tesla is booming. in the past year alone, the value of elon musk�*s shareholding has increased by well over $100 billion. the sisters of the good shepherd think elon musk can well afford to help. people who have the ingenuity to amass wealth, and huge amounts of wealth, they have a certain ingenuity and talent that has enabled them to do that. my challenge then, is how can you take that great ingenuity, and creativity that you have, and ensure that the same wealth can be available to people in the drc. the nuns are being advised by experts in ethical investment. tesla's an interesting company because it's a company that we want to succeed, we need to succeed for the climate crisis, but we don't want there to be any trade—off between human rights and environmental impact. if tesla can really get strong human rights standards into their supply chain it sets a tone for other companies to look at as well. today, it's tesla's annual general meeting, held online. and sister winifred has a message for elo

they say, i saw a tesla, let's go buy tesla retail investors are being driven a lot by what we call esg. they think that i want to make a statement, i want to buy something that cleans the environment. so the retail investor's very oriented toward morals and ethics it's quite different than what we're used to. >> that's what jonas said a few weeks ago. there's influence where tesla is seen as akin the a full-stack sustainable etf. that was morgan stanley. >> look. the only difference would be if you did it with a plug power and say, look, we're green hydrogen. tesla plugs into a system that's not necessarily all green. you know our system in our country is hardly green. when i was called hologram biden, the fight at the dinner was it's a farce to think the skies are green. it has to be solar of course, he's addressed that. >> he has. he's addressed a lot of things. >> he's addressed a lot of things. >> tesla is an incredible story. we talk a lot about that because of that. musk is probably the most consequential business figure on the planet right now. >> i'm not going to dispurt that m

, is that what happens in tesla doesn't stay in tesla. it is just so big now and has such a huge options market and associated structure products that reference tesla, lots of hedge funds long or short, all fund managers get whip saw what weight they have in tesla. it's not something we can ignore anymore. whether it's a market risk, what people would call a systemic risk, that's what i'm not so sure about i do think that although, you know, tesla dropping 10, 20% isn't all disaster, we saw that after musks starting selling down his shares and after a result of some of these tweets, that didn't ripple that much further but that took tesla back to where it was in october, right? tesla could basically drop 50% in value and still be one of the most richly valued companies in the world. and that's just staggering and i think the ripple effects from that probably unappreciated, right >> right. >> clearly some people are going to lose money. that always happens. but there's all these other interlinkages around some fund managers will look like

there were warrants that jp morgan had issued to tesla saying if tesla closed above a price, then tesla would owe jp morgan money. elon musk tweets this and jp morgan says this constitutes a significant event. otherwise, it looks like tesla will have to pay that. tesla took issue saying this was not a valid thing for them to do. ap morgan issued -- jp morgan issued in the complaint saying not only were they appropriate but tesla shares would close above the new strike price but the original one as well. a testy complaint. we have not heard a response from tesla. that is important what you are emphasizing, this is a small amount of money potentially bridging -- potentially burning the bridge between these two. francine: yuan climbing on the news of the president biden and president xi meeting. the bar was so low, because they ran over 30 minutes, we are putting a stamp of success on that. tom: that is it for the european market open. surveillance, early edition is next. this is bloomberg. ♪ moving is a handful. no kidding! fortunately, xfinity makes moving easy. easy? -easy? switch you

they do have to pay for these tesla cars, 100,000 of them. we don't know when they will be delivered or when he would place the order. whether that would be further down the road. it will be interesting to watch. caroline: quick-witted with the mic drops. crystal tse, thank you. coming up, we discuss what the investors that snapped up hertz stock at pandemic lows. it is wild. romaine: e-shaped recovery. remember, we used to talk about v's? what is that? caroline: that is your left to uber in alabama. this is bloomberg. ♪ caroline: today we are focused on the hertz listing. and romaine, you are looking at a pretty dramatic chart. romaine: we laughed a lot when i year or so ago everybody thought this would potentially be a bankruptcy case. looking at the price of hertz bonds, these are the issues, they defaulted on a couple. this is one where folks were able to buy into this at less than $.10, and you can see there was a big payoff. this was the mother of all dips. you had to have nerves of steel to buy, into this because people thought this

