00:00 Elon Musk is not leaving Tesla as CEO.
00:04 We're going to cover that and all the other major updates that came out of Tesla shareholder
00:07 day to day.
00:08 I'm Gav Blacksburg from Wolf Financial.
00:10 I'm here with Evan from Stock Market News.
00:12 Let's hop right into it.
00:14 The big story, of course, Elon standing in front of the Cybertruck saying he's not leaving
00:18 Tesla.
00:19 But there were a number of other big stories that came in.
00:22 Stock Market News, take us off the rip here.
00:24 Yeah, that's actually an old picture.
00:26 It isn't from today, but there were three big news events, in my opinion, from Tesla's
00:32 2023 annual shareholder meeting.
00:34 And this was definitely one of them.
00:35 Elon confirming that he will be staying as Tesla CEO.
00:39 There were some reports when he announced he was stepping down as Twitter CEO that he
00:43 might also step down as Tesla CEO.
00:45 And it's very nice to hear him confirming that.
00:48 There was a tweet where he kind of mentioned it might be happening, but it wasn't fully
00:51 clear.
00:52 But here he was talking about he feels like he needs to be in control of all the AI and
00:57 new product development.
00:58 So that's also pretty interesting there.
01:01 Moving over to the other biggest stories from the day, I think the second major one was
01:06 that Tesla is going to start to try a little bit of advertising.
01:10 They're going to see how it goes.
01:11 So there's nothing promising, billions of dollars in advertising, but they're going
01:15 to start.
01:16 I think this is very prompted by Elon Musk owning Twitter and needing advertisers.
01:22 So it's hard for him to sit up there and say, don't advertise at all.
01:25 And when he's also owning a company that needs you to advertise.
01:28 So definitely coming and try that.
01:29 I imagine they're going to do a lot of that advertising on Twitter.
01:32 Do you have any thoughts on this, Scott?
01:34 Yeah, I was gonna say, from one pocket into the other, it's perfect, right?
01:38 Twitter needs some cash inflows.
01:39 Tesla needs some advertising.
01:40 I think it's a little bit of a win-win.
01:42 But in all seriousness, Tesla has to do this.
01:45 You were making some good points today.
01:47 People think of Tesla and they know about Tesla, but they don't know the intricacies.
01:52 They don't understand that a Tesla is cheaper than the average car that's sold in the United
01:55 States.
01:56 They don't know about features that Tesla has been spending tons of hours building,
02:01 just assuming people know about and not really promoting, right?
02:04 Different modes that they have for the car, for autopilot, for self-driving, for a bunch
02:08 of different pieces.
02:09 Like people hear about these things, but it's different to actually see it in action.
02:13 There's a commercial that I believe GM or Ram did where they had the no hands driving
02:17 and they did the clap with clapping on the legs and stuff.
02:20 And it was like, "Oh, they have that."
02:22 And it actually is at the point where they can make a commercial about it.
02:25 And I think it just solidifies things when you see it in advertising.
02:29 So I'm all for it and a fan of it.
02:31 We can hop into that last big announcement that you were about to hit on.
02:34 Yeah, I definitely do agree on everything you were just saying there about the advertising.
02:38 And one more point, the crowd, which was all Tesla investors, was very, very excited when
02:44 he said that one.
02:45 It might've been one of the loudest cheers of the night if you go back and watch that
02:49 video.
02:50 Sorry there.
02:51 So obviously the shareholders want that in some capacity.
02:55 And the way he worded it and the reasoning behind it was something that I definitely
03:01 was able to get behind.
03:02 But the third major announcement from the night, in my opinion, was Elon saying that
03:07 Tesla is currently working on two new products that he thinks people will be very, very excited
03:13 about.
03:14 Both the design of the products and the manufacturing techniques will be head and shoulders above
03:19 anything else that's present in the industry.
03:21 They gave a little bit of a silhouette.
03:23 It looked much more of a car than a truck or an SUV, but it was very, very silhouettey.
03:28 So you didn't really get too much out of it, but people should be excited about it.
03:32 There were some mentions of products, a cyber truck event should be coming later this year.
03:36 They didn't give any more announcements around the date.
03:39 FSD, Elon said again, that he expects it to happen within a year or so.
03:43 We'll talk about that actually on the next slide a little bit.
03:47 But yeah, there was a lot of really big and exciting stuff outside of just what was mentioned
03:52 there, but those were definitely the three largest ones.
03:54 There was also a lot of commentary around AI.
03:57 Elon specifically mentioned that he thinks Tesla will have its chat and GBT moment in
04:03 the next year or so around full self-driving.
04:06 I want to get your thoughts on this, Wolf, but I do want to make a quick note here.
04:10 This is actually from his interview after with David Faber.
04:13 So we kind of mentioned it was just the 2023 annual shareholder meeting, but we're going
04:17 to take it from the entire day because I do think this headline was pretty interesting.
04:21 So a lot to watch out for on FSD.
04:24 I know we've spent a lot of time on Spaces listening to Omar, and obviously he is very
04:28 excited about this, Wolf.
04:29 But are you excited about this at all?
04:31 And what about also any of the new Tesla products coming?
04:34 Yeah, we'll see your thoughts on those.
04:37 I've been waiting for five years for full self-driving, and that's the day where I'm
04:41 going to go out and finally get my Tesla, right?
04:44 When it's underneath $30,000 of cost and it can drive itself, that's going to be awesome.
04:49 So I'm super excited for this to come.
04:51 And I think you make a lot of good points around everything.
04:53 I saw all the speculation around different Tesla products they could be building, the
04:57 Tesla mower, the Tesla helicopter.
