WEBVTT 1 00:00:01.399 --> 00:00:05.519 Europe is our weakest market. We're stronger everywhere else, so 2 00:00:06.639 --> 00:00:08.839 our sales are are doing doing well at this point. 3 00:00:10.480 --> 00:00:16.879 We don't anticipate any any meaningful sales shortfall, and the 4 00:00:17.800 --> 00:00:22.000 you know the obviously the stock market recognizes that since 5 00:00:22.039 --> 00:00:24.640 we're now back over a trillion dollars in market caps, 6 00:00:24.719 --> 00:00:28.559 so really the market is aware of the situation. So 7 00:00:28.600 --> 00:00:30.079 it's it's already turned around. 8 00:00:29.920 --> 00:00:32.359 But sales still down compared to this time last year 9 00:00:34.200 --> 00:00:35.960 in your in Europe. 10 00:00:36.039 --> 00:00:41.679 Okay, and yes, but that's that's true of all manufacturers. 11 00:00:42.640 --> 00:00:43.840 There's no except questions. 12 00:00:45.679 --> 00:00:47.560 Does that mean that you're not going to be able? 13 00:00:48.479 --> 00:00:50.280 Does that mean you're quite weak? 14 00:00:50.759 --> 00:00:54.119 Okay, but you would acknowledge when you that what you 15 00:00:54.159 --> 00:00:56.039 are facing. Okay, let's just take it as Europe, what 16 00:00:56.039 --> 00:00:58.759 you are facing is a significant problem. This Tesla is 17 00:00:58.759 --> 00:01:03.000 an incredibly aspiration national brand. People identified with it, it 18 00:01:03.119 --> 00:01:05.439 saw it, they saw it as being at the forefront 19 00:01:05.439 --> 00:01:08.319 of the climate crisis. And now people are driving around 20 00:01:08.319 --> 00:01:11.480 with stickers in their car saying I bought this before 21 00:01:11.480 --> 00:01:12.840 we knew Elon was crazy. 22 00:01:14.079 --> 00:01:16.439 And there are also people who are by buying it 23 00:01:16.480 --> 00:01:22.599 because Elon's crazy, or however they may view it. So, yes, 24 00:01:22.640 --> 00:01:24.599 we've lost some sales perths on the left, but we've 25 00:01:24.640 --> 00:01:27.319 gained them on the right. The sales numbers at this 26 00:01:27.480 --> 00:01:31.719 point are strong, and if we've seen no problem with them. 27 00:01:31.760 --> 00:01:34.400 Mad So what I mean? 28 00:01:34.400 --> 00:01:37.959 You can just look at the stock price if you 29 00:01:38.000 --> 00:01:43.760 want the best insider information. The stock market analysts have 30 00:01:43.840 --> 00:01:49.319 that and stock wouldn't be trading near all time eyes 31 00:01:49.719 --> 00:01:53.920 if it was not. If things weren't, They're fine. Don't 32 00:01:53.920 --> 00:01:54.480 worry about it. 33 00:01:54.560 --> 00:01:57.879 Okay, I was citing sales figures rather than share price. 34 00:01:57.920 --> 00:02:01.560 Well tell me then, how committed you are to Tesla? 35 00:02:01.640 --> 00:02:04.239 Do you see yourself and are you committed to still 36 00:02:04.280 --> 00:02:10.639 being the chief executive of Tesla in five years time? Yes, 37 00:02:11.680 --> 00:02:13.039 no doubt about that at all. 38 00:02:15.599 --> 00:02:22.680 Well no, I might die, Okay, sure to that. Let 39 00:02:22.719 --> 00:02:24.759 me see you I'm dead? So slight? 40 00:02:25.840 --> 00:02:30.159 Does that mean that the value of your pay doesn't 41 00:02:30.199 --> 00:02:32.439 have any bearing on your decision? 42 00:02:36.800 --> 00:02:41.639 Well that's not really Sorry discussion in this forum. The 43 00:02:43.319 --> 00:02:48.039 I think, obviously there should be a conversation for if 44 00:02:48.039 --> 00:02:52.360 there's something incredible is done, that compensation should match that 45 00:02:53.159 --> 00:02:59.879 something incredible was done. But I'm confident that whatever the 46 00:03:00.120 --> 00:03:04.199 whatever some activist posing as a judge in Delaware. Happens 47 00:03:04.240 --> 00:03:06.039 to do will not affect the future compensation. 48 00:03:07.400 --> 00:03:10.960 This is the judge you twice struck down the fifty 49 00:03:11.080 --> 00:03:14.759 six billion dollar pay package that was that was awarded 50 00:03:14.800 --> 00:03:16.800 to you. I think the value on the basis on 51 00:03:16.879 --> 00:03:18.800 the current value of stock options. 52 00:03:19.000 --> 00:03:22.800 Yeah, not a judge, not a judge. The activist who 53 00:03:22.840 --> 00:03:24.919 is causplaying a judge in a Halloween costume. 