May 21, 2025 • 27 mins
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) Oil jumped following a CNN report that new US intelligence suggests Israel is preparing for a potential strike on Iranian nuclear facilities.
(2) European and UK officials ratcheted up pressure on Israel over its latest offensive in Gaza, expanding the international outcry over the humanitarian crisis caused by the conflict.
(3) Canadian Finance Minister Francois-Philippe Champagne said Group of Seven countries have started discussing tariffs on oversupplied, low-value Chinese products.
(4) Elon Musk said he’s committed to still leading Tesla five years from now and expects to pare back his political spending, assuaging some investors’ concerns about the future of his most valuable company.
(5) UK Chancellor of the Exchequer Rachel Reeves will hold talks with US Treasury Secretary Scott Bessent this week, as the two countries continue to finalize the details of an agreement to cut tariffs imposed by President Donald Trump’s administration.
Podcast Conversation: Start Your Day Like a Boss: What CEOs Listen To on Their Commutes
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
This is the Blueberg Day Bake You a podcast available
every morning on Apple, Spotify or whatever you listen. It's Wednesday,
the twenty first of May in London.
Speaker 3 (00:17):
I'm Caroline Hepke and.
Speaker 4 (00:18):
I'm Stephen Carroll. Coming up today.
Speaker 5 (00:20):
Oil prices jump on a report that Israel may be
getting ready to strike Around's nuclear facilities.
Speaker 2 (00:26):
G seven countries discuss tariffs on low value Chinese.
Speaker 5 (00:30):
Packages, plus Mosco on the charge. The Tessa CEO and
the World's Richest Man talks to Bloomberg's Michelle Hussain about
brand damage, DOGE and a pullback in political spending.
Speaker 3 (00:42):
Let's start with a roundup of our top stories.
Speaker 5 (00:45):
The price of oil has jumped on a report that
US intelligence believes Israel is preparing for a potential strike
on Iran's nuclear facilities. According to CNN, which cited unnamed
American officials, it isn't yet clear that Israeli leaders have
made a final decision on whether to carry out the strikes.
Stuart Livingston Wallace leads Bloomberg's Middle East coverage.
Speaker 6 (01:06):
I think a few things to be said about at
number one. We've had similar reports in Ausome. We had
similar reports in February and now we have similar reports again.
It is absolutely true that Israel has been preparing to
take out the nuclear facilities for many, many years. It's
been a big concern, and the Israeli Prime Minister has
appeared repeatedly in public saying this is the major threat
to the region. So there's no surprise there. What appears
(01:27):
to be different this time, potentially is that it may
or may not be coming fairly soon.
Speaker 5 (01:32):
Stuart Livingston Walla speaking there is the potential for an
attack has raised concerns about the fate of Iran US
nuclear talks and the impact on the global oil market.
Brand crude rose above sixty six dollars a barrel, while
West Texas intermediates served by as much as three point
five percent before pairing gains.
Speaker 2 (01:50):
The reports of a possible strike come after Iran's Supreme
leader said that negotiations with the US over his country's
nuclear program are unlikely to result in a deal. Speaking yesterday,
Ayatolla Hamone called the Trump administration's latest demands on Iran outrageous.
Harmone's comments were a direct repudiation of the US leaders
(02:12):
claim last week that Iran and the US were getting
close to maybe doing a deal. The former head of
the CIA, retired General David Petraeus, says that he's hopeful
for an agreement.
Speaker 7 (02:24):
There's a chance that there could be a nuclear deal
that doesn't have some of the shortcomings of the previous
nuclear deal, that could enable the lifting of sanctions progressively
and so forth as confidences built, and that could lead
to them being a more constructive player in the region
than they certainly have been for many decades.
Speaker 2 (02:46):
The view there of General David Petraeus. He is now
the chairman of the KKR Global Institute, and he was
speaking that our editor in chief, John Micklethwaite at the
cut Our Economic Forum in Doha.
Speaker 5 (02:57):
EU ANDERPRESIS officials are stepping up pressure on Israel over
its latest defensive in Gaza. Their calls come amidst growing
political outcry over the humanitarian crisis caused by the conflict.
The European Union's top diplomat, Kayak Kalas, says a huge
majority of member states support a review of potential human
rights violations by Israel, while Spain's foreign minister recommended possible sanctions.
(03:21):
The UK says it plans to pause free trade talks
and announced penalties against individuals and entities it says are
linked with violence in the West.
Speaker 4 (03:30):
Bank.
Speaker 5 (03:30):
Foreign Secretary David Lammy heavily criticized Israel's recent conduct.
Speaker 4 (03:35):
We must call this what it is.
Speaker 8 (03:38):
It is extremisty, it is dangerous, it is respellent, it
is monstrous, and I condemn it in the strongest possible terms.
Speaker 4 (03:48):
UK Foreign Secretary David Lammi.
Speaker 5 (03:50):
There Israel has said would start allowing aid into Gaza
again after blocking it since early March, but European officials
have expressed frustration about the pace of food deliveries. In
a statement, the Israeli Foreign Ministry said external pressures wouldn't
affect its struggle against who it describes as enemies working
to destroy the country now.
Speaker 2 (04:11):
Canada's finance minister says that G seven countries are discussing
tariffs on over supplied Chinese products. Leading democracies have accused
Chinese online retail platforms like Timu and Shean of flooding
their markets with low value goods. For Canada's Francois Philippe Chopin,
it's something that the G seven can take coordinated action.
Speaker 9 (04:33):
Against certainly the low value shipments have created a number
of things that we want to discuss amongst ourselves and
see how we can progress that discussions, because it's not
only about the revenues, but it's really about, you know,
the customs and making sure that we protect our respective jurisdiction.
Speaker 2 (04:53):
Canada's Finance Minister Francois Philippe Charpain is speaking there at
the G seven Finance Minister's meeting in Alberta. The US
has already started to tack small packages, raising fears that
China's producers will switch to other markets in search of profits.
Speaker 5 (05:08):
From small packages to big trade deals. The UK's Chancellor
of Rachel Reeves and US Treasury Secretary Scott bess And
are hoping to flesh out their trade agreement in talks
at the G seven summit in Canada. The agreement to
lower tariffs on limited sectors like steel was a landmark
first for Britain.
Speaker 4 (05:24):
Bloomberg James Wilcock has more.
Speaker 8 (05:26):
It was hail as a full and comprehensive trade deal
by US President Donald Trump, but the UK and the
US still haven't set a date for when tariff productions
will come into effects. The two sides are also working
through sticky differences on how to regulate big tech and
potential taxes on the pharmaceutical industry. Both sides enjoyed the
showmanship of announcing a first post Liberation Day trade deal,
(05:49):
but now the question is when does the detail arrive
in London James Wilcock Bloomberg.
