WEBVTT	#Elemental Media Engine(TM) 2.18.0.0

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another

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another flashpoint

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another flashpoint that

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another flashpoint that we

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another flashpoint that we
could

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another flashpoint that we
could look

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another flashpoint that we
could look forward

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another flashpoint that we
could look forward to.

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could look forward to.

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could look forward to.
>>

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could look forward to.
>> Okay.

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could look forward to.
>> Okay. Angela,

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could look forward to.
>> Okay. Angela, Angelica,

00:00:04.738 --> 00:00:04.771
could look forward to.
>> Okay. Angela, Angelica, want

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>> Okay. Angela, Angelica, want

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>> Okay. Angela, Angelica, want
to

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>> Okay. Angela, Angelica, want
to thank

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>> Okay. Angela, Angelica, want
to thank you

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>> Okay. Angela, Angelica, want
to thank you for

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>> Okay. Angela, Angelica, want
to thank you for joining

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>> Okay. Angela, Angelica, want
to thank you for joining us.

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>> Okay. Angela, Angelica, want
to thank you for joining us. We

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to thank you for joining us. We

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to thank you for joining us. We
have

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to thank you for joining us. We
have some

00:00:07.540 --> 00:00:07.640
to thank you for joining us. We
have some breaking

00:00:07.640 --> 00:00:07.707
to thank you for joining us. We
have some breaking news.

00:00:07.707 --> 00:00:07.741
to thank you for joining us. We
have some breaking news. We

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have some breaking news. We

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have some breaking news. We
want

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have some breaking news. We
want to

00:00:08.541 --> 00:00:08.608
have some breaking news. We
want to get

00:00:08.608 --> 00:00:08.708
have some breaking news. We
want to get you

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have some breaking news. We
want to get you right

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have some breaking news. We
want to get you right now.

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have some breaking news. We
want to get you right now. And

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want to get you right now. And

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want to get you right now. And
this

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want to get you right now. And
this is

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want to get you right now. And
this is a

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want to get you right now. And
this is a biggie.

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want to get you right now. And
this is a biggie. It's

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want to get you right now. And
this is a biggie. It's coming

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this is a biggie. It's coming

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this is a biggie. It's coming
from

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this is a biggie. It's coming
from Tesla,

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this is a biggie. It's coming
from Tesla, the

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this is a biggie. It's coming
from Tesla, the company's

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this is a biggie. It's coming
from Tesla, the company's board

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from Tesla, the company's board

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from Tesla, the company's board
calling

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from Tesla, the company's board
calling on

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from Tesla, the company's board
calling on shareholders

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from Tesla, the company's board
calling on shareholders to

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calling on shareholders to

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calling on shareholders to
approve

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calling on shareholders to
approve a

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calling on shareholders to
approve a new

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calling on shareholders to
approve a new long

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calling on shareholders to
approve a new long term

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approve a new long term

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approve a new long term
incentive

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approve a new long term
incentive package.

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approve a new long term
incentive package. This

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approve a new long term
incentive package. This is

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approve a new long term
incentive package. This is a

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incentive package. This is a

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incentive package. This is a
compensation

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incentive package. This is a
compensation package

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incentive package. This is a
compensation package for

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incentive package. This is a
compensation package for Elon

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compensation package for Elon

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compensation package for Elon
Musk,

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compensation package for Elon
Musk, and

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compensation package for Elon
Musk, and it

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compensation package for Elon
Musk, and it is

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compensation package for Elon
Musk, and it is a

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compensation package for Elon
Musk, and it is a remarkable.

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Musk, and it is a remarkable.

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Musk, and it is a remarkable.
And

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Musk, and it is a remarkable.
And the

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Musk, and it is a remarkable.
And the size

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Musk, and it is a remarkable.
And the size of

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Musk, and it is a remarkable.
And the size of it

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Musk, and it is a remarkable.
And the size of it all

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Musk, and it is a remarkable.
And the size of it all is

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Musk, and it is a remarkable.
And the size of it all is just

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And the size of it all is just

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And the size of it all is just
spectacular

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And the size of it all is just
spectacular to

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And the size of it all is just
spectacular to even

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And the size of it all is just
spectacular to even contemplate

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spectacular to even contemplate

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spectacular to even contemplate
in

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spectacular to even contemplate
in a

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spectacular to even contemplate
in a proxy

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spectacular to even contemplate
in a proxy just

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spectacular to even contemplate
in a proxy just filed,

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spectacular to even contemplate
in a proxy just filed, the

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in a proxy just filed, the

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in a proxy just filed, the
company

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in a proxy just filed, the
company details

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in a proxy just filed, the
company details a

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in a proxy just filed, the
company details a performance

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company details a performance

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company details a performance
award

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company details a performance
award that

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company details a performance
award that it

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company details a performance
award that it says

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company details a performance
award that it says is

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company details a performance
award that it says is designed

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award that it says is designed

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award that it says is designed
to

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award that it says is designed
to retain

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award that it says is designed
to retain and

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award that it says is designed
to retain and motivate

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award that it says is designed
to retain and motivate Musk.

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to retain and motivate Musk.

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to retain and motivate Musk.
Much

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to retain and motivate Musk.
Much like

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to retain and motivate Musk.
Much like Musk's

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to retain and motivate Musk.
Much like Musk's 2018

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Much like Musk's 2018

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Much like Musk's 2018
performance

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Much like Musk's 2018
performance award,

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Much like Musk's 2018
performance award, he

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Much like Musk's 2018
performance award, he will

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Much like Musk's 2018
performance award, he will only

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performance award, he will only

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performance award, he will only
be

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performance award, he will only
be paid

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performance award, he will only
be paid if

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performance award, he will only
be paid if he

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performance award, he will only
be paid if he delivers

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performance award, he will only
be paid if he delivers on

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performance award, he will only
be paid if he delivers on goals,

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be paid if he delivers on goals,

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be paid if he delivers on goals,
including

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be paid if he delivers on goals,
including reaching

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be paid if he delivers on goals,
including reaching adjusted

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including reaching adjusted

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including reaching adjusted
EBITDA

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including reaching adjusted
EBITDA targets

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including reaching adjusted
EBITDA targets and

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including reaching adjusted
EBITDA targets and rolling

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including reaching adjusted
EBITDA targets and rolling out

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EBITDA targets and rolling out

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EBITDA targets and rolling out
product

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EBITDA targets and rolling out
product offerings

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EBITDA targets and rolling out
product offerings such

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EBITDA targets and rolling out
product offerings such as

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EBITDA targets and rolling out
product offerings such as the

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product offerings such as the

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product offerings such as the
delivery

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product offerings such as the
delivery of

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product offerings such as the
delivery of 1

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product offerings such as the
delivery of 1 million

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product offerings such as the
delivery of 1 million robo

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delivery of 1 million robo

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delivery of 1 million robo
taxis

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delivery of 1 million robo
taxis and

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delivery of 1 million robo
taxis and AI

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delivery of 1 million robo
taxis and AI bots

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delivery of 1 million robo
taxis and AI bots into

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taxis and AI bots into

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taxis and AI bots into
commercial

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taxis and AI bots into
commercial operation.

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taxis and AI bots into
commercial operation. He

00:00:53.586 --> 00:00:53.620
taxis and AI bots into
commercial operation. He gets

00:00:53.620 --> 00:00:53.787
commercial operation. He gets

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commercial operation. He gets
nothing

00:00:53.853 --> 00:00:54.654
commercial operation. He gets
nothing if

00:00:54.654 --> 00:00:54.788
commercial operation. He gets
nothing if he

00:00:54.788 --> 00:00:54.854
commercial operation. He gets
nothing if he doesn't

00:00:54.854 --> 00:00:54.921
commercial operation. He gets
nothing if he doesn't hit

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commercial operation. He gets
nothing if he doesn't hit the

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nothing if he doesn't hit the

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nothing if he doesn't hit the
numbers.

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nothing if he doesn't hit the
numbers. It's

00:00:55.922 --> 00:00:56.723
nothing if he doesn't hit the
numbers. It's very

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nothing if he doesn't hit the
numbers. It's very similar

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nothing if he doesn't hit the
numbers. It's very similar to

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numbers. It's very similar to

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numbers. It's very similar to
the

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numbers. It's very similar to
the 2018

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numbers. It's very similar to
the 2018 program

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numbers. It's very similar to
the 2018 program in

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numbers. It's very similar to
the 2018 program in this

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the 2018 program in this

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the 2018 program in this
respect.

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the 2018 program in this
respect. If

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the 2018 program in this
respect. If Musk

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the 2018 program in this
respect. If Musk wants

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the 2018 program in this
respect. If Musk wants to

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respect. If Musk wants to

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respect. If Musk wants to
receive

00:01:01.027 --> 00:01:01.127
respect. If Musk wants to
receive the

00:01:01.127 --> 00:01:01.895
respect. If Musk wants to
receive the full

00:01:01.895 --> 00:01:01.961
respect. If Musk wants to
receive the full award,

00:01:01.961 --> 00:01:01.995
respect. If Musk wants to
receive the full award, he

00:01:01.995 --> 00:01:02.128
receive the full award, he

00:01:02.128 --> 00:01:02.462
receive the full award, he
needs

00:01:02.462 --> 00:01:02.595
receive the full award, he
needs to

00:01:02.595 --> 00:01:02.662
receive the full award, he
needs to create.

