In the latest episode of “Pivot,” hosts Kara Swisher and Scott Galloway delve into the turbulent landscape surrounding Tesla and its CEO, Elon Musk. The discussion touches on Musk’s increasingly controversial public persona, especially following his high-profile attendance at President Trump’s inaugural cabinet meeting, and examines the subsequent ramifications for Tesla’s market performance, including a troubling decline in both share prices and sales figures. As they analyze the factors contributing to the backlash against Musk, Swisher and Galloway invite audiences to consider the broader implications of a CEO’s behavior on corporate health. This post aims to fact-check the claims made during the episode, shedding light on the accuracy of the statements regarding Tesla’s financial struggles and the relationship between Musk’s actions and public perception.
Find a fact check of this transcript on CheckForFacts
Transcript:
[00:00:00,000]: I don’t want to hear about your erections [00:00:01,799]: Can you move along please [00:00:08,880]: Hi everyone this is Pivot from New York Magazine and the Vox Media Podcast Network [00:00:12,760]: I’m Kara Swisher [00:00:14,020]: And I’m Scott Galloway [00:00:15,619]: Scott how you doing [00:00:16,540]: I finally finished my move [00:00:19,059]: Oh congratulations [00:00:20,379]: Oh Scott it’s like oh I feel like so in need of not moving anymore ever again [00:00:25,739]: Well the good news is that probably won’t happen [00:00:27,819]: The next move you won’t even be aware it’s happening [00:00:32,720]: To the grave [00:00:34,439]: No no no no you’re not that old [00:00:36,340]: You’ll have some Filipino nurse saying it’s okay Ms Swisher just follow me [00:00:41,360]: And you’ll be like where’s where’s you know where’s Grandpa [00:00:45,540]: You’ll just will be so out of it [00:00:47,220]: You won’t even know [00:00:48,319]: Yeah Grandpa I’m a lesbian [00:00:49,959]: You’ll literally it’ll be like watching a senator stroll around the halls [00:00:54,259]: I know [00:00:54,639]: Of the rotunda [00:00:55,680]: Oh Jesus those senators [00:00:57,880]: Oh I gotta tell you Scott being in right now we’re like okay now we’re in Washington [00:01:01,919]: And like we’re like should we leave Washington [00:01:04,459]: Because it’s just so heinous [00:01:06,540]: Although we never see these people [00:01:07,919]: So I guess who cares [00:01:09,160]: Right [00:01:09,339]: Who cares [00:01:10,379]: I am [00:01:11,919]: This is a dark side of me [00:01:13,440]: I hate to admit this [00:01:14,180]: I’d kind of welcome a measles outbreak in DC right now [00:01:17,019]: I just think that I think this surrender clown and his cabinet of the best friends measles ever had [00:01:27,419]: I mean at what point and of course it hits a small community in Lubbock [00:01:32,059]: I mean at what point does do these literally head up your ass cruel weird decisions come back to DC that I saw this this statement I think it was from Cory Doctorow and it just perfectly summarized I really have a difficult time encapsulating what I think is going on or the kind of gestalt of this elite class of tech bros and their representatives in Washington the Vice President and the President and he summarized it perfectly he said that they believe there’s an in and an out crowd [00:02:05,160]: And if you read if you read Alex Carp’s new book it’s basically engineers and innovators are the in crowd and everybody else is the out crowd [00:02:12,600]: And that essentially the theory is and I think it’s a philosopher I forget his theory is that with the in crowd they are bound by the law but not protected excuse me with the in crowd they are protected by the law but not bound by it [00:02:27,020]: And the out crowd is bound by it but not protected by it [00:02:31,740]: Oh and I thought that perfectly summarized [00:02:35,279]: Yeah [00:02:35,779]: What is going on here [00:02:37,020]: And that is these guys love COVID bailouts [00:02:39,380]: They love the protections of free speech [00:02:41,600]: They love the law [00:02:43,039]: They expect the Justice Department to weigh in contracts but they themselves are not subject to it right [00:02:50,440]: I mean whether it’s paternity court they would have a field day with Andrew Tate getting out in Romania sex trafficking the role model for male abandonment you know Doge King [00:03:02,539]: I mean literally the notion that these folks don’t weaponize or don’t use the laws and means of transferring wealth and rights from the port of them but at the same time don’t feel bound to it [00:03:14,160]: If you want to see I’m really ranting now if you want to see a massive amount of corruption just wait until about three years from now when we find out what happened between now and then in the crypto markets you are going to see so many scams [00:03:30,360]: But it’s also Scott it’s in plain sight [00:03:31,639]: Look they’re thinking of switching Starlink people are working at the FAA and suddenly Verizon might be losing its contract to Starlink [00:03:38,539]: It’s like it’s so like obviously it’s so in the open like that’s the thing there used to be sort of back rooms where this shit went down [00:03:45,880]: Now it’s front room like you’re watching it [00:03:48,039]: And then they’re telling you why you’re stupid for not thinking it’s smart [00:03:51,539]: Like that’s the whole that’s the whole trick [00:03:53,320]: It was interesting because I have a lot of federal workers in our school as I think I’ve told you wonder if I always ask what they do [00:04:00,139]: And it’s always so helpful like the stuff they’re doing whether it’s at the FDA or at the one is at the ag department one parents and it’s just so important what they’re doing [00:04:11,259]: And like they don’t know what to do about the stupid five things I did this week kind of thing like you know and then then Musk mocks them saying it’s inane and trivial they should have been able to do it [00:04:22,100]: And then so they have an ounce of sense in the middle of lunacy [00:04:26,700]: That’s what I like [00:04:28,019]: Sure they could do it [00:04:29,200]: But why [00:04:30,640]: Anyway we’ve got a lot to get to Or let me give you an example [00:04:34,100]: It’s not everybody because look Apple shareholders voted so did Costco and John Deere to keep DEI initiatives in the company they can do that right [00:04:43,200]: Instead private company except now Trump is threatening them [00:04:47,559]: And Tim Cook has to say we’ve got to follow the law [00:04:50,839]: Even though shareholders who are supposed to be the best friends of these fuckers want something else [00:04:57,200]: It’s just amazing [00:04:58,600]: It’s amazing [00:04:58,920]: These guys I can’t tell you how profoundly disappointed I am in this [00:05:05,140]: These whores trying to protect themselves or excuse their behavior texting you or other people [00:05:11,839]: I hate myself [00:05:12,739]: Well we fucking hate you more [00:05:14,320]: If there’s anybody who has the money and the resources to stand up to this bullshit it is Tim Cook Satya Nadella Sundar Pichai Sam Altman and his hush money [00:05:29,720]: The very principles rule of law separation between business and state systemic laws not individual laws where you give a million dollars to a campaign for favorable treatment [00:05:42,320]: These ridiculous fake announcements [00:05:44,920]: Okay put out a press release claiming they were spending a quarter of a trillion dollars because of President Trump even though it’s all fucking jazz hands [00:05:51,720]: It’s all bullshit [00:05:53,579]: Somebody I’d like to think in the business community is going to reach down and feel these circular things in between their legs and go you know No no [00:06:02,980]: There you go [00:06:03,519]: Or a vagina and say okay [00:06:05,579]: Let’s be honest though they’re all men [00:06:07,100]: Yeah [00:06:07,500]: And say okay no we’re not doing this [00:06:10,380]: And you’re right [00:06:11,459]: Shareholders brace [00:06:12,660]: He might announce a bunch of tariffs until Except he’s got permission from shareholders to do it right [00:06:18,079]: The shareholders have spoken of what they want [00:06:21,619]: So if his constituents At Apple they’ve said we want the EI [00:06:25,500]: They want the EI [00:06:26,420]: So does Costco [00:06:27,779]: So somebody either you listen to shareholders or you’re not trying to protect them [00:06:31,339]: They’ve decided knowing full well what the price is what they want [00:06:35,820]: Anyway we’ll see where it goes [00:06:37,200]: But speaking of which we’ve got a lot to get to today [00:06:39,179]: And the one person we’re going to talk about initially is exactly this person [00:06:43,000]: We’re going to talk though about NVIDIA’s earnings which were a blockbuster [00:06:46,579]: Tesla struggles [00:06:47,200]: No one wants to buy their shitty cars [00:06:48,799]: They’re not shitty cars [00:06:50,079]: They’re shitty because of their owner their creator [00:06:52,899]: In fact not even their creator [00:06:54,440]: Anyway I like the Model SS [00:06:58,720]: Swastikar [00:07:00,100]: Swastikar yeah [00:07:01,000]: Zero to 1939 in three seconds [00:07:02,980]: All his stuff is so good [00:07:04,200]: His pronouns are now he and Himmler [00:07:07,299]: Himmler [00:07:07,760]: Oh nice [00:07:08,359]: Himmler [00:07:08,980]: Often a forgotten Nazi but very critical [00:07:11,160]: There you go [00:07:12,179]: And Trump’s Played a key backup role [00:07:14,760]: Character actor in the old No he did a lot [00:07:16,519]: He was quite horrible [00:07:18,160]: Anyway and Trump’s gold card which is ridiculous [00:07:20,559]: But let’s start with Jeff Bezos speaking of tiny balls [00:07:26,260]: The Washington Post opinion entered David Shipley by the way who my wife used to work for before she quit and is thrilled that she did now that this came out has stepped down after Jeff Bezos announced a significant shift to the opinion page [00:07:37,459]: Bezos said the Post will now publish daily opinion stories on two editorial pillars pretty much and you have to be for them personal liberties and free markets [00:07:45,339]: You can’t be against those [00:07:46,820]: What does that mean [00:07:47,779]: Can I just press pause [00:07:48,459]: What does that mean [00:07:49,980]: Personal liberties I’ll do what I fucking want [00:07:52,440]: Free markets I’ll do what I fucking want [00:07:54,279]: There you go [00:07:55,200]: Okay [00:07:55,559]: I get what they’re trying [00:07:56,459]: They’re trying to be the Wall Street Journal except the Wall Street Journal has intelligent people working for it [00:08:00,579]: And the Washington Post has Megan McArdle [00:08:02,940]: The opinion section will cover other subjects as well [00:08:05,779]: Not really but will not publish viewpoints opposing those pillars [00:08:10,220]: What’s the point of having them [00:08:12,239]: Meaning if you’re against if you’re for social justice or some regulation you can’t write a piece [00:08:19,720]: You can’t oppose free markets even if you do like if you have a very good argument about why we need guardrails on Amazon’s shitty behavior and I don’t know whatever [00:08:32,760]: You can’t oppose Jeff Bezos [00:08:36,580]: He said he believes the viewpoints in the new categories are underserved in the current market of ideas and news opinion [00:08:42,380]: No not Jeff [00:08:43,179]: They’re done by the Wall Street Journal which does them [00:08:45,400]: Don’t always agree but pretty fucking good [00:08:48,479]: Sounds like not original idea [00:08:51,219]: The head of the opinion section David Shipley who already took a fall he just fell down when he was doing the Kamala Harris thing has decided he can’t do this [00:09:02,520]: I can’t believe he didn’t go the first time but here it is [00:09:07,159]: Of course Jeff Bezos in an interview with Matthias Dapner in 2018 said he would never do things like this and this is exactly what he’s doing [00:09:17,320]: He said he’d be embarrassed and he would feel terrible when he was 80 years old [00:09:21,960]: So here we are [00:09:22,900]: He can do what he wants with this fucking newspaper but it’s a piece of shit now [00:09:26,080]: Go ahead [00:09:26,760]: I don’t even really understand what that means [00:09:30,619]: It doesn’t mean anything [00:09:32,919]: So do you not have an opinion [00:09:34,799]: Isn’t the whole idea of opinion is that you’re going to be provocative and perhaps upset some people and catalyze a dialogue that perhaps helps craft better solutions [00:09:45,059]: He says the internet has viewpoints opposing those pillars [00:09:48,799]: Fair point [00:09:50,020]: So why wouldn’t the Washington Post [00:09:53,260]: I just don’t get any of this [00:09:54,960]: I’m having trouble even making an argument for or against it [00:09:57,840]: I don’t know what it means other than him saying I don’t like the way it’s being run now [00:10:03,619]: I think he’s been trying to do this [00:10:06,000]: I kind of get it but it’s so kindergarten version of opinion sections [00:10:12,260]: It’s like oh we need more diverse voices [00:10:15,239]: Okay get them publish them do them [00:10:17,960]: Have everybody argue [00:10:19,440]: You have to have viewpoints opposing personal liberties and free markets if you really want to have an opinion section but he doesn’t really want to have it [00:10:26,919]: He wants a billionaire propaganda arm [00:10:29,820]: This is what Penny that I think has dropped in his noggin is that I can use this as a cudgel [00:10:41,299]: Musk can use Twitter X as a cudgel [00:10:44,299]: I can use this as a cudgel [00:10:45,979]: So I can do this [00:10:47,859]: Now interestingly enough the Wall Street Journal has been very critical of Trump [00:10:55,039]: They’ve been very critical about the tariffs about the behaviors about the nonsense and actually making some great arguments [00:11:03,520]: They’ve featured those [00:11:04,919]: I’ll be interested to see what Bezos well I’m not interested at all but we’ll see what he does here [00:11:10,200]: But it seems like he’ll try to get someone I don’t know [00:11:13,119]: There’s a lot of people who think this who go on and on about say and do what you want [00:11:17,380]: Then when push comes to shove you don’t get to say and do what you want [00:11:20,580]: You don’t get to say and do what your billionaire owner wants [00:11:25,359]: The reality is with these newspapers now there used to be 20 about 60 or 80 million subscriptions in the US [00:11:32,520]: It’s gone down to 20 million [00:11:34,159]: Some have made the jump to digital such as the New York Times [00:11:37,539]: But the problem is it’s a zero sum game [00:11:39,700]: And so when they sign up when they thought okay The Washington Post is doing good work it usually comes at the cost of someone else [00:11:45,599]: They are now as someone who’s I think got some distance from The Washington Post [00:11:49,500]: I like it [00:11:50,000]: I have affection for it [00:11:51,739]: But the reality is it just feels like it’s circling the drain right now [00:11:55,479]: It doesn’t feel like it has a growth strategy [00:11:59,700]: And the people who like The Post are quite frankly I hate to use this word but kind of the cultural elite [00:12:06,460]: They don’t anymore actually [00:12:08,320]: My view is they’re pretty prickly [00:12:10,119]: And when a billionaire weighs in with his views without really understanding journalism it turns off their readers and their employees [00:12:16,960]: And it’s they’re not [00:12:19,700]: They’re not [00:12:20,260]: Maga readers have really good stuff to read [00:12:22,340]: You want to read Ben Shapiro [00:12:24,099]: You want to listen to Megyn Kelly scream at you for whatever fucking reason she likes to scream all day [00:12:29,539]: You have plenty of choice in that area [00:12:32,140]: So they’re not going to [00:12:35,179]: The sensible center is horrified by Donald Trump [00:12:40,700]: So kissing up to him seems like the stupidest move [00:12:43,640]: The two winners here are if he had said I do think there’s an opportunity [00:12:48,380]: If you look at the amount of media coverage that sports gets if you look at the amount of media coverage that politics gets I think relative to its importance in the economy and the consumer’s obsession with it I would argue the opportunity in media and in podcasts and I’m thinking a lot about this is business [00:13:06,239]: So if he were to say we’re going to focus we’re going to try and beef up our coverage of the economy and business issues relating to the markets and everyday pricing and how it affects people’s lives [00:13:16,640]: We’re going to debate the shit out of it [00:13:17,760]: Because we all are kind of obsessed with Amazon and taxes and innovation and how AI affects us or doesn’t in terms of our jobs [00:13:26,299]: I think there’s real opportunity here [00:13:28,159]: The biggest winner of this move hands down [00:13:31,049]: are the heads of HR and recruiting at the Wall Street Journal and the New York Times because every talented my view is and this is not my sense is that every organization there’s between 10 and 20 of the employees that add 120 of the value and the rest are negative 20 [00:13:48,989]: And what I mean by that is you have to have B players to scale [00:13:53,049]: I’m not I know that sounds disparaging but at every organization there are generally a group of superstars that just drive a disproportionate amount of value [00:14:02,869]: Those 10 or 20 people at the Washington Post have their pictures and their names like an FBI mob board at the New York Times and the Wall Street Journal [00:14:10,749]: They’ve already grabbed a lot [00:14:11,909]: They’ve already grabbed a lot [00:14:12,649]: I’m having lunch today with one that New York Magazine just grabbed but go ahead [00:14:16,469]: They’ll all return your calls now [00:14:18,829]: They have never you’re gonna see they are literally the Wall Street Journal and the New York Times and some media players are gonna come for the heart and the lungs of the Washington Post [00:14:26,929]: I’ve been on the Wall Street Journal since I actually talked to these people [00:14:29,469]: They are picking and choosing [00:14:31,409]: I’ve talked to the Times people who do this hiring [00:14:33,929]: I’ve talked to the journal people and they’re calling me to ask me who’s good who do I think of this person this and that [00:14:40,589]: And they’re not gonna grab everybody by the way even if they’re really good but everyone’s leaving [00:14:46,429]: And today I’m having lunch with Ben Terrace who’s a wonderful political reporter and he’s joined New York Magazine [00:14:54,409]: Fantastic like fantastic [00:14:55,749]: Like did great work at the Post [00:14:58,989]: And by the way let me just weigh one in [00:15:00,909]: They are doing some of the reporting has been excellent [00:15:03,389]: They did a great piece on Elon being a welfare queen which you retweeted 38 billion [00:15:08,969]: They did another one [00:15:10,049]: They did like six or seven really great accountability stories in recent weeks [00:15:16,889]: So it’s just when is Bezos gonna meddle there which I think he will 100 [00:15:21,849]: But you’re right it’s an opportunity to pick an area to go into and really drill the fuck down [00:15:27,509]: It’s what the way he’s going is so stupid [00:15:31,769]: And the way they’re I would deploy AI in a really smart way [00:15:35,109]: They’re doing it in a stupid way [00:15:37,289]: They are just going this is a huge opportunity to be [00:15:41,249]: When did Jeff Bezos become Marc Andreessen [00:15:43,189]: That’s what I wanna know [00:15:43,609]: Oh he was always like this [00:15:45,009]: I don’t think he [00:15:45,989]: Really [00:15:46,009]: Yeah I think he just [00:15:47,429]: I always thought he was a pretty even handed guy [00:15:48,529]: No he was super aggressive [00:15:50,509]: He was always let me just tell you of all the people I covered he was the most tweaky when it came to stories he didn’t like [00:15:56,889]: He does not like journalists [00:15:58,669]: He doesn’t [00:15:59,629]: He never did [00:16:00,649]: Marc Andreessen actually kinda liked journalists [00:16:02,809]: Yeah but the bottom line is it’s because most journalists just aren’t that hot Kara [00:16:07,649]: I know that’s what it is [00:16:08,849]: I was saying Bezos came from Wall Street [00:16:12,669]: He worked for whatever a hedge fund D E [00:16:15,069]: Shaw [00:16:15,729]: I don’t know what that is an investment bank hedge fund whatever [00:16:18,169]: He doesn’t he was older [00:16:19,609]: He was money focused [00:16:22,569]: I never thought he was anything but I called him feral in my book [00:16:26,169]: He was feral [00:16:27,289]: And I think he broke up with his wonderful wife [00:16:31,769]: And look Lauren’s fine whatever but it’s a different personality [00:16:35,509]: And he had an opinion [00:16:37,349]: If you listen to that 2018 interview it is a different person [00:16:41,769]: Now he likes wearing those weird unfortunate shirts that he wears and tight jeans and showing off his chest and living the good life on the yacht [00:16:50,849]: And he doesn’t give a fuck [00:16:52,309]: You know who knows [00:16:53,029]: I think he’s a really dull thinker [00:16:55,329]: Anyway moving on [00:16:57,769]: President How do you really feel [00:16:59,049]: President Trump hosted his first cabinet meeting speaking of stupid Wednesday with co president Elon Musk in attendance [00:17:04,369]: Really truly standing up talking almost as much as Trump [00:17:08,509]: Trump recognized Musk to speak first and surveyed the room on approval for DOJ’s at work and whether they like Elon [00:17:14,149]: Guess what Scott [00:17:14,949]: Everybody applauded [00:17:16,029]: Yay [00:17:16,509]: Although Marco Rubio looked like he was you know having diarrhea at that moment [00:17:20,429]: Elon at one point said DOJ had accidentally canceled an Ebola prevention program [00:17:25,009]: Let’s listen [00:17:25,889]: Let’s listen [00:17:26,689]: We will make mistakes [00:17:28,289]: We won’t be perfect [00:17:29,269]: But when we make a mistake we’ll fix it very quickly [00:17:33,509]: So for example with USAID one of the things we accidentally canceled very briefly was Ebola Ebola prevention [00:17:40,889]: I think we all want Ebola prevention [00:17:42,449]: So we restored the Ebola prevention immediately [00:17:45,589]: And there was no interruption [00:17:46,969]: Not true [00:17:47,929]: According to expert after expert everyone on the field said nothing’s been restored [00:17:51,889]: It’s gone from 60 people to six [00:17:55,609]: He’s just he just opens his mouth and he tells he’s disingenuous [00:18:01,809]: Trump also addressed efforts to slash federal workforce which he’s gonna continue including 65 or so of the EPA [00:18:08,609]: He talked about terrorists [00:18:09,729]: The upcoming meeting with Ukrainian President Zelensky he’s trying to shake them down for mineral rights [00:18:14,009]: So it’s paper flake military help which we really have sort of done but not this explicitly [00:18:23,829]: Just the whole thing [00:18:24,929]: And getting the cabinet just to applaud they probably were like they tried to resist some of this DOJ stuff and now they had to applaud in public [00:18:35,969]: Like can you imagine [00:18:36,649]: I wish someone had gone yeah I don’t like him [00:18:38,589]: He’s a fucker President Trump [00:18:40,569]: But no one did of course [00:18:42,629]: Anyway [00:18:42,969]: Yeah well speaking of the Wall Street Journal they did some great analysis a couple days ago saying that they think so far DOJ has saved a whopping 2 6 billion [00:18:53,949]: Yeah a whopping [00:18:56,089]: They’re claiming 60 right [00:18:57,729]: They’re claiming 60 [00:18:58,269]: Yeah they’re claiming 60 [00:18:59,209]: And by the way Musk has received subsidies depending on how you count them somewhere between 15 and 50 billion [00:19:06,429]: So if you want a 6X the DOJ savings just cut off all subsidies to Tesla [00:19:11,749]: And it’s just again it’s look over here [00:19:16,349]: And also I’m trying to do the analysis [00:19:19,149]: I believe that these tax cuts will cut will cost taxpayers more in terms of the Treasury just the benefits that Elon Musk will accrue than the savings he is garnering at DOJ [00:19:33,549]: So if you wanted to double the savings of DOJ you would just say okay thank you for your service but you are no longer entitled to the tax cuts [00:19:42,709]: I mean this is it’s just the math ain’t mathin for lack of a better term [00:19:47,949]: I don’t think I don’t think they should focus on the injustice [00:19:51,569]: I don’t quite frankly I don’t think it’s outrageous to get an email from somebody saying tell us what you did last week [00:19:57,129]: I think that happens [00:19:57,529]: It’s how it’s done Scott [00:19:58,669]: It’s how it’s done [00:20:00,109]: Agreed agreed [00:20:01,029]: But it’s that’s not where our focus should be [00:20:03,109]: Our focus should be okay you recognize that the Department of Energy has been Department of Energy and I forget what the exact term is has been tasked with cutting 800 billion [00:20:13,969]: There’s no way they can avoid Medicare and Medicaid [00:20:18,169]: And by the way when you privatize okay so a kid is still gonna need his medication [00:20:24,689]: Unless we decide to just let them die they’re gonna get their medication but this is [00:20:28,669]: That’s what we’re doing [00:20:30,269]: Go ahead [00:20:30,449]: Well hold give me some running room [00:20:32,609]: I don’t think that’s gonna happen [00:20:33,649]: What’s gonna happen is it’s gonna be privatized and either the employer or the individual or the county or the state is going to have to go into the private market and buy it and then the insurance company and the pharmaceutical and the medical industrial complex will insert themselves make it less efficient less cost effective such that shareholder value goes up in the industrial medical complex [00:20:54,409]: The privatization essentially what these autocrats or these oligarchs want is they want the privatization of everything that way they can insert themselves in the middle for shareholder value [00:21:03,229]: There are cities that have privatized everything the utilities the water services they’ve privatized everything and what happens traditionally or typically is that there are some things that should be privatized but when you privatize the post as they did here in London what you end up with is a more expensive service where shareholders and companies get to skim or scoop up that incremental margin and that is what they want here is they want to get government out so they can insert one private enterprise and make money and two emasculate any regulation or oversight of their near grifty businesses [00:21:39,629]: Yeah I would agree and what’s happening here is they’re really hurting people who voted for you [00:21:44,229]: Have you seen the there’s a great one this weekend which in the Washington Post she hoped Trump’s victory would change her life but not like this [00:21:52,469]: Doge cut her job and she was like oh I thought they were gonna take DEI people [00:21:57,249]: Like honestly leopards should eat every one of these people’s faces as far as I’m concerned [00:22:02,049]: You know what I mean [00:22:02,569]: They did everything in their self interest and then he didn’t do anything he said he was gonna do so far and they’re cutting them and so they’re gonna they’re you know no showdown here but they voted for what they voted and this is what they’re getting [00:22:15,689]: I agree [00:22:17,049]: You’re 100 correct [00:22:17,849]: But the basis of DEI or the arguments against DEI is that it made sense I think if you were to steel man this it made sense at some point to have DEI but many of these problems I won’t have been I won’t say have been solved but have been addressed in terms of a workforce that somewhat resembles the population [00:22:36,669]: The problem is is the basis of the arguments for doing away with DEI is that you risk economic growth and even safety if in fact you’re not hiring based on competence [00:22:46,629]: Now that is a real argument but that argument holds no water when you are hiring fucking idiots to go into your cabinet when you’re hiring Fox News hosts to be the Secretary of Defense and you’re claiming we need to get rid of DEI so we have more competence that this becomes a meritocratic I mean it’s just so cynical to talk about skills and domain expertise and who earned and deserves the job and who would execute or prosecute the job with the most competence when you are bringing in seriously a fucking village a circle of village idiots [00:23:20,289]: First measles death since 2015 first one [00:23:24,469]: Planes are falling out of the sky [00:23:25,669]: There’s been like seven of them right now at least seven really dangerous plane things [00:23:30,549]: I mean as I say they exchanged DEI for DAF dumb as fuck [00:23:36,189]: Okay Scott let’s go on a quick break and we come back more on Doge [00:23:40,429]: Scott we’re back [00:23:41,069]: Let’s talk about some of the notable Doge moments since last we taped [00:23:44,089]: The White House confirmed that acting administrator of Doge is indeed not Elon Musk but a woman named Amy Gleason [00:23:50,169]: Gleason’s LinkedIn lists her as U S Digital Services Senior Advisor [00:23:53,029]: CBS News when contacting Gleason regarding the story said she was in Mexico and declined to comment [00:23:59,229]: They just gave a name [00:24:01,209]: And that very testy woman who does press for Trump gets very testy very testy [00:24:06,149]: She’s got very Megyn Kelly vibes [00:24:08,349]: Anyway 21 Doge staffers resigned saying in a letter they would not lend their expertise to carry out legitimizing Doge’s actions [00:24:18,229]: The staffers were previously part of the U S Digital Service which was created by President Obama [00:24:22,209]: These are people who were there helping the government update themselves and they’re just not gonna put up with big balls on the rest of the crew the rest of the idiot douche boys crew [00:24:33,129]: The Trump administration and Doge had a rough week with courts [00:24:36,109]: On Tuesday three federal judges dealt setbacks to the administration involving federal spending refugees and foreign aid though Chief Justice John Roberts temporarily delayed a midnight deadline for the administration to unfreeze 2 billion in foreign aid payments on Wednesday [00:24:50,249]: I Scott I have no comment on this [00:24:53,009]: I’m in Mexico [00:24:54,069]: I don’t know what to say [00:24:55,369]: Yeah I don’t [00:24:56,209]: But I’m more interested in they’re using her as a prop such that somebody I think someone I think my guess is Musk’s lawyer said nothing good can come from you having any sort of official affiliation [00:25:08,549]: That’s right yeah that’s exactly right [00:25:09,589]: And so we need a figurehead to just prop up and say they’re in charge even despite the fact no one can even find her or get any sort of statement from her [00:25:19,289]: Oh she’s in charge [00:25:21,109]: That way when these myriad of lawsuits actually get to a quote unquote judge who looks at the law we need to figure it’s almost like they’ve created she’s effectively the equivalent of a human LLC where you create a corporate shield between her and Musk [00:25:38,689]: I just can’t I’m trying to figure out the legalities [00:25:40,889]: She worked for the old service and from people there [00:25:43,869]: She was not [00:25:44,469]: She’s a figurehead [00:25:44,809]: She was not she did not impress people with her skills [00:25:48,189]: That’s what I would say is how they talked about her [00:25:50,829]: No she’s just a figurehead [00:25:52,029]: It’s ridiculous [00:25:52,809]: I mean what’s interesting is you know they do want this to be in court all the time [00:25:57,189]: So they just it’s like a ground war with these people right and they keep pushing back the way they after the Apple shareholders and they’re gonna threaten Tim Cook [00:26:05,949]: They just never frigging give up [00:26:07,749]: They’re like they’re swarmers [00:26:10,749]: I don’t know what else to say [00:26:11,909]: The strategy is probably very smart just to keep making trouble and move from department to department making destruction and then fixing it will be just impossible right [00:26:21,929]: That’s the goal I think here [00:26:23,769]: Can I ask you a question [00:26:24,929]: Sure [00:26:25,729]: I’m veering from the script which will drive our producers crazy because we won’t get to sell as many fucking ZipRecruiter ads [00:26:31,309]: Ah ZipRecruiter [00:26:32,789]: That’s right link it in [00:26:34,409]: Link it in [00:26:35,249]: Z Biotics let’s party tonight and let’s not feel it in the morning [00:26:38,609]: Hello dog [00:26:40,169]: Why don’t we have any weed [00:26:40,829]: By the way I’m getting so much [00:26:42,489]: Why don’t we have any weed ads [00:26:43,029]: Why don’t we have any weed ads [00:26:44,649]: You’d think right [00:26:45,949]: Edible ads [00:26:46,449]: You’d think [00:26:47,429]: Jesus not for you [00:26:48,149]: Oh my God ED Chewable Viagra [00:26:50,509]: Hello have you met me [00:26:52,129]: ED slash weed ads [00:26:53,649]: All right go ahead what’s your question [00:26:54,889]: My erections are literally increasingly dysfunctional [00:26:57,889]: It’s like now you show up [00:26:59,569]: So are mine [00:27:00,109]: Now you show up [00:27:01,209]: I’m literally like anyways [00:27:02,469]: I don’t want to hear about your erections [00:27:04,049]: Can you move along please [00:27:05,169]: Oh I have a serious one [00:27:06,549]: I don’t even like the word erection [00:27:07,569]: I hate the word [00:27:08,229]: Oh really [00:27:08,609]: Yeah I don’t like it [00:27:09,869]: I just welcome anything resembling that right now [00:27:11,829]: I don’t like any of the words having to do with boner erection what other words are they [00:27:16,109]: That’s it those are the two right [00:27:17,769]: I don’t like them [00:27:18,429]: Magic [00:27:19,749]: Magic [00:27:20,149]: Who calls it that [00:27:21,469]: Men go ahead [00:27:22,529]: Yeah anyways [00:27:23,749]: What’s your question [00:27:24,869]: What did you think of James Carville’s opinion piece that the Democrats should just sit back and kind of let them have at it and let Americans kind of see what happens [00:27:34,589]: Well he’s been awfully wrong about a lot of things if you really actually follow him closely [00:27:38,629]: He’s like this is how it’s gonna go for Trump [00:27:40,609]: He’s gonna lose this way [00:27:41,729]: And someone noted Who said that [00:27:44,529]: I know that’s true but we’re not James Carville right [00:27:47,069]: So I think it’s not a bad idea except if it’s a very serious thing right [00:27:53,669]: If it’s something really hair on fire we should be hair on fire appropriately [00:27:58,709]: I think we should be obstruct I think the Republicans when they got into office and they were in the minority just speaking of someone who’s retiring Mitch McConnell shut it down [00:28:08,069]: And I think that’s what we should do [00:28:09,309]: I think we should be difficult obstructive not worry about people blaming us for it just get in the way just muck up the gears let them make a mess [00:28:19,429]: I would agree with him on that [00:28:20,809]: I would agree on that [00:28:21,829]: There’s no use saying can you Like I was on CNN last night with Caitlin Collins and she goes what do you make of this Gaza AI thing [00:28:28,729]: I’m like I don’t give a fuck [00:28:30,089]: It’s racist it’s obnoxious he’s doing it to distract us moving on [00:28:35,869]: It’s stupid [00:28:36,469]: And why are the belly dancers having beards [00:28:39,369]: I don’t know I don’t care I don’t care [00:28:41,869]: And I think it’s mean and terrible and cruel but what do you want me to say [00:28:45,609]: That’s what I think he is [00:28:46,709]: So I think that’s the kind of reaction [00:28:48,929]: We can’t swing at every stupid pitch these people put out [00:28:52,989]: I liked it what did you think [00:28:55,969]: I’m torn [00:28:56,709]: Actually I think I have a little bit more reverence for James I think he’s brilliant [00:29:01,209]: I do too I do too but go ahead [00:29:02,829]: I enjoy how courageous he is [00:29:04,969]: I thought his clip on Fox was just amazing [00:29:07,509]: Great that was great [00:29:10,029]: And I even think of him as sort of a role model [00:29:12,189]: I just like how he’s eased into his eighth decade wearing LSU sweatshirts and just being fearless [00:29:18,109]: And also I went to a wedding with him [00:29:19,849]: He likes to party but go ahead you’d like him [00:29:21,689]: Oh I’m sure