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It's the only business software you'll ever need. It's an all-in-one fully integrated platform that makes your work easier. CRM, Accounting, Inventory, Ecommerce, and more. And the best part?
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That's Odo.o.com Support for the show comes from Odo. Running a business is hard enough, so why make it harder? With a dozen different apps that don't talk to each other. Introducing Odo.
It's the only business software you'll ever need. It's an all-in-one fully integrated platform that makes your work easier. CRM, Accounting, Inventory, Ecommerce, and more. And the best part?
Odo replaces multiple expensive platforms for a fraction of the cost. That's why over thousands of businesses have made the switch. So why not you? Try Odo for free at Odo.com.
That's Odo.o.com You come in for the photo op and then you bust up to your suite. And I'm sitting here drinking back coffee in a conference room that makes the hotel more charming by leaving it. So literally you come and then you leave. Stop complaining.
Stop complaining. I got things to do. I got plans today. I got to go visit Magic Leap.
I got to go find some pet bros to tell me how much better it is than Miami. I've got a lot of things to do. And then I'll be back for a party tonight. Where is Magic Leap?
I know it's in Florida, but where is it? It's in Plantation, Florida. I'm going to drive up there. Go see the thing.
I'm interviewing the CEO, Peggy Johnson, who I've known for a long time from Microsoft. So anyway, explain to people why we're here. Why in Miami? I never come to Florida.
What is the reason here? I like Miami quite a bit though. It's our first pivot Miami. It's our first.
We're bringing pivot to the people. Yeah, pick up the energy Scott. We have our big thing. It starts tonight with a party.
And then tomorrow we have a day of events. And the next day we have a half a day of events, correct? Well, I want to get kind of, I realized this is going to be a busy few days for me. So I went to the living room alone this bar and had about eight drinks and spoke to a lovely woman named Jazma.
Jazma. Daddy went deep in the paint last night. That's why my voice is deep and I'm a little bit slow. I say, yeah, when I pick it up, pick up the energy Scott.
We're here live in person. We just made a hologram, which was very exciting to greet people and Scott showed off his tummy, which was of course an on-brand. We're such douchebags. We make a hologram.
I mean, you make a hologram. No, not more than many of the people here in Florida. No, I don't think so. One of our staff.
One of our family. One of our staff was greeted in the hotel by someone from Florida who was like, oh, you must be, they were wearing masks and the other people weren't, which is fine. Everyone can make their own, as Jared Paul says, everyone makes their own fucking choices. Anyway, so they were greeted like, oh, you must be from Miami.
Everyone else is over COVID. And they didn't know what to say. I'll hope you don't get sick and die. I think it was the answer.
But actually, I have a, what you should say is if you're from New York, you go, yeah, I'm from New York. And another one of our expressions is go fuck yourself. So anyway, it should be a fun time. It should be, there's a lot of, a lot of situation going on here, but it'll be fun.
This will be fun. This will be really great. I'm excited. We've got a lot of, I recognize some people.
A bunch of people got early. It's spectacular. Beautiful. Beautiful.
It's a beautiful location. Anyway, congratulations, by the way. I watched last night in my room when I got in, that our flight was delayed because of ice in DC. The Rams?
The Rams did it. Yeah, I was kind of, I mean, a little bit hoping that Cincinnati would win only because I think it would mean more to Cincinnati than LA. Yeah, they did very well. They did very well.
But it was a great game and I watched it. One of those nice things, my sons earned it. So watch it with my sons. That was nice.
Yeah, so congratulations. Go Rams. Yeah, it was the last minute or two. It was a great game.
And you know, of course, obviously the, I think everyone should feel good about it. Everyone did a really good job. So, and that kind of bengals quarterback, even I think he's adorable. I'm sorry he didn't get to win at 23.
He's probably going to have a hard life from now. That's not a quarterback. That guy's my paper boy. I mean, literally he takes out his helmet.
He looks like a kid. Yeah, he's really very talented. Everybody was good. Everyone was good.
I was happy to win. I think everybody liked the halftime except for Charlie Kirk who said it was sexual anarchy, which great. That's my, that's my boy band. I'm sure everybody's band is named God.
What is wrong with these people? He took a break from burning books to talk about to insult, you know, a very, you know, focus on rap and hip hop. Yeah, that's a little break. Just a moment.
