We've made a lot of predictions. We get

some wrong. This was a [ __ ] layup.

>> It was.

>> Hi everyone. This is Pivot from New York

Magazine and the Vox Media Podcast

Network. I'm Cara Swisser

>> and I'm Scott Galloway.

>> Well, let's get straight to the breaking

news of the day. Hey, Elon Musk just

lost his high stakes lawsuit against Sam

Alman and OpenAI, which alleged OpenAI

had violated a promise to remain a

nonprofit after deliberating less than

two hours uh which means they didn't get

the free lunch. A federal uh jury ruled

unanimously 9 to zero that Altman and

Open Eye did not betray their nonprofit

founding missions. There was a statute

of limitations, technicality, but I

think they're basically saying Elon, you

giant adult toddler, too bad. Um, Scott,

we've been saying this all along that

this would happen. Check it out. I think

this jury can't possibly side with him.

I mean, ultimately, I don't think they

proved anything. And it's a sort of he

said, he said kind of thing. And Elon's

the most lo of the pair, right? By far

by the country mile. So, I think Elon's

made a spectacle of himself. If he wins,

it would be something else. Like, I'll

tell you that. Um, but I can't imagine

the jury thinks this guy got the got a

short end of the stick or that he's

stupid and didn't know what was

happening to him. The judge backed the

verdict and dismissed all claims,

including one against Microsoft. Both

men are racing towards massive IPOs with

OpenAI valued at over $850 billion. And

SpaceX expected to go public very soon

after merging with Musk's XAI, which has

been pretty much of a failure in the AI

department, possibly one of the reasons

for this lawsuit. Uh thoughts? Look, as

predicted, I thought this was an easy

one. And I thought this was a messiah

complex and

sellers regret cosplaying a legal

argument. The only thing that came out

of this entire case was that Musk was

[ __ ] a board member in that she nor

he disclosed it after he had left.

>> Well, if if they did it that way, let's

be we don't know how that happened.

There was something.

>> Okay.

>> All right.

>> Okay.

>> Alleged. You're saying she she would it

was immaculate immaculate conception

>> in there was let's not get into it but

they're romantically involved now. Okay,

got it.

>> This was a lawfare.

Um, and this was again I I am turning so

I think we now need alternative minimum

taxes of 60 or 70%

on anything over a billion dollars for

an individual because these individuals

are under the impression that they are

not subject to the standards of of

Western society, decency or any or the

law. The fact that they would even he

would even bring this case

>> nonsense

>> uh

>> waste of time

>> is okay you don't have a legal argument

but I'm Elon Musk and [laughter]

nonprofits are allowed to convert to

forprofits they do it all the time he

tried to convince them to become a

for-profit that he would control and

when they said no he left and started

his own for-profit AI company and then

six years later decided to give up all

ownership and governance of that now

that it was worth $850 billion. he

wanted some of that or he wanted to at

least slow it down for his failing

>> right

>> uh LLM th this was

this was we've made a lot of predictions

we get some wrong this was this was a

[ __ ] layup

>> it was I have to say one of the things

that people look look first of all it's

a waste of our legal our legal time it's

a waste of those nine jurors time it was

ridiculous how let me tell you all of

them came off badly right Sam Alman

doesn't look

Siobhan Zillis, the alleged person,

girlfriend thing. Um, no, she is a

girlfriend, I guess. I don't know. I

don't care. Um, but Greg Brockman, the

only person who came off like an adult

is Sacha Nadella, who's the CEO of

Microsoft, right? He looks like he did

the right thing. He handled it well. All

his texts are fine. The rest of them

look like [ __ ] babies and unhappy and

just, why are they in charge of our

fate? Why are they why are they so

unhappy and so rich?

um all kinds of like weird dramas

between them, personal dramas, and it's

a waste of our legal systems time. It's

just rid the judge seemed perplexed as

to what it was doing there. Um and

again, it does come down to Elon Musk

and sour grapes. He has the sourest

grapes on the planet, even though he's

about to become the richest person on

the planet, right? In the history of the

planet. The other thing is that both of

them are sucking wind while Gemini and

Anthropic are lapping them, right? So

all this waste of time and energy over

companies that are pro have problematic

real problems, right? In their own in

their own thing and it's just the whole

thing is just I just and I I think the

fault lies of course with Elon Musk who

just can't like lose. He's he's a sore

he's a sore winner is what he is. I

don't know what else. and he's a bad

loser essentially. And you know, would

do you think it'll affect their IPOs or

positions in the overall AI race?

Because I don't see anyone coming off

well except for uh Gemini and Anthropic

in this deal essentially.

>> Well, Gemini and Anthropic win by just

virtue of the fact that this is a big

distraction for a non-competitor XAI and

a real competitor, OpenAI.

The only nuance I would add to your

comments is one,

there's a small fraction of people, us

included, very small, that we're

tracking the nuance and the details of

the case. Generally speaking, the

majority of people will will read this

today and it it it distills down to a

very basic thing. Musk lost and Alman

won. So I actually think Alman comes out

of this as a winner.

>> That's fair. That's fair

>> because the majority of us didn't listen

to the testimony and just how petty and

childish and weird these people are. Uh

so it's like they'll they'll remember

one thing about this. Oh, Musk lost and

Alman won.

>> You're correct.

>> And I don't I don't I think the

prediction markets I don't know what

they were at one point it had Musk at

50%. Which was a great bet

>> but the thing I looked at was the

secondary market and I didn't see shares

in Open AI decline in value. So I think

this I think this gives new not new wind

but existing wind in the sales of the

open AI uh IPO and also I don't think it

to be fair I don't think it hurts M's

IPO because I think people are so

intoxicated for real for many good

reasons by the IPO of SpaceX. This was

and the the the most interesting thing I

saw in the CNN article that we just

pulled up was the judge almost appears

to be wallpapering over why they didn't

dismiss it in the first place. Why did

they even let this get to trial? Because

the judge was saying that she, you know,

one of the reasons I was thinking of

dismissing,

you're going to have legal scholars look

at this and go, "How the [ __ ] did this

ever go to trial?" because of a

technicality because of a statute of

limitations. Correct.

>> Was that it? Yeah. Well, statute of

limitations and also there is a certain

there is a certain benchmark for what

actually proceeds to a jury trial.

>> Yeah. A nuisance lawsuit. Yeah.

>> Yeah. So I look I think this will go

down um as as I don't want to call it a

nothing burger but something that was

distracting for them that people the TMZ

of the tech community loves reading the

testimony and all that but at the end of

the day this this is a this is a speed

bump not even a speed bump a bump for

both firms but the the distillation is

the following our court system still

works Musk lost Altman won but bigger

picture neither of their IPOs is

threatened by this.

>> Yeah. Who the [ __ ] cares is what I

thought. The whole thing was such a like

I do think I agree with you about the

nuance. I think you're absolutely right.

