1 00:00:01,280 --> 00:00:03,520 Speaker 1: This episode is brought to you by P and C Bank. 2 00:00:03,920 --> 00:00:06,680 Speaker 1: A lot of people think podcasts about work are boring, 3 00:00:06,880 --> 00:00:10,719 Speaker 1: and sure, they definitely can be, but understanding of professional's 4 00:00:10,800 --> 00:00:14,040 Speaker 1: routine shows us how they achieve their success little by little, 5 00:00:14,440 --> 00:00:18,079 Speaker 1: day after day. It's like banking with P and C Bank. 6 00:00:18,560 --> 00:00:21,360 Speaker 1: It might seem boring to save, plan and make calculated 7 00:00:21,400 --> 00:00:24,479 Speaker 1: decisions with your bank, but keeping your money boring is 8 00:00:24,520 --> 00:00:27,840 Speaker 1: what helps you live a more happily fulfilled life. P 9 00:00:27,960 --> 00:00:32,800 Speaker 1: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly 10 00:00:32,840 --> 00:00:35,479 Speaker 1: Boring since eighteen sixty five is a service mark of 11 00:00:35,520 --> 00:00:38,760 Speaker 1: the PNC Financial Service Group, Inc. P and C Bank 12 00:00:39,159 --> 00:00:41,360 Speaker 1: National Association Member FDIC. 13 00:00:43,080 --> 00:00:46,680 Speaker 2: Elon Muss is the richest person in the world currently 14 00:00:47,240 --> 00:00:55,000 Speaker 2: what publicly no publicly, but he he he wants to 15 00:00:55,080 --> 00:00:58,600 Speaker 2: approve He wants to have a one trillion dollar compensation 16 00:00:58,760 --> 00:01:05,319 Speaker 2: plan approved. In a letter to investors and Tesla's brought board, Yeah, 17 00:01:06,360 --> 00:01:08,919 Speaker 2: he shared why he thought that this would be appropriate 18 00:01:09,080 --> 00:01:12,240 Speaker 2: and pretty much said, like, you know, if he doesn't 19 00:01:12,280 --> 00:01:14,400 Speaker 2: get what he wants, then he's going to walk away 20 00:01:14,440 --> 00:01:19,360 Speaker 2: from the company that he's made. Obviously famous. In one 21 00:01:19,360 --> 00:01:21,960 Speaker 2: of the most valuable companies in world history. Now, it's 22 00:01:21,959 --> 00:01:27,440 Speaker 2: important to keep in mind here this payout package actually 23 00:01:27,720 --> 00:01:31,080 Speaker 2: comes with benchmarks that have to be met. So the 24 00:01:31,200 --> 00:01:37,000 Speaker 2: one trillion is the last of it. If it if 25 00:01:37,160 --> 00:01:40,600 Speaker 2: it gets to if Tesla's valuation gets to eight point 26 00:01:40,680 --> 00:01:44,400 Speaker 2: five trillion dollars, then his payout then he he'll he'll, 27 00:01:44,560 --> 00:01:46,039 Speaker 2: he'll earn one trillion. 28 00:01:45,720 --> 00:01:47,200 Speaker 3: Dollars over the course of that time. 29 00:01:47,640 --> 00:01:50,560 Speaker 2: So the eight point five is a lot from where 30 00:01:50,560 --> 00:01:52,559 Speaker 2: it is now. I think it's at one a little 31 00:01:52,560 --> 00:01:55,520 Speaker 2: bit more than one trillion right now, So let me 32 00:01:55,560 --> 00:01:58,840 Speaker 2: tell you right now, that would be you know, one 33 00:01:58,840 --> 00:02:03,680 Speaker 2: point four Yeah, a tremendous gain from where it currently is. 34 00:02:03,680 --> 00:02:06,280 Speaker 2: But it gives him an a sense of Now, some 35 00:02:06,280 --> 00:02:09,079 Speaker 2: people will say, okay, well, he already has a lot 36 00:02:09,080 --> 00:02:13,040 Speaker 2: of Tesla stock, so even if it like he's gonna 37 00:02:13,040 --> 00:02:16,480 Speaker 2: make hundreds of billions of dollars just from the Tesla stock. 