00:01:02.662 --> 00:01:03.930
receive the full award, he
needs to create. Are

00:01:03.930 --> 00:01:04.030
receive the full award, he
needs to create. Are you

00:01:04.030 --> 00:01:04.064
receive the full award, he
needs to create. Are you ready

00:01:04.064 --> 00:01:04.164
needs to create. Are you ready

00:01:04.164 --> 00:01:06.166
needs to create. Are you ready
for

00:01:06.166 --> 00:01:06.232
needs to create. Are you ready
for this

00:01:06.232 --> 00:01:06.533
needs to create. Are you ready
for this $7.5

00:01:06.533 --> 00:01:06.666
needs to create. Are you ready
for this $7.5 trillion?

00:01:06.666 --> 00:01:06.699
needs to create. Are you ready
for this $7.5 trillion? That's

00:01:06.699 --> 00:01:06.833
for this $7.5 trillion? That's

00:01:06.833 --> 00:01:07.634
for this $7.5 trillion? That's
with

00:01:07.634 --> 00:01:07.667
for this $7.5 trillion? That's
with a

00:01:07.667 --> 00:01:08.735
for this $7.5 trillion? That's
with a T

00:01:08.735 --> 00:01:08.835
for this $7.5 trillion? That's
with a T in

00:01:08.835 --> 00:01:08.935
for this $7.5 trillion? That's
with a T in market

00:01:08.935 --> 00:01:09.736
for this $7.5 trillion? That's
with a T in market value

00:01:09.736 --> 00:01:09.769
for this $7.5 trillion? That's
with a T in market value for

00:01:09.769 --> 00:01:10.036
with a T in market value for

00:01:10.036 --> 00:01:10.136
with a T in market value for
shareholders.

00:01:10.136 --> 00:01:10.470
with a T in market value for
shareholders. That

00:01:10.470 --> 00:01:10.570
with a T in market value for
shareholders. That means

00:01:10.570 --> 00:01:10.603
with a T in market value for
shareholders. That means that

00:01:10.603 --> 00:01:10.737
shareholders. That means that

00:01:10.737 --> 00:01:10.837
shareholders. That means that
Tesla

00:01:10.837 --> 00:01:11.604
shareholders. That means that
Tesla would

00:01:11.604 --> 00:01:11.638
shareholders. That means that
Tesla would have

00:01:11.638 --> 00:01:11.738
shareholders. That means that
Tesla would have to

00:01:11.738 --> 00:01:12.672
shareholders. That means that
Tesla would have to reach

00:01:12.672 --> 00:01:12.705
shareholders. That means that
Tesla would have to reach a

00:01:12.705 --> 00:01:12.872
Tesla would have to reach a

00:01:12.872 --> 00:01:12.939
Tesla would have to reach a
market

00:01:12.939 --> 00:01:16.242
Tesla would have to reach a
market cap

00:01:16.242 --> 00:01:16.309
Tesla would have to reach a
market cap of

00:01:16.309 --> 00:01:16.609
Tesla would have to reach a
market cap of $8.5

00:01:16.609 --> 00:01:16.676
Tesla would have to reach a
market cap of $8.5 trillion,

00:01:16.676 --> 00:01:16.709
Tesla would have to reach a
market cap of $8.5 trillion, by

00:01:16.709 --> 00:01:16.810
market cap of $8.5 trillion, by

00:01:16.810 --> 00:01:18.011
market cap of $8.5 trillion, by
the

00:01:18.011 --> 00:01:18.111
market cap of $8.5 trillion, by
the way,

00:01:18.111 --> 00:01:18.178
market cap of $8.5 trillion, by
the way, which

00:01:18.178 --> 00:01:19.112
market cap of $8.5 trillion, by
the way, which was

00:01:19.112 --> 00:01:19.179
market cap of $8.5 trillion, by
the way, which was twice

00:01:19.179 --> 00:01:19.212
market cap of $8.5 trillion, by
the way, which was twice the

00:01:19.212 --> 00:01:19.345
the way, which was twice the

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the way, which was twice the
size

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the way, which was twice the
size of

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the way, which was twice the
size of Nvidia

00:01:21.648 --> 00:01:21.681
the way, which was twice the
size of Nvidia today,

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the way, which was twice the
size of Nvidia today, 3

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the way, which was twice the
size of Nvidia today, 3 to

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the way, which was twice the
size of Nvidia today, 3 to 4

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size of Nvidia today, 3 to 4

00:01:23.516 --> 00:01:23.583
size of Nvidia today, 3 to 4
times

00:01:23.583 --> 00:01:23.683
size of Nvidia today, 3 to 4
times the

00:01:23.683 --> 00:01:23.716
size of Nvidia today, 3 to 4
times the size

00:01:23.716 --> 00:01:24.751
size of Nvidia today, 3 to 4
times the size of

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size of Nvidia today, 3 to 4
times the size of Amazon

00:01:25.552 --> 00:01:25.585
size of Nvidia today, 3 to 4
times the size of Amazon today.

00:01:25.585 --> 00:01:25.685
times the size of Amazon today.

00:01:25.685 --> 00:01:26.786
times the size of Amazon today.
And

00:01:26.786 --> 00:01:26.853
times the size of Amazon today.
And it's

00:01:26.853 --> 00:01:26.953
times the size of Amazon today.
And it's you

00:01:26.953 --> 00:01:26.986
times the size of Amazon today.
And it's you know.

00:01:26.986 --> 00:01:27.420
And it's you know.

00:01:27.420 --> 00:01:27.454
And it's you know.
>>

00:01:27.454 --> 00:01:27.587
And it's you know.
>> It

00:01:27.587 --> 00:01:27.687
And it's you know.
>> It doesn't

00:01:27.687 --> 00:01:27.720
And it's you know.
>> It doesn't get.

00:01:27.720 --> 00:01:28.488
>> It doesn't get.

00:01:28.488 --> 00:01:28.555
>> It doesn't get.
>>

00:01:28.555 --> 00:01:28.621
>> It doesn't get.
>> Any

00:01:28.621 --> 00:01:28.721
>> It doesn't get.
>> Any more

00:01:28.721 --> 00:01:29.589
>> It doesn't get.
>> Any more mind

00:01:29.589 --> 00:01:29.622
>> It doesn't get.
>> Any more mind boggling.

00:01:29.622 --> 00:01:29.722
>> Any more mind boggling.

00:01:29.722 --> 00:01:29.756
>> Any more mind boggling.
>>

00:01:29.756 --> 00:01:29.823
>> Any more mind boggling.
>> If

00:01:29.823 --> 00:01:30.723
>> Any more mind boggling.
>> If he

00:01:30.723 --> 00:01:30.757
>> Any more mind boggling.
>> If he doesn't.

00:01:30.757 --> 00:01:30.857
>> If he doesn't.

00:01:30.857 --> 00:01:30.957
>> If he doesn't.
>>

00:01:30.957 --> 00:01:31.057
>> If he doesn't.
>> We're

00:01:31.057 --> 00:01:31.758
>> If he doesn't.
>> We're going

00:01:31.758 --> 00:01:31.825
>> If he doesn't.
>> We're going to

00:01:31.825 --> 00:01:31.991
>> If he doesn't.
>> We're going to walk

00:01:31.991 --> 00:01:32.025
>> If he doesn't.
>> We're going to walk through

00:01:32.025 --> 00:01:32.125
>> We're going to walk through

00:01:32.125 --> 00:01:32.459
>> We're going to walk through
the

00:01:32.459 --> 00:01:32.492
>> We're going to walk through
the numbers

00:01:32.492 --> 00:01:32.592
>> We're going to walk through
the numbers in

00:01:32.592 --> 00:01:32.625
>> We're going to walk through
the numbers in just

00:01:32.625 --> 00:01:33.493
>> We're going to walk through
the numbers in just a

00:01:33.493 --> 00:01:33.526
>> We're going to walk through
the numbers in just a moment.

00:01:33.526 --> 00:01:33.693
the numbers in just a moment.

00:01:33.693 --> 00:01:33.760
the numbers in just a moment.
Because

00:01:33.760 --> 00:01:34.961
the numbers in just a moment.
Because the

00:01:34.961 --> 00:01:35.028
the numbers in just a moment.
Because the way

00:01:35.028 --> 00:01:35.095
the numbers in just a moment.
Because the way it's

00:01:35.095 --> 00:01:35.161
the numbers in just a moment.
Because the way it's set

00:01:35.161 --> 00:01:35.962
the numbers in just a moment.
Because the way it's set up

00:01:35.962 --> 00:01:35.995
the numbers in just a moment.
Because the way it's set up is

00:01:35.995 --> 00:01:36.096
Because the way it's set up is

00:01:36.096 --> 00:01:36.162
Because the way it's set up is
he

00:01:36.162 --> 00:01:36.429
Because the way it's set up is
he will

00:01:36.429 --> 00:01:37.530
Because the way it's set up is
he will collect

00:01:37.530 --> 00:01:37.597
Because the way it's set up is
he will collect effectively

00:01:37.597 --> 00:01:37.630
Because the way it's set up is
he will collect effectively 1%

00:01:37.630 --> 00:01:38.932
he will collect effectively 1%

00:01:38.932 --> 00:01:38.998
he will collect effectively 1%
of

00:01:38.998 --> 00:01:39.132
he will collect effectively 1%
of the

00:01:39.132 --> 00:01:39.599
he will collect effectively 1%
of the company.