We need more sexual anarchy. Young people aren't having sex. People aren't forming households. People forget.
I mean, that in addition to being just a shit ton of fun sex is also a key step to establishing a relationship and what far right weirdo should be worried about is that people aren't having children or forming relationships. And I hate to break this to you, but 90% of people are 98% of people that live outside of Utah. Like that's a component to establishing a relationship. People aren't having enough sex.
They need to get out there. They need to take a rest. I need to have a few cocktails. Yeah, I agree.
Go. We are pro sexual anarchy here and it's Miami and everywhere else. Sexual Bolsheviks. I know it's crazy.
Again, they took a break from burning books to do this to make a comment. So there are crypto ads wherever Larry David, LeBron, Jim, and Larry David. One was funny. Yeah, that was funny.
It's a safe and easy way to get into crypto. I don't think so. And I'm never wrong about this stuff. There was ads for sports betting companies.
I thought I ran an ad for the metaverse with about an animatronic dog who loses everything he loves in life and spends the rest of his days in VR. Pining for his youth. That was weird and strange. Someone should work on it.
Again, and I know I'm a little mono dimensional here, but all comes back to sex are specifically lack of sex and that is people are looking for Dopa hits from their screens, whether it's gambling or whether it's crypto, which everyone's going to pretend is the future, but it's mostly about gambling and or speculation. And that's, you know, I'm at that point in my life where everything I see is sort of indicates the underlying decay of our society. Oh dear to God. Anything here that doesn't involve Dopa or get rich quicker or much of celebrities catching in, which is a right.
Oh, I will say. Oh my God. Howie Berry makes the most beautiful Cleopatra. Gosh.
She can't stop staring at her. Yeah, she's really, she was too nice. I thought some of the ads were going to like the Joneses. Keeping up with the Joneses.
I thought that was adorable. Joan, that's keeping up with the Joneses now. Oh, who won the ad? Oh, come on.
There was one ad that invested all of them. Salesforce. Not that anything would do with your own. Oh, yeah.
Yeah. It's a hard betting off. Congratulations about that. That was neat.
That was the new front here. Right here. He told me, hey, wrote that. That was a public service announcement.
The people of the most options in the world want to leave Earth and you want to stay on Earth. That was great. He said Matthew McConaughey wrote it. Anyway, we are, as I said, coming to you from sunny Miami.
It's a little bit cold today, but it's much warmer than anywhere else. We have pivot. We're going to talk about that. And we're going to talk about Facebook and AI.
Just first, the ambassador bridge between Detroit and Windsor is open again after police removed the last halldows protesting. It wasn't that many people, which was amazing, but they certainly had an outsized presence on social media everywhere else. They are continuing in Ottawa. I think they're going to probably lose the patience of regular people.
They made their point. I would have moved on from them. I'm not sure what they're holding up or accepting the most annoying people on Earth. I think there's a point where these things shift into not a good thing.
But anyway, auto manufacturers are happy. The bridge blockade. I think they'll probably peter out, which is how these things tend to do. It's sort of someone said it was a long running January 6th in Ottawa, like it kept going, but they're not doing any favors themselves with the flat and the Nazi flags and the behavior they have.
But whatever. I think Canadians will have enough of them pretty now, pretty much soon. I don't know. I like how Rand Paul weighed in and said he supports the truckers.
I'm all for it. Civil disobedience is a time-honored tradition in our country from slavery to civil rights, to you name it, peaceful protest. Clock things up. I think we should block Rand Paul's home from getting to the DC.
By the way, Rand Paul has a distinguished honor of being the only senator who's been beat up twice in his own home. He was beat up by his neighbor and then he had some fundraisers over. I mean, you get the sense. This guy is not that likable.
I don't know how to handle Rand Paul. But I don't understand this. Why don't they just use the same technology they have when you're going too fast in Germany or you're in the express, you're not supposed to be one of these same sort of technology. You just take photos of all the license plates and start finding the owners of the trucks.
I don't get it. Anyways, I don't support. I think this is a form of economic and what the term is. I don't call it terrorism because that's a bit of a leap.
But I don't say I'm the truckers. I don't get this. What do you think? I don't get it.
