Latest / In the Loop AI / Elon’s $1 Trillion Tesla Plan (And How Shareholders Get Rich)
Transcript
- Josh: [0:03] The tesla shareholder community just minted the world's first trillionaire the problem elon actually has to get there just last week there was an annual shareholder meeting where tesla shareholders voted to give elon musk the largest compensation package to ever exist in the history of humanity and this has a lot of downstream effects on society and also personal investment well in order for elon to make a trillion dollars that means there's a lot of potential upside for people like you and I, Josh: [0:28] who are believers in the company to actually see a large percentage of that upside. So if you believe in this optimistic future, you can participate on this path to a trillion dollars. A pretty outrageous compensation plan that drew a lot of backlash from a lot of people, mostly around the fact that no one person should wield this much power. And we're going to get into all that later in the episode. But Ijaz, I wanted to get your first takes when you saw this deal come across your screen. What are you thinking as you're seeing a trillion dollars as a form of compensation, particularly against the backdrop of the multi-billion dollar offers we've been Josh: [1:01] seeing people like Meta making just for individual employees? This is pretty outrageous. this? Ejaaz: [1:06] Listen, it's a big number. I, at this point, trillion is, or trillions of dollars is being thrown around so much that I feel like trillion is the new billion. Anyway, just for my own sanity, I typed out the number just now, Josh, and that is, it looks like way too many zeros for my liking. So my natural question, and a lot of questions that my friends had was, how is this allowed? And how is he going to get there? You just mentioned that there's a plan. Can you maybe like walk me through it? Josh: [1:34] Yeah. So on the screen, we have the plan. The cool thing about this deal is it's not just a payout to Elon. There is a lot of things that must happen in order for him to unlock this payout. And the downstream effects of that are going to be huge amounts of upside for Josh: [1:49] Tesla shareholders and the Tesla stock as a whole. And before we get into the specifics, I want to kind of back this against the idea that this is not strictly for financial gain. This is mostly for equity control over the company so the idea is that if elon's capable of doing the things that they hope he will through this compensation plan then he is in control of what they do and how they impact the world so it's important to realize that each one of these tranches that we have here the milestones and there is one two three four five six there's like 12 of them each one is roughly equivalent to one percent equity share so elon currently owns 13 to 15 percent with this he will go up to 25 and that will be enough to have a controlling share. Josh: [2:30] The company now these are interesting because they go up to eight and a half trillion dollars of market cap ejaz if you'll remember we just had our fan favorite nvidia yeah they just reached five trillion as the most valuable company in the world so this far exceeds the current most valuable company in the world and the interesting part is it's split into two things so one of these columns you're seeing is market value milestones and then the other is operational milestones so it's not enough for the company to reach eight and a half trillion dollars they actually have to deliver products so at two trillion 20 million vehicles must be delivered at two and a half 10 million active full-slope driving subscriptions this is where it gets interesting at three trillion dollars a million humanoid robot deliveries which is this outrageous amount to think about. Josh: [3:14] At $3.5 trillion, those million robots have to be fully operational. And then past that, it's mostly EBITDA milestones, which is like earnings and revenue that Tesla makes on top of this. So not only do they have to deliver these products at scale, but they have to do so in a way that's very profitable. And I suspect it will be hyper profitable if they make it to these valuations. I mean, these numbers, $8.5 trillion is pretty outrageous. Ejaaz: [3:34] Well, I was just about to say, I think we can get used to the trillion dollar word, but these are gigantic numbers. Josh: [3:41] But also, EGS, if you remember, you did say the $10 trillion number on a past episode when talking about Tesla. So this isn't out of the realm of possibility. Ejaaz: [3:48] And actually, I argued, if you remember at that time, that Tesla would be one of those companies that eventually gets that. It's like Google, Tesla, and maybe Apple, right? But one thing that I am thinking of when I look at this, and maybe this is more of a meme that Elon has kind of like seeded for himself, is 20 million vehicle deliveries