00:01:39.599 --> 00:01:39.666
he will collect effectively 1%
of the company. So

00:01:39.666 --> 00:01:41.067
he will collect effectively 1%
of the company. So this

00:01:41.067 --> 00:01:41.101
he will collect effectively 1%
of the company. So this package

00:01:41.101 --> 00:01:41.201
of the company. So this package

00:01:41.201 --> 00:01:41.434
of the company. So this package
in

00:01:41.434 --> 00:01:42.569
of the company. So this package
in total

00:01:42.569 --> 00:01:42.769
of the company. So this package
in total could

00:01:42.769 --> 00:01:43.570
of the company. So this package
in total could potentially

00:01:43.570 --> 00:01:43.603
of the company. So this package
in total could potentially be

00:01:43.603 --> 00:01:43.736
in total could potentially be

00:01:43.736 --> 00:01:43.837
in total could potentially be
worth

00:01:43.837 --> 00:01:44.737
in total could potentially be
worth more

00:01:44.737 --> 00:01:44.771
in total could potentially be
worth more than

00:01:44.771 --> 00:01:45.772
in total could potentially be
worth more than $1

00:01:45.772 --> 00:01:45.839
in total could potentially be
worth more than $1 trillion

00:01:45.839 --> 00:01:45.872
in total could potentially be
worth more than $1 trillion if

00:01:45.872 --> 00:01:46.539
worth more than $1 trillion if

00:01:46.539 --> 00:01:46.606
worth more than $1 trillion if
he

00:01:46.606 --> 00:01:46.673
worth more than $1 trillion if
he were

00:01:46.673 --> 00:01:47.507
worth more than $1 trillion if
he were to

00:01:47.507 --> 00:01:47.540
worth more than $1 trillion if
he were to get

00:01:47.540 --> 00:01:47.640
worth more than $1 trillion if
he were to get to

00:01:47.640 --> 00:01:47.807
worth more than $1 trillion if
he were to get to these

00:01:47.807 --> 00:01:47.841
worth more than $1 trillion if
he were to get to these numbers.

00:01:47.841 --> 00:01:48.608
he were to get to these numbers.

00:01:48.608 --> 00:01:48.641
he were to get to these numbers.
So

00:01:48.641 --> 00:01:48.708
he were to get to these numbers.
So I

00:01:48.708 --> 00:01:48.775
he were to get to these numbers.
So I want

00:01:48.775 --> 00:01:49.709
he were to get to these numbers.
So I want you

00:01:49.709 --> 00:01:49.776
he were to get to these numbers.
So I want you to

00:01:49.776 --> 00:01:49.843
he were to get to these numbers.
So I want you to look

00:01:49.843 --> 00:01:49.909
he were to get to these numbers.
So I want you to look at

00:01:49.909 --> 00:01:49.943
he were to get to these numbers.
So I want you to look at the

00:01:49.943 --> 00:01:50.443
So I want you to look at the

00:01:50.443 --> 00:01:50.543
So I want you to look at the
screen

00:01:50.543 --> 00:01:50.610
So I want you to look at the
screen right

00:01:50.610 --> 00:01:50.743
So I want you to look at the
screen right now

00:01:50.743 --> 00:01:51.444
So I want you to look at the
screen right now because

00:01:51.444 --> 00:01:51.478
So I want you to look at the
screen right now because you'll

00:01:51.478 --> 00:01:51.711
screen right now because you'll

00:01:51.711 --> 00:01:51.811
screen right now because you'll
understand

00:01:51.811 --> 00:01:52.679
screen right now because you'll
understand what's

00:01:52.679 --> 00:01:52.712
screen right now because you'll
understand what's happening.

00:01:52.712 --> 00:01:52.812
understand what's happening.

00:01:52.812 --> 00:01:52.912
understand what's happening.
The

00:01:52.912 --> 00:01:53.680
understand what's happening.
The first

00:01:53.680 --> 00:01:53.713
understand what's happening.
The first tranche

00:01:53.713 --> 00:01:54.781
understand what's happening.
The first tranche of

00:01:54.781 --> 00:01:54.814
understand what's happening.
The first tranche of any

00:01:54.814 --> 00:01:54.914
understand what's happening.
The first tranche of any of

00:01:54.914 --> 00:01:54.948
understand what's happening.
The first tranche of any of any

00:01:54.948 --> 00:01:55.849
The first tranche of any of any

00:01:55.849 --> 00:01:55.882
The first tranche of any of any
income

00:01:55.882 --> 00:01:55.982
The first tranche of any of any
income he

00:01:55.982 --> 00:01:56.549
The first tranche of any of any
income he could

00:01:56.549 --> 00:01:58.284
The first tranche of any of any
income he could collect

00:01:58.284 --> 00:01:58.318
The first tranche of any of any
income he could collect would

00:01:58.318 --> 00:01:58.451
income he could collect would

00:01:58.451 --> 00:01:58.751
income he could collect would
only

00:01:58.751 --> 00:01:59.819
income he could collect would
only come

00:01:59.819 --> 00:01:59.886
income he could collect would
only come if

00:01:59.886 --> 00:02:00.053
income he could collect would
only come if the

00:02:00.053 --> 00:02:00.086
income he could collect would
only come if the company,

00:02:00.086 --> 00:02:00.520
only come if the company,

00:02:00.520 --> 00:02:00.620
only come if the company,
effectively,

00:02:00.620 --> 00:02:00.653
only come if the company,
effectively, from

00:02:00.653 --> 00:02:01.654
only come if the company,
effectively, from a

00:02:01.654 --> 00:02:01.721
only come if the company,
effectively, from a market

00:02:01.721 --> 00:02:01.754
only come if the company,
effectively, from a market cap

00:02:01.754 --> 00:02:02.689
effectively, from a market cap

00:02:02.689 --> 00:02:02.755
effectively, from a market cap
perspective,

00:02:02.755 --> 00:02:02.822
effectively, from a market cap
perspective, were

00:02:02.822 --> 00:02:03.423
effectively, from a market cap
perspective, were to

00:02:03.423 --> 00:02:03.490
effectively, from a market cap
perspective, were to double

00:02:03.490 --> 00:02:03.523
effectively, from a market cap
perspective, were to double in

00:02:03.523 --> 00:02:04.457
perspective, were to double in

00:02:04.457 --> 00:02:04.557
perspective, were to double in
size.

00:02:04.557 --> 00:02:04.624
perspective, were to double in
size. Right

00:02:04.624 --> 00:02:04.724
perspective, were to double in
size. Right now,

00:02:04.724 --> 00:02:05.458
perspective, were to double in
size. Right now, it's

00:02:05.458 --> 00:02:05.592
perspective, were to double in
size. Right now, it's a

00:02:05.592 --> 00:02:05.625
perspective, were to double in
size. Right now, it's a little

00:02:05.625 --> 00:02:06.659
size. Right now, it's a little

00:02:06.659 --> 00:02:06.693
size. Right now, it's a little
over

00:02:06.693 --> 00:02:06.860
size. Right now, it's a little
over $1

00:02:06.860 --> 00:02:07.961
size. Right now, it's a little
over $1 trillion.

00:02:07.961 --> 00:02:08.027
size. Right now, it's a little
over $1 trillion. Tranche

00:02:08.027 --> 00:02:08.061
size. Right now, it's a little
over $1 trillion. Tranche one

00:02:08.061 --> 00:02:08.161
over $1 trillion. Tranche one

00:02:08.161 --> 00:02:08.428
over $1 trillion. Tranche one
is

00:02:08.428 --> 00:02:08.461
over $1 trillion. Tranche one
is at

00:02:08.461 --> 00:02:08.628
over $1 trillion. Tranche one
is at $2

00:02:08.628 --> 00:02:08.695
over $1 trillion. Tranche one
is at $2 trillion.

00:02:08.695 --> 00:02:09.496
over $1 trillion. Tranche one
is at $2 trillion. Not

00:02:09.496 --> 00:02:09.562
over $1 trillion. Tranche one
is at $2 trillion. Not only

00:02:09.562 --> 00:02:09.596
over $1 trillion. Tranche one
is at $2 trillion. Not only do

00:02:09.596 --> 00:02:09.696
is at $2 trillion. Not only do

00:02:09.696 --> 00:02:09.796
is at $2 trillion. Not only do
you

00:02:09.796 --> 00:02:10.630
is at $2 trillion. Not only do
you have

00:02:10.630 --> 00:02:10.763
is at $2 trillion. Not only do
you have to

00:02:10.763 --> 00:02:10.797
is at $2 trillion. Not only do
you have to capture

00:02:10.797 --> 00:02:10.997
is at $2 trillion. Not only do
you have to capture $2

00:02:10.997 --> 00:02:11.030
is at $2 trillion. Not only do
you have to capture $2 trillion,

00:02:11.030 --> 00:02:11.397
you have to capture $2 trillion,

00:02:11.397 --> 00:02:11.464
you have to capture $2 trillion,
you

00:02:11.464 --> 00:02:11.531
you have to capture $2 trillion,
you have

00:02:11.531 --> 00:02:13.099
you have to capture $2 trillion,
you have to

00:02:13.099 --> 00:02:13.166
you have to capture $2 trillion,
you have to capture

00:02:13.166 --> 00:02:13.833
you have to capture $2 trillion,
you have to capture one

00:02:13.833 --> 00:02:13.900
you have to capture $2 trillion,
you have to capture one of

00:02:13.900 --> 00:02:13.933
you have to capture $2 trillion,
you have to capture one of the

