The White House UFC Fight, SpaceX’s Big Pop, and Fox’s Roku Deal

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Wow. Look on them. But first of all, where are you? I'm in New York. Well I know that.

You're at the Equinox Hotel. Oh, thanks for telling everybody. Yes. I'm sorry. You're not that important.

That's not a security risk. A bunch of gay men are going to show up and ask for autographs. I'm not going to grab her on you, but I try very hard not to say where you're. Find the nearest bar. I don't get hostile.

What did you go to the like?

“Did you finally go to that stupid UFC thing last night?”

I did not go. Oh, well, you had the energy to have it. I came home early and told you this to watch the world cup with my boys and go to the steak. I got that.

But are you enjoying the world cup anyway?

Oh, it's fucking amazing.

The Netherlands in Japan was an amazing game and I know you're very excited about this. Scott wins victory over Paraguay, one nothing. Scotland has so much momentum. You heard it here first. I think they're going to beat either Morocco or Brazil and if Scotland makes it to the

Scotland makes it to the quarters of the semis, I'm taking my kids to Boston. I'm going to go see it. So I'm doing it. It sounds fun. It sounds like a good thing.

It sounds very whole. And also the US, the US had a big victory. They did. They did. So anyway, I'm all about the world cup.

Well, good. Then I did you watch the next or not? Did you care? I hate to say it 'cause I'm super excited about New York. I fucked up leaving.

“I'd love to be in New York right now 'cause I think the city is electric.”

Yeah, I don't care that much about basketball, so I basically watched it on TikTok.

It was a nice win, though. It was a nice win. It's great for the city. The city seems like everyone is really unified. It feels very kind of demonstrates the power of sport.

Yeah. It feels really good. You're there. I'm not going to be here. I'm going to meet you in combat.

I'm going early to Paris to witness kids. Can, whatever. Can. What that's right. We're going to be in the South of France.

That's right. We are exactly so. Are you bringing the kids? Yes, I think. And a little one's not the big one.

Yeah, you got to learn how to travel. The point of travel is to escape the children. No, I like kids. Let me get to the point. The next.

So it turns out I was sitting next to a nick all day during that devil wears product. I didn't recognize Carl. I had the knee tounds. I was sitting with both of you. I had no idea.

He was so sweet when he was being interviewed. They're usually pretty easy to spot, especially in contrast to carousels. I know. But you don't. I guess.

But I just don't want it. I just didn't know. I knew he was a sports figure. Anyway. I was sitting next to me all day.

I looked like such a nitty. But he was so. They were also good. I don't usually watch basketball. But I have to say a ball of them.

I like basketball the best. If I have to watch. I thought I was very heartening. Everybody, everyone watching it from the streets and just New York really makes me want to live here now.

I have to say I shouldn't say that too loudly around the madness. You do live there now. I know. But I mean full time. I was like, it's such a nice fly, but New York is such a great fly.

And in a contrast, the UFC really soiled itself with that idiot player saying that terrible thing about Michelle Obama.

But yeah. Whatever. I was weird. No doubt about it. I was unfortunate.

Let me let me let me let what happened president Trump celebrated his 80th birthday

rings side with this UFC freedom to 50 were fighters competing in front of a crowd of 4,300 with the actual White House as a backdrop as a marketing thing. There's a lot of marketing going on whether it was Bud Light or whatever. They met. I had.

Did something very notable. They were giving these glasses to blind service members. I think they're their brand took a hit for being associated with it. Anyway, the guest list reads like a host whoops of power, tech and money, Zuckerberg was there.

“Who's a big fan, and this is the only thing I genuinely like about him, Gladys committed”

to that. Whatever. Joe Rogin was there. As you said, cabinet secretary centers, Lindsey Graham, look very happy, surrounded by muscled men.

Of course, Paramount CEO David Ellis was the audience as the event streamed exclusive behind a Paramount. Plus, paywall, nothing says the people like a paywall. We'll talk about that more in a minute because, you know, again, this one fight. They're grabbed into this cheap shot at Michelle Obama, which is part of a conspiracy theory

among the right. And they seem to be obsessed with her and they Obama's. Now, UFC CEO Dana White, later told Time Magazine, everyone knows my position on three speech, but I hate that kind of nonsense. I don't think you need to defend free speech, Dana.

It's just, as can't you just say, this is like horrible.

They always have to find some dumb excuse.

“That's a, I think that was a good comment from him.”

I think that's, that's the least he could do. But we, we disagree on this because I actually think, well, we're going to, I think the event was a win for the White House in, and to think to that dumb moment, which will get a lot of play, but I, like, I think that essentially, just the way Tucker Carlson is trying to shore up the Nick Fuente's Manisfier part of the party, there's still a large

segment of America that wants to embrace some form of masculinity and feels like it's been shoved aside. And I feel the same way about masculinity that David from fills about the border, and that is if Progressives don't enforce the border fascist will, and if Democrats can't come up with some sort of symbolism or role models that demonstrate strength and service as masculinity,

then the Republicans sort of filled that hole with violence and misogyny, which is exactly what they're doing. And unfortunately, it not only highlights this performative weird dominant misogynistic form of masculinity that is just, in my opinion, the absolutely terrible role model for young men, it highlights to me that Democrats haven't been able to identify anything around an aspirational

viewpoint around masculinity. I'm going to push back. Compass down 10% among young men over the past few months, it's what they're way down. Not because of this event. No, I'm just saying, it's just, I think this version of masculinity, you know what a better version

were the next, the way they were, and I'm not, I'm taking away the owner who I don't particularly like. And I thought they display, you know, a lot of, like, a support of women, if you notice

there was a lot of mothers, there was a lot of sisters, there's a lot of, they always talk

about, you know, the guy, the man that I'd run sent was, you know, he gave up a big pile of money to have other people on the team, include a cap, Charlie, and a cap. We want the ring. We want the ring. We want the ring, of course.

