Has Musk Crossed a Red Line? Plus: Uber’s Superapp, and Career Advice for Grads
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Hi, everyone.
This is Pivot from New York Magazine and the Vox Media Podcast Network.
I'm Kara Swisher.
And I have a sandwich named after me at Warner Media.
You want to know what's called?
Oh, my God.
It's not even a joke.
This is the truth.
In the Warner Cafeteria at Hudson Yards, you can order the Galloway Stealter Sandwich.
So this brings up a host of questions.
One,
why did they do it after a turkey club?
Because daddy, it's a church picnic and daddy brings the egg salad.
Uh-huh.
Okay.
And two, why did they pair me with Brian Stelter?
That I don't understand.
That was inexplicable to me.
Do they not have enough sandwich ideas that they cannot give you a separate sandwich?
Yeah, I can't get my own sandwich.
I mean, I would have settled for a condiment, like a Brian Stelter with a little Galloway on it.
What would your sandwich be?
It wouldn't have been a turkey club.
You're so not a turkey club.
You're so not a turkey.
I haven't had a turkey club since
bacon, like whatever.
Club sandwich feels very white to me.
I feel triggered.
It might be a tuna sandwich on rye.
That wouldn't be mine.
So yesterday, I'm at Warner doing B-roll.
You know, me walking around trying to be funny and likable.
Yeah.
Thanks, TV guy.
Thanks for the info.
Yeah, go ahead.
Yeah.
The walk around stuff.
And then I learned that on Google, B-roll.
All right.
And I said, literally, I see Brian Stelter and I yell, hey, Brian.
And I'm not exaggerating.
He ran from me.
I'm already like, I'm already persona non grata.
I haven't even been there a week.
It's funny.
But let me just tell you, that's a surprise because Brian's one of the friendliest people I know.
Honestly, literally ran for me.
I'm not exaggerating.
Saw me and like started to smile like, oh, maybe it's a friend.
And then he realized who I was and he ran into the elevator.
All right, I'm going to find out.
I'm going to run this one down.
Do you know Brian?
I know everybody.
He's very smart.
I will find out what happened.
I know everybody.
I had breakfast this morning with Casey Newton and Ben Smith.
So it was like at a Greek diner in Chicago.
So
that's called you walking into your garage.
Let me guess.
Ben is renting the outhouse.
That's where they're starting semaphore at my house.
No, no.
All right.
We got a lot to talk about, Scott Galloway.
You were away from a very critical news event, which everybody was like, what the fuck?
All right, but we had, luckily, we had George Hahn come in and play you
in the movie.
Very quickly, Uber is creating a super app, another super app coming.
We've talked about super apps many times.
It will add trains, buses, car rentals, even flights to the app in the UK this year.
They won't supply the travel services, but they'll have software integrations with companies who do.
Dara talked about this many years ago
in an interview with me that this is, you know, Uber would be your transportation app essentially for
everything.
Like you're in the subway, you do it, this and that.
So it's just, it's smart, don't you think?
I think Dara
should be thought of as one of the bigger, bolder strategic thinkers in tech right now.
I mean, if you think about it, it's substantially down.
It's basically been cut in half since it's 52-week high.
And I think he recognized when he showed up that we're not going to get where we need to be hauling people around in the back seats.
So, do you know they get the majority of their revenue now from delivering food, not people?
I think that's incredible.
And freight.
You know, I think they're freight, but I've met a bunch of their freight people, that kind of stuff.
Logistics is really what they should be in.
I'm getting stuff.
I'll order stuff online and Uber will show up and deliver it or an Uber driver.
So
I said seven years ago at DLD that Amazon was under threat because I thought Uber would be the last mile threat that eroded Amazon's differentiation.
And everyone laughed.
And I was wrong.
But I wonder if Uber might end up being this incredible last mile fulfillment service that a lot of people take advantage of.
He talked about it extensively in the first interview I did with him after he was CEO, this idea.
And much undercut.
And he's always undercut the car service because they have a hard time making money from that.
You know what I mean?
Like they just don't.
And so never have, never probably will, unless it's very pricey.
And then that limits growth.
And so
it's an interesting thing.
And I think it's smart.
I'd like to have one app where everything is, where you just point it.
Like I was in the subway in New York and I'm like, do I have this app?
Do I have that app?
And opening them up is a big pain.
I would certainly, just like we talked about with, you know, Apple being your subscription service for things, Uber's another thing I probably would add a lot of stuff onto in terms of transportation or lift, probably Uber.
The yoga babble of the year is Web3, which is just all this nonsense about decentralization by people who want to centralize power and wealth.
But the real business word or term of the year is going to be super app.
And that is basically an operating system that brings together social payments and transportation.
And that is what Uber is trying to be.
And there are super apps in India and there are super apps in China.
In China, in quite a few.
And whoever can develop kind of that Swiss army knife approach to the internet in the US will likely be one of the most valuable companies in the world.
And Apple and Google have a vested interest in not letting anyone establish super app status.
Apple now offers me a lot more stuff, I've noticed.
Like your car is here, this is here.
It's offering me more help
without my actually soliciting it, which is interesting.
But
I would definitely use it.
I was actually welcoming a couple of things they were doing.
And everyone thought why
they were doing it.
We'll do anything to avoid pain.
And part of pain is figuring out something different that we don't immediately enjoy.
So for example, I used caviar.
When I'm in New York, I basically don't turn on a flame unless it's to light a now legal substance in New York.
But I haven't cooked.
I order everything.
And I used to use caviar and I like caviar.
And my favorite restaurant, one of my favorite restaurants, Jack's Wife Frida, is all of a sudden not on caviar.
So for shits and giggles, I typed in Uber Eats.
and what do you know?
Uber Eats is probably Uber has come in with some of that ridiculously cheap capital and formed an exclusive with Jack's wife.
So the great thing is it's all on the same operating system.
They already have my credit card and it was super easy and super fast.
And they all want to be the same thing.
They all want to be the digital operating system or they all want to be the operating system for your digital life.
And the thing about super apps is they generally command a lot more of your time without having to pay the biggest toll booths in history, Facebook, Google, and Amazon, because you go directly to Uber or Uber Eats once they command a big portion of your digital life.
So the race for super app, I think, is about to break out.
I thought that Tencent might acquire Twitter and immediately establish two legs of the super app stool.
