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come on I know it's all
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right who wants to have a [Music]
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i does it that's right ladies you can't if this is wrong you
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don't want to be right I just want to say I think you Elon copied you it looks like surrender to the
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sit [Music]
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down hi everyone this is Pivot from New York Magazine and the VOX media podcast network uh I'm Cara swisser this is a
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live broadcast as we said we were going to do it here we're very excited we always have a great time at South by
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Southwest how is your South by Southwest Scott I love it here oh you want to say hi I'm Scott g go ahead um I'm Scott
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Galloway okay by the way 9:00 a.m. on Sunday of daylight sa
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what the [ __ ] are you thinking yeah I know I know it's like it's like a dog whistle from Mormons or people with no
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life what are you doing true literally this is a negative forward looking indicator of your Social
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options what the [ __ ] are you doing here I have why they schedu is ATT 10 that's
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what I was thinking it's like Doge in charge of this [ __ ] what is going on oh but they have you and Senator Warren at
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the prime time at 400m m i billionaire should not exist up next Mark
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Cuban sorry go ahead sorry yeah yeah tax the rich
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somehow I became worth $1 million serving in Congress no it's her house she has a house oh yeah that's her house
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it is no she's 8 million she's 8 million yeah yeah that's not rich by these people's standards okay yeah all right
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okay um she doesn't trade stocks anyway how is your South by Southwest I love it here I I like the food I like the people
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um what does a Texan German car Enthusiast say what
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Audi it's Sunday morning it's Sunday
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morning um have you been partying you want something dirtier yeah go
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ahead I come down here because I come down here cuz my urologist is down here oh here we go and you get to my age you
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get a drip like it it takes a good like I don't know three weeks to pee now and
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so I go into my urologist he's like did you have sex recently and I said yeah about 5 days ago and he said does she
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live near here and I said yeah and he's like well you may want to get back I think you're
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coming good morning good morning and yes they do serve bloody
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marys at 7:30 at the Brer Hotel vegetables God I am J byed I am
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jetlagged coming back from are you interviewing Peter ATA Dr Peter ATA I am aware of him well Peter ay and Andrew
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Huber were like the poster children for I'm aware of them you know big handsome guys who like work out all the time yeah
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they've declared war on alcohol yeah I'm taking alcohol back yeah young people need to drink more that
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is what what is a bigger issue the alcohol your liver can absolutely handle
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when you're between the ages of 18 and 40 are the fact that none of you are having sex and making connections drink more for God's sakes I think they're
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doing a lot more weed is what's happening there's a lot more weed about that what do you mean by who care I'm
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just saying that's my impression for they're doing uh they're doing drugs but the thing I don't like about those drugs
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is I don't think they're a social yeah right I you drink alcohol and you just become more attractive to you which
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gives you the confidence to go up to someone who likely does not find you attractive but maybe over time and I'm
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being somewhat serious here gives you a chance to demonstrate Excellence do you know do you want to know the scariest
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stat I have seen we doly going off script here I'm list I'm just I'm so jet
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lagged I'm fine with it go ahead she she came in from Australia um anyways 51% of
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18 to 24 year old males have never asked a woman out in person think about just how tragic that
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is that these young men are not developing the skills to much less
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potentially meet a romantic partner have kids which I think is the whole shooting match not that you can't be happy without that but I think everyone should
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have the option and then they're not developing social skills and we don't like to talk about this but your ability
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to open and establish contact and connection with someone question how many women are asking men out just
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curious oh isn't that nice oh it's nice I'm just curious why can't that happen here's the bottom line we talk a big
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game but somewhere between 70 and 80% of women nice what does that mean 70 between 7 80% of women still say they
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want the man to initiate contact so they still expect I mean think about young
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men quite frankly are getting a lot of mixed messages in my view and it's making them asocial and then we have the
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most talented companies in the world who sponsor this conference trying to convince them they can have a reasonable
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fact simile of life on a screen with an algorithm here trust me on this trust me
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go out drink more make a series of bad decisions that might pay off I'm not
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sure you're right on the statistics honestly but you should do that everybody should ask each other out my sons are both asked out by the girls
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they are now seeing their girlfriends yeah but your sons are handsome um
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okay the rest of us have to take our shot the rest of us the rest of us have
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to do something like this you know what I think you need oh God here he goes again do you believe in love at first
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sight no no or should I walk by show your ab how about breakfast oh
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God call you or do you know what I'm thinking right now I'm reconsidering the
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possibility of doing another four-year deal with Scott Galloway but I've just re reconsidered it you'll be 78 I'll be
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36 do you think by the way by the way for men for
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men 50 is a new 30 and for women 40 is a new 90 oh my I'm not oh my God I don't I
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I should have slept in and watch Church chat all right you know what we're going
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to end up together in like a like you'll be willing me yes I'll be Wheeling you
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around looking over the wheelchair yes and then I'll Keel over and you'll be sitting there like by yourself cuz no
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one's going to want to talk to you anyway um um speaking of shots I'm we're going to do shots here like we promised
