Ferrari's EV Disaster + Mamdani's Asset Seizure | PBD #807

**Patrick Bet-David** (0:26)
All right, here we go, Business Wednesdays, a lot to talk about.
Tom saw the latest model of the Ferrari that just came out for $640,000. He's been upset for about a couple of days. Can't hold the food. Had to take two days off, but Rob knew Tom wasn't happy. So guess what Rob chose to do? Rob chose to wear a sweater today with the color of the Ferrari, just to bother Tom. And you guys will see him when we show this car. And people are wondering, is this a massive flop of a decision Ferrari made? By the way, did you guys see how the chairman, the former chairman and CEO that was the assistant to Enzo of 20 years came out and what he said about it? We have to play that clip, what he said about it. And this kind of goes with what Porsche did last year, when in the first nine months of the year of 2025 versus 2024, in 2024, their EBITDA was 4 billion.
In 2025, their EBITDA fell from 4 billion to $40 million, 99% drop-off. And some blamed it on the, is it the Taycan? And some of the decisions that they made. Of course, there's the tariff and other things. But we'll get into that.

**Tom Ellsworth** (1:30)
It was exactly that.

**Patrick Bet-David** (1:31)
And then the other part is a guy in New York City, this guy named Zoran, okay, he's kind of a big deal to socialists and communists, comes out and is given a speech about transferring ownership of real estate from bad landlords to noble people, maybe even giving it to some charities.
Yeah, forcing them. This is what you call not capitalism, not socialism. This is as close to communism as it gets. And we'll play that clip for you, especially New Yorkers. I know how you feel about it.
This guy named Al Green, remember Al Green that was not happy with Elon Musk and all this other stuff? Guess what? He lost yesterday in the last couple of days. And then John Cornyn, who was there for 40 plus years, who had a massive lead on John Paxton, and all of a sudden Trump endorses John, I'm sorry, Ken, John Paxton is a shooter, Ken, and Ken ends up beating John Cornyn by 27 points, a massive blowout. And now Ken Paxton is going to be going up against Telerico, if I'm not mistaken. Telerico is the Christian socialist that thinks about transgenders all the time. I think that's what it was when he said in one of the interviews. So that's going to be an interesting one. When the Pope comes out, and we have a representative on behalf of the Pope here with us, Humberto, who is going to be defending the points that the Pope made, which by the way, I largely, I don't even know if I disagreed with anything he said. On his opinion and thoughts on AI, this is the first time they're coming out and giving thoughts and opinions on AI, the Pope. I think it's worth talking about.

**Tom Ellsworth** (3:03)
People pick on him too much. They pick on the Pope too much.

**Patrick Bet-David** (3:06)
What role, Tom, you just offended 36% of our audience that's Catholics and you're talking like that. I mean, this is just inappropriate right now.
So we'll talk about that. That's on page 17 Oil prices, Snider's not happy. What's going on with oil prices? There's some numbers right now. We're looking at $88. But the moment Tom said oil is at $88, lowest since April 17th and March 23rd, Jeff says, I don't care. It needs to stay there and go lower. That was specifically the words he used. Maybe he'll stay more eloquent. That's right. And then in Canada, this guy named Mark Carney is not happy because the folks in Alberta, Alberta is like the Texas of Canada.
They want to separate. They want to be their own country. And they're kind of putting it in vote. And some people are wondering, is this even possible, Humberto, that this can happen or not? Who knows? Nobody knows. But we'll see. It is definitely a discussion. And, you know, Tom's got some Canadian blood in him, so he strongly wants to give his thoughts on this. There's some pride there for him. He won't be rooting for the Canadian soccer team in the World Cup. He'll be rooting for, most likely, US and a couple other countries. But in this situation, he's not happy with it. And then Trump and Iran, you know, apparently yesterday there was a tax that took place. While the negotiation is going on, multiple attacks, Israel to, apparently, South Lebanon, if I'm not mistaking, over a hundred attacks that they had, I think 31 killed. And people are wondering, why are you doing that? Well, we're in the negotiation. And then the president's saying, hey, in order to get this deal done, I need the Abram Accords to be signed by everybody. And few people already have, but Pakistan said, absolutely not. Saudis not too interested in doing that, but they haven't publicly said it. There's a few others that are entertaining it. Maybe we'll talk about that. Teens, the worst summer job season ever. They can't find jobs.