I think there's a point to be made and of protest is fine. I'm always for protests typically. But I think they've taken it too far as always. So did a lot, you know, the one in the Occupy Wall Street actually that was okay.
I think they tend to overthink their power and then they overdo it and then they become what they're decrying in some weird way. You know, they're just having a party. That's what it looks like to me and at other people's expense and whatever they look like children at this point, they can make you can make your point and I think it's also been hijacked by a lot of other forces. So, you know, typical, typical.
Anyway, it's good news for auto manufacturers in the bridge book. It was hard because one of the stories was saying that like so they put the air out of their tires and then broke their oil lines and the people in charge of towing trucks wouldn't do it because these are their clients. So that was an interesting thing. I mean, they're smart in that regard and they're super organized and apparently a lot of military ex-military people were ex-police were running the show, which okay, great, good for you.
Anyway, speaking of auto manufacturing troubles, Tesla faces a lawsuit from State of California where the labor space racist harassment, the department's fair employment, the housing says that black Tesla workers were signing more physically demanding work. If you read it, it's pretty bad. Tesla is saying these claims are not factual. We'll see what happens.
They said it's a result of a three-year investigation. Of course, these move to Texas. We'll see where this thing comes out. They're definitely going to fight it hard for sure.
But a lot of these places are facing sort of workplace issues as it's not a big shock in any case. We'll see where it comes out. Has anyone done any reporting here though? There's one of those things where, you know, stuff so ugly and kind of just think we'll let the law do its work and let the investigators discover, do their work.
It is, you know, you hate to politicize this. But it's impossible not to with a company that just stuck up their middle finger to California. And I think they were careful to point out that this is a three-year-old investigation. Yeah.
You know, this stuff is just so. And then you think, okay, it's kind of click baity. Does anything with Tesla is click baity? Yeah.
Has there been any good reporting on? There's been a little bit. There's been a little bit. But I think it's, I think we'll see in the court and how it comes out in terms of how it's going.
But there has been some reporting. I think, you know, Elon obviously had the run in over COVID with California. It's not a great relationship. He's left.
He wants to move stuff. So, we'll see where this goes. But Tesla is saying this is just not accurate. It was old either.
Some of it was old. Some of it happened and then they fixed it, et cetera. You know, I think it's been an ongoing issue with a lot of these auto firms, other things in the news. CIA might be spying on Americans according to recently declassified letter from two senators on the intelligence committee.
This comes as a zero, speaking of a surprise. Senators, White and High Rec requesting information about the CIA program meant to target foreign governments, individuals, because it also may be collecting information about Americans. You know, after Snowden, I'm not surprised by anything. Yeah, we're on different sides of this one.
I feel that because I mean if you think about it since the Civil War, you know a couple submarine spotted off the Pacific Coast Obviously the tax on 9-11. We just haven't incurred the same sort of damage or bloodshed America's really never been had a long-term sustained attack on our soil and I think that Americans I think Americans take for granted and don't appreciate I think we take for granted our freedoms and how Many people sacrifice to maintain those streams. I don't think people appreciate just how many well-funded and organized and intelligence Organizations and individuals absolutely want to disrupt our way of life and I'm kind of down with a pretty broad license I know a lot of people in our security apparatus I find in general they're very good people who are patriotic what I'd like to see what I was want to see is a lot of Daffle oversight by judges, but I'm kind of on the side of Kerry and Homeland that it's I want to give further tools and the technology To fight the bad guys so I tend to err on the side of I think it's easy to be a purist around privacy around the stuff and not A dangerous world is I also think it's very dangerous to give government these kind of tools it never leads to good things Ultimately and I get the idea you know sort of the things are women attacked I get it. I'm aware I'm aware that it's a mean world But you know Dick Cheney attitude, which is what he did, you know the revelations were pretty like wow They're really they once they get these tools in their hands They use them and then you know what they use them and then guess what you have another a smart Trump Just not good and you know they'll blow past every single thing to spy on people and use it for all cut You know just like I'm not interested in China.