54 00:03:26.639 --> 00:03:31.199 Okay, that's your characterization. I think the on the current 55 00:03:31.319 --> 00:03:34.439 value of stock options. I think the actual justice according 56 00:03:34.479 --> 00:03:37.520 to the law, on the current value of stock options. 57 00:03:37.599 --> 00:03:39.520 I think the value of that pay package stands at 58 00:03:39.560 --> 00:03:42.120 about one hundred billion dollars. Are you saying you are 59 00:03:42.159 --> 00:03:47.000 relaxed about the value of your future pay package. Your 60 00:03:47.080 --> 00:03:50.599 decision to be committed to Tesla for the next five 61 00:03:50.719 --> 00:03:53.120 years as long as you are still with us on 62 00:03:53.120 --> 00:04:01.240 this planet is completely independent of pay. No, it's not independent. 63 00:04:01.360 --> 00:04:03.400 So pay is a relevant factor then to your commitment 64 00:04:03.439 --> 00:04:03.919 to Tesla. 65 00:04:06.639 --> 00:04:11.159 A sufficient boarding control such that I cannot be ousted 66 00:04:11.240 --> 00:04:13.919 by activists investors is what matters to me. And I've 67 00:04:13.919 --> 00:04:17.000 said this publicly many times, but let's not have this 68 00:04:17.040 --> 00:04:19.879 whole thing be a discussion of my list pay. It's 69 00:04:19.920 --> 00:04:23.199 not a money thing. It's a reasonable control thing over 70 00:04:23.240 --> 00:04:26.079 the future of the company, especially if we building millions, 71 00:04:26.120 --> 00:04:30.040 potentially billions of humanoid robots. I can't be sitting there 72 00:04:31.519 --> 00:04:34.879 and one going to get tossed out by for political 73 00:04:34.920 --> 00:04:39.079 reasons by activists. That would be unacceptable. That's all that matters. Now, 74 00:04:39.120 --> 00:04:39.680 let's move on. 75 00:04:39.920 --> 00:04:45.959 Okay, Well just one question, move on, Well, one question 76 00:04:46.079 --> 00:04:48.560 before we move on to other companies, which is that 77 00:04:48.639 --> 00:04:51.319 I wonder if some of what you've has happened to 78 00:04:51.399 --> 00:04:54.600 Tesla in the last few months, did you take it personally? 79 00:04:56.199 --> 00:04:56.560 Yes? 80 00:04:58.120 --> 00:05:00.759 And did it make you re great? Any of you 81 00:05:00.839 --> 00:05:13.759 all think twice about your political endeavors because it is 82 00:05:13.920 --> 00:05:14.759 I I. 83 00:05:14.720 --> 00:05:19.800 Did what needed to be done, uh, the violent antibody reaction, 84 00:05:21.079 --> 00:05:23.199 and I'm just I'm not someone who's ever committed violence, 85 00:05:24.040 --> 00:05:29.360 and yet massive violence was committed against my companies, massive 86 00:05:29.439 --> 00:05:34.199 violence was threatened against me. Who are these people? Why 87 00:05:34.199 --> 00:05:38.879 would they do that? How wrong can they be? They're 88 00:05:38.879 --> 00:05:41.920 on the wrong, on the wrong side of history, and 89 00:05:41.959 --> 00:05:44.759 that's an evil thing to do to go and damage 90 00:05:45.040 --> 00:05:51.959 some pointocent person's car, to threaten to kill me. What 91 00:05:52.079 --> 00:05:57.079 strong are these people? I have not harmed anyone. So 92 00:05:58.680 --> 00:06:01.160 something needs to be done about them, and a number 93 00:06:01.199 --> 00:06:03.680 of them are going to prison and they deserve it. 94 00:06:05.199 --> 00:06:10.319 You're well, you're referring to the attacks on Tesla showrooms, 95 00:06:10.879 --> 00:06:11.319 but I. 96 00:06:11.240 --> 00:06:16.199 Think, well, it's into showrooms and burning down cars is unacceptable. 97 00:06:16.800 --> 00:06:18.800 Those people will go to prison, and the people that 98 00:06:18.920 --> 00:06:21.360 funded them and organized them will also go to prison. 99 00:06:22.120 --> 00:06:32.279 Don't worry, wouldn't you, wouldn't you or wouldn't wouldn't you 100 00:06:32.319 --> 00:06:34.759 acknowledge that some of the people who turned against Tesla 101 00:06:34.800 --> 00:06:40.120 in Europe were were upset at your politics, and very 102 00:06:40.160 --> 00:06:42.120 few of them would have been violent in any way. 103 00:06:42.199 --> 00:06:46.240 They just objected to what they saw you say or 104 00:06:46.279 --> 00:06:47.040 do politically. 