Predictions and Closing Remarks

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You know, I just was hanging out with goats calmly in Norway and here I have to deal with this bullshit . Hi everyone, this is Pivot from New York magazine and the Vox Media Podcast Network. I'm Kara Swisher. And I'm Scott Galloway. Guess where I am, Scott? Where are you? Norway. Really? I'm in Norway. Yes. Are you in Oslo? Where are you? No, I'm in Bergen , which is beautiful. That sounds like a speaking gig with some serious zeros on it. I am doing actually a favor. It's not a paid speaking gig. It's um it's for this Nordic media days. They've been driving me crazy to come. The Norwegians are big on us, Scott. And uh We're big in Norway. We're big in Norway. It's only five million people. But anyway, it's this group of people that like all the different newspapers and broadcast and podcasters and everything else. And they do this thing called Nordic Media Days. And the woman who runs it has been like peppering me for a long, long time. And so I I have agreed to do it. Didn't didn't contact me? Didn't stop by? Didn't stop. I wrote you several times and you were in Hamburg. Didn't invite me for tea. I I did I invited you for dinner where I got to meet the group. Excuses me to cash big check. No, this is such a lie. I I would you like me to show the text? I'm in Hamburg. What kind of excuse is that? I'm in Hamburg. Were you in Hamburg? I wasn't Hamburg. It was either I was eating sausage and having beer. I loved her. By the way, just going to Norway. Finish my story. But go ahead. I w this leaks into your story. I don't know about you. I am much more liked or less disliked in Europe than in a in the US. I think it's because in the US, the moment you get assigned to some sort of political party or not. They really don't care. Maybe they just don't know you well enough yet to hate you. Maybe that's where we are now. I'm like, give it time. Give it time. Anyway, so I was in I went to London to do this Tina Tina Brown does this really amazing cause for uh around journalism. It's a great conference where she um puts together it's for her her late husband uh, Har ry Evans, who's a was an astonishing journalist. And she brings together like amazing people. And so we uh was with Greg Newmark, Christiane Amenpoor, um, and I Don Lemon I had a b ha had a thing on stage. Don Lemon was in London. London. He wasn't calling Guy uses me. He doesn't call me. We did, but you weren't available. Okay anyway. So don't don't because we asked you. Don't even start. So I'm here so they just said can you fly up to Bergen, which was an hour and a half flight, and so here I'm it's beautiful, I have to say. It's it's sort of the entry to the fjord area. Northern Europe and It's cold today. But it's so beautiful. It's beautiful. I just had giant shrimp. This fish up here is astonishing. And then I walked to the top of this Flugen favenflaggen, whatever. I everything reads like an Ikea piece of furniture here. And um then in the Nordic areas. And uh and I I up the top this in a funicular. I love a funicular. And then there's I get up there and there's goats up there just hanging out. Goats. So Really? Yeah. As I said off my goats can digest anything. My great dane cannot. If I feed my great dane thirty minutes early or late, it becomes literally a shit can and roaming around the house decorating fecal matter across the most expensive items we have. So goats are not like my Great Dane layouts. Well they won't go poop up there on the goat and on the top of the room. They can eat anything. If you give it a tennis shoe, no problem. I know. It was really cool. I was like to you know when you're not expecting goats and then there are goats? It was like great. It was like, oh look, goats. You like that? I did. I was like, oh, this is cool. You wanna hear my Nordic story? Should we bring it up? And then I'm gonna go after the London thing, which is an I had a lovely lunch with Christian Amendpoor when we heard the news about Ted Turner, but I'll I'll get to that in a second. My little European jaunt, which I did ask you to dinner at a fancy person's house where there are celebrities. No, I don't like other people, Kara. It was nice. It was beautiful. Okay, but you would have liked this dinner. Anyway, I don't say I don't invite you. I'm going to Stockholm for Brilliant Minds, or at least I have RSB PDS. So my story about Stockholm was: I went there a couple summers ago on a guys' trip, and I was walking around on a Sunday, and it was the most beautiful day, fountains, public squares everywhere. And I noticed so many people out. And I noticed it was all eighty percent of the people out were like a fifty-five or sixty-five-year-old woman and a teenage girl or a woman in her uh female in her 20s, all holding hands, walking around. And I didn't know it was gone. And I literally asked someone next to me, I'm like, what's with all the the uh women holding hands. Mothers and daughters on Sundays, I don't know if it's every Sunday, get together. And there must have been I'm not exaggerating in this square, there must have been three hundred mother-daughter duos walking somewhere hand in hand. I thought, fuck it, I'm moving to northern Europe. They know it's really lovely, I have to say. It really is. I mean these people get it. Um, one thing that's interesting, though, I have to say, is and I was I was talking to a bunch of media types here. They are they are v beside themselves about Trump. They just ri i he has really spun them up. They're all like and I said, well , you know, we've had it for ten years, so you'll have to, you know, I'm sure he's on his way out, but it's it's they're just I was like it's time to just you're gonna have to take control of your own destiny at this point. You can't rely on us in that regard. Yeah, I agree. Same thing in Germany. The the in the in the emotion I registered from them is that they're actually um they're very worried and they're actually in a weird way it's like you don't app reciate something until it's gone. They miss the old America. And I think th there's a certain kind of bereft like Yeah. We're fond of America and we hope that it is still America. The second thing, I'll maybe you you got it too. The second thing is how did the tech people become villains? It's here. That brand is here, like completely. Like how awful the tech people are. And before they like had antipathy, that's for sure. Like, you know, with all the different rules they created. And they were sort of on to them before everybody else was. But it's a real like A you know, it's the same trends that are happening in the US. The AI is not trustworthy, tech villains, they su ck up to Trump to get their stuff. It was i that it's really a a theme here. And and it's linked to Trump, of course. The tech people are very linked to Trump. And so there they have this they have more than antipathy towards tech now. It's really Aaron Powell Whenever they but I I got some questions about that about how did tech come off the rails about I'm like okay you but you have to couch it in the following context. I get a little bit defensive around this, and that is and you get that a lot. How did tech and how did American tech brothers become so so terrible? I'm like, okay, just just just to slow your roll a little bit, in 1995, GDP per capita an hourly wage was about the same and productivity was about the same between Europe and the US. The US has blown away Europe. I mean up 20 or 30 percent while Europe is flat, and most of that is capital formation in tech. Uh Anthropic, which was founded five years ago, if it had been founded in Europe, it would be one of the m five most valuable companies in Europe. I'm like, for all the villain I all the villainy or villainry or bad vibes that you're getting from tech, keep in mind. These companies have created unbelievable economic value that has quite frankly left you in the dust. Yeah. No, that's