Speaker 2 (05:53):
Radio Now to a major interview at Bloomberg, Tesla CEO
Elon Musk has said that he is committed to staying
on as leader of the company for the next five years,
and he downplayed the carmaker's challenges. The world's richest man
has come under scrutiny since Tesla followed up its first
annual sales job with even steeper declines early this year.
(06:16):
Speaking to Bloomberg's Michelle Hasseain at the Cutout Economic Forum,
Elon Musk also said that he is pairing back his
political involvement.
Speaker 10 (06:25):
I think.
Speaker 11 (06:27):
In terms of political spending, I'm going.
Speaker 10 (06:30):
To do a lot less in the future.
Speaker 3 (06:32):
And why is that?
Speaker 10 (06:33):
I think I've done enough?
Speaker 2 (06:36):
That was Elon Musk, Tesla's CEO, speaking to Michelle Hussein.
Tesla's chez jumped on Mosk's comments as investors appeared to
take heart from the apparent political step back.
Speaker 5 (06:48):
Tropical forests are under threat in the face of soaring
temperatures and wildfires. That's his Global woodland last hit a
record high last year. Boom Brooks ta Adebayo has the story.
Speaker 12 (06:59):
Six point seven million hectares of tropical primary forest was
lost last year, the most on record and double what
was lost in twenty twenty three.
Speaker 3 (07:08):
That's according to new figures.
Speaker 12 (07:09):
From Global forest Watch, who say current levels are unprecedented.
The phenomenon comes after the earth hottest year on record,
as global fires scorched woodland, releasing more than four times
the admissions of all air travel in twenty twenty three.
Cutting deforestation and raising funds to do so are among
the top priorities for this year's COP thirty gathering, which
(07:32):
is scheduled for November in London.
Speaker 4 (07:34):
You were at a Bayo Bloomberg Radio.
Speaker 2 (07:36):
And those are our top stories for you this morning. Right,
Let's get into the market. So we mentioned that oil
has been spiking on the worries around Israel and Iran
brink crewd futures and how by one point six percent
this morning, trading at sixty six dollars forty three. It
also means that there's a lot of caution in markets.
So the Bloomberg Dollar Spot Index has fallen over one
point two percent of this week. The dollar does continue
(07:58):
to weaken today, Swiss and Japanese yen are stronger. Gold
has risen now to three thousand children nineteen I. So
around that thirty three one hundred dollar mark, you've also
got the SMP, which yesterday fell by zero point four percent.
Looking at the futures, then for the European and US
markets open will Europe is up just a fraction s
(08:20):
and p FOI one hundred evenly features down three tenths
of one percent. Let's see what happens though in the
European session. Actually, Germany's benchmark, the Zetra DAX, managed to
reach the twenty four thousand level for the first time
ever yesterday, so maybe that European out performance continues to
play into markets.
Speaker 5 (08:38):
I want to watch today and a moment will bring
you more on that report about a potential attack on Iran,
plus Bloomberg's interview with Elon Musk at the Katar Economic Forum.
But first a word on another story that CARRAI this
morning about what CEOs are listening to on their way
to work. It's not just us, oh Stevens, I know,
although obviously and this is actually a recurring team through
(08:58):
this conversation, it's part of this CEO Diet series on
Blomberg Business Week that it's a lot of podcast listening.
It's a fair amount of live radio listening, which I
found interesting as well. But also, and this is the
part that I found most interesting, the music, what music
people are listening to, and how people use music essentially
to set their mood for the day. So the CEO
of the Beverly Hills Conference of Visitors Bureau, Julie Wagner,
(09:20):
says that she uses upbeat music to set a tone
for a happy morning. So she mentions Morgan Wallen and
Chapel Roane Good choices, Will Beckett from the Hawksmore Restaurants.
Speaker 4 (09:28):
He's on a reggae kick at the moment.
Speaker 5 (09:30):
He's just moved on from punk rock, changing genres, you know,
shaking things up as well. And actually Marcurias some General Motors,
tests out new models of cars on his commute, so
he actually tries to listen to something like live radio
in the background while he's also trying to get a
feel for the car that he's testing out at the
same time.
Speaker 2 (09:47):
Yeah. Absolutely, he listens to news, so you know, I
think he's my favorite person in this But yeah, it's
a really lovely piece all about the CEO diet. I mean,
they've done series on all sorts of things, what people eat,
the fashion that they wear. Anyway, it gets you into
the mindset of being a boss. First thing in the morning,
We'll put a link to that story into our show notes.
Speaker 5 (10:06):
Let's bring you more now. In our top story this morning, Israel,
according to one report, potentially planning an attack on Around's
nuclear facilities, a story that's pushing oil prices higher this morning.
Bloomberg'swanakraasio leads our midlea stpreaking news team joins us now
for more down a good morning. What more can you
tell us then about this report and the effect that
it's having on markets?
Speaker 13 (10:25):
So we saw the report is citing multiple US officials
on the latest intelligence and that they say it's not
clear that Israel had made a final decision on that,
and there was quote deep disagreements within the administration about
whether or the likelihood that Israel will ultimately go ahead
and attack a r clear facility in Iran, and that
of course, we saw oil prices going up currency haven's
(10:47):
as well, and this is of course very serious, very significant.
This option has always been on the table for both
Israel and the US right so President's Trump last week
in Saudi Arabia said he doesn't want the military option,
but also said that a lot of people want him
to go in that direction, and while of course he
didn't name them, it's obvious that Israel would want him
to go in that direction. Israel thinks that Iran's nuclear
(11:10):
program and it's entirety threatened its existence. And also, of
course we remember Ise wasn't very happy that the US
chose negotiations with Iran, wasn't happy that the US is
actually directly talking to Hannas. So we know Israel would
do it, but many have said that if Israel would
go ahead with that, it won't do it without US approval,
And that's of course the big question here.
Speaker 10 (11:30):
Would the US give the go ahead for that?
Speaker 2 (11:32):
Yeah, absolutely is there would there be a split between
as well and the US.
Speaker 3 (11:37):
Very significant.
Speaker 2 (11:38):
But look, in recent days we've actually seen all prices
drop because of the comments from President Trump about talking
to Iran. About a deal, and then the comments that
we had from Iran Supreme Leader saying that actually the
negotiations are not likely to succeed. So what's the latest
actually on those talks between the US and Iran?