105 00:06:48.759 --> 00:06:51.600 Well, it's certainly fine to object to political things, but 106 00:06:51.639 --> 00:06:54.800 it's not it's not fine to resort to violence and 107 00:06:54.839 --> 00:07:01.439 hanging someone in effigy and death threats. That's obviously not okay. 108 00:07:01.560 --> 00:07:07.040 You know, that's absurd. That is in no way justifiable 109 00:07:07.120 --> 00:07:11.240 at all in any way, shape or format. And some 110 00:07:11.279 --> 00:07:14.319 of the legacy media and nonelests have sort of justified, 111 00:07:14.360 --> 00:07:16.560 which is unconscionable. Shame on them. 112 00:07:16.920 --> 00:07:20.079 Let's talk about your other companies. Then, in other business areas, 113 00:07:20.079 --> 00:07:22.800 SpaceX I saw that you said in a speech at 114 00:07:22.839 --> 00:07:26.959 the West Point Military Academy recently that the future of 115 00:07:27.079 --> 00:07:31.839 warfare is AI and drones, and obviously defense is an 116 00:07:31.959 --> 00:07:36.920 increasingly booming sector. With the state of the world at 117 00:07:36.920 --> 00:07:46.160 the moment, do you see SpaceX moving into weaponized drones? 118 00:07:49.319 --> 00:07:54.040 You certainly ask interesting questions that are impossible to answer. 119 00:07:55.399 --> 00:08:02.439 So SpaceX is is the space launch leader, So SpaceX 120 00:08:02.439 --> 00:08:10.560 doesn't do drones. SpaceX builds rockets, satellites and its terminals. 121 00:08:11.439 --> 00:08:17.560 So SpaceX has a a very dominant position in space launch. 122 00:08:17.720 --> 00:08:22.279 So of the mass launch to orbit this year, SpaceX 123 00:08:22.319 --> 00:08:28.800 will probably do, China will do the remain half half 124 00:08:29.439 --> 00:08:31.279 of the remaining amounts of five percent, and the rest 125 00:08:31.319 --> 00:08:32.679 of the world, including the rest of the US, will 126 00:08:32.679 --> 00:08:34.960 do about five percent. So SpaceX will do about ten 127 00:08:35.000 --> 00:08:36.559 times as much as the rest of the world combined, 128 00:08:36.639 --> 00:08:38.519 or twenty times as much as China, which is in 129 00:08:38.600 --> 00:08:41.720 China is doing actually a very impressive job. The reason 130 00:08:41.720 --> 00:08:44.480 for this is that we're putting it into orbit the 131 00:08:44.519 --> 00:08:47.360 largest satellite constellation the Walls have ever seen by far, 132 00:08:48.360 --> 00:08:53.399 So I think at this point about maybe approaching eight 133 00:08:53.440 --> 00:08:57.200 percent of all active satellites in orbit are SpaceX and 134 00:08:57.240 --> 00:09:02.039 they're providing high high mad with global connectvity throughout the world. 135 00:09:02.080 --> 00:09:06.360 In fact, this connection is on a SpaceX connection. So 136 00:09:06.440 --> 00:09:08.840 I think this is a very good thing because it 137 00:09:08.919 --> 00:09:12.840 means that we can provide low cost by bandwidth internet 138 00:09:12.960 --> 00:09:14.720 to pass the world if don't have it or it's 139 00:09:14.799 --> 00:09:18.080 very expensive. And I think the single biggest thing you 140 00:09:18.080 --> 00:09:20.720 can do to look people out of poverty and help 141 00:09:20.799 --> 00:09:25.159 them is giving them an Internet connection, because once you 142 00:09:25.200 --> 00:09:27.600 have the Internet connection, you can learn anything for free 143 00:09:27.679 --> 00:09:30.000 on the Internet, and you can also sell your goods 144 00:09:30.000 --> 00:09:35.919 and services to the global market. And we want to 145 00:09:36.000 --> 00:09:40.559 have knowledge by the Internet and the ability to engage 146 00:09:40.559 --> 00:09:45.919 in commerce that this is going to greatly improve quality 147 00:09:45.919 --> 00:09:48.080 of life for people throughout the world. And it has. 148 00:09:49.440 --> 00:09:51.159 And I'd just like to think anyone in the audience 149 00:09:51.200 --> 00:09:55.320 who may have been helpful and you know, with Starlink 150 00:09:55.600 --> 00:09:58.000 and getting it to approved in their country. And I 151 00:09:58.000 --> 00:09:59.440 think it's doing a lot of good in the countries 152 00:09:59.440 --> 00:10:00.840 that have a pret of it, which is I think 153 00:10:00.840 --> 00:10:02.919 this point one hundred and thirty countries are very happy 154 00:10:02.919 --> 00:10:07.159 with it. I don't currently into space space actually getting 155 00:10:07.200 --> 00:10:10.320 into the weapons business. That's something that's not an aspiration 156 00:10:10.360 --> 00:10:14.720 we're freaquent. We're frequently asked to do to do weapons programs, 157 00:10:14.720 --> 00:10:15.919 but we have justified a client. 