This is the original heated rivalry, but

100%

100% less [ __ ]

>> actually

200%.

>> Yeah, boner killer. Um, so caption this

photo. Gay man in his 60s who never

found love or family of his own goes to

Romania to adopt 8-year-old boy.

I'm Carara Swisser.

>> And I'm Scott Galloway.

>> And welcome to the first Resist and

Unsubscribe live event at the Pantageous

Theater in Minneapolis.

>> Yeah.

>> Whoa,

man.

You know, you guys are in the lead right

now. We're going to try to We had a a a

a

pivot tour last year. We're doing it

again this fall and we have to kill at

least two or three cities, but I think

you just killed one. I'm not sure. I

feel bad for Boston right now. Anyway,

uh uh thank you for showing up tonight

and helping us support the Immigrant Law

Center of Minnesota. We're recording

tonight's show and we'll run it on the

Pivot podcast audio feed and on our

YouTube channel. We're going to do a lot

tonight. We'll talk about some headlines

just like we do on a pivot show and

Scott will give us an update. If you've

never seen Scott present, it's an

amazing thing. That's how I met him and

ended up in this relationship. Um, he

was very seductive on the presentation

situation. Um, but he's going to give us

an update on the massive impact of

resist and unsubscribe. People have

questions and Scott's going to answer

them and and how much it's made. It

really has. and I'm glad to be here to

support it with for him. Um, but first

we have a special guest we're going to

chat with tonight. We always have

special guests you don't know about.

Please give a round of applause to

Governor Tim Walls.

I love him.

>> Wow. Wow. Maybe you should tell

Clolobachar you changed your mind.

>> Well, I No, this is what happens when

you don't run, I guess. I don't know. So

>> Oh, suddenly you're popular.

>> Yeah.

>> Okay. All right. Um I think we're gonna

start. We're gonna ask him a bunch of

questions. We've done this on all the

tours that we've had and we've had a

great time and had a we had lots of

governors and various things. But first

things first, what was your immediate

reaction to Christine Gnome's um

departure,

>> self-deportation?

>> Well, I was trying to act all serious

and say, you know, I'm I'm not a petty

person. And then I checked myself and I

said, in this case, I'm petty as hell.

So,

>> so,

>> so it was and I was saying this that I I

knew Christine Gnome as a member of

Congress and I when they get in the

orbit of Donald Trump because we I think

you would have considered us friends at

one time. We authored some legislation

around water quality and things like

that and then all of a sudden it it it

turns into this. And um but I think for

me uh what happened here in in

Minneapolis was so far beyond the pale

that the sense of uh the sense of anger

I had towards her that whatever happens

isn't enough. Um that's kind of the

feeling I'm had whatever she has coming

yet. Um, so

>> you

>> with justice, but

>> you you said last week that Secretary N

should probably get used to spending

more time in Minnesota because we've got

to get we've got to get accountability.

How are you planning on getting that?

>> Well, look, there's and and I would make

my pitch to to the US Congress. Um, and

especially with uh with her, I guess

replacement in Mark Wayne, who I know

too. Um,

one name. We're all getting that. Um,

>> I'm making my

>> He's having a problem that the border

between names.

>> Get it?

>> Well, they can't uh that's they can't um

they can't do they can't fund these

people and they can't give them without

putting guard rails back around. And

I've been I'm I think motans are

demanding before they do anything

confirming someone else, we need to make

sure they give us the investigations we

need here, bringing those people back

and and holding accountability. Um the

the both physical and moral injury

that's happened to this state demands

that justice be carried out. So look,

whether it's, you know, whether it's

county attorney with Mary Morardi or

Keith Ellson, both have talked about it.

Both are incredibly talented and both of

them will get justice. And um it's of

course with with Renee and Alex, but

this people in Minnesota know there are

literally hundreds if not thousands of

things that were done to motans both

physically, mentally, economically.

Somebody has to pay somebody has to pay

a price. So

>> do do you do you imagine trials with

her? I mean, she will say she's acting

she was acting at Steven Miller's best

or

>> Well, it's out of my wheelhouse not

being an attorney, but um we all know in

history saying you followed orders

didn't get you out of anything. Just

following orders didn't get you out of

anything. And somebody issued those

orders and she was more than happy to uh

to tell us she was in charge as as she

rode her horse around telling us that.

So, so yes, I I think you know when

you're in elected office and you can

make mistakes or whatever, but this was

not mistakes. This was a blatant

violation of human constitutional rights

of motans and she she spoke to that and

I was I was in Congress last week too

and mine went a little better I I think

than hers went. Yeah. But but she

claimed that everyone knew on this and

but I I will say this that yes, I think

that we need to find out there there

certainly needs to be investigations and

if those lead to indictments, trials and

imprisonment for the people who did

these crimes that that needs to happen.

But um

>> can I get one

>> but I would just leave with this. It all

goes back to the top. This is Donald

Trump's started this. Donald Trump did

this. So,

>> let me uh ask one question then Scott

will have one. Is um they're trying to

equate her what they're call the right

I've noticed is saying the fraud around

the ridiculous commercials the $200

million given to a friend of hers in

some fashion or Corine Leandowski's um

>> what they're trying to equate it to what

happened here fraud that happened here

like if we go for fraud there we got to

go for fraud with Christie.