But right now, in terms of a threat to Apple and Google, in terms of quote-unquote super app status, Dar is making a very bold move here.
So I think it's really interesting.
It makes sense.
He's got to get all these, you know, every one of these subway systems has its own app now and everything else.
And so he's got to get them into that.
But I certainly would use their app for transportation.
I'm not sure, maybe delivery.
Or even like parking.
Have you done parking off these apps?
Parking.
It's such a pain.
I don't want to download an app.
They're okay.
Yeah, but figure out what spot it's in.
It should just be Uber.
You should just pull up Uber and it should geolocate where you are and it says how long.
And you say two hours and boom, it's done.
Transportation logistics and flights i might buy flights from airbnb that's the interesting point kara as always you're zeroing in you're teaching me scott what can i say if uber can become airbnb watch airbnb
i think should purchase should acquire lift because at some point lift shareholders are going to go okay the market leader can't make money you know i like so there's no way we're going to but airbnb needs to become uber before uber becomes airbnb and it's going to be much easier it'd be much much easier for Airbnb to disrupt Uber's business and the other way around.
Yeah, we do do a lot of a la carte in our app usage, and it shouldn't be that way.
Anyway, we need a bundle.
Rundle, perhaps.
Anyway, let's get to the big story.
Elon Musk, Twitter board member.
Musk says he wants to make significant improvements to Twitter in the coming months.
In his first act as board member, he asked his followers if they wanted an edit button, the resounding yes.
Twitter says they've been working on an edit feature since last year, whatever.
It doesn't, it's called EditTrace Twitter, and everyone else does it.
It's really easy, apparently, according to techies.
And there are new questions about Musk's Twitter stock buy, obviously, including when he purchased and how.
There's been several really interesting stories about how he reported he just changed his status from passive to active.
He just refilled out his form, which was a little late.
So
you've been involved with Twitter, Scott.
Let's hear, I'm going to let you rant here for a little bit because I have, I did a show with Casey.
I've written about it, talked about it with George.
So let's hear your take.
People are dying to hear your take.
So just some backstory.
I acquired what for me was a lot of Twitter shares, wrote a letter to the board.
Basically, and my strategy has been entirely, or my recommended strategy has been entirely the opposite of what Elon is recommending.
One, I think they need tighter moderation.
I think this First Amendment bullshit is bullshit.
And that they need to move to a subscription model.
For example, Elon Musk has 80.8 million followers.
General Motors will spend $2 billion on advertising this year.
Tesla has much greater awareness, much stronger brand because one, it performs, two, it delivers on time, it's got incredible products.
And three,
they have an individual who has this Jesus Christ-like following and he uses this channel called Twitter to get unbelievable reach.
It is worth, if Twitter turned around and said, hey, Elon, we're going to charge you $10 million a month to maintain your account.
He would make ad hominem attacks on board members, take polls, threaten to start a new network, and then you know what he'd do?
He'd pay it because it would be a bargain.
And so basically, clean up, get rid of all the bots.
Then the only reason they're there is to spread misinformation such that Twitter salespeople can lie to advertisers and inflate their numbers, which is total bullshit.
They have been a 10-year experiment and how you cannot compete with Facebook and Google.
So by too, that they have too little moderation, meaning that it's too much of a free-for-hall, which is what Elon wants.
Look at his feed.
You want to know what a must Twitter looks like?
When he made the announcement, his feed was dominated by crypto scams and daily collar-like whack jobs misusing the term First Amendment.
That's because they think
he's on nobody's side, but that's another issue.
So when you were involved, you abandoned your effort, correct?
Let's disclose here.
You bought a lot.
So I bought the stock at 32, and generally, and I sold sold it at around 56.
So I actually sold it higher than where it is now.
And everyone is saying, oh, you're just angry because you got out too early.
Actually, people forget.
It went up to 70s.
It was 70 bucks.
Yeah.
It was at 74 just like six months ago.
So, I mean, granted, it went up.
So anyways,
this is what.
So I have a backstory here.
I've advised some hedge funds around this.
You're involved with Elliot.
Just explain what Elliot, so people don't know.
There was another active investor, activist.
Well, active or activist.
So basically, an activist firm showed up, called me and said, tomorrow morning, we're announcing we've signed your letter with a billion-dollar pen.
And
they put on a masterclass on how to be effective in addition to being right.
And they got board seats in record time because this ridiculous notion that they could have a part-time CEO and underperform the market consistently was getting old in the eyes of shareholders.
So they knew they were all wet.
They got a bunch of board seats.
I don't know.
I haven't talked to Elliott about this in a while.
So I don't know if they've sold their shares, if they still have them.
But effectively, in the last month, the stock touched 32.
Actually, and about two months ago.
Get lower.
And about two months ago, I began talking to hedge funds again about taking a stake and said, it's time to go subscription and it's time to clean up the platform.
And here's where I made my mistake.
Okay.
I started
talking to lawyers and figuring out things like what are our hard Scott Rodino requirements if we have multiple parties and one capital source has more than 50%?
What would be the timing of our disclosures?
If there's compensation in inter-party agreements, how does that affect our triggers in terms of filing deadlines?
And I literally spent weeks trying to figure this shit out with some very smart people at other hedge funds.
And here's the thing: I'm the fucking idiot because it clearly doesn't matter.
Yeah.
This is now bridges to where Elon is.
Elon began acquiring shares at the end of January.
Who blew through a lot of stop signs, but go ahead.
On March 14th, he crossed 5%.
By the way, and tweeting about the topic, about whether there should be a different Twitter.
Taking polls, making recommendations about policy.
And on March 14th, his stake blew by 5%.
Now, what does that mean?
The SEC, once you blow by 5% ownership, wants you to publicly disclose within 10 days that you are a 5% owner.
Now, why do they do this?
Because they don't want, one, creeping takeovers.
About 20, 30 years ago, a shareholder came in and quietly acquired 51% of Macy's and then popped up and said, hi, I own you.
And Macy's shareholders never got a takeover premium.
So when Elon was acquiring additional shares, after March 24th, at an average of 35 to 38 bucks a share, the people who were selling their shares to him didn't know that the the company had been put in play by the wealthiest man in the world.
And as a result,
they sold their shares to him for $39 a share instead of $50 a share, where the stock traded once the market knew the world's wealthiest man was taking a large stake, which means, which means, according to the SEC,
Elon Musk owes every shareholder that sold their shares for less than $50
between March 24th and when he disclosed his stake.