00:02:13.933 --> 00:02:14.100
you have to capture one of the

00:02:14.100 --> 00:02:14.901
you have to capture one of the
metrics

00:02:14.901 --> 00:02:14.968
you have to capture one of the
metrics in

00:02:14.968 --> 00:02:15.602
you have to capture one of the
metrics in this

00:02:15.602 --> 00:02:16.736
you have to capture one of the
metrics in this includes

00:02:16.736 --> 00:02:16.769
you have to capture one of the
metrics in this includes an

00:02:16.769 --> 00:02:16.936
metrics in this includes an

00:02:16.936 --> 00:02:17.403
metrics in this includes an
EBITDA

00:02:17.403 --> 00:02:17.470
metrics in this includes an
EBITDA figure,

00:02:17.470 --> 00:02:18.505
metrics in this includes an
EBITDA figure, how

00:02:18.505 --> 00:02:18.538
metrics in this includes an
EBITDA figure, how many

00:02:18.538 --> 00:02:18.738
EBITDA figure, how many

00:02:18.738 --> 00:02:20.006
EBITDA figure, how many
robotaxis

00:02:20.006 --> 00:02:20.106
EBITDA figure, how many
robotaxis they

00:02:20.106 --> 00:02:20.173
EBITDA figure, how many
robotaxis they sell,

00:02:20.173 --> 00:02:20.440
EBITDA figure, how many
robotaxis they sell, how

00:02:20.440 --> 00:02:20.473
EBITDA figure, how many
robotaxis they sell, how many

00:02:20.473 --> 00:02:20.640
robotaxis they sell, how many

00:02:20.640 --> 00:02:21.407
robotaxis they sell, how many
robots

00:02:21.407 --> 00:02:21.508
robotaxis they sell, how many
robots they

00:02:21.508 --> 00:02:22.475
robotaxis they sell, how many
robots they sell.

00:02:22.475 --> 00:02:22.542
robotaxis they sell, how many
robots they sell. And

00:02:22.542 --> 00:02:22.575
robotaxis they sell, how many
robots they sell. And so.

00:02:22.575 --> 00:02:22.675
robots they sell. And so.

00:02:22.675 --> 00:02:23.710
robots they sell. And so.
>>

00:02:23.710 --> 00:02:23.843
robots they sell. And so.
>> As

00:02:23.843 --> 00:02:23.910
robots they sell. And so.
>> As doesn't

00:02:23.910 --> 00:02:23.977
robots they sell. And so.
>> As doesn't meet

00:02:23.977 --> 00:02:24.611
robots they sell. And so.
>> As doesn't meet any

00:02:24.611 --> 00:02:24.711
robots they sell. And so.
>> As doesn't meet any of

00:02:24.711 --> 00:02:24.744
robots they sell. And so.
>> As doesn't meet any of those

00:02:24.744 --> 00:02:24.944
>> As doesn't meet any of those

00:02:24.944 --> 00:02:24.978
>> As doesn't meet any of those
metrics,

00:02:24.978 --> 00:02:25.411
>> As doesn't meet any of those
metrics, he

00:02:25.411 --> 00:02:25.478
>> As doesn't meet any of those
metrics, he doesn't

00:02:25.478 --> 00:02:25.545
>> As doesn't meet any of those
metrics, he doesn't get

00:02:25.545 --> 00:02:25.578
>> As doesn't meet any of those
metrics, he doesn't get it.

00:02:25.578 --> 00:02:25.678
metrics, he doesn't get it.

00:02:25.678 --> 00:02:26.846
metrics, he doesn't get it.
>>

00:02:26.846 --> 00:02:26.913
metrics, he doesn't get it.
>> If

00:02:26.913 --> 00:02:27.013
metrics, he doesn't get it.
>> If you

00:02:27.013 --> 00:02:27.080
metrics, he doesn't get it.
>> If you don't

00:02:27.080 --> 00:02:27.914
metrics, he doesn't get it.
>> If you don't meet

00:02:27.914 --> 00:02:27.981
metrics, he doesn't get it.
>> If you don't meet meet

00:02:27.981 --> 00:02:28.014
metrics, he doesn't get it.
>> If you don't meet meet the

00:02:28.014 --> 00:02:28.214
>> If you don't meet meet the

00:02:28.214 --> 00:02:28.281
>> If you don't meet meet the
metrics,

00:02:28.281 --> 00:02:29.048
>> If you don't meet meet the
metrics, you

00:02:29.048 --> 00:02:29.182
>> If you don't meet meet the
metrics, you get

00:02:29.182 --> 00:02:29.249
>> If you don't meet meet the
metrics, you get nothing.

00:02:29.249 --> 00:02:29.282
>> If you don't meet meet the
metrics, you get nothing. So

00:02:29.282 --> 00:02:29.415
metrics, you get nothing. So

00:02:29.415 --> 00:02:29.749
metrics, you get nothing. So
this

00:02:29.749 --> 00:02:29.849
metrics, you get nothing. So
this is

00:02:29.849 --> 00:02:29.916
metrics, you get nothing. So
this is again,

00:02:29.916 --> 00:02:30.416
metrics, you get nothing. So
this is again, and

00:02:30.416 --> 00:02:30.517
metrics, you get nothing. So
this is again, and I

00:02:30.517 --> 00:02:30.550
metrics, you get nothing. So
this is again, and I will

00:02:30.550 --> 00:02:30.717
this is again, and I will

00:02:30.717 --> 00:02:31.451
this is again, and I will
almost

00:02:31.451 --> 00:02:31.551
this is again, and I will
almost repeat

00:02:31.551 --> 00:02:32.519
this is again, and I will
almost repeat myself

00:02:32.519 --> 00:02:32.619
this is again, and I will
almost repeat myself from

00:02:32.619 --> 00:02:32.652
this is again, and I will
almost repeat myself from when

00:02:32.652 --> 00:02:32.752
almost repeat myself from when

00:02:32.752 --> 00:02:34.287
almost repeat myself from when
we

00:02:34.287 --> 00:02:34.420
almost repeat myself from when
we were

00:02:34.420 --> 00:02:34.487
almost repeat myself from when
we were together

00:02:34.487 --> 00:02:35.321
almost repeat myself from when
we were together in

00:02:35.321 --> 00:02:35.488
almost repeat myself from when
we were together in Davos

00:02:35.488 --> 00:02:35.522
almost repeat myself from when
we were together in Davos 2018.

00:02:35.522 --> 00:02:36.489
we were together in Davos 2018.

00:02:36.489 --> 00:02:36.523
we were together in Davos 2018.
This

00:02:36.523 --> 00:02:37.857
we were together in Davos 2018.
This is

00:02:37.857 --> 00:02:37.924
we were together in Davos 2018.
This is to

00:02:37.924 --> 00:02:38.691
we were together in Davos 2018.
This is to some

00:02:38.691 --> 00:02:38.758
we were together in Davos 2018.
This is to some degree

00:02:38.758 --> 00:02:38.858
we were together in Davos 2018.
This is to some degree the

00:02:38.858 --> 00:02:38.892
we were together in Davos 2018.
This is to some degree the most

00:02:38.892 --> 00:02:39.392
This is to some degree the most

00:02:39.392 --> 00:02:39.526
This is to some degree the most
shareholder

00:02:39.526 --> 00:02:40.460
This is to some degree the most
shareholder friendly

00:02:40.460 --> 00:02:40.527
This is to some degree the most
shareholder friendly deal

00:02:40.527 --> 00:02:40.560
This is to some degree the most
shareholder friendly deal you

00:02:40.560 --> 00:02:40.660
shareholder friendly deal you

00:02:40.660 --> 00:02:41.594
shareholder friendly deal you
can

00:02:41.594 --> 00:02:41.628
shareholder friendly deal you
can get.

00:02:41.628 --> 00:02:41.728
shareholder friendly deal you
can get. He

00:02:41.728 --> 00:02:41.794
shareholder friendly deal you
can get. He only

00:02:41.794 --> 00:02:42.662
shareholder friendly deal you
can get. He only gets

00:02:42.662 --> 00:02:42.729
shareholder friendly deal you
can get. He only gets paid

00:02:42.729 --> 00:02:42.762
shareholder friendly deal you
can get. He only gets paid if

00:02:42.762 --> 00:02:42.862
can get. He only gets paid if

00:02:42.862 --> 00:02:42.996
can get. He only gets paid if
it

00:02:42.996 --> 00:02:43.796
can get. He only gets paid if
it actually

00:02:43.796 --> 00:02:43.863
can get. He only gets paid if
it actually works.

00:02:43.863 --> 00:02:43.963
can get. He only gets paid if
it actually works. He

00:02:43.963 --> 00:02:43.997
can get. He only gets paid if
it actually works. He gets

00:02:43.997 --> 00:02:44.430
it actually works. He gets

00:02:44.430 --> 00:02:44.464
it actually works. He gets
nothing

00:02:44.464 --> 00:02:44.531
it actually works. He gets
nothing if

00:02:44.531 --> 00:02:44.664
it actually works. He gets
nothing if it

00:02:44.664 --> 00:02:45.565
it actually works. He gets
nothing if it doesn't

00:02:45.565 --> 00:02:45.598
it actually works. He gets
nothing if it doesn't work.

00:02:45.598 --> 00:02:45.698
nothing if it doesn't work.