I don't think they're any better a while ago The CI said they would never they would never physically harm or assassinate a US citizen regardless of what they have done They have I mean, but I'll go there's a lot of nuance here I don't think enhanced interrogation techniques which was just Latin for torture should be allowed I think that's a stain on our moral fiber and our social contract We have as Americans, but when Obama shows up to the summits and this kind of was exposed And he knows what everyone's because of listening devices and the good work of our security apparatus He knows what the Chinese and the resilience are gonna ask for I gotta be honest. I'm down with that I don't I think they do the same to us and I like having the best security apparatus in the world Yeah, all right. Well, I think I think we've got to have our judges and courts involved because accountability It's just I guess I watched too many mission of hospitals except one of these I believe genre and I assume they're watching everything I'm assuming I'm being phoned even even unimportant people like you and I You're right. They're quite sure you're right.
The question is as you referenced Do we have thoughtful laws and judges that ensure you can't go on fishing expeditions and that unless there's evidence of some sort I mean, I don't think they should be able to collect this data and use it as evidence for the majority of crimes I'm talking about national security Alright, well, yeah, that's they use that for everything. They use that as a fig me for everything I was sort of down with Apple during the whole James Comey fight that they had I was our first big around other teeth as a couple remember that tip wasn't you so I texted me angry texting me late at night Which is not the kind of text I want to get late at night just FYI And Apple Well, you know, it just you know what they have a FBI they can figure out they don't need to open some couples cell phone They figure it out. Well, you mean terrorists you kill 17 people and might might be part of a broader attack Out without Apple exposing the most of people in America. They can do it.
I'm sorry I was asking for it. But anyways, I'm leaving Miami. Let's not read it I fired my secretary with a short-term thing get over it. Let's move on for the children.
Let's move on Okay, let's get back to you. So wrong. Oh my god. You're such a fascist anyway, let's get to our big story Our most influential people in tech a business or Miami this week for pivot.
I'm a and Scott Galloway is also here That's right. So what do you think? Where are you feeling about this? How are you feeling besides your hangout about this first thing?
It's a yeah, how's it? How are you feeling? Who are you? I'm a little nervous.
This is kind of good. You've done a lot of this Yeah, I'm a little nervous. I woke up last night. This is happening anymore.
I've been waking up in the middle of the night like anxious Just like worried about you. Oh, it's because of this it is I spoke at a conference on Thursday And I sometimes I know this is gonna come as a huge shock to you But sometimes I read the room from some people and I really offended the people I Don't want to say it because they're good people and I fucked up And I'm like and I'm not sure and sometimes over estimate if how much I find it I have an inability to read the room the problems as you get older you become more empathetic Which is both a good and a bad thing But I literally like a couple times in the last month I wake up in the middle of the night anxious about something No, no, no, no, no, no, no, no, I always nervous. I've done 20 code This is gonna be my 20th in September. I get nervous before and unhappy before it too It's just you just never know and you don't know it's always like it's a thing about you Like do they like me essentially, you know, not for me?
I don't really give a fuck But it's still it's hard and these we have a great staff working on it It's gonna be great, you know, this is where entrepreneurs and this is the way it goes This is we put ourselves out there and that's how you should think about it Yeah, this is a great point and there's a learning here and that is entrepreneurs real estate professionals and entrepreneurs are the wealthiest people in our society and wealth is a function of ROI ROI is a function of the risk you take and I was tell people that the reason why entrepreneurs are Get such and correct and garner such incredible wealth and upside if it's successful is that the majority of people just aren't willing to take that The risk of public failure and that's what throwing an event is it's if this doesn't work If nobody shows up at the socks, it's public failure the majority of failures are private in relationships Or if you invest in Solano and it goes down 90% You don't it's not public that you're an idiot and you bought you know You bought Robinhood at 60 bucks now. It's at nine or whatever doing an event starting a business or even if you will writing a book writing an article You're kind of subjecting yourself to the greatest risk and I was public failure. That's why the upside is a great work So look what you've built the code. Yeah, you know, it's really it's hard to do events But this is good.
I'm glad we're here. I'm glad we're doing it person the first one is always hard Scott is you may know that But it's gonna be great. So are you practicing your presentation? You're gonna do a presentation?
Do you have your entrance music? What was the deal? No, then I was I was the night before I get my team together and we're up to like to risk in the morning going through slides and trying to find Data and all that stuff. I just want to go back to our previous point because I think it was in here What I tell you when I tell you young people I'm telling you nothing really wonderful in your life professionally or personally It will happen unless you subject yourself to an uncomfortable risk And that is you know expressing your emotions taking risks with relationships taking risks with business If you don't if you don't take a really uncomfortable risk on a regular basis, you're never gonna have outsides returns.