No one will remember that. But boy did I

get an insight to what a bunch of

[ __ ] babies these people are. Really

truly out of I thought that and now I'm

like unconfirmed

[laughter] and conf like a lot of the

stuff like that I had heard about Zillis

not telling the board about uh the

pregnancy the twins and stuff. I I heard

that and I was like that can't be. And

then it was like like like a lot of and

Greg Brockman's journal and I know

that's sort of like we're interested in

it or I am at least but it does like

really does I was like I thought they

were babies and indeed in court they

were babies.

>> Can I tell you about my pregnancy story

[laughter] conflict?

>> Do you want to bring this back?

>> My baby.

>> You want to bring you know stranger

things have happened.

>> Okay. So, uh, you got to tell me you

want the story first. So,

>> I want the story. Go ahead. Really

briefly, though. Okay.

>> That's that's Scott briefly is an

oxymoron. Um, [laughter] so I'm a

professor. I'm just getting traction at

Stern. It's like 200 when was it? I

should know this. 2007.

Finally, I'm finally getting traction as

a professor. And and my dean calls me

and says, "I need you to come up right

away." And when the dean calls me and

says, "Come up right away." right away.

It's either very good or very bad news.

So, I roll up there and he goes, he

goes, "Okay, so there's a rumor and he

goes, there's a second year who looks

like she's about to give birth." And I

mean, she's clearly very, very pregnant,

a second year student. Oh, no.

>> And there's a rumor that you're the

father.

>> What?

>> Yeah. True story. He goes, "There's a

rumor that you're the father." And I go,

"Well, I've got good news and bad news."

And he literally put his head in his

hands and went, "Oh, [ __ ] No. [panting]

And I said, "The bad news is I am the

father." And I said, "The good news is

we've been having sex for several

years." We disclosed in her application

that we were living together and in a

relationship together.

>> Thank you. [laughter]

>> But we didn't pivot.

>> We didn't tell anyone, especially

students, and I didn't tell any of my

colleagues. I just disclosed it when she

was applying to the school. And uh but

yeah, that was that was I was I had

knocked up I had knocked up a student

who was who was walking around.

>> Oh no. Oh god. Okay. All right. On that

note, I had a lovely pregnancy and it

was all in a

>> open AI.

>> Open AI

>> and then I went and then I went on to do

the IPO of Red Envelope and a market cap

of 108 million.

>> Oh god, that ended badly. Okay, it did

end.

>> By the way, the legal stuff isn't over.

Moving on to more open AI legal news.

The company is reportedly weighing

possible legal action against Apple over

how chat GPT has been integrated into

devices and apps that were just waiting

for this trial to end. And here we are.

This deal could open uh that OpenAI

thought would bring billions of dollars

in subscriptions. Has not turned out

that way. Openey believes Apple failed

to give Chat GBT prominent placement in

Siri and iOS and didn't significantly

promote the integration. Apple has its

own concerns about open AI as they

should. questions around privacy and the

company's push into hardware and

devices. They did hire Johnny Ibata's

company. Another sign of the fring

relationship, Apple is planning to let

users choose between multiple AI models

the way they do with search, even though

they favor Google, including Gemini from

Google and Claude from Anthropic across

its software later this year. Um maybe

they'll sell the poll position to one of

them, but supposedly it was supposed to

be OpenAI. What do you think about

OpenAI taking on Apple? I don't know

what the contract is, but it kind of

goes to the notion that even one of the

most powerful companies in AI, it's all

about placement and distribution.

>> Absolutely.

>> Even going as far back as when um I was

running a strategy firm and we were

working for Levis's, they initially

decided they needed to go vertical

because J Penney would put their own

um Arizona brand at the front. I mean,

distribution just has so much power,

right? And even someone even something

as powerful as Open AI, if you put them

at at the bottom, they're not going to

get as much. But I've I've said for a

long time, I thought Apple was going to

continue to be the arbiter and basically

say, unless you pay us a lot of money,

we're not putting you at the top,

especially a company like Open AI. But I

don't know what the contract I don't

know if it's an actual I don't know if

it's an actual formal breach of contract

>> like the Disney Soros one that you had

called out as possibly being a nothing

burger. I I just I wonder, do you really

want to piss off the premier means of

distribution

with the kind of access to cheap capital

that Open AI has? And Sam Alman's a

smart man regardless of what you think

of them. I I don't see I would be trying

to figure out a way to cut a deal

similar to what Google did where we're

going to pay a [ __ ] ton of money and

we're going to be your default AI. So I

don't going after them legally. I don't

I don't

>> Maybe Apple doesn't want them to be

default AI. Maybe Apple does have

concerns. I don't know anything about

this. Do you know anything about the

legal veracity of the case? [snorts] I

just

>> I don't know. I mean, they obviously the

deal doesn't like these they they struck

all these very high-profile deals

whether it was Disney which became a

nothing burger. It was an experiment and

didn't really go anywhere. They, you

know, they did a lot of like ta kind of

things and this is the biggest one of

them. Um, and then they turned around

and did the Johnny IV thing, right,

which has got to chap Tim Cook's ass

like on some level, right? Even though

he's going to be stepping down. And at

the same time, they would have questions

about what they want to do. Now, of

course, Apple is a pay-to-play kind of

company too by giving Google probably

Google maps are very good. Theirs were

very good. There were other players.

They didn't give search to they gave

search to Google because they paid them

much. So, they they are they will take

your money and Google certainly has

issues around all manner of issues. So,

they didn't they sort of overlook those.

Um, so I don't know. I just I feel like

they'll be I I think letting people

choose between the multiple models is

the best way to go. I don't love this

place paytoplay kind of stuff cuz it

doesn't it may give you a good version

but it doesn't give you necessarily the

one you want. So it seems to me that

people should be able to choose their AI

model since Apple's not going to be

deploying that themselves. Um you know

if you want to use Claude you should be

able to use Claude and whoever and may

the best man win kind of thing. But

that's hard to do because people don't

really choose, do they? They just

default use Google Maps or Google

Search.

>> Well, you can make being your default if

you want. I I think they I think they I

don't think they

>> I think they

>> they play they play on the the inertia

of consumers and that is that's right.

They essentially basically my

understanding is with Google search

being the default on iOS, they make it

easier for you to use Google search than

use Bing.

>> Oh, it comes with it. You have to go

deep into the thing to change it like to

any of them just it's like six it's like

a lot of steps. I mean this is the same

across all of big tech. Amazon if you

want to be in the golden buy box you

know if you want to be top of search

results you have to pay and the way they

extract payment is that you have to use

Amazon media group you have to use their

fulfillment and then the algorithm

slowly but surely puts you towards the

top or depp prioritizes you and it's

like it's like having a store on Mars

just because you're on Amazon unless you

figure out a way to do pay for play. I

I' I've said for a long time, I think

eventually it'll move from these

companies getting paid by Apple to

Apple, extracting a lot of payments from

them.

>> Right. Right.

>> What I I think with Open AI though,

they're now

>> Well, Google pays Apple for those

things, right? They do get paid.

>> I thought Apple paid Google a billion

dollars to be the engine behind.

>> It's the opposite. It's the opposite.

Oh,

>> okay. So, they already

>> cases. Yes. Yes. They're used to that

model of let's we'll pick the winners

and then get paid

paid for it.