But it's like, it just shows like the difference of the watch parties was really rather insignificant. So if you want a version of masculinity, that's a version of masculinity that is very sporty, very masculine, it did a lot to heal the male loneliness epidemic. Have you seen people out in the street like that, man out in the street like that? Absolutely love it.

Yeah. I don't think there's any, there's any way to not highlight the next, the players, New York, what have you, again, I think that event and the pageantry and the flyover, and there's a large segment of America, the like that stuff. I like a flyover, by the way, I didn't, I'm not saying I don't like a flyover.

I think the, I think there are ways into this that are very, very clear that you can support things. I think it's, here, this is Monica Hass and the Washington Post, I think she did a great job. And she also is a big supporter of MMA by the way, she likes it.

The problem isn't the fighting on the lawn. People who love the UFC have had to sit through decades of presidents inviting poets and jealous and officers to the White House, and the turn about is fair play. The problem with Sunday's broadcast wasn't the fighting. The problem was the tonally incoherent, a motion of patriotism and bloodless history and

by this crap and event happening for the people but tucked behind a paramount paywall.

“I think that exactly, that's what it felt like, it felt like.”

And by the way, all the, all the cheap seats, they were, they were stuck in that one area of, they weren't at the White House, which was, this is what she also wrote. What do we make of this other than this is America? Bring me your tired, your poor, your huddled masses, advertising, Bud Light, and trucks in Loud We Trust.

Bring me your ringgirls dressed, skimply, and sequin stars and stripes, and your men with cauliflower, ears, and a bunch of sailors dancing to YMCA.

I also contrast the world top two, which looks wonderful and diverse and interesting. And the crowds are, I don't know, it's just, there is a way to appeal, and I think the Democrats should embrace it, but this was cramped task, and it got, the center of attention will be this idiot, this idiot who's had his head hit too many times, making an incredibly misogynistic, it's racist, it's just like, gross and no, but no man doing anything.

“That's what it, that's what it's, that's what it's, that's what it's, yeah, I look, her, her”

comments, her assessment is really, I don't know, the, the, the reporters commentary is really, really impressive, and I do agree the world cup, and the nicks are better. Look, at the end of the day, just politically, Cara, it was a total distraction and occupied, the new cycle from the fact that we have a shitty memo of understanding on something actually a lot more important.

Yes. We will get that, yeah. So just from, just from a distraction standpoint, it was, I think it was a whim. If they hadn't had that event, the media would have been much more focused on something that has much larger implications from the world, and that is Donald Trump walked into

a, you know, a car dealership demanding a Ferrari and is leaving with a camera because he's figured out he has bad credit. That he's overpaying for. Yeah. That's what we're talking about.

“At a minimum, and they probably was in strategic planning the timing, but I think that,”

I think anything did distracts from the sample, even if it's a terrible statement. I got it. I get it. Well, we've got a lot to say. The Trump administration, by the way, is fighting with anthropic, again, and SpaceX, of course,

went public. That seems like a hundred years ago, but, you know, speaking of paramount, got Justice Department approval, the word, the merger is just clear to key hurdle.

The dude just says its review found the roughly $110 billion he was unlikely to harm competition

for consumer or consumers, moving a major federal obstacle that deals and done yet, though, the State Attorney General, including California's just still reviewing the transaction could challenge it, David Ellison said the merger remains on track to close by September he's got to, because after that is so-called ticking fee would kick it, making the acquisition. More expensive European regulators are still weighing approval.

What's interesting to me is that the Justice Department apparently shut down its investigation into paramount's bid to buy one of others before career staffers even had a chance to weigh in, and those lawyers weren't just skeptical of the deal. They were actually leaning towards recommending the DOJ sue to block it, arguing to combine two of Hollywood's biggest studios would be bad for competition, but with the Ellison's

and Trump, the fix apparently was in.

“I think, you know, we'll get to the Roku deal, which actually Fox just bought Roku,”

but these mergers are just coming fast and furious, and I think no one was surprised by this. It's a question if the states are European Union can slow this thing down, but are you concerned with net-skate with higher prices, how do you feel at this point? No, look for that prices.

Yeah, the reality is if the economists, I talk to say that it's hard to say these guys

have a monopoly. When you look at the fact that the combined viewership still won't rival, you too, when you look at the revenue, it's nowhere near what the revenue is for the media companies to tech media companies. I talk about, so you can accuse them of overpaying, I did show them down my spine over

the weekend when I read that Mark Thompson is being considered as kind of the manager they need to come in for CBS News. The only one, actually, I was, when they mentioned, said no, go ahead, go ahead. But it just, I've done it, said it, she'll down my spine, I'm like, what, the Ellison's own CNN?

I was like, that can fully down, not fully dawned on, but from a straight, from a straight regulatory standpoint, there was really no, in my opinion, valid reason to block it. And by the way, I've switched on that. I was worried about the consolidation of media, but when you include competitors around watch time revenues, there wasn't, there really wasn't an economic argument.

Now, in terms of mergers, you're going to see a flurry of them because anyone who's thinking, maybe we'd like to buy companies, they're like, let's do it while doing is good, because if you get a democratic administration in there, you're going to have much more scrutiny around these mergers. And I mean, you already see, you already see Attorney General's A.G.s in blue states, getting

much more exercise about this merger than the federal guys, but it's going through, and

it'll be really interesting to see what kind of the first moves are or ramifications of

this consolidated company. Well, they've got that debt to deal with, you know, I'm just recently interviewed a whole bunch of big media companies that meet people, and they're all like, this debt is fucking ridiculous. They most of them are very much focused on the debt and the math and the situation.

of distraction, a lot of the rest, it's a distraction.

With the CNN thing, well, you know, my feelings on that, I'm leaving, as soon as I can. So you're out. You're out of CNN. Yes, yes. I'm trying to talk me into doing shit at CNN for 24 months.

