Social Media Bans for Teens

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The headlines will still be there in the morning. You might as well wake up ready for them By the way, she'd slid into my DMs faster than she'd slidide into your DMs. That is correct. That is one hundred percent correct Hi everyone. This is Pivot from the Vox Media Podcast Network. I'm Caris Wisher. And I'm Scott Galloway. Scott the Nicks, Stevie Nicks Taylor Swift brought back balance to the universe. What? What are you talking about? What what am I talking about? Were you out like late drinking? You didn't know what happened last? Exactly. Were you there? And it doesn't feel late. I'm out at four in the morning and it's still light here. I'm in Stockholm Oh, the Nicks I'm talking about the New York Kicks. Oh yeah, yeah yeah. I heard about that. Sometimes about a comeback. Sometimes about the greatest comeback in history. It was like I'm not even interested in sports and I watched the fuck out of that. largely because Charl Schwift was in the front row with Marisa Hardigay, you know Har Yeah Liz Benson and they were hugging all the time and wearing adorable t shirts like Stevie Nicks and N Nixelback and stuff let me just say That was quite a game and it was quite a shift. But they were down quite a bit. And at the last minutes, I was like, o, they can't win. I looked away. I was folding laundry and stuff. And then they came back and then they got ahead and then they got behind. And then the last like thirty seconds, this guy tipped a ball into the thing It was crazy. It the ball into the thing. into the f. It was crazy. And then Taylor Swift was there. The whole thing and there were a lot of celebrities. But let me just saycribe first. Sportsenter starring Karis Swisher. There you go There you go. It was so good. And then the parties people watching on the street.azing It's just amazing. I love New York. I love New York. So I was I was going to stay G go to the Kicks game, go to Tbe back a film festival. I had the greatest a bunch of meetings. I had the greatest three days planned in New York And then I freaked out about not seeing my boys fly home. I walk in the door expecting a hero's reception. and I got, what, do you ever go one of these? They saw me. I walked in and they went like this, they went. just a little bit of a nod, a little bit of a head tilt, like Hey bro. No. Not even a Hey bro, just like a non verbal Hey bro. I thought No. And that moment I thought, I should be at the next game. I know What did I do What did I do coming home I don't mean to be rude, but I never get that. My s In fact Ied Mark Marri film festival. and he's like, Yeah, everyone says their kids are great. I'm like, my kids are great. They're. No, I get a big I came in from a week away. I was in New York doing all manner nonsense. I came home and they ran up and we had big hugs and they lay all over me and they laughed and laughed. Nope, not at all. Alex is like, come see me. I'm going to Australia with Louis. No, we're tight as ticks. Yeah. Yeah,' casses That's not happening a. The household. They didn even got a letter. So Clara wrote me a letter. She's starting to write Oh that's nice. How about miss and me? Yeah. That That's great. Did you know Sweden has not been a war for two hundred years Oh I think that's why the city would war with Sweden? That's why the city is so beautiful. It really helps when you don't like have the largest wealth It wasn't World War two, wasn't N not at all. I mean, okay, get this in Sweden. The GDP in World War two, the GDP of Sweden grew Oh wow. It was wereere they Switzerlanding it? Yeah, they were basically They're basically trading and making money while everyone else is killing each other. Lovely. Interesting. What about World W one? They weren't involved in that? They have not been in a war for two hundred years. So what time is it there? 'cause it's really bright. Is it like a million o'clock? No, it's almost midday. It's five ten PM. I'm not exaggerating. It's light out until Until late four AM Yeah three AM. Yeah. And then it gets like kind of darkish, right? Yeah, it never really gets dark. It feels like it's dusk or dawn from eleven PM til five AM. Not like that when I was there. So how is it going? How's it going with the Swedes U It's good. I'm at this thing called Brilliant Mines. Yeah, I told you I'd been there And yeah, I've never been It's my first oneound for me. It's about Stockholm. I've been walking around a lot. It's really nice. There's a lot of reindeer. I had not known that. Although I had literally the toughest meat in the world I had last night. I needed a chainsaw it was reindeer It have been rained here. Yeah. Yeah. And Sweden, they were the first country in the world to have a negative central bank interest rate where you had to pay money for them hold on to your money. Well, I'm glad you're there. But let me just go back to Taylor Swift very quick. H here we go. She brought balance to the universe along with these ladies. They were dancing, they were being fans, they were and what was my favorite part of many of the parts of it. so many was that the guy that scooter Braun was sitting with his girlfriend, Sydney Sweeney, way back behind her who stole all her songs? Well he bought them and he fucked with her. And she was sitting down front and having the time of her fucking life. But it was kind of an interesting Karma thing, right? That he was there, he falls asleep. He looks totally uninterested in the game. they lose She's there courts side screaming our ass off like a normal fan. And she's gone to Nick's Games for years and years and they and they win in a clutch and they come back. It just felt Yeah, if Karma is a real thing, it means that Scooter Braun has been the nicest person in the world up until now. I don't care about any of this except who's sleeping with Sdneew Sweeney. Well, he is. I think they're getting me. Yeah. That's what Anyway. All right, we have a lot to get to today. As we tape on Thursday, SpaceX is less than twenty four hours out from its stock market debut, and we've got a special guest here to help us break it down Let's bring in Stephanie Rule, anchor of the new MS Now show, Money power politics at nine AM. She's moving from nighttime, the dark of nighttime on MS Now to morning. Welcome, Stephanie. Thank you so much for having me. As we tape on Thursday, SpaceX is less than twenty four hours out from its stock market debut The company has set its price at one hundred and thirty five dollars a share, valing the company at one point seven seven trillion do. SpaceX IPO will likely make Elamus the first trillionaire in the world ever and make over four thousand current and former SpaceX employees millionaires But if all of the IPOing isn't enough to keep Elon Musk busy, he has taken X to involve himself in very terrible anti immigration riots in Northern Ireland saying only by protesting repeatedly, and louly would there be any change? He's supporting a lot of really heinous people. There. In response to criticism about his support, Musk posted murderous migrants beheading innocent people in their hometown is what's making people angry not social media So he's he's making