158 00:10:17.559 --> 00:10:22.559 Do you envisage SpaceX or indeed starlink as a separate 159 00:10:22.919 --> 00:10:27.279 entity publicly listing in the near future or at all. 160 00:10:30.159 --> 00:10:33.960 It's possible that starlink may go public at some point 161 00:10:34.000 --> 00:10:35.320 in the future. 162 00:10:36.159 --> 00:10:38.399 And what would be the what would be the time frame, 163 00:10:40.559 --> 00:10:42.000 what kind of time frame you consider it? 164 00:10:42.240 --> 00:10:43.720 I mean no rush, no, I mean no rush to 165 00:10:43.759 --> 00:10:48.240 your public. The public is, I guess, a way to 166 00:10:50.279 --> 00:10:53.639 you know, potentially make more money, but at the expense 167 00:10:53.679 --> 00:10:58.279 of a lot of public company overhead and inevitably a 168 00:10:58.320 --> 00:11:02.000 whole bunch of lawsuits which are very annoying. So really 169 00:11:02.039 --> 00:11:04.440 something needs to be done about the share shareholder shareholder 170 00:11:04.440 --> 00:11:08.159 at road of lawsuits in the US because it allows 171 00:11:11.159 --> 00:11:14.879 plaintiff's law firms who don't represent the shareholders to pretend 172 00:11:14.879 --> 00:11:17.679 that they represent the shareholders by getting a puppet plaintiff 173 00:11:17.720 --> 00:11:21.759 with a few shares to initiate a massive lawsuits the company, 174 00:11:22.120 --> 00:11:26.759 and the irony being that extreme irony that even if 175 00:11:26.799 --> 00:11:29.840 the class they purport to represent were to vote that 176 00:11:29.919 --> 00:11:32.720 they don't want the lawsuit, the lawsuit will still continue. 177 00:11:33.279 --> 00:11:36.279 So how can it be a class action representing a 178 00:11:36.320 --> 00:11:39.240 class if the class were against it? And that's the 179 00:11:39.279 --> 00:11:42.120 bizarre situation with Ground in the US that needs it's 180 00:11:42.200 --> 00:11:46.799 a diary to perform as anyone's running public company. You've 181 00:11:46.799 --> 00:11:49.799 experienced this. It's an absurd situation that needs to change. 182 00:11:50.200 --> 00:11:52.840 Well, do you think Donald Trump might change it? You've 183 00:11:52.879 --> 00:11:55.440 certainly got his ear. I imagine that you've put this 184 00:11:56.320 --> 00:11:59.120 to him. Is this something you're trying to change before 185 00:11:59.279 --> 00:12:00.720 any alnk Ipo. 186 00:12:02.840 --> 00:12:06.080 Well, we need, we need a law to be passed. 187 00:12:08.200 --> 00:12:12.399 The trouble being that you need sixty Senate Senate voters 188 00:12:12.879 --> 00:12:18.440 and the Democrats will vote against it. The the the 189 00:12:20.000 --> 00:12:23.600 plaintiff's bar is I believe, the second and largest contributor 190 00:12:23.679 --> 00:12:28.840 to the Democratic Party. That's that's the issue. At the 191 00:12:28.840 --> 00:12:32.000 state level, this can be solved, and I should say 192 00:12:32.240 --> 00:12:37.080 Texas recently passed a law which at at least the 193 00:12:37.120 --> 00:12:41.320 state level made Yes, it's much more reasonable because you 194 00:12:41.320 --> 00:12:43.519 have to get at least one in thirty three shareholders 195 00:12:43.559 --> 00:12:46.440 to agree that they are part of a class of 196 00:12:46.480 --> 00:12:52.440 shareholders three. This is a This will be really helped 197 00:12:52.440 --> 00:12:54.000 with privilege lawsuits. 