Yeah, yeah Yeah, it's true. It's true or else it does not work I mean I sometimes tell that to people like don't worry about it. It's just gonna work or not But I have to say it looks beautiful. The staff has worked really hard I'm always surprised by things that I didn't it really looks amazing the schedules great with all these great speakers We're trying to do very strong.
I'm excited about everybody. I like the whole thing. I think it's very interesting I'm super excited for Carolyn Spiegel corn audio doesn't seem obvious now That's sort of an art plan. I think I swap the motor is he's a he's I want to hear him I think I think the I'm excited about the crypto one We have with Isaiah Jackson Brandon Buchanan and cleave messadore talking about where we're going Isaiah Jackson course We're at Bitcoin and black America and he has a show a co-host of the gentleman of crypto I kind of like we David Solomon and I had a Goldman Sachs Meredith Levy and so a lot Jonathan hate we've got tons of people It's really I think and then of course Brian Chesky who's the CEO of Airbnb I'm excited to talk to him I always like we you and I gonna do that together we have the mayor of Miami-Dade County Daniela the Levine Kava We're gonna talk about what Miami's gonna do from a climate point of view.
So it's gonna be cool What is it gonna do we're gonna move to fucking Tampa? That's what we're gonna do. Yeah, that's exactly right? We think we're gonna do push back the ocean.
We have a panel with the two parlor and getter the two Social media sites and Casey Newton's gonna do that one and it's gonna be fun. It's gonna be great I'm so what is your entrance music? What is your what is your entrance to me? No?
I was you daphne bonk. All right He's gonna do I think I'm very excited. I don't like going in the 60s. I think it'll be interesting I think it'll be super interesting.
It's a really solidly good program is here in Miami very excited. I'm anxious I really am anxiously I don't know what the fuck is going on are like you know, Dr. Jeff swisher is here He could give you some drugs. I said well did he bring his prescription pad.
That's all I care about sure He could help you out sure he's caring. I'm interviewing him for my CNS. Oh, I know I know Very sorry not that we're desperate. We're interviewing your family for CNN now Okay, if you're not with us in Miami Don't worry.
We'll post some of the sessions in this feed in the weeks to come we want to share as much as possible Of course, we'll talk and write about it and etc. Okay, Scott. Let's go on a quick break We come back we'll take a listener question about artificial intelligence Support for the show comes from Odo running a business is hard enough So why make it harder with a dozen different apps that don't talk to each other introducing Odo? It's the only business software you'll ever need it's an all-in-one fully integrated platform that makes your work easier CRM accounting inventory e-commerce and more and the best part Odo replaces multiple expensive platforms for a fraction of the cost That's why over thousands of businesses have made the switch.
So why not you try Odo for free at Odo.com. That's O-D-O-O Dot com Support for the show comes from Odo running a business is hard enough So why make it harder with a dozen different apps that don't talk to each other introducing Odo? It's the only business software you'll ever need. It's an all-in-one fully integrated platform that makes your work easier CRM accounting inventory e-commerce and more and the best part Odo replaces multiple expensive platforms for a fraction of the cost That's why over thousands of businesses have made the switch.
So why not you try Odo for free at Odo.com. That's O-D-O-O Dot com Okay Scott. Let's pivot to a listener question You've got you've got to keep the leaf. I'm gonna be a male man.
You've got male Hey Scott. Hey care. This is Brad. I'm a senior at UMass Amherst I'm studying electrical engineering but focusing on AI Facebook stock has obviously been tumbling and their social media players might be stumbling right now But they have one of the best AI divisions and I was wondering if they maybe have a play where they can pivot into AI rather than just social media Thank you.
Well, that's interesting. I'm obviously they have one of the best like they Amazon Google probably higher than anybody Apple They all have very strong AI divisions. I think it's part of their businesses, right? I think that's really whatever their business is whether it's selling or devices and that they've had an in-house AI research labs since 2013 They have a AI protocol called PyTorch.