like terrible trouble ac cr and the British government is is responded quite a bit to his involvement He's been meddling over there for quite a while now. So first, let's talk about the IPO. Scott has had really great analysis of it. and a lot of people like Aswath at NYU and others are like, is this price is ridiculous. and at the same time, it'll probably Jump up and then jump down, essentially. So give us your headline of the SpaceX IPO. People who are investing, people who are participating in the IPO, they're not buying SpaceX. You're betting on Elon Musk. You are buying Elon Musk. The amount of control he has over this company is unprecedented. And I'm not saying people should or they shouldn't But that's who they're betting on. And it's extraordinary to me because even think about what you just mentioned with where he's taken to and with regard to the protests in Ireland We haven't heard one word from the underwriters of like, are we okay with this Do you remember it was five or six years ago when it's sort of like at the height of me too, when Goldman had the big proclamation of like, we're only going to be doing deals with, you know, with companies that have a commitment to diversity and, you know, that's most And I'm like Where like do we not have one shred of a moral compass here? And the answer is that we don't. No one is mentioning this. and when you think about how wealthy he's about to become. And I'm not insulting it or complimenting it. I'm just saying I just want people to realize this is a person who directly impacts what's happening in a war by pulling Starlink. This is a person who wants to control information. so he buys a social media platform This is a person who realized through Donald Trump, he can invest in candidates and by investing in candidates get whatever he wants. Like the reason I think we're now going we are seeing an unprecedented amount of money going into these elections is because Elon Musk and Donald Trump prove that it works, right? You're not just getting a little bit of influence One fifth of SpaceX's revenue. It says it right in the prospectus comes from government contracts. And so we could all say this is hanky, this isn't how capitalism works, this isn't how democracy should work or free markets. But the investment community is saying, in my opinion, if you can't beat them, join them, I for I'm here for the money here for the Joe, Scott. I like Stephanie's steake. It's the boring stuff that moves when. Sry, what would you say? I couldn't hear you. I like that. I like my good friend Stephanie's steake Um And by the way, slooping into my DMs if you ever decide that you know, you've had it. You just you've just had it. You know how to reach me You know how to reach me. Anyway, sorry. Exactly. Where are we? Gose. Slide into my DM. Slide into my DM. By the way, she's sliding into my DMs faster than she'd slide. That is correct. Yeah think' a hundred percent correct. I think's true. most of our guests Yes Yes. ye. Anyway, move along and take her ser H thoughts H her deep thoughts on the situation with Musk not getting enough reporting is that essentially Mus's ability to lean on Trump, who then called Paul Atkins and said, make the wave all previous rules and include this company in the NASDAQ Um one hundred is going to create thirty to fifty billion dollars in additional demand for a company with a float of one hundred billion. So to use an analogy, imagine on any given week. There's one hundred thousand people looking for homes in San Francisco, and that creates a certain price discovery and certain price and browsing Imagine if all of a sudden, same number of houses for sale, there's one hundred fifty thousand buyers So when you look at the incremental demand of thirty to fifty billion dollars is what I've calculated from things like QQQ and MSCI indices that are now forced to buy a company that might be fourcent to six percent of the index, meaning that fourcent to six percent of their capital under management. has to be used to buy SpaceX stock despite the fact again in a violation of pree existing rules that has been waived only has five percent of its float out You have what is in my opinion, the greatest degree of manufactured scarcity ever in an IPO. and this is about to be the greatest transfer of wealth from retail investors since crypto. one hundred percent. and Kara, just add into that what you originally said about who Elon Musk is, like go back to Ireland, like We're not just making that like, we're not just making a person a company this extraordinarily powerful. It's this person. who he is, what he's done, what he stands for. That's sort of the thing that I want to sort of underline and highlight. Doge. He just skated skated around Doge, he skated around. and this will give him an ability to skate around everything, right? Yeah. Unless it goes up down right? because he's not always been he wasn't successful in Wisconsin, for example. hisis brand has gone to hell. You know, nobody's buying Teslas. There are there are implications, but this gives him another life. sort of Alex Luther just got another The cat got another life. essentially. Yes, there's implications. But when you think about the stronghold that they have over the government. Think about the amount of government contracts. when you say even if things go down, Once you are embedded in the government with these government contracts, it's like a tick biting you, right? Like you don't just get a tick bite and pull it out. The tick bites, all the tentacles pop out and it doesn't come back out So when people even say, listen, when we have a different administration and they see things differently, a lot of these things are going to pull back out. Once you're this entangled in the government, it doesn't work that way. He's in. Well what if the Democrats get in? is he in? They' certainly, you know, Elizabeth Warren is, of course, is always speaking up. She's like, look, this is not a good thing to's he's going to hurt retirees. That's one of her She has a number of them. You have Bernie Sandrs wanting a chunk of companies like is another like an open AI or whatever. Do I think things are going to ch How many years have we talked about closing the carried interest loophole? How many years have we talked about banning or limiting or adjusting congressional stock trading For a zillion years. how many years have we talked about social media regulation and when Democrats had control? sureure But I just think once you're embedded in the government, look at the case of Michael Dell. okay? Michael Dell, glady did donate six billion dollars to the Trump baby accounts, super duper Trump then says everybody should go out there and buy a dell. The stock goes up. Trump buys the stock. And then Michael Dell gets a nine and a half billion dollars government contract bet my bottom dollar that come December If Democrats take control, I don't think that government contract's getting cancellled. do you? No, no. no, but is there any price to pay for this kind of st? Well there should be a price to pay because Democrats should be focused on two things as it relates to the midterms, affordability and accountability.. If