>> There's a big difference between fraud

and corruption. Um, people stole from

the people of Minnesota and those people

are in jail. We'll continue to do that.

Uh, ironically, the amount that we know

with the feeding our future scandal is

exactly what she spent on the riding the

horse scandal or whatever it was. But

this goes a lot deeper where people in

government directing money towards their

clients. These were criminals that stole

from Minnesota and motans caught them

and put them in jail. So, it was on the

pretense of this and there's folks that

need to be accountable. I I said to all

the motans over the next 10 months, my

job is to make sure again I am not going

to apologize that Minnesota has

incredible social service programs that

lift people up, feed hungry kids, put

people in. I will

I will tell you it is my responsibility

to make sure those programs are secure

as possible and that's what we're doing.

So they're not interested in any of

that. And this that's

>> if they were they go to Louisiana, but

that's another issue.

>> Yeah. straight up corruption um of

people taking money and uh you know they

the false sense of they come here they

you know right-wing social media uh here

in Minnesota there are folks that

invited those people here there are

people here in elected office who will

not condemn what happened to Alex and

Renee or Liam or anyone else and

their accountability will come in

November but there still needs to be

other other avenues to make sure that

justice is served. Scott,

>> if a mayor calls you and says, "We have

word or suspicion that ICE is about to

have an equivalent pre uh presence to

what happened in Minneapolis." What

advice would you have specifically? What

do you think you got right? And given,

you know, you were in sort of uncharted

territories, what did you get wrong?

What would you do more of? What would

you do less of if you were advising a

mayor about to finish? Just to be clear,

>> governor, excuse me,

>> the what happened, right, and why they

left was because of the people on the

streets. It wasn't the elected

officials. They left because of that and

parent teacher organizations that turned

into food banks and, you know, soccer uh

and basketball car pools that turned

into protecting children and parents

surrounding schools. Um what I would

tell them and and I don't know if you

can you can't replicate it immediately

but that old adage that all politics and

all action is local. Motans take that to

local to your house and the house next

to you and the house next to you. So my

take is make sure as elected leaders

that you're watching where the organic

leadership is coming from. Make sure

you're not doing anything to interfere

with that. And we were getting a lot of

feedback uh from from folks on the

streets and and to be prepared and make

sure that that you are ready to make

these decisions that need to be made

without any coordination. Like everybody

in this room knows and everybody knows

we always work with the federal

government and the FBI. Sex trafficking,

you know, drug trafficking, things like

that. They came in here and tried to

make the case that we don't cooperate

with them. And I'm telling you this, at

the end of the day, when Donald Trump

and Tom Holman stand up and say, "Well,

you know, Minnesota finally cooperated,

that's why we're leaving. We didn't

change one damn thing we were doing

before

>> because our job is not immigration

reform. We are not going to spend our

resources going after people who are

trying to follow the path towards

citizenship and get here. So, my my

advice to them is stay in your lane. you

there's nothing you're going to do like

all of a sudden we would say oh sure

we're going to start giving you names or

something like that they I I the the

thought of that these states that are

saying cuz when the president called me

he said well we didn't have this problem

in New Orleans or or you know somewhere

else and I said we said I said well I

said you didn't shoot people in the face

in those states you didn't do things and

I said and he asked what's wrong with

the people of Minnesota and this was on

the call I said not one damn thing is

wrong with the people in Innesota. So

>> it's it's being organized. It's being

ready as elected officials. And I think

what we learned in Minnesota, the

coordination between different levels of

government because I think it was within

a matter of minutes of of Rene's murder

that Mayor Fry called right away and

things were starting to be put in place.

But just to be very clear, uh, state and

local governments were following the

leads of the organic leadership on the

streets and watching what did that. And

that's the advice I would give. So

that's what I'd give.

>> So it it's one of the most important

parts of this and I think most the

country got a lot of inspiration from

it. Um but Minnesota and and and the

cooperation with the federal government

didn't seem at that point cooperative at

least with Greg Bevino. May he whatever.

I know it's an easy one. He'll be on

Dancing with the Nazis someday. Um but

um and with Cash Patel, as it turns out,

if you'd give him a sirly beer, he would

have been fine.

>> Yeah.

>> Um

he likes beer.

>> He chugs it.

>> What?

>> Like a like a freshman in college.

That's how he chugs. Like a like you're

like, "Oh, you're a bad chugger."

>> What adult goes into a locker room that

you had nothing to do with and and acts

like it had to do with adults?

>> You know, here's my take on this for

what it's I was telling them backstage.

I said, "Well, we got to be afraid." I

said, I don't care. I can say whatever I

want right now. We'll get to that. So,

my thing is, here's something we have to

bring back. Shame has to be something.

These people don't feel shame. You have

to be ashamed to yourself.

>> I think the problem is you're dealing

with people who are shameless. And I say

that about the tech people. Uh, so if

they don't have shame, they are they are

shameless. So, Minnesota residents, as

you just noted, and activist groups say

that arrests are reportedly still

happening every day, particularly in the

suburbs. Talk about what local

authorities are doing about it. And then

White House borders our Tom Hman

promised Minnesota would be down to 150

ICE agents by last week. Has he has he

kept that promise?