00:02:45.698 --> 00:02:45.765
nothing if it doesn't work.
>>

00:02:45.765 --> 00:02:46.633
nothing if it doesn't work.
>> And

00:02:46.633 --> 00:02:46.666
nothing if it doesn't work.
>> And this

00:02:46.666 --> 00:02:46.699
nothing if it doesn't work.
>> And this is

00:02:46.699 --> 00:02:46.833
nothing if it doesn't work.
>> And this is I

00:02:46.833 --> 00:02:47.700
nothing if it doesn't work.
>> And this is I thought

00:02:47.700 --> 00:02:47.734
nothing if it doesn't work.
>> And this is I thought this

00:02:47.734 --> 00:02:47.834
>> And this is I thought this

00:02:47.834 --> 00:02:47.934
>> And this is I thought this
was

00:02:47.934 --> 00:02:48.001
>> And this is I thought this
was going

00:02:48.001 --> 00:02:49.102
>> And this is I thought this
was going to

00:02:49.102 --> 00:02:49.135
>> And this is I thought this
was going to be

00:02:49.135 --> 00:02:49.202
>> And this is I thought this
was going to be a

00:02:49.202 --> 00:02:49.302
>> And this is I thought this
was going to be a make

00:02:49.302 --> 00:02:49.536
>> And this is I thought this
was going to be a make good

00:02:49.536 --> 00:02:49.569
>> And this is I thought this
was going to be a make good for

00:02:49.569 --> 00:02:49.669
was going to be a make good for

00:02:49.669 --> 00:02:49.769
was going to be a make good for
the

00:02:49.769 --> 00:02:49.836
was going to be a make good for
the stuff

00:02:49.836 --> 00:02:50.503
was going to be a make good for
the stuff he

00:02:50.503 --> 00:02:50.570
was going to be a make good for
the stuff he never

00:02:50.570 --> 00:02:50.637
was going to be a make good for
the stuff he never got.

00:02:50.637 --> 00:02:50.703
was going to be a make good for
the stuff he never got. So

00:02:50.703 --> 00:02:50.737
was going to be a make good for
the stuff he never got. So as.

00:02:50.737 --> 00:02:51.871
the stuff he never got. So as.

00:02:51.871 --> 00:02:51.938
the stuff he never got. So as.
>>

00:02:51.938 --> 00:02:52.005
the stuff he never got. So as.
>> Part

00:02:52.005 --> 00:02:52.038
the stuff he never got. So as.
>> Part so

00:02:52.038 --> 00:02:52.739
the stuff he never got. So as.
>> Part so as

00:02:52.739 --> 00:02:52.772
the stuff he never got. So as.
>> Part so as part

00:02:52.772 --> 00:02:52.872
the stuff he never got. So as.
>> Part so as part of

00:02:52.872 --> 00:02:52.972
the stuff he never got. So as.
>> Part so as part of this

00:02:52.972 --> 00:02:53.006
the stuff he never got. So as.
>> Part so as part of this they

00:02:53.006 --> 00:02:53.439
>> Part so as part of this they

00:02:53.439 --> 00:02:53.473
>> Part so as part of this they
so

00:02:53.473 --> 00:02:53.540
>> Part so as part of this they
so as

00:02:53.540 --> 00:02:53.673
>> Part so as part of this they
so as my

00:02:53.673 --> 00:02:54.741
>> Part so as part of this they
so as my reading

00:02:54.741 --> 00:02:54.774
>> Part so as part of this they
so as my reading of

00:02:54.774 --> 00:02:55.608
>> Part so as part of this they
so as my reading of it

00:02:55.608 --> 00:02:55.708
>> Part so as part of this they
so as my reading of it is

00:02:55.708 --> 00:02:55.742
>> Part so as part of this they
so as my reading of it is that

00:02:55.742 --> 00:02:55.842
so as my reading of it is that

00:02:55.842 --> 00:02:55.875
so as my reading of it is that
he

00:02:55.875 --> 00:02:56.643
so as my reading of it is that
he is

00:02:56.643 --> 00:02:56.676
so as my reading of it is that
he is going

00:02:56.676 --> 00:02:56.743
so as my reading of it is that
he is going to

00:02:56.743 --> 00:02:57.443
so as my reading of it is that
he is going to be

00:02:57.443 --> 00:02:57.544
so as my reading of it is that
he is going to be paid.

00:02:57.544 --> 00:02:57.577
so as my reading of it is that
he is going to be paid. What

00:02:57.577 --> 00:02:58.478
he is going to be paid. What

00:02:58.478 --> 00:02:58.545
he is going to be paid. What
they've

00:02:58.545 --> 00:02:58.645
he is going to be paid. What
they've also

00:02:58.645 --> 00:02:59.879
he is going to be paid. What
they've also asked

00:02:59.879 --> 00:02:59.913
he is going to be paid. What
they've also asked for

00:02:59.913 --> 00:02:59.979
he is going to be paid. What
they've also asked for is

00:02:59.979 --> 00:03:00.013
he is going to be paid. What
they've also asked for is an

00:03:00.013 --> 00:03:00.613
they've also asked for is an

00:03:00.613 --> 00:03:00.647
they've also asked for is an
opportunity

00:03:00.647 --> 00:03:00.713
they've also asked for is an
opportunity to

00:03:00.713 --> 00:03:01.648
they've also asked for is an
opportunity to pay

00:03:01.648 --> 00:03:01.714
they've also asked for is an
opportunity to pay him

00:03:01.714 --> 00:03:01.748
they've also asked for is an
opportunity to pay him the

00:03:01.748 --> 00:03:01.948
opportunity to pay him the

00:03:01.948 --> 00:03:02.749
opportunity to pay him the
previous

00:03:02.749 --> 00:03:02.782
opportunity to pay him the
previous package.

00:03:02.782 --> 00:03:02.882
opportunity to pay him the
previous package. So

00:03:02.882 --> 00:03:02.949
opportunity to pay him the
previous package. So this

00:03:02.949 --> 00:03:02.982
opportunity to pay him the
previous package. So this is

00:03:02.982 --> 00:03:03.883
previous package. So this is

00:03:03.883 --> 00:03:03.917
previous package. So this is
this

00:03:03.917 --> 00:03:04.017
previous package. So this is
this is

00:03:04.017 --> 00:03:04.050
previous package. So this is
this is just

00:03:04.050 --> 00:03:04.584
previous package. So this is
this is just to

00:03:04.584 --> 00:03:04.651
previous package. So this is
this is just to be

00:03:04.651 --> 00:03:04.784
previous package. So this is
this is just to be 100%

00:03:04.784 --> 00:03:04.817
previous package. So this is
this is just to be 100% clear.

00:03:04.817 --> 00:03:05.652
this is just to be 100% clear.

00:03:05.652 --> 00:03:05.685
this is just to be 100% clear.
This

00:03:05.685 --> 00:03:05.752
this is just to be 100% clear.
This is

00:03:05.752 --> 00:03:06.719
this is just to be 100% clear.
This is on

00:03:06.719 --> 00:03:06.753
this is just to be 100% clear.
This is on top

00:03:06.753 --> 00:03:06.819
this is just to be 100% clear.
This is on top of

00:03:06.819 --> 00:03:07.820
this is just to be 100% clear.
This is on top of the

00:03:07.820 --> 00:03:07.854
this is just to be 100% clear.
This is on top of the package

00:03:07.854 --> 00:03:07.987
This is on top of the package

00:03:07.987 --> 00:03:08.621
This is on top of the package
that

00:03:08.621 --> 00:03:08.755
This is on top of the package
that was

00:03:08.755 --> 00:03:09.889
This is on top of the package
that was created

00:03:09.889 --> 00:03:10.857
This is on top of the package
that was created back

00:03:10.857 --> 00:03:11.424
This is on top of the package
that was created back in

00:03:11.424 --> 00:03:11.457
This is on top of the package
that was created back in 2018

00:03:11.457 --> 00:03:11.591
that was created back in 2018

00:03:11.591 --> 00:03:12.859
that was created back in 2018
that

00:03:12.859 --> 00:03:12.926
that was created back in 2018
that then

00:03:12.926 --> 00:03:13.059
that was created back in 2018
that then the

00:03:13.059 --> 00:03:13.560
that was created back in 2018
that then the Delaware

00:03:13.560 --> 00:03:13.593
that was created back in 2018
that then the Delaware court

00:03:13.593 --> 00:03:13.760
that then the Delaware court

00:03:13.760 --> 00:03:15.295
that then the Delaware court
struck

00:03:15.295 --> 00:03:15.361
that then the Delaware court
struck down.

00:03:15.361 --> 00:03:15.461
that then the Delaware court
struck down. They

00:03:15.461 --> 00:03:15.562
that then the Delaware court
struck down. They have

00:03:15.562 --> 00:03:15.595
that then the Delaware court
struck down. They have since

00:03:15.595 --> 00:03:15.762
struck down. They have since

00:03:15.762 --> 00:03:15.795
struck down. They have since
moved

00:03:15.795 --> 00:03:16.529
struck down. They have since
moved to

00:03:16.529 --> 00:03:16.596
struck down. They have since
moved to Texas.