those are the two things that they can nail a message and a plan for, then they actually have a chance to take control here So what is going to happen with this IPO? How does it go? You've been you've worked in this sector. talk Scott's talk He thinks it's going to be a pop, then down and then a trough. You've seen all these charts, then a trough for a while. and then it'll start to go up so that people say buy at the Tump. Listen, there's so much excitement, there's so much enthusiasm. I mean, I just saw something the other day with Jamie Diamond talking this up and they're not even the lead underwriter on this. Like there's just so and listen There's just so many people who are like Eli Musk, the guy who controls the world, I don't know. Let's bet on him. L like people just want in and especially as you can take Remember When at the height of COVID When the control Elon Musk had the time, like how he basically created meme stocks, right? Elon Musk were' taking it to the moon and people were all in. And I think nerds like us are reading all twenty two thousand words of a prospectus, but there's scores of people out there who are just like, I just want to even if it's for a minute. Now Scott, can you know you had noticed a vibe ship though, right? It feels And then another friend of mine said they got a call from their broker to get into it now is. they thought was a bad sign. is like a it wasn't an email and they were way down on the list. Scott was talking, Scott explain your feeling that the vibe is off. I think there's just been a tangible shift in vibe against AI. AI has gone from seventy five percent approval to twenty five percent. And I do think that there's some wobbliness in the markets about maybe this the economics that the technology will survive, but it the valuations may not. Having said that SpaceX is I mean, Stephanie's right, there's just a lot of people. this is a cult, not a company that will invest in anything that musk forward And to be fair, even companies that made no sense from a bottoms valuation standpoint, he still figured out a way to show return to those investors who were willing to hold on to a mediocre automobile company that was trading like a software stock. A lot of people, you know, the cult, a lot of people think that the decline in Bitcoin price is because people that same kind of person is selling their Bitcoin to be in be in be in this company. But basically what you have just to remind everybody You have a great company with great malts. that's a rocket company The company that makes all the money is basically Comcast and Space, It's Starlink And then you have this ridiculous money furnace attached to it called know XAI, and it's going out at a hundred times revenues But right now, just back to the prediction, Car, I'm not convinced it's not only going to pop out of the gates. close first day up because I think some of the brightest minds in the history of finance with government control and the SEC on board have created a way to just pull off so much manufactured scarcity You're not allowed to go public unless you issue at least ten percent of the firm shares. They got a waiver to say, oh, only five percent. So just look at it this way demand deemmand is the velocity of the water coming out of the hose. ly if you can constrict supply, you constrict the circumference of the nozzle They are constricting the nozzles such that the velocity of the price here is going to be extreme to the upside because' creating, they're creating false market. And Kara, professional investors Know this. So while Scott can be telling all of this as a warning or a problem and we should be concerned about it, even if professional investors fundamentally agree with Scott and I'm sure they do, they're also saying, yeah, but guess what? It means the stock is going to go up, rightiding stock. buuying a stock doesn't mean you're buying a house and you're locked into it for the next four years And remember when Trump won and Doge was created, all three of us and scores of other people called Elon Musk a shadow president. And while he might not be sleeping on Stehen Miller's couch anymore and going into government agencies with a chainsaw, he still has an enormous, maybe even more influence over the government. We just don't see him walking into the Oval Office with his son on his shoulders. And people know that. And when he's got that much influence over the government or I'm not going I'm not going to go as far as to say Trump in his pocket, but Trump at least, you know, on his shoulder That for many people, while it might not be the right thing morally, is going to be the right thing financially, and that's what the markets are about. Okay, let's listen to one more Space X question we got from a listener Holly What do you think about collective divestment of funds that automatically include SpaceX stocks Would that sufficiently communicate that a lot of people are not okay with the changes that allowed this to happen First you, Stephanie, and then you, Scott. Yes It would make a difference. Listen, any sort of economic boycott and we've all talked about that for. The only place you hit them where it hurts is an economic boycott. Like you can have the worst stories, you can have the worst headlines. You can drag all these guys to DC and have a hearing where Katie Porter pulls out a whiteboard says you're naghty, naghty, naught. They don't care. They got on their plane and they go home. But if there when and if there are significant economic boycotts, then they have no choice but to respond. I just don't know if we're ever going to see something like that. right? When we talk so much about, you know, Bezos and Amazon and as people are saying like, I hate it or I hate those social media companies, they're saying it while they're scrolling through Instagram and then ordering Amazon packages. Scott, people opt for their economic security And if they think they can get ten percent or twenty percent in one or two hour trade, they know this is overvalued. They know that the game is being rigged here And they will take the allocation to get their ten percent or twenty percent. No one says at a funeral, you know, this guy didn't participate in the SpaceX IPO because he had real integrity. Right That's true. That's Well, they'll say that at mine. OpenA has filed for an IPO. The company has not yet decided on timing, saying in a statement, it may be a while because there are things we want to do that are likely easier for a private company. I don't know what that is Or geez, I don't know. O has last No no. in their defense, there's a lot you have to do, explain, account for when you go public. It's not easy Opening I was last valued at eight hundred fifty two billion dollars. The filing comes shortly after rival anthropics. Which of the three are you betting on? and how wor you about the concentration of so much market value in just a few companies? Does it make the entire Scott has been talking about how the entire market is ra The entire market is fragile and I think the name of the game for all of them, honestly, is to be, you don't want to be the last one to IPO. right? There is this huge appetite for AI. everybody's