>> No. No, I don't believe so. Um and this

is the other thing. It's very difficult

for us to confirm that. Um and one of

the things is I I again whether there is

650 here or not, the threat of them

being here and the mental stress that

puts on especially our immigrant

community. Um, it doesn't really matter

whether they're here or not. It's

interfering with their life. It's

causing trauma. It's doing all of the

same damage. And so I No, I don't

believe they probably have. They They

Look, all of us here know she did not

get fired because of what happened here.

She got fired because of those ads. And

they left Minneapolis not because they

did some they thought they did something

wrong. They left because it became

politically damaged to them. I believe

if they get an opportunity again, they

will do the same thing somewhere else.

And that's why motans, I tell you this,

I was in Idaho last night for the Idaho

Democratic Party. By the way, 1,200

people, largest it's ever been, 800

waiting to get their Idaho. Idaho,

every single every single one of their

they they're outnumbered 102 to 13 in

their legislature, the Democrats are,

but they have candidates in every single

district. But when we got we got to

town, the Minnesota flag was unfurled on

buildings as a sign of resistance. So

So I want to talk about the Democratic

Party on a more meta level. You went

from almost being vice president to

facing um impeachment articles in your

home state. And a lot of people

>> Good luck with that.

And a lot of people would argue that as

bad as the Republican party is, what

makes a lot of progressives angry is

that Democrats don't seem to quite

frankly have their act together.

>> Yeah.

>> That um we

we want to join a resistance, but quite

frankly, we want to we want to join a

more competent aggressive resistance.

>> As someone who was on the front lines,

right, you're the helm of the bobsled.

What observations and what advice would

you offer to democratic leaders around

building a resistance that people are

just quite frankly more excited to join

>> and have a more more fullthroated

response to being a part of?

>> No, I agree. Well, look, I've said it

here and I might be the wrong person to

say this because I, you know, I accept

my responsibility because we would not

be in this crap show if we had uh if we

had won. But what I think the Democratic

Party is is one is we're prisoners to

kind of norms mores that are out there.

We're prisoners to our institutions. And

I will give you this and I the tech

folks drive me as crazy as they do you.

The one thing they possess and I I will

tell you I don't do this. I'm more of a

rule follower. This idea of totally

breaking something. Now I would usually

think if you break it you have a better

plan to go forward. Um, Democrats tend

to be, you know, we got to listen to the

system. We have to send a strongly

worded letter. Um, people are sick of

strongly worded letters. And I made this

case, I made this case in

in 22. I said, if we're going to ask

motans to vote for us and give us a

trifecta, and this was with Melissa

Hortman and Carrie Dick and the

leadership there. I said there, yes. And

those two women knew it. The Democratic

Party, Scott, I think in the past has

been people want to see a direct

connection to what they voted for and

what they've worked for, to an

improvement in their life and the things

they asked for. And I remember after

that legislative session in 23 where we

did paid family and medical leave, fed

our kids, you know, did uh child tax

credit 2040, all that whole list of

things, new flag, all of those things.

Um, I had a young staffer who worked on

my re-election campaign on that and and

we did cannabis and everything and he

looks at me and he said, "Well, this

wasn't that hard. We got all this stuff

done." And I'm like, "God dang, we've

been at this for 20 years." But it was a

real telling moment on this is if you

want to get people excited, you want to

have them believe, then actually do

something. And here's what I say. I'm

not going to give Donald Trump credit

for anything, but what I have learned

from what they did, if they can break

every institution to try and go into

people's houses or to kill people on the

streets or go into wars that are

illegal, then we should be able to break

all the norms to give universal

healthcare, break them off to to protect

things that we want. Um,

>> so who do who do you imagine best

represents that right now in the

Democratic party? I think right at this

point, and I think it's healthy, I I

think we should all agree, we need as

broad as possible as we go past the uh a

broad as possible people out there as we

move to 28. I don't know if that

person's out there yet, but what I

started last January, I was doing town

halls in West Virginia and Ohio where I

was saying, by the way, everybody's

telling you, you know, uh the road to,

you know, you're the road to

totalitarianism, I said, is littered

with people telling you're overreacting.

And I said, "We're not overreacting." I

was encouraging everybody to enter the

fray and fill their lane because I find

great joy every day I read Gavin

Newsome's stuff that he's doing. There's

joy in hitting him at that. There's

there's JB Pritzkar's out there. I see

people like Gretchen Whitman. There's

there's a lot of people out there. I

don't know who's doing it, but here's

what I learned. Donald Trump can suck up

so much oxygen. There isn't one single

person that is kind of the counterweight

to that. But what we saw in Minneapolis

is strength in numbers, strength in

unity, and I want a bunch of folks out

there.

>> Right. We just have uh two more

questions for you. What does that mean

for your political future?

>> Well, I'm I have 10 months to continue

to build uh what we've done in

Minnesota. Month 11.

>> So, yeah. Um, I think I still have a

voice to go out there and and make the

case to to get young people involved

again to get like in in Idaho that it's

pretty encouraging to be in there with

1,200 people in Idaho who are sick as

hell of what's going on and they were

there to, you know, what can we do about

it? How do we get organized? So, I think

for me, taking that message, getting out

there. I want to get uh uh out on the

road after this and do some more and to

help and and my goal is just to make

sure and Scott, your point was there is

not only to elect a Democrat. I want to

make sure that that person we elect, we

hold them accountable to passing the

things we know we need to get done. How

long have we fought on this healthcare

thing? We all know, you know, we give

them the statistics. We spend more than

any other country. The days of arguing

that are over. Whoever wins in 28, in

early 29, better fix the health care

system in a way for people, better

strengthen the middle class. I want to

be part of that.