>> I thought Apple paid Google a billion

dollars a year for access to a custom

Gemini model.

>> Sounds like they they I'm talking about

search and maps. They they get paid. So

Google pays Apple to be the default

search, but yes, Apple is paying Google

around a billion dollars for Gemini.

They did this deal with Open AI, right?

To to get make them the favored nation.

At the time they did it. We thought that

was pretty smart of opening had to move

in there on Gemini and at the time

Claude was not that big a player right

so it was sort of a move on Gemini and

so um and here it didn't work out and I

bet Apple has all kinds of problems with

their privacy issues and the sort of

image around Sam everything else you

know what I mean like that's what it

feels like to me it's like it's a

regretful link or something and maybe

they aren't doing what it takes but a

lawsuit is not Great for open AI I

assume correct or not doesn't matter for

Apple. Well, it the fear is among

amongst open AI is this hands Google's

Gemini the keys of the Apple universe

and that's the same keys they've

possessed with search for two decades

right and Apple roots hysteria queries

through its private cloud compute

framework claiming user data is never

stored or used to train Google's models

and Apple evaluated or claims they

evaluated open AI and anthropic before

choosing Google I got to think there's

20 billion reasons why Apple wants to

maintain a good relationship with

Alphabet Also, that could be a court

case in a future Democratic

administration, too, right? Like they're

not they've already been in trouble for

those deals. That's been always been

part of the thing.

>> Well, that $20 billion accounts for

about 20% of Apple's annual services

revenue. So, it's real. I mean, that is

real. That's a that's a very that

strikes me as the the perfect

relationship that [ __ ] consumers.

>> Yes. Exactly. They they will get paid.

Apple will be the get the payee here.

They're not going to pay Google.

>> Oh, no. No. They control the

distribution. They control the

interface. They control custody of the

consumer. And it's the age-old argument

of who's more important, the

distribution or the manufacturer's

brand. And there's there's always an

argument. And that and then the

companies that get really really uh uh

have extraordinary shareholder value,

always either reverse engineer into

creating their own brands and

controlling and taking advantage. They

everyone goes vertical at some point or

they forward integrate and start

opening, you know, original Levi stores.

they start opening their own stores. But

in the case of Apple, they've done a

great job of deciding what they're going

to go vertical on and what they should

just extract a lump of flesh for. And I

would, again, I've said this before, I

think Apple's smart move, and as far as

I can tell, their strategy is to um

decide that around AI, they're going to

be the toll booth and let whoever the

highest bidder is be the default AI.

>> Yeah, it'll be questionable if they, as

we talked about last week about whether

they do this with Siri, right? Because

Siri just sucks. Are they going to make

Siri better or use someone else's? Siri

has never been intuitive. I I spend more

time arguing with Siri than anything

else. What I say

>> I think Oculus and Siri are arguably

arguably two of the worst brands in tech

over the last 10 years. I think they

become total cliches for [ __ ] that

doesn't work or that doesn't live up to

its its potential

>> because a lot of the AI interface is

going to be talking, right? Like, hey,

like like you're on the like you're in

Iron Man.

>> So, who does that?

>> Scarlett Johansson, it'll be her, right?

>> Yeah. Right. But who does who is that

company? Are they going to is Apple

going to default that or is that going

to be their thing? because they they

they I I I wish someone would do like a

really deep dive into what happened with

Siri, why it's so bad, and why it is

under resourced or I don't really I

don't even know, but it seems to me like

that's going to be the real interface is

the voice. But maybe not. I don't know.

>> No, I think you're right. I think what I

I think where it's shaping up and one of

the big

the under appreciated or insights is

that from a sensory perception I think

AI is going to be more about your ear

canal than your cornea or your eyes and

that is truly seamless AI will be a

function and again the Apple will

control the distribution with their

AirPods. What you're saying is what will

the branded voice be or will it be

branded? I guess you'll have to say hey

something to prompt it. Is it part of

who runs it? Who's the back? Anyway, I I

feel like there's a huge opportunity

here for one of these AI companies

because that's what you know as if

anyone who's done a a chatbot like this,

it's really it's the it's the way to

communicate. It's much faster. You don't

have to type things in. It's much

better. Anyway, speaking of we may not

get there because as these companies

fight, Americans are pushing back on

data centers powering all of it. Uh all

especially the AI. According to new

Gallup polling, seven in 10 Americans

oppose constructing data centers in

their local area. That's well no Trump

just had new polling. It's he's down

even further. But they don't like Trump.

They don't like data centers. The

opposition cuts across every major

demographic and political group.

Although Democrats are significantly

more likely than Republicans to strongly

oppose these data centers, but

Republicans don't like them either. Like

let's be clear, it's pretty interesting

that it's it's something that's quite

bipartisan. Um, you know, a lot of

people think this is going to be the

biggest. I do too when you hear from

people, especially as Elon like runs

rough shot over the Tennessee town with

his methane engines or whatever. Um,

with these Colossus, it just creates

this feeling of of I don't know what it

is. It's like these rich [ __ ] are

[ __ ] with our environment now, right?

And not to our benefit essentially. But

your thoughts on this? I think it's the

same reason that all these commencement

speakers got booed uh when they

mentioned AI.

>> That was I mean first off no one is

using AI more than college students and

there's also some evidence that it's not

the demand on the electricity or the

environmental concerns that I mean some

people will argue quite frankly that has

been exaggerated. I would like to see

the scientific evidence on that but

there's just no getting around it. But

what this represents is the following.

Whether you're booing Eric Schmidt or or

rallying against a data center,

Americans see their prices going up and

they're not participating in the wealth

creation of AI and it's just a proxy for

income inequality that okay, I hear

about,

you know, Anthropic is worth a trillion

dollars. San Francisco real estate

prices are booming, jet sales are

booming. There are 28-year-olds who are

lucky enough to get a job in coding at

OpenAI who are selling 710 $15 million

in stock and I can't afford detergent. I

I can't I'm worried about food costs.

And so when I hear a data center is

going up 40 miles from me in Utah, I

show up to the protest. whether or not I

see direct evidence of it hurting me or

not, this is a way of saying

AI has become indicative of income

inequality

and and so when anyone anyone shows up

at a commencement speech and starts

lecturing them on AI or they hear about

a data center, I think this is

essentially a vessel of people just uh

filling it and there I don't want to I

don't want to diminish their concerns. I

think there are some real questions that

need to be answered around these d these

data centers. But I feel mostly this is

a vessel for people's rage around it

seems like everyone is doing well except

for me and that America's giant bet on

AI is paying off for a small group of

people and I'm not part of that group.

>> Why why not the companies themselves and

why these because I guess data centers

are physical, right? They're here,

they're there, they see

>> gives you somewhere to go protest.

>> It's also dystopian, right? They're feel

dystopian. They feel like they're

probably not going to have a lot of

people running them. It's not going to

provide the jobs. They're going around

local governments to try to like pay off

people to put them in in the way others.