tesla vehicles. whether it's a signed contract or not a signed contract, clearly there are model 3 that has are being feathered into the hertz fleet and the expectation is that's going to continue, though we haven't heard anything from elon musk this morning, as you take a look of shares at hertz, we talked about this last week, guys this is the reason you saw shares of hertz pop early last week when mark feels, the interim ceo announced this deal. all of this coming when there's so much focus on what's happening in the ev market because of an ipo that is expected to happen as soon as next week. we're talking about rivian, an electric vehicle maker these trucks, delivery vans for amazon as well as pickup trucks, there's me driving the r1t the electric pickup truck that the company is now delivering and they've got a number of orders there their ipo, here is what we know about this, this was the s1 originally filed october 1st the amended october 1st was filed yesterday. it will be traded on the nasda

tesla has -- that was a game changer for the tesla model s. and you'll see a lot of companies are doing that to try to level up on tesla. >> now, you were at tesla for quite some time. what sort of lessons did you take away from your time at tesla? >> you know what? we definitely had a silicon valley culture, and that was new for me from being traditionally from the auto industry. and the biggest thing is having small teams with eight players. and steve jobs quotes, everyone circles around large teams with b players. so, when i was employee number 220 when we launched the model s, we were about 600 or so employees. just really, bright, energetic, enthusiastic, smart people. and it's amazing when you put a group together like that, game changing technologies can be created. >> we've had a couple of car companies, electric car companies, that didn't make it. but it looks like some other car companies will. rivn hit the market with great enthusiasm. at least investors. we'll see about the buyers. does that encourage you about the future of cars,

but i think it's good for tesla. i mean, you know, even though i am a neutral, i am a closet tesla bull so i am one of those guys now. i do think that there is downside technically i mean, the stock's at -- you know, and we're above the street for earnings so i just think -- and i think it's a fair price target for where we are, but the street is way below us for earnings for next year. so there is upside, i mean so, based on that, i should be bullish, but i think it's just price target related a lot of guys coming on to the market, i think it's good for tesla because it's free marketing. they are not really marketing except, you know, maybe musk's twitter handle that's the marketing but so all these guys coming on to the market, i mean, if you are going to kick the tires of riff yawn, you have to go into a tesla shop and check that out and you are probably going to like tesla it gets people in the door for free to clerk out a tesla. >> that's interesting. and he has talked about competition helping the flywheel for

>> he is part of the tesla hype. actually he is the tesla hype machine. it is an interesting stock. i like the stock for the technology associated with it, not necessarily as an auto manufacturer. we had this new ipo, this rivian ipo that is supposed to be a competitor to tesla and it has yet to deliver a single vehicle. when i look at in terms of auto manufacturing, that is not why i'm a buyer of tesla. i don't know if tesla will not necessarily be able to compete. you have the audi etrn or porsche taycan. those are much better vehicles i would buy than tesla or rivian there is the hype around eev and growing technologies and elon musk is part of the hype surrounding tesla. with apple, steve jobs, having the person at the head of your company being incredibly charismatic and seemingly communicating directly with the overall market is definitely something that helps the stock. lauren: so, david, put a bow on this for us. okay, so clearly tesla is established as occupying one lane in this ev highway, right? but now all of a sudden rivian as shana just told us doesn't really even, has

all eyes on tesla stock. elon musk with a 10% stake in tesla. let's start with earnings from softbank, second-quarter net loss just under ¥400 billion. division funds lost is actually 825 alien yen. the last quarter -- 825 alien yen -- billion yen. dani: also the full year dividend at ¥44. you mentioned the ¥825 billion, that considering they've swung to this loss and they are saying the investment loss is mostly due to ¥1.2 trillion in co-pay. they also saw derivatives gain on alibaba contracts. there is the push and pull of their gains and losses. manus: indeed. let's set the stage for the markets. we will get to guy johnson in a moment at heathrow. for me, it is about volatility. we can look at bond or equity vol, but this chart caught my eye. this is all the volume in all the world, it takes you back to 2008, the combined volume. let's look at the charts and put it in perspective for viewers. 55.1 2 million is the volume on friday. this is one of those things where you go oh yes, it was spiking when lehman went bust. we are at the second

tesla also, even though everybody was ripping on elon musk, they spent a ton more than tesla ever did. >> they spent a lot less money to get where tesla is today. having said that, tesla paved the way. that is a big transformation. jeff bezos is the man responsible. his company is responsible for ordering 100,000. the fact that amazon is so committed gives people a real sense of confidence that it is here to stay. that is a really big difference. tesla has a huge advantage, but they are likely to do pretty well. matt: i think they have a 20% stake in vivian -- and it. i see that ford has a 12% stake. it is an incumbent automaker. does it give some kind of advantage? >> you could say the same about everyone in the ev space that does not have sales to speak of. this is going to be increasingly profitable. it looks miserable at the moment, but it will get bigger. next year, it will have its own electric version of the f-150. the most popular, best-selling truck. matt: the most popular vehicle. i'm excited to see the lightning come out. i am excited to see the cyber truck, when that comes