>> Are you interested in that? Would New

Hampshire be a place you might stop? Are

you interested in running? I just

interviewed Gavin and he lied.

>> No, I am not, but I am interested in

being a part of it and um in the

ambassadorship to the Bahamas if that's

available. So,

>> all right. I have one last question.

Hershel Walker, by the way, is the

ambassador to the Bahamas. Just so you

>> So, so the last question is the

Republicans using the scandal to It was

partially one of the reasons you left, I

think, or maybe it was and you can

correct me, but Republicans say the

scandal proves Minnesota's social safety

net is broken and Democrats say it

proves we need better oversight, not

fewer programs. What has concretely

changed since these stories broke and

these uh and every state? They broke 5

years ago and folks were on it. And I I

remind people that we told the

Department of Agriculture and they

didn't do anything. But I I'll own this.

What's changed is is we have

pre-approvals. We have things in place.

But again, as you see this, they're not

interested in stopping the fraud.

They're interesting in taking away meals

from kids. They're interested in taking

away Medicaid from kids. And this is why

this is not a victimless crime. And it's

why I'm so angry about this because it

weakens people's trust in the

institutions that are absolutely needed.

What I would assure them is there's

numerous things. I will fix this. They

won't. They've got corruption. But what

I can tell you, um, we are not going to

move one inch. We have the most generous

social service programs and there's a

reason that we rank at the top on our

category. So my job is to clean those

programs up, make them more secure, but

um, I totally reject where they're at.

and and to be lectured by people who

spend a quarter billion on horses to be

lectured by the crypto boys with Don Jr.

or whatever to to watch the the Trump

family make money. And I remind people

on this I was the guy who authored the

members of Congress shouldn't be able to

trade stocks or own stocks. And I

thought it was I'll just leave you with

this. that difference between fraud and

corruption. I really thought it was a

flex when the Wall Street Journal did a

big breaking story when I got onto the

ticket and said, "We believe in our

analysis that Tim Walls is the poorest

person to ever run for vice president."

Well, you didn't elect me to get rich.

You elected me to do the job. And so I

I'm not going to I'll I'll take my

beating, but we're not going to do it.

>> Last question.

>> Last question. you've had a rough year

or you've had a stressful year. What

advice would you have for young people

who have this incredible ascent in their

professional life which you have had and

then you face disappointment and you

face a tremendous amount of stress. I

wish we were talking backstage and I

said incorrectly I always feel like I

know what to do which is dangerous and I

remember when I saw the situation here I

remember put trying to put myself in the

shoes of a government leader. I just

would have been so flatfooted. I just

wouldn't have known what to do.

>> I can't imagine the stress and quite

frankly the disappointment

you have likely registered personally

the last 12 months.

>> How do you deal with that? What is your

own process for managing stress and

disappointment? And what advice would

you have for young people who have

mostly just known success?

>> Yeah.

>> And then face real stress and

disappointment.

>> Well, I think

>> by the way, you do look good.

>> Yeah, you look great.

>> Thank you. Um,

>> have you considered running for governor

of California?

>> Yeah, there you go. Um, no. Look, I I

approached this job. I was 40, a school

teacher in Mano. I had no political

experience, no money, and and no

connections. I approached it as an

opportunity that if I had a skill set

that could help. And it's the same way I

told the vice president. I said, "You

pick the person who gets you elected. If

you want me to go to Omaha and get a

point, I'll do that. You just tell me

what to do." So, I always approached it

as it's public. if this isn't my my

concern this year and especially around

making a decision to run again. Um my

number one concern was we needed to hold

the seat, not for me to set in the seat,

but for us to hold the seat. And now

Republicans are totally screwed because

they're not going to win any elections

in Minnesota. And so I

here's my advice to young people and

I've told my team this in these jobs and

the decisions you have to make or

whether it's at 4:00 a.m. to know your

best friend had been killed or to watch

George Floyd or or those things you you

elected me to make those decisions to

the best of my ability surround my se

people who could make good decisions.

But I say the way you manage the stress

on this is is I know we make every

decision in the best interest of motans.

We try and do it as ethically and as uh

obviously following the law as possible.

That's the way you sleep at night

knowing you did the best you possibly

can in it. Cuz I've asked I don't know

how some of these people sleep and it

might be what you said. They're

shameless. They don't have a conscience.

But I would tell young people and it's

what we need. Um they've got horrible

role models right now in many cases. But

there are public servants out there

serving and there's numerous ways you

can do this. Whether it was to be on

those streets, whether it was to be in

those food banks, whether it was to be

standing at the bus stops helping kids,

whether it was be writing letters,

whether it was be donating to the

immigrant law center who's doing

incredible work. Find a way to find a

way to contribute because I think what

what Donald Trump did and what social

media in a modern world has done, why we

should be more connected, we feel more

isolated. And I always said this as a

coach, I knew this that people, it

wasn't about the X's and O's. It was

about being part of something bigger.