so excited, but there's so much and there's potentially so much overdvelopment, I think you just don't want to of all of them, you just don't want to be the last one when you've exhausted the market M it's already exhausted. No one is rooting for this IPO more. than Elon Musk other than Sam Altman. This sets the tone for the next couple IPOs. If this comes out really strong These guys are going to be able to come out and say, look at our numbers versus SpaceX and you were willing to buy in it one hundred times. Open AI and Anthropic are going to look like value stocks compared to SpaceX if SpaceX holds up. Yeah. Yeah. if it holds up, if there's enough money. And in the case of open AI and Anthropic, especially as it relates to a retail investor, those are companies that people actually could say they know and they see more hundred percent than they do SpaceX. That's a good point. All right, one last thing. Inflation was up four point two percent annually in May, the highest in three years. Much of the surge came from the increase in oil prices, obviously, which has than thirty five percent in the month since U. S. and Israel attacked Iran, but fear not, President Trump is feeling optimistic about the suation. He likes it. Let's listen to a clip What mter President about the latest inflation number which came out this morning. Could that be a No? I'd love it. put numerss trying to hold. You know what I really love. I love the inflation. Okay. How How much does he love inflation? Both of you, first you, Stephanie, how much would it rise before he started to not love it so much? Well, two things, like as somebody who's spent his life deeply in debt, I guess he could say, yes, inflation works for me. If you put it in full context or when he tried to do a clean upp later, he's basically saying Inflation's not bad. Think about where it could have been, right? People thought oil was going to be two hundred dollars hundred a barrel. Oh. But the fact of the matter is And he said just this week, like, listen, gas prices were really high when Biden was in office, which was the case when Russia first invaded Ukraine. But guess what? Those high prices and inflation, I would say, were the fundamental reasons why Joe Biden and subsequently Kamala Harris didn't win the election. Donald Trump promised to lower prices day one. He obviously hasn't done that. I think when he talks about affordability being nonsense or an old fashioned term, I think he's telling the truth because he is in a gilded cage surrounded by people who have made who are already super wealthy and they've made more money in the last two years than is even conceivable But where it's politically devastating and not necessarily for him because he doesn't need to be president again, but for every Republican running, that soundbite of the president saying that's what Inflation's great. That hurts. You and I both have mothers that voted for Donald Trump. and I assure you, my mother does not think inflation is great. And she could tell you the price of London Brail and the price of gas today. L you said this will hurt Republicans. I say London Broil that's an. Would you like some London rooyal? Scott? Well, people don't. four point two percent doesn't sound like a lot What you need to do is quick math for people in terms of compounding, and that is At four point two percent, if that holds That means the tuition to go to NYU at sixty two thousand dollars. If you have a baby today, when the kid is ready for college, tuition is now one hundred twenty five thousand dollars Or bring it back just five years. It's easier for people to wrap their heads around. That mean it's a car that costs fifty thousand dollars. It's going to cost sixty one thousand dollars. It's not four point two. It's four point two compounding. And the other thing about this inflation print that's so bad This for the first time in several years Inflation is now greater than wages, meaning the quality of everyone's life, their prosperity is diminished. But not for Trump. and the people who are around Trump and he's happy as a clam in that bubble. I think if it wasn't for the war in Iran, he would be on cloud nine. And also, it just bears mentioning that For the three of us, it really doesn't matter because we own stocks, we own assets We're hedged against inflation because our house goes up four point two percent, Our stocks go up four point two percent because Apple will raise its prices. whoo this hurts. are earners that don't have assets yet So and let's be clear, revolutions don't start because people aren'temployed. They start because people are working two jobs and are still hungry And this is yet again is another it's another there' still Argentina' had one hundred and twenty percent of inflation. There's a class of people there that have always stayed wealthy because they own land So the land owners and the stock owners, traditionally, older people in the United States are just fine. Inflation is yet again another transfer of wealth from non asset owners who are earners to the asset owners. Gara, let me just say when people say, when wealthy people say they're panic stricken. over Zora Mumdani comoming for capitalism and and leading the eat the rich sentiment. He's not leading the eat the rich sentiment. Donald Trump saying I like inflation is fueling the eat the rich sentiment, not the mayor of U. Correct. and the tech bros saying all manner of nonsense every day of the week and twice on Sunday is the same thing.s It's anger inducing. And that's where you feel it, I think. Prediction on which of the IPOs coming Or is the stock market about to take a deep fall as many people think. So which of all the IPOs, which one would you buy into And are you worried about the stock market? Listen, I've been saying I've been worried about the stock market for quite some time. And if you talk to CEO's that are not the magnificent seven or that run companies that are impacted by tariffs or mass deportation, those companies are not booming. They are struggling. They can't walk into the White House and offer Donald Trump a plane or God only knows what. It's not so easy for them I think under the hood, things aren't great for lots of companies, but honestly I'm not betting against the stock market because the only way it's been going is up and a current appetite for AI, to me, it might be fragile, but it's big. It's big. All right, which one would you buy It's on a plate in front of you. If I was hanging my morals out the window, I'd buy all of ' them. No, Okaykay. All right, then. there you go. All right Thank you, Stephanie. and everyone be sure to watch her new MS Now show. I'm going yell it. Money, power, politics, weekdays at nine AM. She's going to be getting up early to give us the lowdown on everything. Tell us what this move is about. What is the situation with MPP? I think we need a great big morning show. Especially obviously, we cover politics, we cover current events, but the economy is the number one thing that people vote on. Tomorrow, as we talk about the SpaceX IPO, we're gonna to have a newly minted trillionaire. We are sixteen years out from Citizens United and have more money going into