what happened to tesla dock and how much tweets have actually impacted that? yes, does i share their down sharply after the result of must twitter poll came out with his followers telling him that yes, he should sell out so much because vocally opposed the entire point to plan to tax capital gain. but he has said that he would abide by the results of a poll, whichever way it goes. so while it kind of looks like he's giving his loyal twiddle, twitter followers a choice, they really didn't have a choice here because must was going to sell one way or another. so i do think it was kind of genius to try to give the people the illusion of choice as if he was beholden to a dom twitter pulled. so no matter what the result of the pole would be, much would have likely started selling millions of shares this quarter, given the stock option. he was awarded in 2012 coming to expert. so the gains on those shares total just under $20000000000.00. so in order to exercise them, must cause to pay the income tax on the game since the options are taxed as an employee benefit or c

elon musk asks the twitter verse if he should sell 10% of his tesla shares, and they said yes sending the stock lower from here what was the driving force behind his move? >>> plus, cashless cinemas and the cosmos we have the story ahead of three key earnings from paypal, amc and virgin galactic. can amc deliver for the aprils and can virgin galactic lift off again after being grounded stay with us >>> this is "the exchange" on cnbc everything you've seen me do was made possible by what you don't see. cause when you're not looking, i go to work. ♪♪ strength isn't a given. it's grown. it's earned and tested. ♪♪ we all have the strength to see what's possible. it's up to us to unlock it. tonal. be your strongest. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network managem

stake in tesla. haidi: straight to the markets. sophie: we are seeing downside pressure for sydney stocks. we are keeping an eye on bhp shares this morning. 80% of its stake. look at the aussie dollar holding below 74 after the dovish stance on rights despite an out pleat -- an upbeat outlook on the economy next year. we have this happening as australia is reopening its borders to international travel. we have markets pricing what could be aussie bonds catch a bit earlier. we had the 10 year yield falling by about nine basis points. crown resort shared this morning . watching the stock as the local media is reporting that blackstone has abandoned its takeover offer for the casino operator. across the region this monday morning, futures in singapore higher. we are seeing the yen hold on to a two day advance. it is still a decent performer year to date. we have the offshore u.n. continuing to gain ground holding below at 640. the greenback as we have strong export for china heading into the support for

that's where tesla is. liz: apple in the holiday rush that you see for the iphone 13, you came out and said you expect between black friday and christmas that there will be how many iphones sold. >> 40 million iphones between black friday and christmas. >> what was your technology coming up with a number. >> asia relative to demand trends, this is one where apple, even though the conservative because of the chip shortage they can blow away numbers for the holiday quarter and it's our opinion six or nine months from now apple is the trillion dollar mark cap. liz: quickly, there's news today that they will be offering repairing toolkits for iphones and for max, how does that figure into your case. it continues to be a nonparallel install base, 1.7 billion devices worldwide. that's a monetization where accessories or services, that is part of every rating happening in apple and i view that as the super cycle iphone 13 continues to play out out of china in particular. liz: will you stay on a going into 2022. >>

just like tesla years ago. you look at that, well, you know what, but think about it i'm not even joking here about tesla. years ago, not too many years ago, actually, people were critical about tesla this is overpriced and now all of a sudden people have started to suddenly embrace what tesla has created here i don't know that rivian is necessary the next tesla but i look at a very quality company that has great backing and that's what i like so much about this stock, scott. if they didn't have amazon in the back pocket with 20% investment and if they didn't have ford and i think ford is going to hold on to it, i still believe that we'll see. but i think the reality is you've got two monsteres holding on to pretty significant amount of this stock right now. and because of that, i think that is my backstop. i look at that and i say, well, at what point in time is ford goegto exit? they might and if they do, i'll have to reconsider things. i continue to watch after amazon and i already talked about this before b

they can take hours to charge a non-tesla or tesla car, so that is a big part. hertz also set as part of this deal, it would invest in charges for customers who rent their cars, so that adds another way to monetize the ev play for rental car companies. guy: thank you. avis currently up by 183%. to quote alix steel, that is bananas. coming up next, alberto gallo. this is bloomberg. ♪ >> from the financial centers of the world, this is "bloomberg markets," with alix steel and guy johnson. ♪ guy: tuesday the second. what do you need to know out of europe this hour? we've got 30 minutes to the close. bp dishing out more cash to investors. 1.25 billion dollars of buybacks announced today after the trading division powers and 18% pickup in quarterly profits. shipping giant maersk delivering as well. we will hear from the ceo later this hour. standard chartered sinking as margins at its retail business disappoint. financial markets and wealth managementtwo bright spots in today -- wealth management two bright spots in today's numbers. we get to the bank of