198 00:12:54.399 --> 00:12:59.240 Okay, let's talk about AI, which is in so many 199 00:12:59.279 --> 00:13:04.080 of your businessnesses and in all our worlds in different ways. 200 00:13:04.279 --> 00:13:08.559 It's one of the big changes the development of generative AI. 201 00:13:08.720 --> 00:13:12.240 Since you last spoke to this forum three years ago, 202 00:13:12.240 --> 00:13:15.120 you're in this space, of course with Grop which almost 203 00:13:15.120 --> 00:13:18.559 everyone will know. You co founded open ai and then left, 204 00:13:18.639 --> 00:13:22.519 and you've obviously got a legal battle with open ai 205 00:13:22.759 --> 00:13:24.879 and Sam Altman. I wonder if you could say something 206 00:13:24.919 --> 00:13:28.080 about the status of that, because you were together in 207 00:13:28.080 --> 00:13:32.080 Saudi Arabia with the president last week, with Sam Altman 208 00:13:33.519 --> 00:13:35.320 in the same place at the same time. 209 00:13:36.320 --> 00:13:37.399 In the neighborhood. 210 00:13:38.519 --> 00:13:41.799 So does that mean you are pushing ahead with the 211 00:13:41.879 --> 00:13:43.440 lawsuit against open ai. 212 00:13:45.440 --> 00:13:50.200 Yes. So I came up with the name open ai 213 00:13:50.360 --> 00:13:54.559 as an open source and as a nonprofit, and I 214 00:13:54.639 --> 00:14:00.559 founded AI opening I for the first roughly fifty million dollars, 215 00:14:01.399 --> 00:14:06.120 and it was intended to be a nonprofit open source company, 216 00:14:06.240 --> 00:14:08.960 and now is they're trying to change that for their 217 00:14:08.960 --> 00:14:14.200 own financial benefit into a for profit company that is 218 00:14:14.279 --> 00:14:18.600 closed source. So this would be like let's say you 219 00:14:18.600 --> 00:14:22.240 you finded a nonprofit to help reserve the Amazon rainforest, 220 00:14:22.720 --> 00:14:25.480 but instead of doing that, they became a lumber company 221 00:14:25.559 --> 00:14:28.240 chopped down the forest and sold the word. You'd be like, 222 00:14:28.240 --> 00:14:31.879 wait a second, that's not what I funded. That's opening eye. 223 00:14:32.080 --> 00:14:34.360 They've made some changes to their call for instructure, though, 224 00:14:34.639 --> 00:14:39.000 haven't they since in recognition of of what you've said? 225 00:14:40.679 --> 00:14:42.159 Now that's just what they told the media. 226 00:14:43.679 --> 00:14:51.639 Okay, they have part they have partly walked back their 227 00:14:51.720 --> 00:14:55.480 plan to restructure the business. I guess that's made no 228 00:14:55.600 --> 00:14:57.639 difference to how you feel about it. So you determined 229 00:14:57.639 --> 00:15:02.639 to see them in court, of course, Well, that's that's 230 00:15:02.639 --> 00:15:04.600 certainly going to be one to watch. I also wanted 231 00:15:04.600 --> 00:15:07.080 to ask you about AI and regulation because when you 232 00:15:07.080 --> 00:15:10.200 were here last talking to John Nickolthway, you had some 233 00:15:10.279 --> 00:15:14.879 pretty strong words about the risk that AI poses, and 234 00:15:14.919 --> 00:15:18.559 you said that you really felt what the US was 235 00:15:18.600 --> 00:15:22.639 missing was a federal AI regulator, that you know, something 236 00:15:22.639 --> 00:15:25.039 along lines of the Food and Drug Administration or the 237 00:15:25.080 --> 00:15:28.559 Federal Aviation Administration. Now you're clearly now in a zone 238 00:15:28.679 --> 00:15:32.240 where you're more you're more on the cutting regulation side 239 00:15:32.240 --> 00:15:35.519 than wanting new regulators. So has your view changed on 240 00:15:35.559 --> 00:15:37.039 the need for an AI regulator? 241 00:15:38.879 --> 00:15:40.639 Well, that that I don't think there should be regulator. 242 00:15:40.799 --> 00:15:44.440 Is you think of regulators like referees on the on 243 00:15:44.480 --> 00:15:48.759 the field. In sports, there should be some number of referees, 244 00:15:48.799 --> 00:15:50.840 but that you shouldn't have so many referees that you 245 00:15:50.879 --> 00:15:55.759 can kick the ball without hitting one. So in many 246 00:15:56.120 --> 00:16:01.240 and most fields in the US, that the regulatory burden 247 00:16:01.240 --> 00:16:04.360 has grown over time to the point where it's like 248 00:16:04.440 --> 00:16:09.919 having more referees than players on the field. So and 249 00:16:09.960 --> 00:16:12.879 this is a natural consequence of an extended period of prosperity. 250 00:16:12.919 --> 00:16:17.600 It's very important to appreciate this. This is happened throughout history. 