been that's been happening for a long time. That's the first cycle, the second cycle, the third cycle. No, it's absolutely true. But one of the things that was interesting is they're debating whether to use Palantir in some of their defense systems. So it's in it's it's top of mind for these people of who these people are. So it was just interesting. And I'll be interested to see what happens at Cambridge, like what the questions they are . But it's nice to check in with other people. Trevor Burrus The just the IPOs. Just the IPOs of anthropic, OpenAI, and SpaceX that they go through are estimated to earn or raise about two hundred and fifty billion dollars. Just those three companies. Do you know how much ri money was raised in the capital markets in the UK last year? Probably what? Not in in the billion maybe. Now granted that was a that was a that was a an especially weak year. Mm-hmm. But the capital formation in Europe is just not there. It it's there for it's interesting. It's there for seed stage companies. And also the tax policy, you get a 30% tax credit here in the UK for seed stage investments. You get 30 cents on the dollar back right away. So they're really good about seed stage. What they don't have is in the U.S., if you show any promise or scale, especially in AI right now, you can go out and raise $100 million for your B and C round. That just doesn't exist here in the in Europe. Yeah. No, it's true. But nonetheless, they're still in with us technologically speaking. And they have to use our companies. So they're very interested in what's playing out with Trump and the tech people. Anyway, we have to get to the news. Speaking of great entrepreneurs, Ted Turner, the media mogul CNN founder who helped create the 24-hour news cycles, died at 87. Turner was also a major philanthropist, making a record $1 billion in donation to establish the United Nations Foundation. He was a different kind of billionaire, although he was also the it was called the mouth of the South. Beyond media and philanthropy, Turner pursued countless other passions from his Montana Grill, his eco-conscious restaurant chain, being named Yachtsman of the Year multiple times. He was Larry Ellison before Larry Ellison. Jane Fonda, one of Turner's ex wives, who remained a close friend, remembered him saying men like Ted aren't supposed to express need and vulnerability. That was true Ted's greatest strength, I believe. And he was. And she I recently interviewed her and she had told me he was quite ill. Um I I talked to him a little bit for my books on AOL. He was real mad about the sale and everything else. Um, except that when he sold the company, he had that famous quote where where he said, um, this deal was better than sex. Do you remember that? He was he always had something kooky to say at any one moment. And I, you know, a lot of people are like, oh, he's the reason we have terrible cable. His vision of cable was not this what has happened. So I I sort of push back against that because his idea was that you can get news to to sort of democratize the news a little more from the big three. And so I consider him a real important his legacy very important even though even though it sort of you know, morphed into this scream fest that it has become . But his was a it was, you know, was it was real news. And and I was happened to be with Kristiana Amanpour who got there pretty early, not right away at the beginning. And she had nothing but great things to say about his tenure when he was sort of do real entrepreneurial news, news and other things, you know, and a very a very generous and charitable person at the same time. And also funny and weird and interesting. Yeah, this guy is uh you know, he kind of defined the term that you don't hear anymore, a captain of industry. And the term captain, he was the uh something people don't know about him is I think he may be the only billionaire who was also in elite world class athlete. He won the America's Cup. Yeah, he did. Yes, we did. And there are just aren't very many billionaires who've reached the pinnacle of a sport. And um maybe Roger Staubach, is he a billionaire now? Anyways, but he built CNN from nothing. It's really interesting how it emerged. So news, when we were growing up, was a public service, and that is ABC and CBS sold a shit ton of ads from Tang and Chevrolet running against All in the Family and MASH and the Partridge Family and the Brady Bunch. And they felt that it was a public service to have twenty-three minutes of news and seven minutes of commercial in this money-losing thing called the local news. And he said he correctly figured out that there was money in a market for 24 by 7 news. And it was very scrappy. If you look go back, it wasn't very well produced. And he's he started the whole thing. Now, where it came off the tracks was quite frankly with Rupert Murdoch recognizing that the part of the news, they made an observation, and that is KABC News with Jerry Dumfey back in the seventies had something called point counterpoint. And SNL used to mock it. So uh they recognized something called point counterpoint, and it was Bruce Herschinson and Jim Tunney. And they would start yelling at each other. And someone did the analysis and found out that's what people were tuning in for. Yeah, I know And that was really the key and arguably the most dangerous insight that Rupert Murdoch made. And that is no, this isn't about balance news. It's enough news to to keep give to create a halo of legitimacy. And quite frankly, uh, CNN was guilty of it too, crossfire. And CNN now has a show like that where they all just start yelling at each other. That's where Tucker Carlson started It seems patrician. It's intelligent. It's intelligent. It has digressed and has become something that is I don't know. It's a longer talk show. Let's get back to Ted Turner. He gave away a billion dollars. He actually gave away a billion dollars to the UN. I would argue in the UN actually meant something. Something also, people constantly ask me for male role models for kind of a positive or aspirational form of masculinity. I think Ted Turner is a great role model. One, let's just go let's just go to the male stuff. Very aggressive. Also, politically incorrect. When Time Warner, when Time Warner was acquired by CNN. Gerald Levin introduced the whole thing and said, And now I want to introduce my best friend, Ted Turner. And Ted stood up and said, Best friend, I've never been to your fucking house. Yeah. And then my favorite was when he did an all hands and it was Ash Wednesday and there were a bunch of people in the audience with ashes on their forehead. He's like, Shouldn't you be working at Fox? Oh , I mean the guy was funny. Mm-hmm. In a world now where everything is so I don't know, especially . Yeah, but it was a different kind of Wells good natured. He wasn't mean. He was called the mouth of the South. Remember? He called himself that too. I mean, and so it's it was a different time period. He wasn't malevolent. But he was he was charitable, he was visionary, he was aggressive. Fourteen grandchildren. An environmentalist and also took his seat and his privilege and his wealth as an obligation to serve and connect nations with each other. He funded something that didn't work called the Pan-American Games, but it was meant to be a more a less corrupt Olympics. I called it the Pan-American Games. It was called the Goodwill Games. It was an effort to ease tensions between the U.S. and USSR. Anyways, he was very serious about Uniting Nations and trying to promote world peace. He saw his wealth and his seat as an obligation that he was he was optimizing for service, not for attention. Trevor Burrus, Jr. I would I urge people if they're blaming what cable is now on him not to. It's not what he that was not his vision. I was around for that and it became that and it was not his. He he he may have created the twenty four and they did take