Drew Hambly

And we don't think diluting ourselves by another potentially trillion dollars changes that dynamic.

Well, I think he already has tremendous say as the largest shareholder of the company.

You know, as a governance person, do we want...

so much risk in one person.

Maybe he is the visionary that the board thinks he is, but we don't know what could happen to anybody.

And to have this much risk placed in one person and to dilute ourselves just to one person, there's tens of thousands of people working at Tesla creating value.

And if it is so key on just one person, key person risk, that's a worry for me as a shareholder.

Yeah, so we do think of ourselves as long-term shareholders, and a lot of our portfolio is indexed.

And so we plan to hold this company for a long time.

So we try not to worry too much about if one person leaves today or tomorrow.

We're in it for the long haul.

So if he left tomorrow, would that be a short-term hit to the business?

Possibly.

But if we're going to hold this company for a long time and the board has to replace him and get somebody in terrific, maybe not as good as Elon, but pretty terrific, we still think we're going to benefit over the long term by holding this stock.

Yeah, and we evaluate every pay plan case by case, and so we did look at those things.

And what we're trying to do when we're paying a CEO is,

What part of that return is beta?

And then where is the actual skill?

And so it's hard for us to predict what the beta is going to be 10 years from now at the end of this award period.

You know, he might do very well.