251 00:16:18.080 --> 00:16:20.240 When you have an extended period of prosperity with no 252 00:16:20.360 --> 00:16:26.679 existential war, there's no there's no cleansing function for the 253 00:16:27.440 --> 00:16:32.039 for unnecessary laws and regulations. So what happens is that 254 00:16:32.120 --> 00:16:36.120 every year more laws and more regulations are pasted, because 255 00:16:37.759 --> 00:16:40.440 you know, legislators are going to legislate, regulators are going 256 00:16:40.480 --> 00:16:44.360 to regulate, and you will get the steady pile of 257 00:16:44.639 --> 00:16:48.480 more and more laws and regulations of a time until 258 00:16:48.559 --> 00:16:52.039 everything is illegal. And let me give you an example 259 00:16:52.120 --> 00:16:57.120 of a truly absurd situation under the Biden administration, Space 260 00:16:57.159 --> 00:17:04.599 EFFX was sued for not hiring asylum seekers in the US. Now, 261 00:17:04.720 --> 00:17:08.440 the problem is it's actually illegal for SpaceX under itard 262 00:17:08.759 --> 00:17:12.160 in National Traffic and Arms regulations to hire anyone who 263 00:17:12.200 --> 00:17:14.880 is not a permanent resident of the United States, because 264 00:17:15.359 --> 00:17:17.880 the preface being that they will take advanced rocket technology 265 00:17:18.119 --> 00:17:19.839 and return to their home country if they're not a 266 00:17:19.839 --> 00:17:24.960 permanent resident. So we're simultaneously in a situation where it's 267 00:17:24.960 --> 00:17:28.880 illegal to hire simul science use and is also illegal 268 00:17:28.920 --> 00:17:33.559 to hire asylum seekers, and the Widen's Departner of Justice 269 00:17:33.640 --> 00:17:38.000 chose to prosecute us despite both paths being illegal. Down 270 00:17:38.079 --> 00:17:39.279 if you do, Down if you don't. 271 00:17:39.599 --> 00:17:44.000 My question specifically about a regulator for AI, which you 272 00:17:44.200 --> 00:17:46.839 said three years ago was needed, and you said we 273 00:17:46.920 --> 00:17:50.799 need to be proactive on the regulation of AI rather 274 00:17:50.880 --> 00:17:53.319 than reactive. Have you changed your mind on that? 275 00:17:54.559 --> 00:17:57.480 No, of course not. No, of course not. What I'm 276 00:17:57.640 --> 00:18:01.400 saying is that there should be summer recently on the field, 277 00:18:01.640 --> 00:18:05.279 a few referees, but you shouldn't have a field jam 278 00:18:05.279 --> 00:18:08.519 packed with referees, uh that such that you cannot kick 279 00:18:08.680 --> 00:18:11.279 the ball in any direction without hitting one. So the 280 00:18:12.440 --> 00:18:14.200 the fields that have been around for a long time, 281 00:18:14.680 --> 00:18:21.720 such as automotive, so aerospace, you know, if the sort 282 00:18:21.720 --> 00:18:26.440 of food and drug industries are overregulated, but the new 283 00:18:26.519 --> 00:18:31.319 fields like artificial intelligence are underregulated. In fact, there is 284 00:18:31.359 --> 00:18:32.720 no regulator. 285 00:18:32.319 --> 00:18:34.880 At all, so they should be. Do you still think. 286 00:18:34.720 --> 00:18:38.559 That, Yes, I'm simply saying, which I think is just 287 00:18:38.960 --> 00:18:42.720 basic common sense, that you want to have at least 288 00:18:42.480 --> 00:18:44.599 you want to have a few referees in the field. 289 00:18:44.720 --> 00:18:48.200 You don't want to have an army of referees, but 290 00:18:48.279 --> 00:18:50.799 you want to have a few referees on any given field, 291 00:18:51.119 --> 00:18:55.279 in any given sport or any given arena, industrial arena, 292 00:18:56.079 --> 00:19:00.079 to ensure help that public safety is taking care of 293 00:19:00.079 --> 00:19:03.640 of But you already has. So there's a there's a 294 00:19:03.799 --> 00:19:06.920 there's a proper number of referees. Like I said, it's 295 00:19:06.920 --> 00:19:10.000 actually very easy to visualize this when compared to sports. 