you know that guy [00:29:23,409]: Yeah [00:29:23,829]: He’s like I’ll have a mint julep every five minutes [00:29:27,269]: Yeah that was essential [00:29:28,089]: And his wife Mary Matlin they’re an act [00:29:30,949]: They were the funniest people at the lesbian wedding but go ahead [00:29:33,969]: They’re a pair [00:29:35,987]: I worry that if we don’t—I think there’s a way to respond [00:29:39,527]: I like what you said become obstructionist and just—and get in the way of stuff [00:29:43,547]: I’m up for actually shutting down government [00:29:45,427]: I think we should just say fine how about it [00:29:47,887]: Nope let’s shut it down [00:29:49,967]: But I worry that if we don’t respond pretty aggressively that we de facto normalize what’s going on [00:30:01,347]: And I struggle with it because I can see his point [00:30:03,727]: It’s a really tactical suggestion [00:30:07,667]: Well just to sit there and say this is all Republicans now [00:30:10,607]: Let’s let them have at it [00:30:11,967]: See what happens folks [00:30:12,867]: Hey U S citizens you broke it you bought it [00:30:16,707]: This is you [00:30:17,747]: And not give them the satisfaction of being hysterical or responding or swinging back or counterpunching wildly [00:30:25,047]: But I think where I land is I think you need to be smart about how you respond but you need to just say consistently with facts and experts we cannot normalize this [00:30:34,847]: Which he did on Fox [00:30:34,967]: This should not be a thing [00:30:36,807]: Yes 100 percent [00:30:38,027]: I think aggression is—I think we let them own everything and then aggression back [00:30:43,767]: Just be like a fucking pig [00:30:44,867]: Do a Mitch McConnell [00:30:46,267]: Just do a Mitch McConnell [00:30:47,607]: You know who I think we need more of [00:30:48,847]: I think we need more kind of what I’ll call dark—I don’t want to call it dark MAGA but dark woke [00:30:54,207]: One of my favorite comedians Bill Burr [00:30:56,347]: I love Bill Burr [00:30:57,527]: It’s basically saying this billionaire fuck Musk just because he didn’t get laid in high school we have to put up with his hair plugs and his total lack of empathy [00:31:08,347]: It’s like how much more money do you guys need [00:31:11,067]: He just—you know when people can’t—people—there’s so much money in this country and people can’t—people have to get a second and a third job and can’t be with their kids [00:31:19,647]: And he—I think we need more of that energy [00:31:22,607]: Just embrace— Right in their face [00:31:25,107]: You do because I was—I told you this [00:31:26,967]: I was at an event and one of the stupid tech bros came up to me and they’re like oh we’re beating you Kara [00:31:31,707]: You know we’re beating you [00:31:33,347]: Ha ha ha [00:31:33,967]: And I looked at them and I said you’re still a dickless asshole [00:31:38,647]: And they were like I go and I still don’t want to talk to you [00:31:42,187]: And I moved along [00:31:43,487]: And they didn’t know what to do [00:31:44,907]: They were not going to get me in any way [00:31:46,747]: Yeah you have to still punch them in the nose punch them in the nose [00:31:49,407]: Anyway speaking of punching in the nose speaking of not lack of erection it’s been a tough week for Tesla [00:31:53,867]: Tesla shares plunged more than 8 on Wednesday pushing its market cap below 1 trillion [00:31:58,107]: The stock is down 25 for the year [00:31:59,887]: A drop followed that sales—the news that sales in Europe are down 45 from this time last year [00:32:05,007]: Elon backlash is being credited with some of the recent decline but other factors include increased EV competition from China BYD and consumers wanting a new model [00:32:14,107]: Like where’s the new fucking model Elon [00:32:15,987]: Why don’t you make better—new cars [00:32:18,047]: Not better cars [00:32:18,747]: It’s a good car [00:32:19,967]: And there’s lots of choices [00:32:21,827]: And nobody likes this fucker [00:32:23,407]: And people are putting things on the cars writing on the cars [00:32:26,847]: People have signs on their cars saying I hate him too [00:32:29,507]: I don’t know what—stop you know taking the air out of my tires and keying in my thing [00:32:34,087]: I don’t do this but I think about keying them [00:32:37,407]: I do [00:32:38,107]: And that’s the thing [00:32:39,047]: I never think like that [00:32:40,147]: I’m like I should key this fucking car [00:32:41,667]: But I don’t [00:32:42,567]: Just everyone know that [00:32:44,087]: Is there anything to be done here or is it just a declining situation for this company [00:32:50,527]: Well I mean first off all these things require context [00:32:53,947]: And that is in the past year the stock even with its drawdown is up 50 [00:32:58,747]: It still trades at just an exceptional valuation [00:33:02,007]: It’s trading at P E today of 145 [00:33:05,627]: I think Ford trades at a P E of like 6 or 7 [00:33:08,707]: So I think the market when a company becomes this overvalued is looking for reasons to take it down [00:33:15,287]: But there’s just no getting around it [00:33:17,127]: The sales are down in Germany [00:33:19,447]: And across Europe and also in California sales are off between 10 and 40 [00:33:25,287]: So this is really having an impact on sales [00:33:28,407]: And he still gets I think about a third of his net worth from his stake in Tesla [00:33:33,287]: I think it’s just getting started [00:33:34,947]: I mean I think you remember my prediction three weeks ago [00:33:38,187]: My broken clock was that at some point this is going to hurt the market [00:33:42,907]: I mean I got to think at some point people don’t want to drive into a parking lot and have people flip them off which is everyone’s—not everyone [00:33:51,247]: A lot of people’s inclination now when you see someone in a Tesla is like oh what an asshole or flip them off [00:33:59,387]: I sold my Tesla three years ago and people said I was overreacting [00:34:04,947]: Look you should stay out of politics as a general rule for brands [00:34:10,307]: It is finally starting [00:34:11,527]: I think it got him some loyalty [00:34:13,387]: I think it started as a reference and a little bit like kind of innovation politically incorrect [00:34:18,227]: Actually I think that probably got him some additional customers for a while [00:34:21,607]: But this feels like a lot of people even people who probably support him think I just don’t need the hassle of someone judging me by the car I roll up in in terms of my politics [00:34:32,607]: Now I want to be judged when I roll up in a Range Rover [00:34:34,687]: It means that I’m in the midst of a midlife crisis and I can afford it [00:34:37,667]: And would you like to jump on speaking of erectile dysfunction [00:34:40,887]: For people for context as Scott was saying a year over year it’s up 47 almost 48 [00:34:46,507]: Five years it’s up 561 [00:34:49,227]: And max 22 000 23 000 up [00:34:53,927]: So six months is up 40 [00:34:57,107]: One month it’s down [00:34:58,467]: But down is where it’s headed [00:35:00,607]: Look if they had a great car people might buy it [00:35:03,287]: But you’re right [00:35:05,347]: I think that a hassle even if you like Elon Musk is probably going to bother people [00:35:12,207]: And I don’t hurt any of these cars but I did yell a pin dick to someone in a Cybertruck recently which I enjoyed and I like to pin dick [00:35:21,087]: Pin dick [00:35:21,367]: The interesting thing will be so the stock’s overvalued [00:35:26,307]: The market’s looking for reasons to take it down [00:35:28,487]: The product lineup feels stale [00:35:30,787]: The interesting thing will be if his kind of off camera activities here or his extracurricular activities begin to infect Starlink [00:35:40,267]: Because Starlink really is an amazing product and they are signing up new customers like crazy [00:35:44,267]: What I’m interested in or waiting for is the first company that says we’re reconsidering our deal with Starlink [00:35:52,127]: Because so far it’s just impacted Tesla [00:35:55,067]: If it goes after if it starts to infect SpaceX slash Starlink then Houston has a real problem [00:36:02,747]: And I think you probably are going to see that in the next 30 days [00:36:05,887]: A big carrier or a government or someone’s going to say we’re rethinking our relationship with Starlink [00:36:12,507]: I think one of the things that’s important that people should think about is is the product good can save you a lot of stuff [00:36:17,807]: Although even if the product’s good and people think you’re an asshole it does affect it [00:36:22,167]: You just stop buying it [00:36:23,887]: I definitely have bought less Amazon stuff because I’m like why should I give this guy money [00:36:28,247]: I’ll give it to Macy’s [00:36:29,507]: It’s a little harder but it’s not that much harder [00:36:32,287]: They still have a better product in terms of delivery [00:36:34,847]: But I’m like I just don’t like them [00:36:36,927]: I just don’t like them [00:36:39,507]: I don’t want to give Jeff Bezos money [00:36:41,427]: That’s how it begins right [00:36:43,727]: And then you find other alternatives [00:36:45,287]: It’s a real opportunity for other car makers