Part 5/12:

Leo emphasizes that a buyback could be $10 to $15 billion, contingent on quarterly results. However, he calls for caution, preferring to wait until Tesla reports its actual earnings before committing to such a large repurchase. His reasoning is clear: actual results provide a more reliable basis for strategic decisions, rather than hope or speculation.

He also underscores the importance of Tesla's 'recession-proof' cash flow, cautioning that while Tesla has been resilient thus far, a prolonged economic downturn could necessitate price cuts and potential profit dips. Notably, Elon Musk himself has indicated that in a severe recession, Tesla might need to reduce vehicle prices significantly to maintain volume, then increase them when conditions improve.