Right, which is about $146 million.
In other words, he got his shares for $140 million less than if he had done what every other activist, including yours, truly has done, believing it's the law.
Or
every shareholder that sold shares for the money.
Well, what he did is he's asking for forgiveness rather than permission.
He blew through it.
He blew it up.
He just, well, he does that.
I'm just, listen, the SEC does nothing with this guy.
Like, they don't.
So at some point, like, why should I mean, he's learned the lesson is they're not going to do anything.
They're a paper tiger.
That is disappointing and true.
I agree.
But the fine is not very much.
I was reading a lot up on this, and it's a couple hundred thousand dollars, which he can afford.
So,
you know,
at some point, just like I said with taxes.
No, he doesn't pay enough taxes.
Neither do a lot of rich people, but this is the law.
And so in this case, he's
stretching it.
He doesn't break the law.
He doesn't break the law with his taxes.
He's breaking the law here.
He is breaking the law.
Except it's a parking ticket.
I agree with you.
I think the SEC in this instance, and I want to come back to him acquiring these shares,
this is what happened.
This is how sophomoric or incredibly arrogant these people are.
They want to pretend it's their idea.
So Jack Dorsey and Parag Arboral come out and say, we've been talking to Elon for a while about joining the board.
And then some lawyer in the room who they clearly didn't have the wisdom to have in the room before they started publicly saying we've been talking to him about a board member goes, you realize that is the definition of being an active investor.
And he has to refile his G to a D, meaning he was supposed to disclose it.
13.
This is the 13D.
This is the 13th.
13D versus 13D.
Jesus.
He says you're passive.
I'm not going to do anything.
When you start taking calls, making recommendations, and are talking to management about a board seat, that is literally the definition of an active investor.
And Twitter is either, their general counsel is either so stupid or they didn't think to have a lawyer in the room when they started putting out tweets saying, We've been talking to Elon about his board seat.
And then some lawyer raised his hand and goes, Jesus Christ, guys, you're basically saying he's been violating securities laws for the last week and a half.
And so, what you have, what you have is the world's wealthiest man.
This is America.
Hi, let me assault you.
Now, give me an award, an award.
Let me buy shares for $150 million to a half billion less from shareholders that don't have the information they are legally mandated to have.
So I can buy shares on the cheap, and I think I can get away with it.
I think I can absolutely get away with it.
At this moment, he is getting away with it, whatever you think.
I mean, one of the things is he's going to say it's an accident.
There's all kinds.
Again, I read up a lot on this.
It's very hard to do anything about what he did.
And with Twitter, maybe more so.
But they certainly wanted to keep him in a controlled position before it got out of hand, right?
Before he started to really attack them.
And so that's why they assuaged him and gave him a board seat.
They got us,
you know, that he could only buy up to 15% of the company or close to 15% of the company if he's on the board and 90 days after if he leaves.
So they got some control of him in advance.
And I think that's what they were trading here.
Instead of having him screaming on the outside, they have him screaming on the inside, essentially.
Well, let's talk about what this could mean for the company.
So let's talk about that.
Okay, so he's flown through a law that's not going to really hinder him.
So go ahead.
I think that's a good question.
So I'm going to come back to that because I actually disagree.
But anyways, I do think, I think, one, at a minimum, there are shareholder lawsuits being drawn up here like there's no tomorrow.
That is true.
That is true.
And also,
I think Gensler is sick of being called flaccid and a wimp and neutered.
And at some point, he has to actually go.
I actually think Musk has crossed a red line here.
That's going to be my prediction.
I'll come back to it.
But let's
Let's go.
Glass is half full here.
Okay.
He is the most brilliant product engineer of this in the last century.
If anyone who can get us to Mars faster, land two rockets concurrently on two barges and inspire the EV market is
if he brings a fraction of that product genius to Twitter.
And by the way, it's very hard to dictate product strategy from the board because you need to be around focusing on the little things.
But if he's able to just even influence it a little bit around product strategy, it could be absolutely wonderful for Twitter.
Yeah, he definitely does.
That's the bull case.
That's the bull case.
The bear case.
And he'll cause attention to it.
Let me just add to it before you go on.
He also brings attention to it.
People like him or not like him.
He's got people, he's got fans and detractors, and they're equally inspired by him in some fashion, negative or positively.
So he attracts attention to it, making it a little hotter.
But go ahead.
This notion of censorship and violation of First Amendment is, I now believe they're just gaslighting everybody, that anybody that knows anything about the law knows that the First Amendment is that Congress can pass no law that inhibits free speech.
This is a private company.
If you put enough pressure on Twitter to not distribute hate speech, to not distribute vaccine misinformation, then to a certain extent, you are violating free speech.
Free speech is also that you don't have to publish information when you are a private company because your speech is a function of the voice and editorial you put out, which is not only a function of what you have on your platform, but what you don't have.
This would be no different
than me saying to Tesla radio.
I'm not saying that.
It's insane.
It doesn't well he calls it it's interesting because I took issue.
He called it a de facto public square.
I said it's de facto private square is what it is actually.
And it's a it's a square.
No, but I'm saying he's making that typical argument.
He is in all his tweets.
But go ahead.
It is for him.
It lives rent-free in in his mind.
But it doesn't appear that this company has a monopoly on social media.
They do not.
It's a pimple on the elephant.
It is the pimple of which Twitter, of which Elon Musk lives inside, though.
It is very important to him, but the notion somehow this isn't the public square.
Like you said,
it's absolutely the private square.
It's a very small private square, is what it is.
I noted that in my column today.
What could be very dangerous here or unfortunate is that this whole Twitter could digress into the cesspool of far-right daily caller-like people talking about the First Amendment and spreading hate speech?
They could continue to let bots run unfettered and spread misinformation.
And then on the far left, people are going to feel like they have to be the public access channel in Wokistan and just be outraged all the fucking time.
And the algorithms love both of those sides, extremist sides, because it creates enragement, engagement, so they can lie to Nissan about how much engagement they get.
Well, advertisers don't like this.
And we continue to tear at the fabric of American discourse.
This is terrible.
All right, but here's the deal: I think, on one hand, as you said, his product stuff could be great, like the edit button, pushing it forward.