and 1 million robot deliveries. Elon usually takes a bit of time to ramp up his kind of like manufacturing pipeline. So I have a feeling it's going to take a while to get there. These are like really huge numbers. And I think about like the impacts that these kinds of things will have on the world, right? One day our 1 million robots kind of like walking around in your homes or in Ejaaz: [4:25] factories kind of replacing jobs and all that kind of stuff. The other thing that I think of, Josh, is if this is a public play on, you know, him getting more equity ownership on Tesla, presumably the stock price will go up and if the stock price goes up am i right in saying that like people like you and i can participate in the upside that elon is aiming for if he does achieve a trillion dollars Josh: [4:48] Absolutely so here's the deal a lot of people are pissed that there's going to be a trillion a trillionaire they just don't like the idea that there's a trillionaire but i think one of the really fun effects of this compensation package is it's aligned with all of the shareholder interest so i just posted this right before recording the episode because i couldn't actually find a chart, but it tells you how rich you can get off of Tesla reaching these milestones. So if you agree with the Tesla board, if you agree with your $10 trillion projection, you just remind that Tesla is going to become the most valuable company in the world, then this is the upside that you can actually see when they reach these milestones. So what I did is I went into the chat GPT and we had a nice conversation right before recording about give me the relative implied share price as these milestones are reached, as well as the percent gain on your investment as these milestones are reach. And this was a really fun exercise because you can kind of hypothesize how wealthy you can get in the case that you make investments in Tesla right now today. So some fun milestones, the $2 trillion one, which is the first one, that creates an implied share price of $567, which is a 31% gain today. Now, Ijez, you mentioned the timelines around this happening. I believe they are the minimum is seven and a half years and the expected lock-in for Elon is 10 years. Ejaaz: [6:00] Is that Elon's guess or what the market guess is? I believe that's the shareholder Josh: [6:03] Expectation because there was some form of expectation around the length of time that Elon will commit to the company. And then I understand that tranche 11 and 12 require some sort of structured plan to hand off power to another leader. So it includes some sort of leadership structure plan. Josh: [6:19] So the idea is that this probably takes around seven and a half to 10 years. And the reason why I mentioned that is because you can kind of annualize projected returns, if you believe this to happen, based on this sheet. So in the case that Tesla hits eight and a half trillion dollars, that is a 460% increase in your stock value from today. Which means if you want to be a millionaire, you need to invest just shy of $200,000 and you will have a million dollars, hopefully in the next seven to 10 years. And you're talking about a 45% annualized return, which is for those of you who invest in index funds, the expectation is around 8% to 12%. 45% annualized is fairly outrageous. But I think this is in line, right, Ejaz, with kind of how we expect the future to go in a world where We restructure everything around us based on AI and we kind of refactor the way currencies work and I mean, things get devalued and the whole world changes as we start to get into humanoid manifestations of AI and the deflationary effects of AI. This kind of feels like a probable route and it's probably something I assume we'll see more from other companies in terms of valuations. I agree. Ejaaz: [7:22] I mean, like on your point around 45% annualized return, like it beats keeping your money in the bank, right, which is already getting inflated away anyway. The other point is, I don't think Tesla is just your average AI company, right? The typical AI company might look like I've created a model and you can talk to it, or I've created some kind of consumer app. Elon has his fingers in so many groundbreaking and important companies that all kind of cohesively work together and I think it makes Tesla one of the most, if not the most important AI company, right? They get information fed through them to their self-driving system, which then feeds into XAI, right? Which helps improve that model. You've got kind of like SpaceX launching a bunch of satellites and rockets into the air. Ejaaz: [8:08] And guess what is kind of transporting everything around those sites? It's now a bunch of Cybertrucks. So like, and then you've got these Optimus robots that are going to come out and work in manufacturing and on the consumer side of households, there is such a wide reach for