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I don't do shots really yeah I don't do shots what do you mean you don't do shots I don't do shots why someone it's
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like you literally just told them to drink and now you don't do shots we'll put put sugary [ __ ] on top of it in a in
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a lime and pretend like you're literally this is me at the SE house last night s the loveliest people come up to me and
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they're like thank you for your work on Str just get me a [ __ ] makers and ginger I don't want you're doing a shot because it says
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Don't Mess with Texas all right we're going to [ __ ] with Texas today anyway um as I was saying we're doing our thing
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we've got a lot to get to today we're taking questions from the live audience of which are going to be most of the show but we want to talk about a couple
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of things following the news that Trump is reigning in Elon Musk neither of us
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believe this and Doge let's talk about how elon's actual business are doing as he dabbles in government SpaceX largest
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Starship exploded this past week during a test flight that's the second time it's it's happened he does blow up a lot
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of rockets Tesla's sales and stock price are down and the company is at risk of bleeding cash is this business Mups
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happening because of his role in government or in spite of it what how do you look at these because the bit and then Sterling which may or may not go
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public we'll talk about that in a minute um has seeing competition from China from Jeff Bezos from all kinds of stuff
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What's Happening Here well I think it's a tale of two two cities here and that
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is uh Tesla is is crashing in the sense I mean you've heard so
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I'm doing breakfast with the Nike people tomorrow Nike went political with their
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Embrace of Colin Kaepernick but they did the math and that is two-thirds of Nike sales are outside of the US and no one
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outside of the US thinks the US has got race relations right two-thirds and
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probably of their revenue and probably 70 or 80% of their profits come from people under the age of 30 they also
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have a huge customer base in non-whites so essentially the people who burned their Nikes after they endorsed Nike
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that was probably their first pair of Nikes and that is they knew that their core audience would probably feel very
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good about that move as smart as that was t uh musk's political foras or
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Adventures are that stupid because 75% of Republicans say they would never buy EV he's gone very red pill in California
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his biggest Market EV sales for Tesla are down dramatically and even even
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after this crash in sales in Europe if you look at the company it's got It's lost about a third of its value in
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February it's lost all of its kind of trump bump gains if you look at it from a valuation perspective Apple only grew
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2% last year but it trades at a 38 times earnings multiple Amazon grew 10% 38
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times PE Nvidia grew about 114% and it has a p multiple of 40 Tesla
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grew 1% Tesla's flat and it has a price earnings multiple of
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144 so Tesla is still even after shedding a third of its value is the most overvalued company in Tech maybe
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the exception of paler and it the sales are just not it's crashing his political
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calculus as it relates to Tesla was just irrational now to be fair SpaceX and and
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and um uh the the the value proposition
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of SpaceX is that Rockets blow up mhm and that is they can take risks that NASA and the government can and 99% of
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their launches are successful they're responsible for about 78% of the launches right now the Falcon heavy
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rocket can get [ __ ] into the air into orbit for $1,500 a kilogram the next
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best is a Russian company called angura that can do it at three times the cost so their ability to take those sorts of
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risks and put [ __ ] into space for a third of the price of the second best per kilogram launch vehicle I think
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SpaceX is going to be worth more than Tesla in 2025 but taking your eye off the ball because there are now
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competitors there's going to be increasing amounts of competitors will the same thing happen is this political
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calculation a good one for him because they're they may use starlink the FAA they may use but well okay were buying
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cyber trucks for some reason for the state department the I I think more than trying to increase revenues is trying to
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clear out obstacles so there are 11 federal agencies that have 32 investigations currently underway uh for
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different musk companies and a lot of those inspectors and people seem to be getting the axe so I don't think his his
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forend government is about trying to increase revenues I think it's about trying to clear out the inspectors and potential regulation but it doesn't look
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like the calculus is very smart here like David sax getting involved in crypto and then getting Trump to have
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dinner with the guy from Ripple who probably promised him money and then all of a sudden deciding to to include
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Ripple in the Strategic Bitcoin Reserve by the way there's nothing [ __ ] strategic about that and then all of a
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sudden Ripple rips that's pure that's smart political kleptocracy corruption
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but at least that's smart his political for so far I don't think are paying off for him you don't think so but when he
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um what will happen then to Tesla from your perspective just a downward slide
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of the I mean they have to obviously update the cars they're talking about self-driving full self-driving they're
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talking about Robo taxis which already are in effect here with weo for years
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actually yeah but you said it Whos is light years ahead of them yeah and if if
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Tesla if Tesla starts trading like a regular automobile company in terms of price to earnings it would be at 14
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bucks a share it's just impossible to to rationalize a valuation I still think
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it's a really good car I think you know I can't help it I got a Tesla on my Uber app I cancel or I wa outside I know
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that's wrong um but it is a good car it's a great company it should trade at
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a multiple of 50 to 100% more than the other car companies meaning it's a 25 or a $30 stock so where's the benefit for
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him in this kleptocracy you speak of that's the correct question I don't