advantage. Remember the thing that really sent them over the top was that uh the girl down the well. Remember the girl down the well story? Oh yeah. That's what that's that's what Christian was. She's like, oh, that's the thing that really got people watching. And that in the Iraq War. Yeah, the Iraq War and that's where Christian showed up. There you saw m moments of that where you remember the stud Scud, Arthur Arthur Kent. Like it started to turn. It's that's when you started to sort of see the beginnings of kind of the circus acts of these cable stations. And I was thinking that as I was, you know, I went on Sky News and BBC and stuff like that. And like the constant Honta , and I think it's a very serious, I'm worried about Hontavirus , but the the the constant let's go back to the cruise ship. Let's go back to the and I was like this actually we're in a war in Iran. I feel like perhaps we need to head over there and take a look at what's had the cruising going on in the Strait of Hammu z. But it it I he is a he has a great legacy. Remember Bernard Shaw? Bernard Shaw Daniel Shaw. Yeah? Oh my dad's favorite for the wrong reasons. Bobby Batista. Lois Hart. I've God, I grew up on CNN. And Christian, yes. And also, I genuinely believe a decent administration would be CNN anchors. Dana Bash should be president. She is smart, she is elegant, and she could smother you in your sleep. She's got that edge to her, which every president needs. If you crossed her. Anderson should be vice president. Any problems with the Pope, he just goes over there, just talks about grief. Everybody loves him, confident enough. Do I get like an ambassadorship to something? Oh, you're ambassador to Guyana. We've already decided this. We're gonna move on because you're saving me from myself. Because it's interesting. I don't think Ted Turner he didn't like the AOL time warner deal. I that I did speak to him about. But first he was like, it was better than sex. The deal was the best thing I ever did, better than sex. And then afterwards, he like totally publicly decried it publicly. And one thing that uh um Barry Diller, I think told him was like, if you sell your house and they wreck they wreck the patio, you need to shut up. You sold the house. And I I I didn't necessarily agree with him on that, but it was i i he definitely had much regrets and he probably wouldn't be thrilled where from the latest numbers from Warner Brothers discovery. The company reported a net loss of $2.9 billion in the latest quarter. That's essentially a $2.8 billion termination fee tied to the Netflix deal. Paramount agreed to c over the costs, but the expense still sits on Warner's books until the deal officially closes. For people who don't see why that was that big of a loss. But the first nonetheless, the first quarter revenue was down one percent year over year and ad revenue slid seven percent . Total streaming revenue did rise 9% . Largely by HBO Max went international. Um Paramount had slightly better news to report beating revenue and earnings expectations in the first quarter. Paramount added uh 700,000 subscribers during the quarter, helping streaming revenue grow by 17 percent year over year. The company's film studio did well with revenue up 11 percent. Um and they said they're making great progress on the Warner Brothers deal with late Q3 closing still on track. There's still some pushback to it. At the same time, I'm going to add one more earnings. Disney's under the first new CEO, Josh DeMarrow. The numbers were strong with revenue climbing. 7% to twenty-five uh billion operating income across Disney's Entertainment Sports and Experience Division beat expectations. The company says it expects earnings per share to grow twelve percent, that's solid in the fiscal year, and one week spot um a dip in attendance at its U.S. theme parks probably due to fewer international pro wlers, they're gonna see repercussions from gas prices, I'm guessing, and other prices. But it's only down one percent. Maybe the next quarter is where you're gonna see it over the summer. That will be the real indicator. Aaron Powell So Warner Brothers uh 117 adjusted gap versus estimates of nine cents, which is actually pretty good. They had a forty-five percent beat. Operating margin was down, but or mostly flat. The linear networks continued to bleed. The revenue fell eight percent with domestic pay TV subscribers down 10 percent, and free cash flow was $476 million in net leverage, sits at 3.4X. The Paramount deal is expected to close Q3, which will form a company with $69 billion in pro forma revenue. If there's a book if you wrote a book called The Worst Acquisitions in History, you could just call the book Time Warner. They are at the center of the I mean three of the five worst acquisitions in history all involve time warner. And this one I think will go down is in terms of shareholder uh value destruction. Um Paramount posted a clean beat and streaming turned its first real profit, revenue of seven uh point three five billion versus seven point two eight, EPS of twenty-three cents versus fifteen cents expected. I mean companies are just it's just incredible. Companies are just blowing Their direct-to-consumer revenue was up 11 percent. Paramount plus revenue up 17 percent. I wonder how much of that is land, man. They added 700,000 net subscribers to reach um 79. 6 million uh in total. Direct to consumer EBITDA improved to 251 million. Uh TV media revenue fell 6% to $3.7 billion as cord cutting continues. And Paramount is nearly doubled its film slate for twenty twenty six versus twenty twenty five since closing the Skydance deal last August, which to their credit. Yeah, everyone's been saying, Oh, they're gonna gut Hollywood and they're coming out swinging and they're doubling their film slate. Right? That's the issue. Let's see what happens. What happens? Yeah. So let's just wait until they you can you can spend the money. I mean that's what rich people do, but let's see if they make it. If they have some hits, if they have some hits. And so Josh DeMaro's first earning call is CEO reported a a really strong beat. Shares gained roughly seven percent after the report. But here's the thing a hundred percent of this beat, the credit, goes to Bob Iger. Someone doesn't impact earnings two weeks after they take the CEO job. This beat was really ringing the bell for Bob Iger. Revenue at $25.2 billion versus $24.8 billion expected, earnings $1.57 versus $149 expected. Streaming operating income jumped 88% to $58 2 million . And Disney's streaming margins broke into the double digits at almost 11 percent. Their streaming revenue hit 5.5 billion up 13 percent, driven by price hikes. And Disney's no Disney no longer reports subscriber numbers, which is a shame, but um their experien ces that you referenced was up seven percent, which must be an increase in prices, because as you mentioned, um numbers are down at a park. Attendance is down. And they also have raised their buyback target similar to what Apple did last week and guided for twelve. I think Disney I think Disney is a is a buy. And DeMarl is, you know, he came out of the parks in which grew nearly 40% in revenue under his watch. And he called Disney Plus the digital centerpiece of the company on Wednesday's earnings. He flagged fuel and consumer spending. Dana Walden, who I know you know, That was an important keep for though that company, the keeping her, because she was a CEO, she was the top contender. People are probably I mean, this is the challenge. When your stock is below where it was 10 years ago, you have to get the most talented people in the room and say, I'm going to issue new options and please stick around. Because you gotta think a lot of these people are looking at the Trevor Burrus what is their option? Yeah, like harder now. You can't be as good a pr you can't do those sweet, sweet deals anymore. Yeah, but if you're a Disney if you're a talented Disney's