Tesla that I think these numbers start to make sense when you start envisioning what that could look like. Josh: [8:28] Yes. And as someone who lived through the 2018-2019 compensation package plan, and you actually saw all those milestones get delivered. Ejaaz: [8:36] What was it back then? Josh: [8:37] It was these outrageous milestones that no one thought he could hit. I don't have the specifics off my head, but it was basically this impossible compensation plan that was hit actually ahead of time and as a result it led in this there's a big lawsuit because people said it wasn't fair that he was getting this much money when the reality was when that was first designed people just thought it wasn't possible so the impossible continues to become possible through tesla and like you mentioned it's a series of small companies i mean tesla is is one entity but it is far more than that and what was cool about the shareholder meeting is elon kind of walked through what they were going to be releasing that will enable them to get to this unbelievably large market cap The first one, maybe we could talk about a cyber cab because this is what I'm most excited about. Ijaz, have you had a chance to be near a cyber cab or be in a cyber cab? Because now they've rolled out to Texas, California. I think those are the two states right now. I haven't. Ejaaz: [9:27] Come near one. The closest I've come to an autonomous vehicle that isn't my friend's Tesla is a Waymo. And those are kind of pretty fun, but super, super ugly. I hear they're absolutely ripping in Texas. Like I saw a geograph of like the surface area that the robotaxi can cover in Texas, and it just keeps getting bigger and bigger. I think it's like three times the size of where Waymo can drive, which is also very telling, by the way. It tells us that Tesla's auto self or full self-driving software is way more competent and safer to use than Waymos, but I'm not going to get into a slinging match here, but I'm excited about where this goes. Josh, like what are they promising from this call? Josh: [10:06] Yeah. So the production, which is, which is newly announced is scheduled to start April 20th to 26th at Giga Texas. Now, currently what you're talking about, Ejaz, is the RoboTaxi network, but not the actual RoboTaxi. They're using the existing vehicles like the Model 3 and the Model Y that are fully full self-driving capable and they work as RoboTaxis, but they're not optimized for cost per kilowatt. And with the robo-taxi being optimized for cost per kilowatt, it means that they're able to make it much more cost effective. So this will start in 2026, and it should hopefully bring the cost per mile of transit down from dollars per mile to cents per mile, with the end goal being sub 50 cents per mile driven. Ejaaz: [10:44] So Josh, I saw some screenshots being shared online of people taking a 15 minute and 30 minute journey in these robo-taxis. and it costs them the equivalent of $3 and less than $6 for both of those journeys. That is insane. My Uber costs like, Josh: [11:02] 10x that here and that's the huge unlock is cyber cab should make it irresponsible fiscally to own a car that's kind of the idea of it is because the cost to transport yourself around should be so low because these cars are so cost effective that you will no longer need to own a car and instead if you want a car you will just get a personal version of this robotaxi to drive you around everywhere and they're doubling down on that because in april 2026 next year when they're going to start rolling these out they have no steering wheel they have no pedals these These are fully autonomous from the factory. They're going all in on it. You're joking. And they're fully confident that they'll be able to make it work. So if you scale transportation out at the limits, that is a tremendously large market that they're competing in. Like you're talking Uber, Lyft, you're talking every auto manufacturer in the world. You're talking a lot of delivery companies like Uber and DoorDash who can have these things delivered fairly autonomously. Josh: [11:53] It really unlocks a lot of capital and a lot of new opportunity in the market. And I think that's a trend with a lot of things that Elon was talking about is that these unlock new market efficiencies and new markets as a whole that don't exist in the absence of this technology. Ejaaz: [12:06] I think if you play this trend out to your point, like the bad side is like, okay, cars become incredibly homogenous, but the good side is like incredibly efficient and cost efficient for everyone, right? And I think there's something deeply funny about when Elon first started Tesla, The major fear was, one, he couldn't scale electric cars to become something that is competitive with petrol fuel cars. And two, that electric vehicles was the only kind of like competitiveness thing about it. No one thought probably at the