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[Applause]
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Ari Emanuel, the newest kingpin of
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combat sports, one of Hollywood's
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biggest power brokers.
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It's everywhere from the boardroom to,
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you know, even politics. There was
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another figure named Arie Gold that many
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people thought was named after you.
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The straight talking dealmaker has a
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reputation for getting what he wants.
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I'm back and you're fired.
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Emanuel has worked tirelessly to
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transform Endeavor into a multi-billion
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dollar behemoth.
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Ladies and gentlemen, please welcome Ari
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Emanuel.
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[Music]
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Thank you. Hey, welcome.
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When's the last time we saw each other
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at that dinner?
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Exactly.
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Yeah.
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Did you see that panel?
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Yeah.
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You know Alex?
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Yeah, I know. Yeah. I think he's great.
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I loved his book.
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Yeah, the book was incredible.
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Yeah. So what's your take?
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A lot to cover there on my take.
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So
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well let's start at the beginning. Ari,
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you have had an incredible arc. You've
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built an incredible business and
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recently you've had the opportunity to
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merge a bunch of assets and just the
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thing has just taken a a life of its
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own. Can you maybe walk us through the
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last four or five years of the evolution
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of Endeavor and you know your process of
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first leaving building a business then
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scaling it up and just all of that
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action the tick tock of it all.
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So um
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uh March 29th
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when I first came here I was making 15
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cents a mile when I moved to LA
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went to work at CIA etc. then started
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the company March uh 29th on my birthday
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30 almost 31 years ago. um had this idea
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about where uh content was going from
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George Gilder who wrote this book like
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for television and said there's going to
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be infinite distribution and then
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content's going to be really really
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valuable and there's going to be many
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forms of content and so we kind of went
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out and started growing the business and
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trying to get into every sector of the
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business
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made a two- horse race with when we
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quote unquote merged with William Morris
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Um I think one of my best deals actually
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that merger and then um when Teddy
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Forceman passed away bought IMG with
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Silverlake who had come into the company
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and then we were in sports and then we
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realized it was all in the
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representation business and then
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realized that because of what we built
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the infrastructure we built in the
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global scale we had and the production
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and um representation
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we could start owning some of the assets
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as opposed to just representing them and
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kind of put them through our our filters
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and kind of create more value. And so
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the first thing we did is we bought uh
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this company called uh Professional Ball
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Riley that was I think making
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uh $3 million a year in profit. We
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turned it into a really nice business.
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It's still growing. And then because of
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that um and we had negot you know we
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negotiate every day against networks and
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studios.
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the UFC came up and we said, "Okay,
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let's take a big swing." The funny thing
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is when we bought IMG, they say we
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overpaid. It was the cheapest sports
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acquisition ever happened. And
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definitely when we bought uh UFC, they
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were like at 4.
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At the time, it looked incredibly
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expensive.
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Yeah.
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And all we had to do was kind of make a
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broadcast deal that then took the
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multiple down from 30 20 times to kind
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of under 10. We then thought we could
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take all those assets. My big mistake
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here. Um, a conglomerate.
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Yeah.
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The marketplace just didn't understand
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it.
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Yeah.
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And so we tried to take it public right
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before CO
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failed. I didn't realize how hard it was
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to go back out. Finally got it back
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public. We we kind of rolled all of the
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UFC into Endeavor and um we still
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weren't getting any value. We then Vince
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said yes and we merged the assets. A
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pure play was in sports, sports
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entertainment was a better conversation
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with the street.
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I mean when you started we had the
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traditional cable networks then we had
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cable it was a very high hierarchical
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and easy to understand hierarchy
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right
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and then you have the streamers and now
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you know this afternoon we'll have Neil
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Moan from YouTube
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right
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then you have characters like the Mr.
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Beast of the world who can go direct so
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it's very chaotic.
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No it's actually just back to George
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Gilder.
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It's back to George Gilder. There's
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infinite distribution, right? Many forms
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of content. People consume podcasts.
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People consume, you know, stuff on
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Instagram and Tik Tok. People consume
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stuff now on the streamers. And so, and
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I do I don't believe that traditional
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business is going away for a long time
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because a lot of us sports guys have the
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NFL, the NBA has still sold stuff there
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plus also sold it to the Amazons of the
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world. And so you just have a vast kind
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of map of where distribution is.