executive. Yeah. You could absolutely land. I would stay. See, now I would stay. Because you have power. We're one of the last pieces of that you know, pieces of wood floating. I don't know. I just thought I would stay. Oh that's interesting. I hadn't thought of that analogy.. I like that Um It was from the Devil Wears Prada too, but go ahead. I thought it was from the Titanic. It is, but it was they she just said that. She goes, We just got on the last one. I was wondering how long it was going to be before you mentioned the Devil Wears Prada too. Just saying. It's killing it. Still killing it Yeah, no, it's great. Let's go over every movie that's actually making money. Um it is making money. Yeah, it's mak it's making a ton. It's it's it's gonna change the world. Lawrence of Arabia meets the sound of music meets Disney stock is down more than 10 percent year to date, despite despite back-to-back earnings speeds. I don't know if it's because everyone's giving up on traditional media or because AI is sucking all the oxygen out of every other company uh of the other four hundred and ninety in the S P. But I think Disney actually right now is a really good buy, and I wouldn't be surprised if it's put in play in the next three to six months. By whom? To Apple? An activist. Oh. An activist comes in and says you need to cut twenty percent of your staff or you need to put the company together. Which they did with with Iger. I mean I went through that, right ? Several times, I think. Yeah, but I di, he was able to back the 'cause this is a new CEO. Disney has this unbelievable franchise. Or it might be corporate restructuring, go good bank, bad bank, spin out the parks into its own business. They decided not to, as you know. They were going to get rid of ABC at one point, and then they decided to keep ESPN. I think that's one of Demorrow's first . And an activist will argue that their decisions have been really poor because this company has probably the greatest collection of IP in the world, a booming parks business, and yet the stock is trading below where it was in 2016. This is sort of I gotta think there's a lot of activists out of it. The same old sort of unpleasant like perm oter activists. Trevor Burrus No, if I had to bet on any firm that shows up forceful yet dignified, it would be Elliot. Elliot. Um and by the way, I don't know anything. I haven't talked to him about this. But I wouldn't be surprised. Unfortunately, it'll probably be someone like um Helts, but he's more consumer. Or I wouldn't I wouldn't . Helps was in the last one, I think, with poor mother. Remember I don't know. I think i if if Netflix stock was was uh I don't I I think Netflix and Disney uh this merger b the merger between Netflix and Disney could never happen under an administration that didn't have its that didn't have a FDC or a DOJ that was in a slumber. So if there was any desire to do that, it would then now would be the time. Brenda is not uh he doesn't like Disney. It's in his it's in his sights. Who doesn't like Disney? Brendan Carr. Brenda. I call him Brenda. Yeah, but well He's specifically called out Disney, like by name, saying he doesn't like what they're doing. Yeah, but he doesn't get to decide anti trust. The bottom line is Disney and Netflix right now. Disney is cheap right now. So Netflix and Disney in a windup would be game over. If you took Netflix's IP incl uding Wednesday, Stranger Things, Bridgerton, and used it to go vertical and create experiences in parks. I just think it'd be I just think it'd be incredible. It by the way, I I it shouldn't happen. It would be too much concentration of media. But from a I would buy shares in that company. Yeah, absolutely. I don't think it'll happen. I don't know why it shouldn't, because they have a lot of companies to go up against these tech companies. But I don't know anyway Any.way, well, interesting to see. It was fine. It was perfectly fine. It was like, okay. It's so funny. You know, when Ted Turner, when that deal happened, I mean media, that was the top for media, wasn't it? Like when AOL time warner happened, I think. It was like they The the the fall of traditional media for me is embodied by when I first moved to New York in 2000 and like all single people in their thirties, uh we would pile eight people into a house in Bridgehampton . And every weekend was a mad scramble to see who we knew at Condonast who uh knew what magazine was throwing the most fabulous party in the Hamptons. That was Ron Killella, all those people. And whether it was details or Vogue , and the job, the masters of the universe were these was the creatives and the business people working at Condonas magazines in the magazine group. And in the journalism business, I have to tell you, I was like the internet person and they like treated me like shit. Like they were like, oh, you're part of the internet. Tech was boring. You know, and you're no the it no it was Ponzi scheme. It was Ponzi scheme. Oh it's nothing it's gonna it's all a bunch of it's gonna go away. And the media reporters was s such snotbags, I have to tell you. They just were. And I was like, I don't I think you're in trouble. I was and they're like, you don't know. They're gonna run the show and media, media, media. And I was like, I think there's got some vulnerabilities there. But they I I'll never f it was the same thing. It was sort of it it was uh well too bad. What that's what happened. Anyway, um let's go on a quick break. We come back. Anthropic gets into bed with Elon and SpaceX. Support for this show comes from Ferragamo. On Mother's Day, Ferragamo wants to celebrate the everyday moments between a mother and her loved ones where style, confidence, and grace are naturally communicated. Ferragamo presents their The Things I Have Learned From You collection, where the deep est form of love and elegance are showcased because these lessons are not formally taught but rather absorbed through the small everyday gestures that define a lifetime. Their new hugsoft XS bag is the true protagonist of the selection. 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Thanks to thousands of skilled Canadian workers, the F-35 aircraft is delivering unmatched capabilities for 20 Allied nations around the world and will generate more than $15.5 billion in industrial value for Canada. This ad is sponsored by the F-35 Partner Team, Lockheed Martin, BAE Systems, Northrop Grumman, and RTX. Learn more at www.f35.com/slash Canada. Scott, we're back. Anthropic CEO Dario Emoti says the company planned for 10X growth this year, but is now seeing growth closer to 80X, creating a massive need for more computing power. Enter SpaceX, or rather SpaceX AI. SpaceX acquired XAI back in February, but Elon Musk has just revealed XAI will be dissolved and its AI products will be part of the space X AI brand, of course, 'cause everybody left and he he didn't it didn't get quite the traction that he had hoped. So he's as I said, folding it right in. Everything's gonna get folded. Tesla's next. Under the New Deal, Anthropic will get compute power with uh SpaceX AI data center in Memphis, the one that's polluting people, as it works to keep up with surging demand. Everybody needs power. He's now saying he was impressed after meeting with senior executive adding no one set off my evil detec tor. Again, look in the fucking mirror, dude. Um so is this the enemy of my enemy is my friend because of Chat GPT? This is an interesting thing. I mean, obviously Linz has not had the success he he had hoped'd hoped to dominate, and it's all about his beef with Sam Altman, but in this case he's this is what he's doing. I would I would be careful if I was Dario in general, but um I I think he's savvy enough to deal with Elon though. Um and he seems to have to have enough pushback. Um any thoughts on this? Uh I'd rather talk about me and the aughts and reminisce a little bit longer. Is that okay? Just for a second. So I started