politics than ever and not just politics because hey, I like this candidate, politics because it's directly impacting policy not to mention The gargantuan grift and corruption under our nose right now. I couldn't cover all that in one hour. I thought it was important that we covered it and we covered it in the morning, for two hours in a way that we're sort of setting the tone for what we cover here because it's not just about following Trump and the crazy thing he's saying today. We're fundamentally changing potentially the way our economy works, the way capitalism works. and I think we need to cover it in a comprehensive way. and you guys know this as well as I do. The way that business news has traditionally been covered Business news covered for an audience that invest in the markets. And when CEO's go on TV, they're not necessarily giving their worldview. They're talking about specific information about their companies that's going to impact their earnings report and their stock performance that day. We need to have much bigger and broader conversations than that's what we're hoping to do. At nine in the morning. too. So you're on after morning Joe. So morning Joe sort of yammers on for a long time about politics mostly. So you're going to come in with a real hard hard nosed show in the morning, essentially. Yes, but also, I mean, yes, at nine in the morning, But I also think, and you guys know this, I actually just talked about this in an interview the other day. I think that when people watch TV, yes, people watch live TV, but it's more, you watch the show that you want to watch. And if you make an important show that matters, it doesn't actually if you if Landman is your favorite show Or friends and neighbors And I said to you, what time is it on? what day? You might say like, oh, I think it comes out on Fridays. Yeah I think for me the most important thing isn't who's necessarily watching me at nine. It's how do we make the best show that counts because that's what people are going to want and need to see. Think about the way pivot think about the way people consume pivot. Yeah. Yeah, usually when they're drunk. but no, no, morning running Not just Scott. Not just Scott. By the way, Stephanie I don't know if you this is very much related to what you're talking about. We were talking about Taylor Swift And I don't know if you guys heard, but all of her exes are getting together and collaborating on an album and it's going to be called Maybe She's the probleblem Oh my God, she saved the Kicks. don't don't, don't len him. Stephanie appreciates. Don't answer question. Stephanie appreciates that. By the way, just let's diver from the news. When Stephanie calls me, I'm both excited and scared 'cause every time Typically her call start with, typically not exactly her call start with. I think you're really fucking up Oh. I'm worried about you.' like Whenever she calls, I'm like, o oh, this is a good very good a very. You know what? That's called a person who doesn't waste time, who's an actual friend I call a friend. No you' I Scot on a personal issue the other day. and when I started the call, I said, let me get to somewhere private and he immediately said Oh no. Are you getting a divorce Oh my God. All right. No, I didn't. That's why. I said, wait till the kids are gone Yes. Wait utill the kids are out of the house. It was a divorce. I was calling Scott. I'm sorryace parenting. I was calling for actual parenting advice from Scott, which he is fantastic out when it comes to boys. And his immediate response for I just said, let me get to somewhere where no one else in the family could hear me. Wait till the kids are out of the house was his response. Thanks, Scott. Okay. And then he proceeded to give me Incredible advice.. May I just say, I have two fine sons. You might Yes. Yeah, we've heard. Over and over over. Yeah. One of them is quite good cooking if you didn't. Yes. he's working for a restaurant now., hereere we go. In San Francisco, He's very excited. He has a little outfit too. The other is at Michigan. He's wonderful. He's got a fantastic girlfriend. You know all No, he's got. He loves his job. He's manufacturing things in an advanced way All right Thank you Sthanie. Thanks, Stephanie. Good to see you. Thank you all so so much. I love you both. Scott, I'll slide into your DMs later Anyway, let's go on a quick break when we come back the Trump administration's freakout over Jeffrey Epstein. This is advertiser content from Harvey AI We have a choice over who we work with and who we don't, specifically who we allow to advertise and who we don't. And for those of you who watch my content, I am not an AI catastropphist, I'm an AI optimist. I think it's going to create more jobs than it destroys And I think our job as professionals is to figure out how to leverage these tools AI more than almost anything I do in terms of what I could point to for real economic leverage and savings is hundred percent in the legal fields Harvey is the AI designed specifically for legal work, trusted by leading law firms and enterprise legal teams All right, so now I'm looking at Demo It plugs into tools that lawyers already work with, Lexus Nexus, Microsoft. 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Both are New York Times writers, by the way. Here are some highlights. The situation became an Epstein War room whereere strategy meetings took place. JD Vance suggested having Tucker Carlson interview Jelaine Maxwell in prison. There was talk of then deputy AG Todd Blanche going on Joe Rogan. Vance wanted to go on instead of Blanche. Dan Bonino warned there would be president this would be President Trump's Iran contra. There was talk of nipples and President Trump's disrespect for nipples in the room. And as funny as that sounds, it was pretty grotesque of his abuse of a young woman. But this is what they this is what this entire leadership is talking about is whether and whether he'll be able to handle the nipple stuff getting out. It's not just the White House and has nothing to do with nipples here. Bill Gates was on Capitol Hill this week, testifying behind closed doors about his connection to Epstein. Gates said Epstein tried to use information about his extramarital affairs as leverage after the two had cut ties. Well, obviously he did. He's an evil villain. He also acknowledged that meeting with Epstein was a grave error in judgment, which he said before and put his philanthropy work at risk, and it certainly did, including his own reputation Tal a little bit about did anything surprise you about how the White House dealt with the Epstein stuff? They sound like fucking amateurs. Every time was reading it and I was like, what a bunch of amateurs. Big fights between Bonino and Patel and Bondi and Szie Wild' just sitting over at like a demented mother who doesn't know how to control idiot children. Will this be a major issue in terms and I will say, as you know, I was very much an early on saying this is a real problem. Reuters is out with a new poll. seventy five percent of people think the government is hiding information on Epstein's clients. and a lot of it is falling as much as Trump has tried to push it off onto other