I'm happy he's screaming because they don't listen to us, right?
Me and Casey and you have been screaming about it for a long time.
Everybody has.
I mean, honestly, it's literally,
I finally went to tech people.
They're like, oh, yeah, it's easy.
It's not, don't believe them.
It's called Edit Trace.
And so if they're worried about that um so one of the things that's interesting here is whether um if he's good on the product stuff most people are on both sides of this debate of this first
it's all about trump whether trump's going to get back on but for some reason that's right for some it's just because trump and so for some reason they think elon has the power to do this he does not at this moment in time he could if he owned the whole company i guess the second thing is and i'd love to know what you think of this twitter was gonna going to have to face, now they permanently banned him on January.
Permanently is the word they used.
That could be changed.
Permanent means permanent, but nonetheless, you could change your rules.
They were going to face this pressure anyway, Elon or not, if Trump becomes a candidate and certainly if he won an election again.
And so Twitter was going to, there was going to be a come to Donald moment for this company, even if they permanently banned him, with or without Elon.
Twitter is a media company.
Key to being a media company is you make editorial decisions and have a voice.
And they decided that if we get rid of this one account after several warnings, we can clean up a third of election misinformation, which not only
takes down the temperature on the platform, but also we as board members are supposed to be fiduciaries and we are supposed to be representing at some point the Commonwealth.
And by kicking one account off,
a third of election misinformation went away overnight.
They have absolutely the right to put them back on.
That's their decision.
Even if you were to make the reach, and it's just not true that it was a First Amendment issue, the First Amendment is not absolute.
You are not allowed to engage in speech that creates an imminent threat of violence.
And when the president is organizing an insurrection that results in death, then even under the First Amendment, they could kick him off.
But they're not the government.
I went back and read it again, and it's quite persuasive.
They persuasively make that case
without even,
you should go back and read it on January 8th because I did yesterday
I'm sorry go ahead he can't change it he can't change it at Lauren Bobert he can't put him back on he can he can advocate for it he can tweet about it but he can't make them do it and they can't make them change now what I find interesting here I have two questions for you Scott
one is how close do you think he's affiliated with the CEO who's wanted to kind of do this and Jack who was somewhat forced out you know some people he said he quit there's you know it goes back and forth.
But
how affiliated with he is with them, that's one, which could be interesting.
And then how happy are you to see the stock go up?
And sorry to see why, because you had talked about this, obviously.
That's the reason you were, you know, wandering around buying up shares and dealing with activists.
Okay.
So first off, I don't think Elon really cares about Twitter.
I think Elon cares about being in the news every 48 hours.
I think him and Trump are more similar than people believe.
And let's talk about the stock price.
It was great in the short term.
It's gotten back to where it was about three months ago.
But here's the thing.
This is why it could be bad for the stock.
He's taken away the takeover premium because he now has a blocking vote.
And that means if Salesforce or PayPal or,
I don't know,
name the payment platform or Disney, nobody wants to deal with the errant missives of a guy who spent the equivalent of an average household's income on a laptop to buy his stake.
They have to go deal with this manic, unpredictable guy.
And so basically, this is, look, look at what happened to the stock.
This is fucking fascinating, Kara.
It ripped when it saw that the wealthiest man in the world was buying shares.
And you know when it started to go down and it's still going down?
When they announced he was going on the board.
Because the market goes,
Benioff isn't going to buy this thing now.
Right.
A 9% stake is much more powerful than people think.
Because here's the bottom line.
To get control of a company, you need at least 40% of the shares to show up and vote for an acquisition of sale.
Because 20% doesn't show up.
It's pensioners or widowers who don't show up to the annual meeting.
When you have 9%, you have about 22% of the votes
before anyone starts hiring proxy solicitors.
So it's effectively, and in addition, this guy could go buy another 6%
by snapping his fingers.
It's literally a rounding error.
And it kind of goes back to a larger conversation about how power corrupts and whether we should have people worth worth $200 billion in this country.
But I'll let Elizabeth Warren make that case.
But what you have here is the takeover premium has been starched out of this company.
No one can take it over.
In addition,
look at his history.
No individual other than Tim Cook has shepherded a greater increase in shareholder value than Elon Musk, except he doesn't bring value to his interests.
And this is an interest.
This isn't his full-time gig.
Whether Whether it's DojaCoin, whether it's GameStop, whether it's Etsy that he tweeted about, whether it's Bitcoin, he ultimately loses
interest in these things, and then they crash back to the same level or below.
Elon doesn't bring value to these things.
He brings volatility.
Twitter is his great love.
Elon doesn't bring value to these things.
He brings volatility.
And this is
fairly good.
So
I do not believe, I don't believe he coordinates with anyone.
Think about,
and part of being his success is his megalomania.
You're the only person I know that can name anybody else other than Elon that works in SpaceX, Boring, or Tesla.
If there's a mic involved or a tweet or a press release, it is pretty clear at any of those companies.
It is all Elon all the time.
And anyone who speaks to the press other than me gets fired on the spot.
That has clearly been communicated to everybody at all three firms.
So the notion that he's coordinating and cooperating with Jack and the new CEO, I don't think so.
I don't think so.
He could be a proxy for them, right?
Or Jack himself.
I don't know.
I mean, Jack tweeted in support of it, thought it was great.
I think he likes to make trouble for the other board.
How will it change the dynamic of the board?
Ian Durbin is on that board.
There's a bunch of really strong-minded people on that board.
This is a really good thing.
I would say Egon is his biggest.
Foe, or maybe not.
I don't know.
I don't know.
I don't know Egon, but the thing about private equity guys, their job is to take people golfing and be really likable because they're looking to do friendly deals with people.
I think Egon was basically saying, well, things get bad enough and enough people like me enough, I'll take this thing private and make a shit ton of money.
So private equity guys usually don't like to stir it up.
It's hedge funds and activists that stir it up.
It's a strong board.
Egon is very interesting.
Egon is interesting.
You know him better than I do.
I don't know.
Yeah, I know him very well.
He's very aggressive, I would say, and fascinating and interesting to talk to.
You know, let me just read some of the board members here.
Brett Taylor, who is also the co-CEO of
Salesforce.
You have Parig.
You have, these are just people that I find interesting.
You have Egon, who's a very strong-minded person and whip smart and not your typical hedge fund or whatever person.