296 00:19:10.160 --> 00:19:13.440 If the whole field is packed with referees, that would 297 00:19:13.440 --> 00:19:16.440 look absurd. But if there were no referees at all, 298 00:19:17.000 --> 00:19:18.319 your game is not going to be as good. 299 00:19:19.359 --> 00:19:23.759 Okay, So let's then talk about your new world, your 300 00:19:24.039 --> 00:19:27.599 your role advising government. You are in this unique and 301 00:19:28.079 --> 00:19:32.680 unprecedented position of having billions of dollars worth of contracts 302 00:19:32.680 --> 00:19:36.359 with the federal government yourself, mostly through SpaceX and also 303 00:19:36.440 --> 00:19:39.680 now an insight does knowledge of it because of those 304 00:19:40.279 --> 00:19:44.759 can you see that there is a conflict of interest 305 00:19:44.880 --> 00:19:47.440 or a potential conflict of interest in broad terms, just 306 00:19:47.519 --> 00:19:48.519 through that very fact. 307 00:19:51.240 --> 00:19:53.720 I don't think so. Actually, there have been many advisors 308 00:19:53.759 --> 00:19:57.920 in throughout history and the US goverment and others who 309 00:19:58.000 --> 00:20:02.759 have had economic interests, and I am silutely an advisor. 310 00:20:03.200 --> 00:20:08.000 I don't have a formal power. And that's a president 311 00:20:08.039 --> 00:20:12.039 can choose to accept my advice or not, and that's 312 00:20:12.079 --> 00:20:14.559 that's how it goes. If there's a single contract that 313 00:20:15.680 --> 00:20:18.039 any of my companies that have received that people think 314 00:20:18.200 --> 00:20:24.559 is somehow not was awarded improperly, it would immediately be 315 00:20:24.599 --> 00:20:29.640 front page news, to say the least. And if if 316 00:20:29.720 --> 00:20:32.079 if I hadn't mentioned it something, my competitors would. So 317 00:20:32.119 --> 00:20:34.440 if you're not seeing that, then the cliller is not 318 00:20:34.480 --> 00:20:39.160 a complex of interest. The Yeah, there's. 319 00:20:38.960 --> 00:20:41.279 Another way though to look at it. That For example, 320 00:20:41.880 --> 00:20:44.839 you have many competitors, whether it's companies like Boeing or 321 00:20:44.839 --> 00:20:47.359 companies would like to do more of the kind of 322 00:20:47.359 --> 00:20:50.240 work you do for NASA Blue Origin Rocket Lab. And 323 00:20:51.039 --> 00:20:58.079 because DOGE is in every federal government department, you or 324 00:20:58.119 --> 00:21:01.599 people who work for DOGE and you are the driving 325 00:21:01.640 --> 00:21:06.400 force behind it, have an insight into those companies affairs 326 00:21:06.440 --> 00:21:09.400 and those companies relationships with the federal government. 327 00:21:11.599 --> 00:21:16.559 Now, all we do is we review the organization to 328 00:21:16.599 --> 00:21:21.720 see if if the organization has departments that are no 329 00:21:21.799 --> 00:21:26.559 longer relevant, and and then are the contracts that that 330 00:21:26.680 --> 00:21:29.480 are being awarded good value for money? In fact, frankly, 331 00:21:29.519 --> 00:21:31.720 the bar is not particularly high. Is there any value 332 00:21:31.759 --> 00:21:35.400 money in a contract? And if there's if there isn't, 333 00:21:35.440 --> 00:21:38.640 then we may make recommendations to the secretary. The secretary 334 00:21:38.680 --> 00:21:42.079 can I choose to take those actions or not take 335 00:21:42.119 --> 00:21:46.039 those actions, And that's it. And then any action that 336 00:21:46.039 --> 00:21:48.680 that that is as a function of DOGE is posted 337 00:21:48.799 --> 00:21:52.799 to the DOGE website and to the doge dog got 338 00:21:52.880 --> 00:21:56.359 at doge handle on the x platform. So it's it's 339 00:21:56.440 --> 00:22:00.759 complete tran transparency. And I have not seen any a 340 00:22:00.920 --> 00:22:04.440 case where where so that's my large it's even been 341 00:22:04.440 --> 00:22:09.240 an accusation of conflict because it is completely and utterly transparent. 342 00:22:10.799 --> 00:22:11.200 That's it. 343 00:22:11.319 --> 00:22:15.200 And what about the international dimension. Now, let's think about Starlink. 344 00:22:15.240 --> 00:22:18.720 Starlink is obviously a very very good internet service. It's 345 00:22:18.759 --> 00:22:21.400 sought after all over the world. It's critical to the 346 00:22:21.400 --> 00:22:26.079 frontline in Ukraine. It has also had more contracts coming 347 00:22:26.200 --> 00:22:29.200 its way, and there is some evidence that companies are 348 00:22:29.200 --> 00:22:33.200 allowing access to it because they want to be close 349 00:22:33.279 --> 00:22:35.839 to the Trump administration and send the right signal. So 350 00:22:36.160 --> 00:22:39.079 bloomberat It broke news today that the South African government 351 00:22:39.160 --> 00:22:42.400 is working around the rules on black ownership in order 352 00:22:42.440 --> 00:22:45.480 to allow starlinkin and that is being done on the 353 00:22:45.519 --> 00:22:49.319 eve of the visit the President Ramaposa is going to 354 00:22:49.359 --> 00:22:52.440 make the White House. Do you recognize that as a 355 00:22:52.440 --> 00:22:53.519 conflict of interest? 