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So distribution has gotten vast but a
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lot of people would say some people
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would say the kinds of content has
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gotten a little oified calcified rigid
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maybe. Um
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what does that mean?
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Meaning like you know you don't see like
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the broad swath of the content that you
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would see maybe 15 20 years ago. People
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I think there's more content now.
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But do you see people taking creative
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risk the way that they used to before?
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I don't know. I think I think I think I
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can't get enough content. I don't think
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I don't know about you. There's going to
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be more content than there's ever been.
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I think there's incredible voices out
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there. I think the content that's being
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made is it there's a vast majority and I
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think it's really incredible.
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I do.
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Yeah.
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Ari, what do you think of podcast and
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the general movement of top talent
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Megan?
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Uh Tucker, you guys.
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Okay. Sure. we're we're a little bit
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behind them, but um the ability for them
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to be independent and not affiliated
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with the network,
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this is something we have not seen in
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the industry. There were gatekeepers.
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You used to have to get packaged,
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represented, and now,
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you know, people come to us all the time
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with different opportunities to join
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different networks. I won't talk about
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any specifics, but we've decided, well,
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why would we need them independent?
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Yeah. Why why would we need them if we
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have this amazing audience? Funny thing
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is I think the podcasting business is
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going to turn into the syndication
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business that used to be on the
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broadcast and the station groups. So
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Oprah was the
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king world kind of thing.
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Oprah was the behemoth and then Dr. Phil
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and Dr. Oz. She launched a bunch of
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you'll probably see that reincarnated
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through people with podcast if they want
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to.
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We saw that at Bartool.
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Yeah.
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So you're saying we could then
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cable syndication model through this
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through the multiple channel. We should
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be a network and we should develop
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talent.
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Yeah, you need some representation guys.
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But but you know what the problem is
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Ari? It's like a lot of the repres
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representation to be totally honest.
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We don't Yeah. And we would only
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consider a peer,
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you know, relationship with somebody who
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has done it before at a high level. If
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you know anybody
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Yeah. I don't.
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You don't? Well,
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anybody good? I don't know. One of the
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things we're talking about you Ari.
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Yeah. One of the things that I've
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noticed has become a common kind of
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thread with these big independents is
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they move from what used to be kind of
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commercial ad placements to sponsor
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deals where they got one sponsor to
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eventually owning their own business.
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Correct.
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And the value there is so much greater
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cuz the multiple you get a multiple on
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revenue. You don't just get advertising
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the marketing line.
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Right.
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You know Tucker has his Alps product
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which Jal uh fortunately is not on
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today. No, please don't put it on. Uh,
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you're saying use the promo code allin.
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Well, Jimmy's got his chocolate bar
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company. Is that the future, do you
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think, for monetization for the big
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independents is that they actually own
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the equity in what historically have
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just been sponsors for them and that's
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where the value
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Well, you're going to own the equity in
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your podcast, right? And then a lot of
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people and we started this business I
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don't know about 10 years ago we called
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we started at WMU called talent ventures
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where a lot of musicians actors started
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because you know it's with the broadcast
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networks and cable channels ratings
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going down
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you know manufacturers had to get to the
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audience and so that they used to do it
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through commercials when that rating
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went down they started then giving
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equity or people started launching you a
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lot of different products. Sometime was
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alcohol, sometimes perfume, sometime it
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was food, etc. That will now start
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happening
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with people like you, other podcasters.
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If Paltro has done an exceptional job
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that that's just a natural evolution
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because of where broadcast television is
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and cable television is manufacturers
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going to have to get to an audience. You
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guys have a very big and loyal audience.
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events and things that you do on you
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know over the air. Um
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you know products will come to you. You
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you will make the decision are are you
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taking the sponsorship dollar or you
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taking the ownership dollar and that's
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just the pro evaluating the economics
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and and whether you believe in the
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product. There's a lot of things that go
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into that.
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Yeah. Ari, how much of your time are you
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spending trying to figure out where like
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all these nextg AI tools either help you
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give you maybe operating leverage to
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actually go and be even more creative,
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own the content versus maybe disrupt
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some of the legacy folks you've worked
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with?
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You know, we have a whole program being
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set up at TKO and and and William Morris
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about kind of how AI can help us. On the
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production side, there's a whole another
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that the studios are doing and our
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clients are doing.
