November 7, 2025 • 15 mins
On today's podcast:
1) Airlines across the US have started canceling flights scheduled for the coming days, as the longest government shutdown in history upends air travel and leaves thousands of passengers scrambling to firm up plans. With about 700 Friday flights already canceled by the four largest airlines, the world’s busiest aviation market has become a flashpoint in the long-simmering clash between Republicans and Democrats over federal funding as President Trump ramps up pressure to forge a deal. The Republican-led administration has said the reductions are necessary to keep flying safe amid staffing shortages brought on by the shutdown. At least one top congressional Democrat has called for more transparency to ensure the move isn’t politically motivated.
2) Tesla Inc. shareholders approved a $1 trillion compensation package for Chief Executive Officer Elon Musk, the largest payout ever awarded to a corporate leader. More than 75% of the votes cast were in favor of the unprecedented pay plan, the company said Thursday at its annual meeting. The outcome caps a weekslong campaign by the electric vehicle maker’s board, its CEO and prominent retail investors to build support. The pay agreement clears a path for Musk, the world’s richest person, to become the first-ever trillionaire and expand his stake in Tesla to 25% or more over the next decade. To achieve the full payout, he’ll have to deliver on targets to significantly expand Tesla’s market value, revive its flagging car business and get the fledgling robotaxi and Optimus robotics efforts off the ground.
3) China’s exports unexpectedly contracted in October as global demand failed to offset the deepening slump in shipments to the US, dealing a blow to an economy already slowing amid sluggish consumer spending and investment at home. Exports fell for the first time in eight months, dropping 1.1% from a year earlier, according to official data released Friday. Shipments to all nations except the US rose 3.1%, not enough to compensate for the more than 25% decline to America. Chinese exports have been resilient until now, as other destinations made up for drops in shipments across the Pacific Ocean. Sales abroad had grown every month since February, when activity slowed because of the Lunar New Year holiday.
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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):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:15):
Karen, we begin with the latest on the government shutdown.
It is now having an impact in the air. This week,
the Transportation Department said it would cut ten percent of
flight capacity across forty major airports to ease the strain
on the travel system. As of this morning, about seven
hundred flights are already canceled at the four biggest airlines,
United American, Delta, and Southwest. Republican Senator Mike rown says
(00:38):
it doesn't have to be this way.
Speaker 4 (00:40):
This is serious. It's one more step in the wrong
direction for us. The American people expect us to have
the aircraft run on time, they expect the trains to
run on time. They expect us to actually have government operating.
Speaker 3 (00:54):
Republican Senator Mike Rounds appeared on Bloomberg's Balance of Power.
You can get the full conversation on the Bloomberg podcast
as channel on YouTube. The top democrat on the House
Transportation Committee, Rick Larson, is calling on the FA to
share its risk assessment to ensure the flight cuts aren't
politically motivated.
Speaker 2 (01:11):
Well, another major story that we're following Nathan involves Elon Musk.
Tesla's shareholders have approved as one trillion dollar compensation package,
and again more from Bloomberg Transportation reporter Danny Lee.
Speaker 5 (01:24):
This ultimately means that shareholders have given Elon Musk and
Tesla their full backing for Musk to do whatever he
needs to do to drive the company forward. And of
course we are seeing this transition of Tesla from just
an EV maker to one that Musk wants to take
it into robotics, to artificial intelligence and driverless a driverless future.
(01:46):
So there's a lot of stake here, and of course
for Musk, he doesn't automatically get this trillion dollars. He
has a series of very lofty goals and hurdles he
needs to pass financially in terms of evaluation of and
also operationally in delivering, for example, twenty million vehicles and
selling a million robots and driverless cars in order to
(02:09):
hit some of these extremely stretched goals.
Speaker 2 (02:12):
And Bloomberg Transportation reporter Danny Lee says this is the
largest payout ever awarded to a corporate leader, and shares
of Tesla up about one percent this morning, and.
Speaker 3 (02:21):
We're also watching shares of Nvidia this morning care and
they're up to tenths percent after yesterday's three point seven
percent sell off. This morning, in Vidia CEO Jensen Wang
says his company has no plans to ship its Blackwell
AI chips to China. Huang is in Taiwan this morning.
He says it's up to China when they would like
in Vidia products to go back to serve their market. Meanwhile,
(02:42):
The Information is reporting that the White House has told
others in the federal government it will not allow in
Nvidia to sell its latest scaled down AI chips to
China either.