No, that was before. You're not listening to me. Do you remember doing best in our relationship? I've been saying it publicly.

“Well, that's why that's why lesbians have the highest rates of divorce, because both of them”

are listening. Yes. It's important that in relationship that the man not listening a lot, that's key to this revival. That is key to the survival of our relationship is a lot of shit, that just runs right

by right over my head. Let me try to outline it. I don't want to work for the OS and I don't want to work for their hand-picked minions, because I think they're incompetent. That is what I've said over and over again.

And I like, I love working with the people at CNN. I very much like Mark Thompson, and I hope they put him in charge of this. Mark, I think he would do a great job. I just don't see any way that these people make good decisions. And I don't trust them.

That's it. I just don't want to. I don't want to work for tech people. You know, they're more than, they can, you know, I don't know. There's just, I'm not, I'm just not straight.

There's lots of places to go. I don't like you.

“I think TV's great, but it's not that great, like to put up with this shit.”

Like, I don't, that's one thing. I like, you know, I like making that series. I just, you know, I don't, except if I owned it, if they want to buy it, they can buy shit off of me, if they feel like it. But other, but I don't want to be, I don't want them to own something.

You don't think, see, I would argue for Kara Swisher, if they gave you an agreement to work at CNN and said, you know, like, we're just, this, this is the editor. And this is who's in charge of your stories. Why wouldn't you, you don't think you'd be able to fashion an agreement? I don't think they would do that.

I don't think they would do that. Like, if they would pay me every time, person, I don't like talks to me, I guess. But no, at this moment, no, not the way they're behaving right now. And this, by the way, this whole, like-- Hello Leslie Stahl, demand a stay because you'll protect CNN from this evil.

I am not, but I don't think I have that power to do it. Anyway, I, uh, there's lots of other options. And I, I'm on, under contract with them until, um, the end of the year, and I'm hoping they'll let me out early, because I don't want to fill you with them. That's all.

I left it. I left Murdoch, too.

“It's not, this is not a new fresh thing for Kara Swisher and Flans out.”

Do better, like, no one cares. But it says something. I just want everyone to know, I'm, um, I'm absolutely a heart and express of course. So, Allison, you have my number. Oh, oh, my herd about that was not getting to that issue.

You've got, you have my number. Yeah, they called you. I know that. I know that. By the way, appreciate that.

They had your number. You don't, we don't need TV. It says print honestly. We are TV with much better economics. It's just like a headache, and then I have to see them.

Anyway, let's go on a quick break. We come back. Fox is buying Roku. Support for today's show comes from Atio, the AI CRM. Every business has a CRM horror story.

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Scott, we're back speaking of this, Fox Corporation is buying Roku in a $22 billion deal, the Career Shape Palamericans watch TV. It's a big play for advertising based television. Fox gets access to over a hundred million households worldwide. Lots of people use this, combining its live news, sports, and to be streaming service

with Roku's massive platform. The combined company would become the third largest player in U.S. television by sharing a viewing, putting real pressure on the likes of YouTube and Netflix.

I always like Roku, Roku, operate under the Fox umbrella with Roku founder Anthony Wood,

who's a really interesting person joining Fox's board in a subordinate role. That's interesting. Fox's shareholder owns about 73% of the combined companies with Roku's shareholders honing remaining 27, and the deal still needs to sign up for both shareholder groups and regulators. It's interesting, because they deliver all the networks into living rooms.

It's almost like a cable company in a way.

“I think I'm using my Roku in Brooklyn, because I didn't want to get the cable bundle or”

something like that. I haven't hooked it up yet, but I've always liked Roku. I don't use it that much, but I thought Anthony did a nice job. I'm just curious, he can't get any bigger presumably as why he's selling. I think it's a great move. I had something I didn't see coming in the moment I looked at it.

I'm like this makes all sorts of industrial logic. Who else could have bought Roku just before you move on from that? Who else? Well, there's the obvious, there's the obvious Warner Bros. Paramount Disney. I mean, they have assets that are incredibly important, they have, I mean, they have

a ton of first party data.

They have first party data across 100 million households, which is a really strategic asset.

It gives Fox a direct viewer relationship, the cable and broadcasts never offered advertisers, right? Because you have the cable company in the way. Foxes projects 400 million and run right cost synergies. They needed this.

They needed this. It's a really savvy bold move. It is. I thought, oh my god. This is a lot of sense.

It's interesting. What's interesting is they actually sold their shares in Roku at 58 bucks a share at a funder acquisition of two, be another mine back in at 160. Foxle owned roughly 73% of the combined company. Yeah.

No, no, no. I just said that they had had shares before. Yeah, so my understanding is that Foxes actually, they had Roku shares in March of 2020,

and they sold them at 58 bucks a share to fund their half a billion dollar to be acquisition.

Yeah, which has been very helpful to them. So look, this is a company that's making a big bold bet, recognizing their core business isn't structural decline. I think it's really like, I think the folks at Fox are really smart. Yeah, this is smart move.

I thought that that's exactly I'm like, huh. But it is a big debt on advertising based versions of this, right? Because Roku is advertising based, and it's not subscription based.

“But here's the thing, if you look at the trends, subscription has been eating into,”

subscription streaming has been eating into linear advertising supported TV for the last 20 years. In 2024, it's stop gaining share. It's like 50, 50 right now, so, I mean, for example, I don't know if our listeners know this, they can watch pivot or property markets on Roku.

It's available. You have a channel on Roku and it gets huge, huge viewership. Is it a significant revenue generator? They're total revenues around 4.7 billion for you. For you.

