00:01:35.200Well, if you think about how capitalism should work, whoever creates the most value for everybody else should end up with the most resources, right?
00:01:43.940Name somebody who's done it better than him.
00:01:45.820The stat I just constantly cannot get out of my head is Elon Musk, for 30 years, for three decades, he has averaged the creation of a multibillion-dollar company every five years for 30 years.
00:01:56.340There's nobody in the world who's ever done that before.
00:02:41.860And you expect them, eh, I'd go do a lemonade stand or something.
00:02:44.960And he just looks at the interviewer and he says, well, I don't think it would take very long for me to make money back because I would just go ask people to give me some, and I would turn it into more.
00:02:54.620And he's like, I've been pretty good at doing that.
00:02:56.400And his point being that people start to understand this guy is good at, if you give him resources, he will come back with many, many more resources for you.
00:03:05.060And so if you look at SpaceX, there's only two companies in the world, is my understanding, that have reusable rockets.
00:03:11.960And the second one, which is Blue Origin, just got it done after 20-something years.
00:05:45.120A lot of it has to do with how, to me, the operator better be protected because he's becoming more powerful than most countries as an individual.
00:05:57.940The amount of influence he has as an individual, not only financially,
00:06:03.560because the difference between him and a lot of, like when you said Google,
00:06:07.680if Sergey Brin and his partner went into the podcast or they tweeted something out or posted something on Facebook
00:06:16.120or something on their Instagram account versus Elon goes and tweets something.
00:06:54.920And second of all, I think he is crazily underpaid.
00:06:58.720If you just did a simple, you know, when you talk numbers that are so big that are beyond comprehension,
00:07:06.240you get an emotional reaction because the emotional reaction comes from the inability to comprehend.
00:07:11.660So when the average person thinks a trillion dollars, they're thinking about that from the perspective of a working person that's got good skills,
00:07:21.960that's out there trying to make a living, and they really can't fathom it.
00:07:25.640So the knee-jerk reaction is – which the politicos use is that.
00:07:31.020On the other side of it, I just look at commission-based theory.
00:07:33.660And commission-based theory says, okay, everything you invent as a founder, a founder's share after dilution at series D, series E, usually hovers around 27.5%.
00:07:45.760So if you take – right, you go series A, series B, series C, D, and you just look at that.
00:07:51.640You say, okay, well, let's just lock them at 30%, assuming all these companies, and then just add it up.
00:07:58.060And it's like commission-based theory, and then you add it up, and you go, wow, that's not so crazy.
00:08:03.200And I look at it, and I say, that's low because he didn't have to do a series A and give up 20%.
00:08:09.060He didn't have to do a series B and give up 15% and then give up 12.5% and then give up 10%.
00:08:14.640The typical flow, he didn't have to do that.
00:08:17.860And so therefore his commission rate is higher.
00:08:19.780And you look at it, and you say, wait a minute, I think he's already a trillionaire because when I look at them saying, well, and we apply the private company discount, this is not a private company in a traditional sense.
00:08:32.280This guy walks up to Goldman the same way IBM walks up to Goldman and says, I need $100 billion in bonds.
00:08:41.080IBM makes that phone call, and they say, what are you doing?
00:08:43.600Well, we're doing this thing cloud in the sky and big blue or whatever they call their thing, and they get it.
00:08:59.540Yeah, I've been saying this guy's going to be a trillionaire in the next two to three years for some time.
00:09:04.640I think he is a unique, very unique guy, very, very unique guy on what we have right now as an operator.
00:09:11.920It's not easy to handle pressure of one company, one board, one investor times the amount he has then to attract and hire people, then to have people move from areas to come to you because they want to work with you and run with you.
00:09:27.080That's a lot of different moving parts that you got.
00:09:59.360Yeah, just in terms of value creation, look at what NASA has created over the last 10 years, given $228 billion.
00:10:06.140Then look at what SpaceX has created, given $20 billion over the last year.
00:10:09.260So it's wasted taxpayer money going towards what?
00:10:11.920So everybody who works for NASA, for the most part, is paid with taxpayer money.
00:10:15.540And then Elon's creating jobs for people and then creating a much better product that's going to take us to a place where we could potentially harness the energy of the sun.
00:10:24.160Which, by the way, I'm not sure if this is the exact step.
00:10:27.980I heard that if you harness all the energy from the sun for just one day, you could power the entire world for, like, 1,000 years.
00:10:34.720Because we don't even come close to, like, harnessing the full energy of the sun in a day.
00:10:38.020So if he starts flirting with that, then, yeah, we have infinite energy.
00:10:41.640So, yeah, most valuable thing you could possibly do.
00:10:45.080And I think he's going to have the most powerful private army in the world in a couple years when he gets his robot fleet going.
00:10:50.400So I think his security will be good with that.
00:11:30.400I think that if he could go in and the only goal was to make the government efficient, he would have been very successful.
00:11:40.240What I think he realized was there's a lot of people who don't want it to be efficient.
00:11:44.600There's a lot of people who are actually benefiting from the waste, the abuse, the fraud, all this stuff, right?
00:11:49.140I mean, if you look at the Minnesota situation, I mean, it's just crazy.
00:11:52.080And some of it is not even economic, right?
00:11:53.960Some of it is just I don't want to offend anybody.
00:11:56.760So I know you're doing something bad, but I'm going to let you keep doing it type thing.
00:11:59.900So you can't take his skill set, his expertise of going in.
00:12:06.600I mean, you ever seen the visual of the rocket engine and how it's like really complex and then all the iterations and eventually it's like this beautiful, very sleek, simple thing, right?
00:12:14.800That's basically what we want to do to the government.
00:12:16.100But you can't do that because there's a bunch of people at their hand in the cookie jar.
00:12:18.980Now, I know a number of people who are close with Elon, and I think that they regret all of the wasted time, right?
00:12:28.560If you think about like what they could have accomplished instead of spending their time doing that.
00:12:31.840But at the same time, I think that he understands having a monopoly on attention is a very powerful thing.
00:12:38.000You know, him and Trump, I think, are very similar in that sense.
00:12:40.120And so Elon Musk is more famous today than he was before, even if some portion of those new people don't like him.
00:12:45.780But remember when they were protesting outside the Tesla showrooms?
00:12:56.960So in a weird way, it actually didn't have the long-term impact that, you know, Tim Wall standing on stage screaming and yelling about the stocks going down.
00:15:40.780If you're somebody highly qualified, you're educated, you're hungry, you want to be part of something that you want to go on a run for 20 years.
00:15:48.580A lot of people, if you just watch this, you think it's a podcast.
00:15:50.860And by the way, you may have a son, a daughter, a friend, somebody that's fully, fully qualified that wants to be part of something and bring their talent to us.
00:16:40.360And if you go to the complete opposite side of the building, 50, 60 people making calls, working for Bed David Consulting, sales, setters.
00:16:47.180And then on the complete opposite side of the campus, there's a full-on production company with editors, shooters, creating content, doing podcasts.
00:16:53.740Then you can drive down a couple miles and go to our private boardroom cigar lounge with members only.
00:16:58.760Regardless of what it is, working at value attainment every day is a surprise.
00:17:02.900You could be walking into work and right next to you is a governor, is a billionaire, is an athlete.