future of Amazon, Well,

575
00:32:53,960 --> 00:32:56,520
Speaker 1: that story is yet to be written. First of all,

576
00:32:56,600 --> 00:32:59,440
Speaker 1: we are we hope to deliver on the promise of

577
00:32:59,640 --> 00:33:03,240
Speaker 1: a new segment and uh sort of a big business

578
00:33:03,600 --> 00:33:06,560
Speaker 1: uh and be one of those in the tradition of

579
00:33:06,560 --> 00:33:09,920
Speaker 1: of Amazon. We know there's a world of possibilities, but

580
00:33:10,080 --> 00:33:12,280
Speaker 1: I tell everybody we first have to earn it right

581
00:33:12,480 --> 00:33:16,520
Speaker 1: before we talk about a sort of synergies and possibilities

582
00:33:16,560 --> 00:33:20,080
Speaker 1: and opportunities together. Zero times anything is still zero and

583
00:33:20,160 --> 00:33:22,240
Speaker 1: it will be for a long time. So we're focusing

584
00:33:22,240 --> 00:33:25,640
Speaker 1: on building our business, getting to market, and then there's

585
00:33:25,640 --> 00:33:28,120
Speaker 1: a myriad of possibilities of things we could do together.

586
00:33:28,360 --> 00:33:30,440
Speaker 1: Zoo is going to be dropping off my boxss. Is

587
00:33:30,480 --> 00:33:33,760
Speaker 1: that what I should expect potentially, if that's the right

588
00:33:33,800 --> 00:33:35,640
Speaker 1: thing to do and if it makes sense to do so.

589
00:33:35,720 --> 00:33:37,280
Speaker 1: But first we're going to make sure to take you

590
00:33:37,360 --> 00:33:40,440
Speaker 1: everywhere you need to go without having to worry about parking,

591
00:33:40,960 --> 00:33:43,560
Speaker 1: having a car, and so on. What's it like having

592
00:33:43,600 --> 00:33:47,160
Speaker 1: Amazon as your boss? It's been good put an independent

593
00:33:47,800 --> 00:33:51,760
Speaker 1: subsidiary of of Amazon. So yes, they are involved. We

594
00:33:51,840 --> 00:33:54,120
Speaker 1: agree on what's going to happen, why it's gonna happen.

595
00:33:54,240 --> 00:33:56,240
Speaker 1: How often did you talk to Jeff Bezos or do

596
00:33:56,320 --> 00:34:01,240
Speaker 1: you talk to Andy Jasse or maybe it's Dave limp Um.

597
00:34:01,360 --> 00:34:03,840
Speaker 1: I don't talk to them that often. I mean, we

598
00:34:03,960 --> 00:34:07,240
Speaker 1: have a monthly business for you or quality business with you,

599
00:34:07,600 --> 00:34:09,640
Speaker 1: but no, it's not like I'm besties with them and

600
00:34:09,680 --> 00:34:12,440
Speaker 1: we're on the phone and wrapping and chatting. Now, well,

601
00:34:12,560 --> 00:34:15,640
Speaker 1: you must know what their expectations are. What is Amazon

602
00:34:15,719 --> 00:34:20,120
Speaker 1: expecting of zoos execute get to market scale, and do

603
00:34:20,160 --> 00:34:23,880
Speaker 1: you have the funding to do that? GM? Google very

604
00:34:23,920 --> 00:34:27,560
Speaker 1: well funded competitors or fellow travelers. As you say, are

605
00:34:27,560 --> 00:34:29,879
Speaker 1: you getting what you need? Yes? More than what I need.

606
00:34:30,480 --> 00:34:33,919
Speaker 1: I'm funding is not something I even worry about. So

607
00:34:34,000 --> 00:34:36,480
Speaker 1: what's it like to operate in that environment where money

608
00:34:36,520 --> 00:34:39,360
Speaker 1: is not an issue? Well, I mean you have to

609
00:34:39,400 --> 00:34:41,360
Speaker 1: be careful, right, because you also don't want to be

610
00:34:41,400 --> 00:34:44,040
Speaker 1: a drunken sailor and be like, oh now I have

611
00:34:44,400 --> 00:34:47,040
Speaker 1: You still have to be a very disciplined You have

612
00:34:47,160 --> 00:34:50,160
Speaker 1: to manage the phases of the business. We're like, okay,

613
00:34:50,200 --> 00:34:52,520
Speaker 1: how do we execute? How do we make our mouth stones?