Oh, no, it's, we launched two months ago, but my attitude is, if you look at enterprise value, just, and I'm trying to be transparent about what we're trying to build a property markets and what we're trying to build a pivot, if you're, the way you increase enterprise value and increase the multiple on your EBITDA is one by right now adding subscription revenue, which we're doing on Substack and two, having alternative distribution and different, differentiating

So what starts small, I think we'll do 100 or 300 grand in revenue from Roku or advertising on Roku by serving all of our odds on Roku. So what you want is, when you, if you ultimately think about enterprise value, it's a multiple of your profits and your growth, but what increases the multiple is how enduring that revenue is, I as much subscription revenue as possible and also a diversified set of revenue

streams. Right, yeah. So my attitude as, while it's been an effort to reform out our content and put it on Roku, it's absolutely worth it because what you want to say to a potential investor acquire is look at all these different points of distribution and types of revenue

mix that create a more, you know, a more enduring, a more enduring company. But just to get back to Roku, 4.7 billion in total net revenue of 15% year over year, platform revenue of 4.1 billion, that's up 18% gross profit of 2 billion of 15% last year was their

first gap, profitable year, the company reported net income of 80 million a Q4 alone.

So it's kind of hit that tipping point and again sustainable over 100 million households have Roku by at the end of 2025 and device hardware still runs at negative gross margin, but they sell hardware at a loss to capture platform users.

“I would argue that Roku is arguably the most important media company that people have”

never heard of. Let me just point to another person, actually sued young woman, Chief Executive Officer Tubey, this is a free ad supported streaming service they have and she was the previous CEO Vimeo, but she's expanded the user base, I think it's 100 million users and it's the most watch free TV streaming service, it's very quirky and you can find all manner of stuff

on there. But I think the two of them are very savvy, they're both incredibly smart, like that's the thing. One of the things I'm not you know, Malcolm Murdock, I just think was born into his job, but these are two, one of the things I just interviewed Peter Turnin for my podcast today

and another smart former Fox executives, one thing that Rupert's been good at is executives,

“like they're very sharp and you should listen to Turnin one because I think it was a great”

interview, but you know, just really smart executives and this is the case anyway, very smart, you can also, by the way, watch us on YouTube, by the way, we're very promiscuous, the entire Scott and Cara are very promiscuous. Anyway, let's move on to the other one, we like this deal. SpaceX of course, it seems like a hundred years ago, officially public and as one, Scott

Galloway predicted it did indeed close up on its first day of training and you would said it was going to be about 20% and not more, which is interesting, it was a 19 point something percent, shares are at a high of 177 at the time, is taping after the company's public debut on Friday, making the current market cap 2.32 trillion, you thought it might

be a scooch under two, it's first day on the market over 500 million shares traded hands,

a lot of movement here, Elon himself, of course, crossed the milestone, thanks to the pop becoming the world's first trillion here, there were some notable buyers, Gina Rinehart, Australia's richest person bought over a billion dollar stake in the company and Kathy Woods, Ark investment, bought more than $500 million worth of stock. So go through if there's anything surprising there, and also ventrifying for U.S.

space technology firms, excluding SpaceX, jumped $7.5 billion in 2025, from $2.5 billion the previous years, probably we'll say if that goes anywhere, because it's also a money can be a money furnace as you, the word you use, but any thoughts on where it is right now? So I thought that the bankers and Musk, and look, I think the most significant thing here

is that we've never seen such engineered manufactured scarcity, there was tens of billions

of dollars of demand for this IPO that has never existed for an IPO before. And then you combine it with the fact that unlike other IPOs that went public on the NASDAQ, it didn't have to float more than 10%, it only floated 5%, very scarcity as you said. So you've just created manufacturers scarcity now to be fair, it's up again today. So this is created a level of excitement in the market.

“I do think you have to highlight the positives here, and that is I never want to be someone”

to demonize the success. There are 14 new billionaires in Texas that you've never heard of. These people will give money away, they will start new businesses, something that's uniquely American is that we continue to produce companies like this and entrepreneurs like Elon Musk. It's going to create a lot of economic growth.

You're going to see a surge in philanthropy from Berkeley to the University of Texas.

It is, there's a lot of positives here. We're seeing venture funding and creasing in space-related projects. So there's a lot to like here. I don't like the manufactured scarcity and the what I'll call the overlying narrative of sort of like the hero's journey here.

And the numbers of certain businesses are not great.

Yeah, look, from a valuation standpoint, and this is what Musk has always been able to do,

is to create this narrative over numbers that's like no one else in history. But right now, the stock is trading 30% of the IPO price. And then he has also again, and I go back to governance, there's all these different lockups. If you trade on a certain platform in your botched hair, so direct share purchase on a certain platform, they technically don't have a lockup, but they, if they sell their shares, they

can't trade on the platform before, which is like a soft lockup. There's certain criteria around when you can sell it, this lockup is a certain amount of stuff. To be fair, Elon's locked himself up. I doubt he's planning to sell it as borrow against his stock, but what they've effectively

done what you're not supposed to do is they've created different classes of shares, which you're not supposed to do.

“So again, I find that this is, this is really inspiring and important and going to be”

great for economic growth on certain levels.

I also believe that this entire sector is going to have not a collapse, but a pretty serious draw-down when people after two or three earnings calls are forced to justify anything resembling a future that involves the kind of earnings built into this thing. Right. And then the rush to space technology for the same thing, they're going to over-invest,

which is normal, like I would assume, presumably. And that, and quite frankly, that's one of the great things about America, because we over-invested in the internet, and the technology survived and a lot of those companies came back. And that investment was good, but you didn't want to be one of the investors over-investing

in Italy. Exactly, yeah. Yeah. But I said somebody called me and I said this on pivot, someone called me and said, I have allocation.

Should I take it? And I said, take it and trade out on the first trade. If you buy it and trade out, you don't do as most people don't do as well, except in certain cases. Right.

There were all these really interesting statistics of buying and selling that were not good in the long run. Over time, it's just you've got to hit the exact right one, or you lose money most of the time. This was different, because so first off, trading out, trading out, you get short-term capital

gains at a higher rate. So there's a lot of evidence that shows that it just generally with investing, you're

better off just buying and trying to never sell.