00:03:16.596 --> 00:03:16.663
struck down. They have since
moved to Texas. And

00:03:16.663 --> 00:03:16.763
struck down. They have since
moved to Texas. And it's

00:03:16.763 --> 00:03:16.796
struck down. They have since
moved to Texas. And it's also

00:03:16.796 --> 00:03:17.564
moved to Texas. And it's also

00:03:17.564 --> 00:03:17.664
moved to Texas. And it's also
worth

00:03:17.664 --> 00:03:17.730
moved to Texas. And it's also
worth noting

00:03:17.730 --> 00:03:19.299
moved to Texas. And it's also
worth noting the

00:03:19.299 --> 00:03:19.365
moved to Texas. And it's also
worth noting the law

00:03:19.365 --> 00:03:19.399
moved to Texas. And it's also
worth noting the law in

00:03:19.399 --> 00:03:19.599
worth noting the law in

00:03:19.599 --> 00:03:20.500
worth noting the law in
Delaware

00:03:20.500 --> 00:03:20.567
worth noting the law in
Delaware changed

00:03:20.567 --> 00:03:20.667
worth noting the law in
Delaware changed such

00:03:20.667 --> 00:03:20.733
worth noting the law in
Delaware changed such that

00:03:20.733 --> 00:03:20.767
worth noting the law in
Delaware changed such that had

00:03:20.767 --> 00:03:21.501
Delaware changed such that had

00:03:21.501 --> 00:03:21.634
Delaware changed such that had
the

00:03:21.634 --> 00:03:21.701
Delaware changed such that had
the package

00:03:21.701 --> 00:03:22.602
Delaware changed such that had
the package been

00:03:22.602 --> 00:03:22.769
Delaware changed such that had
the package been put

00:03:22.769 --> 00:03:22.802
Delaware changed such that had
the package been put together

00:03:22.802 --> 00:03:22.936
the package been put together

00:03:22.936 --> 00:03:23.036
the package been put together
when

00:03:23.036 --> 00:03:23.703
the package been put together
when after

00:03:23.703 --> 00:03:23.770
the package been put together
when after the

00:03:23.770 --> 00:03:23.836
the package been put together
when after the law

00:03:23.836 --> 00:03:24.737
the package been put together
when after the law had

00:03:24.737 --> 00:03:24.771
the package been put together
when after the law had changed,

00:03:24.771 --> 00:03:24.871
when after the law had changed,

00:03:24.871 --> 00:03:24.971
when after the law had changed,
he

00:03:24.971 --> 00:03:25.038
when after the law had changed,
he would

00:03:25.038 --> 00:03:25.438
when after the law had changed,
he would have

00:03:25.438 --> 00:03:25.505
when after the law had changed,
he would have been

00:03:25.505 --> 00:03:25.572
when after the law had changed,
he would have been able

00:03:25.572 --> 00:03:26.539
when after the law had changed,
he would have been able to

00:03:26.539 --> 00:03:26.573
when after the law had changed,
he would have been able to get

00:03:26.573 --> 00:03:26.706
he would have been able to get

00:03:26.706 --> 00:03:27.640
he would have been able to get
that

00:03:27.640 --> 00:03:27.674
he would have been able to get
that package.

00:03:27.674 --> 00:03:27.807
he would have been able to get
that package. So

00:03:27.807 --> 00:03:27.907
he would have been able to get
that package. So what's

00:03:27.907 --> 00:03:27.941
he would have been able to get
that package. So what's going

00:03:27.941 --> 00:03:28.741
that package. So what's going

00:03:28.741 --> 00:03:28.841
that package. So what's going
to

00:03:28.841 --> 00:03:28.908
that package. So what's going
to happen

00:03:28.908 --> 00:03:28.975
that package. So what's going
to happen now

00:03:28.975 --> 00:03:29.842
that package. So what's going
to happen now is

00:03:29.842 --> 00:03:29.876
that package. So what's going
to happen now is that

00:03:29.876 --> 00:03:30.009
that package. So what's going
to happen now is that is

00:03:30.009 --> 00:03:30.043
that package. So what's going
to happen now is that is still

00:03:30.043 --> 00:03:30.143
to happen now is that is still

00:03:30.143 --> 00:03:30.510
to happen now is that is still
on

00:03:30.510 --> 00:03:30.610
to happen now is that is still
on appeal.

00:03:30.610 --> 00:03:31.578
to happen now is that is still
on appeal. We'll

00:03:31.578 --> 00:03:31.678
to happen now is that is still
on appeal. We'll see

00:03:31.678 --> 00:03:31.711
to happen now is that is still
on appeal. We'll see what

00:03:31.711 --> 00:03:31.878
on appeal. We'll see what

00:03:31.878 --> 00:03:32.679
on appeal. We'll see what
happens

00:03:32.679 --> 00:03:32.779
on appeal. We'll see what
happens with

00:03:32.779 --> 00:03:32.845
on appeal. We'll see what
happens with that.

00:03:32.845 --> 00:03:32.879
on appeal. We'll see what
happens with that. But

00:03:32.879 --> 00:03:33.479
happens with that. But

00:03:33.479 --> 00:03:33.613
happens with that. But
effectively

00:03:33.613 --> 00:03:33.713
happens with that. But
effectively they're

00:03:33.713 --> 00:03:34.514
happens with that. But
effectively they're asking

00:03:34.514 --> 00:03:34.547
happens with that. But
effectively they're asking for

00:03:34.547 --> 00:03:34.781
effectively they're asking for

00:03:34.781 --> 00:03:34.847
effectively they're asking for
permission

00:03:34.847 --> 00:03:35.949
effectively they're asking for
permission from

00:03:35.949 --> 00:03:36.015
effectively they're asking for
permission from shareholders

00:03:36.015 --> 00:03:36.049
effectively they're asking for
permission from shareholders to

00:03:36.049 --> 00:03:36.149
permission from shareholders to

00:03:36.149 --> 00:03:36.616
permission from shareholders to
pay

00:03:36.616 --> 00:03:36.683
permission from shareholders to
pay that.

00:03:36.683 --> 00:03:37.417
permission from shareholders to
pay that. So

00:03:37.417 --> 00:03:37.517
permission from shareholders to
pay that. So that's

00:03:37.517 --> 00:03:38.451
permission from shareholders to
pay that. So that's still

00:03:38.451 --> 00:03:38.484
permission from shareholders to
pay that. So that's still on.

00:03:38.484 --> 00:03:38.618
pay that. So that's still on.

00:03:38.618 --> 00:03:38.751
pay that. So that's still on.
We're

00:03:38.751 --> 00:03:39.886
pay that. So that's still on.
We're talking

00:03:39.886 --> 00:03:39.986
pay that. So that's still on.
We're talking now.

00:03:39.986 --> 00:03:40.053
pay that. So that's still on.
We're talking now. That's

00:03:40.053 --> 00:03:40.086
pay that. So that's still on.
We're talking now. That's a

00:03:40.086 --> 00:03:40.320
We're talking now. That's a

00:03:40.320 --> 00:03:40.687
We're talking now. That's a
retroactive

00:03:40.687 --> 00:03:40.720
We're talking now. That's a
retroactive situation.

00:03:40.720 --> 00:03:40.820
retroactive situation.

00:03:40.820 --> 00:03:40.987
retroactive situation.
>>

00:03:40.987 --> 00:03:41.754
retroactive situation.
>> Permission

00:03:41.754 --> 00:03:41.988
retroactive situation.
>> Permission from

00:03:41.988 --> 00:03:42.021
retroactive situation.
>> Permission from shareholders

00:03:42.021 --> 00:03:42.121
>> Permission from shareholders

00:03:42.121 --> 00:03:42.188
>> Permission from shareholders
or

00:03:42.188 --> 00:03:42.822
>> Permission from shareholders
or this

00:03:42.822 --> 00:03:42.889
>> Permission from shareholders
or this or

00:03:42.889 --> 00:03:42.989
>> Permission from shareholders
or this or they

00:03:42.989 --> 00:03:43.122
>> Permission from shareholders
or this or they don't

00:03:43.122 --> 00:03:43.156
>> Permission from shareholders
or this or they don't think

00:03:43.156 --> 00:03:43.489
or this or they don't think

00:03:43.489 --> 00:03:43.656
or this or they don't think
they're

00:03:43.656 --> 00:03:44.557
or this or they don't think
they're required.

00:03:44.557 --> 00:03:44.591
or this or they don't think
they're required. No.

00:03:44.591 --> 00:03:44.724
or this or they don't think
they're required. No. In

00:03:44.724 --> 00:03:44.757
or this or they don't think
they're required. No. In Texas.

00:03:44.757 --> 00:03:44.857
they're required. No. In Texas.

00:03:44.857 --> 00:03:45.692
they're required. No. In Texas.
>>

00:03:45.692 --> 00:03:45.725
they're required. No. In Texas.
>> No

00:03:45.725 --> 00:03:45.792
they're required. No. In Texas.
>> No no

00:03:45.792 --> 00:03:45.858
they're required. No. In Texas.
>> No no no.

00:03:45.858 --> 00:03:46.492
they're required. No. In Texas.
>> No no no. In

00:03:46.492 --> 00:03:46.659
they're required. No. In Texas.
>> No no no. In this

00:03:46.659 --> 00:03:46.693
they're required. No. In Texas.
>> No no no. In this instance

00:03:46.693 --> 00:03:46.826
>> No no no. In this instance

00:03:46.826 --> 00:03:46.926
>> No no no. In this instance
they

00:03:46.926 --> 00:03:47.393
>> No no no. In this instance
they again

00:03:47.393 --> 00:03:47.427
>> No no no. In this instance
they again need

00:03:47.427 --> 00:03:47.493
>> No no no. In this instance
they again need to

00:03:47.493 --> 00:03:47.594
>> No no no. In this instance
they again need to ask

00:03:47.594 --> 00:03:47.627
>> No no no. In this instance
they again need to ask for

00:03:47.627 --> 00:03:48.595
they again need to ask for

00:03:48.595 --> 00:03:48.661
they again need to ask for
permission

00:03:48.661 --> 00:03:48.728
they again need to ask for
permission for

00:03:48.728 --> 00:03:48.895
they again need to ask for
permission for this

00:03:48.895 --> 00:03:48.928
they again need to ask for
permission for this package.