people on the president himself. So I think we agree that it should be an issue. I don't think it will be there's recent data showing there' these March focus groups ranked Epstein sixth amongst voter concerns ahead. you know, so it's well in the back of the bus here. Um, I think it is Again, unfortunately, I just don't think it's that big issue. I think the American public is so numb to this kind of stuff. especially in the Trump administration What I what actually found more interesting was the whole Gates testimony and that is he has some of the best and brightest P people because it wasn't an accident. So when you call someone to come testifying from a special committee or whoever testified You have some say in it. You have he has the best lawyers in the world. And what do they do, Kara They made they got it behind closed doors and they got it during the NBA finals during Iran during the SpaceX IPO This is the this is what you do. You know this business better than I do. When you have shitty news Bury it on a big newsday, right? Yep. So Gatesher whether you think he deserves to be flogged in public or how guilty or not guilty of whatever you think he is, I just admire the PR savvy here. Yeah, that would be Larry. behind closed doors During a very, very heavy business newswek, this story is going to come and go. Well, I still think it I'm going to disagree with you because I think I was actually completely accurate at the beginning of the Epstein thing that it's a big deal. I think among the base of people, it remains an illuminating and a thing that gets them going. And I don't think it goes away. and what was interesting was Dan Bonino during this whole thing, kept saying that to the Trump people, but this is not They kept minimizing it and saying it's not a big deal, it's not a big deal. It was a big fucking deal. And this is something I knew from reading all these Q andon boards. this is at the center. I think it's still at the center. I think it creates an atmosphere among people like Rogan and others of these fucking liars. And I think Iran's a bigger deal for them than I It is now. But I'm saying this is like one more know another brick in the wall, like that kind of thing I think Epstein remains a bearing wall of this presidency and he cannot get away from it. And I get the nipple thing and everything else, and as much as they think he's kind of like an oaf Dambagino had it right, and so, by the way, did Vance, although Wiles was sort of accusing him of being a conspiracy theorist. but I think Bance had his finger on the pulse of bringing it out like as much as possible, even if it hurt the president slightly, because the transparency was more important than what's in it Unless, of course there's very clear and inconvertible evidence that he slept with an underage girl, which's still not proven There's been a lot of allegations of it, certainly. So I think it's still there. I think it sits there like mold. It just sits there and it sits in the minds of a lot of people like Massey. and even though he's zeroed them, he has not zeroed them. I don't think by any means, and I think Vance knows it. And Bonjino certainly knows it. With Gates, look, you're right. this was a good time to do and he kept going, I'm here voluntarily. didid you see that? whichich was kind of interesting I think this has hurt his reputation. Oh yeah, no doubt. for a long, long, long time. I think he is This is he is going to suffer. this is going, he has done some amazing works I think his wife is looking his ex wife is looking fantastic with all these different financial things she's putting out and handling her image quite well throughout this whole thing. But I think he is permanently harnished, and I'm not sure how any conversation he has going forward does not include this topic So I think he has done enormous damage to himself by affiliating himself with Epstein. And it was a grave error in judgments and it did put his philanthropy at work. So I think it's there. I think it's still there. Hard to arue with. All right. Let's go on a quick break. We come back Paramount lashes out against Netflix Supp for the show comes from Clavio There's only so many hours in a day, Clavio's two powerful AI agents can make sure your team spends them on big things. The first Clavio AI agent turns your marketing ideas into reality instantly. Describe what you want, a holiday campaign, a VIB reengagement series, and Clavio builds it instantly, email, SMS, and push, all coordinated, on brand, grounded in fourteen years of Clavio marketing data. Nothing goes live without your say so The other Clavo AI agent keeps your customers happy at any hour, brand trained to answer questions, make product recommendations, and handle orders and returns, no hold music. 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Paramount is accusing Netflix of waging a scorched earth campaign to kill its one hundred ten billion dollars deal with Marner Brothers. in a letter to the DOJ, Paramount's chief legal officer, Megan Delbrahim, says Netflix is trying to quote poison regulators and other stakeholders against the merger. Oh, come on, Mgan. I know Mgan, of course they are Netflix is calling their claims absurd. It's not the only thing Paramet is doing to get the deal across the finish line. The company reportedly submitted a list of concessions to head off antitrust lawsuit by California and several of other states. That willll include New York and possibly Massachusetts, I'm hearing. Recently actually, I've gotten notes from people in Hollywood saying this thing's a little shakier than it looks I'm not so sure about that, but I'm surprised I'm getting them. The EU is also currently reviewing the merger in light of the backing of thosed Middle Eastern wealth funds. thoughtoughts anywhere? Of all the media CEOs, the one I know best, which isn't very well, is Teds surround us, and any campaign to try and undermine to undermine this would have to have Ted's blessing. and this just isn't Ted's style No He's not He's just going to wait and buy it when they fuck it up. They're eighty billionars And I don't see I don't see any exterior lobbying of people who are clearly in you know, Netflix is back pocket. I don't see a bunch of Democratic senators getting all joned up about this. So I just it doesn't It doesn't ring true for me. What does ring true is that some Blue state AGs are starting to look into it and they file their own with them. Yeah and may file may file suit, but I don't see It just when I read that, it doesn't what what I do what I know about Ted, he's Ted is kind of You know, when Ted retires, he he'll probably be like a diplomat because he's just not the kind of person to shit post or on the offensive against people. They think they're trash talking it behind the scenes. because of the obvious situation, this has enormous amounts of debt on it. It's a lot. But I interviewed him on stage in L.A and I gave him you know an opening. I said, isn't a creative community going to scream out in horror when this when this acquisition closes and because of the AI and you know get trying to find efficiencies for overpaying, I gave him I set him up to and he just he