It's just trading is a difficult game. I thought, and I said this, I said, they are going to manufacture a 20% pop. The bankers and everyone are figuring out a way to create a supply demand and balance that will exactly pack this at a 20% pop. What's impressive in punctures that theory is that it's up another 11% today.

And the thing that also just the thing that deserves a nod is the best VC in the world is not in Dries and Horowitz, or whoever initially funded SpaceX. Well, it's in my opinion, it's Uncle Sam, and that SpaceX investors and the banks taking

“SpaceX's public should remember that we would not be here today without grants from the”

federal government. In 2008, SpaceX was on the verge of bankruptcy, and would likely have run out of money if not for a grant from NASA. And the Golden Law. Same thing with Tesla.

And then the Golden Law of stupidity here, Trump is trying to cut NASA's funding by more than 20% this year. Same with MRNA technology, same with the government is one of the greatest investors about time if you could think about it that way. That's VC in history, whether it's a medical research for our universities or electric

charging stations and they would argue back, well, they're going to get their bite, they're going to get enormous return through tax revenues. The big debate this will stir is in America we've been talking about for decades now, what's dominated the conversation is how you create wealth. The conversation that is superseding that is what you should do with wealth, once you have

it. And so right now Elon Musk could buy all of Manhattan, every building, every condo, every

“part of with his, that's how much money he has right now.”

And whether or not this level of concentration of power, which comes in a capitalist society from money, presents a risk. And I'm of the mind that I think it's important that eventually and I'm in favor of eventually having trillionaires, but we should have guardrails over the power and progressive taxation,

Can I just say one thing I want to push back on and that you've created all these rich people are going to give to charity, if you look at the statistics, I don't think they're going to be charitable. I don't think they're going to do good things. I just don't, I don't think this class, I don't think Elon Musk has had a very good record.

So I'm not expecting these people to be, I think they're going to be on an ongoing quest for more money and more power and more consolidation. So I'm not impressed with their charitable thoughts. And I'm glad they're creating jobs, but they would immediately cut you if they had to.

“That's why I just don't think they have that.”

You're talking about, okay, but I think we need to parse that, and that is, if you look at billionaires and their wives, the wives have hands down, been more philanthropic. And it doesn't, and the, they quote unquote, billionaire masters of the universe have not acquitted themselves well on a lot of levels. But there's just no doubt, this type of wealth creation event is going to result in a surge

in philanthropy. It just does. Hopefully.

You're going to have a lot of people who wake up and have 20 million dollars and think

that I'm going to give 2 million bucks to the local food bank, where I'm going to give 50,000. I talked to, you know, I'm involved with the University of California, they're all revising their giving goals up for next year because of the IPOs coming down. And they have so many alumni. I'm not talking about Elon Musk, I think it would be, you could, you could make a credible

argument that he's not the most philanthropic person, I get that. And you can definitely make an argument that McKenzie Scott and Melinda French Gates are more philanthropic than their husbands. But when you see these types of liquidity events, local philanthropies surge in terms of, that would be great.

In terms of money, there's, like, there's, for all of SpaceX's problems and income inequality, there is an a nation on Earth that wouldn't kill to have those problems. I would agree, I just think it's going to go into political activism in a way that could be deleterious to most. Oh, I, I, that's where it's going.

It's not going to help in again. Let's be clear, Elon Musk, in my view, can probably decide who the next president is. Yes, that's correct.

He spent $250 million and had influence on the election.

Maybe he didn't decide it, but he had influence on it. What happens if he decides to put two and a half percent of his net worth or 25 billion or

“a hundred times what he spent last time in, and also to be, to be fair, are we comfortable?”

And he deserves credit, one of the, one of the things that doesn't get, he doesn't get enough credit for is he has turned off Starlink for Russia. And it is, it is put Russia at a severe disadvantage to Ukraine. And I think that is a wonderful thing and he deserves credit for it. Having said that.

Except if tomorrow he changes his mind. Well, that's exactly right. Having said that is should that power reside in a private citizen that has no government or electoral oversight, but the, like, it's a ton of economic growth, the banks made a shit ton of money.

You have a lot of people, 4,000 people became millionaires on Friday. I get it. I hope they're better at it. I just think that I'm not even, Musk is one thing, but I'm worried about others that are quite so broad.

I just, like, I always, whenever I say a box, I think that you lean, that you lean

at UL, INA, and I don't pronounce it, but they're, like, huge givers to crazy right went causes. And so I just, I'm like, oh, God, the box is the list of that. Anyway, I, I just hope that they, um, they, they, they are not a problem.

“Yeah, I hope that they're charitable, that's, that's what I hope anyway, let's go on a”

quick break. We come back. We'll talk about the Trump administration coming for Anthropic yet again. Support for the show comes from Vanguard. To all the financial advisors listening, let's talk bonds for a minute.

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Scott, we're back with more news, anthropic had 90 minutes to take down as the most powerful models, mythos, and fable, which is mythos, but the problem with version of it.

On Friday, at the request of the government who cited a national security threat, the Trump administration issue in order to barring all foreign nationals from having access, including anthropic zone, non-US employees, including, there are a lot of them at the top, essentially forcing the company to take it offline. The decision was probably made after a conversation with Amazon's Pandy Jazz, who told officials researchers in his company got fable to provide information to be used in cyber attacks.

In droppic went, sent staff to Washington, meet with the White House, which should have fixed the dispute, I'm sorry, I just think they're waiting for an excuse here to get in-thropic.

“I think maybe Jessie might have said this, but the minute they could, they jumped on anthropic, and of course, anthropics making the argument that every other model can do this too.”