38 00:02:16,520 --> 00:02:18,240 Speaker 2: And then when the conversation fact gets so why is 39 00:02:18,240 --> 00:02:21,520 Speaker 2: he need an additional you know, and then you know, okay, 40 00:02:21,600 --> 00:02:24,320 Speaker 2: it gets to eight trillion, he gets one trillion. That's 41 00:02:24,360 --> 00:02:27,520 Speaker 2: fourteen percent of the company's valuation. That's kind of a 42 00:02:27,560 --> 00:02:30,840 Speaker 2: lot just from a payment standpoint, But then they're like, Okay, 43 00:02:30,880 --> 00:02:34,799 Speaker 2: well if it gets to eight trillion dollars the investors. 44 00:02:34,919 --> 00:02:36,920 Speaker 2: I mean, that's a good thing for investors, right. That 45 00:02:37,000 --> 00:02:39,240 Speaker 2: means that you've made six hundred percent of your money 46 00:02:39,240 --> 00:02:42,639 Speaker 2: and nobody's gonna be mad at that. So but yeah, 47 00:02:42,680 --> 00:02:47,280 Speaker 2: I mean it's it's unprecedented that somebody would ask for 48 00:02:47,320 --> 00:02:53,320 Speaker 2: a one trillion dollar payment compensation package. So is that 49 00:02:53,440 --> 00:02:57,000 Speaker 2: something that's reasonable? And as an investor, if anybody, because 50 00:02:57,000 --> 00:02:58,639 Speaker 2: I'm sure there's a lot of people that's watching market 51 00:02:58,680 --> 00:03:01,200 Speaker 2: Mondays that might be an investor in Tesla, and you 52 00:03:01,200 --> 00:03:03,560 Speaker 2: should probably check wherever you invested, you could, you could 53 00:03:03,600 --> 00:03:07,840 Speaker 2: you probably got a vote on this situation. Yeah, if 54 00:03:08,200 --> 00:03:10,920 Speaker 2: you're invested in Tesla, is this something that you think 55 00:03:11,560 --> 00:03:14,000 Speaker 2: you want to go through it? Or do you feel 56 00:03:14,040 --> 00:03:17,000 Speaker 2: comfortable risking Elon Musk walking away. 57 00:03:18,960 --> 00:03:22,000 Speaker 4: A From a negotiation standpoint, I think he's done a 58 00:03:22,040 --> 00:03:25,160 Speaker 4: fantastic job. To be very clear, they have some very 59 00:03:25,200 --> 00:03:29,600 Speaker 4: tough benchmarks in him to hit before he even gets 60 00:03:29,639 --> 00:03:31,760 Speaker 4: to the eight and a half trillion dollar value to 61 00:03:31,840 --> 00:03:36,720 Speaker 4: then get one trillion. But if we're going to be 62 00:03:36,840 --> 00:03:42,040 Speaker 4: very honest, Elon's at wants in a lifetime talent, and 63 00:03:42,080 --> 00:03:46,640 Speaker 4: too often boards that are not once in a lifetime 64 00:03:46,680 --> 00:03:50,360 Speaker 4: talent wants to tell the once in a lifetime talent 65 00:03:50,480 --> 00:03:54,480 Speaker 4: how they should operate. And given the business climate that 66 00:03:54,520 --> 00:03:58,840 Speaker 4: we're in, even though this is probably the greatest era 67 00:03:59,000 --> 00:04:01,040 Speaker 4: in my lifetime we were talking about to yesterday Troy, 68 00:04:01,040 --> 00:04:04,400 Speaker 4: in terms of investing, this is probably the weakest class 69 00:04:04,840 --> 00:04:08,600 Speaker 4: of non exceptional companies that I've ever seen that's publicly traded. 