but I want In 2000, I had I'm moving to New York from San Francisco, I had just been abused, roden ridden hard and put away wet by Sequoia Capital, kicked off the board of the kicked out of the band I started, kicked off of the board of the company I started, just like g got divorced. Did you deserve it just a little bit? Did I deserve what? What happened with Sequoia? I'm just asking. I'm just curious. Oh, I I I was an obnoxious, aggressive entrepreneur that was arrogant and reckless. Okay. But also Mike Moritz is a small vindictive man. Okay, got it. So uh so yeah, I I don't I think there's enough blame to go around for everyone. And also the board was a bunch of a bunch of obsequious people getting anyways. Um it doesn't hurt. I'm still not triggered. I'm clearly over it. Clearly over it. All of you are still to this day. I'm clearly over it. Anyways, I moved back to New York and I started an e-commerce incubator backed by Goldman, J.P. Mor gan, Mavron, Howard Schultz's company. And it was near impossible to recruit people to come to work for a technology incubator. And I would take people out who were working at traditional media who were making five or six hundred thousand dollars a year, and I'd say, I can only pay you two hundred, but I'm gonna give you two million options on two million shares. And I would have to walk them through what options were. I couldn't even use a New York-based law firm because they didn't do venture. People don't realize New York in 2000 was about finance, it was about media. There was no There was guilt in the Kevin Ryan's company and then there was the one ad company that got sold to the media company, which we call it. Well that wasn't an internet company. That was a gossip magazine. Company in New York. There was no technology. Oh, wait, oh the one that bought was bought by Yahoo! Tumblr. Tumblr. Oh my god. Tumblr was in New York. Tumblr. The worst acquisition in history. The worst acquisition in history. I broke that story. Nice to meet you. But yeah. Yeah. Where Marissa within the same sixty days, Mark Zuckerberg made the best acquisition in history. For a billion, he bought Instagram. It's now worth I think it's probably a a half a tr ailli tronillion to dollars. And Marissa Mayer said, I I'm a baller and she bought Tumblr for a billion dollars, which seven years later got sold for how much? A couple million to three million dollars. It was a collection of It was a collection of blogs. And then when they shut down the porn, I I got into an online battle with what's the guy with the bad Caesars haircut, the venture capitalist? Two or three. There were Union Square Ventures. Anyways, they they told Tumblr they were no longer gonna fund this bag of shit that was making no money, but he convinced Marissa Mayer to buy it for one point one billion dollars. Anyways. Common implosion and I joined the faculty at NYU where my first year salary was twelve thousand dollars. Nice times. Nice, okay. Back to X Anyways, back to anthropic. What are we talking about? I've said this. I wish I I have never bet on a predictions market . I I said this a week ago. Calci had Musk winning at fifty-one or fifty-two percent. Now it's all of a sudden fallen to thirty-eight. Winning at what? Winning. Winning the case. Oh, the case, yeah. The musk wins the case. Yeah. Yeah. He's got to make some moves. Yeah. Going from there is no moves. He does not have a legal egg to stand on. Yeah. You can go from a nonprofit to a for-profit. You're allowed to do that.. Yeah And when you And California already approved it. Speaking speaking of the late nineties, I bought a home for seven hundred and twenty thousand dollars in Noe Valley near where you live, which was a lot of money for me at the time. And two years later, when I moved to New York, I sold it for nine sixty and thought I was a fucking real estate genius. It ended up that house is next to where Mark Zuckerberg moved. It's gotta be worth ten million dollars right now. This is the equivalent. Yes, I live right there. Okay, a lot more. This is the equivalent of me going back to the owners and suing them. Mm-hmm. This is regret and a messiah complex cosplaying a legal argument. I would agree. Judges in courts aren't concerned or aren't moved by anger and indignance and buy and sellers' regret. They're moved by evidence and argument, and there's none here. You're watching the texts go back and forth and Mira Marathi doesn't like Sam really, even though she pretended she did. And the girlfriend, uh who was on the board, I'm blanking on her name, I don't really care 'cause uh Siobhan Zealas. Um who has had his girlfriend? Well it's his partner and then they had four children and she didn't manage to tell the open I people that she had two children with him. And obviously she was not a conflict, Cara. She's like a spy in there, like right? They're accusing If you're a fiduciary for all shareholders making decisions around someone's compensation and you're having their children, that's just like she probably just forgot to mention it. Anyway, so the whole thing, and they're like going back and forth in this trial, and I thought this is a soap opera, but the most boring people, most awful boring people in it. I'm like, I could give a fuck that whether Mir Marathi likes Sam Altman or not, I don't care. I don't care. Like, oh, he was manipulative. I don't care. Like what does that have to do with anything? Like I you know, honestly, I've I force you know you hear that of course about Sam being manipulative and telling one person one thing and another. And as I'm reading it in the trial, I'm like, so? What does this is this illegal? Is he just a jerk or you didn't like him? Or he was deceptive? Did he do anything illegal? Because otherwise, your internal corporate hij inks, I don't, you know, care. I do think she should have told people she has babies, my in my opinion. But the whole thing is like a bad soap opera that you want to like turn off. Like and it's just bad for AI. It's bad for the companies. And therefore he's gonna do another deal like this. That's where we that's why we're where we are. He's trying to glom himself onto a successful Ron Wayne was one of the founders of Apple. He owned 10% of it. He sold his 10% for $2,300 back to I think jobs and Wozniak. That is now worth $400 billion. Yeah, he feels bad. And guess what? It sucks to be a grown-up. He signed the legal documents. Private property. Key to private property is when like Elon Musk. And my favorite defense is: oh, he didn't read the fine print. No, please. He's the wealthiest man in the world with the most sophisticated legal team in history , but oh he didn't run the fine I would like to I I would just love to see someone show up who sold the guy who sold Tesla to Musk or the rights to it, I forget his name, show up and say, oh, I didn't realize it was going to be worth this much and I didn't read the fine print. Just to see how that goes over and baby daddy. I'm like, come on. Like stop it, you people These are the smartest people on our planet. Give me a lot They're trying to make the an emotional argument that he's trying to that I wanted it to be a nonprofit. And then what did I do? Go on to found a for-profit AI company that arguably has less guardrails than any other AI company. I have to say Brockman came off of all these sort of loathsome people. I'm waiting for the Sam Altman testimony, but of all the people so far, Greg Brockman comes off the best. And I'm not a particular fan of his either. Like the one that keeps notes of everything. So some of the highlights of the testimony, let's see, emails from Zealas showing Must suggested OpenAI become part of Tesla, potentially as a B Corp subsidiary. Must tried to recruit Sam Altman to join AI the world class AI law within Teth even offering a board. Say they didn't had no interest, Sam Altman and Greg Brockman. Two days before the trial started, Musk tested Brockman asking if he