It's an open source protocol, which is unusual for Facebook So, you know people are that mark has always counted on algorithms and AI to solve the problems of social media hasn't worked yet So I don't know what do you think Scott? I think it's sure sure It's gonna be part of their business Yeah, they use it to differentiate or make their advertising more relevant or targeted or figure out that they're you're gonna watch You for you episode three and three two one. So I think they probably core rails So today I what Facebook has not been able to do nor really has anyone been able to do as well as Amazon is the notion that I mean It's just in my I think Amazon's a better long-term investment Is that what Amazon's been able to do that Facebook hasn't what the young man is referring to is it if Facebook were to develop really strong AI Tools and then start leasing them out in a B2B fashion And that's the only company that's been able to pull that off. It doesn't get enough attention is Amazon and by the way Amazon's rolling out Healthcare Dave said I mean Amazon takes their biggest expense lines and says okay, how do we get really good at it internally?
How do we get really good at data storage? How do we get really good at media? How do we get really good at healthcare for our employees and then once we get really good at it? We're gonna start running it out to other corporations and start and turn it into a revenue center So the idea that Facebook would get good enough at AI to begin leasing it out on a B2B basis to other platforms They would probably I think go first to say we're gonna any website We're gonna socialize we're gonna incorporate social components and be the back end so you can make Your B2B trucking parts site and community more social if you will But no one's been able to no one has been able to do that to a fraction they sent I think it's you know They're trying to go to lots of businesses You know they're trying to move out of their business They're making business because it's so troubled and moving to other So media still and advertising still is the center of everything there And they have to make it better and easier to use and more sticky with people and they'll be using those techniques the AI techniques forever I think I think it's difficult one of the interest far had mind you had an interesting column today about which I've said a million times actually that one of the problems is they just aren't innovative as a company And that's their biggest problem the stock has remained stubbornly low which is interesting given how much money they make right?
And you said it was a buying opportunity Facebook at this point. I think you did correct I want to be clear I don't have a conviction around it not that that means anything I was complete I had conviction on Alibaba 180 and it's only 20 But Facebook by most traditional metrics given the fact it's still growing given the fact it's core business literally like just spews cash Looks traditionally inexpensive relative to where it usually is so yeah It's down 34% in the past month down 40% over the past six months year to date there down 35% one year they're down 20% It's I think most and in five years they're up 63% but still they lost a lot of ground They're down again today. I'm not sure why it's sticking continuing to stick in the same place while other tech companies do a lot better But I think most people in the Wall Street are nervous right now about it reckoning I think that's why but there's a multiple revenues I think Facebook now trades about the same multiple revenues as Twitter and it's much upside as Twitter has which I think it does Facebook is just a juggernaut yeah much better business than Twitter and I think even snap right now is creating a higher Multi-war revenues than Facebook So Facebook feels at this point It's trading like what feels like a more mature company and Facebook is still a growth company It didn't grow its active users, but it's still its top line revenues are still the majority of Fortune 500 companies quite frankly would pray for Facebook's business problems They wouldn't pray for their their scrutiny or that you know some of the bigger issues are facing But it's still if you just look at the underlying economics margin power market domination It's it's an incredible business still snap was at a high of 83 and so to end of September now It's down quite a bit to 41 it's half essentially, but it's up now It's been up over the past month quite a bit 8% six months. It's down 43% But you're right It's really it's interesting because they are I think there's some something going on with Facebook that people don't want to jump right in obviously Apple is doing doing great.
It's at all these highs that they're hitting today It's at 169 it's not as high as it's been over the past year But it's still up over the past month over the past you know It's actually one past months. It's down a little bit over the past six months. It's up 12% anyway It's an interesting time. It's an interesting time.
We'll see what happens to that company and Zuckerberg's gonna be We'll be interesting to see where he comes out. Oh, hey, by the way, has anyone has anyone seen Charles Samberg? Do you speak to her? Where did she go?
I have not I'm not reaching out to her, but I'm sure she'd respond if I reached out to her But I nobody has yet. She sort of disappeared in the background She has indeed she came out for a little bit and then went right back if you remember there was a point where she was talking About stuff and then she went it didn't go well kind of thing I think it's best to keep your head down over there Facebook Anyway, you've got a question about tech business or just want some good advice Just send it to us go to NY mag.com slash pivot or call us at 85551 pivot to submit a question for the show Alright, Scott one more quick break. We'll be back for wins and fails So we are 250 years into this American experiment and I say it's going okay. I give us like a C plus There is no perfect past But there is also no exclusively negative past because humans are gonna human.