70 00:04:09,480 --> 00:04:12,240 Speaker 4: So if he's seeing the gap, because let's be very clear, 71 00:04:12,600 --> 00:04:17,960 Speaker 4: without Elon, Tesla essentially has no value, especially if he 72 00:04:18,040 --> 00:04:23,359 Speaker 4: takes his talents to focus on Starlink primarily, which is 73 00:04:23,400 --> 00:04:26,840 Speaker 4: the real gem of a company. I know it sounds 74 00:04:26,839 --> 00:04:28,680 Speaker 4: like a lot, it is a lot of money, but 75 00:04:28,800 --> 00:04:33,320 Speaker 4: if we're talking about driver of revenue, driver of ecosystem, 76 00:04:34,320 --> 00:04:36,040 Speaker 4: driver of ban and I said this two and a 77 00:04:36,080 --> 00:04:38,960 Speaker 4: half three years ago, eventually he's going to go to 78 00:04:39,040 --> 00:04:41,680 Speaker 4: chairman because Tesla's not the thing he wants to focus on. 79 00:04:42,320 --> 00:04:45,200 Speaker 4: And now he's going to force his way to get 80 00:04:45,200 --> 00:04:48,600 Speaker 4: a trillion or force a way out in terms of exit. 81 00:04:48,960 --> 00:04:51,480 Speaker 4: And if you don't think this is having a significant impact, 82 00:04:52,080 --> 00:04:55,400 Speaker 4: another once in a lifetime talent, Warren Buffett for the 83 00:04:55,440 --> 00:04:59,760 Speaker 4: first time. Berkshire got downgraded because the once in their 84 00:04:59,760 --> 00:05:03,839 Speaker 4: life time talent is not in that seat, and because 85 00:05:03,880 --> 00:05:07,680 Speaker 4: you have no great succession plan, no great product roadmap 86 00:05:07,760 --> 00:05:13,440 Speaker 4: without him. He hasn't elevated corporate executives in the public 87 00:05:13,520 --> 00:05:17,119 Speaker 4: so that the retail investor knows what will come next. 88 00:05:17,640 --> 00:05:20,160 Speaker 4: He's in prime position to get this package. So without him, 89 00:05:20,200 --> 00:05:24,000 Speaker 4: there is no company. In twenty ten, the stock was 90 00:05:24,040 --> 00:05:27,800 Speaker 4: at a dollar and fifteen cent. There's no value without him. 91 00:05:27,839 --> 00:05:29,280 Speaker 4: If you're gonna be very honest. 92 00:05:29,080 --> 00:05:31,400 Speaker 1: Yeah, we had a once well another once in a 93 00:05:31,440 --> 00:05:34,640 Speaker 1: lifetime talent be voted out by his board by the 94 00:05:34,680 --> 00:05:36,560 Speaker 1: name of Sea Jobs in nineteen eighty five. 95 00:05:36,720 --> 00:05:39,920 Speaker 3: Didn't work. Shot the stelling wherever you hear, this will 96 00:05:39,960 --> 00:05:42,360 Speaker 3: not work. This will not work either. 97 00:05:43,080 --> 00:05:45,800 Speaker 1: I think Elon has said that he wants a twenty 98 00:05:45,800 --> 00:05:48,240 Speaker 1: five percent, so that that's part of it that makes 99 00:05:48,240 --> 00:05:50,040 Speaker 1: it a little bit tricky. He wants a twenty five 100 00:05:50,040 --> 00:05:52,800 Speaker 1: percent voting control to stay fully committed. That's kind of 101 00:05:52,839 --> 00:05:54,320 Speaker 1: like the threat, right, like, if I don't get a 102 00:05:54,360 --> 00:05:57,520 Speaker 1: twenty five percent, I'm gonna take my focuses elsewhere. The 103 00:05:57,560 --> 00:06:00,760 Speaker 1: problem is if he takes his focus elsewhere is Tesla, 104 00:06:01,080 --> 00:06:03,600 Speaker 1: because if you listen to their earnings call that they 105 00:06:03,720 --> 00:06:08,840 Speaker 1: just had, they