Speaker 2 (02:52):
Well, Nathan exports from China unexpectedly dropped in October for
the first time in eight months. They contracted by one
point one percent in October for a year earlier. Global
demand failed to offset a slump, and shipments to the
US begin. More from Bloomberg News Chief Asia correspondent Rosalind Madison.
Speaker 6 (03:09):
Well, there's likely to be quite a lot of volatility
still going forward. I mean, we've had quite a bit
of front loading that went on which really propelled experts
from China through most of this year. Even though we
do have a truce in trade. We've got big questions
about whether Donald Trump's tariff stay at all. So for
a lot of companies and countries, still a fair bit
(03:30):
of uncertainty, including for China, about what the next six
months are going to look like.
Speaker 2 (03:35):
And Bloomberg's and Ros Madison says shipments to all nations
except the US rose three point one percent. That was
not enough to compensate for the more than twenty five
percent decline to America.
Speaker 3 (03:46):
Well Kry, the makers of blockbuster weight loss drugs, have
secured a big deal at the White House. Eli Lilly
and Nova Nordisk have agreed to slash the prices on
their popular zep Bound and Wagovi shots in exchange for
terror relief and wider access to medicare as. They're live
here on Bloomberg Radio. President Trump made the announcement in
the Oval Office.
Speaker 7 (04:04):
For years, politicians have talked about making healthcare affordable, but
my administration is actually doing it. Americans deserve the best
healthcare in the world, and we're now getting the best
healthcare at the.
Speaker 3 (04:16):
Lowest price and under the deal with President Trump. The
prices of with GOVI and zep bound under Medicare will
be two hundred and forty five dollars a month the
drugs currently listed more than one thousand. In return, Lillian
Novo get a three year grace period from upcoming tariffs
on pharmaceutical companies that don't manufacture in the US. We
spoke with Novia Nordisk's CEO, Mike Doustarr.
Speaker 8 (04:36):
We are more.
Speaker 9 (04:37):
American than many companies that were born in USA. And
the reason I say that is that long before many
American companies started to think of developing and producing their
raw ingredient in US, we were there doing that.
Speaker 3 (04:55):
Novin Nordisks Mike Dustar, the Danish drugmaker, has pledged billions
in US investment in putting a four point one billion
dollar factory expansion that began last year in North Carolina.
Speaker 2 (05:05):
Well, we turned to the markets now, Nathan, where futures
are higher. After another selloff on Wall Street, the S
and P five hundred has dropped more than one percent
twice this week as some of big taxs AI spending
as spook some investors. David Bianco, as chief investment officer
at DWS Group, the.
Speaker 10 (05:23):
Valuations are very demanding, yet we understand why and we're
taking a constructive view on tech and communications and all that,
but our preferences are our financials, healthcare and electric utilities
because power is still a really important part of the
AI story.
Speaker 2 (05:39):
DWS Group's David Bianco the S and P five hundred
is at fourteen percent so far this year, while the
Nasdaq is higher by nineteen percent.
Speaker 3 (05:47):
In Europe, care and shares of the owner of British
Airways are flying lower. IAG says it's all important North
Atlantic route experienced some weakness in the third quarter and
that weighed on earnings that missed estimates. The results have
led the stock to drop the most since April. This morning,
IAG is down almost seven percent.
Speaker 2 (06:06):
Nathan Comcast, owner of the European pay television service skyes
and talks to buy ITV's Media on Entertainment unit in
a deal that would dramatically shake up the UK broadcasting landscape.
The business to be acquired runs ITV's commercial free to
air TV channel operations in the UK, as well as
the ITVX streaming platform. If a deal goes ahead, it
(06:29):
would leave ITV with its Studios division, which produces shows
such as Britain's Got Talent and Love Island.
Speaker 3 (06:36):
Well Karen, Apple's streaming service suffered an outage on the
premiere of its new series Pluribus. Users across the US
and Canada reported the service crashing from around ten thirty
Eastern last night, not long after the first two episodes
of the new drama were made available to stream. Apple
says the matter was resolved within about an hour and
a half.
Speaker 2 (06:56):
Well, Nathan, what is the best city in the world
for the global elite? The answer there would be Dubai.
According to research by real estate Brooker Sevill's, which ranked
thirty global cities by their appeal to high net worth individuals,
Dubai was ranked as the most accommodating location for the
world's rich due to its tax advantages and strong family infrastructure.