was interested in settling the case. Musk supposedly wanted full control of open AI in part to help him raise eighty billion dollars to colonize Mars and was using OpenAI employees to do secret work for Tesla. Open AI presidents said the mask lack of understanding this is Brockman of AI was a concern for the company. I that was factual. I really when I heard that, I'm like I I get it. And OpenAy's former CTO, Mira Marati, was a very nice person, she testified saying she couldn't Sam Altman's words and saying he created chaos. Mira , I like you, but I don't care. Like then leave. If leave. Leave. None of this matters. Nothing matters. Like none of it, right? Shepherd of AI. It's contract law. I know. When you sell an asset, it doesn't it doesn't matter who the bigger asshole is, the seller or the buyer. I know. It's he sold, he gave up his ownership and gave the bigger. Baby daddy gave up his ownership,. baby daddy It doesn't and and the whole and media is trying to turn this into who would be better at running it. It doesn't fucking matter. Don't follow along with the people. When you sell an asset, it doesn't matter who's the better person or steward of the home you sold. It is instructive to look how sloppy it is. And so that's I keep saying to people, they're like, oh, they're masters of the universe. I'm like, they're kind of sloppy. Like Google, like everybody in the beginning of Google, they were all like fucking each other. Like it was like and it was a big mess and it was chaos and they all hated each other. They liked each other. I could care less, right? That's the thing, until professional management got in Microsoft early on was like this, like kind of a mess. But who cares? But the fact that it's coming out in court is it is just makes you realize how dumb and dumb, dumb, dumb this trial is. Like how dumb it is. It's about money. That's all it is. This is this is I sold something that ended up being worth eight hundred and fifty billion dollars. You're right. You're that's extremely it's I'm the messiah who's gonna put us on Mars, who should control autonomous in the U.S., should control space. And oh by the way, the the one part of the technological revolution that I don't control and I can't seem to catch up in is AI. Yeah. Six years after I've decided, oh, I I need I should own it. I need it back, or I need money back, or I need to get in the way of their progress so XAI can I mean pretty soon it's gonna be I don't know, I had a conversation with Dario Amade. I should own, you know, he he I should own anthropics. It's ridiculous, these people. 80 billion 80 billion dollars to colonize Mars, guess what, Elon? You have it. Spend it and have a good time. have at it Good luck. Bye. Take your children. Go. We're we're thrilled for you. We're we're excited. We'll write a we'll write a a a t a poem for you, like when on your way out. It's the nineteen so stupid. I think it was 1986. Was it 86 or 96? Um Mike Tyson at the peak of his career um fought Marvus Frazier and knocked him out in the first thirty seconds. I think legally Elon Musk is Marvis Frazier. I just think the guy even know what you're talking. It's a boxing analogy. I don't like boxing because I don't like to see young men beating each other up like that. But if Did you? Yeah. He came up to me with smoking. Oh my I, was so scared of the guy. I just thought be nice to him. Yeah. That guy, one of the most dominant athletes of all time. Anyways, this is this is this should and I believe will be a first-round fucking knockout. And all this drama and all the media say who would be better at open what happened? None of them. None of them. Who's fucking who? It's like when Iran and Iraq were at war, I used to say I hope the bullets win. I I don't I went on CNN and they asked me who would be a better steward? It doesn't matter. It doesn't matter. Private capital and private property means it sucks to be a grown up and if you sell your house that ends up being next to fucking Mark Zuckerberg and could be worth eight or ten million right now. Okay, it's done. You sold it. Let me make one final observation about these people. These are the richest people on earth and they're so manifestly unhappy . They just can't shut the fuck up. They can't stop fighting. They have so much money. None of them are qualified to run be in charge of AGI. None of them. This is what this is showing. How tiny, petty, angry, unhappy people they all are. Every single one of them. And you're like, y'all none of you deserve what you've got here. So and none of you has the dignity or character to to look good. And meanwhile, over to the left, Dario Modi's like sucking up all the attributes of goodness. I don't even trust him and I like him. Like it doesn't even matter at these people. Anyway, they should be a-cause we shouldn't have to trust these people. We should be able to elect representatives we can trust to do the right thing and regulate these companies. And then we can fire them easily. Anyway, let's go in a quick break. Portfolio via ChatGPT . I'm Maria Sheripova and I'm hosting a new podcast called Pretty Tough. Every week I'm sitting down with trail-blazing women at the top of their game to discuss ambition, work ethic, and the ups and downs that come on the path to achieving greatness. We'll dive into their stories and get valuable insights from top executives, actors, entrepreneurs, and other individuals who have inspired me so much in my own journey. Follow Pretty Tough wherever you get your podcasts. So we are 2 50 years into this American experiment, and I'd 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 oh you know I do still remember from schoolhouse rock we the people don't before more perfect union uh established 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 Networth and Chill, I'm joined by Tan Sinatra, the meme king, with over 15 million followers across Tank's 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 meme culture, think preparation H, 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 of jokes. Listen wherever you get your podcasts or watch on YouTube.com/slash your rich BFF Scott, we're back with just one more quick story over the past few months. I'd love to know what you think of this. A Wall Street Journal reporter asked ChatGPT for investment advice to see if AI could really realistically manage a stock portfolio. It's actually makes sense. There's uh speaking of of uh anthropic, they just did an interesting deal where it would make decks and pitch decks and things like that working, it's called it's a company, I can't remember the name, but it's interesting though. Um Chat GPT uh there's a lot of interesting smaller AI companies being made that actually sound useful. And so this is what the reporter did. ChatGPT generally identified market The chatbot often told the user what they seem to want to hear, highlig hting a bigger concern that AI could sound confident and persuasive, even when its advice may be flawed or risky. Sounds like a lot of brokers I know. About thirty percent of everyday investors report using AI for their portfolios. So apparently not so good yet. Not and in lots of really problematic ways that you I mean with a person you're looking at, you sort of have a sense when they're sort of trying to sell you something you don't want. So it's curious, it's just like with law or medical , it's not there. It's not there and this personalized investment advice is just the latest wrinkle. I don't mind them making, you know, decks, pitch decks and things like that, but um huge risk for lawsuits, I would assume, just the same with legal or medical or anything else. Any thoughts? Aaron Powell Well i I I think it was tempting to believe in the nineties you could l use LOTUS, you know, one, two, three to uh beat the market by doing all sorts of analysis and calculations. And you might have had an edge for a minute. But what I would argue is that uh the the the individual