And they're just cherry-picking. By the way, the company is also being sued for its $200 a month, AI plans with consumers alleging it oversold the usage allowances it offered. So that's that, and then, by the way, a coalition of states attorney generals have opened an investigation into open AI, the company was served with a subpoena seeking documents related to its activities and impact on users, including activity related to minors. And seniors handling of health data in company policies, early this month, the floor to become the first day to file a lawsuit against OpenAI and Simultment, alleging the two knowingly released an unsafe product.

That's an interesting, that's a separate thing, but this anthropic attack by the White House is really interesting, of course, they were just waiting for something to come out them as usual, David Sachs, just lies and weight. Yeah, I had mixed emotions here, because I think it's a good thing. I'd like to think that the government's involvement in acting crisply around the threats of AI is overdue, so I applaud the government moving and crisply and saying, we need to shut this down until we understand it better.

I applaud that the problem is, I don't trust these people. I don't know what their motivations are, I don't know if they're generally concerned about the well-being.

Yeah, that's the society, or if this is just politically motivated trying to shut down one company because you have political donors at the other. And it's supposedly, I just got off, I just had Ian Bremer on the pod, talking about Iran. He said at the G7 meeting, the shutdown of anthropic was a bigger topic than the memo of understanding and Iran, because if you're a foreign company and you've deeply integrated anthropic into your, your workflow,

“and all of a sudden it's turned off, you know, it's like, okay, does this mean the government has a kill switch for AI that when whoever it is is angry at them, just turns it off?”

So this is, again, this all comes down to the same fucking thing. You don't trust these people. And why isn't there a congressional like that everybody has to live by it? What does the media have a conversation? I'd like to hear from Andy Fuckin' Jassie right now. What did he say? Why did he, they're an investor in the topic, by the way.

But yeah, I agree. I don't trust these fuckers, and I think they're doing it to Nick App Dario, because he's been a nuisance.

Yeah, he's not their chosen. He's the one that said no on self-healing weapons or privacy violations. So he's on their shit list. And I love the idea, but Dario and Thropic would say, perhaps correctly, that these same jail breaks are things that the reason why they shut down are available on other models. Again, they're not a perfect company. I get that they ring sued for overalances. I just think there's going to be they are in the front and they are not going along with this administration. So you're going to see all manner of nonsense attacking them.

“And some of it, you know, I don't think they're perfect. I don't think, you know, I think he can be a little bit, you know, righteous.”

But at least it's righteous for the right things for on some level. And I just think this is it, as I said, this is not about

National Security. This is about a beef and a rumble between different Silicon Valley interests. That's it seems to be. We need, we need a panel or regulatory body. It's bipartisan with experts economists, philosophers who say, "Okay, maybe it shouldn't take 10 years to release an AI model for the public similar to the way it does for drugs." But we need 30 days in an institution or an agency represented by the brief Congress that says, "Okay, before you release anything, it's got to go through this

30, 60, 90 day screening where we bang the shit out of it." And everyone is subject to the same regulatory approval.

And that kind of regulatory certainty is good for their economy. It's good for companies. They want to know what rules they're playing by.

They don't want to have to think, "Jesus Christ, I got to go to a fucking UFC fight or fear that they're going to turn off my you know, my next version of this product, but supposedly it's created chaos abroad because a lot of companies." Sure is, yeah. And even defense departments and NATO members decide to use anthropic into their scenario planning or to figure out when to turn off and on, power that runs into hospitals and all of a sudden they've got to go, "Okay, you mean one

guy based on criteria we can't figure out has, again, a kill switch on an important technology in there." But to me, if you read Davis X's stupid excuses, he's such a pompous ass and I just trust none of this. They do not care about all of us. They care about this Silicon Valley beep and you can feel like

“the hand of others here. It's just, you don't trust them. Like you said, I think you put your nose on it.”

Now, what's more serious at these lawsuits in terms of how good their product is and whether it's accurate or not. That's to me where some of the real issues are going to come with all these companies, all the social media companies, everybody else. It's impact whether it's data centers or miners or bad health stuff or bad data, but unsafe products is actually where I think the action is. This is also, I think this has had it one way and that is it'll, it'll probably result in the administration,

putting all sorts of restrictions on a Chinese open-weight models, trying to come into the U.S. and disrupt what is becoming an increasingly difficult case to justify the ROI on these token expenditures. And so this is, again, going to take on its own sort of tariff field and geopolit. It helps to come in, like, mistrow out of France, who is not subject to the same things, although, supposedly, that's inferior technology. I'll be very, I wouldn't be surprised at all if

all of a sudden, Trump decides these Chinese, that American firms can't use these open-weight

“models coming out of China. But this is the next big political football. I think is who and how”

gets to use American AI firms and what AI, what AI models are allowed into the U.S.? I do think these safety things are building with parents and everyone else. I just do. I think the, as you said, the brand AI has gotten so many hits that's almost like this idiot who got hit in the head and said racist and misogynistic things at the U of C find. It just is getting. It is getting a bad rep and there's going to be legal implications, I think,

because I think people are upset and angry and it's not as Mr. Wonderful says about his data centers, the Chinese fault. It's your own. All right. Scott, one more quick break will be back for wins and fails. A.L.A.B. Premium Cafe in 1929. There are a few CubeCapsule machines in your ChiboFiali and on ChiboD.E.

state of Hormuz.

You already see oil prices from a high of $126 a barrel down to about $80 a barrel today.

That's a lot of progress. The war, of course, drove up the price of gas and other essentials and has led to some ugly polling for President Trump. 61% of adults pulled by NPRPBS in Marist disapprove of his handling of the economy. His handling in a certain light makes sense. His priority was preventing Iran from getting nukes, but Trump's messaging was unusual, unusual for President. Last month,

the reporter asked Trump to what extent was he thinking about Americans' finances when he negotiated with Iran?

“"I don't think about American financial situation, I don't think about any, but I think about one." What's”

he doing coming up on today's plane from Vox?