That's what we do I think the story of America is the struggle of people who have not been included in the promise of America to expand those principles to include more people What's gonna determine the next 250 years of America? And how do we write a new social contract that can give us the democracy we deserve? Okay, so I'm just gonna be a jerk here because I'm a historian So we have to have a prologue explaining, you know, we the people Okay, you know, I just don't remember it from schoolhouse rock we the people I don't even form a work for you Yeah, that was justice what is it ensure domestic tranquility? So you're talking about a foundational document So I'm building a document that will protect American democracy.
That's this week on America actually This week on net worth and shell I'm joined by tanks and after the mean king with over 15 million followers across tank good news influencers in the wild and his personal account Tank is breaking down what the meme economy really is how much a single sponsored post pays why major brands are throwing serious money at jokes and how mean Culture think preparation age starter packs and a perfectly timed screenshot is actually reshaping how we think about money and value Get ready for a conversation That'll change the way you scroll make you rethink what going viral is really worth and prove that sometimes the most serious money moves are wrapped in the silliest jokes Listen wherever you get your podcasts or watch on YouTube calm slash your rich BFF Okay, Scott, give us some wins and fails and it can't be your conference your first conference that you are hell Maybe can't be that you gotta like pick it up give us your wins and fails You know, they should be more thoughtful about my emotions. I express my vulnerability on you. Yeah, I'm sorry Scott I hope the best for you I'm prayers my win like everyone else who spent time in York. I'm watching inventing Anna.
Oh, yeah Fantastic actress from it was Just boy, it's really compelling television and and be I've been taking a lot about our laws and we tend to think all right of jury of your peers you're convicted your guilty That's what's right But I think I've been taking a lot about okay Well, what are our laws and who are they protecting and granted only two episodes in but it strikes me that the corporations and rich people We just get too much protection and everybody else is sort of it's the wild west and this is another example I mean I granted this a dramatization, but it strikes me that she took money And I'm convinced that the majority of romantic relationships are basically a transaction of just a function of the cadence and the currency But I don't I'm really stuck on this notion of you know Just don't cross the law has decided we need to protect those vulnerable secretaries of state and Rupert Murdoch and Larry Ellison And then you know Americans are kids addicted to opiate opiates or have kids with eating disorders because of the media They're streamed with algorithms that are meditious. You know hey folks here on your own and I think this is another Evan I don't know what happens, but I know she ended up in jail actually isn't jail now I'm like, okay, she probably stole money from rich people in hotels. So now now she's in jail anyway I the long-winded way of saying the wind for me is inventing and I think it's really well done It's totally New York porn you get to see all this great fashion and cool traveling everything Also by Shonda Rhimes is doing it again showing a real talent for power stories about power I think she's really and then it's it's based on a Story I think by Jessica Pressler who's working with her who is a friend of mine who's wonderful And I don't know I think it's I think you're right. I haven't seen it yet, but the stories were amazing The stories were absolutely riveting at the time.
So I'm excited to To watch it some people I get some people don't it's still a juicy story and it's Julia Garner who's playing Anatelvi Just so you know, yeah, she's great. She's really wonderful actress My loss if you can call a loss I'm fitting it into loss is I found this thread from this young man I'm Twitter named Jacob Conger who looked at recent IP as a venture back software companies and it's really interesting care I'm we're seeing this play out pretty violently there were 60 venture back software and tech companies Then when public in 2021 49 where IPO six or direct listings and five respects and of those 60 guess how many are below Their IPO price. Oh all of them 52 Yeah, many of them are even down I mean only eight of them are above their IPO price and you have companies like I mean, it's just nuts Oscar health off 84% rent a runway of 76% Clover off 73. I mean these have Robin Hood off 61 I mean you're saying and what's gonna happen here and Essentially the tale the wags of dog here is the public markets because venture investment basically looks forward to write It's a successful company What will our liquid exit be in the public markets and when you see this kind of drawdown in the public markets?