And I know that sports gets overblown

the analogy, but Trump figured out

>> you get a pass, but go ahead.

>> Well, Trump Trump figured it out. Make

people go to those rallies because it's

a place they want to go. He even gave

him a uniform in the red hats and he

made them feel like they were part of

something. Um, what you saw in

Minneapolis was community is still real.

It is still there. There are still

places you can go, places you can

contribute. Find your community,

contribute to it, make a difference

because I think all of us know every

research does this. It's it's far better

to give and to help. And motans, by the

way, none of this surprised the people

in this room because it's all a

correlation to highest voter turnout,

highest volunteer rates, highest

donations to charity. That's what we do.

So,

>> and happy.

>> Very, very last question.

>> Are they still weird?

If I had to do it again, I think I would

have used harsher language. But um

don't norm

Patel that little dude jumping around. I

I

>> What's your new word?

>> We have to and and again there's

something about it that belonging

whatever. And and I don't want to say it

like flippantly or whatever, but people

want to be part of an organization that

they're proud of that things are

happening. um we have the capacity to do

that. And one of the things that's more

challenging for us, they set a small

parameter and you either conform or

you're out of the cult. With us, we're

proud of our broad big tent. Um but that

also means um we're going to have to

figure out ways to make people feel more

more a part of it. And so I think

there's there's somebody out there.

Look, there's a lot of exciting people

out there which and again I I swore this

Scott that I would never bet aor's one

of my dearest friends. And after the

last time Bato ran, I said, "I'm not

putting another penny in Texas. Damn it.

It's taking money away." Now we got

James Telerico. I said, "Okay, I'm

putting a penny in there." So

>> anyway, I want everybody to thank uh

Governor Wald.

>> Thank you, Governor.

Yes. Great. Thank you. Thank you. That

was great. We really appreciate it. I

liked his socks. His Minnesota socks.

Did you see them?

>> You want to see mine? A little

different.

Says 100% that [ __ ]

I'm not running anything but my mouth

tonight. Anyway. All right. Well, we

need we need to take a quick break and

when we come back, we'll get to some of

the latest headlines.

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>> Scott, we're back recording live from

the Pantageous Theater in Minneapolis.

>> Let's get to some news starting with

Target. Tar um it's one of the biggest

employers here. I know. M

I know. I know. It's one of the biggest

employers here in Minnesota. It's been

getting heat for not pushing back on ICE

and the Trump administration. Two

Minnesota Target employees who are US

citizens were detained by federal agents

back in January, fueling protests and

boycots. Target's new CEO gave an

interview to the AP uh this week. He

said the company is working to quote win

back trust and the employee and guest

safety is their quote northstar.

I have never heard such [ __ ] nonsense

in my life. Like, and I I interview a

lot of people and I knew Brian Cornell

Cornell who used to run it for a long

time because I covered retail and I

thought that opportunity was the that

interview was the worst interview I've

seen in a while. It said nothing. It was

all talking points. It went out on no

limbs. It was not brave. It wasn't

genuine. Um, and people have a great

emotional relationship with Target. They

have over the years. I mean, there's

other issues they have, but um I thought

it was a real missed opportunity for a

CEO not to have a fresh start. Um Brian

had been tarnished and rightly so for

dumping gay flags as if that's the

biggest deal in the [ __ ] world. Um

and and it was an opportunity missed. Um

obviously there's secular issues

happening around retail, but Target for

a while was really on a on a tear. Your

thoughts?

>> Yeah, last century. Um,

>> yeah,

>> like Target. Target's a great company.

They carved out a great position. The

last 20 years they've returned about 7%

a year. S&P's up 16%. Walmart's up 23.

Uh, so the bottom line is Target has

vastly underperformed the market. And

that's what's such a shame. I look at

this through a shareholder lens. That

was a big opportunity because I think

the biggest commercial opportunity I've

been saying this for 6 months is for

someone to elegantly in a non-personal

way basically to say no and demonstrate

that we have stronger fidelity to our

stakeholders and the constitution

without being personally vindictive

around the Trump administration. This is

a huge opportunity and it looks like

Daario Emod is taking it in the last

week when he kind of refused to comply

with certain Trump administration. He's

since backpedal a little bit, but the

annual occurring revenue uh of Anthropic

has gone from 14 to 19 billion. So, the

opportunity for someone to push back was

enormous. And quite frankly, the CEO of

Target missed an enormous opportunity

cuz right now what this city deserves is

spying, not spin. And

the this was just such a lost

opportunity. And I'm I'm going to name

drop because I'm desperate for your

affirmation, but

I've worked with probably

150 of the Fortune 500 CEOs at some

point in my career and whenever they put

out a press release, I know exactly what

happened here. This was a press release

that was gangbanged by about a dozen

$800 an hour communications consultants

that were worried about

>> attractive

>> different interpretations.

I used to write CEOs press releases in

their IR and I'm like no more than two

people can work on this because it'll

get diluted into nothingness. And also

what I like to remind CEOs of is when

they get stressed out about saying

something or potentially offending

shareholders, I'm like, "Dude, you're

already rich and you're going to be dead

soon. So why wouldn't you say

something?" This was such an enormous

opportunity

to say to basically stand up for

employees. He would have been a national

hero. So many people would have said,

"You know what? I think I'm going to

shop at Target this week." This was the

mother of all missed opportunities for

shareholders. So why do you again

besides the um

I like that spine not spin you spent all

day thinking that one up.