356 00:22:54.799 --> 00:22:57.440 Now? Of course, first of all, you should be questioning 357 00:22:57.599 --> 00:22:59.680 why is there why are the racist laws in Africa? 358 00:22:59.680 --> 00:23:02.359 That's the first problem. That's what you should be attacking. 359 00:23:03.359 --> 00:23:07.240 It's improper for the racist laws in South Africa. The 360 00:23:06.680 --> 00:23:10.559 whole idea with what Nelson Mandela, who is a great man, proposed, 361 00:23:10.599 --> 00:23:12.960 was that all races should be on an equal footing. 362 00:23:13.079 --> 00:23:15.599 Is South Africa. That's the right thing to do, not 363 00:23:15.720 --> 00:23:17.839 to replace one set of racist laws, but another set 364 00:23:17.880 --> 00:23:22.079 of racist laws which is ubslutely wrong and improper. So 365 00:23:23.240 --> 00:23:26.039 that's that's the deal, that all races should be treated 366 00:23:26.079 --> 00:23:28.960 equally and there should be no preference given to one 367 00:23:29.039 --> 00:23:31.799 or the other. Whereas there are now one hundred and 368 00:23:31.839 --> 00:23:38.720 forty laws in South Africa that give that basically gives 369 00:23:38.720 --> 00:23:41.079 strong preference to to if you're if you're black South 370 00:23:41.079 --> 00:23:44.519 African and not otherwise. And so now I'm in the 371 00:23:44.559 --> 00:23:46.480 subsurd situation where I was born in South Africa but 372 00:23:46.559 --> 00:23:50.559 cannot get a license to operate installing because I'm not black. Well, 373 00:23:50.559 --> 00:23:54.279 it looks it looks looks like that, right, it looks 374 00:23:54.319 --> 00:23:57.440 like that's about to change. I just asked you a question, 375 00:23:58.079 --> 00:23:59.920 Please answer. Does that seem right to you? 376 00:24:00.519 --> 00:24:04.960 Well, those rules were designed to bring Those rules were 377 00:24:05.000 --> 00:24:08.160 designed to bring about an era of more economic equality 378 00:24:08.319 --> 00:24:11.519 in South Africa, and it looks like the government has 379 00:24:11.519 --> 00:24:13.440 found a way around those rules for you. 380 00:24:15.079 --> 00:24:15.799 Ask your question. 381 00:24:17.160 --> 00:24:19.720 This is this is your interview. Everyone wants to hear from. 382 00:24:19.519 --> 00:24:21.680 You, yes or no. 383 00:24:21.720 --> 00:24:24.720 Not for me, Not for me to answer. I have 384 00:24:24.839 --> 00:24:28.319 got a question for you about about your government work 385 00:24:28.480 --> 00:24:33.720 and the amount of savings raceless loves. This is not 386 00:24:33.880 --> 00:24:36.920 for me to answer. Come on, now, you wouldn't be 387 00:24:36.920 --> 00:24:38.599 trying to dodge a question. 388 00:24:40.960 --> 00:24:42.519 Question answer you answer? 389 00:24:42.960 --> 00:24:45.240 I say, I think if you I'm sure you can 390 00:24:45.279 --> 00:24:47.799 have that conversation directly with the South African government if 391 00:24:47.799 --> 00:24:49.880 you want to. I want to ask you about the 392 00:24:50.039 --> 00:24:53.880 total I want to ask you about the total around. 393 00:24:55.519 --> 00:24:57.400 I want to ask you about the total amount that 394 00:24:57.440 --> 00:25:01.359 you're planning to save through doses work. Before the election, 395 00:25:01.519 --> 00:25:03.960 you said it was going to be at least two trillion. 396 00:25:04.400 --> 00:25:08.839 The number currently on dose DOGARV is one hundred and 397 00:25:08.839 --> 00:25:12.759 seventy billion dollars. That's a big change. What happened to 398 00:25:12.799 --> 00:25:13.920 the two trillion. 399 00:25:15.119 --> 00:25:17.359 Or do you expect it to happen immediately? Well? 400 00:25:17.720 --> 00:25:19.680 Is it going to happen because dose is supposed to 401 00:25:19.759 --> 00:25:20.920