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You know, I have I've made a decision. I
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I don't know enough about AI. I'm not
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smart enough to know enough about I've
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made a decision that live is content is
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where I'm going to sit. I'm really good
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at that. I'm really good at monetizing
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that. So, we have a pure play sports
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sports entertainment business. I just
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launched which will launch in October
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kind of what I believe is the next kind
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of live events business. You know, you
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have our sports business, you have Live
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Nation and Michael Rupinos and
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incredible. That's pure play music. And
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I think there's when we were a public
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company, now we're a private company, we
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had 700 events inside Endeavor. I have
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um it will be completed in first week in
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October. Bought a lot of those, raised
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about $2 billion and about 900. And I'm
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going to go pure play in events cuz I
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think it's the opposite. If you have AI
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over there, the opposite bet on AI is
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not data centers. It's live.
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Humans want connection. Keep going back
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to live.
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And I think it's kind of like a 4-day
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work week now. Probably going down to
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three. I was seeing Elon and seeing the
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robots. Probably 3-day work week for
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full employment. There going to be a lot
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of free time. We definitely all need
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connections as we can see right here.
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And so my whole thesis is live. Um, and
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I think on the William Morris side,
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which is incredible, there's only two
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representation business. William Morris
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is the biggest one of all of them. And
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there's going to be more room for
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content.
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I want to slow down and double click
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into this. Just wait. So,
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we work Monday through Friday.
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Saturday,
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I don't think a lot of people work
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Monday through Friday anymore.
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But I'm saying like, let's just say,
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yeah, we used to Monday through Friday.
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Saturday, you're slapping the kids to
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soccer. Sunday, you get a rest day,
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watch some football, then rinse and
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repeat.
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That's all a lie now.
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That's going away.
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No, no, no. Right now, drive times,
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average dry times in America, 11 to 4.
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So, people are doing their chores
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11 to 4.
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Do doing their stuff that they have to
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do on the weekends in the morning or in
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the afternoon. They have their mobile
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phones. They're doing their stuff.
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Thursday, hotel bookings are way up. Way
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up. So, weekend 3-day weekends.
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I'm shocked.
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What?
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Please up from back there. You should
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start drinking coffee because if you
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just look at the data, we're at 4 day
00:12:05
work weeks now.
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I think it's going to three-day work
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weeks,
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which means more time for entertainment
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is your key piece. Sack you wanted to
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get in.
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Well, I was going to spit on something
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Chamas said, which is you you have so
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many different things you're involved
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in. How do you decide how to prioritize
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your time?
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Because you could be, I know, helping
00:12:23
William Morris clients. There's
00:12:25
representation could be a never- ending
00:12:27
job by itself. You've got TKO. You could
00:12:30
be looking for new acquisitions. How do
00:12:32
you decide how to spend your money?
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Thank god I have ADHD. Um, listen,
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actually this Friday is two years since
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we um did the merger at TKO.
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We merged at I think $100 and then went
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down 79. Anybody says they don't look at
00:12:47
their stock price, I look at it every
00:12:48
like 19 times a day. Yesterday we hit
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200. We're doing, I think, everything we
00:12:55
said we were going to do with regard to
00:12:57
kind of streamlining the two businesses,
00:13:00
integrating them. We brought over in
00:13:03
February uh PBR um on location and uh
00:13:08
IMG, which kind of fills out the suite
00:13:11
of what we do at TKO for everybody that
00:13:13
wants sports. We made our broadcasting
00:13:16
deals and we're just kind of powering
00:13:19
away at what that, you know, focused on
00:13:21
what we have to do. Are you personally
00:13:23
at this point just kind of out of
00:13:24
representation?
00:13:25
No, no, no.
00:13:25
Or do you dip down sometimes and and
00:13:27
help clients? How do you see that? you
00:13:29
know, being in the representation
00:13:31
business, whether it be Marty Scorsesi
00:13:33
or Dwayne Johnson or Mark Wahlberg or
00:13:36
Peterberg or a great a whole host of my
00:13:39
clients. or enables me to make the deals
00:13:43
over at TKO because I'm in the
00:13:45
conversation
00:13:46
right
00:13:46
with YouTube, Amazon, Netflix, all the
00:13:50
people I need to be in business and and
00:13:52
I do that the running of that business
00:13:56
now cuz I'm not in like you didn't call
00:13:58
this person back. I don't do that
00:14:00
anymore. But in the representation of my
00:14:02
clients and the clients of the agency,
00:14:05
I'm in it every day because it does help
00:14:07
the other businesses. Which platform are
00:14:09
you the most obsessed with? YouTube,
00:14:11
Netflix, all.