immediately pivoted to something else and said he hopes they do well. I just don't He's just not that he's not of that ilk. No, I think they're shooting themselves in their own feet and they want to blame other people. This is That sounds more accurate to Clottish. Every step of the way, this acquisition feels clottish. and the debt is the debt. That's what it is. One of the things I want people to focus on is there's a huge amount of debt. They're going to the ugliness is not now, even though there's a lot of ugly right now. It's going to happen once the deal is struck because these people cannot keep the promises they've made. They're not very good promise keepepers. S might call them mndacious at times, but they will not be able to keep up there what they are saying they're going to do. And that's when the ugliness will truly start. when they have to make these cuts, which have to be significant. No matter what they say, unless Larry Eelson decides to just take his money and bankroll the whole thing, which I don't think he will This is going to be tough for Hollywood and they know it. And I think they' they're going to have real troubles. and then that's when Netflix comes in and sucks up all the pretty parts, would be my guess. I do, I actually think it probably closes so because I talked to an economist this weekend and he said, it doesn't really fit The huray for mononopoly in terms of streaming If you factor in linear content from their flagship channels, CBS HVN HTTV, the hypothetical combined platform gets roughly twenty percent of total US hour stream and Netflix is at's sixty in terms of total TV viewing time. that combined Warner Brothers paramount streaming and TV all in would represent about twelve point two percent of total US viewing TV watch time. And that's less than YouTube currently has at about thirteen percent In terms of box office sales, Paramount and Marner Bothers represent roughly twenty five percent of the domestic box office. So And they're just so well connected with Trump, they'll end up selling off like SpongeBob square pants so some regulator can feel like they've got a win or something or divest of some stupid childildren's program But I think this goes through. Kausciia has it at seventy five percent. I think it's actually higher than that. Yeah, I've just noticed a lot of Hollywood people and the smart ones, I'm not talking about the dumb ones have been like,, this feels bad. somethingomething feels bad. But I think it's largely all the noise around CBS and the disaster perpetrating there. But I think it's more I just think the pain is going to come once the deal is done. That is where it's going to happen. And you're going to see How are they going to get out of this box? And none of them are Houdin in that gang. So that's the problem We'll see we'll see where it's going, but definitely the state atttorney generals are involved. They're going to try to they will get them to sell something up. There I am still very concerned about the backing of these Middle Eastern wealth fs owning this much of our media But you know, no one else seems to care. But I find that really. AndU will will they'll have to they'll have to do a lot of favors for people going forward. and later Te's Rondes and YouTube will take it all over. That's my feeling. L it's really these people are like not don't count compared to those two. And where you should watch is YouTube and Netflix. That's pretty much how I feel. And Disney to a lesser extent Anyway, last thing, Canada is the latest country to crack down on social media for teens. The government proposed a bill this week to ban kids under sixteen from using social media, though most companies can get exemptions if they prove their platforms adequately protect young users. It's not just Canada, as we said, across the pond, UK Prime Minister Starmer is weighing a similar ban. It's across the world, but don't expect this to happen in the US. Our embassy in London posted about the potential UK ban writing the United States favors Parental empowerment over government mandates, whatever. Also worth noting, though, Australia's social media ban is struggling. seventy percent of teens are still using social media apps, according to recent report because they can get around this stuff. So I think it's more teens continuue to smoke after we put stuff on packs and made it harder to buy them. I don't really think that should be the goal there, but I think a society has to say this stuff sucks and is dangerous So I don't mind just the saying of it. So how do you think about UK and Canada doing this? I think it's great, and I think it's overdue. I don't think there's any reason why anyone under the age of sixteen should be on a social media platform. I think one of the greatest threats to our society is that we're evolving a new species of aocial, asexual males Yeah forty percent of the SMP is now tied to trying to convince these people to sequester from their relationships and be online. And part of the problem is just as their brain is getting wired through puberty, you're teaching them to have constant visual stimulation and You and be staring at his. I mean, there's even There's even evidence now that their posture is changing. How leaning over? Yeah, unless you haveack' back to Neanderthal, right? Unless you have collective action. and I do think these bands, you know, people Sools aren't gonna allow to have a phone. If if you're preschool or middle school, you're not allowed have a phone. I mean Anyways, I think this is it took us thirty years to figure out tobacco or regulate it. It took us twenty years with opiates. It looks like social went on mobile twenty It looks like it's going to take us exactly about twenty years. But I think this is a great thing. Europe is leading on this. It's weird to describe Europe as an innovator on regulation As somebody who has grown up with kids in the kill zone, exactly the wrong age, at exactly the wrong time. You know, people a lot of people will say to me I'm really worried. I have a five and eight year old. I'm like, no, no, you're fine. We'll have this figured out by the time They're thirteen and fourteen. But if you went through COVID as a teenager and grew up with social media I really think you face some significant headwinds in terms of emotional regulation. you, canan I make another? First of all, as I said, it's a sign that society thinks is important, just like we did with cigarettes or seat belts Not everyone wears seatbelts, lotots of teens smokes. Guess what? Lots of teens drink, even though we have rules. It's the society saying to its citizens, we think this is bad You can cheat and they will, no question. I think that argument is so false, like, oh, teens will get it anyway. I'm like, okay, they'll get liquor anyway. They'll get everything. So I think that's number one. It says something about your society that you care enough. and it isn't mandating. It's just saying, as with cigarettes, as with drinking our team shall not do this. And I think that's perfectly fine. And you know the people that say it's not, they're not paying attention to everything else. The second thing is I do think social media is on the decline