614
00:34:52,520 --> 00:34:55,720
Speaker 1: How do we get to market where things organized properly?

615
00:34:55,880 --> 00:34:59,000
Speaker 1: How do we hire? How do we retain and so

616
00:34:59,040 --> 00:35:01,600
Speaker 1: on and so forth? How do stay mission driven? The

617
00:35:01,640 --> 00:35:04,440
Speaker 1: public seems to have lost interest in waiting around for

618
00:35:04,480 --> 00:35:07,440
Speaker 1: self driving cars. I wrote in Google self Driving Car

619
00:35:07,480 --> 00:35:11,799
Speaker 1: in eleven and I'm still waiting to be able to

620
00:35:12,000 --> 00:35:15,560
Speaker 1: buy or just ride a self driving car on demand.

621
00:35:15,920 --> 00:35:18,680
Speaker 1: Why is it taking so long? I think in self driving,

622
00:35:19,160 --> 00:35:23,560
Speaker 1: first of all, the opportunity is so clear, um the

623
00:35:24,360 --> 00:35:27,920
Speaker 1: so the beach is so broad. We forget that big

624
00:35:27,960 --> 00:35:31,280
Speaker 1: things do start small. One second, it's a hard problem

625
00:35:31,280 --> 00:35:35,000
Speaker 1: to solve. We talk a lot about safety, uh and

626
00:35:35,040 --> 00:35:37,440
Speaker 1: we talked talk a lot about human error when it

627
00:35:37,480 --> 00:35:40,560
Speaker 1: comes to driving, but we also forget that collectively, at

628
00:35:40,600 --> 00:35:44,040
Speaker 1: least in the United States of America, humans collectively drive

629
00:35:44,080 --> 00:35:49,640
Speaker 1: a hundred million miles before having a fatality. That's a

630
00:35:49,680 --> 00:35:52,279
Speaker 1: lot of mouths. So humans are also pretty good. And

631
00:35:52,320 --> 00:35:55,239
Speaker 1: the thing humans are good at, which is hand I

632
00:35:55,280 --> 00:35:58,640
Speaker 1: call it exception handling. We all know how to drive.

633
00:35:59,080 --> 00:36:02,280
Speaker 1: If you are all fully autonomous, would be deployed already.

634
00:36:02,280 --> 00:36:04,719
Speaker 1: But we're driving amongst human and you have to deal

635
00:36:04,760 --> 00:36:07,600
Speaker 1: with so many little scenarios. There are so many things

636
00:36:07,680 --> 00:36:11,600
Speaker 1: that you've been learning about driving since births and codifying

637
00:36:11,680 --> 00:36:15,400
Speaker 1: that using AI sensors and computers is turning out to

638
00:36:15,400 --> 00:36:19,040
Speaker 1: be a lot harder. You can catch much more of

639
00:36:19,040 --> 00:36:21,640
Speaker 1: my conversation with Zooks CEO. I saw Evans tonight nine

640
00:36:22,000 --> 00:36:25,040
Speaker 1: Eastern on Bloomberg Television. The question could as Zooks be

641
00:36:25,160 --> 00:36:28,680
Speaker 1: delivering my Amazon packages one day? All that and more

642
00:36:28,719 --> 00:36:31,480
Speaker 1: on this edition of Bloomberg Studio One point. Now, I

643
00:36:31,480 --> 00:36:33,240
Speaker 1: want to get back to the latest on Tesla's earnings

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Speaker 1: call Now and bring Back are at Ludlow. And it's

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00:36:35,120 --> 00:36:38,520
Speaker 1: very interesting since Ela must just just just described what

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00:36:38,640 --> 00:36:41,200
Speaker 1: sounds a lot like a Zooks saying that Tesla is

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00:36:41,239 --> 00:36:44,400
Speaker 1: working on a robotax seat with no steering wheel, no pedals,

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00:36:44,760 --> 00:36:48,080
Speaker 1: neither of which Zooks have. This is a purpose built ROBOTAXI.