Speaker 13 (11:57):
And I would add to that that the fifth round
of talks between the US and Iran has not been
scheduled yet. And then we saw around remarks yesterday saying
that they haven't chosen a date, So that's still up
in the air. And to be frank, you know, President
Trump's comments last week that they were close to a
deal was not very much supported by Iran or any
evidence out there. The talks are still at a technical level,
(12:19):
and Iran insists and says that it was non negotiable
for it to have the right to maintain its peaceful
nuclear program. And that's the sticking point, right and the
big questions in these negotiations how much can they allow
Iran to riche uranium? What's that level that they're negotiating at.
And we've heard many critics also saying that the US
(12:41):
should have a better deal than the ones struck with
the Obama administration, the so called JCPOA.
Speaker 3 (12:47):
So that's still.
Speaker 13 (12:48):
Up in the air and we don't think that there
is any significant progress to say that they are close
to a deal.
Speaker 5 (12:55):
Here, Donald, what does a report like this about, you know,
something that Israel is considering mean for Israel to emerge
at this time when it's already facing so much international
pressure over its actions in Gaza.
Speaker 13 (13:08):
Huge pressure, I would say, and it's only gonna mount
on Israel. And we saw what France has been saying,
with the UK actually said it took measures because it
was criticizing.
Speaker 10 (13:19):
The latest offensive.
Speaker 13 (13:20):
Even Kata, the main mediator, was also criticizing the offensive
and an Israel's plan to take over Gaza. Two things here.
I would say, it has come under pressure in the
past from the international community, but it remained on its
plans against Hamas, And that's of course the risky bit
here that it has come under pressure before and has
(13:41):
defended itselves and says no, we will stick to the plan,
and they've been sticking to the plan in the past
year and a half. But I would also say about
the strike is that it's not the fear here or
the big concern is not just Iron's retaliation. This is
an attack on a nuclear site. This is environmentally very dangerous.
(14:01):
It's a hazard, and it's a disaster, especially for countries
and close proximity and for US allies that is Patza
and that is the UAE, especially Dubai. So this is
where the extreme risk and danger here, and that's what
we have talked about. You know, would the US actually
approve that or give the go ahead? So this is
very risky for the US's allies in the region.
Speaker 2 (14:23):
Absolutely, Dona, thank you so much for being with us
this morning. Bluebag's DNA craz who leads our Middle East
breaking news team joining us this morning. I'll just add
one note of course that in amidst this, Israel's air
defense system is hugely well known for having protected the
country against attack. It's something actually that the US is
(14:45):
looking at, perhaps not copying, but certainly taking an example
from as President Donald Trump thinks about this idea, his
vision of a golden dome system that we perhaps protect
the United States. So when we're thinking about military and
de fence capabilities of build out, this is something that's
on the agenda globally.
Speaker 4 (15:05):
Yeah, it certainly is.
Speaker 5 (15:06):
Let's turn you now to one of our key interviews,
Elon Musk speaking to Bloomberg's Michelle has saying at the
Katar Economic Forum, they discussed his political and business roles
and questions of conflicts of interest between them. In a moment,
we'll speak to Michelle for her impressions of the conversation,
but first let's listen to some of the edited highlights
of that exchange, focusing on Tesla and the carmakers first
(15:26):
drop an annual sales in over a decade.
Speaker 10 (15:29):
Europe is our weakest market. We're stronger everywhere else.
Speaker 11 (15:31):
So now our sales are doing well at this point,
anticipate any any meaningful sales shortfall, and obviously the stock
market recognizes that, since we're now back over a trillion
dollars in marketcap, so I believe the market is aware.
Speaker 10 (15:46):
Of the situation. So it's already turned around.
Speaker 1 (15:48):
It's sales still down compared to this time last year
in Europe.
Speaker 3 (15:52):
In Europe, okay, and.
Speaker 10 (15:54):
That's true of all manufacturers. No accessions.
Speaker 1 (15:58):
Okay, but you would acknowledg, wouldn't you that what you
are facing? Okay, let's just take it as your what
you are facing is a significant problem. This Tesla is
an incredibly aspirational brand. People identified with it it saw it,
They saw it it being at the forefront of the
climate crisis. And now people are driving around with stickers
in their car saying I bought this before we knew
Elon was crazy.
Speaker 11 (16:19):
And there are also people who are by buying it
because Elon's crazy, or however they may view it. So, yes,
we've lost some sales perths on the left, but we've
gained them on the right. The sales numbers just weren't
are strong, and we've seen no problem with them mad.
Speaker 4 (16:36):
So what I mean?
Speaker 10 (16:38):
You can just look at the stock price. If you
were the best inside.
Speaker 11 (16:42):
Information, the stock market analysts have that and our stock
wouldn't be trading near all time highst if it was not.
If things weren't in good jape, They're fine, don't worry
about it.
Speaker 1 (16:55):
Okay, I was citing sales figures rather than share price.
Well tell me then, how committed you are to Tesla.
Do you see yourself and are you committed to still
being the chief executive of Tesla in five years time? Yes,
no doubt about that at all.
Speaker 10 (17:12):
Well, no, I might die.
Speaker 1 (17:15):
Does that mean that the value of your pay doesn't
have any bearing on your decision?
Speaker 11 (17:22):
Well, that's not really, sorry discussion in this forum. I
think obviously there should be a conversation for if there's
something incredible is done, that compensation should match that something
incredible was done. But I'm confident that whatever the whatever
some activists posing as a judge in Delaware happens to
(17:45):
do will not affect the future compensation.
Speaker 1 (17:47):
This is the judge you twice struck down the fifty
six billion dollar pay package that was that was awarded
to you. I think the value on the basis on
the current value of stock options.
Speaker 10 (17:59):
Yeah, not an judge, not a judge.
Speaker 11 (18:01):
The activist who is causplaying a judge in a Halloween costume.
Speaker 1 (18:06):
Okay, that's your characterization. I think on the current value
of stock options. I think the actual justice according to
the law, on the current value of stock options. I
think the value of that pay package stands at about
one hundred billion dollars. Are you saying you are relaxed
about the value of your future pay package? Your decision
to be committed to Tesla for the next five years
(18:30):
as long as you are still with us on this
planet is completely independent of pay.
Speaker 3 (18:35):
No, it's not independent.
Speaker 1 (18:36):
So pay is a relevant factor then to your commitment
to Tesla.
Speaker 11 (18:41):
A sufficient voting control such that I cannot be ousted
by activists investors is what matters to me. And I've
said this publicly many times, but let's not have this
whole thing be a discussion of my list pay.