Okay, Scott, let's hear some wins and fails. Would you like me to go first?

You go first, Cara. This is, I'm going to do a win and a fail together because one of the things around this U.F.C. thing is Meta's new opportunity to do PR for itself, which fine, I don't really care, around this giving blind veterans these glasses, right? These glasses that help them navigate. I think this is a great thing. I don't care if it's a PR thing. I don't care.

Any manner that I do think, I know, and the map it was actually telling is this is really helpful for people who have disabilities like blindness these glasses. I think all of them, not just Meta's, but everybody's not these Ray-Bam ones, but I suspect Apple, will have a lot of utility

“for people who are blind. I think it's very exciting. I think it's a good thing. Look, I don't mind”

if you use PR for doing that. I get it, and it's fine, and it helps people, and I give it a lot. This was an effort pushed by Dean of Powell, who they just tired, and good effort. They should do a lot of these things. Non-partisan would be great. They don't have to just mob up with Trump all the time. They should go with everybody to do these things, to help people. And again, I don't care if they get a PR when off of it. That's fine by me. What I think is that them being doing it during this

UFC fight took the focus off the veterans in that way. You know what I mean? Because it just is like, "Oh, God, didn't you expect that something terrible would happen here?" And so as I said, I really do admire Mark's, like, of MMA. It's kind of like one of the most human things about him, but it just was like, "Here's something that's for good," and then you get this idiot say something and create all manner of problems for them. So it was a good attempt, and then it got drowned out.

Something good got drowned out. And again, I don't even mind if you try Ivanka Trump out. I just don't love it, but whatever for these kind of things. But if it helps these veterans a good thing,

“I just think it got in the way of what the veterans, they were trying to do for veterans, which I think”

is a real thing. But they should do a lot more non-partisan things that helps the rest of us. But any, you know, as they say, anything Trump touches, turns to shit. And that's, I felt that my

dad was a veteran. I have a lot of family members of a veterans. I wanted to be a veteran. As I always

say, I would have been being, I would have been an admiral about to be fired by Trump right now. If I had had my career of choice. But I really felt bad that this was got sucked up into this ridiculous nonsense at the White House with you have seen. I just the vision of you being an admiral. I don't know. I would be an excellent admiral. Yeah. I know. I won. By the way, Dana White's on the board of meta two, just so you're where. That's when in fail. Because I was like, oh, here's something

good. And here it got solid. And the story is usual when off onto another way. And I don't blame the media for it. I don't blame this guy. He said something so terrible. And grotesque at the White House. This is where this woman used to live. You fuckers. Like, back off. Like, and say, you're sorry. Say you're fucking sorry for that piece of shit. Anyway, go ahead. Okay. My win here is social media ban in the UK. So we're just bringing just announced the world's strictest teen social media

law going further than Australia, the country that inspired all of us. Prime Minister Kirstarmer announced Monday that TikTok Instagram YouTube Snapchat Facebook and Axe will be banned from offering services to under 16. As someone who has a 15 year old in the house, I can tell you that I think the most negative, anxiety-inducing thing in our household is our 15 year olds usage of social media. And people say, well, that's a parenting thing. No, they pay for the two with their phone.

This needs to be a collective ban. And that's what the Prime Minister here did. There is no reason.

“No justification for anyone under the age of 16 being on any social media platform. Some people will”

say, what about YouTube? Fine. Put out a kid's version of YouTube. I'm down with that. But this goes into effect in spring of 2027. Over night, it curfews and infinite scroll limits under consideration. Or excuse me, overnight curfews and infinite scroll limits are under consideration. Liability falls on platforms, not on children or parents. It's consistent with Australia's approach

which finds companies up to 15 million for non-compliance. It needs to be a percentage of revenues

I would argue. And then Britain's existing online safety act is already cut visits to porn sites by a third and raise the share of children and countering age checks online from 30% to 47%. Spain, Spain, Greece, Slovenia, and France are already pursuing similar bonds.

“And Australia's 2020 December 2025 laws officially triggered a global cascade and a study of”

18 to 24 year olds found out that they're not using social media for one week. Significantly reduced symptoms of anxiety by 16% depression by 25% and insomnia by 15%. This isn't just a win for teen mental health. This is a win for democracy. The more time you spend on social media, the less you believe in democracy. Can I get one thing? If they had gone and tried to make a safe product. You know what they're going to do? They're going to say it's not

going to work in Australia. It's not going to work. That's their argument. It's never about the thing.

It's never about that. This is deleterious. And by the way, speaking of which that movie is coming out, the social reckoning, which is the part two of the social network, Jeremy Strong from Success is playing Mark Zuckerberg as I know to last week. Why do they never talk about the thing? They just say how it doesn't work and how it does this, listen that. But they never want to talk about the thing, which is are you hurting people with your unsafe products? Yeah, but again, I don't think

we should fall into the trap of believing that the owners of McDonald's or Ford are going to figure out are going to focus on anything other than what card to Americans want to drive. What's the

design? And we don't give a shit that it gives you diabetes. We just want basically a food orgasm

in your mouth. It's up to us as voters. And we have done this to implement to a point really smart people who decided to vote their lives to government and regulatory concerns to protect the well-being of the commonwealth. If we're waiting on these companies to start thinking about the safety and harms of their product, good fucking luck. True, but look at the costly pay for obesity and like just like why do we keep doing this to ourselves? That's the thing. I agree, but when you

say we're doing it to ourselves, the capitalist system is companies are repatious, engaged in full body contact violence, not worried about other people worried about getting a product that commands margin. And quite frankly, that works as long as you have regulatory bodies ensuring that opiates don't gut small towns in Appalachia. But again, asking, we can ask the question, we can all hope for a guy who's in charge of AI with hush tones who just adopted a baby boy,

and he's concerned about AI. And this really attractive woman who says we need to do better, and we are open to regulation, they're all fucking horse. And we have built a horse house,