00:03:48.928 --> 00:03:49.996
permission for this package.

00:03:49.996 --> 00:03:50.063
permission for this package.
But

00:03:50.063 --> 00:03:50.129
permission for this package.
But this

00:03:50.129 --> 00:03:50.163
permission for this package.
But this is

00:03:50.163 --> 00:03:50.730
permission for this package.
But this is a

00:03:50.730 --> 00:03:50.863
permission for this package.
But this is a go

00:03:50.863 --> 00:03:50.897
permission for this package.
But this is a go forward

00:03:50.897 --> 00:03:51.064
But this is a go forward

00:03:51.064 --> 00:03:51.397
But this is a go forward
package

00:03:51.397 --> 00:03:51.598
But this is a go forward
package that

00:03:51.598 --> 00:03:51.631
But this is a go forward
package that effectively

00:03:51.631 --> 00:03:52.532
But this is a go forward
package that effectively is

00:03:52.532 --> 00:03:52.565
But this is a go forward
package that effectively is the

00:03:52.565 --> 00:03:52.699
package that effectively is the

00:03:52.699 --> 00:03:52.832
package that effectively is the
next

00:03:52.832 --> 00:03:52.865
package that effectively is the
next decade.

00:03:52.865 --> 00:03:53.533
next decade.

00:03:53.533 --> 00:03:53.566
next decade.
>>

00:03:53.566 --> 00:03:53.666
next decade.
>> So

00:03:53.666 --> 00:03:53.700
next decade.
>> So this

00:03:53.700 --> 00:03:54.601
next decade.
>> So this is

00:03:54.601 --> 00:03:54.701
next decade.
>> So this is keep

00:03:54.701 --> 00:03:54.734
next decade.
>> So this is keep them

00:03:54.734 --> 00:03:54.968
>> So this is keep them

00:03:54.968 --> 00:03:55.001
>> So this is keep them
involved.

00:03:55.001 --> 00:03:55.101
involved.

00:03:55.101 --> 00:03:55.735
involved.
>>

00:03:55.735 --> 00:03:55.768
involved.
>> This

00:03:55.768 --> 00:03:55.868
involved.
>> This is

00:03:55.868 --> 00:03:55.935
involved.
>> This is Elon

00:03:55.935 --> 00:03:56.469
involved.
>> This is Elon Musk

00:03:56.469 --> 00:03:56.536
involved.
>> This is Elon Musk is

00:03:56.536 --> 00:03:56.569
involved.
>> This is Elon Musk is 54

00:03:56.569 --> 00:03:56.703
>> This is Elon Musk is 54

00:03:56.703 --> 00:03:56.803
>> This is Elon Musk is 54
years

00:03:56.803 --> 00:03:57.570
>> This is Elon Musk is 54
years old.

00:03:57.570 --> 00:03:57.637
>> This is Elon Musk is 54
years old. If

00:03:57.637 --> 00:03:57.737
>> This is Elon Musk is 54
years old. If you

00:03:57.737 --> 00:03:57.837
>> This is Elon Musk is 54
years old. If you would

00:03:57.837 --> 00:03:57.870
>> This is Elon Musk is 54
years old. If you would like

00:03:57.870 --> 00:03:59.205
years old. If you would like

00:03:59.205 --> 00:03:59.239
years old. If you would like
him

00:03:59.239 --> 00:03:59.305
years old. If you would like
him to

00:03:59.305 --> 00:03:59.739
years old. If you would like
him to be

00:03:59.739 --> 00:03:59.872
years old. If you would like
him to be meaningfully

00:03:59.872 --> 00:03:59.906
years old. If you would like
him to be meaningfully engaged

00:03:59.906 --> 00:04:00.873
him to be meaningfully engaged

00:04:00.873 --> 00:04:00.940
him to be meaningfully engaged
for

00:04:00.940 --> 00:04:01.007
him to be meaningfully engaged
for the

00:04:01.007 --> 00:04:01.507
him to be meaningfully engaged
for the next

00:04:01.507 --> 00:04:01.608
him to be meaningfully engaged
for the next ten

00:04:01.608 --> 00:04:01.708
him to be meaningfully engaged
for the next ten years

00:04:01.708 --> 00:04:01.741
him to be meaningfully engaged
for the next ten years till

00:04:01.741 --> 00:04:02.575
for the next ten years till

00:04:02.575 --> 00:04:02.642
for the next ten years till
he's

00:04:02.642 --> 00:04:03.643
for the next ten years till
he's 64.

00:04:03.643 --> 00:04:03.710
for the next ten years till
he's 64. Right.

00:04:03.710 --> 00:04:05.078
for the next ten years till
he's 64. Right. And

00:04:05.078 --> 00:04:05.144
for the next ten years till
he's 64. Right. And by

00:04:05.144 --> 00:04:05.245
for the next ten years till
he's 64. Right. And by the

00:04:05.245 --> 00:04:05.278
for the next ten years till
he's 64. Right. And by the way,

00:04:05.278 --> 00:04:05.478
he's 64. Right. And by the way,

00:04:05.478 --> 00:04:05.645
he's 64. Right. And by the way,
there's

00:04:05.645 --> 00:04:05.712
he's 64. Right. And by the way,
there's components

00:04:05.712 --> 00:04:06.613
he's 64. Right. And by the way,
there's components in

00:04:06.613 --> 00:04:06.713
he's 64. Right. And by the way,
there's components in here

00:04:06.713 --> 00:04:06.746
he's 64. Right. And by the way,
there's components in here that

00:04:06.746 --> 00:04:06.913
there's components in here that

00:04:06.913 --> 00:04:07.647
there's components in here that
include

00:04:07.647 --> 00:04:07.780
there's components in here that
include succession

00:04:07.780 --> 00:04:07.847
there's components in here that
include succession planning

00:04:07.847 --> 00:04:07.880
there's components in here that
include succession planning in

00:04:07.880 --> 00:04:08.648
include succession planning in

00:04:08.648 --> 00:04:08.748
include succession planning in
what's

00:04:08.748 --> 00:04:08.781
include succession planning in
what's called

00:04:08.781 --> 00:04:09.449
include succession planning in
what's called a

00:04:09.449 --> 00:04:09.515
include succession planning in
what's called a gate.

00:04:09.515 --> 00:04:10.850
include succession planning in
what's called a gate. The

00:04:10.850 --> 00:04:10.883
include succession planning in
what's called a gate. The last

00:04:10.883 --> 00:04:11.951
what's called a gate. The last

00:04:11.951 --> 00:04:12.085
what's called a gate. The last
two

00:04:12.085 --> 00:04:12.619
what's called a gate. The last
two packages

00:04:12.619 --> 00:04:14.220
what's called a gate. The last
two packages or

00:04:14.220 --> 00:04:14.320
what's called a gate. The last
two packages or tranches,

00:04:14.320 --> 00:04:14.354
what's called a gate. The last
two packages or tranches, even

00:04:14.354 --> 00:04:14.454
two packages or tranches, even

00:04:14.454 --> 00:04:14.520
two packages or tranches, even
if

00:04:14.520 --> 00:04:14.587
two packages or tranches, even
if he

00:04:14.587 --> 00:04:15.521
two packages or tranches, even
if he gets

00:04:15.521 --> 00:04:15.588
two packages or tranches, even
if he gets there.

00:04:15.588 --> 00:04:15.688
two packages or tranches, even
if he gets there. The

00:04:15.688 --> 00:04:15.722
two packages or tranches, even
if he gets there. The other

00:04:15.722 --> 00:04:15.888
if he gets there. The other

00:04:15.888 --> 00:04:15.922
if he gets there. The other
thing.

00:04:15.922 --> 00:04:16.589
thing.

00:04:16.589 --> 00:04:16.656
thing.
>>

00:04:16.656 --> 00:04:16.756
thing.
>> That

00:04:16.756 --> 00:04:16.823
thing.
>> That they

00:04:16.823 --> 00:04:17.657
thing.
>> That they have

00:04:17.657 --> 00:04:17.824
thing.
>> That they have a

00:04:17.824 --> 00:04:17.857
thing.
>> That they have a successor

00:04:17.857 --> 00:04:17.957
>> That they have a successor

00:04:17.957 --> 00:04:18.024
>> That they have a successor
set

00:04:18.024 --> 00:04:18.424
>> That they have a successor
set up

00:04:18.424 --> 00:04:18.625
>> That they have a successor
set up a

00:04:18.625 --> 00:04:18.658
>> That they have a successor
set up a successor.

00:04:18.658 --> 00:04:18.758
set up a successor.

00:04:18.758 --> 00:04:18.891
set up a successor.
>>

00:04:18.891 --> 00:04:19.425
set up a successor.
>> Exactly.