He's really quite intellectual in a weird way.
Martha Lane Fox, who
does a lot of things.
Omid Kordostani, who used to be at Google.
He was former executive chairman.
There's Dr.
Feifei Lee, who's a really amazing AI
expert.
She's amazing.
Elon now, Patrick Pichette, who used to be the CFO of Google,
which was, you know, he was a very integral early executive there.
David Rosenblatt has been sitting around.
You know, David, and he started, he was also at Google and in ad sales, and he's been doing first dibs
and others.
And so it's a really interesting Robert Zolnick, who's a, used to be the chairman of the board of Alianes Bernstein.
There's just, there's more.
There's a whole bunch of people.
And so it's a big board and very,
I don't think Dr.
Faith Aley gets pushed around by Elon, interestingly.
I don't think Patrick Pachette does.
David, I don't think is a weak person.
You know what I mean?
Like it'll be interesting.
Brett, of course, has, you know, has his way around a boardroom.
So, and Egon certainly is a tough mother.
So it's an interesting, it'll be an interesting dynamic on the board now,
given how much of a goat rodeo Twitter's been in the past, but we'll see.
Well, look, this is a board of impressive people, but there is a weird dynamic that develops.
You have the world's wealthiest man, someone who can be difficult when he wants to, and quite frankly, could show up with 15% or sell his shares.
And this guy isn't afraid to start insulting other board directors publicly on Twitter.
I don't think he thinks traditional decorum applies to him.
So
he will command
an even larger space than he occupies on this board.
And it could go one of two ways.
If he's able to elegantly coach the CEO and folks in his spare time around product, it could be amazing.
And you say, bring attention to the company.
I personally think his strategy is exactly the wrong strategy.
This company needs to clean up the platform and move to subscription, which he won't like because it would mean him paying a lot of money.
So I think his strategy is incredibly flawed.
And if you want to know what Twitter looks like under the guise of Elon Musk, just go look at the comments after he made his announcement.
It's literally a cesspool underneath his name of bots and crypto fraud.
But you're right, this is an impressive, an impressive board, but the stock has had the takeover premium taken out of it.
Yeah, I get that.
But is it a meme stock now?
I don't know.
That's a really interesting thought.
I don't think it is.
It's not.
Here's the thing.
I love DojaCoin.
It's up 50%.
Oh, it's a hustle.
Then it's down.
I like Etsy, up 9%, then it's down.
GameStonk, referring to GameStop, company's up 50%, then it goes down.
He doesn't bring value.
He brings volatility unless he's purely focused as an engineer on something.
I like the value volatility, but I think, listen, you know what?
You and I should have formed, when I was having breakfast with Ben and Casey, we were like, oh, we should have done a DAO and bought Twitter now.
Like, it is kind of a move.
Like, I would have done this if I were him.
I would have like running.
You're talking to someone who is spending a ton of time with hedge funds in the last 60 days trying to pull together a billion dollars to go do it with what someone much smarter with much deeper pockets than me did so i'm a little bit sour grapes because when i saw i mean all of us got on the phone when this was announced and we're like fuck you know because he was right i mean let's be honest this was a gangster baller capitalist move he looked at this thing and said it's undervalued i'm going to go buy a bunch of shares now what happens next kara and this is kind of yeah that's my last question we got to go into other things may i just make a point musk will serve as class two director until 2024 technically that prevents him from taking over complete control of Twitter's board.
But that doesn't necessarily mean.
And Ron Barron, CEO of Baron Capital and a Tesla bull, called Musk's stake in Twitter, quote, meaningless.
He could rally Twitter shareholders to vote his way, I guess, but they don't.
I don't know if it'll go ahead.
Finish your last slide.
He's got a lot on his plate.
My prediction, he gets bored with it.
I think I have served on seven public company boards.
I always show up with a shit ton of ideas.
And what you ultimately find is you're not as smart as you thought and they're not as dumb as you'd hoped.
And it is very hard to dictate strategy and tactics and product from the board unless you're going to show up.
I went on the board of Gateway Computer and the head of marketing there said, come have an office and help us.
I was able to have a small amount of impact there.
I just left the board at Panera.
I have a lot of thoughts on subscription.
I worked with the CMO, but at the end of the day, it's the CMO that makes the difference, not a director waving his arms and talking about rundles.
And so
what's going to happen here?
This steam,
the mist will lift, and he will find something else to keep him in the news.
Because, guess what?
You know what he's going to hate about being on this board?
He has to shut the fuck up.
He can't make big statements, or he violates all sorts of reg D.
The fastest way to silence an activist, and this is what boards don't get, is put them on your board.
Because the moment they're on your board, they have access to insider information and they're not allowed to go out and start insulting the company or talking about that.
But this is Elon.
I think more significantly,
he's not pushing around Dr.
Faye Fayley or Egon Durbin.
I don't see it.
I don't see it.
These are not
Facebook board members, let's just say.
The problem is they've been sitting here with a company that is under.
performed itself forever.
And let me just, my last thought, and then you have to have the last one, is this is a company that is a small company with a business that kind of sucks.
And so as much as it has an outsized influence on our lives and we think it looms large because because we happen to like it.
It's a, you know, it's a brand of cigarette we like or whatever.
It's an addiction for sure.
Yeah.
It's not the big one, it's the small one.
And so that's what you have to realize.
And so it's his little playground.
So I think he's, and I think he loves it the way we do in a weird way.
He gets a lot of pleasure out of it.
He gets a lot of enjoyment.
And I think he's a rich person.
And why not?
It's not the stupidest.
I was like, huh, that's interesting.
I don't think
I don't, what's going to happen to it?
That's my last question for you.
What do you guess what's going to happen if you had to guess, if you had to predict?
And then we could go back to the next one.
A lot of excitement.
People will credit him with the edit button.
He'll get distracted by the next big shiny thing when he's no longer allowed to be in the news every day because he's on the board.
This company sits on top of a shitty business model.
If it had moved his subscription overnight, I think the thing could have been triple digits.
They don't want to do that.
There'll be a bunch of ridiculous arguments about censorship and First Amendment that is just a moot distraction.
And then this is what happens.
This is the real prediction.
The SEC is coming for him, Kara.
And I know you don't believe this, but this is why.
There are thousands of rich people all over America.
So he's Martha Stewart.
He's Martha.