00:14:13
Okay. But which one, if you have a
00:14:15
client, do you think is the most
00:14:17
important over the next 5 or 10 years?
00:14:19
Who's going to pay them the most amount
00:14:20
of money and creatively enable them to
00:14:22
do what they want?
00:14:22
Well, let let me ask you a question.
00:14:24
This is a really important question. I
00:14:25
was going to ask this of Neil as well.
00:14:27
I've heard from a number of folks that
00:14:28
have historically done production on
00:14:30
Netflix that they want to move to
00:14:32
YouTube because Netflix like the margins
00:14:34
compressed and so they're offering
00:14:35
and deals. That's not true. Okay,
00:14:38
that's not true.
00:14:39
And so I've heard a lot of folks say,
00:14:40
"Well, if I go independent, I have
00:14:42
unlimited upside. If I publish on
00:14:44
YouTube, I just need financing." Is
00:14:47
there an emerging?
00:14:48
Listen, those are different. It depends
00:14:50
on where you're at. If it's a YouTuber,
00:14:54
right,
00:14:55
and they want to scale up
00:14:56
and they want to scale up and they have
00:14:58
x amount, they'll probably start on
00:15:00
YouTube or start on or start on at
00:15:02
Facebook or start on Twitter. Once they
00:15:05
get to a certain level, they'll make a
00:15:07
decision. Is there is can do they have a
00:15:09
product that's right for a half hour or
00:15:10
an hour on on Netflix or a feature film,
00:15:13
right?
00:15:14
That's different from what YouTube's
00:15:16
business plan is. And Neil will talk to
00:15:17
you about that. So again, you can't
00:15:21
generalize that conversation.
00:15:22
Are you seeing a burgeoning of
00:15:24
independent financing for production
00:15:26
that would go out on YouTube? Like where
00:15:28
folks are saying, I just need production
00:15:30
financing. Find me some partners. And
00:15:32
then
00:15:32
you mean for a YouTuber? for YouTubers.
00:15:34
I mean, some sometimes that's not
00:15:37
something you're seeing kind of scale up
00:15:38
right now.
00:15:38
I'm definitely not in that space. If you
00:15:40
know, David, I I that's not something I
00:15:43
I do see. There's people in my company
00:15:45
that do that. We have a whole division
00:15:47
for YouTubers, etc. Podcasting, that's a
00:15:51
whole group that we've started. It's
00:15:52
very successful right now.
00:15:53
Ari, there was a time when the dream of
00:15:56
content creators was being able to own
00:15:57
their IP. Netflix came in and said,
00:15:59
"Hey, we'll pay you much more, but you
00:16:01
don't get to own the Simpsons anymore.
00:16:03
You don't get to own this IP
00:16:06
yet."
00:16:06
Well, remember the syndication model as
00:16:09
broadcast television started to fade
00:16:11
away as this, but there was a at the
00:16:13
beginning there was a third window which
00:16:15
was Netflix. Now the cable and the
00:16:18
station group window has kind of
00:16:19
dissipated a little, right? But when you
00:16:23
still when you make a deal at a
00:16:25
broadcaster smaller now you do have a
00:16:29
bidding war between Netflix whether it
00:16:32
be if you're at NBC Peacock
00:16:35
we just finished a big we're finishing
00:16:36
up a big deal for the office which
00:16:38
started on broadcast the new stuff
00:16:40
they're buying out. Yes.
00:16:42
Yeah. So you don't have this opportunity
00:16:45
to do what you know the Simpsons did, to
00:16:47
do what South Park did, to do what
00:16:49
Seinfeld did. But you yourself deal I
00:16:52
just made for South Park's pretty good
00:16:53
for the guys.
00:16:54
No, no, I know. But that seems to be the
00:16:55
last generation to get that. This new
00:16:58
generation seems to be just giving their
00:16:59
IP over to Netflix. You yourself are
00:17:02
saying, "I want to own the IP and you're
00:17:04
choosing to buy them." So what is your
00:17:07
advice to the clients because they can't
00:17:10
become billionaires if they don't own
00:17:12
IP.