talked nothing about cars. No, there wasn't 106 00:06:08,839 --> 00:06:11,919 Speaker 1: even a mention of cars. He did not mention anything 107 00:06:11,960 --> 00:06:16,680 Speaker 1: about the vehicles. Yep, all autonomous, all robotics. I think 108 00:06:16,720 --> 00:06:20,960 Speaker 1: he actually talked about like a doctor, a robot doctor on. 109 00:06:21,000 --> 00:06:22,200 Speaker 3: The call, like preempted it. 110 00:06:22,200 --> 00:06:24,039 Speaker 1: Didn't even get asked about it, but just decided that 111 00:06:24,040 --> 00:06:26,560 Speaker 1: I'm just going to afford this information over and so 112 00:06:26,839 --> 00:06:30,880 Speaker 1: it goes back to the how are they being valued? 113 00:06:31,360 --> 00:06:33,280 Speaker 3: Right? Is it just sentiment we talked about again, we 114 00:06:33,320 --> 00:06:36,080 Speaker 3: talked about this yesterday. Yep. Some companies are just moving 115 00:06:36,240 --> 00:06:36,599 Speaker 3: on set. 116 00:06:36,640 --> 00:06:39,040 Speaker 1: It's not fundamentals at this point, right, because Tesla the 117 00:06:39,120 --> 00:06:41,279 Speaker 1: automotive vehicle. When we looked at sales, I know sales 118 00:06:41,320 --> 00:06:43,919 Speaker 1: were a little bit better this quarter, but for the 119 00:06:43,960 --> 00:06:47,000 Speaker 1: past two years they haven't been great. And we've watched 120 00:06:47,000 --> 00:06:49,080 Speaker 1: the stock climb and climb, and then it pulls back 121 00:06:49,080 --> 00:06:51,240 Speaker 1: on weak earnings, and then the next day it's up 122 00:06:51,240 --> 00:06:55,279 Speaker 1: thirty dollars, and then last year it dropped and then 123 00:06:55,680 --> 00:06:58,120 Speaker 1: people said, you know, he's too focused on his government position. 124 00:06:58,160 --> 00:06:59,880 Speaker 1: Then he decides I'm gonna pull back from the government, 125 00:07:00,320 --> 00:07:01,520 Speaker 1: all these back focused. 126 00:07:02,839 --> 00:07:03,080 Speaker 3: Yep. 127 00:07:03,640 --> 00:07:06,200 Speaker 1: So it's just moving on the sentiment of the CEO. 128 00:07:06,440 --> 00:07:11,400 Speaker 1: If that CEO removes themselves from that equation, you're in 129 00:07:11,480 --> 00:07:11,840 Speaker 1: full wind. 130 00:07:11,880 --> 00:07:15,680 Speaker 4: Four ninety five point six two billion dollars in revenue 131 00:07:15,880 --> 00:07:20,840 Speaker 4: keynote though gross margin seventeen percent, net margin five zero 132 00:07:20,840 --> 00:07:24,200 Speaker 4: point five seven percent. They can afford to lose the 133 00:07:24,280 --> 00:07:28,320 Speaker 4: generational talent. So it's a couple of ways to ruin 134 00:07:28,360 --> 00:07:31,320 Speaker 4: a company if you're an executive and you know that 135 00:07:31,360 --> 00:07:33,800 Speaker 4: you're a once in a lifetime talent and once again 136 00:07:34,000 --> 00:07:37,080 Speaker 4: has not raised the profile of executive management, and all 137 00:07:37,120 --> 00:07:39,600 Speaker 4: of the product road maps for the next ten years 138 00:07:39,680 --> 00:07:42,640 Speaker 4: is tied to you there between the rock and a 139 00:07:42,640 --> 00:07:45,000 Speaker 4: hard place, unless they have an executive who is an 140 00:07:45,000 --> 00:07:49,280 Speaker 4: incredible visionary. But all the incredible visionaries are tied to 141 00:07:49,320 --> 00:07:51,760 Speaker 4: other companies. And also keep in the back of your 142 00:07:51,800 --> 00:07:54,040 Speaker 4: mind open AI. 143 00:07:54,760 --> 00:07:56,280 Speaker 3: What's stolen from him? 144 00:07:56,840 --> 00:07:59,560 Speaker 1: He's credited as a co founder for that, but it 145 00:07:59,600 --> 00:08:02,840 Speaker 1: goes to the that mind, that that visionary mind. 146 00:08:02,920 --> 00:08:05,400 Speaker 3: He is the visionary mind, right. 