(07:18):
New York, Singapore, Hong Kong, and Abu Dhabi round out
the top five. Time now for a look at some
of the other stories making news in New York and
around the world, and for that we're joined by Bloomberg's
Monica Ricks. Monica, Good morning, Good morning, Karen.
Speaker 11 (07:33):
A federal judge has ordered the Trump administration to find
the money to fully fund snap benefits for November. The
Trump administration has agreed to pay partial benefits this month
when judges ruled that it had to use emergency funds,
but it's now appealing that ruling to pay one hundred percent.
The Supreme Court has temporarily revived the Trump administration policy
requiring new passports to reflect a person's sex on their
(07:56):
birth certificate. Bloomberg's Amy Morris has more from Washington.
Speaker 8 (08:00):
A divided Supreme Court dealt a fresh blow to transgender rights,
temporarily requiring new passports to reflect the sex and the
holder's birth certificate. The court's majority wrote that displaying passport
holders sex at birth does not offend equal protection principles,
just as Katanji Brown Jackson dissented, writing that the decision
would force transgender Americans to make a difficult choice between
(08:23):
using the wrong gender on their passports and risking harassment
or avoiding activities that require a passport. The Supreme Court
decision will apply while litigation continues in this case in Washington.
Amy Morris Bloomberg Radio.
Speaker 11 (08:36):
South Korea's military confirms North Korea has fired a short
range ballistic missile off its east coast. That launch follows
new US impost sanctions on some of North Korea's bankers,
which Pyongyang has condemned as proof of Washington's hostility. In Louisville, Kentucky,
a vigil was held last night to remember the thirteen
people killed in a UPS cargo plane crash this week.
(08:58):
Louisville Mayor Mike Greenberg call the scene horrific.
Speaker 12 (09:01):
We saw the firefighters walking towards bodies that were still
on the ground with the stretchers.
Speaker 8 (09:08):
It was too painful for me to watch. That was
the moment that I had to turn away.
Speaker 11 (09:12):
Investigators still don't know what caused that crash, and Texas
Attorney General Ken Paxson has now asked the federal judge
for a restraining order against Tayland Hall to stop advertising that.
In consultation with the doctor tailand All's safe for pregnant
women and young children to use. The Trump administration has
claimed it can cause autism and other disorders. The drug
(09:33):
makers denied it. Global News twenty four hours a day
and whenever you want it with Bloomberg News Now, I'm
Monica Rix and this is Bloomberg Karen.
Speaker 2 (09:42):
Thanks Monica. Time now for our Bloomberg Sports update, and
for that we bring in John stash Hour.
Speaker 12 (09:47):
Thanks down a defensive battle, but again week Ken in
the NFL, ain't Denver. The Broncos didn't get a first
down for the first twenty four minutes. They didn't get
a touchdown till late second quarter. They added a field
goal late third, and they beat the Raiders ten to seven,
and Denver at eight and two as the best record
in the NFL, Broncos have won seven straight. They're five
and zero at home. Forty one year old Craig Stammen
(10:09):
named the new manager of the San Diego Padres, is
a former Padres relief pitcher. The Dodgers picked up the
ten million dollar option for Max Munsey. That's your Bloomberg
Sports update.
Speaker 2 (10:19):
Stay with us more from Bloomberg day Break coming up
after this.
Speaker 1 (10:28):
Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business opp This is Bloomberg Daybreak.
Speaker 8 (10:38):
Good morning. I'm Nathan Hager.
Speaker 3 (10:39):
He's already the world's richest man, and if he plays
his cards right, he could be the world's first trillionaire.
Tesla shareholders have overwhelmingly approved a twelve figure pay package
for the electric vehicles CEO Elon Musk, But for our
convested CEO, Kathy Wood, it's not just about the evs.
Speaker 7 (10:56):
We think robotaxis.
Speaker 2 (10:58):
He had them at the starting gate as of June
and now they're rolling out and that AI project is
well underway.
Speaker 3 (11:08):
That was our co invest CEO and Tesla investor Kathy
what ahead of the vote at Tesla's annual meeting and
joining us for more as Bloomberg News Global Autos editor
Craig Trudell. And Craig really is in a lot of
ways about the autonomous robotics vision more than the electric vehicles.
So do we have to start thinking about this company
is more than just an EV maker?
Speaker 8 (11:27):
Good morning, Yeah, good morning.