00:17:13
So there's a client I there's a client
00:17:16
by the name of Noah Holly just had the
00:17:18
Alien Earth show that it premiered on at
00:17:21
Disney. Um he did Fargo also. Incredibly
00:17:25
talented guy. I just signed him right.
00:17:29
He's going to make a new deal. Now, back
00:17:32
in the day, Greg Daniels or Larry David
00:17:34
or Aaron Sorcin or Jim Brooks clients
00:17:38
made
00:17:39
an unbelievable amount of money.
00:17:41
Jim did Jim did well.
00:17:42
All of those people I said did very,
00:17:44
very, very well.
00:17:46
Yes, he will not make as much money as
00:17:49
they did in syndication,
00:17:51
but he will do very, very, very well.
00:17:54
So, if you're really talented and you
00:17:56
have success, you will do really well.
00:17:59
And when it's when it gets reaired and
00:18:01
re and resold, he'll do very very well.
00:18:04
It's not
00:18:06
if you have a show that goes into
00:18:08
syndication and it gets $6 million an
00:18:10
episode, you can't make five $600
00:18:12
million anymore. But you can make
00:18:14
tens of millions.
00:18:15
Yeah. More than that, but you can make
00:18:16
you can do very very well.
00:18:18
You were f I mean, I'm not crying.
00:18:21
You're famous for fighting hard.
00:18:24
In fact, there was an iconic character
00:18:25
created on Entourage for that.
00:18:27
Yeah. Um, which was your favorite fight?
00:18:30
Is it Sherry AOF? Was it Justin Baldoni,
00:18:34
Mike Oitz? Which did you get the most
00:18:36
pleasure fighting with of all these
00:18:38
iconic fights?
00:18:39
You know, like I just said, all um, no.
00:18:41
I mean, listen, when when you're at the
00:18:44
beginning of your career 30 years ago
00:18:46
and you do not have the ability to
00:18:49
change price
00:18:52
and you have at the time you had William
00:18:55
Morris, ICM, UTA, CAA,
00:18:58
and you're the fifth and you you have to
00:19:02
fight really hard because people just
00:19:05
think you're a chump,
00:19:06
right?
00:19:07
And I don't Yeah. when people don't
00:19:10
think because I'm dyslexic. I remember
00:19:12
growing up anybody that thought I was
00:19:15
stupid, they touched the third rail. And
00:19:18
so when you were growing up in this
00:19:20
business and everybody thinks, "Oh,
00:19:22
you're just
00:19:23
that pushover. You got I'm I'm not I'm
00:19:25
not good there. Any chance?" No, but
00:19:27
this is a and this is a serious
00:19:28
question.
00:19:30
Bringing Entourage back. Why hasn't this
00:19:33
happened? We love this. We grew up on
00:19:35
it. How many people want to see the
00:19:37
reunion? You're the guy who can make it
00:19:39
happen. I'm friends with Adrian Grineer.
00:19:41
I talk to him all the time about it and
00:19:43
he says, "Not my choice."
00:19:44
Are you guys having David Zazoff on this
00:19:46
on this panel?
00:19:46
No. No.
00:19:47
I think you guys should call him.
00:19:49
Is he holding the strings?
00:19:50
Well, yeah. They HBO HBO.
00:19:52
But you're Ari. You could go and just
00:19:54
tell them to do it.
00:19:55
Let's Let's help that deal happen.
00:19:57
Please.
00:19:58
On competition, was Michael Oitz a a
00:20:00
mentor to you or a competitor?
00:20:02
I worked for Mike for um I was in the
00:20:05
mail room, then I was on a desk. Um he
00:20:07
was you know you he was incredible and
00:20:11
you he kind of changed the business.
00:20:13
Before him was Louman. They would be on
00:20:15
Mount Rushmore. I think Mike did a so
00:20:18
many things right. I mean he was a
00:20:20
visionary for the one thing when I was a
00:20:23
young guy looking at it and looking back
00:20:24
at it you know he started he took Coke.
00:20:28
I think it was from Gray Advertising at
00:20:29
the time. I think it was gray. And I
00:20:31
always said to myself at the time like
00:20:34
he had so much currency at the time. Why
00:20:37
didn't he buy gray advertising and he
00:20:40
could have changed the dynamic of the
00:20:41
agency? He could either take it public
00:20:43
and so that when and then I was at this
00:20:46
company called Intertalent. They got
00:20:47
bought by ICM. ICM like had the greatest
00:20:50
agents all and it just was bad
00:20:52
management.