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know Fame narcissism go red pill clear out inspectors to me his the calculus is
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not smart here Tesla has basically uh become a brand that means has some
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very negative brand associations what I think that too I think people who are buying it are repulsed by it or act
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repulsed by it and are not but you know you see all these stories and actually you're seeing violence at Tesla
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facilities um not just there but at charging stations the cars are getting defaced I think people are embarrassed
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to have them um I I mean the Uber thing is simple I actually don't won't take a
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Tesla Uber I just don't I don't like the cars actually myself um I find them it feels like I'm sitting in the inside of
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an egg um I know it sounds dumb but if you're in there it feels sterile and I don't if I'm going to pay more for a car
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an Uber I want a nice comfortable car but that's besides point I think it's just it's just a brand destruction is
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what's happening and he doesn't seem to mind because I think he's bored with his other businesses and this is interesting
00:13:49
to him what he's doing but the push back is real from the thing do you think that the case with him and Marco Rubio there
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was a very funny SNL skit last night uh on that um do you think this the push
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back is actually real people keep predicting he and Trump finally if so
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92% of Trump's advisers were fired so there's a 90% it's like being second
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lieutenant in Vietnam you're just you're you're probably not going to last very long um that was ugly yeah U it's dark
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92% of their advisers in the first administration were fired more than triple the number of advisers uh I'm
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sorry more than all the advisers that were fired in the previous three administrations he's very good at
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creating human heat shields uh if in fact he is told his
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cabinet they're now in charge and he's an adviser it means he's done he does not have the complexion to go to you
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know Senator Rubio excuse me secretary Rubio and also these individuals have no incentives to trim their departments
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they have very difficult jobs and their departments all of this is a fine a giant [ __ ] distraction so far
00:14:56
according to the Wall Street Journal Doge has saved 2.6 billion if you wanted to 6X Doge just CAU off
00:15:01
all subsidies to Tesla which have been $15 billion this is a giant misdirect
00:15:07
yeah you think so this is this is this is a giant misdirect to get you and
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mostly young people to look away oh Doge oh he's crazy he's firing people all these sad stories about federal
00:15:19
employees being they're actually real they are actually getting fired I get it and and people in the private sector are
00:15:24
fired every day but they want you to look over here such that you don't look at the tax plan that it's going to add
00:15:31
$800 billion to the deficit so this is this is the conspiracy that is elegant
00:15:37
and that people aren't looking at talk about Dei being a helicopter crash talk about Doge talk about inflame people by
00:15:45
saying by stupid laws like male versus female that's how they're spending their time because look over here not at the
00:15:52
fact that the point they want not at the fact that the 0.1% who will say under
00:15:57
the breath yeah I don't want to go to was inauguration but my accountant tells me I'm going to get another $11 million this year this is a conspiracy between
00:16:03
the 0.1% and an Administration that wants you to look over here and ignore the fact that we're about to Levy the
00:16:11
greatest increase in taxes in history called a deficit anyone under the age of 40 in
00:16:17
here at some point is either going to have to pay that back or the forward leaning Investments we've been able to make in the past and technology and
00:16:23
space and education are going to get crowded out by the interest on this debt which is now greater than our military
00:16:30
so we need to reframe this discussion and say America is about to incur the
00:16:35
greatest tax increase in history on young people that's deferred called the
00:16:40
deficit don't look at that look at that their F they just fired three people to the National forestry service who the
00:16:47
[ __ ] cares I know it's sad I know it's bad well no it's got I don't I think it is actually a a hollowing out not just
00:16:54
of The Regulators of Elon although I think that's very clear that that's I mean they're definitely what is the
00:17:00
percentage the actual number it's a very small amount he's not saving any money I mean the whole thing is kind of aect it
00:17:05
is a misdirect and at the same time they were going to pass this tax law anyway they were not going to not pass this tax
00:17:12
law and I do think the Democrats folk as we talked about last week focusing in on Elon is a good good politically because
00:17:19
he's disliked from poll after po the polls are very clear so I'm not so sure it's the smartest idea to have this part
00:17:27
this misdirect is different than the EI crashed planes versus something else I
00:17:32
do think it's at the heart of of what Trump's doing and I think he's antagonizing a lot of his base uh and
00:17:40
and by that I mean people in Washington for no good reason when he could get these things past no matter what I think
00:17:46
there's a large percentage of moderates that feel like breaking some
00:17:52
eggs and laying off people in the public sector whether first off I if this were
00:17:59
an audit the net results of the audit so far is there is dramatically less
00:18:06
inefficiency fraud and waste than we thought in government they're just if you look at their quote unquote wall of
00:18:11
receipts they don't be a they they haven't been able it appears to actually find any fraud or was exctly right right
00:18:19
we saved 8 billion oh no it's actually 8 million and the money's already been spent and then numbers two three and
00:18:25
four that they supposedly saved money on weren't real if this is an audit the government is getting an outstanding
00:18:31
clean bill of health around fraud and waste but having said that I do think
00:18:37
moderates kind of like the idea and every Administration has done some form of this just not so weird they do
00:18:43
there's always there always always that sentence like of course we're all for government before if you notice that they always do that but these
00:18:48
departments are Senator Senator or secretary Rubio isn't going to agree to Cuts if he's actually in charge now he's
00:18:54
got a tough job he's not going to say yeah you snort do a few rail and then
00:18:59
come in here and tell me what ambassadors or what people we should lay off he's not going to say that so if fact he does look like his soul has come
00:19:05
out if he has to report into him now it means doge is over my view yeah yeah we'll see um it'll take a while to get
00:19:11
him out Elon is a bit like mold um so let's talk about how uh Elon is
00:19:17
influencing the business Ro by moving his Texas here to Texas he's not the first to do it now Chevron KFC and meta
00:19:23
are talking about putting their hqs here the governor of Delaware where most Fortune 500 companies are incorporate BR
00:19:28
is now scrambling to keep companies there you you and I have talked about that I mean do people um is this a you
00:19:36
have talked about being a good thing because Texas is more business friendly versus other places I assume other
00:19:43
states will try to do the same thing Wyoming I know is is doing that Nevada
00:19:48
there's certain states that are doing that do you think Delaware is over as a place to do business know Delaware is
00:19:55
traditionally seen as very corporate FR especially then they are ficient around their Chancery Court and the way they decide stuff I I I don't think you can
00:20:02
be for competition and ask big Tech to break up and not support competition among states I think the thing that's
00:20:08
going to incense California to get a [ __ ] together is a lot of people are leaving for Texas because they do the
00:20:14
three greatest arbitrages available I think in economic history are one the Arbitrage from fossil fuels to things