we've also got breaking news on tesla. as the holiday shopping season wraps up, we've got the ceo of tanger factory outlet centers to give us his read of the retail landscape. and charlie gasparino, everybody, is back and breaking it. >>> breaking right now, after countless congressional fits and starts, battles and compromises, president biden is about to sign his signature $1 is.2 trillion bipartisan infrastructure bill into law. the legislation will disperse billions to state and local governments aimed at fixing the nation's crumbling bridges, roads, importants will build out high-speed internet access to rural america and make investments in electrification and green energy. there's a whole slate of speakers ahead of the president's big moment. edward lawrence live at the white house following all the action. >> reporter: hi, liz. yeah, we're going to hear from the president any minute now, he'll speak for about 20 minutes here at the white house. thirteen republican house members vote for this and nine republican sen

then we take you inside the troubles of tesla. as the evie titan has seen its stock slip in the last week as the ceo, keep the company in volatility. will lay out the chappie saga. got a lot in line. let's go. we lead the program with the state of inflation, the world's 2 largest economies. inflation in the united states had a 30 year high in october. the labor department reported wednesday that the consumer price index row 6.2 percent year over year. the highest rate since 1990 with a point 9 percent increase from the month of september. a whole host of issues are driving up prices including pandemic induced supply chain constraints. rising energy crop costs an increased consumer demand. meanwhile, factory gate prices in china rose at their highest clip and more than 2 and a half decades. nations beer bureau of statistics released figures on wednesday. showing producer prices rose 13.5 percent year over year. the biggest increase since 1995 cost for the materials wholesalers buy from producers has been trending up in recent month

it was a while ago. >>> speaking of tesla, tesla hit a $1 trillion market cap for the first time a week after after hertz announced it would grow its fleet of electric cars with an initial order of 100,000 teslas by the end of next year but elon musk has a message to investors. you're welcome if any of this is based on hertz, i'd like to emphasize that no contract has been signed yet. tesla has far more demand than production therefore we will only sell cars to hertz for the same margin as to cob summers hertz deal has zero effect on our economics. here's what hertz's interim ceo told us last thursday. >> we have relationships with all of the auto makers and we want to help them as they introduce electric vehicles we're going to them not on a transactional basis it's a strategic discussion that says how can we help you achieve your obje objectives, we've done it with tesla and our intention is to do it with all the automakers >> tesla down about 5% right now. this is not the first time elon has come out and said i don't understand the stock price is too high, if it's because of this, le

and tesla skidding nearly 12% today. what sent shares in reverse. >>> a countdown to one of the biggest ipos of the year let's get straight to phil lebeau with all of the details >> here is the latest on pricing. most on wall street said do not be surprised if you see this priced at the high end of the range and if you see the stock run once the trading begins. the expectation set by the company, $72 to $74 per share. it was originally 62 to $67 per share. proceeds from this will top $8 billion, at least that's the expectation right now. two stocks that people will be focused on as rivan starts to trade. ford and amazon. these shares are back at the beginning of 2019, when amazon as well as ford, within a couple months of each other both made substantial investment in rivian now amazon owns 20% of rivian, that's its stake ford owns 12%. amazon has already indicated in the latest s-1, they are doubling down, said they are likely to buy more shares. ford, while it had a close relationship when they made an initial investme

so, later does tesla finally have a legitimate competitor in ebs. amazon certainly hopes so and rivian set to go public. early indications larger than ford, mgm when it opens for trading. we've got the ceos of fubotv and d do doximity >> before we get to the sharp moves in stocks and ipos, we want to start with a broader look at the market cpi seeing the largest surge in three decades. that hit tech stocks high fliers like amd, nvidia leading us lower and also big cap tech microsoft, alphabet all lower by about a percent or so doordash up big in early trading. shares up more than 16%. a mixed but solid quarter with the revenue beat but wider than expected losses. it was dash's $8 billion acquisition of delivery company vault that turned shares around. here's tony with jim last night. >> our international business particularly in canada, australia and japan are our fastest growing markets and from third-party estimates we gain meaningful market share in the quarter, as well as this year. and with today's, you know, news, it really, the partnership re