00:20:54
And then we started the firm and I just
00:20:56
said, you know, I'm not going to have a
00:20:59
bad culture like ICM
00:21:01
and when the opportunity comes, I'm
00:21:04
going to go for assets that I could own
00:21:06
and change kind of the dynamic of what
00:21:08
an agency and what representation and
00:21:09
what
00:21:10
and that's what no one had done before
00:21:11
is think in terms of equity. Are there
00:21:13
any assets that you don't own that you
00:21:15
wish you did or or would you like to buy
00:21:17
a studio? Would you like to buy sports
00:21:18
teams? What?
00:21:18
I I don't want to buy a studio. I don't
00:21:20
want to buy a sports team.
00:21:21
Okay. I just started this company. I
00:21:23
raised about $2 billion. I'm going to
00:21:25
start this big events company. So, my
00:21:27
plate's really full. I'm loving life
00:21:29
right now. And uh yeah, I mean, TKO is
00:21:34
on it in a great place right now with
00:21:35
all the deals we made. We have a great
00:21:37
partner in um uh David Ellison and you
00:21:41
saw what happened at the VMAs where our
00:21:44
thought process, they put it on MTV,
00:21:46
they put it on CBS, and they put on
00:21:47
streaming. the largest audience they
00:21:49
ever got. That's going to be the same
00:21:51
thing for the UFC. And now Bob Iger and
00:21:54
Jimmy Potara are gonna launch um the the
00:21:57
WWE on ESPN. I think it's going to be
00:22:00
incredible for that asset.
00:22:02
So do you think that all sports there's
00:22:04
nothing left right now,
00:22:06
right?
00:22:06
We're launching, you know, we have a big
00:22:08
fight this weekend, uh the Canelo fight
00:22:10
with Netflix, so we're in good place.
00:22:13
Ari, do you think that all sports
00:22:15
continue to do well in the future? Or
00:22:16
will some sports have to adapt for, you
00:22:19
know, the fact that kids have a shorter
00:22:20
attention span? They just need faster
00:22:22
action. Like what happens to things like
00:22:24
baseball? What happens to the maybe the
00:22:26
slower, more prolonged sports?
00:22:29
You know, I I think everybody's going to
00:22:32
have to adapt. The thing I like about
00:22:33
our sport is
00:22:35
the it's like the UFC. It's fast. Bull
00:22:38
riding, 8 seconds. You know, you get it,
00:22:40
you can watch it on your phone. Um WWE
00:22:43
is family entertainment and and all of
00:22:45
them are um the both the UFC and the WWE
00:22:48
are huge global brands. I think all of
00:22:51
them except you know I had a
00:22:53
conversation with Roger Goodell
00:22:54
yesterday. I was like how many
00:22:56
storylines can you get? It was an
00:22:57
unbelievable weekend except for Monday
00:22:59
night when the Bears lost. But um I
00:23:03
think a bunch of them are going to have
00:23:04
to adapt and I think for some of them
00:23:06
pricing is going to have to come down
00:23:08
because um I don't think uh the the US
00:23:13
domestic market is the right place for
00:23:16
them as it relates to hockey and
00:23:17
baseball the big ones. Um they're do
00:23:20
they've done an incredible job adapting
00:23:22
to the kind of new environment.
00:23:23
I think baseball's cut like 40 minutes
00:23:25
off of the average.
00:23:26
It's incredible what they've done.
00:23:28
They've always been innovative. when
00:23:30
they launched BAM and they've been ahead
00:23:32
of the curve. So,
00:23:32
what do you think about international
00:23:34
markets? Obviously, India and China,
00:23:36
huge markets. The NBA has done an
00:23:37
exceptional job. They're probably going
00:23:39
to have something in Europe, the Knicks,
00:23:40
my Knicks, uh, which are going to win
00:23:42
the chip this year. They're going to be
00:23:44
playing in Abu Dhabi, their preseason
00:23:46
games.
00:23:46
How How do you view the
00:23:48
internationalization of these live
00:23:50
events?
00:23:50
I mean, just look at that Brazil game
00:23:52
for the NFL. Incredible. Look at what
00:23:54
baseball did when they launched the
00:23:56
Dodgers and the Cubs in Japan.