There are worries about the energy costs

that'll go up in these areas. There's

like some real things. And then there's

the pollution aspect. And I think Elon's

as usual been like the the poster child

for abuse of poor people, right? These

are usually in poor areas. Also, I think

it's just even beyond the worries about

things. It's more of a a creeping worry

about what tech is. Again, the more

villainous they they we don't assume the

best of these people ever, nor should

we. That kind of thing.

>> Well, the one being planned in Utah

that's sort of been the lightning rod or

kind of embodies this one. They have the

wrong spokesperson. Kevin Olri is seen

as someone who's not that empathetic.

>> Oh god. an old white guy who just

doesn't he does not appeal to this this

cohort. It's going to be two and a half

times the envisioned data center is

going to be two and a half times the

size of Manhattan.

Um they have not figured out a way to

communicate the economic benefits and

you're right this notion that you could

turn the lights off on these things

during the day because there's so few

people working there. The bigger threat

in my view and of course we're not

talking about this but if you look at

history when we have spent more than 3%

of GDP on any infrastructure buildout

whether it's the railroads where I think

we got up to 10% we did two big

buildouts whether it's the

electrification and the highways

remember the telco infrastructure

buildout of the late '9s

>> sure

>> whenever we do that and go over above 3%

in 3 years there's a crash because and

what might make this crash especially

severe is that railroads need upgrading

every 50 years, telco every 20 years, a

data center is basically obsolete in

four or five years.

>> Yeah.

>> Yeah.

>> So I think there I think obviously you

need to look at the environmental

concerns, you need to look at energy

costs, but I would imagine there's so

much money on the line here that these

companies and these city councils would

be able to come to some sort of

accommodation around how do we ensure

the local populace does not see its

electricity costs just go through the

roof.

One would imagine and I know the Trump

administration has been trying to do. I

think the hiring of Dena Powell was the

reason for that is she's very as

president of Meta. I think that's

probably going to be a lot of her jobs

these data centers worldwide. By the

way, it's also in the Middle East. It's

also because they want to have big data

centers there and they have much more

control over their populace. Um but I do

think it's sort of the last play of

these governments not to put up with

this. I you know it's a really

interesting dynamic of people who are

sort of years ago uh one of the Joe

Kennedy Jr. I think I've said this came

I had I went to his office and he was

talking about Amazon putting in a

warehouse into his district and he goes

well what this is probably good for

people. I said oh no it's it's not good

it's not going to be good for people.

They're here to help themselves. I think

people at their very core understand as

you were saying that this is not for

them. This is for others to to benefit

and it's not to help them in any way. So

why should we give up environmental

stuff or more energy prices more than

environmental? Anyway,

>> again, I think I think the the the curb

or the retail story or the cover story

is we're worried about environmental and

demands on the grid. I think what's

really going on here is this is just

rage at income inequality and

>> big tech and the data center is the

manifestation

>> and can see it

>> that we can see it and protest against

it. I I I think this is I think we're

whenever we get to these levels of

income inequality we have war, famine or

revolution. I would argue we have all

three of those but revolution always

takes on a different complexion. I think

what we have now is a series of small

revolutions and they're going after

people they generally speaking big tech,

old people, white people, rich people.

>> Okay.

Tell me tell me you're involved in a

data center without telling me you're

involved in

>> I know Kevin earlier shows up with his

multi-million dollar.

>> He's literally the worst spokesperson in

the world for this show.

>> Did you see that outfit he was wearing?

I was like, "Oh my god, you literally

look like the guy, you know, the

Monopoly man. That's what he looks like,

the Monopoly man." Like, it just is not

I I I'm not a fan of of Mr.

>> Yeah. It's only a matter of days before

you see AOC and Bernie Sanders at these

sites whipping people up into a friend.

It'll be like

>> It'll be like the modern day equivalent

when Bob Barker used to go to animal

shelters and just go crazy and

>> Yeah. Yeah.

>> Yeah. We'll see where it goes. Now,

speaking of this, which I think is

getting people furious, too, and I do

think this is the new financial

disclosures show Trump or his investment

advisors made more than 3,700 stock

trades in the first quarter of 2026

involving hundreds of millions of

dollars. The filings show major buys in

companies like Nvidia, Boeing, Intel,

Microsoft, and Oracle, many of which are

directly affected by Trump

administration uh policy decisions, as

the FCC chairperson Anna Gomez calls

billionaire buddy deals. Um, in the case

of Palanteer, Trump made at least seven

purchases of the stock totaling as much

as $530,000 in March, then just happened

to praise the company on Truth Social

after shares suffered their worst week

in a year the following month. I mean,

uh,

what what does it actually take to have

consequences here? And does it all end

up with Trump or is he permanently

changed what Americans will tolerate

from presidents? cuz this is like

there's a great I literally feel like

he's going to start taking milk money

from kids like at some point if you

remember that that expression. I just

this is like is there anywhere he

doesn't cheat and advantage himself in a

way that's like really obvious grift

like obvious and really kind of

upsetting grift.

>> I think you asked exactly the correct

question and that is what can be done

about it. I'm just I'm I want to move

past the Democrats indignation and

constantly bitching about it, but no

real ideas on how to stop it. And so,

let's set the table here to your point

about a level of griff that is just

absolutely unprecedented.

>> He has um executed more than 3,700

trades in the first quarter of 2026.

He's doing 40 trades a day, by the way,

throughout his life. It's not like he's

someone addicted to trading on Robin

Hood. And this is just him, you know,

Trump being Trumpy. He usually didn't

make this many trades in a year. And all

of a sudden, he has access to influence

around these companies and he's decided

to start trading stocks. Trump bought

500,000 to a million dollars in Nvidia

stock one week before his commerce

department approved Nvidia chip sales to

China. He bought somewhere between 1

and5 million the week before they

announced a major deal with Meta. He's

he he bought Dell stock before he

started carving up Tik Tok and giving it

to wait for it Michael Dell. The same

with Oracle. And we have unfortunately

relied on a series of norms that has

resulted in every president since LBJ

using a blind trust. Obama did index

funds and treasury bills. Everyone else

has put their stuff into a blind trust.

He claims his trust is blind dish

because his sons operate it who are the

same people roaming around extracting a

pound of flesh

>> and on the trips to China just here to

support dad. Give me a [ __ ] break.

>> So insider trading or the veil or the

appearance of insider trading has

essentially defined Trump's second term.

Just before liberation day, more than a

dozen government officials made

welltimed stock sales. What a what a

coincidence.

So his his memecoin hit a $27 billion

market cap inauguration week with 58

anonymous wallets making over a billion

dollars dumping it while 800,000 retail

investors lost 2 billion combined. 15

minutes before Trump announced Iran

peace stocks 500 million in oil futures

and one and a half billion in S&P

futures traded hands.

>> Cali trading who knows he's doing that.

All let's be clear. There appears to be

an unprecedented pattern of information

that seems to be only available from

Trump or people surrounding him engaging

in what feels like either market

manipulation or what could classically

be defined as insider trading. And the

damage there is it's not only a conflict

of interest and skewing their decisions,

it creates a lack of trust in the

markets where people think if I don't

have insider information, I shouldn't

buy stocks because the person buying or

selling stock has more information than

me. And you start to see Russia which

has uh a total stock market value of

what our stock market trades about every

seven seconds and you lose access to

cheap capital and your whole economy

starts to decline because companies

can't can't find uh pools of capital

that are formed based on a certain rule

of law and fair play. The question is

okay great now what do we do about it?