this isn't tesla tesla delivered 600,000 cars this year. plus when you own tesla, you have so much more exposure to different industries insurance, energy storage, and spacex the autonomous vehicle will be one connected to the internet. i think tesla is the winner. crazy valuation now. >> clearly a lot of excitement around the space, more money flowing into the ev companies. at the same time, curious where you think investors should be putting money and how long the trade can last you know what, i don't think we have john. let me turn that question back to todd. how long can this trade last >> specifically on the evs or within tesla >> within evs. >> i think there's just way too much hype going on in the ev space. people saw the amazing runup that tesla had, and they're thinking it carries through to other cars that are a fraction of production. i can't stress enough, did you see the news recently where the charging stations of tesla are now wired up with their spacex, with elon's spacex internet conversation this is the very first step of

so is tesla now. however, there seems to be a more devoted share of traders more actively trading it like a penny stock some days than a behemoth. dave: there's no doubt that tesla can be a relatively volatile stock from day to day. we have seen that this week also everything that elon musk has been up to, and the disclosure with his brother selling shares. so you're going to have that. it is interesting that this company with a $1 trillion plus market value, and terms of how shares behave, you suggest a much smaller company -- behave, it would suggest a much smaller company. tesla doing well with comparison to amazon, no question. other stocks have done better among big tech. nonetheless, tesla holding its own, amazon struggling a bit. tom: dave wilson down the alley of bloomberg coverage with one david wilson. you and i remember the day and the evening when martha stewart had to play by the rulebook of wall street. is elin -- does elon musk have the same rulebook? dave: he does, but the question is

to tesla? >> it is interesting going into this listing and you see the drama with price action, at one points shares were hitting $120. these are big numbers for a company that has made very few vehicles. investors talk about the amazon effect, it is not just amazon is an investor. they have this order for 100,000 electric delivery vans and it is a point of differentiation that rivian has over tesla. it has very visible revenue. the street can look at that and say we see with the pathway forward is then. emily: talk about ford, amazon, big investors. what does that say about the future of the company? >> it is important because automakers rely on contracts and if i learn anything this week is -- learned anything this week is if you announce anything like hertz with tesla it will do something to your stock. it will be interesting to see when those drugs get delivered. i will point out the deal had a very heavy allegation toward cornerstone investors. on top of the investors such as amazon and fo

we talk about it constantly on the show gm, tesla. this will have tremendous growth any company that shows investors they are going to be able to capitalize and be a player is going to do well and gather attention. the question is what is the right valuation for companies at the early stage here in an industry where competition is very hot that is a question mark. i don't know whether that is the right price or not much i know the growth opportunity is huge i think that's what investors are seeing >> nadine, unlike some other companies that have come to market, it has an order book and capital for the manufacturing. how much of tesla's valuation should it have >> i think that's hard to say. instead we prefer to look at things that are a little under the radar. if people are in love with these companies, maybe go for renault. or maybe even japanese much but are strong on the labor front. there are labor challenges as well but not getting the market multiples. they can met up, but we like a little more symmetry in the return so we look

they like tesla's and they like to rent teslas. in combination with understanding the demand is there and an opportunity to get a hot product, an amazing product that allows us to put it in the hands of people who want it. erik: at the ipo price of $29 a share your triple your money in four months. there are some skeptics who do not believe in your story, they say hertz does not have a firm order for teslas, what can you say right now to address some of that confusion? tom: there is no question there is incredible demand for our products. we have a very robust environment for the rental car industry and expect that to continue. we are focused on bringing products into our fleet. we know people want to rent. there is no question they want to rent teslas, no question they want to rent higher value vehicles, there is no question it is a big move to electrification. if the people who doubt what we are doing, we would ask they stay tuned and watch what we have to come, because we think this is just the beginning of an effort to put hert

cap of tesla. so 10% was 70. that's where people thought rivian would come out here it is funny math and kind of how many to gets are worth a pig or do you want to buy livestock in general, that's often the question >> i guess i am thinking about it more from the -- sort of the way uber has traded since hitting the markets. you know, it basically hasn't budged in two years. >> that's right. >> i don't know if it was exactly $100 billion at the ipo but looking at other $100 billion ipo, which was airbnb, up 20% since that time, coinbase, down 30% it is a rich valuation to come to market. i wonder if you can think of any exemptions from what seems to me to be a rule that when you come to a market that top heavy it is really hard to make all of your -- i don't know how big amazon wasn't, but certainly not $100 billion >> that's a great way to frame it, kelly. i agree with that. look, facebook famously insisted on the $100 billion out of the gate in meiay of 2012 that's when $100 billion was really $10