147 00:08:05,360 --> 00:08:08,480 Speaker 4: Like go found a credit what no equity is no equity? 148 00:08:08,920 --> 00:08:10,640 Speaker 2: Nobody nobody's bigger than the program. 149 00:08:10,840 --> 00:08:12,760 Speaker 1: Well, no, I just want to say this before before 150 00:08:12,760 --> 00:08:15,400 Speaker 1: you go into something else, because when you think about 151 00:08:15,920 --> 00:08:17,400 Speaker 1: maybe a year ago, we were talking about keeping the 152 00:08:17,440 --> 00:08:19,880 Speaker 1: main thing the main thing, right, and Tesla was the 153 00:08:19,920 --> 00:08:20,320 Speaker 1: main thing. 154 00:08:20,560 --> 00:08:22,800 Speaker 4: I told you he was never going to stay there, though. 155 00:08:23,000 --> 00:08:26,520 Speaker 1: It's generated enough red revenue for him to now say, Hey, 156 00:08:27,240 --> 00:08:29,400 Speaker 1: I can take my talents elsewhere. I have star Link, 157 00:08:29,440 --> 00:08:33,960 Speaker 1: I have Neurolink, I have space X, I have This 158 00:08:34,080 --> 00:08:37,680 Speaker 1: is one of my favorite segments with Rashata the program. 159 00:08:38,280 --> 00:08:40,320 Speaker 2: You know, nobody's bigger than the program, but you can't 160 00:08:40,360 --> 00:08:45,160 Speaker 2: negotiate with terrorists, and yeah, he is the program. Though 161 00:08:47,040 --> 00:08:54,600 Speaker 2: nobody's bigger than the program. That's the program, and it's not, 162 00:08:54,880 --> 00:08:57,600 Speaker 2: then it's not a valuable company. Then if if if 163 00:08:57,600 --> 00:09:01,640 Speaker 2: the company's stock is only uh tied to one person, 164 00:09:01,720 --> 00:09:04,439 Speaker 2: tied to one person, then it's not a good company. 165 00:09:04,720 --> 00:09:07,480 Speaker 2: Because Apple, because say what you want about Apple, it's 166 00:09:07,520 --> 00:09:12,200 Speaker 2: at an all time high almost ten years after Steve 167 00:09:12,400 --> 00:09:13,679 Speaker 2: after Steve Jobs. 168 00:09:13,360 --> 00:09:16,400 Speaker 3: Died, it's highest valuation hit for a trillion to that. 169 00:09:16,440 --> 00:09:20,760 Speaker 2: But Microsoft, in the equation it's still running, years after 170 00:09:20,840 --> 00:09:23,840 Speaker 2: Bill Gates, years after the bomber, Yeah, it's still running. 171 00:09:24,080 --> 00:09:26,240 Speaker 1: And the equation of nobody's being in the program with 172 00:09:26,600 --> 00:09:28,000 Speaker 1: who is Elon in that equation? 173 00:09:28,160 --> 00:09:30,720 Speaker 3: Is he the program at least the program. 