00:20:20
that build everything from this to you know the tennis shoes you have probably have Petroleum in them second is to find
00:20:26
young ambitious people who will work as hard or harder because they have dogs and kids and will be 80 or 90% as good
00:20:33
as the person who's been with your company 20 years but because they're naive and can live in a 300 foot
00:20:38
apartment you'll have to pay them 30 or 40% as much the most successful companies in the world participate in
00:20:44
the Arbitrage of young people who don't know any better right those are your most valuable employees is the
00:20:49
overeducated really hardworking 25-year-old that you pay 80 grand instead of 250 Grand to The 40-Year-Old
00:20:54
who has kids the other big Arbitrage right now can ically in the United States is State Arbitrage and that is
00:21:02
people who basically say okay and I did this in 2010 I got my my son was denied he's
00:21:09
doing great now because he was Speech delated when he was four from seven out of seven schools that wanted to charge us $58,000 a year for him to play with
00:21:16
blocks we moved to we moved to Florida and the school there a lovely little school was 12,000 so the geographic
00:21:23
Arbitrage that's taking place across America where people are moving to lower cost higher quality living states like
00:21:30
Texas and Florida is a great thing so companies coming here I think is a good thing I think it's important what's
00:21:35
weird is meta Chevron and KFC so carbon team depression and diabetes
00:21:43
yeah would you move to Texas it's a little I I would Florida hasn't worked out as well the whole Miami Tech thing
00:21:50
is sort of a bust right now yeah it's a good quality life though it's a really nice quality of life I but that didn't
00:21:55
take here you you don't you think you can live there this seems pretty nice no
00:22:01
no no Austin they don't like the gays they Austin doesn't like gay people
00:22:06
Austin does but it's I know that I'm aware of that I'm aware but let me say I
00:22:11
worry about my family a lot like in different certain States whether I love Austin I love this area but you have a
00:22:19
state government that's hostile to my family so it's really hard when I'm making Florida forget it and I'm even
00:22:25
worried in DC my kids's in a DC public school and you know she brought home they did like a little diversity moment
00:22:32
where they were just was coloring in a coloring thing and I thought oh wow one of these [ __ ] senators from some
00:22:39
state in who has no values that I have are going to try to mess with my kids
00:22:45
education I think about it all the time and then I'm like I don't I don't want in your shoes so I take your word for it
00:22:50
yeah it's just you just you have to be thinking really hard about where you want to raise your kids and where where
00:22:57
they're going to attack your family I mean I just I I think about it I didn't think I'd have to think about it again in my life except now I do so again I
00:23:05
don't have your lived experience right um but the tax is fantastic like well I
00:23:12
now I can hire extra security as a Florida resident yeah uh I think a lot of Florida Citizens are horrified by
00:23:19
some of the laws that have been passed around restricting a women's right yeah R's rights there's no doubt about it
00:23:24
that's rattling but just on the ground I live in dely Beach it's a feels like a pretty Progressive Community that's very
00:23:31
open and welcoming I get it but anytime a state can [ __ ] with me I'm very aware of it and it's one of the reasons I love
00:23:36
California and stuff but I I get it I get I get it I I def there's definitely a cost benefit analysis but I I just
00:23:42
find I'd rather be in states that support my family that's all um so what what do you think a lot of states will
00:23:48
move here you do you do think they'll move oh they'll definitely be companies that incorporate here and move here and
00:23:53
you or is here I think that's a great thing I I think competition Interstate competition is really important I think
00:24:00
it's I it's good for the building like crazy here what in the hell's going on I've never seen such like every time I
00:24:05
come back here I think there can't be another building here in Austin and then there's another [ __ ] building yeah
00:24:10
it's getting a little much I'll be honest with you all right uh let's go on a quick break when we come back we'll
00:24:17
have more for you okay Scott we're back on Friday president
00:24:22
Trump held the first ever crypto Summit at the White House such a pro right what an elegant segue how dides she pull it
00:24:29
off oh my God what are you doing here on a Sunday morning can I just tell you
00:24:34
there is no way you could do what I [Music]
00:24:40
do see the crowd agrees on a lot of levels let me just
00:24:45
say you're the if you understood what's happening here you're the pretty one incredibly you're the pretty one who
00:24:52
just sits there and says I'm sorry K what did you say yeah I'm the
00:24:59
do you think we'll ever have sex that's what I get do you think we'll ever have sex do you think we'll ever have sex the two of us yeah just
00:25:06
curious I'm down as long I'm down as long as I don't have to be
00:25:11
there that would be so weird I was just oh God you don't know what it takes to get me going now
00:25:16
Cara it's a it's a Pam Greer film eight ball of cocaine and a cattle
00:25:22
PR up my ass and then it's go time it's go time for a good 90 seconds I just
00:25:28
think about and then and then when I climax I scream out surrender
00:25:34
Dorothy or my favorite from Wicked I'm melting how did we get here get us out
00:25:41
of this no I'm just get us out of this now try I've never thought about having sex with you just so you know yeah which
00:25:47
is why you brought it up yeah I'm just yeah it just seems like the inevitable end of our relationship like oh God
00:25:55
suddenly we'll look at it it's like a movie like a HK I just ate okay all right okay now we're back okay president
00:26:01
Trump held the first ever crypto Summit at the White House crypto experts lawmakers Administration officials
00:26:06
gathered As Trump declared a war on cryptos over uh a day earlier Trump signed an executive order creating a
00:26:12
strategic Bitcoin Reserve in separate digital assets stockpile the reserve will be established with Bitcoin that
00:26:17
has been seized from federal law enforcement I don't know how much that is during Trump's second term the SEC
00:26:23
had already closed several investigations uh in into cryptocurrency firm Sam bankman freed if you saw him on
00:26:30
Tucker Carlson the other day I didn't uh he's hoping to get in on that forgiveness uh the disgrace FDX Founders
00:26:36
who probably been campaigning for a pardon from president Trump I bet he gets it um what do you think of of the
00:26:42
reserve and and will you be thinking about more crypto Investments now that
00:26:48
this is happening um you and I have been sort of in and out on whether crypto is
00:26:53
good I I ultimately think it's probably more uh some of it's okay some of it
00:26:58
isn't some of the people in crypto find this disturbing what the way they're doing this in the way they found the
00:27:04
Biden Administration to be too uh difficult in terms of rolling things out
00:27:10
so this is essentially just pure pay for play and and Republicans would argue
00:27:15
that okay we're just more transparent about it but the crypto Community gave $285 million to the Trump campaign and
00:27:22
what do he know he's decided to have a quote unquote strategic Bitcoin reserve it makes absolutely no sense so you have
00:27:28
a strategic petroleum reserve and it is strategic because if there's a war or our supply chain of fossil fuels gets
00:27:33
cut off we don't want our economy to come to a halt if we need to build tanks or just keep the economy open so we have
00:27:40
a strategic Reserve right what's going to happen if we run out of Bitcoin like how is that a defense threat like so
00:27:46
there's nothing strategic about it what it is is the following you give me $285 million so I'm going to increase the
00:27:53
deficit I mean when we seize assets when the FBI seizes assets they immediately sell them because they don't want to be
00:27:59
in the business of owning boats or Bitcoin or whatever that's not their job they're not hedge fund managers if you
00:28:04
have a nation that's creating more Revenue than you're spending then you have a sovereign fund that tries to find
00:28:09
Alpha which they're also trying to do a sovereign fund he's talked about that but why we don't need a sovereign we we
00:28:16
need higher taxes and lower spending we don't have any additional money because then you're saying the government is
00:28:21
better at allocating investment Capital than the investment community and by the way all this is again another increase
00:28:27
in a deficit to transfer wealth to his 0.1 percenters such that you can own a
00:28:33
little bit of Bitcoin here's a crazy idea go buy your own [ __ ] Bitcoin I mean it just this makes no sense