time that self-driving would transpire from this and become this whole major network. Like you see Waymo just signed a major partnership with Uber. And so they're feeling the heat. Just super cool to see how much pressure Tesla is putting to the automotive market as a whole. Josh: [12:54] Yeah. And then, I mean, the advantage of doing all of this under one roof is you get to share resources. So on the screen, you're seeing this really cool video that shows the cyber cab kind of morphing into Tesla Optimus. And it's because a lot of the resources are shared. The computers, the actuators, the motors, the batteries, a lot of it is shared because it's all vertically integrated. So that gets to the next point, which is Optimus. And Ejaz, Elon himself made a claim of what Optimus was going to cost, the cost of goods sold at scale. And do you want to take a guess what that number is it's. Ejaaz: [13:24] Probably going to be quite expensive no like 50k Josh: [13:26] 20 000 for the cost of a optimus robot is what he said with that's. Ejaaz: [13:33] Like the cost of like the figure the figure robot or like even some of the chinese robots that's pretty competitive Josh: [13:38] Dude yes so that is cost of goods sold that's not the final retail cost i assume there will be some sort of margin applied on top but it's getting to a point where they i suspect it will be fairly affordable by the time it's practical enough to put into people's houses and again we talked about the optimist opportunity on the previous tesla episode it is gigantic it is another pillar where even if they if they deliver the million robots that they say they are that is going to unlock such a tremendous amount of market cap for the company because that implies that they can make 10 million of them and if you can make 10 million fully functional humanoid robots that are capable of doing things that humans can that offsets a lot of productive work and that is a lot of value that tesla unlocks. Ejaaz: [14:17] Yeah, it's just such a weird world to envision. And like you said, it's going to take us some time to get there. I've got this tweet pulled up here, which is pointing to the massive Optimus factory that is going to churn out the million robots that will allow Elon to earn a trillion bucks. And it currently looks like a mound of earth, Josh. So not to throw FUD, I'm just saying that this thing will take a time to play out. And I think when he starts rolling out robots that can literally live in your house or work in a factory, it's going to be such a weird transition for human culture. Not to make this a philosophical point, but I can't imagine having humanoid robots walking around me. I'm just not prepped for it mentally just yet, maybe. Josh: [15:00] Yeah. And there's this weird kind of frame of mind that you can have here where if Elon becomes a trillionaire, if you invest in Tesla today, you make five extra money, the world is a vastly different place than where it is today because of the technology required to create that value. So in a world where this does happen there will be humanoid robots walking around there will be fully autonomous cars and if you believe in the possibility or if you're enraged at the possibility of someone making a trillion dollars you should factor this into your consideration that in order for that to happen there needs to be a lot of things that become true that are not true today and these are very far-fetched these are almost sci-fi type things that there will be humanoid robots driving around autonomous cars, delivering things, taking places in the workforce, just being productive humans without the human form factor. So there's a lot of jumps. And as Elon went through this rest of the shareholder presentation, he spoke about the next generation Roadster. He talked about the Tesla semi-trailer and how big those industries are. It's unbelievable. I don't think we'll get into the details of all of it. Josh: [16:01] Understanding that trucking is a huge thing this slide that we're on right now ijaz this is what i want to i want to pause on for a little bit because this is the ai side of things we love the ai side of things and like we mentioned in previous episodes tesla's making the ai5 chip we finally got a little more details on the ai5 chip one of them being that it's going to be roughly equivalent to the blackwell level compute power but consume a fraction of the energy he does do you have some takeaways after seeing this because this to me seems like one of the most important things to building. Ejaaz: [16:32] So this is really pleasing to see for a few different reasons. Number one, you said it has, it will have the equivalent power of a Blackwell chip. Blackwell is NVIDIA or Jensen Huang's flagship GPU that they're only currently rolling out at scale now. And they're in huge demand. I think they cost about $30,000 a pop, which is, you know, not as