that’s for sure [00:36:48,667]: It’s funny you say that because last night I was watching Game of Thrones with my 14 year old [00:36:53,987]: Again [00:36:54,467]: And the easiest way to buy it was on [00:36:56,067]: It never gets old Cara [00:36:57,507]: It never gets old [00:37:00,707]: But last night the easiest way to buy it was on Amazon Prime [00:37:04,387]: And for the first time I thought is there another place I can buy it [00:37:07,447]: Yeah exactly [00:37:08,167]: Small little decisions like that [00:37:10,147]: Pindick [00:37:11,047]: All right Scott let’s go on a quick break [00:37:12,507]: When we come back we’ll talk about Nvidia beating earnings expectations and Trump’s plan to woo wealthy foreign investors [00:37:18,487]: Scott we’re back [00:37:19,267]: Nvidia has done it again with another blockbuster earnings report [00:37:22,067]: Quarterly earnings were 39 billion a 78 increase compared to Q4 last year [00:37:27,287]: Profits spiked 80 from a year earlier to 22 billion beating Wall Street’s expectations [00:37:32,207]: The company projected revenue in the current quarter will rise 65 to 43 billion a little less than 78 billion but still good [00:37:40,787]: Has Nvidia put these deep seek fears to rest [00:37:43,947]: Remember just a month ago Nvidia had a 600 billion wipeout when deep seek burst on the scene [00:37:51,287]: It seems like nobody’s talking about that now [00:37:53,327]: Thoughts on this [00:37:54,267]: Because again by the way for people to understand it really [00:37:57,647]: The stock market rises and falls on Nvidia’s shares right now [00:38:00,807]: And only [00:38:01,607]: Speaking you know who I interviewed [00:38:04,007]: Aswath [00:38:05,227]: Aswath Damodaran [00:38:06,187]: Yes he talked all about this [00:38:07,367]: But it’s seven stocks that are moving the stock market and Nvidia’s at the top of the list [00:38:11,607]: Yeah some would say 10 but yeah the magnum’s at 7 [00:38:15,067]: Look what’s interesting about the market right now is when it [00:38:17,807]: With respect to Nvidia or some of these other companies their expectation or the expectations are that they’ll beat expectations [00:38:24,467]: Because what happened yesterday was again Nvidia beat expectations [00:38:30,027]: It came in at 39 3 billion versus a projection of 38 3 [00:38:34,687]: Its earnings were 0 89 versus a projected 0 84 and the stock is down 1 today [00:38:41,327]: People have gotten so used to or the market has gotten so used to these companies just blowing away expectations that when they only slightly beat expectations they kind of if you will actually don’t meet the expectations [00:38:54,107]: So this company has gotten just so incredibly [00:38:58,287]: The unusual thing about this company and people like to compare it to Cisco is that Cisco’s price earnings multiple went crazy [00:39:06,927]: And the but it hasn’t expanded nearly as much because their earnings growth has also been exponential [00:39:15,807]: So it does appear to have [00:39:18,387]: I don’t want to even say flat line because the gains here have been so much extraordinary but the stock is down 5 year to date and it’s just flat for the last six months after what is like a 100x increase over the last decade [00:39:32,267]: It really has been the last decade but the expectations around these companies now are that you’re going to beat expectations [00:39:41,347]: So what [00:39:43,107]: What’s going to happen here [00:39:44,347]: You still feel people are going to start spending less on it [00:39:47,027]: They’re also seeing competition [00:39:49,047]: They will see competition as other companies [00:39:52,747]: I’m of the mind that there’s a non zero probability maybe a one in three chance where AI ends up being more like the PC industry and the airline industries where consumers capture the majority of value because they’re not able to create sustainable moats [00:40:10,547]: And I think DeepSeek was the first signal of that [00:40:13,687]: And that is arguably jet transportation and PCs should be the most valuable companies in the world [00:40:19,027]: They’re not [00:40:20,107]: And I wonder [00:40:21,167]: A lot of these LLMs are beginning to feel pretty similar [00:40:26,127]: Although I can’t stand Anthropic [00:40:27,747]: It’s so fucking PG 13 saying I can’t make recommendations around this [00:40:31,147]: And then we’ll talk about erect penises [00:40:33,087]: Okay [00:40:35,227]: And also I think it’s just going to be [00:40:38,427]: This could be in fact one of those industries where [00:40:41,927]: And this is a good thing [00:40:42,707]: The winners might be us [00:40:44,147]: The winners might be all industry [00:40:46,627]: Industry has garnered enormous citizen shareholder value from jet transportation and the PC but very few companies were able to create moats such that they could capture a lot of the value for specific shareholders [00:40:58,827]: And I think if there’s evidence of that this year or there’s a slowdown I think you’re absolutely going to see a real correction [00:41:06,607]: And all I can say is what I’m doing because I don’t think anybody knows I am rotating out of US stocks into foreign stocks [00:41:15,827]: Because if you look at US growth stocks which have really carried the day for the last 15 years relative to their historical averages they are in the 98th percentile right now [00:41:27,767]: So there’s only 2 of the time in history like basic sometime in 1999 or 2007 have they been more expensive [00:41:34,567]: At the same time large cap value companies in Europe Latin America and China are at their 2 meaning that they’ve been higher 98 of their historical or in history they’ve been higher 98 of the time [00:41:52,387]: So I am rotating out [00:41:53,867]: Interesting [00:41:54,967]: Interesting [00:41:55,367]: Well Apple’s trading at Let me can I tell you Go ahead [00:41:57,887]: Aswath said not to do that [00:41:59,307]: He thinks these US companies are global companies [00:42:02,627]: And so you are investing globally [00:42:04,547]: You’re investing globally [00:42:05,627]: And by the way if in fact you’re dumb enough to listen to any of us absolutely listen to Aswath [00:42:11,327]: He’s on my podcast today but yeah go ahead [00:42:13,647]: Sorry [00:42:13,807]: When you have Apple trading at a PE of 39 and it traditionally trades at 18 I mean it’s just not a bad it’s not a terrible idea to think about taking some chips off the table [00:42:25,347]: And some are in cash like Warren Buffett is much more in cash [00:42:27,927]: He’s moved hugely to cash [00:42:28,647]: But Aswath said don’t do that because you can never time it correctly [00:42:32,267]: And you can be too slow or too fast like you were saying the other day [00:42:36,187]: Anyway speaking of cash President Trump is unveiling a new visa to attract rich foreigners to the US the gold card for 5 million very high level people will get legal permanent residency and a new route to citizenship [00:42:47,947]: According to Trump the gold card would replace the current EB 5 visa which requires investors put in a million dollars and creates at least 10 jobs [00:42:54,967]: The new initiative is set to be rolled out in two weeks although some experts are skeptical that it can happen without congressional approval [00:43:01,267]: So I don’t know more than 100 countries do offer golden visas to wealthy investors and individuals including Australia Greece Italy and Spain [00:43:10,787]: It’s not a new idea [00:43:13,847]: I don’t know [00:43:14,967]: It’s another hand wavy distraction [00:43:18,247]: I don’t know [00:43:18,647]: I just feel like whatever like rich people always get to live where they want [00:43:22,827]: So okay [00:43:24,607]: That’s right [00:43:26,047]: Rich people can go not only shopping for clothes or experiences they can go shopping for rights [00:43:33,167]: So if they’re back to the statement or these people are protected by the law but not bound by it [00:43:38,987]: If you’re a wealthy person in fact the law has kind of gotten fed up with you you can go somewhere else [00:43:46,667]: Or if you’re worried about persecution but you’re right [00:43:49,547]: This is nothing new [00:43:50,567]: The EU has taken in approximately 23 billion selling visas across Greece Malta Portugal Spain [00:43:58,387]: The UK used to have a golden visa and then the populace got pissed off by it [00:44:02,927]: What’s unusual about this is the price point at 5 million [00:44:06,687]: I would think that that probably just appeals [00:44:08,747]: So I’m on a visa here in the UK [00:44:10,607]: I’m on what’s called a tech talent visa where I had to say I bring specialized differentiated skills around technology [00:44:17,147]: So give me and my family a five year visa [00:44:19,327]: And they agreed [00:44:20,907]: The notion that you can buy in is not new [00:44:23,747]: What’s weird is the price point [00:44:25,087]: Because what I think this says is you don’t have any other options [00:44:28,607]: And maybe you’re a little bit on the run [00:44:30,587]: Yeah right [00:44:31,087]: Exactly [00:44:31,507]: We’re going to get the bad ones like the kind of sketchy ones [00:44:34,067]: Or the tax authorities are closing in on you [00:44:38,027]: Because if you look at one of the reasons the British economy or London specifically has done really well or I would argue has done well over the last 30 or 40 years [00:44:48,538]: I mean London is the most Paris is the most beautiful city in the world London is the most handsome [00:44:52,278]: And when you came here in the 80s I’ve been coming here since I was a kid because my parents are from here it was a shitty city [00:44:58,018]: Bad food ugly rundown it was just infrastructure was collapsing [00:45:02,538]: It was really a mess [00:45:04,518]: And Tony Blair basically did something similar and that is he passed a series of incredibly airtight private property laws that said you can be an African warlord or a Russian oligarch but if you bring in a million 10 million or a billion dollars into the UK and you buy property here and you invest your money with British banks no one can come for it [00:45:26,438]: It’s here no one can come take it away from you [00:45:29,698]: And as a result London basically became even more so than New York I would say every wealthy person’s second or first home [00:45:39,218]: And it has catered it has become a butler economy [00:45:42,198]: And one of the things about London [00:45:43,458]: But it’s kind of the sketchy ones right [00:45:44,918]: It feels like there’s a lot of mobsters from Russia [00:45:47,978]: Some of them but it does it definitely I think the rich people the very fine rich people are already here [00:45:53,858]: I just think this appeals to a different group [00:45:55,678]: That’s a great point because here’s the difference between London and America [00:45:59,398]: People go to America to make their billion people come to London to spend their billion and protect it [00:46:06,038]: And that is my biggest criticism or observation of the London economy and this is the question I spoke at the Royal Academy of Arts last night [00:46:12,178]: I needed an excuse to drop that so I’m doing it right now [00:46:14,838]: Fancy fancy [00:46:15,278]: So fancy oh my God [00:46:17,338]: I sat next to this lovely woman named Dame Rothschild last night who’s actually a quite successful author [00:46:22,198]: She gave me the whole Rothschild story [00:46:26,338]: Dame Rothschild yeah [00:46:29,118]: Anyways by the way that is an incredible venue [00:46:32,638]: I think that was probably the highlight of my London experience so far [00:46:34,898]: But anyways people always ask me how would you distinguish London from the U S [00:46:39,298]: And one of the things I say is that this entire economy in the U K is serving wealth created elsewhere [00:46:48,018]: And that is the wealthiest people I know here are people in money management they own great hotels great restaurants they’re servicing wealth that was built and created or inherited somewhere else whereas well I think that’s a little unfair [00:47:02,058]: I think the majority of these people well the majority of the people I know here have made a lot of money somewhere else [00:47:06,978]: Okay anyways whereas in the U S people go to the U S to make their money [00:47:11,138]: And there’s so much risk taking and so much aggression [00:47:15,078]: Again my collective distillation or summary having molested the earth for the last 30 years is America is still the best place to make money and Europe is the best place to spend it [00:47:24,138]: Butlers butlers they’re good butlers [00:47:26,198]: It’s a butler economy [00:47:27,178]: It’ll be really interesting to see how many people do it and who it collects [00:47:31,538]: If you need to spend 5 million to get into the U S that’s not a great forward looking indicator of why you need to do that [00:47:39,158]: I feel like we’re getting the sketchy sketchy types are gonna roll on in [00:47:43,458]: It’s gonna be it will be really someone will do some investigative reporting and find out the first David Fahrenhold calling David Fahrenhold [00:47:50,138]: The first hundred people that are willing to pay 5 million to hang out or hide in the U S or avoid tax local tax authorities it’s gonna be very interesting [00:48:00,418]: Yeah all right come on down you sketchy people [00:48:04,238]: All right Scott one more quick break [00:48:05,738]: We’ll be back for predictions [00:48:07,698]: Okay Scott let’s hear a prediction [00:48:10,618]: I think Doge is gonna be over and done by the end of the year [00:48:14,018]: I think the reason that Musk invented it and came up with it is for money [00:48:19,958]: People talk about patriotism or every time Sure it looks like it yeah [00:48:25,358]: Every time we dig further into these things we find out that these individuals are doing everything to try and get richer and I think he thought I can get in there and under the auspices of some sort of fucked up perverted means of patriotism or getting out my anger or whatever it is or getting more news about me I’ll also get a twofer because I’ll basically fire everybody who’s getting in the way of my autonomous cars [00:48:46,438]: Yeah his work is done [00:48:48,378]: Yeah I’ll get in the way [00:48:50,538]: I’ll defenestrate anyone around trying to get in the way of space launches [00:48:54,858]: I think it’s all about money and I think he saw an opportunity to clear out the regulatory hurdles that’s between him and a trillion dollars [00:49:00,258]: Having said that I think over the last 30 days he’s found out there’s a tax to this and that is I felt a noticeable pivot in the last 48 hours of the narrative around all this shit [00:49:15,298]: I think people well you tell me because I’m in a bubble and I don’t understand the American people anymore and I realize how out of touch I am but I felt like okay people want to give Trump the benefit of the doubt [00:49:26,318]: He should get to pick his cabinet [00:49:28,538]: A lot of people voted for this [00:49:29,798]: No they don’t like Musk [00:49:31,298]: Nobody likes Musk [00:49:32,678]: Right [00:49:33,578]: People think okay government is too fat [00:49:37,098]: I kind of like it kind of tickles some of my sensors [00:49:39,478]: They’re feeling some of the pain of the private sector [00:49:41,598]: It feels as if the narrative has turned just in the last 48 hours where all of a sudden Trump and Doge are on their heels and people including Republicans that voted for Trump are pissed off [00:49:57,218]: They’re like we wanted more efficiency [00:50:00,998]: We wanted leadership [00:50:02,738]: We did not want this type of kind of heartless recklessness [00:50:06,678]: This does not appear to make any sense and I think with Musk I think the straw that’s gonna break the camel’s back here is when people start canceling contracts at Starlink and he says wow I’m actually losing money doing this and I think that is about to happen [00:50:25,798]: I think he is a brilliant guy but it’s all about money [00:50:29,958]: The math is gonna show that he is better off pulling a Vivek Ramaswamy and it’s like fate [00:50:35,518]: Remember Vivek [00:50:36,238]: Vivek was the co head of Doge [00:50:37,438]: Remember him [00:50:38,118]: And so this is what’s gonna happen [00:50:39,538]: It’s gonna be like what happens to old actors [00:50:41,498]: They don’t die [00:50:42,058]: They just fade away [00:50:43,778]: He is gonna Doge and Elon Musk are gonna fade away because you can be sure he’s doing the math and he’s like even if I can get rid of all those pesky regulators I’m still losing money here because my sales are plummeting because the general public across the US much less Europe when they see these idiots surrendering to Putin and when they see the type of recklessness and they see that they’re not saving any money [00:51:09,698]: All they’re doing is making our government less competent [00:51:13,738]: You’re gonna see Tesla sales continue to plummet [00:51:17,138]: Tesla stock continue to go down and again the pivotal moment here is when it starts to infect Starlink and I think he’s gonna fade into this [00:51:25,598]: He’s gonna fade back into the political spectrum [00:51:26,158]: People like the idea of the government efficiency thing [00:51:27,918]: So do you and I right [00:51:29,258]: I think that’s the overall [00:51:30,138]: Well Clinton Gore did it [00:51:30,678]: Yeah right exactly [00:51:31,098]: Almost every president’s done it [00:51:32,518]: This was Pucks Peter Hamby wrote a piece not just about the polls which you can take the White House is saying polls show people love him and love it which isn’t true [00:51:42,058]: Hamby looked at focus groups and swing voters [00:51:44,418]: Who cares about the MAGA people [00:51:45,718]: They’re gonna like no MAGA [00:51:46,478]: He can shit on the stage [00:51:47,798]: They’d like it [00:51:48,998]: Recent focus groups of swing voters in Michigan Wisconsin Pennsylvania Ohio and Florida they like the idea of efficiency [00:51:56,298]: They hate Elon Musk and this is something [00:51:58,978]: Polls for instance don’t tell you that Musk is a weird nerd which is how Adam a Trump voting hockey fan from Macomb County described the billionaire last week or that he’s a complete tool as Michael from Milwaukee put it or scary Taisha from Toledo or selfish DeAndre from Milwaukee just looking to enrich himself [00:52:14,938]: Perhaps Eric a real estate appraiser from Pittsburgh put it most poignantly extremely radical scary [00:52:20,938]: I just shudder that Trump has given him carte blanche [00:52:23,938]: It’s really these are the big things [00:52:26,878]: Musk and Doge are treated with skepticism [00:52:29,778]: They like Trump because he looks strong when Biden was weak [00:52:33,918]: So it’s not affecting Trump [00:52:36,138]: They just don’t like Musk you know and eventually it will affect Trump and that’s when he’ll act [00:52:41,598]: But swing voters do not like this fella no matter how you slice it [00:52:45,898]: Anyway we’ll see [00:52:46,878]: You’re right that’s a great prediction [00:52:48,518]: Elsewhere in the Scott and Cara universe Scott spoke with David Bernad the Emmy winning executive producer behind HBO’s White Lotus [00:52:55,858]: They discussed the making of the hit series The Shifting Landscape in Hollywood and wait for it Scott’s surprise cameo in the next episode of White Lotus [00:53:03,098]: That’s right the big screen [00:53:04,998]: It’s about time [00:53:05,938]: I’m so excited [00:53:06,978]: I’m gonna watch White Lotus now [00:53:08,118]: Tell me Clint Eastwood duh [00:53:09,938]: I am gonna deal with it [00:53:11,138]: I’m going to Australia on Saturday just so you know [00:53:13,798]: I’m going to [00:53:14,178]: Really [00:53:14,618]: Yeah I am [00:53:15,378]: Listen to White Lotus so I can hear your voice [00:53:17,498]: It’s a long way someone your age [00:53:18,478]: Yeah I know it’s true [00:53:20,358]: Move in the books [00:53:21,558]: Okay let’s listen to Scott [00:53:23,158]: Let’s listen to this interview [00:53:24,698]: I was in Koh Samui [00:53:26,578]: You sent me your first recordings [00:53:29,418]: I listened to it [00:53:31,138]: I almost shit my pants because I was like I don’t know if this sucks [00:53:35,498]: I don’t know if this is gonna fly [00:53:37,678]: And I think I had then I heard you mention it on I think on Pivot [00:53:42,438]: And so I was extra nervous that I was gonna somehow disappoint you [00:53:46,878]: I did not want to disappoint you [00:53:49,298]: And so I called I think I got maybe I was back in LA or I might’ve been still in Thailand [00:53:54,918]: And then I was like I had the smart idea of sending Jason Isaacs over to your apartment [00:54:00,818]: Just you know I was like maybe Jason could help you read with you [00:54:05,418]: And I remember I was like very anxious [00:54:07,658]: I was like Jason call me as soon as you get out of there [00:54:10,238]: Jason called me and he goes we did an hour of takes [00:54:13,358]: It could be all dog shit [00:54:15,758]: Maybe there’s something in there [00:54:17,278]: And I have to say genuinely you are great in the show [00:54:21,058]: In that in those hour of recordings we found gold [00:54:25,518]: I’m hoping this is the beginning of a long Hollywood career for you [00:54:30,018]: Let me just say I came to your apartment [00:54:32,518]: I go into Scott’s apartment [00:54:34,198]: I walk in and there is Lucius Malfoy sitting there [00:54:37,598]: And the guy from the asshole from the Patriot [00:54:39,658]: I was like oh my God hello [00:54:41,998]: And he was lovely [00:54:42,858]: And you and he were running lines whatever [00:54:44,918]: He was in the kitchen [00:54:46,778]: You were in the studio [00:54:47,898]: And I was like hello Lucius Malfoy [00:54:50,178]: What the fuck are you doing here [00:54:51,758]: He’s a tall drink of lemonade [00:54:53,538]: He’s a handsome man [00:54:54,358]: He’s a very handsome man [00:54:55,638]: Handsome man yeah [00:54:56,578]: So this is great [00:54:57,838]: This is great [00:54:59,258]: I’m excited to hear you [00:55:00,658]: I’m excited to hear you [00:55:01,398]: So I got to add some color here [00:55:02,818]: He called me and said would you consider doing a cameo [00:55:05,458]: I’m like yes [00:55:05,998]: How much will it cost me [00:55:07,578]: I mean I’m so excited about it [00:55:10,038]: They love Pivot [00:55:11,318]: The whole White Widows team [00:55:13,778]: Yeah and he basically I did I read my lines and I thought ah he’s like kind of own a room [00:55:18,938]: You’re a lawyer giving some very bad news to someone [00:55:21,118]: It’s just of course face radio it’s just my voice [00:55:23,918]: And I thought oh my God I nailed it [00:55:25,278]: And I sent it and they wrote back well we love it but we think it can be even better [00:55:29,538]: And I later found out that they were thinking about cutting it out [00:55:31,998]: I was so bad [00:55:32,578]: Oh God [00:55:33,378]: And Jason took me into the studio and it was such a learning experience for me [00:55:37,838]: Cause he would do stuff like I do a line and he’d go no he’s like you’re scared of this dude but you’re also angry [00:55:43,618]: Have you ever been scared and angry [00:55:45,398]: And he’s like think about it [00:55:46,318]: And I talked about it [00:55:47,158]: And he’s like okay now hit it [00:55:48,218]: And he’s like no no no no [00:55:49,518]: And then on another line he’d be like this dude is banging your wife and you are now really pissed off and you just found out and you’re going to tell him this hit it [00:55:58,498]: And we did this back and forth where he was trying to bring out emotions in me [00:56:02,798]: And he’d be like no no no [00:56:03,618]: You’re reading to an eight year old a comic book be more animated hit it [00:56:08,878]: We did this back and forth for an hour and I was practically sweating [00:56:12,898]: I was so exhausted by the end of the hour and it made me walk away with such an incredible appreciation for just how fucking hard acting and directing is [00:56:24,718]: And this guy literally turned my chicken shit into what I’m hoping is chicken salad [00:56:29,978]: And it was so generous of him [00:56:31,798]: He’s not a director [00:56:32,518]: He didn’t get paid to do this but he wanted the scene to be great [00:56:34,958]: He was lovely [00:56:35,818]: He was lovely [00:56:36,818]: And he was the guy he’s the lead in the show [00:56:39,878]: By the way Parker Posey is hilarious [00:56:42,418]: Oh my God [00:56:42,738]: There’s a great article about her in New York Times today [00:56:46,238]: I love Parker Posey so much [00:56:47,778]: I get so thrilled she’s getting the recognition [00:56:49,538]: She’s fantastic [00:56:50,618]: I think Jason owns the screen whenever he’s on it but obviously I’m a little bit biased [00:56:54,338]: But he was so it just gave me an appreciation [00:56:57,558]: You think acting is like they’re really good looking and just act like themselves [00:57:00,898]: That is hard [00:57:02,438]: That was one of the hardest hours I have ever spent [00:57:05,598]: You were a little bit shook up but you loved it [00:57:07,318]: Let me just say he’s still as handsome has a great head of hair [00:57:09,838]: Scott I’m excited to hear you [00:57:10,838]: I’m going to listen to White Lotus because of you [00:57:12,598]: While we’re at it let’s put this question on threads [00:57:15,618]: Which one of us would survive an entire season at the White Lotus and who would get killed off Scott or Cara [00:57:22,658]: And how [00:57:22,958]: You don’t even need to put that question out [00:57:24,598]: It’s going to be 90 10 [00:57:26,158]: It’s going to be you auto asphyxiating [00:57:28,638]: That’s apparently what’s happening [00:57:30,458]: It’s going to be you doing the David Carradine out in Thailand [00:57:34,198]: 100 [00:57:34,298]: That’s what’s going to [00:57:35,018]: Anyway just weigh in if you could think of something [00:57:37,418]: By the way we’re killing it on YouTube [00:57:38,978]: We’re growing like crazy and I’m very excited [00:57:41,078]: We’re all over the place [00:57:42,198]: So visit us at Pivot Podcast official to answer [00:57:46,018]: Scott before we go this just came over the wires [00:57:48,838]: Katy Perry Gayle King and Lauren Sanchez are going to space on the next launch from Blue Origin [00:57:54,478]: Jeff Bezos rocket company [00:57:55,978]: It’s not really a mission [00:57:57,018]: They’re calling it a mission but they’re going to join three other women as the crew set to launch in the spring [00:58:04,118]: I thought it would give you a chance [00:58:05,838]: It’s the 11th accrued flight of the new Shepard rocket [00:58:08,858]: I wish them the best of luck [00:58:10,538]: I mean I wish them [00:58:14,278]: Okay all right [00:58:16,518]: If there’s an explosion in the capsule we got to be quick to judge [00:58:22,098]: Oh I knew you would do this [00:58:23,258]: That’s okay [00:58:23,818]: I allow it [00:58:24,538]: I allow it [00:58:25,098]: I allow it [00:58:26,278]: Good luck [00:58:27,578]: I’m a fan of fake breasts and I have found so far that they taste real [00:58:35,638]: That’s why the people come here Kara [00:58:37,958]: Godspeed ladies [00:58:39,538]: Godspeed [00:58:40,498]: Okay Scott that’s the show [00:58:41,778]: Thanks for watching Pivot on YouTube and elsewhere [00:58:45,118]: Be sure to like and subscribe to our channel [00:58:46,998]: We’re doing really well [00:58:47,878]: We’ll be back next weekTranscribe your media with TRNSCRB.
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