>> I like it.

>> I did.

>> I'm going to steal it. Um but when you

have that when when when they didn't do

that because again there are secular

issues around retail we all know and we

are aware of and that even Walmart which

was the juggernaut is only up 23%. But

what would you when you when you this

person had worked has worked there most

of his career, right? As a career

person.

>> How difficult right now is it for CEOs

to do things like that? Because you

don't you keep saying there's going to

be more and more of them. And Daario did

backpedal a little bit like he said he's

called Trump a dictator which is

technically accurate. Um but they but

they but he kind of walked back saying I

shouldn't have been so rash. Uh he's

still suing the government suing the

government for the behavior.

>> But we've talked about this. Look what's

needed is the following. there's a lack

of leadership amongst so I I'm friends

with a guy named Jeffrey Sullenfeld who

runs a leadership course at Yale who

brings together the largest convocation

of CEOs in the country and I've been

having a dialogue with Jeff and I said

Jeffe you're the hero we need because

the reality is you have to be empathetic

to it's very hard to go first right now

and that is if you go first and you say

I'm the president's enemy the largest

customer in the world is the US

government and it also has the ability

to basically neuter your company and you

do have a responsibility to employees

and shareholders. So, what's needed is

collective action and that is somebody

has to get 10, 50, 100 of the Fortune

500 CEOs to basically put out, you know,

a real letter saying this has just gone

too far. And there are certain

constitutional uh and democratic and

civil rights that have made these

companies the best performing companies

in the best performing organization in

history is the US military. The second

best performing organization in the

world is US corporation. And one of the

reasons it's performed so well is basic

separation of government and business

uniform systemic laws that you get to

oblige by you're you're compliant to but

also you have the same treatment and

they could just put out a fairly a

letter that says we're just not down

with what's going on and it needs to be

50 of them because right now what they

all say and I've heard from probably

about 20% of the companies we're asking

you to um resist and unsubscribe from

and they all make a big point. They're

like, it's really hard to go first. So,

there's a lack of leadership or there's

an opening for someone to organize a

group of them to push back. But the fact

that effectively in the last week, I

think anthropic has become more valuable

than open AI,

>> you're going to see more nos, all of a

sudden a bunch of CEOs are going to

reach down and find these spherical

things and decide to speak up.

>> Well, um, speaking of which, uh, let's

go over anthropic. The Pentagon has

officially labeled it as a supply chain

risk, but the company says it won't

impact business partners as much as Pete

Hexes implies and the ban will only

apply directly to contracts with the

department. I'm going to call them

Department of Defense because I feel

because it's like the Gulf of America.

Um, Daario Amodi is also apologizing as

I said for a memo. He basically said the

White House punished anthropic for not

offering quote dictator style praise.

Um, what is happening here? There's a

person as I've talked about a guy name

Emil Michael who is a a tech person who

got uh who got who had to leave Uber

under very bad circumstances including

reporting by a organization I ran. Um

really a a bullying toad is how I would

describe him. Um but he said let's use

him pretend he knows what's happening.

Um do you think he's they're going to

try to go harder on anthropic now and

what is the price because he did pull

back some. What do you think went into

that from a

>> I think they're distracted and the only

way the only thing I'm fairly certain of

is that again I'll go back to my

consulting days there actually a

wonderful kid Ari who's here who used to

work with me um kid he's now three kids

lives in Minnesota um

>> that means you're old but go ahead

>> but I always used to say before we'd go

in to talk to a board or management

who's in the room that's not in the room

and that is there's always context or

atmospherics in a room. Companies are

highly politically charged places with

leaders who have a disproportionate

amount of influence even when they're

not in the room. I'm like, we're going

in and we're talking about e-commerce or

shareholder value, but who's in the room

that's not in the room? And I believe

almost every decision being made by this

administration is two people who are in

the room but not in the room. And that

is whenever you see anyone dealing with

the press or congressional testimony,

Roy Conn is in the room. And if you look

at Roy Conn's, Roy Con was Donald

Trump's mentor.

Attack, attack, attack, insult, lie,

never deny, never acknowledge, attack,

attack, deny, insult. And basically the

one of the greatest brand erosions of

the US government is there used to be a

certain decor in civility when you

testified in front of Congress. We

weren't that nation that broke into

fisticuffs or start throwing water at

each other. That's gone because Roy Con

is in the room. The second person that

is present in every room right now

around every every decision is Jeffrey

Epstein. And I believe and I've said

this over and over that there are two

very or three very smart people armed

with every LLM monitoring the

temperature of the proximity between

Trump and Epstein's name in the news.

And when it goes above a certain

temperature, they then ask the LLM for

what action would create the most

controversy, no matter how ridiculous it

is. We're taking tariffs of 50% on st on

Spain. We're going to invade Cuba. Start

calling someone racist names that will

push the temperature down again. I think

that the Roy Conn and Epstein are

literally in every room.

>> So, who is in Pete Hegest room besides

Jack Daniels?

>> No, really. It's his friend from high

school.

>> I don't I I think

>> and probably grammar school looking at

him.