cheap as you would probably expect this to be. But the fact that it's running super efficiently, that it's not going to cost as much to run. And so therefore, it's going to save a bunch of customers money is super cool. 50 times the improvement of the AI4 chip is pretty insane. I think like the leap between the H100, which is NVIDIA's previous GPU and Blackwell isn't that large. I think it's only about a 10 to 15x. So the logarithmic scale at which Elon is pumping these out without having the head start that NVIDIA had is pretty cool the final part is and I know you'll you'll probably have some choice words against this Josh I do not put it out of question that Tesla could eventually compete at the GPU layer with NVIDIA. I don't know what the incentive might be because I feel like Elon has so many other things cooking that he just wants to feed these chips into the robots, into the robo-taxis, but it doesn't put it out of question. Josh: [17:50] No, you know what? And you just, I can't disagree with you. I had some fun facts here. Tesla's AI5 chip will be as performant as NVIDIA Blackwell at one third the power and 10% the cost. That starts production in the end of 2026 with the ai6 scheduled to start production the end of 2027 ai6 will be twice as performant as ai5 in the same year because they're using the same chip fab and the reason this is important is because that implies that they are going to possibly try to do this themselves and elon actually addressed this in the shareholder meeting where he said he is reaching out to everybody in fact he wants to work with intel he wants to ink deals with every company in the world because there simply is not enough capability to create chips which left him with the conclusion that well maybe we need to build our own terra factory for chips where they will start to build their own chips in addition to outsourcing from everyone else so in the case that they start building their own chips they have contracts with every massive chip maker i do see a world in which it becomes a threat to nvidia but also it seems improbable still now that I'm thinking through this in real time, because they want to use them for themselves. The AI-5 ship, the reason it's so powerful is that is the brain of the entire Tesla operation that covers Optimus, that covers every vehicle that rolls off the production line. And if they're doing this at scale, they're going to need those ships for their own use. And if they're that powerful, they're going to start using them with XAI, which we'll get to actually, because XAI is involved in this whole thing. Josh: [19:15] But that's kind of the way I would think about it. Ejaaz: [19:17] Well, just to kind of round this bit off, I was just doing some kind of back of the napkin math. Yeah. NVIDIA just announced that they're probably going to be releasing a new GPU roughly every 12 to 18 months. If they keep making the gains and performance improvements that they have been over the last decade, this Tesla AI5 chip and AI4 chip and everything going forwards will beat it. And we'll eventually compete at a pretty massive level with it. That's one thing which is cool. On the point around Elon using all of this for his own robots, One, I think that's great because it's probably going to lead to a huge more knock-on effects downstream for the average GDP that its companies produce. The other thing is Google is a living example of creating GPUs for themselves. And they've only just crossed that line where they've started to sell TPUs to other companies, the main company being Anthropic. All of this, rounded up, just basically tells me that Tesla should be priced way more closely to NVIDIA than we're giving them consideration for. Josh: [20:18] Yeah, and we're not even taking into account the energy part of the business, which is solar and batteries and things that are the most, I mean, Ejaz, you mentioned this on yesterday's episode, the biggest threshold that is preventing us from scaling is energy. And Tesla has a huge business in energy too. So there are lots of things that we just didn't have time to mention today that are also going to contribute to this. But there's one point that I wanted to make around this, which gets into proposal seven from this shareholder meeting, which was the vote around equity share as it relates to XAI and Tesla. And why is this important? Because who would Tesla be selling chips to? Other AI labs. And who is the other AI lab that Elon also owns? It's XAI. So you would have to assume a lot of the excess, if there was any, would flow into the partner company. But this actually isn't the case in the shareholder vote. A lot of the shareholder votes were successful, including Tesla's compensation plan for Elon. But the one that was noteworthy, not accepted or not declined, but just didn't make it through was this Prop 7 all around the XAI integration with Tesla. Ejaaz: [21:20] I'm confused by this one, to be honest. Josh: [21:24] Could you outline what exactly it was for people to just get an understanding? Ejaaz: [21:27] For sure, yeah. So the results were four. You just had over a million votes against also almost a million votes. Almost half a million people abstained. And Josh: [21:38] Then I don't. Ejaaz: [21:38] Know what broken on votes are. Maybe you can help paint some light on that, but 300,000 votes. So it was by no means a fair majority. It was a pretty even split down the line. Josh: [21:48] And this is for Tesla to take some equity stake in XAI. This is for them to own more of it, to get more synergy between the companies. And it was a bit surprising that it wasn't overwhelmingly voted for. I think there's a lot of speculation as to why, because it wasn't that people voted against it. I mean, like you mentioned, four had more votes. It's just there was a significant amount of people that abstained, mostly because the board of directors didn't make a suggestion around this. So I think a few questions to ask are, why did the board of directors not make a suggestion and then like why would this not obviously be a benefit to tesla shareholders because man i'd love to get some xai equity. Ejaaz: [22:25] I think this is probably, if I had to guess, this is probably a case of Elon not providing the master plan behind why this makes sense and just him trying to shoo it in with the Tesla trillion dollar comp package. So I think it's not saying that like Elon isn't going to get this in the future. It's just saying that they probably want a little more clarity. And to me, the synergies between Tesla and XAI are super obvious. Number one, you mentioned Tesla is going to produce a heck ton of data. From their self-driving data, whether you got cameras strapped to the cars constantly. What was the stat? It's like they create like 50 years worth of driving data in a single day. Josh: [23:05] Yeah, outrageous amounts of data. Crazy amounts of data. Ejaaz: [23:08] Right? If you fed that into the XAI model, which currently is only feeding off of like words and some imagery, if you feed it with that amount of video, it gets instantly a lot, lot smarter. And then on the flip side, you know, Tesla benefits a lot, or the robots that Tesla is building benefits a lot from having a model, right? You currently have Grok in the Tesla car can advise you on a bunch of different things. It's all very congruent. It makes a lot of sense. Ejaaz: [23:34] Do you agree with this, Josh? Do you have any differing thoughts? Josh: [23:37] Yeah, no, I very much agree. And I think as we wrap this episode, I kind of want to, I want to pose a question for maybe both of us to ask, which is, should Elon get a trillion? Should there be a trillionaire? And should Elon be a. Ejaaz: [23:50] Okay, so I feel a little uncomfortable saying this. I just want to preempt that. But I would say, yes, he does. Simple reason is I think he's responsible for building the most important groundbreaking companies that we need to push humanity to evolve to where we could be in the future or where we should be in the future. And he's too important to lose. So if he ends up delivering on all these different visions, not just for Tesla, but for all these other companies, which he hasn't created a master comp plan for yet, at least that we're talking like tens of trillions of dollars if this plays out so i think the trillion dollars is pretty fair especially if it's just for equity ownership Josh: [24:28] Yeah my answer is hell freaking yeah like this is this is amazing i think no doubt and what i think like i kind of want to explain why i'm so enthused about this because a lot of people are really upset at the, There's a few implications of that. One, he does not have a trillion dollars sitting in a bank account. This is all about equity ownership over the company and to have a control in what the future looks like. When you're building things at scale with this much influence on society as a whole, it's important that you own enough to have a say in the future destiny of how that works. Josh: [25:00] That implies that there is wealth associated with it because those shares increase in value, but that is not liquid money. This is not a trillion dollars that could instead be donated to saving lives and curing world hunger. This is locked up in a company that is building value for the rest of the world. And those controlling shares, fortunately or unfortunately, come in the form of assets that are worth lots of value. So it's less about having a trillion dollars in a bank. It is more about having a trillion dollars worth of voting power to control the destiny of these future technologies. The second thing is that I would far prefer someone like Elon to allocate capital versus other people. Like if Elon does not get a trillion dollars, that trillion dollars will probably doesn't