thanks very much. >>> stick with tesla here. bringing analyst who did increase his target on the stock to 1040 from 940 keeps a buy rating street high 1,400. good morning and good to see you. >> hey, good morning good to see you as well. >> so increasingly the sell side has been arguing, this is a self-funded growth story, revenue story. it's a margin story. how much gets complicated by a sale of stock by musk? >> i don't think any i mean, from fundamental perspective, i don't think it changes, if anything, i think through this strategy, if we can call it that, musk has taken off the narrative that would have been purported something wrong in tesla that's causing them to exercise those options so, if anything, i would say it's a net positive. >> what do you think the story is right now between tesla's growth trajectory and the incoming wave of competition, some believe from legacy oems. how much white space is there? and how much do you expect it to compress, if any >> well, i think you're going to continue to see competition. h

which is the tesla ceo, elon musk, selling nearly $5 billion in tesla stock this according to financial filings released last night. still owns 166 million shares. he sold the shares in part due to a tax obligation. a chunk of the shares were slated for sale before he tweeted the poll asking if he should sell 10% of his stock if you recall, he was interviewed at the code conference earlier in the fall and he effectively said, look, the end of the fourth quarter is going to come and i'm going to be selling a lot of shares to deal with these taxes. and that's why i think there was so much, i don't know, skepticism about what that whole twitter poll was about the question is whether the twitter poll is a completely separate item if you will, when it comes to what's happening. >> it looked like the initial was the stuff he planned in september but then the sales that happened on tuesday, and wednesday, i think, were not necessarily things that were part of that that. so that could be in relation to the twitter poll it's confusing because at first i was like you got to be kidding me but digg

don: tesla is usually locked down. i have not had the opportunity to get my hands on one of the tesla semis. it remains to be seen if our technology can integrate with tesla. a lot of manufacturers out there building fantastic fronts and we are working with those to bring the technology to the market. matt: thank you so much for joining us. kodiak robotics ceo and cofounder don burnette talking about self-driving truck technology. disney reports earnings after the bell. we will have a preview. this is bloomberg. ♪ mark: i am mark crumpton with bloomberg's first word news. the united states and european union are preparing to penalize belarus for orchestrating what they call a hybrid attack at the belarusian-poland mortar. -- border. >> at the beginning of next week, -- against belarus. the united states has prepared sanctions that will go into effect at the beginning of december. mark: belarus has channeled thousands of migrants to the border. u.s. secretary of state anthony blinken said allied nations are prepared t

difficulties using the tesla at according to the tracking site down detector. the ceo of tesla, elon musk, said they were checking the system and then said the system should be back online again. he apologised and said it would not happen again. it is important to emphasise it is not just the app, that is not the only way you can open up tesla cars, you can use a key card or a fob. however, quite an interesting point, i spoke to an academic and a tesla user, professor david bailey, and he said tesla could sometimes be a victim of its own success, that it advertises itself as a very high—tech company, it has cutting—edge technology, and that is one of the things that of the users would want to purchase a tesla car in the first place and sometimes they become used to relying on the technology and maybe do not leave the house with their keys as well. it is a bit like leaving your house with your phone, hoping to pay contactless league for everything you want and if something goes wrong and you do not have a credit card as well, you do not have a back—up opti

specifically, they want teslas. they want to rent teslas. in combination of understanding the demand is there, an opportunity to get an amazing product that allows us to put it in the hands of people who want it, it was an easy decision. >> at the ipo price of $29 a share, you pretty much tripled your money in the space of four months, which is remarkable. there are some skeptics, haters you might call them. they don't believe in your story. they say hertz doesn't have a firm order for teslas. they say elon musk is dumping model 3's. what can you say to address some of that confusion? >> i think there is no question that there is an incredible amount of demand for our products generally. we have a very robust environment for the rental car industry. we expect that to continue. we are very focused on bringing products into our fleet that we know people want to rent. there is no question they want to rent teslas, no question they want to rent higher value vehicles. there is no question it is a big move to electrification. for the people who do

started off with tesla. tesla is down 3%. elon musk tweeting there is no contract signed with hertz. hertz issuing a statement to bloomberg saying, we are already taking delivery. the stock dropping, then rebounding, closing up 2.6 percent. you are not even listening to me speak because avis is closing up 108%. one point higher by 218 percent following earnings. ,'s from the cfo about their future and electric vehicles, and then being on the platform. a lot to take in. we will talk about it later in the show. specific stock movers in the tech space, starting with meta-. the company form or not -- formally known as facebook. the company announcing it won't use facial recognition on the platform when it comes to photos and videos. netflix up by half a percent. it's launching into video games and new titles. the story of bloomberg roque earlier. microsoft, one of the better performing stocks, up, giving its version of the metaverse, and you will deal with that right now. emily. emily: thanks for holding down the fort in san fran