Speaker 10 (18:54):
It's not a money thing.
Speaker 11 (18:55):
It's a reasonable control thing over the future of the company,
especially for a building millions potentially billions of human roid robots.
Speaker 10 (19:03):
I can't be sitting there and weren't.
Speaker 11 (19:06):
Going to get tossed out by for political reasons back
to us. That would be unacceptable. That's all that matters.
Now let's move on.
Speaker 1 (19:13):
Okay, Well, one question before we move on to other companies,
which is that I wonder if some of what you've
has happened to Tesla in the last few months, did
you take it personally?
Speaker 10 (19:25):
Yes?
Speaker 1 (19:25):
And did it make you regret any of you all
think twice about your political endeavors.
Speaker 11 (19:31):
I did what needed to be done, the violent antibody reaction,
and I'm not someone who's ever committed violence, and yet
massive violence was committed against my companies, massive violence was
threatened against me. Who are these people? Why would they
do that? How wrong can they be? They're on the
(19:52):
wrong side of history, and that's an evil thing to do.
To go and damage some pointocent person's car to threaten
to kill me. What's wrong with These people have not
harmed anyone, so something needs to be done about them,
and a number of them are going to prison and
they deserve it.
Speaker 1 (20:08):
You're referring to the attacks on Tesla showrooms, but I think.
Speaker 11 (20:12):
Yeah, well, into showrooms and burning down cars unacceptable. Those
people will go to prison, and the people that funded
them and organized them will also go to prison.
Speaker 10 (20:21):
Don't worry when.
Speaker 1 (20:23):
You acknowledge that some of the people who turned against
Tesla in Europe were set at your politics, and very
few of them would have been violent in any way.
They just objected to what they saw you say or
do politically.
Speaker 11 (20:37):
Well, it's certainly fine to object to political things, but
it's not fine to resort to violence and hanging someone
in effigy and death threats. That's obviously not okay, that's absurd,
That is in no way justifiable at all.
Speaker 2 (20:52):
So that was Elon Musk speaking to Bluebergs. We can
editor at large Michell Hussein via video link at the
Cutter Economic Form and Michelle joins us now from the
Economic Forum. You covered a lot of ground with Elon Musk,
but we wanted to go back to the comments on
pulling back on political spending. There was no sense that
Elon Musk, though, might be pulling back from his quite
(21:14):
divisive politics.
Speaker 3 (21:16):
More broadly, what did you think.
Speaker 14 (21:18):
I think that's a valuable distinction and absolutely one worth making,
the difference between politics and political spending. And actually, even
on political spending, he did leave the door open when
he said he feels he's done enough, but essentially there
might be a need in the future. So we don't
know what that need might be. What are the We
(21:41):
have an idea of things that he would like to
see happen that haven't yet happened, which would need a
different attitude from the federal government or changes to the law,
for example, the Moon program becoming a Mars program, or
some of the rules around self driving cars. So I
think even on the political spending, there is a door
that's left open there. So it'll be so interesting to
(22:03):
see what the midterms bringing, indeed the next US presidential election, or.
Speaker 3 (22:07):
Perhaps even political spending elsewhere in the world.
Speaker 4 (22:09):
Yeah, indeed, plenty to watch on that front.
Speaker 5 (22:12):
On the business side, we just heard some of the
conversation there around Tasley shrugged off the sales decline at
the electric carmaker. Did you get a sense though from
those comments of what his strategy was for the company
from here?
Speaker 14 (22:25):
Well, I think his strategy is him essentially the fact
that he is very firmly signaling his commitment in time
in leadership and also putting this distance between himself and
politics and himself and the administration to some extent. And
so I think that's the strategy on the actual reality
(22:47):
for for Tesla and sales. As everyone will have heard,
he acknowledged problems in Europe. They are very significant. If
you look at a market like Sweden. In April, Tesla
sales were eighty percently lower than they were the previous April.
But also fewer vehicles have been shipped from Tesla plants
in China last month, and that's not a one off,
(23:07):
that has been like that for several months. But again,
I think in the market certainly responded to this him
saying that his commitment is the answer, that his commitment
is there, that is the strategy that he's banking on.
Speaker 2 (23:21):
Yeah, and I thought again it was quite interesting that
he saw it through a political lens. The Tesla sales
in Europe, you know, we lost some sales on the left,
we gained some on the right. And yet at the
same time, when he was talking about Starlink in his
discussions with you, he was highlighting how the most important
thing for alleviating global poverty is to give people access
(23:43):
to you know, cheap and accessible internet in parts of
the world where they might not be getting it.
Speaker 3 (23:49):
So you know it is is that is why he's
such a fascinating and interesting figure.
Speaker 14 (23:55):
Isn't it absolutely and incredibly consequential in his action and
in the visions that he's pursued and made happen. There's
no doubt Starlink offers a really important service in many
parts of the world, in low income areas, in reaching
people who wouldn't otherwise have access to the Internet. And
it's absolutely critical to the Ukrainian front line. It's in
(24:17):
every Ukrainian frontline position. It's how soldiers communicate with their
bases and their hospitals.
Speaker 3 (24:24):
He did get quite.
Speaker 14 (24:25):
Exercised on this in relation to South Africa, because I
was pointing out that South Africa is one very current
example of more deals coming Starlink's way at the same
time that countries are trying to get on the right
side of the Trump administration. Now that is not a
conflict of interest that in On Musk recognizes, but he
(24:46):
certainly feels that any change to starlink in Starlin's access
to South Africa is the right thing to do because
it would essentially go around black ownership laws, which he
sees as racist.
Speaker 5 (25:00):
Yeah, indeed, and that's in focus ahead of President Sarah
and oppose. I'm meeting Donald Trump later today as well.
It was a very wide ranging discussion. You covered all
the business interests, the politics, the overlap between them as well.
I wonder what else stood out for you from a
conversation that was at times quite combative.
Speaker 10 (25:19):
Yes, it was.
Speaker 14 (25:21):
Look, there were many areas that I wanted to make
sure we covered because his reach, his power, his influence
does stretch into so many areas of all our lives
and of our world. I think, yes, at times it
was combative, but I think he was willing for the
(25:41):
most part to answer questions. I think the one that
he dodged and where he ended up referring to me
as a NPC, like a non player character for video games.
Was about doge in the amount of money that he
now expects it to cut from the federal budget. The
contrast between the at least two trillion he was talking
about last autumn and the figure currently on the dose
(26:03):
dot gov website, which is one hundred and seventy billion dollars.