exist one because a lot of times like this society is very positive some you create value from nothing from sand in the earth and then you create chips and you create products so one the trillion dollars doesn't create the value just doesn't get created and two if that value was to be taken away from him and redistributed elsewhere who can allocate capital better in the world than someone like elon who has done it over and over and has slammed these bets grand slams for everything that's ever been built and there's nobody on the world who is a more efficient allocator of capital, more effective allocator of capital than someone like this. And the upside is that it's a public company. Josh: [26:15] So if you want to see the upside, then you can invest in it and you can get that 4.5x in the next seven to 10 years. And if you don't believe it's true, well, then it's going to be tough to value, hold these two truths in your hand that one trillionaire shouldn't exist. And also that like this future shouldn't exist with robots and cyber camps, because one is kind of the antithesis of the other. So I am really excited about Josh: [26:37] this possibility of someone becoming a trillionaire. And it sets the bar a little bit higher for, I hope, people to reach. I'm talking about the C-suite of people like Jensen, really building a company that can really shape and mold a lot of the world by taking these super ambitious bets. Ejaaz: [26:52] Yeah, I mean, look, you don't even have to look too far. Like, look at what Elon's created in the past, right? He's taken multiple companies at this point, from naught to 100 plus billion dollars, right? And that just kind of speaks to his ability to allocate capital, as you say. The other thing I would just say is, and I think I forgot to mention this, but even when he hits all these milestones, Josh, there's a stipulation where he vests his equity then over the next like four years, like a classic founder would when they start a company. I think if he hits it before 2030, it kind of like vests at a three-year rate. If it's 2032, then it's like a four-year rate. So there are so many stipulations that are put on top of this, which prevents him from having a liquid trillion dollars, which would never happen anyway for Elon. So the way I see this is, it is a really sure bet to be a Tesla investor right now. If you think that Elon is going to achieve this. If you are a hater of Elon, it is still a good bet to place. Because if you hate that Elon is going to earn a trillion dollars, well, maybe you can participate in the upside of it anyway. And so I'm super excited about this either way. I think it's incredibly ambitious, TBD, whether he actually achieves it. But I believe that is it for this episode, Josh. Josh: [28:09] Yeah. I just want to, like, don't bet against the optimist, man. It's never ended. Ejaaz: [28:12] Well and it won't. Josh: [28:14] Just don't do it. Don't do it. It's a lot easier to get on board with people trying ambitious and really hard things that will hopefully make the world a better place. And in the case that this compensation plan actually works out, the world really looks like the future. And things really start to get pretty wacky in a fun and exciting way. And there's downstream effects that are always come to the negative with new Josh: [28:34] technologies. But on a net, this seems really exciting. And I think that's really, that is the essence of this episode, the compensation package. That's kind of how this all is going to go down. Ejaaz: [28:45] Epic. Well, I don't think we have anything more to say, but I will propose a bet or I don't know if it's a bet or a proposition for this audience. Something that I'm really excited about, Josh, aside from Elon becoming a trillionaire, is us becoming the most popular AI channel on YouTube and wherever you're listening to this right now. And I don't know about you, but I personally think that we are a five-star worthy podcast that deserves millions of subscribers. And we are only at the humble number of 26.4K subscribers on YouTube, I believe, and even less than that across Spotify, Apple Music, and all that kind of stuff. It would help us so much if you help. Think about this as investing in Tesla when it was at 100 bucks or several hundred bucks. This is the same thing. And what I propose to you is I will commit, let's see, Josh, what do you think is cool? I will commit an additional $10,000 to my Tesla holdings if we get another 500 subscribers over the next week. I don't know if those metrics make sense or if the ROI makes sense, but it's just what I'm feeling. I hope you guys found value in this episode. We have a really exciting episode coming out after this as well on the big Michael Berry short. We will see you then. But until then, thank you so much for listening. And we'll see you on Josh: [29:58] The next one. See you guys in the next one. Peace.