Yeah, I I I think that Dario is going to

get let off the hook because my

prediction is in the next two to four

weeks, other CEOs are going to step into

the void, the vacuum of leadership here.

>> So, he'll get some help.

>> I think he'll get some cloud cover from

other firms that'll start saying we're

not going to run firm that would be.

It's not going to be Jeff Bezos.

>> I don't know. I really don't know.

>> I feel like it might be Ted Sarandos,

someone like that because he doesn't

give a [ __ ] now. Yeah, Ted Ted is in a

position to do it now. Um, I mean, in

fact, we're going on a diversion here,

but walking away. It's so funny. If you

wrote a book called The Worst

Acquisitions in History, you just might

as well call it Warner Brothers.

>> And by the way, I wrote that book.

You did not read it cuz you don't miss

the book on AOL.

>> Yeah, I wrote two.

>> Yeah,

>> it's called There Must Be a Pony Bottle

of Lancers and watching listening to

Cisco when I read that. Um,

and the English be.

>> All right, finish up. I got the story.

>> But effectively, they walked away from a

$120 billion deal. So they have $120

billion. Their stock's up 24% since

walking away from a deal. Another 60

billion. So my suggestion to Ted is, you

know what, you've just saved $182

billion. You know what's worth 178?

Disney, the most defensible business in

all of entertainment, which is the

parks. The reason I bring that up is

again, Warner Brothers is about to be

the worst acquisition in history. Yeah,

>> there's absolutely there's basic there's

a basic rule. Sherry Redstone, Edgar

Bronman Jr., now David Ellison. The

wonderful thing about income inequality.

Unfortunately, because of our tax

structure, we create dynasties. But when

we had a more sane tax structure where

we taxed estates because we didn't

believe in dynasties, it had we had

didn't have such out of control income

inequality. Because here's the thing,

rich the kids of rich people are usually

[ __ ] idiots. And they usually spend

they usually spend all of their dad's

money because they're under the

impression that being rich makes them

smart. and they start making really

stupid decisions.

>> That's been my experience. Um I always

say uh to one of them, I can't remember

who it was, one of these kids, I said,

"You, you know, is that you were born

>> the only the only people paying these

prices in media are the children of rich

people." Their idea is they were born on

third base and they think they've hit a

home run. Um and they haven't and it

will be a disaster. You're right.

Speaking of unusual people, some Elon

Musk news. He was in a courtroom this

week. Investors are suing him, claiming

his 2022 tweets about pausing the

Twitter deal tanked the stock price and

cost them a ton of money. Elon's

defense, he says he put the deal on hold

because he genuinely had concerns about

bots and fake accounts. If the jury

doesn't buy it, he could be on the hook

for close to a billion dollars in

damages. He's managed to to anxious his

way out of so many lawsuits, the Pedo

lawsuit, the other one where he said

420. Um, what do you think about this

one? He really misbehaved in this case.

He was forced to then buy it. Of course,

>> he literally fits the SEC definition of

insider trading and market manipulation.

>> Yeah.

>> If I had said if I was on the if I was

on the board of a public company and

said made an announcement, tweeted that

the we had just um that I was buying the

company for $420 a share at a 60%

premium and the funding was secured

and that wasn't true. I would never be

on a public board again, much less be an

officer and most likely I'd end up in

jail. We have sent people to jail for

much less than this. And this is the

problem with this level of massive

income inequality. And that is generally

speaking the one way AI might help is AI

might actually be a means of enforcing

the law unilaterally, which it is not

now. Because the reality is the top 1%

are protected by the law, but they're

not bound by it. And the bottom 99 are

bound by the law, but not protected by

it. And Elon Musk represents that in

spades. And so what? Because most of the

most of the penalties from the law are

civil penalties. And there is no penalty

big enough to get Meta to stop putting

out content that convinces teenage girls

to to stop cutting themselves. And

there's no penalty large enough, no fine

large enough for Musk to stop lying and

committing the types of SEC violations

that the rest of us have to play by.

>> So what's going to happen here to him?

Because he'll say he was concerned about

butts. He had an ironclad deal with no

due diligence that he agreed to.

>> At some point, the laws the penalties

have to be a percentage of your wealth

or the market cap of the company because

he might be fined as much as a billion

dollars. If you have the average

household wealth of a family in America,

$120,000,

that's the equivalent of a $550 fine.

>> Yeah. And he's going to be a

trillionaire with the space.

>> So, who cares? He doesn't care. and he

just throws money and lawyers at it.

>> So, do you think he'll win this case?

Cuz he's he's won them all.

>> I don't know enough about it. What do

you think?

>> I think he might win it again. I think

he he always manages to squeeze out of

things and he says, "Oh, we just didn't

mean to say it and he had real concerns

and you know, we talked about this at

the time. We're like, he's going to have

to buy it. I don't we don't care what he

says."

>> Oh, the court the Delaware court was not

impressed with him. He did not want he

tried to do everything. He realized in a

manic state ketamine he would that

Twitter was worth $44 billion and then

when he sobered up he's like uhoh and he

did everything to try and get out of it

and the Delaware chancellor said I'm

just not that impressed by you these

agreements and to the board the board of

Twitter's like if this we don't care if

this guy's really [ __ ] high if he

wants to pay us this much money just

send an agreement that's airtight and

they did that and they wouldn't let him

out of it because they knew that they

was buying a $18 billion company for 44

billion.