00:28:39
whatsoever this is pure you gave me $285 million so I'm going to come up with a bunch of jazz hands around why we should
00:28:46
have a strategic reserve and by the way there's a negative implication Bitcoin is terrible for the United States
00:28:53
strategically because one the the the biggest baddest carrier Strike Force and Arsenal is an invisible one called the
00:29:00
US dollar and when we put sanctions on a country it has teeth because we can stop
00:29:06
them from trading in dollars which makes it very hard for them to do business globally so if you're going to create
00:29:12
another Global Reserve currency all you are doing is attacking our Aircraft
00:29:17
Carrier Squadron called the dollar so this is not only kleptocracy and pay for play and make no sense it's actually
00:29:24
damaging to the underlying strength of America because a lot of people felt the Biden administration had been hostile
00:29:31
especially Gary gansler who you and I both talked to yeah um that they had been hostile to the development of it
00:29:37
trying to over regulate it I do understand why their inclination is to regulate it because it's currency it
00:29:42
does affect other parts of the economy it's a legit it's Bitcoin is established
00:29:48
first off I don't think you can talk about Bitcoin in the same breath as the other ones Bitcoin has established
00:29:54
itself as a credible store of value because the genius of Bitcoin is a created this algorithm or this
00:29:59
methodology where you have to constantly throw numbers to unlock or mine Bitcoin and people now believe the market now
00:30:05
believes that they're going to stop minting at 21 million so Bitcoin is increasing less fast than gold reserves
00:30:13
than we're printing US dollars so the market says this is a legitimate store of value that is an asset class what's
00:30:20
to stop anyone at DOA or Ripple or eth for massively increasing the supply
00:30:28
there it's supposed to be one of three things it's supposed to be a payment mechanism no one's using this [ __ ] for payments it's supposed to have utility
00:30:35
You could argue eth and some of them maybe they make payments maybe other stable coins go on their techn but for
00:30:41
the most part there's no real utility here folks it's not like Dennis Ed Bitcoin to fill your cavities there's
00:30:46
just there's no real utility what it could be is a store of value and one of them in my view has created a store of
00:30:53
value and that is a legitimate store of value and that's Bitcoin other than that it's pure speculation which is fun but
00:31:01
the notion that we're going to get involved you're about to see in 36 months you're going to see a raft of
00:31:08
stories about crypto scans that happen between now and the next 36 months because you could make an argument that
00:31:14
it was being overregulation which created insecurity like people I think Brian Armstong will
00:31:20
fairly say just tell us what the rules are and we'll comply but they couldn't get any Clarity so you could argue there
00:31:26
was an underregulation but there was opaque regulation but now it's the wild
00:31:32
west you're going to see so many would you buy Bitcoin right now I'm a nocoiner I was on the board of a company called
00:31:38
Ledger which was a crypto Hardware wallet uh because I wanted to learn more but I generally don't invest in things I
00:31:43
don't understand and I speak I I'll go down and I'll have lunch with Michael sailor whenever I'm in Miami and within
00:31:49
about 10 minutes of hearing him he's brilliant I started thinking put everything into Bitcoin put every this
00:31:55
guy's just so much [ __ ] smarter than me put everything into Bitcoin and then by the time I leave lunch I'm like I have no [ __ ] idea what Bitcoin is I
00:32:02
don't I don't I don't understand it I just don't get it so I'm a no corer do you own any I I I do but I can't find it
00:32:10
you can't find it yeah yeah that's right I bought told me that yeah I bought it at the be people know this story I
00:32:16
bought it at the beginning I was writing a story about Wes casares who started zapo and I bought um uh 10 10 or 50
00:32:25
Bitcoin I don't know but it was like 50 bucks each and must have been 10 because they spent $500 I've been using that to
00:32:31
our advantage that story is out there that Cara has like $50 million in Bitcoin in like a drawer somewhere it's
00:32:36
not a dra it's probably luy's house but whenever I'm with bankof we're in the midst of go get my mother do something
00:32:41
whenever we're in the midst of negotiating a new four-year deal with Vox and I'm I'm just malicious in macell
00:32:48
and last night I'm like oh hey Jim he's like what are you doing going to the Spotify party they want to talk to us
00:32:53
and also and also I heard Cara found her crypto
00:33:03
any from Spotify anyway um Anyway by the way Netflix is getting into podcasting just
00:33:09
saying just saying so no Bitcoin for us all right Scott let's go on a quick break uh and
00:33:15
we'll be back with our next big story all right Scott we're back with our next big
00:33:20
story you won't take a shot I have liquor for you that's why she makes the big bucks that's that's I do I make the
00:33:27
big bucks um we're back with our next big story let's talk very quickly about IPOs I want to get to questions from the
00:33:32
audience I want you to be brief here I know it's difficult for you um 2025 was expected to be a big year for IPOs
00:33:38
thanks to Trump and his Pro business anti-regulation administration but with tarup whiff blash regulatory changes
00:33:43
inflation concerns out there we're not seeing an IPO just yet although StubHub and Discord were reportedly getting
00:33:49
ready to dip their toes in the waters uh some other long rumored is uh Sheen open Ai and SpaceX uh what what is the is it
00:33:58
a good time to go public it doesn't seem like there haven't have been any um Shen
00:34:03
for example is facing some headwinds with Trump uh ending the the DI Minimus loophole that allows them to ship cheap
00:34:09
goods from China to the US without paying taxes and import duties where where is the IPO Market briefly
00:34:17
it's the it's kind of The Walking Dead in 2021 there were a th000 IPOs that
00:34:23
raised $280 billion last year there were 150 IPOs the rate 30 billion the IPO
00:34:30
Market is just literally dead it's it hasn't been this bad for this long in a
00:34:36
long time and we keep hoping something is going to set the starting gun for it again and I thought it was going to I
00:34:42
got this wrong I thought Reddit was going to ignite the market and it hasn't the IPO the IPO Market is still really
00:34:48
dormant it's just very um cold terrible
00:34:53
and will it come back with any of these some of these are promising companies obviously you would think but I mean is
00:35:01
this a cyclical thing or is it structural because it used to be you couldn't get these types of valuations
00:35:06
unless you tapped into deep institutional Capital but now that institutional capital is moved into the private markets and when open aai can
00:35:14
raise money to $300 billion do market cap which creates a greater value than
00:35:19
90% of public companies and you have you have opportunities or access to liquidity secondary Market
00:35:26
billion uh is that right something 40 to 60 but the point is do we need the
00:35:31
public markets the problem is is that yet again we are sequestering the majority of the upside of our prosperity
00:35:38
to the private markets that consists mostly of 0.1 percenters and institutional investors the people who
00:35:43
got to invest in Google you know retail investors have done exceptionally well same as Apple the problem is
00:35:49
institutional money figured out why are we giving away these gains to the retail Market we can capture them privately and
00:35:56
offer employees liquidity and have less regulation so unfortunately right now the retail
00:36:02
markets have become the last stop when you can't find private investors to take your valuation up and most of the margin
00:36:08
most of the juice has gets gets squeezed out so yet again the ipu market is
00:36:13
another indication of the fact that we're cramming all the prosperity into a small number of lack of interest in
00:36:20
being public in being it's not the thing you want anymore because of Regulation because of public
00:36:26
facing things I see I bet a lot of these companies may go private do you ever see one of the very big companies going
00:36:32
private that that is an excellent point if you look at some of the Fallen Angels and you look at the amount of money
00:36:37
Capital sitting on the sidelines in private Equity it's over $4 trillion do of capital waiting to be deployed I think we're going to see I did my
00:36:44
prediction deack yesterday I think we're going to see the biggest take private in history this year and it'll be in my
00:36:49
opinion my three favorite targets are Intel which is arguably the worst managed company in Tech over the last 20
00:36:55
years I mean it's one thing when your stock goes into the [ __ ] when your company's in structural decline right