So that was amongst the areas which where I think
he didn't like the question, But overall he engaged, and
I think in this interview we did see the human
side of him and very specific answers to questions about
his companies and a sense of his future political direction.
Speaker 5 (26:27):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 2 (26:33):
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Speaker 5 (26:39):
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Speaker 2 (26:45):
Our flagship New York station, is also available on your
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Speaker 4 (26:53):
I'm Caroline Hepka and I'm Stephen Carroll.
Speaker 5 (26:55):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg day Break.
Speaker 2 (27:00):
Europe m mm hmm
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
This is the Blueberg Day Bake You a podcast available
every morning on Apple, Spotify or whatever you listen. It's Wednesday,
the twenty first of May in London.
Speaker 3 (00:17):
I'm Caroline Hepke and.
Speaker 4 (00:18):
I'm Stephen Carroll. Coming up today.
Speaker 5 (00:20):
Oil prices jump on a report that Israel may be
getting ready to strike Around's nuclear facilities.
Speaker 2 (00:26):
G seven countries discuss tariffs on low value Chinese.
Speaker 5 (00:30):
Packages, plus Mosco on the charge. The Tessa CEO and
the World's Richest Man talks to Bloomberg's Michelle Hussain about
brand damage, DOGE and a pullback in political spending.
Speaker 3 (00:42):
Let's start with a roundup of our top stories.
Speaker 5 (00:45):
The price of oil has jumped on a report that
US intelligence believes Israel is preparing for a potential strike
on Iran's nuclear facilities. According to CNN, which cited unnamed
American officials, it isn't yet clear that Israeli leaders have
made a final decision on whether to carry out the strikes.
Stuart Livingston Wallace leads Bloomberg's Middle East coverage.
Speaker 6 (01:06):
I think a few things to be said about at
number one. We've had similar reports in Ausome. We had
similar reports in February and now we have similar reports again.
It is absolutely true that Israel has been preparing to
take out the nuclear facilities for many, many years. It's
been a big concern, and the Israeli Prime Minister has
appeared repeatedly in public saying this is the major threat
to the region. So there's no surprise there. What appears
(01:27):
to be different this time, potentially is that it may
or may not be coming fairly soon.
Speaker 5 (01:32):
Stuart Livingston Walla speaking there is the potential for an
attack has raised concerns about the fate of Iran US
nuclear talks and the impact on the global oil market.
Brand crude rose above sixty six dollars a barrel, while
West Texas intermediates served by as much as three point
five percent before pairing gains.
Speaker 2 (01:50):
The reports of a possible strike come after Iran's Supreme
leader said that negotiations with the US over his country's
nuclear program are unlikely to result in a deal. Speaking yesterday,
Ayatolla Hamone called the Trump administration's latest demands on Iran outrageous.
Harmone's comments were a direct repudiation of the US leaders
(02:12):
claim last week that Iran and the US were getting
close to maybe doing a deal. The former head of
the CIA, retired General David Petraeus, says that he's hopeful
for an agreement.
Speaker 7 (02:24):
There's a chance that there could be a nuclear deal
that doesn't have some of the shortcomings of the previous
nuclear deal, that could enable the lifting of sanctions progressively
and so forth as confidences built, and that could lead
to them being a more constructive player in the region
than they certainly have been for many decades.
Speaker 2 (02:46):
The view there of General David Petraeus. He is now
the chairman of the KKR Global Institute, and he was
speaking that our editor in chief, John Micklethwaite at the
cut Our Economic Forum in Doha.
Speaker 5 (02:57):
EU ANDERPRESIS officials are stepping up pressure on Israel over
its latest defensive in Gaza. Their calls come amidst growing
political outcry over the humanitarian crisis caused by the conflict.
The European Union's top diplomat, Kayak Kalas, says a huge
majority of member states support a review of potential human
rights violations by Israel, while Spain's foreign minister recommended possible sanctions.
(03:21):
The UK says it plans to pause free trade talks
and announced penalties against individuals and entities it says are
linked with violence in the West.
Speaker 4 (03:30):
Bank.
Speaker 5 (03:30):
Foreign Secretary David Lammy heavily criticized Israel's recent conduct.
Speaker 4 (03:35):
We must call this what it is.
Speaker 8 (03:38):
It is extremisty, it is dangerous, it is respellent, it
is monstrous, and I condemn it in the strongest possible terms.
Speaker 4 (03:48):
UK Foreign Secretary David Lammi.
Speaker 5 (03:50):
There Israel has said would start allowing aid into Gaza
again after blocking it since early March, but European officials
have expressed frustration about the pace of food deliveries. In
a statement, the Israeli Foreign Ministry said external pressures wouldn't
affect its struggle against who it describes as enemies working
to destroy the country now.
Speaker 2 (04:11):
Canada's finance minister says that G seven countries are discussing
tariffs on over supplied Chinese products. Leading democracies have accused
Chinese online retail platforms like Timu and Shean of flooding
their markets with low value goods. For Canada's Francois Philippe Chopin,
it's something that the G seven can take coordinated action.
Speaker 9 (04:33):
Against certainly the low value shipments have created a number
of things that we want to discuss amongst ourselves and
see how we can progress that discussions, because it's not
only about the revenues, but it's really about, you know,
the customs and making sure that we protect our respective jurisdiction.
Speaker 2 (04:53):
Canada's Finance Minister Francois Philippe Charpain is speaking there at
the G seven Finance Minister's meeting in Alberta. The US
has already started to tack small packages, raising fears that
China's producers will switch to other markets in search of profits.
Speaker 5 (05:08):
From small packages to big trade deals. The UK's Chancellor
of Rachel Reeves and US Treasury Secretary Scott bess And
are hoping to flesh out their trade agreement in talks
at the G seven summit in Canada. The agreement to
lower tariffs on limited sectors like steel was a landmark
first for Britain.
Speaker 4 (05:24):
Bloomberg James Wilcock has more.
Speaker 8 (05:26):
It was hail as a full and comprehensive trade deal
by US President Donald Trump, but the UK and the
US still haven't set a date for when tariff productions
will come into effects. The two sides are also working
through sticky differences on how to regulate big tech and
potential taxes on the pharmaceutical industry. Both sides enjoyed the
showmanship of announcing a first post Liberation Day trade deal,
(05:49):
but now the question is when does the detail arrive
in London James Wilcock Bloomberg.
Speaker 2 (05:53):
Radio Now to a major interview at Bloomberg, Tesla CEO
Elon Musk has said that he is committed to staying
on as leader of the company for the next five years,
and he downplayed the carmaker's challenges. The world's richest man
has come under scrutiny since Tesla followed up its first
annual sales job with even steeper declines early this year.