00:04:19.425 --> 00:04:19.492
set up a successor.
>> Exactly. And

00:04:19.492 --> 00:04:19.592
set up a successor.
>> Exactly. And the

00:04:19.592 --> 00:04:19.692
set up a successor.
>> Exactly. And the other

00:04:19.692 --> 00:04:19.726
set up a successor.
>> Exactly. And the other thing

00:04:19.726 --> 00:04:20.560
>> Exactly. And the other thing

00:04:20.560 --> 00:04:20.760
>> Exactly. And the other thing
that's

00:04:20.760 --> 00:04:20.860
>> Exactly. And the other thing
that's fascinating

00:04:20.860 --> 00:04:20.960
>> Exactly. And the other thing
that's fascinating about

00:04:20.960 --> 00:04:20.994
>> Exactly. And the other thing
that's fascinating about this

00:04:20.994 --> 00:04:21.628
that's fascinating about this

00:04:21.628 --> 00:04:21.661
that's fascinating about this
package

00:04:21.661 --> 00:04:21.761
that's fascinating about this
package is

00:04:21.761 --> 00:04:21.828
that's fascinating about this
package is that

00:04:21.828 --> 00:04:22.829
that's fascinating about this
package is that when

00:04:22.829 --> 00:04:22.929
that's fascinating about this
package is that when you

00:04:22.929 --> 00:04:22.962
that's fascinating about this
package is that when you when

00:04:22.962 --> 00:04:23.062
package is that when you when

00:04:23.062 --> 00:04:23.162
package is that when you when
you

00:04:23.162 --> 00:04:23.863
package is that when you when
you look

00:04:23.863 --> 00:04:23.930
package is that when you when
you look at

00:04:23.930 --> 00:04:23.963
package is that when you when
you look at it,

00:04:23.963 --> 00:04:24.197
package is that when you when
you look at it, he

00:04:24.197 --> 00:04:24.230
package is that when you when
you look at it, he effectively

00:04:24.230 --> 00:04:24.864
you look at it, he effectively

00:04:24.864 --> 00:04:24.897
you look at it, he effectively
has

00:04:24.897 --> 00:04:24.998
you look at it, he effectively
has to

00:04:24.998 --> 00:04:25.632
you look at it, he effectively
has to hold

00:04:25.632 --> 00:04:25.732
you look at it, he effectively
has to hold the

00:04:25.732 --> 00:04:25.832
you look at it, he effectively
has to hold the shares

00:04:25.832 --> 00:04:26.699
you look at it, he effectively
has to hold the shares after

00:04:26.699 --> 00:04:26.733
you look at it, he effectively
has to hold the shares after he

00:04:26.733 --> 00:04:26.933
has to hold the shares after he

00:04:26.933 --> 00:04:28.101
has to hold the shares after he
receives

00:04:28.101 --> 00:04:28.534
has to hold the shares after he
receives them

00:04:28.534 --> 00:04:28.668
has to hold the shares after he
receives them for

00:04:28.668 --> 00:04:28.768
has to hold the shares after he
receives them for another

00:04:28.768 --> 00:04:28.801
has to hold the shares after he
receives them for another seven

00:04:28.801 --> 00:04:30.203
receives them for another seven

00:04:30.203 --> 00:04:30.236
receives them for another seven
and

00:04:30.236 --> 00:04:30.303
receives them for another seven
and a

00:04:30.303 --> 00:04:30.637
receives them for another seven
and a half

00:04:30.637 --> 00:04:30.703
receives them for another seven
and a half years.

00:04:30.703 --> 00:04:31.437
receives them for another seven
and a half years. So

00:04:31.437 --> 00:04:31.504
receives them for another seven
and a half years. So it's

00:04:31.504 --> 00:04:31.537
receives them for another seven
and a half years. So it's not

00:04:31.537 --> 00:04:32.805
and a half years. So it's not

00:04:32.805 --> 00:04:32.872
and a half years. So it's not
just

00:04:32.872 --> 00:04:32.939
and a half years. So it's not
just that

00:04:32.939 --> 00:04:33.006
and a half years. So it's not
just that he

00:04:33.006 --> 00:04:33.973
and a half years. So it's not
just that he has

00:04:33.973 --> 00:04:34.140
and a half years. So it's not
just that he has to

00:04:34.140 --> 00:04:34.173
and a half years. So it's not
just that he has to actually

00:04:34.173 --> 00:04:34.274
just that he has to actually

00:04:34.274 --> 00:04:34.340
just that he has to actually
hit

00:04:34.340 --> 00:04:34.707
just that he has to actually
hit the

00:04:34.707 --> 00:04:34.774
just that he has to actually
hit the numbers.

00:04:34.774 --> 00:04:36.075
just that he has to actually
hit the numbers. The

00:04:36.075 --> 00:04:36.109
just that he has to actually
hit the numbers. The company

00:04:36.109 --> 00:04:36.209
hit the numbers. The company

00:04:36.209 --> 00:04:36.276
hit the numbers. The company
has

00:04:36.276 --> 00:04:36.476
hit the numbers. The company
has to,

00:04:36.476 --> 00:04:36.509
hit the numbers. The company
has to, on

00:04:36.509 --> 00:04:36.709
hit the numbers. The company
has to, on a

00:04:36.709 --> 00:04:37.543
hit the numbers. The company
has to, on a sustainable

00:04:37.543 --> 00:04:37.577
hit the numbers. The company
has to, on a sustainable basis.

00:04:37.577 --> 00:04:37.677
has to, on a sustainable basis.

00:04:37.677 --> 00:04:37.744
has to, on a sustainable basis.
>>

00:04:37.744 --> 00:04:39.245
has to, on a sustainable basis.
>> Stay

00:04:39.245 --> 00:04:39.379
has to, on a sustainable basis.
>> Stay at

00:04:39.379 --> 00:04:39.412
has to, on a sustainable basis.
>> Stay at those.

00:04:39.412 --> 00:04:39.512
>> Stay at those.

00:04:39.512 --> 00:04:39.679
>> Stay at those.
>>

00:04:39.679 --> 00:04:39.712
>> Stay at those.
>> Stay

00:04:39.712 --> 00:04:39.812
>> Stay at those.
>> Stay at

00:04:39.812 --> 00:04:39.846
>> Stay at those.
>> Stay at stay

00:04:39.846 --> 00:04:40.480
>> Stay at those.
>> Stay at stay at

00:04:40.480 --> 00:04:40.546
>> Stay at those.
>> Stay at stay at some

00:04:40.546 --> 00:04:40.580
>> Stay at those.
>> Stay at stay at some of

00:04:40.580 --> 00:04:40.713
>> Stay at stay at some of

00:04:40.713 --> 00:04:41.381
>> Stay at stay at some of
those

00:04:41.381 --> 00:04:41.481
>> Stay at stay at some of
those not.

00:04:41.481 --> 00:04:41.547
>> Stay at stay at some of
those not. It's

00:04:41.547 --> 00:04:41.614
>> Stay at stay at some of
those not. It's not

00:04:41.614 --> 00:04:42.448
>> Stay at stay at some of
those not. It's not that

00:04:42.448 --> 00:04:42.482
>> Stay at stay at some of
those not. It's not that they

00:04:42.482 --> 00:04:42.615
those not. It's not that they

00:04:42.615 --> 00:04:42.649
those not. It's not that they
have

00:04:42.649 --> 00:04:42.749
those not. It's not that they
have to

00:04:42.749 --> 00:04:43.583
those not. It's not that they
have to stay

00:04:43.583 --> 00:04:43.683
those not. It's not that they
have to stay at

00:04:43.683 --> 00:04:43.750
those not. It's not that they
have to stay at those.

00:04:43.750 --> 00:04:43.816
those not. It's not that they
have to stay at those. But

00:04:43.816 --> 00:04:43.850
those not. It's not that they
have to stay at those. But he

00:04:43.850 --> 00:04:44.751
have to stay at those. But he

00:04:44.751 --> 00:04:44.817
have to stay at those. But he
can

00:04:44.817 --> 00:04:44.884
have to stay at those. But he
can pass

00:04:44.884 --> 00:04:44.951
have to stay at those. But he
can pass out

00:04:44.951 --> 00:04:45.752
have to stay at those. But he
can pass out but

00:04:45.752 --> 00:04:45.852
have to stay at those. But he
can pass out but he

00:04:45.852 --> 00:04:45.952
have to stay at those. But he
can pass out but he can't

00:04:45.952 --> 00:04:45.985
have to stay at those. But he
can pass out but he can't cash

00:04:45.985 --> 00:04:46.119
can pass out but he can't cash

00:04:46.119 --> 00:04:46.486
can pass out but he can't cash
out.

00:04:46.486 --> 00:04:46.519
can pass out but he can't cash
out. So

00:04:46.519 --> 00:04:46.586
can pass out but he can't cash
out. So if

00:04:46.586 --> 00:04:46.753
can pass out but he can't cash
out. So if the

00:04:46.753 --> 00:04:47.854
can pass out but he can't cash
out. So if the company,

00:04:47.854 --> 00:04:47.887
can pass out but he can't cash
out. So if the company, you

00:04:47.887 --> 00:04:48.021
out. So if the company, you

00:04:48.021 --> 00:04:48.154
out. So if the company, you
know,

00:04:48.154 --> 00:04:48.655
out. So if the company, you
know, becomes

00:04:48.655 --> 00:04:48.688
out. So if the company, you
know, becomes a

00:04:48.688 --> 00:04:48.855
out. So if the company, you
know, becomes a $7

00:04:48.855 --> 00:04:48.888
out. So if the company, you
know, becomes a $7 trillion

00:04:48.888 --> 00:04:49.455
know, becomes a $7 trillion