Speaker 13 (11:29):
I think that at least is the narrative Musk wants
out there, and this has been a trend for some
time where he's been talking more and more about his
humanoid robots as opposed to his cars. You know, I
think that the cynic would say that that would probably
be explained by the fact that the car business has
been slowing down Bertie dramatically for the company for some
(11:49):
time now. But you know, in addition to talking up
the prospects for robots last night. He also talked about
expanding production of Tesla's vehicles next year, including with the
cyber Cab, and interestingly, just last week we spoke with
the chair of the board, Robin Denholm, about the notion
that while the cyber Cab was designed without pedals or
(12:13):
a steering wheel, you know that the company has maybe
some flexibility and some willingness to in the event that
regulators say, you know what, we're just not ready for
you to put fully autonomous vehicles on the road. Yet
she told us that they would be willing to put
you know, steering wheel and pedals in those cars in
order to be able to sell them.
Speaker 3 (12:33):
So Craig walk us through some of these benchmarks that
Elon Musk has to achieve in order to get to
that trillion dollar level. What's it going to take and
how high is the bar? Yeah, the bar is very
high to hit, you know, to get the full payout.
You know, the the market cap of the company today
is around one and a half trillion dollars. He would
(12:53):
need to take it to eight and a half trillion
to get the full you know slug of shares that
this pay package includes. But in addition, to that, he
needs to achieve a series of performance milestones that are
more operational. So you know, some are on the sort
of easier side in terms of, you know, twenty million
(13:14):
vehicles on the road. That sounds like a lot, but
it's cumulative, and this is a pay package that he's
eligible to receive over the next decade. The other sort
of you know, operational targets include adjusted EBIT dial the
way up to four hundred billion, and this is a
company that you know is on course for give or
take about thirteen billion and adjusted EBIT doll this year.
(13:35):
So we're talking many multiples of what the company is
earning here and now got about a minute left. Craig
Elon Musk has won past compensation fights. The company says
more than seventy five percent of votes cast went his way.
Should we be surprised by that margin?
Speaker 13 (13:50):
I wasn't surprised. I think, you know, there were some
major institutional shareholders who have balked at these pay packages
in the past, but the retail shareholder base, for tests
is extremely, extremely loyal to Musk, and I think an
important little bit of context here too is that Musk
and his brother Kimball's shares counted toward that seventy five percent.
(14:12):
And so you know, when you consider the fairly substantial
stake that Musk already has, you know, the sort of
bar for him to clear fifty percent, you know, was
not necessarily all that high.
Speaker 2 (14:27):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 3 (14:34):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (14:40):
You can also listen live each morning starting at five
am Wall Street time on Bloomberg eleven three to zero
in New York, Bloomberg ninety nine to one in Washington,
Bloomberg ninety two nine in Boston, and nationwide on serious
XM Channel one twenty one.
Speaker 3 (14:55):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 2 (15:01):
And don't forget to subscribe to Bloomberg News Now. It's
the latest news whenever you want it in five minutes
or less. Search Bloomberg News Now on your favorite podcast
platform to stay informed all day long. I'm Karen Moscow.
Speaker 3 (15:14):
And I'm Nathan Hager. Join us again tomorrow morning. For
all the news you need to start your day right
here on Bloomberg Day Ray
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:09):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:15):
Karen, we begin with the latest on the government shutdown.
It is now having an impact in the air. This week,
the Transportation Department said it would cut ten percent of
flight capacity across forty major airports to ease the strain
on the travel system. As of this morning, about seven
hundred flights are already canceled at the four biggest airlines,
United American, Delta, and Southwest. Republican Senator Mike rown says
(00:38):
it doesn't have to be this way.
Speaker 4 (00:40):
This is serious. It's one more step in the wrong
direction for us. The American people expect us to have
the aircraft run on time, they expect the trains to
run on time. They expect us to actually have government operating.
Speaker 3 (00:54):
Republican Senator Mike Rounds appeared on Bloomberg's Balance of Power.
You can get the full conversation on the Bloomberg podcast
as channel on YouTube. The top democrat on the House
Transportation Committee, Rick Larson, is calling on the FA to
share its risk assessment to ensure the flight cuts aren't
politically motivated.
Speaker 2 (01:11):
Well, another major story that we're following Nathan involves Elon Musk.
Tesla's shareholders have approved as one trillion dollar compensation package,
and again more from Bloomberg Transportation reporter Danny Lee.