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00:36:48,239 --> 00:36:51,680
Speaker 1: Testa is working on mass production by four. He's had

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00:36:51,719 --> 00:36:53,920
Speaker 1: some criticism on the cool as well, some questions of

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00:36:54,000 --> 00:36:58,640
Speaker 1: criticism about overpromising on full self driving, but this purpose

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00:36:58,680 --> 00:37:01,440
Speaker 1: built car seem the big takeaway, and he says this

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00:37:01,480 --> 00:37:04,800
Speaker 1: is going to drive massive growth by I mean, Ellen

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00:37:04,880 --> 00:37:08,520
Speaker 1: has made bold predictions about timelines before and he's got

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00:37:08,520 --> 00:37:10,239
Speaker 1: them wrong. I think you know this is happening in

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00:37:10,239 --> 00:37:14,000
Speaker 1: parallel with other stuff. So Cybertruck goes into mass PRODUCTIONE.

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00:37:14,320 --> 00:37:17,799
Speaker 1: They're continuing FSD beta and Elon musk message was, if

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00:37:17,800 --> 00:37:20,320
Speaker 1: you're a Testa owner, try FD beta, but the future

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00:37:20,640 --> 00:37:23,200
Speaker 1: is fleet based, you don't own your own vehicle. Sounds

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00:37:23,239 --> 00:37:25,839
Speaker 1: a lot like zoos. So the thing we haven't heard

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00:37:25,920 --> 00:37:29,279
Speaker 1: yet is anything about four joining or Twitter on the car. Yeah, right,

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00:37:29,800 --> 00:37:32,719
Speaker 1: the only kind of curious thing. Musk didn't start the call.

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00:37:32,840 --> 00:37:36,719
Speaker 1: Cfo zat kirkwn did and then Musk made made very deliberate,

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00:37:37,040 --> 00:37:40,200
Speaker 1: prepared remarks, which is kind of not very Musk like.

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00:37:40,360 --> 00:37:42,440
Speaker 1: So he didn't go off script. He didn't go off

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00:37:42,440 --> 00:37:45,440
Speaker 1: script yet, better run back to my desk, right, So

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00:37:45,880 --> 00:37:48,040
Speaker 1: it's kind of how long there's a car go on for?

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00:37:48,080 --> 00:37:50,160
Speaker 1: It's about an hour, right, He's going to take questions

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00:37:50,160 --> 00:37:55,080
Speaker 1: from institutional investors, detail investors, from analysts. That's where the riffing,

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00:37:55,160 --> 00:37:58,480
Speaker 1: and somebody has got to ask what's going on with

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00:37:58,520 --> 00:38:00,799
Speaker 1: your Twitter bit? Elon Musk, They've got, so I hope

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00:38:00,840 --> 00:38:02,919
Speaker 1: that will manage for Tesla investors. I mean, we've seen

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00:38:02,960 --> 00:38:06,280
Speaker 1: shares take a leg down since all of this drama

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00:38:06,320 --> 00:38:08,720
Speaker 1: started to unfold. And certainly if you're a Tesla investor,

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00:38:08,760 --> 00:38:11,239
Speaker 1: maybe maybe you don't want Elon mustard by Twitter and

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00:38:11,280 --> 00:38:14,080
Speaker 1: he's a busy guy. Is he distracted? That's another question,

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00:38:14,120 --> 00:38:16,640
Speaker 1: like how can he run all these companies and trying

678
00:38:16,680 --> 00:38:19,799
Speaker 1: by Twitter? Well, multitasking is certainly nothing new to Elon Musk,

679
00:38:19,880 --> 00:38:22,040
Speaker 1: so there's certainly an argument to be made there. But

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00:38:22,120 --> 00:38:23,719
Speaker 1: we will be listening in for all the headlines, So

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Speaker 1: stay tuned to Bloomberg Television for much more at Ludlow.

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Speaker 1: Thank you that does it for this edition of Bloomberg

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Speaker 1: Technology