(06:16):
Speaking to Bloomberg's Michelle Hasseain at the Cutout Economic Forum,
Elon Musk also said that he is pairing back his
political involvement.
Speaker 10 (06:25):
I think.
Speaker 11 (06:27):
In terms of political spending, I'm going.
Speaker 10 (06:30):
To do a lot less in the future.
Speaker 3 (06:32):
And why is that?
Speaker 10 (06:33):
I think I've done enough?
Speaker 2 (06:36):
That was Elon Musk, Tesla's CEO, speaking to Michelle Hussein.
Tesla's chez jumped on Mosk's comments as investors appeared to
take heart from the apparent political step back.
Speaker 5 (06:48):
Tropical forests are under threat in the face of soaring
temperatures and wildfires. That's his Global woodland last hit a
record high last year. Boom Brooks ta Adebayo has the story.
Speaker 12 (06:59):
Six point seven million hectares of tropical primary forest was
lost last year, the most on record and double what
was lost in twenty twenty three.
Speaker 3 (07:08):
That's according to new figures.
Speaker 12 (07:09):
From Global forest Watch, who say current levels are unprecedented.
The phenomenon comes after the earth hottest year on record,
as global fires scorched woodland, releasing more than four times
the admissions of all air travel in twenty twenty three.
Cutting deforestation and raising funds to do so are among
the top priorities for this year's COP thirty gathering, which
(07:32):
is scheduled for November in London.
Speaker 4 (07:34):
You were at a Bayo Bloomberg Radio.
Speaker 2 (07:36):
And those are our top stories for you this morning. Right,
Let's get into the market. So we mentioned that oil
has been spiking on the worries around Israel and Iran
brink crewd futures and how by one point six percent
this morning, trading at sixty six dollars forty three. It
also means that there's a lot of caution in markets.
So the Bloomberg Dollar Spot Index has fallen over one
point two percent of this week. The dollar does continue
(07:58):
to weaken today, Swiss and Japanese yen are stronger. Gold
has risen now to three thousand children nineteen I. So
around that thirty three one hundred dollar mark, you've also
got the SMP, which yesterday fell by zero point four percent.
Looking at the futures, then for the European and US
markets open will Europe is up just a fraction s
(08:20):
and p FOI one hundred evenly features down three tenths
of one percent. Let's see what happens though in the
European session. Actually, Germany's benchmark, the Zetra DAX, managed to
reach the twenty four thousand level for the first time
ever yesterday, so maybe that European out performance continues to
play into markets.
Speaker 5 (08:38):
I want to watch today and a moment will bring
you more on that report about a potential attack on Iran,
plus Bloomberg's interview with Elon Musk at the Katar Economic Forum.
But first a word on another story that CARRAI this
morning about what CEOs are listening to on their way
to work. It's not just us, oh Stevens, I know,
although obviously and this is actually a recurring team through
(08:58):
this conversation, it's part of this CEO Diet series on
Blomberg Business Week that it's a lot of podcast listening.
It's a fair amount of live radio listening, which I
found interesting as well. But also, and this is the
part that I found most interesting, the music, what music
people are listening to, and how people use music essentially
to set their mood for the day. So the CEO
of the Beverly Hills Conference of Visitors Bureau, Julie Wagner,
(09:20):
says that she uses upbeat music to set a tone
for a happy morning. So she mentions Morgan Wallen and
Chapel Roane Good choices, Will Beckett from the Hawksmore Restaurants.
Speaker 4 (09:28):
He's on a reggae kick at the moment.
Speaker 5 (09:30):
He's just moved on from punk rock, changing genres, you know,
shaking things up as well. And actually Marcurias some General Motors,
tests out new models of cars on his commute, so
he actually tries to listen to something like live radio
in the background while he's also trying to get a
feel for the car that he's testing out at the
same time.
Speaker 2 (09:47):
Yeah. Absolutely, he listens to news, so you know, I
think he's my favorite person in this But yeah, it's
a really lovely piece all about the CEO diet. I mean,
they've done series on all sorts of things, what people eat,
the fashion that they wear. Anyway, it gets you into
the mindset of being a boss. First thing in the morning,
We'll put a link to that story into our show notes.
Speaker 5 (10:06):
Let's bring you more now. In our top story this morning, Israel,
according to one report, potentially planning an attack on Around's
nuclear facilities, a story that's pushing oil prices higher this morning.
Bloomberg'swanakraasio leads our midlea stpreaking news team joins us now
for more down a good morning. What more can you
tell us then about this report and the effect that
it's having on markets?
Speaker 13 (10:25):
So we saw the report is citing multiple US officials
on the latest intelligence and that they say it's not
clear that Israel had made a final decision on that,
and there was quote deep disagreements within the administration about
whether or the likelihood that Israel will ultimately go ahead
and attack a r clear facility in Iran, and that
of course, we saw oil prices going up currency haven's
(10:47):
as well, and this is of course very serious, very significant.
This option has always been on the table for both
Israel and the US right so President's Trump last week
in Saudi Arabia said he doesn't want the military option,
but also said that a lot of people want him
to go in that direction, and while of course he
didn't name them, it's obvious that Israel would want him
to go in that direction. Israel thinks that Iran's nuclear
(11:10):
program and it's entirety threatened its existence. And also, of
course we remember Ise wasn't very happy that the US
chose negotiations with Iran, wasn't happy that the US is
actually directly talking to Hannas. So we know Israel would
do it, but many have said that if Israel would
go ahead with that, it won't do it without US approval,
And that's of course the big question here.
Speaker 10 (11:30):
Would the US give the go ahead for that?
Speaker 2 (11:32):
Yeah, absolutely is there would there be a split between
as well and the US.
Speaker 3 (11:37):
Very significant.
Speaker 2 (11:38):
But look, in recent days we've actually seen all prices
drop because of the comments from President Trump about talking
to Iran. About a deal, and then the comments that
we had from Iran Supreme Leader saying that actually the
negotiations are not likely to succeed. So what's the latest
actually on those talks between the US and Iran?
Speaker 13 (11:57):
And I would add to that that the fifth round
of talks between the US and Iran has not been
scheduled yet. And then we saw around remarks yesterday saying
that they haven't chosen a date, So that's still up
in the air. And to be frank, you know, President
Trump's comments last week that they were close to a
deal was not very much supported by Iran or any
evidence out there. The talks are still at a technical level,
(12:19):
and Iran insists and says that it was non negotiable
for it to have the right to maintain its peaceful
nuclear program. And that's the sticking point, right and the
big questions in these negotiations how much can they allow
Iran to riche uranium? What's that level that they're negotiating at.