More Martha Stewart.
He's Aunt Becky.
He's Aunt Becky.
Because here's the thing.
There are tons of people who find ways to buy their kids' way into a private elite university.
And the DOJ said, we've had enough of this.
Let's put Aunt Becky and a bunch of TPG partners and high-profile people in prison, and it'll send a strong message.
And the algebra of deterrence is very, very powerful.
And the SEC is totally overwhelmed right now.
Despite the fact that 4,500 people, they only have a $2 billion budget.
It is so hard for them to keep track of crypto and Web3.
And here's the thing: the money best spent for them right now would be to
go after the most obvious market manipulator, the most obvious person who's committed basically securities fraud by not disclosing a stake.
And they can send a very strong message of algebra of deterrence by going after what people believe is the most powerful man.
They could go after Twitter and say, you need to take his directorship away, ASAP, or we're no longer going to regulate you as a public company and try and trade on the NASDAQ.
Gary Gensler, Gary Gensler, in my view,
is going to do all the game theory here and say we have limited wood.
We will create more algebra of deterrence.
And it's an easy case.
We have to go after this guy.
Otherwise, the SEC is not even a paper tiger.
It's paper fucking mache.
Well, I think it is a paper mache.
So that's the issue.
I'm going to go take the opposite bet on.
You don't think the SEC is going to grow a uterus?
This is the bottom line.
I think he's a smart Trump or Trump's a dumb Elon.
Trump's not Elon.
Elon's so creative.
I think he is painted as a villain by many and has behaved badly all over the place.
I think he is loved by people.
I think it's going to be very hard,
very hard to go after him.
And he's got a lot of things.
He's, you know, Stark Industries.
He is Iron Man.
And so,
you know, they talk about Teflon Man for Trump.
I think Trump is in very serious trouble criminally.
Elon Musk is Iron Man in a lot of ways.
And I don't mean that as a joke because I think some of these allegations of racism at the plants, which happened several years ago issues the stuff around covet you know i had a beef with him and then his mother about this about the covet reaction he had he says the senator karen stuff with elizabeth warren seems just stupid to me i don't think it's fatal i just think it's juvenile um but there is something swaggering about him this was an you when i when he first heard her i'm like oh scott's going to be mad not because
you know you don't like him or he called you an insufferable nunskull it's because you're like this is kind of cool what he did right?
And I think people think that of him.
And so I think there's a lot more complexity in the SEC's strategy of
going after him.
I think it's not an easy lift.
This is why they went after Milken.
They're like,
we have to send a message.
He's not.
Anyways, we'll find out.
This is my prediction.
You're going to see a bevy.
of shareholder lawsuits come out in the next couple of weeks.
Yeah.
I mean,
the shareholder shareholder plaintiff's attorneys are licking their chops.
They're going to put out a notice saying, did you sell Twitter shares between March 24th and April 4th?
And you entitled compensation?
Because you should have sold your shares for $50 a share.
Not $39.
And the SEC and Gensler are in a room right now
fly specking this out, and all roads lead to the same thing.
This is the highest profile, easiest way for the SEC to go.
We're the sheriff and we're back in town.
And that's what they're going to do.
You You know who this is good for?
You know who this is good for?
Pivot.
This is good for pivot.
We get to talk about this.
And we like to talk about this.
I'm going to say this was a fantastically fascinating move by Elon.
Oh, it's a lot of people.
It's a gangster capitalist move.
But here's the thing, and there's a larger existential issue here.
And that is, government is meant to be prevent a tragedy of the commons.
It's meant to be more powerful than any individual.
The law is meant to be applied to all of us equally.
That is the rule of law.
The one thing that has created more economic value than anything in the world is probably fossil fuels.
But number two are U.S.
markets that raise capital for corporations and innovation and corporations as recognized through access to capital markets.
Those capital markets don't function unless you have protocols and a rule of fair play.
And he is literally waving his middle finger in the face of this.
And
what I would say to Gary Gensler is until I hear from the SEC, my assumption is I don't need to do any of this filing shit you've been asking me to do for the last 20 years when I take a stake in a company.
That I don't, that you should publish a new set of rules and regs for billionaires.
And that is not what America or the American government about.
This is a bigger question about who we are as a nation and what it means to be the government and represent all of us.
All right.
Okay.
We've known him.
Let me just say, all the right wing, he doesn't like you.
He doesn't like the left wing.
He's not your friend.
He's not anybody's friend.
He's Elon's friend.
Elon is Elon's friend.
And he will do things that will surprise you.
All right, Scott, let's go on a quick break.
When we come back, we'll take a listener mail question about startup culture.
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Okay, Scott, let's pivot to a listener question.
You got, you got.
I can't believe I'm going to be a mailman.
You got mail.
Hi, Karen, Scott.
My name is Christina, and I'm a senior at Cornell University studying genetics.
I'm originally from the California Central Valley.
I wanted to call and ask about working for a startup because I'm graduating and I'm looking for a job after graduation and I know biotechnology is a sector that you guys think is going to be really important in the future.
So I'm looking to work in biotech for the next two years and I'm considering working for a company out of San Francisco that's a mid-to-advanced phase startup.
But I know nothing about startup culture and I know very little about what that would be like.
Given my immense respect for you guys, I'd really like your opinion.
Alrighty, thank you so much.
I appreciate anything you have to say.
Ah, the career counselors of Galloway and Swisher.
You know, you know more about startups.
I mean, I've started a few startups myself.
I love them.
But, and I don't know anything much about biotech, except, you know, I know enough to be dangerous.
But
I would say, go for it.
She sounds like a young woman, senior Cornell.
Go for it.
Why not?
You have nothing to lose at any point in your life on stuff like that.
Scott, and you know what it's like to work for a startup, but you've often said said go to like a bank or a big company too.
Well, we just romanticize entrepreneurship.
If you are pure economic animal and you have the kind of opportunities you're going to have as a young woman coming out of Cornell, the ultimate sweet spot in terms of risk to upside is to join a small company that's already got its A and B round done where some of the real risk around infant mortality has been starched out, but you're early enough to get a sizable equity stake.
So sort of, I would say between 30 and 200 employees on a risk-adjusted basis.
Employees zero and one sucks.
There's a lot of well-publicized stories of people becoming worth $100 billion.
But for every one of those, there's a thousand people who show up to Thanksgiving and are embarrassed because they've got to pay.