Speaker 5 (01:24):
This ultimately means that shareholders have given Elon Musk and
Tesla their full backing for Musk to do whatever he
needs to do to drive the company forward. And of
course we are seeing this transition of Tesla from just
an EV maker to one that Musk wants to take
it into robotics, to artificial intelligence and driverless a driverless future.
(01:46):
So there's a lot of stake here, and of course
for Musk, he doesn't automatically get this trillion dollars. He
has a series of very lofty goals and hurdles he
needs to pass financially in terms of evaluation of and
also operationally in delivering, for example, twenty million vehicles and
selling a million robots and driverless cars in order to
(02:09):
hit some of these extremely stretched goals.
Speaker 2 (02:12):
And Bloomberg Transportation reporter Danny Lee says this is the
largest payout ever awarded to a corporate leader, and shares
of Tesla up about one percent this morning, and.
Speaker 3 (02:21):
We're also watching shares of Nvidia this morning care and
they're up to tenths percent after yesterday's three point seven
percent sell off. This morning, in Vidia CEO Jensen Wang
says his company has no plans to ship its Blackwell
AI chips to China. Huang is in Taiwan this morning.
He says it's up to China when they would like
in Vidia products to go back to serve their market. Meanwhile,
(02:42):
The Information is reporting that the White House has told
others in the federal government it will not allow in
Nvidia to sell its latest scaled down AI chips to
China either.
Speaker 2 (02:52):
Well, Nathan exports from China unexpectedly dropped in October for
the first time in eight months. They contracted by one
point one percent in October for a year earlier. Global
demand failed to offset a slump, and shipments to the
US begin. More from Bloomberg News Chief Asia correspondent Rosalind Madison.
Speaker 6 (03:09):
Well, there's likely to be quite a lot of volatility
still going forward. I mean, we've had quite a bit
of front loading that went on which really propelled experts
from China through most of this year. Even though we
do have a truce in trade. We've got big questions
about whether Donald Trump's tariff stay at all. So for
a lot of companies and countries, still a fair bit
(03:30):
of uncertainty, including for China, about what the next six
months are going to look like.
Speaker 2 (03:35):
And Bloomberg's and Ros Madison says shipments to all nations
except the US rose three point one percent. That was
not enough to compensate for the more than twenty five
percent decline to America.
Speaker 3 (03:46):
Well Kry, the makers of blockbuster weight loss drugs, have
secured a big deal at the White House. Eli Lilly
and Nova Nordisk have agreed to slash the prices on
their popular zep Bound and Wagovi shots in exchange for
terror relief and wider access to medicare as. They're live
here on Bloomberg Radio. President Trump made the announcement in
the Oval Office.
Speaker 7 (04:04):
For years, politicians have talked about making healthcare affordable, but
my administration is actually doing it. Americans deserve the best
healthcare in the world, and we're now getting the best
healthcare at the.
Speaker 3 (04:16):
Lowest price and under the deal with President Trump. The
prices of with GOVI and zep bound under Medicare will
be two hundred and forty five dollars a month the
drugs currently listed more than one thousand. In return, Lillian
Novo get a three year grace period from upcoming tariffs
on pharmaceutical companies that don't manufacture in the US. We
spoke with Novia Nordisk's CEO, Mike Doustarr.
Speaker 8 (04:36):
We are more.
Speaker 9 (04:37):
American than many companies that were born in USA. And
the reason I say that is that long before many
American companies started to think of developing and producing their
raw ingredient in US, we were there doing that.
Speaker 3 (04:55):
Novin Nordisks Mike Dustar, the Danish drugmaker, has pledged billions
in US investment in putting a four point one billion
dollar factory expansion that began last year in North Carolina.
Speaker 2 (05:05):
Well, we turned to the markets now, Nathan, where futures
are higher. After another selloff on Wall Street, the S
and P five hundred has dropped more than one percent
twice this week as some of big taxs AI spending
as spook some investors. David Bianco, as chief investment officer
at DWS Group, the.
Speaker 10 (05:23):
Valuations are very demanding, yet we understand why and we're
taking a constructive view on tech and communications and all that,
but our preferences are our financials, healthcare and electric utilities
because power is still a really important part of the
AI story.
Speaker 2 (05:39):
DWS Group's David Bianco the S and P five hundred
is at fourteen percent so far this year, while the
Nasdaq is higher by nineteen percent.