“and the horse house works, but you have to have a cop. Can I quote you on that? We have built a”

horse house and the horse house works, go ahead. The horse house works. That's your ex book, the horse house works. Well it's funny, I was just in a wedding and Amsterdam, and the rosewood there used to be an orphanage, and then a horse house, and I thought, well that's a pipeline. Oh, no, my God, I can't believe you just said anyway. I think I know that point. I know, but go. I get mad at us. They're doing their job. And we keep, we keep trying to shame them

into thinking about the safety of their product. You know what I think? You think McDonald's is just going to decide we need to have salads. It's just a right thing. Remember it didn't work? Yeah. I mean, anyways, we need, we need economic incentives and regulations that punish these people and create disincentives. But my win, Prime Minister, Kear Starmer, my fail, I just spent the most wonderful week in Northern Europe. I was in Stockholm, and then I was an Amsterdam.

half percent. It is actually produced, despite having the population of North Carolina,

“it's produced companies, including King, Clarna, Spotify, Ericsson. They produce a ton of”

unicorns. Very close. And they have the industrial might or productivity of Germany with the some of the innovation of Silicon Valley and and the social policies of Bernie Sanders. And then you go to Amsterdam where they have become kind of the ground zero for data centers in Europe. They have ASML. If Nvidia is the picks and shovels, ASML makes the picks and shovels. Productivities up to and a half percent. The economy is strong there. These are some of the wealthiest

countries in the nation. And they settle an argument. And this is my fail. America has tried to convince

its population that you can't have billionaires and universal healthcare bullshit. These companies

prove you can have really wealthy people. And you can have universal pre-K. And you can have child services. And I spent some time with the founder and the people running Spotify this weekend. And they were all in the valley. They all move back to Sweden where they are paying much higher taxes and they're fine to do it because they trust that the government is going to spend their money well. They trust that being able to ride a bike to work and have a kid with special needs

is going to be taking care of and they have an I did not see a single homeless person by the way and Stockholm granted. That's probably not indicative of all of Sweden and granted. Do they have problems with immigration and housing prices that follow prosperity 100%. But we need to stop in America believing that there's a myth that inequality, that inequality and billionaires and unicorns demand a repatious lack of a safety net. And I said the same name are Korea when I was

there. They're healthier. Oh my god it's so universal healthcare for one but the other stuff I agree. Great one. Anyways, I love I had such a nice time. I was so blown away. I'm glad. By Sweden and my I was actually my best friend, Sun's wedding jackmark, and this incredibly impressive young man that reminds me of my, he's like the mini me of my friend and I had time. I spent, I did myself a favor. I spent, I went early and I left late and I spent time in both of

those places. They are such incredibly lovely places. And anyways, they trust that their governments are going to spend their money correctly. They trust each other. They trust, there's also really strong governance such that they attract foreign investment because they know they're not going to get fucked by a corrupt government or a corrupt politician. They also just convicted in Norway the

“princes, I think. I saw that. I mean, they just look, when you do bad things, you get no matter where”

you are, you get not all the time. Okay, Prince Andrew. I know. I agree with you. I don't know. I mean, are you agree? But he was removed. I mean, they kicked him out of, they they defrapped him. Whatever the fuck they do, they do with the monarchy here. Yeah, but no, he's he's being investigated

finally, but you write a hundred percent. Well, a hail pay a bigger price than any of those billionaires

on that island. That is true. That is true. Anyways, my, my, my, my, my fail is this false dichotomy. We've talked Americans into believing that you can't have billionaires and really robust capitalism growth and not have universal health care in child care. You absolutely can. And then Netherlands and Sweden produce that or prove that in spades. Yeah. And in America, you don't have to insult a very impressive black woman in order to feel like more like a man you'd take out an idiot.

What a fuck. And by the way, Michelle Obama does demonstrate more masculinity, service, strength than that dude. You know, anyway, I, I, I, I, I, I saw that and I thought he's

“as Christ. Jesus Christ. Thank you. What, what, like, what, what? Does that kind of daughters?”

Right. Okay. Any of them. Are you going to wait for some fucking idiot to start saying stupid shit about your daughter? Yeah. I just, anyway. Oh, we didn't like them. I don't wish her take over. Thank you. By the way, I like MMA, but fuck that guy. Anyway, and by the way, doing a white thing, something stronger, like even stronger, like kick that fuck around. Okay, we want to hear from you, send us your questions about business tech or whatever's on your mind. Go to nmymag.com/pivots

in the question for the show or call eight five five five one pivot elsewhere in the Karen's got universe this week on on. I spoke to Peter Ternan, one of the producers of the hit film backgrounds. He talked this legendary, uh, media executive, uh, entertainment, media executive. He talked about

Every single meeting in Hollywood over the last 10 days has been finally my YouTuber.

“That's not the smartest thing on earth. You know, it's no difference. It's saying find”

me a sequel to something else. You know, it's worth noting we spent three years on this project.

You know, we spent, period of time chasing and we spent a long time working on the script.

“We spent another year on production, um, and you know, it's not just saying Ben on a YouTuber.”

It's not just saying Ben on some, it's betting on a very specific piece of content and betting on a

very specific piece of talent. He is a class act in so smart. Anyway, that's the show. Thanks for

“listening to Pivot and be sure to like and subscribe to our YouTube channel. We'll be back on Friday.”

Today's show is produced by Laira Neiman, Zoe Marcus, Taylor Griffin, and Todd Wiseman, additional assistance from kick alligator and Brouts of Esther or any of your Todd engineers this episode. Thanks all sorts of your bros. Mr. Vera on dance to lawn. The shot crores box me, it's exactly a producer of podcasts. Make sure to follow Pivot on your favorite podcast platform. Thanks for listening to Pivot from Box Media. We'll be back later this week for another breakdown

of all things tech and doesn't scare us. I will see you later in the week.