thinking they can use uh Clot and I'm guilty of this. I've been asking Claude like crazy using cowork to come up with different options and hedging strategies and to identify stocks. I'm guilty of it. I I love the markets. I like to gamble, it's my means of gambling. That's yeah. And I find it interesting what it says. But here's the bottom line, or what I think. Ken Griffin will hire 2,000 PhDs and he will weaponize them with AI and they will outperform the market. But you believing with your $20 a month Claude Cowork weapon can compete against these folks, you are showing up with a very elegant squirt gun and they have a fucking howitzer. So this is what you do. You invest in low-cost ETFs like Vanguard and people who know and understand technology can use the you know, understand how to use AI. But this will further this will further diminish or create or widen the delta between individual investors and institutional, because institutional investors will have the capital the bottom line is every time you you place a trade, you gotta keep in mind on the other side of that trade is likely someone smarter than you that has broader technology. So what you want to do, in my view, unless you I get a lot of I get a lot of psychic income around playing the market. So thirty percent of my network. I enjoy it. You know, it it's fun for me. Occasionally I have access to a deal that other people don't have access to, so fine. But the retail investor would be better off finding low-cost ETFs where the management team there is really technically competent. Trevor Burrus That's what I do. That's what I do. Exactly the right way to I'm not interested in it. I know I could do slightly better if I 'm a little smarter than most people and have a little more insight. You're smarter in an area that has nothing to do with that. Stunning Kruger. Be careful thinking that. Oh no, what I mean is I have some thoughts on on some things that I probab ly I'm talking about the average bear. But I'm I don't think I'm smarter than the Well you understand technology. That's right. So I could be like, mm, I wouldn't bet on this company. I would bet on this company, probably ear lier than other people, but I still wouldn't win. Still the problem is people have emotions in the market and you can't trust your emotions in the market. So when the stock gets cut in half, your emotion is to sell it because you can't take any more pain, then that's probably when you should be buying more. And so and then you and then you have you literally have Ken Griffin out there looking at all the trades and seeing where emotion is spiking or irrationally plummeting and then moving in in a millionth of a second and then moving out and absorbing millions of different data points. So you do not you do not want to plan tra ffic here and believe that just because you're going to get up to the mound where a guy's pitching 105 miles an hour because you got a a new aluminum bat that you think is going to that you're going to be able to hit a home run. No, you're going to get beamed in the face. So I do think AI is going to be a huge unlock. And also it will compress margins because what will happen is financial advisors, unless they're really good and can go upstream into tax planning. A mediocre financial planner at your local bank, no, you could probably do almost as well using AI or better and save 1% a year. I remember when I my mom passed away and I was looking at her estate. This guy was charging her one or one and a half percent of her assets every year to put her in eight SP stocks. I'm like, okay, that's just not that hard. Why are we paying you one and a half percent? Right. Yeah. It was one and a half percent. So what I would say is I I think by the way, I think people should use AI to try and pick stocks. I just don't think they should buy them. I think it's fascinating to see the logic , to see what it comes back with, to start asking him more questions. I've been trying to figure out option strategies and strangle strategy. I just I'm learning. Although sometimes you don't know if it's accurate, right? That's the issue. Some of it, the the sycophanticness is is still a problem because it's not gonna challenge it's not if you it's I think someone was I think the articles it's no more than having a smart assistant, right? Like they're no smarter than anything else . And and there's an assistant part which doesn't wanna wanna displease you. And then it's just a smart person, but you're never gonna have an edge with AI the way . There's a cowork feature feature in Anthropic where you ask this council of people: one's a cynic, one's an optimist, one is making things. One is grounded in historical context, the other is like an analytical and emotional person. And all of these quote unquote agents look at your question and then they distill their answers up to a quote unquote chairman who distills it and gives you an answer back. You can also , I I 'd lead a lot of prompts with give me the brutal truth because I don't like, you know, I don't like it. I hate it when it says to me. Great question. The other thing you should do is is, and I can't do this because I unsubscribe from ChatGPT, you can beta test the same do the exact same prompts somewhere else. I did that before I quit and I was on other things like show me a a book title, get show me a book cover. I gotta say Claude was hands down the best. It just was. It just was so clearly better. You know, when you taste test things, you're like, oh, that tastes like shit. And that's good, right? Or the coffee or something like that. But yeah, you're right. But anyway, it's very interesting. I mean, you should all try it out to see what happens and do one of those tests. But this was a great article in the journal. And I think it showed that it's just doesn't it's not as ready for prime time as they say. Trevor Burrus And about 30 percent, a third of retail investors are already using AI for their portfolios. Trevor Burrus Everyone's looking for a shortcut, Scott. But this one of the greatest grips, I believe, legal grips in corporate history, was the financial advisor or institutional investors. And by the way, the majority of the grift has happened amongst the richest. Yeah. Rich people like landholders, yeah. Rich people like to believe that they deserve something better. So they want to get into these really high profile, well marketed hedge funds who they believe , oh, I have access to Olson or I have access to this, you know, D Shah, whatever. Okay, fine. Guess what? If you added up all alternative investments and hedge fund returns for the last 50 years , they have underperformed the SP by the amount of their fees. It's a and some outperform. Berkshire Hathaway has outperformed. My buddy at Anchorage Capital is outperformed. You know, I have another buddy at Mudget Capital who's outperformed. But generally speaking, over the long medium and long term, they all underperform the market by their fees. That's correct. Every piece of data analysis. I if you go to the finance department at a world class university and ask them where they invest, they're like, Vanguard. Mm-hmm. Me too. And they don't pick stocks. Do you know where I think stocks? I put I don't know. Someone's like, how are your stocks to it? I'm like, I have no idea. And I s I'm not gonna look until I need and I don't really need the money. So I just am like, I just put it there and then it goes away. It's like it's like a bank at Gringotts. I don't care. Like I I th the I the more I think about it, the more upset I get, right ? Like what am I missing? What did I get wrong? Did I buy gold? Should I do this? And then I'm like, why am I that fucking person? It's a great point because in addition to the capital you're investing, you want to talk about the emotion you're investing. And that is I do get psychic income. You like it. You like it. I I started buying stocks when I was 13. I worked at Morgan