Speaker 3 (05:47):
In Europe, care and shares of the owner of British
Airways are flying lower. IAG says it's all important North
Atlantic route experienced some weakness in the third quarter and
that weighed on earnings that missed estimates. The results have
led the stock to drop the most since April. This morning,
IAG is down almost seven percent.
Speaker 2 (06:06):
Nathan Comcast, owner of the European pay television service skyes
and talks to buy ITV's Media on Entertainment unit in
a deal that would dramatically shake up the UK broadcasting landscape.
The business to be acquired runs ITV's commercial free to
air TV channel operations in the UK, as well as
the ITVX streaming platform. If a deal goes ahead, it
(06:29):
would leave ITV with its Studios division, which produces shows
such as Britain's Got Talent and Love Island.
Speaker 3 (06:36):
Well Karen, Apple's streaming service suffered an outage on the
premiere of its new series Pluribus. Users across the US
and Canada reported the service crashing from around ten thirty
Eastern last night, not long after the first two episodes
of the new drama were made available to stream. Apple
says the matter was resolved within about an hour and
a half.
Speaker 2 (06:56):
Well, Nathan, what is the best city in the world
for the global elite? The answer there would be Dubai.
According to research by real estate Brooker Sevill's, which ranked
thirty global cities by their appeal to high net worth individuals,
Dubai was ranked as the most accommodating location for the
world's rich due to its tax advantages and strong family infrastructure.
(07:18):
New York, Singapore, Hong Kong, and Abu Dhabi round out
the top five. Time now for a look at some
of the other stories making news in New York and
around the world, and for that we're joined by Bloomberg's
Monica Ricks. Monica, Good morning, Good morning, Karen.
Speaker 11 (07:33):
A federal judge has ordered the Trump administration to find
the money to fully fund snap benefits for November. The
Trump administration has agreed to pay partial benefits this month
when judges ruled that it had to use emergency funds,
but it's now appealing that ruling to pay one hundred percent.
The Supreme Court has temporarily revived the Trump administration policy
requiring new passports to reflect a person's sex on their
(07:56):
birth certificate. Bloomberg's Amy Morris has more from Washington.
Speaker 8 (08:00):
A divided Supreme Court dealt a fresh blow to transgender rights,
temporarily requiring new passports to reflect the sex and the
holder's birth certificate. The court's majority wrote that displaying passport
holders sex at birth does not offend equal protection principles,
just as Katanji Brown Jackson dissented, writing that the decision
would force transgender Americans to make a difficult choice between
(08:23):
using the wrong gender on their passports and risking harassment
or avoiding activities that require a passport. The Supreme Court
decision will apply while litigation continues in this case in Washington.
Amy Morris Bloomberg Radio.
Speaker 11 (08:36):
South Korea's military confirms North Korea has fired a short
range ballistic missile off its east coast. That launch follows
new US impost sanctions on some of North Korea's bankers,
which Pyongyang has condemned as proof of Washington's hostility. In Louisville, Kentucky,
a vigil was held last night to remember the thirteen
people killed in a UPS cargo plane crash this week.
(08:58):
Louisville Mayor Mike Greenberg call the scene horrific.
Speaker 12 (09:01):
We saw the firefighters walking towards bodies that were still
on the ground with the stretchers.
Speaker 8 (09:08):
It was too painful for me to watch. That was
the moment that I had to turn away.
Speaker 11 (09:12):
Investigators still don't know what caused that crash, and Texas
Attorney General Ken Paxson has now asked the federal judge
for a restraining order against Tayland Hall to stop advertising that.
In consultation with the doctor tailand All's safe for pregnant
women and young children to use. The Trump administration has
claimed it can cause autism and other disorders. The drug
(09:33):
makers denied it. Global News twenty four hours a day
and whenever you want it with Bloomberg News Now, I'm
Monica Rix and this is Bloomberg Karen.
Speaker 2 (09:42):
Thanks Monica. Time now for our Bloomberg Sports update, and
for that we bring in John stash Hour.
Speaker 12 (09:47):
Thanks down a defensive battle, but again week Ken in
the NFL, ain't Denver. The Broncos didn't get a first
down for the first twenty four minutes. They didn't get
a touchdown till late second quarter. They added a field
goal late third, and they beat the Raiders ten to seven,
and Denver at eight and two as the best record
in the NFL, Broncos have won seven straight. They're five
and zero at home. Forty one year old Craig Stammen
(10:09):
named the new manager of the San Diego Padres, is
a former Padres relief pitcher. The Dodgers picked up the
ten million dollar option for Max Munsey. That's your Bloomberg
Sports update.