analysts say based on a cryptocurrency version of tesla shares, that will probably be impacting tesla stocks on monday. >> stephen engle and su keenan with our top stories. let's get you straight to the story setting up for this trading week. >> asian stocks look ready for an early start. tracking a rally we saw in treasuries on friday. the 10 year yield dropping i as much as nine basis points. we are seeing a potential upside for -- stocks this morning. this was after the rba had an upbeat outlook for the coming year though it did maintain a dovish stance on the rates outlook. we are looking at the potential for any soft data when it comes to jobs and wages adding to the drag along with the support from commodity prices. we have seen prices take a hit when it comes to base metals. chinese -- base metals have been under pressure. we have seen aluminum prices head to a bear market as we saw a three week drop in aluminum prices in london. we are sitting -- we are seeing china have to boost production. china's coal imports almost doubled in october from last year. >> let's get it over to

yesterday, hundreds of tesla users reported that they were having difficulties using tesla as apple according to the down detector. the ceo of tesla tweeted firstly that they were checking the system and secondly later tweeted to say that the system should be back online again and we apologise and said that would not happen again. it is very important to emphasise that it's notjust the app, that is not the only way you can open up not the only way you can open up tesla cars, he can also is a key card to be able to get into them. but what was quite interesting is that i spoke to an academic intensely user and when i spoke to him are there, he said that tesla can sometimes be a victim of its own success and advertises itself is very high—tech company in that it has cutting edge technology and its other things that many of the users appeal to them and that's why they want to purchase a tesla car in the first place in the giver used orjust relying on the technology and may be, don't leave the house of their keys as well. of course, it's like leaving your house and maybe just a phone, like leavi

we have talked about tesla's role in the macro market that it matters even if you don't own tesla's stock or could careless about the company what are you seeing with tesla right now that is so interesting? >> good morning, brian there's so many things that are so interesting going on in tesla right now. it was up over 22% last week we had huge options volumes that traded and that was all reported, you know, made for some great headlines, how many options are trading in the broader markets, things like that i think one thing that was overlooked last week was comparing that options volume on a daily basis to how much open interest changed the next day. so basically what that's telling you is, let's look at last monday almost 2.5 trillion calls traded a huge number since the stock split last year. but the next day open interest changes only by 120,000. so that's about 5% what that's telling you despite the options call volume trading the next day only about 5% of that volume carries over to new positions. so around 95% of that options trading on a daily basis is both opened and closed. rath

speaking of which tesla ceo does not seem to enjoy the spotlight on thursday he tweeted that tesla is the only american car maker to meet positive cash flow and the path of 100 years he is one sassy genius. there are new choices not just talk about legacy carmakers or you'd be barest to tell your friends you bought. it's a booming chipmaker or the cordova joined us with an autonomous platform for carmakers who want to catch up to tesla on ai in a hurry. this past week it's a company called lumen are to provide that stock jumped, tesla stock 15% for the week i have no doubt it will gain 490% by thanksgiving. seems to have been cancel it's at least interesting new choices out there. >> $90 billion market value. think you said 1000 cars being made and it will take a while to catch up a great to have more competition. coming up why the market might be headed for a stumble. chairman and ceo will join us next. ♪♪ this flag isn't backwards. it's facing this way because it's moving forward. ♪♪ just like the men and women who wear it on their uniforms and the country it represents. the

when tesla was starting out, there was nobody else. rivian has ford's f-150 lightning on its heels along with the hummer. i could see rivian's stocks soaring even though the valuation is the same. people buying this thing won't care about valuation more than they cared about with tesla. bottom line, if you believe in rivian you have my blessing to speculate but i would prefer to stay on the sidelines and get my electric vehicle exposure from the ford motor company which is why we own such a big position for the trust. it set one more new high today mark in florida. mark >> hi, jim it is a pleasure to speak with the man who so generously shares his knowledge and time >> oh, thank you thank you very much. i appreciate that. thank you. what's up? >> i really have to thank you for some great recommendations like amd, unity and big five, and they've been tremendous for me >> oh, thank you >> all right my question is about lithium motors about two weeks ago lithium reported a huge earnings beat in positive guidance. the company is expanding