They lost their father, you know, they lost $80,000 of their father-in-law's money.
Startups are just really, really hard.
But if you're, biotech is incredibly volatile because it's so much, you know, the company quintiples in value or goes to zero zero based on FDA trials.
But if you can join a great startup as employee, call it 30 through 200, get a significant amount of equity, have you trust management startups?
The culture,
I'm kind of the wrong person to talk about culture because every time I walk into a big company, I'm like, I wouldn't survive a week here.
Yeah, you and I.
I walk around Warner.
I walk around Warner.
I walk around Google.
And I think, I couldn't last a week here.
I know.
I just don't have those skills.
Small companies.
Don't fence Scott in, is how I would put it, correct?
You know what?
It's not even, it's not skills, it's insecurity.
I need to know what everything that's going on.
I kind of need to have that transparency because my stallmate, the only job I've ever had was at Morgan Stanley.
And my stallmate stayed at Morgan Stanley and is now vice chairman and has made, I'm considered a successful entrepreneur and has made as much money as me with less volatility in his life.
So working for a big organization sucks in some ways, but it has real upside.
These platforms are powerful.
But startups, what I would say the most rewarding things about startups is you do feel as if you're part of kind of a family.
There's a sense of camaraderie with small organizations where you know everyone's name, where
you really celebrate collective victories.
I think they're a ton of fun.
Also, do it while you're young, because quite frankly, you're not going to have time for dogs or kids in a startup.
Startup is licensed to work 80 hours a week.
And being a startup founder means you work 100 hours a week and you sign the front of checks, not the back of checks.
Whenever I've started a company, I get to go home, come home and tell my partner, yeah, I'm working 100 hours a week and I need to put another $100,000 into the company.
I mean, that's just not fun.
And, oh, I don't know how, if it's going to work or not.
Let me just say, Christine, I think you should do that
when you're at a young age.
I just, yeah, I was just, Scott and I were just talking about some career stuff and everything like that.
And part of me is like, if I can get to the same place with less work, I might want to do, you know what I mean?
Like, it's a really interesting, as you age, not just that, although, because you and I have both started up companies at advanced ages, right?
So it's not like that, that we don't like to do it.
But there is like a sense of just go for it.
I think he's right.
You say it's a mid-to-advanced stage startup.
That seems just about right.
And you could learn a lot there.
At the same time, you could learn a lot at a BCG, too.
Like it's, there's no bad choice for you coming out of Cornell in an excellent job market.
In an excellent job market.
The difficulty, difficulty, which there are lots of statistics show, which is our guest earlier this week said, if you come out in a bad job market, your career suffers over the long term, no matter how you slice it.
You're coming out in one of the best
job markets there is.
So there is no bad decision here, except what do you like to do?
You know, for someone who has an advanced degree and is working in biotech, which is fast growing.
But a great degree from a great university, moving to the Bay Area, working for a biotech company,
regardless of what happens, it's good to be her.
Did you know, and just a quick aside, did you know in major metros now, uh, women under the age of 30 with college degrees are now making more than their male counterparts?
It's finally happening.
Oh, interesting.
I like it.
It's finally happening.
Oh, there's a talent deficit.
There really just is, for some reason, there's a real, that's going to change, obviously, over time.
And in the next five years, get this, you want to hear a scary stat.
In the next five years, for every one male that graduates from college, there's going to be two females, two to one female-to-male college grads over the next five years.
Anyways,
good for her.
You know, you know, the basic facts.
Women are better.
Women are better.
Oh, sorry.
Did I say that out loud?
Yeah.
Yeah.
One of us can say that.
No, they're not.
I have, no, I have 75% men children.
So,
but, you know, I think it, I think, Christina, enjoy yourself.
We're glad you like our opinion, really.
We're not very good career counselors.
Keep us posted.
Go invent drugs for prostatitis and erectile dysfunction that doesn't draw you out or give you a hangover.
Get on the important stuff, Christina.
TMI, Scott.
TMI.
You know, that's what I yell out now when I'm about to climax.
I yell out, I'll have the Stelter Galloway sandwich.
Is that sexy?
I can't believe it.
Literally, Brian Steltzer
would talk to like.
He wants nothing to do with me.
He is the friendliest person I know, like one of them.
He talks to every, hi, hi.
He's like, heck.
And then sent me an email saying, oh, heard you were in the building.
Let's catch up some other time.
That's literally like every woman I met in the 90s ghosting.
Oh, so he made the connection.
He didn't say, let's grab coffee.
He tried to say, oh, sorry, we can't get together.
Like, we can get together.
I'm in the building.
I'm going to come find you.
And then that was one of those moments where I'm like, should I be stalking anchors in their own workplace?
We'll see where it goes with CNN Plus, which is the New York magazine, which you also work for called Quibby.
Oh, wait.
Who's in episode two?
Who's got the BAG interview that's getting all this heat on Twitter?
Yeah, and me.
That's right.
Kara Swisher, episode two.
No mercy, no malice on CNN Plue.
I don't look good in that.
You should better makeup.
Anyway, you've got a question of your own you'd like answers, send it our way.
Go to nymag.com/slash pivot to submit a question for the show or call 855-51-PIVOT.
All right, Scott, one more quick break.
We'll be back for wins and fails.
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This month on Explain It To Me, we're talking about all things wellness.
We spend nearly $2 trillion on things that are supposed to make us well.
Collagen smoothies and cold plunges, Pilates classes, and fitness trackers.
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Okay, Scott, give us this week's wins and fails and make it snappy.
Okay, fails, despite all the hype, the SEC is coming from Musk.
The stock's going to go sideways because the takeout premium has been starched out and he's going to get bored with it.
In Ukraine, it's just apocalyptic.
Crimes against civilians, mass graves, intentionally slaughtering civilians.
torture are war crimes.
Everyone's been saying that a no-fly zone starts World War III.
You know what starts World War III?
Genocide and appeasement.
I'm up for, I believe we need to take real risks here to push back on what is taking place there.
Another fail, a near total ban on abortions in Oklahoma, except, quote, open quote, except when the health of the mother is threatened in an emergency.
Even the Mormon church is more lenient than this, allowing for abortion, one, if the health of the mother is in danger, doesn't need to be an emergency, two, in cases of rape, in cases of incest.