And this is where I think the Democrats

again have fallen short and that is

we're long on indignation but we're

short on ideas. And I believe that

someone running for president should say

one of my first acts is I'm going to

work with the following states AGs. I

think there's been insider trading. I

think they'll have to discourage at a

minimum their profits, including

Democrats. Including Democrats who've

engaged in insider trading. I think

there has been wire fraud. I think there

has been effectively what announced

defense concerns or violations of the

imalments clause. I'm going to go after

cabinet members. I'm going to go after

their sons through the letter of the

law. And the key here is I'm going to do

it with the following state ages such

that this legal action is not exempted

or protected by a presidential pardon.

>> Right.

>> But somebody needs to lay this [ __ ] out.

>> Right. Right.

>> I mean,

>> yeah. Well, Rahm Emanuel has. Others

have. Some several have. Let me be

>> Well, Ram Rahm is the only one.

>> He just laid it out in a piece. Ram is

the only one who's actually moved to the

ideas part of if I worry we are going to

be in for a rude awakening if we think

we're going to win just based on

indignance and hating Trump. It's got to

be all right. What are you going to do

about it? And the way you get legitimacy

here is one by saying any Democrat

that's engaged in this [ __ ] which

they have we're going after as well. And

also, don't think a presidential pardon

is going to get you out of this, folks,

because this comes down to incentives.

And until these believe people believe

they could be subject to something on

January 21st of 2028 or excuse me, 2029,

they're going to continue to engage in

it,

>> right? Because these are easily, you

know, these cases are much easier to

win, by [laughter] the way, in terms

>> digital proof everywhere.

>> That's right. I I I have told you this

but there is a group of people

technologists who are saving crypto

things for later like so later when it

happens like when it when you can do

something like this they'll be

>> they have prints on the trades. Yes,

they have been watching [clears throat]

it. They've been collecting it and

they're holding it. And so there are

there's an ability to track this stuff,

folks. And you're absolutely right. This

is this grift has got to be they're not

going to Some of them are going to Look,

Trump probably is going to walk away.

Let's be clear. Unfortunately,

getting our hands on him is going to be

pointless, angerfilled.

>> Let biology take care of

>> Let it let him He's old. Like he is not

going to be gotten. the sons of these

people and the Lutniks of the world. All

these people, it feels so dirty like

what's happening with Witoff and the all

these kids are like swanning around. I

can tell you they're swanning around

Washington and there is Dumb and Dumber

doesn't even begin to describe them and

they are just they're just they're just

on the make and it's grotesque. It's

just grotesque what's going on here. And

let me tell you the people who are mad

about data centers, they're also taking

advantage you everywhere else. And so

[ __ ] you is their [ __ ] how to [ __ ] you

is their is their operating principle.

And if they can do it in a shortcut way

without working at it, that's their

favorite way. And so I agree with you

there. This is what any any democratic

person wants to come and talk to us, we

will give you a speech for you to do

this. Um anyway, we have to go on a on a

quick break. Uh when we come back, Elon

Musk's plan to make sure no one can fire

him from SpaceX, another monarchy.

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Scott, we're back with more news. SpaceX

is expected to file for its IPO this

week, which will be interesting. I'm

excited for you to read it and tell me

all about it. at a valuation of roughly

$2 trillion, aiming to go public June

12th on NASDAQ. We're also learning

about more about the governance

structure. No surprise, CEO Elon Musk

would control a super majority of class

B stock with 10 times the voting power

of ordinary shares. This is not

uncommon. Google and other companies

have this um meta things like or version

of this. The prospectus says Elon can

only be removed by class B shareholders

and he will control the election and

removal of directors as long as he holds

his stake. Investors are warned this

will limit or preclude your ability to

influence corporate uh matters. It's

already in place right now, by the way,

but come on. Of course, he's going to do

this. And there's another yet another

incentive for Elon. If SpaceX reaches a

$7.5 trillion valuation, and it

establishes a 1 million person colony on

Mars, he could receive up to 200 million

in shares. Let's talk about this board

membership. Uh Scott, because you you've

been an investor, you've been a board

member. Elon defended on ex writing, "I

need to make sure SpaceX stays focused

on making life multilanetarian,

extending consciousness to the stars,

not pandering to someone's [ __ ]

quarterly earnings bonus." In other

words, he doesn't want to have a public

company, but he wants the benefits of a

public company. Um, only thing I will

say here, he truly does believe in this

multilanetary extending consciousness.

It's not, this is not marketing on his

behalf. He has a demented loony idea

that humanity will die and he should be

the god of Mars. So, and speaking of

war, um, but your thoughts on this

entire thing besides monarchy and

god-like feelings that he has?

>> Well, just a brief history of dual class

shareholder companies. They were

originally invented by media companies

who claimed they wanted to pursue

journalism without the vagaries.

>> New York Times.

>> Well, yeah, a bunch of them actually.

Almost a lot of them said, and there's

some legitimacy there. These families

said, "We don't want someone who hates

us to show up and start dictating

editorial control. So, we want to

maintain control. Whether you believe

that or not, fine." But then the first

tech company to do that was uh the

Google guys. They said, "We want two

classes of shares." And what's

interesting is in the late '9s there was

a rumor that Seoia was trying to sell

its shares in a private uh Google

because the they they clashed they

really clashed with Sergey and Larry who

demanded two class of shares and that

was so unusual and Sequoa's thought was

you're not going to be able to get

public. You're not a newspaper company.

you're not a journalism company or a

tech company. And basically Google then

everybody else has followed in Google's

footsteps. Now to be fair to Musk, uh,

you know, when I went on the board of

the New York Times and was the largest

shareholder,

I all I really was was heckling from the

cheap seats and effectively an advisory

board. So while you get some sort of

representation, you really don't have at

the end of the day, the family decides

what they're going to do over

Thanksgiving dinner. The Ford family is

the same way. They own very few shares

but they control the company and tech

has figured this out. So this is this is

nothing nothing new and to be fair most

of the academic studies have shown that

dual class shareholder companies have

not vastly underperformed single share

companies.

>> Yeah I don't think that's the issue.

It's they can't be fired.

>> Oh he's in charge. And not only that but

I mean this is where the [ __ ] will get

crazy and I can't wait to read the S1.

you know, Adam Newman wanted his kids to

inherit the company, you know, and Musk

is saying, so but look, you the reality

is shareholders have a choice around

whether they want to buy shares. And

what you do with a tool class

shareholder company is one, eventually

you get a bad king, and two, you take

out a premium of of a possible takeover.

And that is Warner Brothers Discovery.

When AT&T spun Warner Brothers, they

demanded a single class share stock such

that the company could be put into play.

