Have gone public through spac which is a reverse merger which entails less disclosure to investors when a company goes that route So I think the SEC is going back and looking at really looking at some of the disclosure that was made It's not a concern with us for lucid because we know they have a brand new factory in Arizona They have a terrific product in terms of the lucid air Which the specs of that product in our view is stacked up to any electric vehicle available today when you look at 1100 plus horsepower and 520 miles of single charge range Of course it was just named the motor trend car of the year for 2022 So we view this pullback in the subpoena that they received from the SEC is really buying opportunity We're confident in their disclosures that they made in their documents leading up to their July stock transaction And the assumptions and forecasts that they had in there for the next 5 years seemed very reasonable to us So we think we're telling investors we're telling clients that it's a buying opportunity Back to Tesla Garret how do you make your assessments of the company when the company itself doesn't communicate very much mostly We're just eating reading Elon Musk's tweets The valuation is really hard to justify So that's the biggest issue from our standpoint is we have to base our price targets on a 12 month time horizon And so we think most investors are taking a 5 to ten year view of the company Tesla of course wants to grow their annual volumes by a factor of 40 over the next decade So going from a half million vehicles sold last year to about 20 million in the year 2030 And so that's why the stock trades at such lofty multiples is because investors are willing to pay these sorts of triple digit multiples on a PE basis for that growth in the coming year So it's really hard Tesla is really in a class of its own You have traditional automakers who trade tend to trade at single digit PE multiples mid to high single digits when you look up if you look at a Ford or a General Motors And then you have a company like Tesla training at north of a hundred times next year's earnings estimates All right Garrett Nelson of CFA and our own Ed ludlow thank you both much to continue to watch Now the SEC is also interested in a company involved with former president Trump Digital world acquisition the blank check company merging with Trump's new media company revealed that the SEC has made requests for information into trades as well as its board of directors and investors Trump is trying to launch his own social media app after being kicked off both Twitter and Facebook after the deadly attack on the U.S. capitol January 6th Coming up with the increasing spread of all Macron New York City is about to implement the U.S.'s first vaccine mandate on private businesses but how exactly does it plan to do that Details next This is Bloomberg When will you be able to go to a meeting where nobody smells like hands sanitizer Who knows But we can give you the latest business and financial news fragrance free Plus tease out some of what you just said Are there tools in the toolbox for the fed Does that point to the need for continued monetary support Bloomberg radio the Bloomberg business app and Bloomberg radio dot com You do realize the mark that this is having on a younger generation Bloomberg the world is listening Start your market day with Bloomberg surveillance The bond market it's a really interesting soup Tom keen Jonathan perro and Lisa Abramovich Isn't your base case the worst case scenario for us Which one of us Bloomberg surveillance Must watch I think they made a great decision step for any exposure We did one of these at 7 eastern on Bloomberg radio and Bloomberg television When you reorganize and declutter we're probably the first thing you decide to keep Is there any serious contemplation of sanctions against China detailed financial and business reporting Tell us more about your customers and how they're doing now Expert analysis You're basically just changing.