00:37:00
Warner Brothers Discovery they can claim we're facing headwinds Intel has literally been in the best business in
00:37:06
the world for the last 30 years and they have been one of the worst performing stocks someone might step up I think
00:37:12
it's got a 70 or 80 billion someone might step up and go there the two others I like are Boeing and the third
00:37:17
is Target big big outstanding Brands decent management great businesses and
00:37:24
the opportunity to get them you know they're Fallen Angel they're on sale right now and there's so much money I
00:37:30
think there could be a club deal to take one of those one private those are the three would you be part of that one of
00:37:36
those I don't I don't think so yeah no I don't yeah that's interesting all right
00:37:41
uh oh when we get back we're going to be ready for audience questions so get ready to ask questions Taylor bring out
00:37:46
the liquor please thank you Scott you're going to have a shot you promised thank you you can do a little one you can do
00:37:53
it this is Taylor everybody Taylor who is amazing she's one of our go ahead
00:37:59
Taylor is from Texas where are you from Taylor Porter Anis Porter Anis yeah oh
00:38:05
my God hello anyway she's amazing we have an by the way take a moment all our
00:38:10
staffs on all our podcasts are amazing is is no they're great they have to put
00:38:16
up with Scott obviously um thank you Taylor okay give him the big one give him I'll take the little Texas boot I'll
00:38:23
do that one the boot give give him the boot okay give him the boot give him the boot trying to get me drunk yes I'm not
00:38:28
yes because I want to have my way with you okay goo there it is again thanks
00:38:34
for all right everybody get lined up and get ready to ask questions when we get
00:38:39
back all right okay um let us begin with audience questions everybody cut line up
00:38:46
here please stand up and ask questions of us start walking you can ask anything
00:38:52
you want anything all right you got to introduce yourself though yes please yes please
00:38:58
all right hello I'm Malcolm uh okay start here uh my question is how do you
00:39:03
guys go about avoiding audience capture and making sure you're not just going over the same points over and over again
00:39:10
because it's what your audien has come to expect from you meaning I don't even know what that means certain people like
00:39:16
Joe Rogan other podcasters have kind of gotten into a silo where they only talk about a certain topic because that's
00:39:22
what Their audience comes to expect from them yeah how do you guys avoid it's hard it's actually hard think about it a
00:39:28
lot especially because we have other podcasts and we're doing other things but one of the things that I think is important is actual narrative in in
00:39:35
stories and I think one of the things that's attractive about our podcast is you follow us over time right and I
00:39:42
notice when we talk to our uh our fans when they come up to us they like the
00:39:47
story about us about our relationship not just you know and they like the whole story and I think as we follow
00:39:53
things and we learn and sort of start to analyze it's not a bad say necessary obviously some of sometimes we worry
00:40:00
about the elness of it like at this point we get it but I got to tell you we're growing like it's hard to it's
00:40:07
like Trump you're sort of like stuck in a situation and he really is consequential and so you can't ignore
00:40:13
him but we definitely think about how to be fresh and not repetitive and that's
00:40:18
hard because you have to come up with new insights all the time Scott yeah I do think and we've talked about I think
00:40:23
we talked about politics too much and I think a lot of people came in expecting us to talk about tech and business and
00:40:31
often times sometimes justifiably but we are both passionate about politics and
00:40:36
we both feel very invested and we get triggered by some of this stuff but if we were purely about what I'd call
00:40:43
Purity of editorial and trying to be as appealing to as large a group as possible which oftentimes involves not
00:40:49
alienating 49% of the us we would talk probably less about politics but I don't
00:40:54
think but it's hard now because they're really [ __ ] in Washington these [ __ ] I mean it's really I always
00:41:00
joke case in point yeah I it's hard not to they're there and you know David Sachs is deciding on this idiotic crypto
00:41:06
Reserve you've got like they're all wandering I live in Washington now I moved and then there they are like the T
00:41:13
and I'm like [ __ ] how did they get here half half half half the nation is right
00:41:18
or center right I'm Center left she's crazy [ __ ] left no I'm not you are so much lefer than I am these days but go
00:41:25
ahead you think you really you've become somewhat of a San Francisco lesbian if I had to be
00:41:31
honest you have gone rather less you're more I'm more expecting the Trump people
00:41:36
right here let's get through as many as we can go ahead um my name is Tatum this is about uh trade schools and Scott it's
00:41:42
kind of for you but uh my family owns cosmetology schools and hair and skin so Cara you're certainly able to answer
00:41:48
this question okay no shade Scott uh you talked a lot about the diminishing Roi
00:41:54
on traditional fouryear college degrees and the need for more practical High earning career paths given the rising
00:42:00
cost of college and labor shortages in skilled trade what systematic changes whether in policy culture or corporate
00:42:07
investment do you think are necessary to reposition trade schools as a first choice pathway rather than a fallback
00:42:14
option that's that's a great question I'll start very quickly I think it's critically important they do it in Europe like all the time and it's not
00:42:20
it's without the shame of it there's something in this country thinking that college is a better option it's just
00:42:26
stuck in the minds of parents I think in a lot of ways I have a son who I would love to be a chef for example and go to
00:42:33
school I don't think he happened to like college and it went really well he gone he's graduating this year my oldest son
00:42:39
but I do think I thought a lot about like if he wanted to do other things uh
00:42:44
for my other son College was critical because he's going to be in Fusion Energy and he needs to be trained and
00:42:50
stuff but it's definitely the getting the this for some reason there's a stink
00:42:55
on the idea of it and this country and I don't know why because these are great professions they're very difficult
00:43:02
they're AI proof in many ways right and there I don't know why there is a sense
00:43:07
that that's not the way to go in this country it's true I'm a hairdresser but went to college first and yeah saying
00:43:13
one or the other a totally different reaction people yeah we don't have an apprentice culture and if you look at
00:43:20
there's so many factors that have led to young men struggling falling further faster than any other Co CT in America
00:43:26
and and part of it is like what happened to aot wood and metal shop 2third of males just aren't cut out for Liberal
00:43:32
Arts education they don't have the discipline they don't have the demeanor to get through college that's just not what they want and unfortunately a lot
00:43:39
of those jobs are passed to the middle class have been outsourced or no longer exist exist so what do we do about it um
00:43:46
I didn't like Biden's bailout plan of student loans I just thought that was creating more moral hazard and people
00:43:51
were going to borrow more money from a nice lady in a pant suit with an NYU logo I was saying your education
00:43:56
investment and yourself lowest payoff and then they get out and with a philosophy major and they have $130,000
00:44:01
in debt so I didn't like the bailout what they could have done and should do is the following if they were to take a
00:44:07
hundred billion dollar and take the hundred biggest of our public universities which are the best in the world and said I will give you a billion
00:44:15
dollars over the next 10 years if you do three things one you have to expand your enrollments greater than population
00:44:22
growth two you have to cut your tuition 2% a year which would result in 10 years
00:44:27
a doubling in the number of freshman seats at half the cost take it back to the 80s when I applied to UCLA and the
00:44:33
emmissions rate was 76% and the cost for all seven years of undergrad and grad for me at UCL and Berkeley was
00:44:39
$7,000 I am here because of the generosity of California taxpayers and
00:44:45
the third thing they need to do is at least 20% of their certificates need to be non-traditional non- four-year
00:44:50
degrees nursing specialty construction uh installation of HVAC these jobs we
00:44:56
need these people and and there's this this obnoxious self-aggrandisement I have given a lot of my money to uh UCLA
00:45:03
and Berkeley for what's called continuing education because they couldn't call it vocational programs because me and my colleagues are such