Speaker 2 (10:19):
Stay with us more from Bloomberg day Break coming up
after this.
Speaker 1 (10:28):
Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business opp This is Bloomberg Daybreak.
Speaker 8 (10:38):
Good morning. I'm Nathan Hager.
Speaker 3 (10:39):
He's already the world's richest man, and if he plays
his cards right, he could be the world's first trillionaire.
Tesla shareholders have overwhelmingly approved a twelve figure pay package
for the electric vehicles CEO Elon Musk, But for our
convested CEO, Kathy Wood, it's not just about the evs.
Speaker 7 (10:56):
We think robotaxis.
Speaker 2 (10:58):
He had them at the starting gate as of June
and now they're rolling out and that AI project is
well underway.
Speaker 3 (11:08):
That was our co invest CEO and Tesla investor Kathy
what ahead of the vote at Tesla's annual meeting and
joining us for more as Bloomberg News Global Autos editor
Craig Trudell. And Craig really is in a lot of
ways about the autonomous robotics vision more than the electric vehicles.
So do we have to start thinking about this company
is more than just an EV maker?
Speaker 8 (11:27):
Good morning, Yeah, good morning.
Speaker 13 (11:29):
I think that at least is the narrative Musk wants
out there, and this has been a trend for some
time where he's been talking more and more about his
humanoid robots as opposed to his cars. You know, I
think that the cynic would say that that would probably
be explained by the fact that the car business has
been slowing down Bertie dramatically for the company for some
(11:49):
time now. But you know, in addition to talking up
the prospects for robots last night. He also talked about
expanding production of Tesla's vehicles next year, including with the
cyber Cab, and interestingly, just last week we spoke with
the chair of the board, Robin Denholm, about the notion
that while the cyber Cab was designed without pedals or
(12:13):
a steering wheel, you know that the company has maybe
some flexibility and some willingness to in the event that
regulators say, you know what, we're just not ready for
you to put fully autonomous vehicles on the road. Yet
she told us that they would be willing to put
you know, steering wheel and pedals in those cars in
order to be able to sell them.
Speaker 3 (12:33):
So Craig walk us through some of these benchmarks that
Elon Musk has to achieve in order to get to
that trillion dollar level. What's it going to take and
how high is the bar? Yeah, the bar is very
high to hit, you know, to get the full payout.
You know, the the market cap of the company today
is around one and a half trillion dollars. He would
(12:53):
need to take it to eight and a half trillion
to get the full you know slug of shares that
this pay package includes. But in addition, to that, he
needs to achieve a series of performance milestones that are
more operational. So you know, some are on the sort
of easier side in terms of, you know, twenty million
(13:14):
vehicles on the road. That sounds like a lot, but
it's cumulative, and this is a pay package that he's
eligible to receive over the next decade. The other sort
of you know, operational targets include adjusted EBIT dial the
way up to four hundred billion, and this is a
company that you know is on course for give or
take about thirteen billion and adjusted EBIT doll this year.
(13:35):
So we're talking many multiples of what the company is
earning here and now got about a minute left. Craig
Elon Musk has won past compensation fights. The company says
more than seventy five percent of votes cast went his way.
Should we be surprised by that margin?
Speaker 13 (13:50):
I wasn't surprised. I think, you know, there were some
major institutional shareholders who have balked at these pay packages
in the past, but the retail shareholder base, for tests
is extremely, extremely loyal to Musk, and I think an
important little bit of context here too is that Musk
and his brother Kimball's shares counted toward that seventy five percent.
(14:12):
And so you know, when you consider the fairly substantial
stake that Musk already has, you know, the sort of
bar for him to clear fifty percent, you know, was
not necessarily all that high.
Speaker 2 (14:27):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 3 (14:34):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (14:40):
You can also listen live each morning starting at five
am Wall Street time on Bloomberg eleven three to zero
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Speaker 3 (14:55):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 2 (15:01):
And don't forget to subscribe to Bloomberg News Now. It's
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platform to stay informed all day long. I'm Karen Moscow.
Speaker 3 (15:14):
And I'm Nathan Hager. Join us again tomorrow morning. For
all the news you need to start your day right
here on Bloomberg Day Ray
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