some day, or at least rival tesla, maybe not as big as tesla. rivy an is that company. so again an amended s-1 from rivian and we reported earlier guys, that this could happen as early as next week g guys back to you. >> the valuation north of $53 billion. phil, thank you. tomorrow's earnings calendar is jam packed results from pfizer, am gep, conoco-phillips and under armor and lyft, t-mobile and caesars match and zillow all on the docket we'll talk to some of them and t-mobile' mike seibert will be joining "closing bell." we have a lot of homework tonight to do and tomorrow morning. >> and tomorrow as the numbers all cross as well. looking forward to that. and of course, we're both, you in particular looking forward to central bank week and seeing if we see the rise in yields and what the announcements are going to be. interesting that it picked up quite sharp this morning and then the ten year pulled back. >> the expectation is that the fed on websdnesday is going to announce the taper which takes us to middle of the next year which they coul

he says he hopes rivian can achieve break even cash flow and tesla is the only new u.s. automaker to pair production volume in the next century and tesla having a rough week as musk was selling shares down almost 16% for the week. btig did cut lordstown saying the production will not ramp up until the back half of next year and blink surges after reporting record revenue numbers and you look away ten seconds you miss a lot in the ev space. the market ridiculouslessness calendar is in the latess 90s. >> a busy one next week. retail earnings and big tech names like nvidia which what a run also >> yep, and you'll have cramer to play with out west as he goes out west. >> can't wait. >> and retail earnings let's get to the half. >> carl thanks so much welcome to "the halftime report." i'm scott wapner the week that either confirmed the rally or questioned it joining me for the hour, kerry firestone, co-founder of market rebellion. the winning streak yields and the ten-year note yield 157. 1.57%. we'll get to that debate and it's a good one to have, but we have to get down to

people talk about tesla, alphabet and meta-platforms. first, let's hear from the ceos who announced the move last week. >> these this misses will be more focused, a higher level of accountability. we should have sharper allocation and strategic flexibility. i think we will end up with investor bases, investors that are probably underinvested in ge today. put all that together and it's clear this is the best path to unlock and create value. >> both businesses have the potential to grow at least single digits and above going forward and we think this will better position the consumer business in this evolving environment to be even more agile and flexible, even more innovative to reach consumers around the world. taylor: for more on the breakups, let's go to the professor of management at the wharton school who offers programs on leadership for managers around the world. so interesting when we see these boom and bust cycles. then you need scale, you bulk up, then you realize you realize you're too big and not nimble enough, you start to sp

but it rallied with this news and look the move in tesla as the whole ev space heats up, tesla is up in 11 trading sessions so, yeah, where should you be valuing the entire sector. i still think that the v value valuations are perfectio whereas gm and ford are places where you have guys not executing and moving well into the areas with a lot of investment dollars that is how i'm playing it. >> coming up, we're tackling deere and robo lox and good news for amc. grab your popcorn, the trade is upex asmoney" is back in two. s are bt with advanced modeling. to fill portfolio gaps and target specific goals. strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. make fitness routine with pure protein. high protein. low sugar. tastes great! high protein. low sugar. so good. high protein. low sugar. mmm, birthday cake. try pure protein shakes. with vitamins and minerals for immune support. you're a one-man stitchwork master. but your

tesla now trading at over $1,200 a share. so his gain on those options will be around $28 billion the options, they're taxed as income, and they were earned in the california so his combined federal and state tax rate on that gain is about 45%. which would mean his tax bill is going to be around $15 billion so how will he pay it? he's doesn't take a salary, he's always been stock rich and cash poor so in order to pay this, he would have to pay about 12 million shares, that would pay the tax and still wind up with an additional 10 million shares in tesla after the options exercise he could have also borrowed against his existing shares to raise the cash, especially since his tesla stake is now worth over $200 billion. but he's already pledged more than 92 million shares per personal loans and as he tweeted out over the weekend, i do not take a salary or bonus from anywhere i only have stock. this is the only way for me to pay taxes personally is to sell that stock so, brian, many of us who have been following this for months k

come back for tesla. breaking news about the fed edward lawrence joins us. >> a board of governor randy coro has submitted his resignation to the federal reserve this is going to be effective at the end of december this was unexpected because his term as a board of governor goes to 20 - 32 he indicated when he lost the vice chairman schiff that he would stay on as a board of governor. this is a very unexpected resignation he see the resignation is very short it's been a couple of sentences. basically they get the federal reserve for more than four years on the board. the timing of this is very interesting because the fed reserve chairman is up february of next year, the fed chairman can stay on as a board of director but president biden is looking at replacing him. we do not have an exact decision from the white house and no term as to when the decision will happen on that. the fed chairman did meet the president last week at the white house along with lael brainard it was in contention for the chairman s