The Rundown (Public.com)

Episode: Tesla Approves Elon Musk's $30B Pay Package, Boeing Workers Go on Strike Again
Host: Zaid Admani
Date: August 4, 2025
Length: ~10 minutes

Episode Overview

This episode delivers a brisk summary of last week's turbulent market activity, major corporate headlines, and sets the stage for an eventful earnings week. Zaid highlights a disappointing jobs report that rattled the markets, Tesla's eye-popping new pay package for Elon Musk, Berkshire Hathaway's rare earnings miss, and key movers like Wayfair, Spotify, and Boeing. The show finishes on a lighter note, sharing the surprising success (and cost) of "Happy Gilmore 2" on Netflix.

Key Discussion Points & Insights

1. Markets React to Disappointing Jobs Report

[00:30 – 02:00]

• The S&P 500 and Nasdaq both dropped over 2% last week, marking the worst week of the summer.
• The July jobs report surprised to the downside; previous months were also revised lower by a combined 258,000 jobs.
• The U.S. economy added just 35,000 jobs monthly on average over the past three months—a clear sign of labor market softness.
• President Trump responded dramatically, firing the head of the Bureau of Labor Statistics in reaction to the weak figures and downward revisions, which shocked investors.

Notable Quote:
"So on Friday afternoon, he [President Trump] fired the commissioner of the Bureau of Labor Statistics ... that was a shocker and it probably contributed to the markets tanking on Friday." — Zaid Admani, [01:36]

2. Upcoming Week: Earnings and Tariffs

[02:00 – 02:45]

• Several major companies are reporting earnings, including Palantir, AMD, Uber, Airbnb, and Disney.
• New tariff rates go into effect on August 7th; potential trade deals may emerge, adding further market uncertainty.

3. Tesla’s $29 Billion Pay Package for Elon Musk

[02:45 – 04:00]

• Tesla’s board approved a new $29B pay package for Musk, replacing the $50B package struck down by court earlier in the year.
• The deal grants 96 million Tesla shares, conditional on Musk remaining CEO through 2027, and would boost his voting power from the current 13%.
• The aim: Keep Musk "locked in and motivated," especially as Tesla’s core business struggles (vehicle sales down 14%, revenue flatlining).
• Quiet rumors about leadership change, but the board is betting on Musk to lead the next phase—robust self-driving, robo-taxis, and humanoid robots.

Notable Quote:
"It’s a $29 billion deal... The board really wants Elon to lock in and focus on Tesla and not get distracted by SpaceX or xAI..." — Zaid Admani, [03:33]

4. Berkshire Hathaway’s Disappointing Quarter

[04:00 – 05:20]

• Berkshire reported a 4% drop in Q2 operating profits, weighed down by insurance underwriting losses and a $3.8B write-down on their Kraft Heinz investment.
• The value of Berkshire’s 27% Kraft Heinz stake is now $8.4B, less than half of its 2017 value.
• Warren Buffett voiced concerns about Trump’s tariffs, warning of possible negative consequences for Berkshire businesses.
• Berkshire has sold more stocks than bought for 11 straight quarters; $3B in Q2, $4.5B for the first half of the year.
• Buffett is preparing to step down as CEO at end of 2025; Greg Abel will succeed him.

Notable Quote:
"...the vibes are a little shaky over at Berkshire." — Zaid Admani, [05:13]

5. Stocks Making Major Moves

[05:20 – 07:00]

Wayfair

• Shares pop over 5% after reporting their best quarter since the pandemic.
• Revenue up 5% YoY in Q2 after a tough 2024; a surprise profit after multiple loss years.

Spotify

• Raises premium subscription prices in Europe and other regions (from €11 to €12).
• Investors optimistic about price inelasticity; stock jumps 5%.

Boeing

• Stock drops 2% as 3,000+ defense unit workers in Missouri and Illinois begin a strike over failed contract talks.
• Boeing’s defense unit represents 30% of revenue, including major military products (e.g., Apache helicopters, Air Force One).
• The second significant strike in two years, adding to Boeing’s challenges.

6. Fun Fact: "Happy Gilmore 2" Smashes Netflix Records

[07:00 – 08:00]

• "Happy Gilmore 2" sets Netflix’s record for best opening weekend: 47M views in 3 days, with a $30M production budget.
• Cameos from stars like Eminem and Bad Bunny reportedly done for free.
• Host’s review: "It was fine, but the second half of the movie was... really bad," but recognizes Sandler signed a $275M multi-movie deal with Netflix.

Notable Quote:
"It just doesn’t compare to the original. I mean, Shooter McGavin in the first movie might be one of the greatest movie villains of all time." — Zaid Admani, [07:44]

Notable Quotes & Memorable Moments

• On the surprising BLS firing:
  "So on Friday afternoon, he fired the commissioner of the Bureau of Labor Statistics … that was a shocker and it probably contributed to the markets tanking on Friday." [01:36]

• On keeping Musk focused:
  "The board really wants Elon to lock in and focus on Tesla and not get distracted by SpaceX or xAI..." [03:33]

• On Berkshire vibes:
  "So yeah, the vibes are a little shaky over at Berkshire." [05:13]

• On shifting taste in Adam Sandler movies:
  "It might also be possible that I'm just aging out of Adam Sandler movies ... they just don’t hit the same anymore." [07:54]

Timestamps for Important Segments

• Markets & Jobs Report: 00:30 – 02:00
• Earnings Preview & Tariffs: 02:00 – 02:45
• Tesla/Elon Musk Pay Package: 02:45 – 04:00
• Berkshire Hathaway Earnings: 04:00 – 05:20
• Wayfair, Spotify, Boeing Stock Moves: 05:20 – 07:00
• "Happy Gilmore 2" & Adam Sandler on Netflix: 07:00 – 08:00

Summary Takeaways

• Markets have been rattled by weak labor data, leading to uncertainty and volatility.
• Tesla is doubling down on Elon Musk despite recent struggles; a massive pay package is on the table to secure his leadership and focus.
• Berkshire Hathaway feels the impact of insurance losses, bad investments, and an uncertain global trade environment.
• Wayfair and Spotify enjoy investor confidence off positive earnings and business moves.
• Boeing faces renewed labor strife, dampening hopes of a turnaround.
• Netflix bets big on Adam Sandler productions after a record-breaking "Happy Gilmore 2" debut, despite mixed reviews.

This episode sets up a critical week in business, highlighting the dynamic interplay between corporate strategy, global economic trends, and shifting consumer appetites.