00:45:09
[ __ ] snobs we need think about how little the college degree has not innovated there's
00:45:17
amazing J I was on a plane with this woman who's the IV Whisperer she works at a hospital and she can find any vein
00:45:24
that's her whole thing when they can't find a vein on somebody they call her and she makes $180,000 working three a
00:45:31
year working 3 12h hour shifts that's a [ __ ] amazing job and she needed two years of training universities need to
00:45:38
innovate and they need to recognize we're not there to make ourselves feel important through this [ __ ] rejectionist culture but to train people
00:45:44
to have the economic security for them and their families one you have to grow your population your freshman class
00:45:49
faster than population grth growth you have to cut cost 2% a year which would inflation in 10 years would cut it in
00:45:55
half and at least 20% of your certificates or have to be some sort of vocational programming that's how we
00:46:01
take our universities to the next level and create more good message for democrats for example to to Big Ideas
00:46:08
and and also reignite give younger people quite frankly mostly men uh more
00:46:14
past onramps to the middle class I'm not saying you wouldn't see women but the the program I'm involved in 70% of the
00:46:20
people who show up who aren't cut off for college are men so many Avenues have been shut off traditional means to
00:46:26
economics security for men who are not quite frankly they're just not cut out as well for college they're less mature
00:46:31
they're less disciplined there's now more women in college it's 6040 globally now and by the way we should do nothing
00:46:37
to get in the way of that what I'm suggesting is let's not forget the people who are never going to go to college they're just not cut out
00:46:43
remember that guy in high school they were everywhere they were just not going to go to college but they could fix a
00:46:48
[ __ ] car they were really good with their hands and instead we got rid of
00:46:54
those classes and put in computer science and got rid of civics we end up with [ __ ] Mark Zuckerberg bring back metal shop that's how it happened all
00:47:00
right I'm going to cut you off we're going to try to get thank you for the question yeah yeah
00:47:06
hello my name is go ahead yeah my name is morit I'm from Germany big fan of the show we in Germany from where from
00:47:13
cologne oh cool most beautiful cathedral and the best beer in all Europe yes there are people who would argue with
00:47:19
that but uh probably you're right um yeah um so you talked about it on the
00:47:26
show recently um how Elon Musk interfered with the German election and
00:47:31
tried to bring our down our democracy as well and my question is um are we going
00:47:38
to see more of that and what's the end game here and as you often put it SC
00:47:43
what's the effective response probably and also if I'm saying I love you to my
00:47:48
wife who's at home is that going on the show yes yes it just did it just did um
00:47:53
love you I'll answer I just was in Australia and they're terrified of Elon Musk coming over there and doing
00:47:59
something like or Trump getting paying attention to them especially on their Online safety bill that they passed and
00:48:05
they're worried about they're they're absolutely worried about him funding they have a less uh active right-wing
00:48:12
group there but they're worried about him funding uh that group uh he's going to do it all over the world I don't see
00:48:18
him stopping I I think this is his he thinks I don't think it was particularly effective in Germany as much as the the
00:48:25
amount of I think it was a negative effect with especially with the most charmless person in politics they
00:48:30
doubled their results so they did but it was already on the way they thought it would be more they thought they'd really Goose it but JD Vance is the most
00:48:36
charmless politician in existence right now and I think that um uh you know when
00:48:41
they said Hillary Clinton was was likable enough when Obama said he's not likable enough that's why I don't think he's the next president or whatever um
00:48:50
but um but I think that he will continue to do so um Scott briefly
00:48:57
I'm not as worried about foreign Nations as I'm about the US I don't think we want to come to grips with the fact that
00:49:04
democracy and rights are now purely a function of wealth the r is almost one it's almost perfectly correlated and if
00:49:09
[ __ ] gets real and there's some sort of economic shock and they start rounding up people which which we have done by
00:49:15
the way in the past right Japanese families who were good citizens who had kids fighting in the European theater
00:49:22
we're rounded up in this country so we like to believe we're above that we are not but the thing thing is I have the
00:49:27
money to shove a bunch of Bitcoin up my ass and peace out to Dubai you're going to have to stick around and deal with this [ __ ] I don't know where I'm
00:49:33
going with this I know I anyways all right quickly oh I know where I am all right musk the wealthiest man in the
00:49:40
world basically in my view probably swung the election it so was like 48 48
00:49:46
in the two or 4% and then it's a small number of counties and a small number of states $285 million very smart
00:49:53
weaponized a platform and what do you know that's the I'm more worried about the us because the thing about Germany
00:50:00
and the UK is they're they're like money in politics let corporations and
00:50:06
individuals spend as much as are you [ __ ] crazy they're like we're not going to do that the whole point of democracy is the demo and and democ we
00:50:14
want we want checks and balances of a populace voting not a small number of
00:50:19
very wealthy people so in the UK they start to finish election in six month and it's much more difficult I think to
00:50:27
weaponize an election with just sheer brute force of money and if you look at the results in Germany I'm more hopeful
00:50:33
I think European nations and other nations have decided that money can't
00:50:39
pervert their politics to the same extent in the US a new playbook to Beyond you know other rich people who'
00:50:45
have done it in the past but I think he's given a new playbook to a lot more people and that is where he's been Innovative and unfortunately all right
00:50:52
quickly let's try to get through as many as we can hey I'm Charlie from Vancouver Canada he
00:50:58
Canada Scott the last time I asked you a question you actually asked me a question of what it was like to live in
00:51:04
an apartment above a meth lab in Canada okay what would your advice be to
00:51:09
Canadians today given everything going on between our two countries I I think
00:51:15
you're doing it just right I think your country seems reunited I can't believe Doug Ford is attractive as a a candidate
00:51:21
right now um I think you're all pushing back at a really terrific way I don't
00:51:27
3/4 of Americans see Canada as an ally 2/3 of uh or only one3 of Canada see
00:51:34
America's an ally now you want to talk about the most immoral and stupid
00:51:43
decision turning an unbelievable Ally and friend into an enemy the largest
00:51:50
undefended border in the world is the US Canadian border what does that tell you
00:51:55
about us they don't even know why we're trying to [ __ ] with their economy they're like why are you doing this to
00:52:01
this we know it's going to raise costs for all of us reduce our prosperity shrink the economy why are you doing
00:52:06
this and the answer is fenel the amount of feny that's come over the US Canadian border could be stuck in a backpack they
00:52:12
think it's less than 1% they don't even know why we're doing this [ __ ] and here's the thing about Canada followed
00:52:18
us into World War I we're ahead of us in World War II went over to year the European theater and started training
00:52:24
Pilots into Kosovo helped us fight the Taliban I love the question and I said this
00:52:29
yesterday um about a woman that Warr his friends with Warren buff I thought it was very powerful Holocaust Survivor she
00:52:35
said my definition of friend is I ask myself would this person hide me and do
00:52:40
you really think about that it's a very intense puncturing question about what
00:52:46
it means to be a real friend you know who's a real friend to America Canada in
00:52:51
the Iran hostage crisis the embassy there hid six Americans and at immense
00:52:57
personal risk got them out of Iran and then they stuck around if they had been
00:53:04
caught they could have been hanged from cranes Canada hid
00:53:10
us thank you okay it's I think you handled it very well we're handled it
00:53:16
okay here shorter answer Scott go well that'll be tough because I'm I'm going to ask something that pertains to
00:53:23
specifically to Scott I I'm Charles from Austin Scott admire the work that you do related to championing young men I do
00:53:30
Wonder perhaps if are there any similar efforts out there related to trying to
00:53:36