among young people, not among our people. who are addicted, fatally addicted to these things. But I do think I watch a lot of young people and I know a lot of them are on there, but I think the age is a little higher. I would I put an aerisk on that. I think it's declining among wealthy, informed who have strong parental influences and the money and the resources to get engaged in other things. Yeah point. I think if you're the child of a single mother, home alone a lot I don't know. know I mean, even among young men, Tinos supposedly men ages twenty to thirty are spending more time in less time outdoors and prison inmates. They're on a fucking screen and just just to go to. No, I think I'm talking about social media. Some of it's gaming. I agree But just the big tax excuse has always been we can't find It would be impossible for us to detect underage users. Guess what? When Australia passed an act, the platforms deactivated nearly five million teen accounts in just one month. They were able to figure it out. And meanwhile, that very same detection is being withheld from Americans because our federal government has no interest in protecting children from the harms of social media. The Kids Online Sfety Act passed the Senate ninety one to three and then died when House GOP leadership refused a floor vote. So you know the The bill's been reintroduced and is stalled again. A March House markup was pulled amid partisan fights over preemption And forty bipartisan state attorney generals are begging Congress to act warning the House version would gut state child safety laws. So this is I like you're bringing the data, Scott. Well, the last federal law protecting kids online was CAPA, and it was in nineteen ninety eight. So wait, let me, you don't think the world has changed in twenty eight years regarding technology and the potential harm for children. Come on. I would not ask you. don I think Australia is not working is not the question. It is teens will find a way I do think a society stepping out and saying it. And let me just note, I don't know if you saw this And the trailer just came out for the social reckoning, which is the follow up to the social network. Jeremy Strong Fromucccession is playing Mark Zucker. He's got the voice on although he looks too old, I have to say he's oddly looking old. But it's all about this. It's all about and it's, you know, it's the story of Francis Huen really pretty much and his Facebook files and how this they had all they knew what they were doing. and they did it anyway. this was the first to me, this was the moment that Zuckerberg went villainous, right? That that if you started understanding the something that I had written about in the times of twenty eighteen. this came out in twenty nineteen, twenty twenty one period But this was the moment. And I think this movie it'll be really interesting by Aaron Sorkin onnce again, revisiting this issue is that this guy is living large onn the backs of teens, on the backs of kids, on the backs of everybody. And I don't think it's going to be great for the image. And I think it's to say it again and again has to happen, including these laws, these movies and everything else. And Jeremy Strong will literally sounds so much like and it's disturbing. Well the ability of Big teech to wash over Washington and separate them from the best interests of our children with money You know what's gotten in the way of the Kids Online Safety Act, better known as COSA It forces platforms to exercise open quote reasonable care in designing features so they prevent and mitigate specific harm to minors. Things including content promoting suicide Eating disorders, sexual exploitation and compulsive use patterns tech is fighting those things. Yeah, that's because they go, o, it could be used for this. could they go behind their firstirst Amendment nonsense that they tend to try to push out there. Yeah. You can't anticipate. I just want the society to say no to this. just like kids with phones in schools, No No, no. And that's what that's what a civil society does to these companies whether there's cigarette companies, liquor companies, by the way, liquor iss on the decline. This I think social media is going to decline more than you think. I think that's my that's my prediction. Anyway All right, Scott, one more quick break. We'll be back for predictions Hi, I'm Maria Sharapova, host of the Pretty Tough podcast. Each episode, I sit down with high achieving women to discuss the pursuit of excellence without apology This week, model spports Illustrated covergirl and entrepreneur Ashley Graham talks about the time she almost quit. I called my mom and I said, Mom, I just I'm not going do this anymore. And she told me You are going to stick this out. your body is going to change someone's life. Every decade, you're going to go through something different. So be really happy with who you are right now because things change Check out Pre tough newew episodes on Wednesdays. You can watch it on YouTube or listed in your favorite podcast app Big news this week for all my Gordon Geckos, my Robin hoodterers, my Clod Squad Anthropic, which is newly the most valuable AI company in the world, announced it would be going public. That news follows reporting that open AI plans to go public as soon as September, and that that news follows reporting that SpaceX, which also considers itself an AI company, will be going public in maybe just a few weeks from now. Welcome to the era of the Omega IPO We are about to see millionaires, billionaires, and yes, probably even the world's first trillionaire created overnight. And yes, it's that guy. This is the chainsaw for bureaucracy Cs off But all the tech bros who are gonna to make all the money, they need our money way more than we need their products. And we're gonna remind you why on todayay Explain from Vox. So the twenty twenty six midterms is shaping up to be an all out braw. But the biggest fight may not be between Democrats and Republicans, but over the congressional maps itself Gerrymandering's not a good thing. We don't like it. And then all of a sudden, we're going out and telling people vote for this. So I'm in Ashlland, Virginia, a small town just outside of Richmond, which calls itself the center of the universe. And that checks out because it's the center of the political universe, at least when it comes to the twenty twenty six midterms. That's because Ashlland sits in Virginia The first congressional district, which is one of only about thirty five or so that are actually competitive. That makes Virginia particularly important when it comes to the question of gerrymandering. The gerrymanding is a major problem, but it's not like Democrats drew first blood with this one. Donald Trump doesn't think he should be held accountable by anybody, so he's trying to change the rules because he doesn't like the game. We've shown what we're capable of Now let's keep up the push through the midterms. America actually will be in your feeds and on YouTube every Saturday with an interesting interview in politics or culture. Okay, Scott, let's hear a prediction. Well, One is a a simple, funny one and the other one is more serious, but