And whenever a company is a single share

uh class share company, it usually

trades theoretically at a bit of a

premium because someone could come in

and buy it. So this is this is just you

have to decide whether you believe in

Musk and to be also just the market says

not people are not only willing to put

up a dual class shareholder company

they're willing to buy at what are

errant abnormal extraordinary valuations

because of Musk's involvement but this

is these super voting shares started

with media companies or newspaper

companies then leaked into tech and now

almost everyone is doing it when they go

public Right. I I that that I don't

fault him on. Like, of course. And he,

by the way, he's been running Tesla like

that anyway without having

[clears throat] this kind of thing,

right? It doesn't matter. The the board

has has has has

whatever he wants. It's like it's a

completely bought and paid for board

essentially. And so, he gets that shares

and he always threatens to leave and he

throws a fit and it just didn't work at

Open AI. That's what happened there.

They're like, "Yeah, we'll be fine

without you." And they were um for a

time. Uh, so I think this is not an

unusual thing and you do have to realize

he's not going to he is a key man here.

It's just like one bad night in Austin

and you know that's the problem with all

this stuff or he loses interest like

he's done at Tesla. Now the shares have

stayed up because it's a meme stock but

the company's not headed in the right.

He's just lost interest in it and is you

know that's the problem you have here is

these single monarchies. Uh same thing

with with with Zuckerberg. He happens to

be vibrant right now, but boy has he

made a series of idiotic move that would

have gotten other people fired and he

won't be fired. And it it is part of a

mentality of I am the king, I am the god

and that that you have got to buy into

but it has enormous risk because it's

all based predicated on one person and

sometimes that's good but sometimes

that's not so good. Like I just feel

like that buyer beware essentially you

could do well. I think that Musk I I

think there's no way to build a company

like SpaceX or Tesla without having a

ton of good people around him. The

reason why the Messiah complex comes

into effect in that is no one is allowed

to get near.

>> I'm pretty sure the fastest way to get

fired at Tesla or SpaceX is to ever say

anything at a mic. Only Elon is allowed

to talk. This is all about Elon. He's

the genius.

>> We don't There is no Ruth Pat, you know.

There is no Tim Armstrong. There is no

correct. There's no one else anyone's

allowed. You're locked in.

>> Can I say something? Can I just

interject? When I wanted to interview

Gwen Shotwell years and years ago at one

of my code conferences, they said only

Elon will speak to you. Like I was like,

what are you talking about? She's

obviously doing an amazing job. Like I

really wanted to

>> all about Elon.

>> Only Elon. And I was like I remember at

the time being like well that's [ __ ]

up because she deserves like I want to

hear from her anyway. But but what I

would suggest investors do when the S1

comes out and I'm going to spend some

time on this is not focus on the dual

class shareholder structure but simple

uh basic boring stuff uh or the boring

knitting of valuation and that is the

following. At some point an amazing

company is a shitty investment if it

gets too expensive and at some point a

shitty company is an amazing investment

if it gets cheap enough. And let's just

talk about valuation here. Google IPOed

trading at about 10 times trailing

revenue and it was growing revenues 240%

before the IPO. So 10 times revenue

growing 240% a year. Meta IPOed at 28

times trailing revenue growing revenues

at 88% a year before the IPO. Saudi

Aramco five times trailing revenue

growing revenues 41% a year. SpaceX will

IPO at 109 times trailing revenue,

growing revenues at 20% a year.

>> Ouch.

>> So, and to be clear, space is the

ultimate addressable market. They have

most the size of the Amazon, but it's

going out at 10 times the valuation on a

multiple basis as Google did with a

tenth of the growth. And then if you

just want to look at valuations, Amazon

went public at 900 million. Microsoft at

2.3 billion, Apple at 7 billion, and

Google at 40 billion, and what SpaceX is

targeting two trillion. So, all I have

to say is, is is SpaceX an amazing

company or is it massively overvalued?

The answer is yes.

>> Yes. Yeah. Well, we'll see. And you

could still do well. Okay, moving on

very quickly. Louisiana Senator Bill

Cassie lost his Republican primary after

President Trump targeted him in

retaliation for voting to convict him in

his impeachment trial 5 years ago. Trump

backed Representative Julia Lelo uh who

finished ahead with about 45% of the

vote on true social. Trump celebrated

the loss saying that Cassid's disloyalty

to the man who got him elected is now

part of legend and it's nice to see that

his political career is over. Cassidy

took a swipe at Trump during his

concession speech. Just listen to a

clip. When you participate in democracy,

sometimes it doesn't turn out the way

you want it to. But you don't pout. You

don't whine. You don't claim the

election was stolen. You don't find a

reason why.

[applause]

You don't manufacture some excuse. You

thank the voters for the privilege of

representing the state or the country

for as long as you've had that

privilege. So interestingly also just

for a related story, Supreme Court

blocked an effort to revive Democratic

backed Virginia congressional map that

could have flipped several GOP house

seats. The map uh had been approved by

voters but struck down by Virginia

Supreme Court and Supreme Court did not

give a reason for denying the emergency

appeal in the order. They usually don't

meddle with Supreme Courts really is

what I'm told. Um so there's some worry

that Democrats should worry about the

political environment. Others feel no

that it's not the case that it was it

was a good thing to have but not a

mustave. I mean, this Cassie thing is

interesting because suddenly, again,

like Tom Tillis, he's found his balls

and he does have until January to do

something about it. He's the one that

backed RFK and even though he knew

better, he did a lot. He voted yes for

Pete Hegathth. Shouldn't have done it,

now can be regretful of it. I know

Tillis took a really big slap at

Hegathth this week. These two could make

trouble for Trump until January. Quite a

bit of trouble. Um, but you know, as

Tillis did with the with um around the

uh Fed chairman uh vote. Uh so what do

you think about this? I mean, democracy

is democracy and Trump has power in

these states. So thoughts about both

things?

>> I'm torn because I understand I'm

sympathetic to the notion that you can't

do good if you don't get elected. And

this is no longer the Republican party.

It's MAGA. It puts these people in a

very difficult position. I also think

there's some legitimacy to the argument

that Bill Cassidy should lose his

medical license because to

>> oh

>> to be well he was the swing vote

>> I know that I got

>> believe it

>> they got RFK

I mean I've said this before no one is

doing more damage abroad than Secretary

Hagsath no one is doing more damage to

children domestically than RFK Jr.

Uh, measles is on the rise.

>> I know you mean it's repulsive.

>> He's a [clears throat] murderer. He's a

murderer.

>> So, and this is the doctor. He took a

hypocratic oath

and he confirmed a guy he knew was was

creating fear and insecurity around our

medical our great medical institutions

and around and and and demonizing

vaccines.

And he's a [ __ ] doctor. I mean, so I

I I want to feel some glee here, but

here's the problem.

It was good to have a doctor on many of

these panels. He was about as reasonable

as they came. The person that's probably

going to replace him is going to be

worse. So, this is just one of those

things. It's like shavings of [ __ ] on a

[ __ ] salad. And it's fun to be gleeful

about it and say, "Senator Cassidy,

you're, you know, the only thing I know

that's gonna come of this is, oh my god,

wait and see the testicles that this

senator is suddenly about to find he

has."

>> Yes, he just did.

>> Just watch him on Bill Maher. All of a

sudden, he's going to turn into a trutht

teller.