174 00:09:30,480 --> 00:09:33,000 Speaker 2: I know that I'm saying, is that what you're saying, No, 175 00:09:33,360 --> 00:09:36,920 Speaker 2: if Tesla, what I'm saying is this, Yeah, there's two 176 00:09:36,960 --> 00:09:39,880 Speaker 2: ways to look at Tesla as a as a company 177 00:09:39,920 --> 00:09:45,800 Speaker 2: that actually has real value and provides something that the 178 00:09:45,840 --> 00:09:49,120 Speaker 2: world needs as far as you know, cars and then 179 00:09:49,160 --> 00:09:52,520 Speaker 2: potentially robots and then autonomous driving, and in the next 180 00:09:52,559 --> 00:09:54,880 Speaker 2: fifty years is going to be one of the most 181 00:09:54,920 --> 00:09:57,559 Speaker 2: valuable companies in the world because of what they're providing, 182 00:09:57,679 --> 00:10:01,120 Speaker 2: the services that they're providing. It's a way to look 183 00:10:01,160 --> 00:10:04,040 Speaker 2: at it as it's a company that's a decent company 184 00:10:04,040 --> 00:10:09,320 Speaker 2: that provides decent products and has a rock star CEO. 185 00:10:09,440 --> 00:10:10,920 Speaker 4: And it's a lot of that. And if we're gonna 186 00:10:10,960 --> 00:10:15,800 Speaker 4: be very clear, Tesla has always been that Tesla is 187 00:10:15,840 --> 00:10:18,960 Speaker 4: not an exceptional innovation. 188 00:10:19,160 --> 00:10:19,400 Speaker 3: Yes. 189 00:10:20,120 --> 00:10:24,040 Speaker 4: Has it been a Microsoft in video Apple? 190 00:10:24,200 --> 00:10:24,280 Speaker 2: No? 191 00:10:24,480 --> 00:10:27,760 Speaker 4: He was the driving force behind it. Is there other 192 00:10:27,840 --> 00:10:31,800 Speaker 4: executive talent there that could take the realm yes? Will 193 00:10:31,840 --> 00:10:34,960 Speaker 4: it have the blockbuster rising performance? 194 00:10:35,320 --> 00:10:35,960 Speaker 3: No? Ye? 195 00:10:36,400 --> 00:10:39,240 Speaker 4: And as an entrepreneur though, Rasha, because I group with 196 00:10:39,280 --> 00:10:42,079 Speaker 4: your point about the program, the other part of the 197 00:10:42,120 --> 00:10:44,440 Speaker 4: game is to be so exceptional to the company that 198 00:10:44,520 --> 00:10:46,839 Speaker 4: you write the program. I just left from watching Trot 199 00:10:46,840 --> 00:10:50,160 Speaker 4: the other day. Who makes the program is very important. Yes, 200 00:10:50,240 --> 00:10:53,079 Speaker 4: I agree to the Steve Jobs point, but Tim Cook also, 201 00:10:53,640 --> 00:10:56,040 Speaker 4: I'm not gonna say he got lucky, but there's a 202 00:10:56,040 --> 00:10:59,400 Speaker 4: way he created the value there in terms of being 203 00:10:59,760 --> 00:11:03,320 Speaker 4: an operator and then get in and bail with certain 204 00:11:03,360 --> 00:11:06,240 Speaker 4: people in hedge funds to make that a valuable company. 205 00:11:06,440 --> 00:11:10,720 Speaker 4: You can also say that that change the structure of Apple, 206 00:11:10,880 --> 00:11:12,800 Speaker 4: but you want to be so valuable that if you 207 00:11:12,800 --> 00:11:16,000 Speaker 4: do leave, same way with Jordan the Bulls as an entrepreneur, 208 00:11:16,400 --> 00:11:17,680 Speaker 4: that the value is with you. 209 00:11:17,720 --> 00:11:20,360 Speaker 3: If you're building a business, Ernest, what's up? 210 00:11:20,440 --> 00:11:22,920 Speaker 1: You ever walk into a small business and everything just 211 00:11:23,080 --> 00:11:26,240 Speaker 1: works like the checkout is fast, or seats are digital, 212 00:11:26,760 --> 00:11:29,760 Speaker 1: tipping is a breeze and you're out the door before 213 00:11:29,760 --> 00:11:33,920 Speaker 1: the line even builds odds are they're using Square. 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