It means for the rest of 2022 probably in third and fourth quarter We're gonna start to see a lot of down rounds in the private markets and I was talking to a partner in a bunch of capital firm Just just last week and was saying that their latest vintage on a growth is all under water So you're about to see a lot of articles on how some fairly well-known unicorns are gonna be forced to raise money and something no young Entrepreneur has any experience with and unfortunately have a lot of experience with this from the late night Money be thrown out there than not right right. Oh my god a down round. Okay, right envelope We raise money to hunt a pre money 120 million and within nine months We were raising money at 60 and we had letter You know we got serious. I feel Scott.
How did that feel? It felt like I was waking up in the middle of the night in a strange Miami hotel with no prostitute, but a lot of anxiety That's what it felt like here. It was some perspective. That was that was something to really be anxious about He didn't feel good compare them compare your name.
They prostitutes and she but no no. Okay. You know Hello, what do you think Patrick Patrick? Okay?
All right. Okay. All right. Okay.
So that's a good one. Okay. That's interesting question We should probably see a lot of down rounds because you know here in Miami. They're all like it's all up into the right You know, we're starting off fresh mayor Suarez that the other mayor who's on the stage Remember the Miami coin.
Yeah, and he put out a tweet. He put out a tweet saying that was getting fast adoption and Bitcoin It's off 80 or 85% and all these guys in the mayor of New York who took us pay in Bitcoin Yeah, I think after taxes. He's gonna get about I mean, it's just hilarious. I want it's not hilarious.
It's not hilarious But it's you know, I'm still it's fine. This is what happens. This is what happens, right? I like this is a big ole.
I have a I have a I have a fail. I was speaking of shows the Gilded Age. I really think it's terrible I just think it's terrible. It's this with since it's sent to the extent there's all kinds of people in it the costumes are beautiful It's essentially old money versus new money in New York and it should be a lot more enjoyable than it is It's really not and it's you know the first thing was someone didn't show up to someone's party essentially and I just don't like it It's just not well done.
It's by the guy who did doubt now being down now. He was delicious. This is not delicious It's just undelicious. It's the opposite of delicious.
I can no longer support sentinix and the way she treats Miranda is so selfish and I was like it's like I could never watch an Eric Roberts movie after star 80 He did such an amazing job for trying a homicide. I was really good. I could never watch anything with him I am holding I am holding Miranda responsible in other I was hoping it would be good not good. Also the J Lo movie Mm-hmm, but that one Wilson.
Mm-hmm. Mary may do not marry that movie didn't they make that movie like seven times already? Yes, I'd like to go watch the wedding planet go watch wedding plan or go watch me in America They're delightful. This is undelicious.
She's adorable throughout no, I'm sorry her cinematic people I got okay I thought she was she's been a great actress in many things that I forget the name of that one she played a Sticker was fantastic. Anyway, this is not good. He's liked it because I was a white head of a social guy's been dragged off No, yeah, I don't mind that's just another Tuesday for Scott Galloway and my win was the halftime show I thought it was great first time my kids liked it like it was great and I got rave reviews. It was great It was really well done.
I loved it by the way. I love the J Lo one many years ago. I think it was two years ago Anyway, I thought it was great. I thought it was well done.
I love every single person in it I thought they were fun whatever it's been all downhill since Lelande on that's all I'll say that's true. All right So anyway, it was great. I'm taking residents in Vegas and I love how I want to say that all these pearls are taking residents up in Vegas Okay, all right. Excellent.
All right, so we are ready to go Scott. We'll be back on Friday with more pivot Not with God. He's gonna be nursing his SARS into Lume, Mexico. I guess hello $1400.
How Ridiculous down there. I'm literally a cliche. I'm a cliche. I'm going back to DC to be with my lovely family They're all here.
What do you mean you're going back to DC? I've seen all of them. No, they're not No, man doesn't home on Valentine's Day. I send her beautiful flowers and stuff.
So it's Valentine's Day. Yes I know she didn't get me a Valentine, but that's okay Scott. It's okay. All right, I'll get you some Valentine's.
All right It's gonna be great Scott. Don't worry daddy came to play read us out today Show is produced by Larry Neiman and Evan Engel and Taylor Griffin Ernie and the Todd engineer this episode Thanks also to two boroughs and you'll still very well make sure you subscribe to the show wherever you listen to podcast Thanks for listening to pivot from New York magazine of Vox Media We'll be back later this week for another breakdown of all things tech and business nothing really wonderful ever happened you professionally or personally unless you take an uncomfortable risk