Tellers in Dallas: TSLA, FD, PE

In this episode of the Money Stuff Podcast, Matt Levine and Katie Greifeld discuss recent financial news, including Elon Musk's compensation package from Tesla and the complexities of corporate access. They delve into the details of Tesla's decision to award Musk $28 billion in stock options, contingent on him staying with the company for two years and the outcome of an appeal regarding previous options. The conversation explores the motivations behind this decision, the potential tax implications, and the broader context of Tesla's valuation as an AI company. Shifting gears, they analyze corporate access, discussing the value investors derive from meetings with company executives, the role of body language, and the increasing granularity of questions asked by hedge funds. Finally, they examine the dynamics of on-cycle recruiting in the finance industry, including Bank of America's policy of reassigning junior bankers who accept other jobs and the broader trend of banks pushing back against early recruiting practices.