Stanley. I f I find it fascinating. I really do enjoy markets and it served me well. Having said that, it also takes a real emotional toll staring at your fucking phone. And then when you buy a stock and you're convinced you're a genius and it gets cut by forty percent in two weeks after you buy it, you're really gonna beat yourself up. You are. It's just it's better not to pay attention. A hundred percent. It is. And the other thing is can I just say for people, it again, if you like it and it's fun, that's one thing and it starts to get to an obsession, it's another. The only thing I wish you wouldn't do is put so much of your your your medical information into these people because they don't you s they don't they're not bound by HIPAA. Same thing with legal. I'm like, please don't. I mean unless you find one of these ones that is bound by the same law as everybody else's. I just worry about that over time. What's that? Wait a minute. No, I'm just saying when you whenever you put a lot of your per you always like, oh I load it up, you sometimes you don't even realize you're saying this, I put away all my medical thing into this. And I was like, really ? Not sure I trust these people to have old Scotsman. I makes me worry. I'll be honest with you. I think, oh dear. No, don't do that. Aaron Powell Because do you think at some point they're going to get all of it and weaponize it against us? I they could because they're not bound by HIPAA, they're not bound by legal things. I just am l and and who knows if they had a security breach. I just am like, uh I I trust my lawyer because I can f I can sue him. I trust my doctor because I can sue him. You know what I mean? Like and they're bound by sort of Anyway. Anyway. I wonder if I should just send out a preemptive apology to Angie Dickinson and Emily Radakowski right now. Why? Well, just all the things I've asked Aily about. No no. Okay. We're moving on. We gotta go. All right. All right, Scott. One more quick break. We'll be back for predictions . Okay, Scott, let's hear a prediction. Do you have a prediction for us? portends what it might be in store for us around um potential acquisitions. And I made a similar prediction a few years ago, but it didn't pan out. And that is a 32-year-old TikToker just crowdfunded $132 million in nonbinding pledges to buy a bankrupt uh Spirit Airlines. Did you see this? No, I didn't. He said he said, look, Spirit, Spirit helps keep airline prices down. Let's do what we did with the Green Bay Packers and let's mutualize it. And you he's very talented . And Spirit said it was gonna shut down at two AM on Saturday. And this guy, Hunter Peterson , had a TikTok up the same day, a website by the next, and six million views within days, and more than a hundred get this, Kara? More than 133,000 people have pledged on average about a thousand bucks each, totaling uh 132 million dollars. And essentially what he's saying is that okay, 20% of American adults paying the average spirit fare of $30 to $40 equals enough to buy an airline. And they say it's unlike okay, listen , it's unlikely to close. But the idea with in an era of AI and compliance AI where you could spin up the legal documents and have people sign them and with PayPal, I think you're gonna see in the next 12 to 36 months, someone pulled us off where they say, hey, who wants to buy Estee Lauder? Or who wants to buy, you know, it'll start with a small stock. It wouldn't Estee Lauder because that's too big a company, but it'll start with a small company that goes out of business, they'll say, okay, dick's sporting, whatever it is, and someone talented who's very charismatic who will weaponize social media and AI to collect legal pledges for funds and will buy something. I think crowdfunding is gonna is gonna happen. And also retail participation in U.S. equities has risen by nearly 20 percent of average daily trading volume, which by the way is usually a sell signal. Yeah. Um up from low single digits before COVID. So it's like when everybody got in one of those accounts, those accounts, yeah. And rather than fading, retail flows hit fresh records in 2025. That's right. Everyone thinks we're a genius now. Everyone's buying it. Okay, I like that. Why don't you do it? Why don't we buy something? What could we buy? What would we buy? All kinds of stunts. Like Chipotle or something. Chipotle is expensive. I don't want to buy an airline. They send me a card. This is the most impressive my sons have ever been with me. I got a card for free lifetime Chipotle and I sold it or I didn't sell it. I've lost it. But I love it. Oh, you want one again? That's what this was about. Little cost . I didn't pay. They sent me a card. No, if they By the way, I predict the government is going to lose that idiotic case against the New York Times about the hiring the DEI and then attacking the woman who did redistricting. These people make Chaoșescu look kind. It's ridiculous they're going after all their enemies with the FBI and they're attacking here's what I predict. It's gonna end in tears for those people. They're Then they're gonna use the Justice Department to try to get uh E. Jean Carroll's money that Trump owes her, the eighty three million, which is insane, and then they attacked the woman in the eighty-two-year-old woman they in they they raided her office um to try to find corruption, who did the who was so s this this badass lady in Virginia who did all the redistricting that kicked their ass . And then they are investigating the reporter for the Atlantic who uh you know knows shit Sherlock did the story about Kash Patel being a drunk. Um and of course she immediately answered it by showing off a bottle she bought on auction where Cash Patel gives out whiskey to people with his name on it, like some Woodford W reserve whiskey. So n no one's having any of this nonsense that they're doing. It's just so like cloddish and thuggish. So none of it's gonna work. That's my prediction. Aaron Powell Can I just I I I can't help it. I agree with you. Uh private companies get to do what they want, whether D uh that's none of the government's business, I'm my view, unless it's they're claiming reverse racism. I don't care. Trevor Burrus A search warrant is not proof of guilt, but it is a serious threshold. And federal judges do not casually approve raids on senior state legislators. Why her? Why her? Because well, okay, you could argue that the investigation, the fact that it was even launched is politicized. But a federal a sitting federal uh judge, they do not issue this is my high profile corruption probe. They often look strongest at the raid stage and weaker later once the evidence is screwed But to be fair to the other side, a search warrant is a you know it has to pass a serious threshold that a federal judge does not casually approve on senior state legislature understand that, but there's a reason they didn't pick twenty other Republican ones. They this is what they do all the time. They just this is ridiculous of the power. And they they complained about it happening to them and then they're doing it. So stop it. Just cut it out. Anyway, we want to hear from you. Send us your questions about business tech or whatever's on your mind. Go to nymag.com/slash pivot to submit a question for the show or call 855-51 Pivot. Elsewhere in the Karen Scott Universe this week, Scott, uh Prof G Markets is going on tour this month. Uh tell us a little bit about it. It's t kicking off May twenty-seventh. It's going to San Francisco, LA, Miami, Chicago, and New York. You go to Profgmarkets Tour.com for tickets. Tell us a tiny bit about this and why people should go. We have a bunch of great guests across different cities. It's interesting what sells out the quickest. New York and San Francisco. We were worried that San Francisco wouldn't us we're constantly ship posting tech people, but New York and San Francisco are going to sell out in the next twenty-four hours .