really challenge older men uh when it comes to this idea of leadership where
00:53:42
where are we so many of the problems that we have it seems to me could be better addressed if we had true leadership and I don't mean from a left
00:53:48
and right political point of view but honestly more from a uh just truly
00:53:54
leading and and being in a position where we at our core we know what's
00:53:59
right and wrong and having that overvalue or uh uh perhaps Step Above
00:54:04
just those Baseline what makes me more money concerns do you do you want to I I
00:54:10
I think the problem is older what my one time my son said and I think this is a common thing is we should send old men
00:54:16
to War uh rather than young men and maybe they'll stop like you know he was making the which seems to be a pretty
00:54:23
obvious Point um I think we really have a problem with the people above them and
00:54:29
and it affects younger men um as anyone who has a young young man as a son or
00:54:34
relative or something like that goes but I do think getting people to change at a higher level is much more difficult as
00:54:41
anyone knows like when you're dealing with someone like that it would be great but I don't think they change I think they get worse and more stuck in their
00:54:48
ways I don't know very briefly because I want to get to rest people my age are 72% wealthier than they were 40 years
00:54:55
ago people under age of 40 in the room are 24% less wealthy every major Economic Policy whether it's capital
00:55:01
gains deduction or mortgage interest rate deduction is nothing but a transfer of wealth from The Young to the old
00:55:07
right who owns homes and stocks people our age who rents and makes their money through current income salary young
00:55:13
people until we have a series of class Traders older rich people who say enough
00:55:18
is enough if we don't reinvest in youth what's the point of any of this for the
00:55:23
first time in the nation's history and I think all of our problems can reverse engineer to one data point for the first
00:55:28
time in our history a 30-year-old isn't doing as well as his or her his or her parents was at 30 and that's even worse
00:55:35
than a 50-year-old not doing well because when your kid's not doing well when your daughter's not doing well it brings down the whole house you just
00:55:41
feel bad about America so let me now list cor corporations and corporate
00:55:46
leaders there's a lot of amazing leaders Let Me Now list every guy my age in
00:55:52
Corporate America who is really taking a stand for America and the that made them
00:55:58
Rich all right we'll end on that one I'm going to do one thing I'm going to bring up a woman because we've had all men ask
00:56:04
questions so sorry first woman right there go ahead yeah I don't really care
00:56:09
what gender you are there's more than two genders well Scott I just my name is Leah I'm from Austin I grew up in
00:56:15
Houston I've lived in in this city off and on since the early 80s so I you
00:56:20
think you seen some [ __ ] seen some [ __ ] um and also I just want to let you
00:56:26
know Scott you are on my list of future ex-husbands
00:56:35
okay I feel you baby anyway so why don't you show your stomach like as if that's
00:56:40
the most attractive part he works harder at it than I do I guess um so my qu I
00:56:46
got a million questions I listen one quick question got a I want to make it quick um you and Ed talked about how
00:56:53
this is brexit 2.0 this is what we're going through in this country right now this election we just had is kind of a
00:57:00
brexit to AO like we made a decision or somebody I didn't make the decision
00:57:05
somebody did so how do we vocalize this how do we get active with people and
00:57:11
really have them understand that we have shot ourselves in the foot they think
00:57:17
it's a good thing so so brexit the kind of the probably the greatest self-inflicted unforced errors are
00:57:23
entering to Southeast Asia going into Iraq and in the in Europe brexit I live
00:57:30
in London it's like how can we figure out a way to make everything more expensive and reduce our salaries and they managed to do it elegantly with
00:57:35
brexit this is this is worse than brexit because it's essentially it's not only
00:57:42
morally corrupt and taking away rights for the first time in a history of a democracy but it's it's essentially
00:57:48
tearing up amazing 80y yearlong alliances with the world's biggest economy such that we can blow a
00:57:54
murderous autocrat this is economically stupid it's morally corrupt so what can
00:58:00
we do one try and not have the indignance I have the emotional reaction because I think it just tickles the
00:58:05
sensors of the right show up with facts Focus pick your punches on the one or two things I'm focused on Ukraine and
00:58:11
the deficit and quite frankly we just need to get very activated and send a
00:58:16
strong signal in the midterms in 26 and start working on 28 so I don't know what else to do other than to say let's be
00:58:22
focused let's not be emotional let's bring data and let's focus on uh the midterms and 28 yeah the Democrats need
00:58:29
a project 2029 a really serious one and then and get ready to put it in place all right
00:58:36
very sorry we only have time for one more question sorry right here make it sorry thank you so much uh David from
00:58:41
Boston I'm confess I'm a reasonably satisfied seven-year Tesla owner um
00:58:46
that's all right it's a good car it's a we don't think it's not a good car it's a decent car uh but at what point
00:58:52
there's no way that musk is attending to Tesla right a as
00:58:58
CEO the of he is noer chair starts to push back him being won't happen they've
00:59:06
made so much money made so much money and he's picked them he's handpicked them they've made so much money they
00:59:11
Robin denholm the chairman just sold hundred and some million dollars and also just to be fair to him he's clearly
00:59:17
got a talent at finding good people so I don't I don't think it's I don't think
00:59:23
he's been focused on Tesla for a while I I he doesn't we have a bias against Elon
00:59:28
Musk I don't know if you've noticed but he's he's clearly good at attracting and retaining very talented people because
00:59:34
these are I would argue these are well-run companies and but but his board is not a board of directors no it's not
00:59:41
they're not representing they're representing Elon and quite frankly he's been right he's created a ton of
00:59:46
shareholder value so if you if you've made 150 million bucks are you really going to like dress him down for
00:59:52
Tweeting or calling someone a pedophile you're like no I got 150 million reasons to ignore yeah there's some really good
00:59:57
Wall Street Journal reporting on this uh on the not just the money they've made as a board it's really quite
01:00:03
unprecedented this is not a board of directors that has any Independence in the way you think about a board and most
01:00:09
boards are not by the way but this one is a particularly in the tank for Elon and they've done well because of it so
01:00:15
the shareholder that they're most interested in is Elon Musk and that's it and the the company has suffered uh
01:00:21
because of it and when it goes you know we'll see it goes down but if he has a great car that comes out or if suddenly Robo taxi work that would be great I
01:00:29
just don't see it at this point going forward I had a Tesla I I had great car
01:00:34
he started calling me names on um Twitter so I sold it um and you know
01:00:40
right before I sold it I took a giant dump in the passenger seat back to you cara it's like an episode of White Lotus
01:00:47
or something anyway um who's in White Lotus
01:00:53
he is I just wanted to mention cameo face for radio yeah should I be insulted
01:00:58
when they call you and so you want you in light Lotus and they go but just your voice yeah just your voice well it's
01:01:04
really about you White Lotus is about people like you just so you know hot no
01:01:10
I am let's be honest iritating [ __ ] rich people am so I am so Sydney Sweeney
01:01:15
seriously seriously you're more Steve Z I think anyway the guy that showed his
01:01:21
nut sack that's correct and he's not going to do that right here for you people twins no we're not going to do
01:01:26
that we're not going to do that anyway I'm sorry we can't answer any more questions cuz we've got another podcast coming up um that's all we have thank
01:01:32
you for listening to your favorite podcast on your favorite podcast platform for for and for watching and
01:01:40
for watching us on YouTube we're we're killing it on YouTube this for some reason I don't know why uh be sure to
01:01:45
like And subscribe to our Channel we'll be back next week we'll be back next Friday with more pivot Scott please read
01:01:52
us out Today's Show is produced by Laren Aon Zo Marcus and Taylor Griffin Ernie
01:01:58
NAD engineered this episode thanks also to Mia Saro Dan Chone and Drew burrow n
01:02:03
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01:02:16
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