>> Yeah. Yeah.

>> I can't wait to see what he says about

RFK now.

>> Yeah.

>> And the problem is, folks, that's not

when we need your testicles.

>> That's correct.

>> That's not when we need you to be a

leader. So I I I just think this is you

look left, you look right, and this is

[ __ ] avenue because he was a reasonable

guy. You do need medical professionals

on these panels to say, "Okay, one of us

is a doctor. Everyone else shut the [ __ ]

up." I I think that training does pay

off. I believe in expertise. I believe

in credentials. I believe in

peer-reviewed research. I believe in

science. And so should America. We need

more doctors, I think, in in Congress.

the person who replaces him and he must

be pissed off because quite frankly

while they're saying he came in third,

he actually barely lost because he got

25.

The other candidate who was anti-Trump

or not a Trumpy got 28. So if he had

just gotten 28 or 29, he might have won

in the general. I got to be honest

though, you know what I'm so excited to

see?

>> What?

>> Oh my god, he's going after village

idiot Lauren Boowbert.

>> Oh, he's going after Lauren Boowbert.

And I just I just want to say I'm going

to host a fundraiser for for Boowbert

and it's going to be whoever wins, she

has to go on a date with your

17-year-old son. [clears throat]

I think she is the best date for a high

school.

>> Oh my god.

>> She'll let you.

She goes to Beetlejuice.

>> Where were you when I was 17?

Representative Boowbert, where were you?

>> No, you didn't say anything about the

Democratic thing in Virginia. Briefly,

>> but I said this last week. I we we're

hoping that that redistricting

is beat by vibes. I just don't think

there's any way to to to polish this.

This is bad for Democrats.

>> Yeah, I think I I think he can't deny

polling. Polling is polling and

everywhere it happens. You got to win by

winning the votes. That's the way you

got to do it.

>> But but I take the other side of that.

If you jerrymander enough, you can win.

You can win more than you deserve.

>> I still think it's an overwhelming It's

going to be a train. the latest. All

right. Well, we'll see. We'll see. We'll

see. By the way, I believe in the

voters.

>> By the way, another talking point, Pete.

Pete or Rom. This is my grid. I took a

grid. It's It's my my eight-year-old did

it. You know, Pete has little kids. He

draw he drew eight lines exactly

equidistant, horizontally, and he put it

on top of the US map. And this is what

I'm going to propose for congressional

districts. I'm going to dejerrymander

the United States. I think that is a

great talking point right now.

>> That's another good one. Great. Let's go

on a quick break. When we come back, the

reality star in the LA mayoral race.

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Scott, we're back with more news. This

one. Oh my god. You could have run for

mayor of Los Angeles at this point.

Spencer Pratt, formerly a reality show

of The Hills, an generally awful person,

is unexpectedly emerging as a contender

in the Los Angeles mayor's race. I'm not

so clear he's going to win, but he's got

the mo. Despite his lack of uh political

experience, Pratt has gained traction

through viral social media campaigning

and support from figures like Joe Rogan

and Elon Musk. Of course, Elon Musk.

Pratt has built his campaign around

frustration with the cost of living in

the city's response to wildfires which

destroyed his own home. Um, lot of

reporting by Harvey Levan has shown most

of the stuff he's saying to be nonsense.

Um, thank God for TMZ at this point. Um,

he's signed up uh, of course an

unscripted series following his bid to

be mayor and going into mayor of course

because this is all a scam with Spencer

Pratt and elsewhere in California

politics which seems insane this at this

particular juncture. California

gubernatorial candidate Tom Styer is

under investigation after his campaign

paid influencers to post favorable

content without clearly disclosing it

was sponsored. California law requires

paid political content to include

disclaimers as it should and state

regulators are now looking into whether

those rules were violated. Both

Democratic Republican groups report

spent millions of this type of

endorsement over the past few campaign

cycles. It's very it's propaganda. Um,

so reality stars, influencers, of course

it's California, Spencer [ __ ] Pratt,

like what in the [ __ ] [ __ ] And a lot of

people donate to him, by the way, don't

live in Los Angeles, but that's neither

here nor there. Thoughts?

>> I had a friend call me and ask me to

have him on the raging moderates pod.

And look, a reality TV star. He lost his

house in the Palisades. He's very good

on camera. He understands social media.

Uh, he's got a lot of momentum. He's

running against what I think is a weak

candidate and a frustrated populace. LA

has become a little bit like I would

describe it as Cape Town. There are some

areas of Cape Town I think this is the

nicest place in the world and then if

you venture a few minutes outside of

them it gets really ugly really fast.

>> And the homeless problem, you know, I

think it's fair for people to say, "I'm

paying some of the highest taxes in the

nation.

>> I want I have to walk this way to my

kids to school so they don't see a

homeless man masturbating or [ __ ] in

the streets." that you know you you can

understand the the amount of bureaucracy

trying to deal with the fires. A lot of

people don't like the way the fires.

This is ripe for somebody to challenge

Karen Mayor Bass. Uh where I land on the

following is the following. Spencer

Pratt embraced Alex Jones is said 911

was an inside job and brought up doubt

about Sandy Hook. Go [ __ ] yourself. I I

would vote for anyone over someone who

has embra embracing Alex Jones

disqualifies you to run the what is one

of the great cities in the world. So

this guy is evidence again of revolution

and people so angry and so upset I hope

and it's also evidence of just how hard

it is to find reasonably competent

people to run for office

>> like Rick Caruso was supposed to

challenge her who

>> Rick would have been great. I'm trying

to get my friend Jamie Patrickov to run.

He's nice. He loves LA. He has the

money, which is important. He's

pragmatic. He's a business person. None

of these people want to put their family

or themselves through this [ __ ]

Also, somebody has to come in and take

on many of the special interest groups,

including unions, including entrenched

Democrats. A and it is a a lot of people

will say, people really thought go LA

like California has become nearly

ungovernable. And that is the special

interest groups are so entrenched and so

hard to overcome. There's so much

bureaucracy. It is so hard to find

talented people to try and do this.

Everybody wants theirs and that it's

become a very difficult but Spencer

Pratt.