00:23:58
Everybody's realizing the value that can
00:24:01
happen now. We just had a UFC event in
00:24:05
Shanghai, which we have a facility in a
00:24:07
PI. Um, we're going to Abu Dhabi. We
00:24:10
we've always in ours been international.
00:24:12
It's a requirement for continued growth
00:24:15
in the sports that you have to go
00:24:17
international. So, all of them are going
00:24:19
to adapt a little bit and try and figure
00:24:20
that out.
00:24:20
I want to I want to shift and ask a
00:24:21
personal question. You come from an
00:24:23
incredible family. Your brother Zeke is
00:24:25
an incredible doctor. Your brother Rahm
00:24:26
worked at the White House, was mayor of
00:24:28
Chicago. You're incredible.
00:24:30
Ambassador to Japan now. Yeah. You're an
00:24:32
incredible entrepreneur and businessman.
00:24:34
Is there competitiveness? Has there ever
00:24:37
been competitiveness amongst the three
00:24:38
of you as you guys?
00:24:39
Why do you think one's in Chicago, one's
00:24:40
in Washington, one's in LA? The cities
00:24:42
are like when they come together like,
00:24:44
you know, like they explode. Yeah.
00:24:47
I mean, yeah.
00:24:49
Where did it come where did it? Wait,
00:24:51
but where did it come from?
00:24:52
And let me just tell you something. I'm
00:24:53
winning.
00:24:54
Where? you know, but where did it come
00:24:56
from and who did who did mom love most?
00:24:59
You know, my mom says this all the time.
00:25:02
My mom used to say, "You don't love me
00:25:04
as much as you love Zeke." And Zeke is
00:25:07
the my the doctor and the vice proess of
00:25:09
pen. And she goes turns to him and she
00:25:11
goes to all of us. She goes, "I hate you
00:25:13
all equally."
00:25:15
Ah, that's where it comes from.
00:25:18
Still trying to get mom's love. I got
00:25:19
it.
00:25:19
And what about your long-term You have a
00:25:21
long-term friendship with one of our
00:25:23
besties, Elon. Yeah.
00:25:24
Um, how did that evolve?
00:25:26
After 911, I gave up my Ferrari. I
00:25:28
bought a Prius.
00:25:30
Didn't really like the Prius. I was
00:25:32
looking for a better car. I read the
00:25:34
article that he's launching.
00:25:36
I just call him. He picks up, comes in
00:25:40
the office. I say, "I have to have one
00:25:41
of these cars. I think I got number 11.
00:25:44
I still own it." The kind of the first
00:25:46
model.
00:25:47
Yeah.
00:25:47
And he and I have just been friends
00:25:50
um ever since. I just actually on
00:25:53
Tuesday uh uh you know I went up to see
00:25:55
the robots because I want to do a UFC
00:25:59
fight with his robots and the robots
00:26:02
meaning robots versus robots.
00:26:03
Yeah. I think it'd be incredible.
00:26:05
Yes.
00:26:05
And I saw what he he's creating.
00:26:08
The man's a genius.
00:26:10
The the hand is incredible. Their
00:26:13
ability to kind of he had one he showed
00:26:15
me one that was kicking um and and
00:26:18
boxing. And when he talks about it, he
00:26:20
talks about, you know, there's probably
00:26:21
about a 100 million people in the United
00:26:24
States that actually are working bodies.
00:26:27
When you have a robot, it it occupies
00:26:30
five people,
00:26:32
works 24 hours a day. Um, and there's no
00:26:36
HR, there's no issues. He says the pro,
00:26:38
you know, he goes through the pro, he
00:26:39
goes through all the numbers, and it's a
00:26:41
it's an incredible argument, and I think
00:26:44
he'll be able to produce a million of
00:26:46
them. It's going to be really profitable
00:26:48
and they're going to cost a dollar an
00:26:50
hour to operate.
00:26:51
And when I saw what he what the hand was
00:26:53
doing, the the I think it was the third
00:26:54
or fourth generation.
00:26:56
Yeah.
00:26:57
I I was like, it's incredible. And now
00:26:59
the movement and the charging that he's
00:27:01
got down, it's really he's a special
00:27:03
human being in that in that capacity.
00:27:05
Really special.
00:27:05
He really is an American treasure.
00:27:07
Ladies and gentlemen, R Emanuel.
00:27:09
Amazing. Thanks. Great to see you.
00:27:15
Thanks. Don't crush it.
00:27:17
[Applause]
00:27:19
Wow.