And we've heard many critics also saying that the US
(12:41):
should have a better deal than the ones struck with
the Obama administration, the so called JCPOA.
Speaker 3 (12:47):
So that's still.
Speaker 13 (12:48):
Up in the air and we don't think that there
is any significant progress to say that they are close
to a deal.
Speaker 5 (12:55):
Here, Donald, what does a report like this about, you know,
something that Israel is considering mean for Israel to emerge
at this time when it's already facing so much international
pressure over its actions in Gaza.
Speaker 13 (13:08):
Huge pressure, I would say, and it's only gonna mount
on Israel. And we saw what France has been saying,
with the UK actually said it took measures because it
was criticizing.
Speaker 10 (13:19):
The latest offensive.
Speaker 13 (13:20):
Even Kata, the main mediator, was also criticizing the offensive
and an Israel's plan to take over Gaza. Two things here.
I would say, it has come under pressure in the
past from the international community, but it remained on its
plans against Hamas, And that's of course the risky bit
here that it has come under pressure before and has
(13:41):
defended itselves and says no, we will stick to the plan,
and they've been sticking to the plan in the past
year and a half. But I would also say about
the strike is that it's not the fear here or
the big concern is not just Iron's retaliation. This is
an attack on a nuclear site. This is environmentally very dangerous.
(14:01):
It's a hazard, and it's a disaster, especially for countries
and close proximity and for US allies that is Patza
and that is the UAE, especially Dubai. So this is
where the extreme risk and danger here, and that's what
we have talked about. You know, would the US actually
approve that or give the go ahead? So this is
very risky for the US's allies in the region.
Speaker 2 (14:23):
Absolutely, Dona, thank you so much for being with us
this morning. Bluebag's DNA craz who leads our Middle East
breaking news team joining us this morning. I'll just add
one note of course that in amidst this, Israel's air
defense system is hugely well known for having protected the
country against attack. It's something actually that the US is
(14:45):
looking at, perhaps not copying, but certainly taking an example
from as President Donald Trump thinks about this idea, his
vision of a golden dome system that we perhaps protect
the United States. So when we're thinking about military and
de fence capabilities of build out, this is something that's
on the agenda globally.
Speaker 4 (15:05):
Yeah, it certainly is.
Speaker 5 (15:06):
Let's turn you now to one of our key interviews,
Elon Musk speaking to Bloomberg's Michelle has saying at the
Katar Economic Forum, they discussed his political and business roles
and questions of conflicts of interest between them. In a moment,
we'll speak to Michelle for her impressions of the conversation,
but first let's listen to some of the edited highlights
of that exchange, focusing on Tesla and the carmakers first
(15:26):
drop an annual sales in over a decade.
Speaker 10 (15:29):
Europe is our weakest market. We're stronger everywhere else.
Speaker 11 (15:31):
So now our sales are doing well at this point,
anticipate any any meaningful sales shortfall, and obviously the stock
market recognizes that, since we're now back over a trillion
dollars in marketcap, so I believe the market is aware.
Speaker 10 (15:46):
Of the situation. So it's already turned around.
Speaker 1 (15:48):
It's sales still down compared to this time last year
in Europe.
Speaker 3 (15:52):
In Europe, okay, and.
Speaker 10 (15:54):
That's true of all manufacturers. No accessions.
Speaker 1 (15:58):
Okay, but you would acknowledg, wouldn't you that what you
are facing? Okay, let's just take it as your what
you are facing is a significant problem. This Tesla is
an incredibly aspirational brand. People identified with it it saw it,
They saw it it being at the forefront of the
climate crisis. And now people are driving around with stickers
in their car saying I bought this before we knew
Elon was crazy.
Speaker 11 (16:19):
And there are also people who are by buying it
because Elon's crazy, or however they may view it. So, yes,
we've lost some sales perths on the left, but we've
gained them on the right. The sales numbers just weren't
are strong, and we've seen no problem with them mad.
Speaker 4 (16:36):
So what I mean?
Speaker 10 (16:38):
You can just look at the stock price. If you
were the best inside.
Speaker 11 (16:42):
Information, the stock market analysts have that and our stock
wouldn't be trading near all time highst if it was not.
If things weren't in good jape, They're fine, don't worry
about it.
Speaker 1 (16:55):
Okay, I was citing sales figures rather than share price.
Well tell me then, how committed you are to Tesla.
Do you see yourself and are you committed to still
being the chief executive of Tesla in five years time? Yes,
no doubt about that at all.
Speaker 10 (17:12):
Well, no, I might die.
Speaker 1 (17:15):
Does that mean that the value of your pay doesn't
have any bearing on your decision?
Speaker 11 (17:22):
Well, that's not really, sorry discussion in this forum. I
think obviously there should be a conversation for if there's
something incredible is done, that compensation should match that something
incredible was done. But I'm confident that whatever the whatever
some activists posing as a judge in Delaware happens to
(17:45):
do will not affect the future compensation.
Speaker 1 (17:47):
This is the judge you twice struck down the fifty
six billion dollar pay package that was that was awarded
to you. I think the value on the basis on
the current value of stock options.
Speaker 10 (17:59):
Yeah, not an judge, not a judge.
Speaker 11 (18:01):
The activist who is causplaying a judge in a Halloween costume.
Speaker 1 (18:06):
Okay, that's your characterization. I think on the current value
of stock options. I think the actual justice according to
the law, on the current value of stock options. I
think the value of that pay package stands at about
one hundred billion dollars. Are you saying you are relaxed
about the value of your future pay package? Your decision
to be committed to Tesla for the next five years
(18:30):
as long as you are still with us on this
planet is completely independent of pay.
Speaker 3 (18:35):
No, it's not independent.
Speaker 1 (18:36):
So pay is a relevant factor then to your commitment
to Tesla.
Speaker 11 (18:41):
A sufficient voting control such that I cannot be ousted
by activists investors is what matters to me. And I've
said this publicly many times, but let's not have this
whole thing be a discussion of my list pay.
Speaker 10 (18:54):
It's not a money thing.
Speaker 11 (18:55):
It's a reasonable control thing over the future of the company,
especially for a building millions potentially billions of human roid robots.
Speaker 10 (19:03):
I can't be sitting there and weren't.
Speaker 11 (19:06):
Going to get tossed out by for political reasons back
to us. That would be unacceptable. That's all that matters.
Now let's move on.
Speaker 1 (19:13):
Okay, Well, one question before we move on to other companies,
which is that I wonder if some of what you've
has happened to Tesla in the last few months, did
you take it personally?