04:59 We'll see what they come out with.
05:00 There's going to be a full line of products down the road, but for now, probably another
05:03 car.
05:04 But yeah, some pretty interesting pieces across the board and definitely getting AI into the
05:08 mix with self-driving just feels like a huge leap ready to happen.
05:12 We can talk a little bit about the Model Y as well, which you really, really profusely
05:17 gave praise to, right?
05:19 Yeah.
05:20 So Model Y is their best selling car and it's on track to become the best selling car globally
05:25 in 2023.
05:27 It was the best selling car in Europe of any kind in Q1 and it's been hitting a lot of
05:31 milestones.
05:32 I believe it was also the best selling car period globally in Q1.
05:35 So it's not only on track to do it, it's already started to do that over a quarter.
05:39 This was pretty fascinating for me.
05:41 Elon's comments around PayPal.
05:43 It was funny because for those of you who join us on those Twitter spaces, I actually
05:47 brought up PayPal today as a name that I was kind of interested in.
05:50 Should I be interested in it?
05:52 It's more what I was asking.
05:53 Elon kind of answered my question for me, I guess, saying that PayPal is a half-baked
05:58 version of what it could be.
06:00 He gave this response kind of around Twitter and x.com and what he thinks this could be
06:05 about disrupting the financial sector and the banking industry.
06:09 And there were some interesting comments there that he thinks if there is something to disrupt
06:13 and there is a product that could be made better, he will go in and attack it.
06:17 And it sounds like they do want to do a lot of stuff with payments.
06:21 But he isn't just going to disrupt for the sake of saying I'm a disruptor.
06:24 He can go and do that with SpaceX and Tesla and other stuff.
06:27 He doesn't have to do it with Twitter.
06:28 So I thought that was a pretty interesting comment.
06:30 PayPal didn't move off of it or anything, but it was just kind of ironic given what
06:33 was happening.
06:34 Elon Musk likes to give his macro thoughts as well.
06:38 He said his best guess is the global economy will turn around in around 12 months and that
06:42 Tesla will be in a great position.
06:45 Elon actually said in our own space as well a while ago that in a recessionary area, Tesla
06:50 would prefer to bring margins down, increase the amount of cars that they can get out there
06:56 because they believe that they are the only car that will end up being upgradable to FSD,
07:02 what we've been talking about earlier.
07:03 So everything on this Tesla story kind of links back to AI and FSD and we'll see how
07:08 that goes over the next little bit.
07:10 We're kind of rolling up here.
07:11 We're kind of getting down on the importance scale.
07:14 JB Strobel is still very important.
07:16 This is actually a little circle to the beginning where he was saying he's going to stay at
07:21 Tesla.
07:22 Obviously, we didn't really mention it, but Linda Iaccarino took over as CEO of Twitter
07:26 this week.
07:27 There was a big announcement and now Elon stated that the amount of time he's going
07:31 to put there is very small compared to the last six months.
07:33 He stated that over the last six months, the work to pain ratio was extremely high as he
07:38 basically had to save Twitter from bankruptcy.
07:40 So I thought that that was pretty significant and everybody likes to see him putting his
07:44 attention back onto Tesla full time.
07:47 Certainly I'm expecting, you know, most Tesla meetings are by the room or sell the news.
07:51 I actually really like this one.
07:52 I think this one is one where you could see a bump in the stock tomorrow.
07:57 And I know we had just two other pieces you were covering, JB Strobel.
08:00 I missed the slide, so I appreciate you doing that.
08:02 There was a lot of really interesting stuff from this shareholder meeting and the David
08:07 Faber interview that did follow.
08:08 So if you have three, four hours of your time, I would recommend you to go and do it.
08:12 If you don't, we will be doing more of this type of stuff all the time.
08:15 Give this video a like if you have enjoyed it.
08:17 Make sure you're subscribed to our channel to see much more stuff like this and drop
08:22 a comment down below if there's any companies you want to make sure that we are covering
08:25 all those events.
08:26 But JB Strobel is now officially a Tesla board member.
08:31 This is someone who Elon Musk credits with helping him start the company and he's a very
08:36 popular figure.
08:37 Obviously he left to go and start his own thing.
08:39 And yeah, so it's interesting to see him back as a board member.
08:42 I'm sure that will be liked.
08:44 And then this is the ultimate "I had F you" money.
08:48 This is what I took away from this one is that Elon Musk was asked about his comments
08:52 and his tweets and if they're really necessary and he came out and said, "I'll say what I
08:56 want and if the consequences of that is losing money, so be it."
09:00 So he does not care.
09:01 He will say what he wants and we'll see.
09:04 It will lead to some interesting days on Twitter.
09:06 That is 100% for sure.
09:08 But I think that is a pretty decent breakdown from it overall.
09:11 I did think it was a good annual shareholder meeting.
09:15 I thought it was pretty entertaining.
09:17 I thought it was pretty educational.
09:19 And if you're a Tesla shareholder, I would be excited.
09:21 I don't know if it really changed anything too much, but overall it was a good meeting.
09:27 So I'm excited about it.
09:29 Maybe they got to just start it off for the algorithm, say AI like 50 times and then end
09:33 it with AI 50 times.
09:34 That could be a note for the next annual shareholder meeting or their next event.
09:38 But overall it was a decent event.
09:39 Will, if you have any takeaways or anything you want to add here at the end?
09:43 Yeah, I think we're good to end it here.
09:44 This is the definition of F you money in this quote.
09:47 Shout out to Elon and the team for a great meeting and thank you to everybody that watched.
09:52 We'll see you in the next one.
09:53 [BLANK_AUDIO]
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