So this is where the Republican Party is.
They've gone right to the Mormon church.
And just some quick abortion stats.
60% of women who get abortions already have children.
And the top reason they cite is lack of finances and guess what?
Male abandonment.
So, all of these white guys in the Republican Party who are so vehement against abortion, if they're really serious about reducing abortion, and by the way, it has dropped dramatically.
It used to be 29 women per thousand, now it's 13.
If they're really serious about reducing abortion, they need to do two things: they need to reinstate the child tax credit, and they need to encourage their other male brothers to be better men.
That is how you reduce the number of terminated pregnancies.
And this Oklahoma law is scary and doesn't get enough attention because we're so busy talking about, as we should be, genocide and fucking the Martian going on buying a bunch of Twitter.
Anyways,
another fail, lack of financial literacy cost Americans $350 billion last year.
Overdraft fees, high interest rate loans.
Only two-thirds of Americans 15 to 18 years old passed a financial literacy test in a recent poll by the Financial Educators Council.
I think we need to get serious about creating some level of financial literacy among high school seniors because it ends up costing them the rest of their lives and creating an extra downward spiral into poverty.
If you don't understand basic interest rates and basic financial literacy, my wins.
I apologize.
I have so many.
Oh, my God.
Keep going.
Quick, quick, quick.
Clarissa Ward, the war correspondent, has a one and a half and four-year-old child.
She was on with Anderson Cooper on his parenting show on Cenen Plus.
I saw her.
It was nice.
Said she's grateful, supportive husband, grandma and grandpa and nannies.
Teamwork takes a village.
And she's a journalist.
Journalists doing important work documenting war crimes of Putin such that he can be convicted, which he should be.
Lindsay Adario, who you've talked about, the NYT photojournalist, took striking images, took pictures of striking images in Ukraine.
She's a lovely person, too.
A family shot a few feet from her, risking her own life to document these war crimes.
And it's important that we document these war crimes, and they are war crimes.
A big winner, in my my view, Mitt Romney.
Also, Lisa Murkoski and Susan Collins voting to confirm Katenji Jackson.
You know what the danger of this polarization and Twitter and Facebook algorithms and gerrymandering?
When Ronald Reagan nominated Sandra Day O'Connor to the Supreme Court, which was a historic nomination, you know what the vote in the Senate was to confirm her?
99 to zero.
Now, where are we?
Another historic nomination of the most qualified Associate Justice in history.
We managed to get three Republicans.
Mitt Romney is the sane one in the Republican Party now.
So kudos to Mitt.
And then I just want to end on a light note.
I will end here.
I think the silly things.
that family did for April Fool's Day, things like a bag of M ⁇ Ms filled with grapes.
On Twitter.
Despite being overwhelmed, parents find time to bring joy to their children.
I'm trying to do fun things for my kids when they come home from school, treasure hunts and practical jokes, because they remember that stuff the rest of their lives.
So, my big win is to silly things from parents.
Yeah, they sometimes don't like it.
I wanted to take my set.
One of my son's birthdays next week, and he's turning 17.
I want to take him to Benny Hanna, which he used to love when he was a kid.
And he was like, No, mom.
So, I was like, That would be fun.
We'll sing.
And he's like, No, mom.
Do you have any wins and sales, Kara?
I have just, you know, what's happening in Russia, what the Russians have done.
What a thuggish, horrible.
They should go to jail.
This is just, and they're now capturing texts between texts or communications between Russian military people people saying they're doing just what they were doing and then they're lying about it.
They can go to hell and they will.
History has a habit.
Whenever there's a mass grave involved, typically,
the people who reverse engineer to those decisions end up upside down, naked,
in a town square, dead.
I doubt that's going to happen here.
I'm sorry to tell you.
I don't think this is going to happen.
I think these folks have crossed.
I think the whole world has seen them cross a line.
Yeah, it's bizarre.
Certainly didn't have to do it this way, for sure.
My last win is, I am interviewing Michelle Yeo, which is why I have to go soon, but the movie Everything, Everywhere, and All at Once is a wonderful movie.
What's it about?
It's about love.
I can't even explain it to you.
It's like being John Malkovich if you wanted a tone of a movie.
No,
there is lesbian hot.
There is no,
who was just Marshall.
It is a wonderful, big-spirited movie.
And
I can't explain it.
It's about a woman who is in a multiverse.
and she's in one she's an action star in another she owns a laundromat and has a sort of satin
in another one she has hot dog hands and is is a lesbian is in a lesbian relationship with jamie lee curtis in another she's jamie lee curtis is in it she's wonderful everybody in it it's a fantastic i'm so excited i have loved michelle yeo forever um and so this is a great movie um and i and the and speaking of strong women i re-watched hacks again um which is having a second season with Gene Smart.
Great series, HBO.
Great series.
It is so wonderful.
And Gene Smart, oh, I really want to talk to her.
I have to talk to her.
Ask where daddy's going tomorrow.
Where are you going?
You have two seconds because I'm getting.
Daddy's going to Brazil to surf with his friends.
And when I say surf, I mean hold on to a sliver of fiberglass for dear life so I can say I went surfing.
I'm going to the south of Brazil tomorrow.
All right.
You have a good time.
I'm going nowhere.
Anyway, Scott, that's the show.
We'll be back on Tuesday with more pivot.
Will Will you please read us out?
Did you miss the dog?
Did you miss the dog?
I did.
I did.
I did.
I did.
I needed you for this Elon thing.
And I can't believe you took time out of our strong relationship on the most important news of a recent moment.
Okay, I was literally in D.C.
You missed me.
I was interviewing Senator Amy Klobuchar.
And when I read the news, I'm like, I got to blow off Senator Klobuchar and go back on pivot.
I was going to photobomb the episode.
I was so
horny to talk about Elon and Twitter.
You missed me.
I do.
I always miss you.
I like you.
I like your company.
Anyways, today's show is produced by Larry Naiman, Evan Engel, and Taylor Griffin.
Ernie Intertot engineered this episode.
Thanks also to Drew Burrows and Miel Silverio.
Make sure you subscribe to the show wherever you listen to podcasts.
Thanks for listening to Pippin from New York Magazine and Vox Media.
We'll be back next week for another breakdown of all things tech and business.
Your kids know you love them.
They will remember the silly things you did.
Do something silly.
It feels fun.
Something silly.
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