>> I know it's just amazing that some that

people are backing this guy. This guy

and by the way I I'm not kidding about

Harvey Lean. He actually showed how much

he was living at the Bair Hotel and was

pretending to Anyway, look, there's

frustration over everything. A lot of

the stuff that he's talking about is not

the responsibility of Bass, but there's

anger at Bass about how she handled

that. No question. There's anger and

frustration about homelessness. There's

anger and frustration. But your your

your choice is not to go with Spencer

[ __ ] Pratt, by the way, who's just

one con after another. He really is. He

really is. And lie and con after

another. There's another council member

who's also showing some some a little

bit not momentum but some numbers who

had backed Bass and now is running

against Bass probably should

>> I hate to say this but probably strike

some sort of deal with Bass step down

and she will probably win Bass will

because she's there's no

>> pe no Latinos or black people are voting

for Spencer Brat and it's all outside

money it's all people who have like very

little interest in it but he is

articulating in anger

Even if he's the worst vessel poss

>> that's exactly right and but this guy

makes Trump look like a genius. Like let

me just say this is not even close. It's

it would be such an embarrassment for

this to happen in San Francisco. You get

Daniel Lur, someone who's a really who's

doing a good job. And by the way, I I

still don't think Lennon Breed did the

worst job of all. It just was she had a

lot of stuff that got piled up on top of

her. Um and and and and didn't have the

tools because of different legal things

that got passed later that she couldn't

deal with the homeless issue there, but

now Lur can. Um you you need someone

like Luri, like find someone like that,

like who is going to be like little

maybe a little more centrist than the

left wants, maybe a little uh not as not

as conservative as others want, right?

someone who's going to try to solve

problems and at least make an attempt to

do so and instead this laughable like

con man is the person you're picking and

and full of constant lies. It will be a

disaster for Los Angeles is one of the

most beautiful places on earth and if

they could be now Los Angeles compared

to San Francisco is a quantum level of

difficulty of running. It just is like

let's be clear. Um and uh but this is

not what you want. And I think Bass has

started to acknowledge the problems, is

saying all the right things. It's likely

she'll win. But the momentum for this

[ __ ] clown, especially, let me tell

you, anyone who calls me from Los

Angeles, and several have that say

they're looking at them, we are no

longer friends. Like, sorry. Just sorry.

Like,

>> but the reason they're looking at them,

quite frankly, you're being very

generous to Mayor Bass,

>> right? I am. I am. I I agree. I think

she's I has has not been great, but this

is the choice you have, right? This is

the

>> Fair enough. But there's a couple

takeaways here. Mayor Lurri and

Democrats, especially Democrats in

executive roles, not legislative roles.

There's a difference. Governor and

mayor, it's an executive role.

>> Agree.

>> And what Mayor Luri is doing, and every

Democratic um mayor needs to take a

lesson, a note out of this page book and

governor because if if Democratic

governors and mayors can't figure out a

way to not make their cities come across

as [ __ ] holes, it is going to be very

hard for them to run. They've got to

show they have the ability to say no to

special interest groups and be about

blocking and tackling such that they

focus on quality of life issues. And

what Mayor Lurri has done that is so

impressive is if you ask him about

Israel, if you ask him about Ukraine, if

you ask him even about a national issue,

bodily autonomy that doesn't directly

affect right now San Franciscans who

have access to family planning, he says,

"I'm not going to talk about it. That's

not why I'm here." Every mayor and

governor in the United States thinks

that their mayoral or their governor

governorship is a kickoff campaign for

them to run for president. No. Get the

subways to run on [ __ ] time. Figure

out the way the trash gets picked up.

Figure out a way to strike a deal with

the unions if you're dealing with that

such that they make good livingings, but

it's not they're not making $180,000 a

year for their 40% agree with you in

retirement. Stop talking about national

and international issues. No one gives a

[ __ ] what you think. run this city. And

that is exactly what Mayor Lur is doing.

And he's very popular and he's getting a

lot of support and he's getting [ __ ]

done and he's making hard decisions

around homelessness and around municipal

transportation. The other thing I want

to say that'll be Tommy Star has

basically been accused of astroturfing.

I mean, that's effectively what it is.

You're paying for people who endorse you

who don't disclose their endorsement.

Okay. So is everyone else,

>> right? I get it.

>> When when Manny was running and I said

anything about the mayoral race,

hundreds of comments from bots, you're

going to tell me they somehow weren't

connected to money and his campaign.

>> No, it's a part of modern political

life.

>> And so if Tom Styer does an astroturf,

then good for him and he's going to

lose. This is now the world we live in.

Unless the platforms figure out an

airtight way to get rid of anonymous

accounts and unless they start going

after agencies that claim to be PR and

comm's firms, you are. Let me go

further. You're stupid not to astroturf

back because everyone's doing it to you.

>> It is. It's just that there's got to be

a way to solve this because it's such

like it's so

>> platforms have to do it.

>> No, absolutely. It's so noisy we can't

hear what people are saying. In this

case, it looks like probably Basera

looks like he's surging ahead at this

point. But that whole California race

has been insane. Like all of them have

got to someone needs to knock heads

there, but no one could knock heads

anymore, right? So it's sort of a race

to be an influencer or something or some

version of cheap and dirty. And that's a

real shame. Um it really is. It's, you

know, California is an important state

and should be governed by serious people

both as cities are important cities. Um

they've led the way on innovation.

whether they have troubles now that's a

different issue. I wish there was an

alternative to Bass that was serious and

I you know I get why you'd want to be

behind it but this you're doing this

there's something wrong with you.

There's something real wrong with you

anyway. We'll see what happens. We'll

see. He may just fade just cuz he's such

a seems like such a village idiot. But

we'll see. And if he wins watch out

[ __ ] below

>> I've watched some of his stuff. I'll

give him I think he's actually he's got

some of that Trump charisma. He does.

He's got some of that.

>> That's why he was a successful reality.

>> Anger and outrage tapping in. Again,

this all comes back to the same thing.

People are getting 110 notifications on

their phone that everyone's making bank

and has a hot boyfriend or girlfriend

except them. Everyone feels as if

they're falling behind. And when you're

falling behind and you're angry, chaos

is your preferred candidate.

>> That's correct. You're absolutely right.

Anyway, uh well, we'll see what happens

there. Uh I I'd be interested. Don't

have Spencer Pratt on if you don't mind.

You can, but you have to whack his the

[ __ ] out of him.

>> No. Jess said Jess said if we do that,

we have to have Mayor Bass on. And I'm

like, I don't I'm not going to platform

anyone who said 9/11 is was an inside

job and is and has shared the stage with

Alex Jones.

>> And other than saying my heart goes out

to the victims of Sandy Hook,

>> that's just disqualifying. I I'm doing a

lot of virtue signaling right now, but

those are red lines. Those are okay.

Those are red lines. Those are good

virtues, I would say. They're not virtue

signaling. It's virtues. They're

virtuous. What? Virtuous. Those are good

virtues. Uh there are some good virtues

uh these days. Anyway, one more quick

break. We'll be back for wins and fails.

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Okay, let's do some wins and fails.

Should I go first?

>> You go first.

>> Okay. I'm going to put it as a win and a

fail on both. Now, I love Steven

Colbear, right? I love him. I think he's

really funny. I think he's gonna have an

enormous career after he leaves. Uh I

think they're overdoing it on the

Goodbye Tour. I have to say it the plays

I hate to agree with people, but it's

like

>> it's like a woman's birthday party that

turns into a Jubilee [laughter]

coronation for two [ __ ] years.

>> Like come on. It's you know already.

>> Like it's it's like and it's also like

it's the five white guys. I was like

this you're not making yourself feel

[clears throat] like I get it. I'm

pissed. I'm pissed myself about

the takeover. I I am too. But I'm not

going to like go on about that said when

they what I did love is when they bring

Letterman back who I love when he's mad.

Like I love a Letterman anger and I

think it's really funny and that was

sort of his brand and sort of dispic

anger and they threw the furniture and

then they threw the melons and they

threw the um the birthday cake off the