Speaker 10 (19:25):
Yes?
Speaker 1 (19:25):
And did it make you regret any of you all
think twice about your political endeavors.
Speaker 11 (19:31):
I did what needed to be done, the violent antibody reaction,
and I'm not someone who's ever committed violence, and yet
massive violence was committed against my companies, massive violence was
threatened against me. Who are these people? Why would they
do that? How wrong can they be? They're on the
(19:52):
wrong side of history, and that's an evil thing to do.
To go and damage some pointocent person's car to threaten
to kill me. What's wrong with These people have not
harmed anyone, so something needs to be done about them,
and a number of them are going to prison and
they deserve it.
Speaker 1 (20:08):
You're referring to the attacks on Tesla showrooms, but I think.
Speaker 11 (20:12):
Yeah, well, into showrooms and burning down cars unacceptable. Those
people will go to prison, and the people that funded
them and organized them will also go to prison.
Speaker 10 (20:21):
Don't worry when.
Speaker 1 (20:23):
You acknowledge that some of the people who turned against
Tesla in Europe were set at your politics, and very
few of them would have been violent in any way.
They just objected to what they saw you say or
do politically.
Speaker 11 (20:37):
Well, it's certainly fine to object to political things, but
it's not fine to resort to violence and hanging someone
in effigy and death threats. That's obviously not okay, that's absurd,
That is in no way justifiable at all.
Speaker 2 (20:52):
So that was Elon Musk speaking to Bluebergs. We can
editor at large Michell Hussein via video link at the
Cutter Economic Form and Michelle joins us now from the
Economic Forum. You covered a lot of ground with Elon Musk,
but we wanted to go back to the comments on
pulling back on political spending. There was no sense that
Elon Musk, though, might be pulling back from his quite
(21:14):
divisive politics.
Speaker 3 (21:16):
More broadly, what did you think.
Speaker 14 (21:18):
I think that's a valuable distinction and absolutely one worth making,
the difference between politics and political spending. And actually, even
on political spending, he did leave the door open when
he said he feels he's done enough, but essentially there
might be a need in the future. So we don't
know what that need might be. What are the We
(21:41):
have an idea of things that he would like to
see happen that haven't yet happened, which would need a
different attitude from the federal government or changes to the law,
for example, the Moon program becoming a Mars program, or
some of the rules around self driving cars. So I
think even on the political spending, there is a door
that's left open there. So it'll be so interesting to
(22:03):
see what the midterms bringing, indeed the next US presidential election, or.
Speaker 3 (22:07):
Perhaps even political spending elsewhere in the world.
Speaker 4 (22:09):
Yeah, indeed, plenty to watch on that front.
Speaker 5 (22:12):
On the business side, we just heard some of the
conversation there around Tasley shrugged off the sales decline at
the electric carmaker. Did you get a sense though from
those comments of what his strategy was for the company
from here?
Speaker 14 (22:25):
Well, I think his strategy is him essentially the fact
that he is very firmly signaling his commitment in time
in leadership and also putting this distance between himself and
politics and himself and the administration to some extent. And
so I think that's the strategy on the actual reality
(22:47):
for for Tesla and sales. As everyone will have heard,
he acknowledged problems in Europe. They are very significant. If
you look at a market like Sweden. In April, Tesla
sales were eighty percently lower than they were the previous April.
But also fewer vehicles have been shipped from Tesla plants
in China last month, and that's not a one off,
(23:07):
that has been like that for several months. But again,
I think in the market certainly responded to this him
saying that his commitment is the answer, that his commitment
is there, that is the strategy that he's banking on.
Speaker 2 (23:21):
Yeah, and I thought again it was quite interesting that
he saw it through a political lens. The Tesla sales
in Europe, you know, we lost some sales on the left,
we gained some on the right. And yet at the
same time, when he was talking about Starlink in his
discussions with you, he was highlighting how the most important
thing for alleviating global poverty is to give people access
(23:43):
to you know, cheap and accessible internet in parts of
the world where they might not be getting it.
Speaker 3 (23:49):
So you know it is is that is why he's
such a fascinating and interesting figure.
Speaker 14 (23:55):
Isn't it absolutely and incredibly consequential in his action and
in the visions that he's pursued and made happen. There's
no doubt Starlink offers a really important service in many
parts of the world, in low income areas, in reaching
people who wouldn't otherwise have access to the Internet. And
it's absolutely critical to the Ukrainian front line. It's in
(24:17):
every Ukrainian frontline position. It's how soldiers communicate with their
bases and their hospitals.
Speaker 3 (24:24):
He did get quite.
Speaker 14 (24:25):
Exercised on this in relation to South Africa, because I
was pointing out that South Africa is one very current
example of more deals coming Starlink's way at the same
time that countries are trying to get on the right
side of the Trump administration. Now that is not a
conflict of interest that in On Musk recognizes, but he
(24:46):
certainly feels that any change to starlink in Starlin's access
to South Africa is the right thing to do because
it would essentially go around black ownership laws, which he
sees as racist.
Speaker 5 (25:00):
Yeah, indeed, and that's in focus ahead of President Sarah
and oppose. I'm meeting Donald Trump later today as well.
It was a very wide ranging discussion. You covered all
the business interests, the politics, the overlap between them as well.
I wonder what else stood out for you from a
conversation that was at times quite combative.
Speaker 10 (25:19):
Yes, it was.
Speaker 14 (25:21):
Look, there were many areas that I wanted to make
sure we covered because his reach, his power, his influence
does stretch into so many areas of all our lives
and of our world. I think, yes, at times it
was combative, but I think he was willing for the
(25:41):
most part to answer questions. I think the one that
he dodged and where he ended up referring to me
as a NPC, like a non player character for video games.
Was about doge in the amount of money that he
now expects it to cut from the federal budget. The
contrast between the at least two trillion he was talking
about last autumn and the figure currently on the dose
(26:03):
dot gov website, which is one hundred and seventy billion dollars.
So that was amongst the areas which where I think
he didn't like the question, But overall he engaged, and
I think in this interview we did see the human
side of him and very specific answers to questions about
his companies and a sense of his future political direction.
Speaker 5 (26:27):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 2 (26:33):
Look for us on your podcast feed every morning, on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 5 (26:39):
You can also listen live each morning on London DAB Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (26:45):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.
Speaker 4 (26:53):
I'm Caroline Hepka and I'm Stephen Carroll.
Speaker 5 (26:55):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg day Break.
Speaker 2 (27:00):
Europe m mm hmm
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