>> Yeah. But he of course sailed out of

that because the banks didn't foreclose

on him. They did because they wanted the

next deal

>> and to be fair the company has performed

better and he moved it into you don't

know how it's performed.

>> Well Twitter most of the metrics

>> are lower significant

>> but my understanding is advertisers have

returned. That's not your understand.

>> My understanding is the business sucks

as it always did and

>> and the numbers are down and threads

owned by

>> huge inroads is now bigger bigger than

Twitter

>> but still I mean people do still there's

a lot of politicians on it which and

press that continue to stay on it. Scott

and I left a long time ago despite

enormous audiences there.

>> I I I mean this sincerely and I talk

about this a lot. I struggle with anger

and depression and I try and go through

a series of things that will be an

unlock and I try to keep track of what

causes when I go dark and one of the

things I realized about fourth is that

20 to 25 I'm very analytical 20 to 25%

of the time when I went dark was [ __ ]

something that happened on Twitter.

>> Yep. You used to get upset.

>> So I stopped using Twitter about three

and a half three years a last World Cup.

My suggestion is uh one of the most

secretive things you can do for your

mental health is not be on Twitter.

Yeah, I would agree. I would agree. I

have not missed it one bit. Um I had I I

continually have tech bros saying,

"You're really missing out." And what's

there? And I'm like, "Oh, someone not

calling me a [ __ ] 50 times a day." I'm

I'm good. I'm real good with that.

>> What?

>> Why does that make me happy? I don't

know.

>> That's a word we need to reestablish as

a good word to use. They use it in

Britain. You live there, right? Don't

they call you that all the time? Yeah,

that's one of those words that I should

never ever say under any circumstance.

>> Please stand.

>> Don't even do see you next Tuesday.

You're not allowed to do any of that.

Anyway,

>> you you own that word.

>> I can and I use it quite a bit. Um

anyway, um all right, next story. More

than 1500 transgender people in Kansas

woke up this week to find their driver's

licenses are now legally invalid. All

thanks to a new state law forcing them

to get new IDs that reflect the gender

they were assigned at birth. The law h

also has what critics are calling a

bounty provision where anyone who

encounters a trans person in a public

bathroom and feels agrieved can actually

sue for damages. Courts are already

pushing back with legal filing calling

the law something designed to quote dis

discriminate against and dehumanize

transgender people. You think um these

anti-trans laws are popping up across

the country again will be uh will

pushing back on this be a winning or

losing strategy for Democrats?

Obviously, the sports stuff did stick,

but as we get closer to midterms, this

this particular thing seems the most

dehumanizing thing and sickening thing

is trying to you need your license to

vote. People are immediately without a a

license, a real ID to fly and everything

else. And um it's really um I think it's

one of the crulest things that I've

heard to do to transgender people uh as

yet among the many cruel things people

do. Uh, any thoughts about how to deal

with a story like this?

>> Be careful, Scott.

>> So,

something David from said kind of

summarized how I feel about the

Democratic party right now, and that is

if progressives won't enforce the

border, fascists will. And we stick out

our chin and we lose our [ __ ] minds

when we try to pass legislation that

demands corporations have third

bathrooms. or when we let a trans woman,

and I realize this is the wrong crowd

for this, but I want to speak as I would

anywhere else. Or we decide that a trans

woman can compete in a woman's NC2A meet

and all progressives look around

cautiously and then applaud and call it

inspiring. So you're telling me all

medals, endorsement contracts,

professional contracts, all money,

college scholarships are ultimately

going to go just to people born with

penises. We lost our [ __ ] minds. and

then they move in and see an opportunity

to demonize a community and just quite

frankly cover it and respond with hate.

So I think where the democratic and I'm

torn on this. I think where the

democratic commi community needs to be

thoughtful. It's like look we have we

have civil rights. This is a community

that deserves the same dignity as every

other community, but no, we're not going

to make it our front and center issue.

These this should be settled law

>> and move on. But it's not settled law.

They took away their licenses. This is

this is where it goes. See, this is what

>> that but the law in my opinion, my read

of the law is there's no legal

justification for taking away their

licenses. But don't make it the platform

for the whoever's running for president.

I just think these these I think a lot

about uh you know, I think a lot about

masculinity and

>> I hadn't noticed that.

And loosely speaking, I think of it as

acquiring skills and strength uh in the

service and protection of others. You

don't h you might disagree with the

trans community. You might not believe

in uh gender affirm whatever your

beliefs are. But if you think of

yourself as a man, right, and you see

this kind of demonization,

it doesn't matter your political views,

you move to protection. This is just

straight victimization.

So where I land, where I land is this

should be settled law. Of course you

don't take their driver's license away.

That's just stupid. But don't make it

don't make it the lead and opening

debate for the presidential election

because this is a community that

this is I get it. This is a really tough

one, but we really screwed up on this

one. And there are a lot of Americans

that have a different viewpoint on this.

But in my view, this is something where

we say, "All right, let's be reasonable.

We're going to afford this community the

same rights and dignity as every other

community, but it's not going to be a

part of our platform that we

>> I do think they're trying to definitely

trying to get us to stick our chin out."

That same time, this I think it actually

is very helpful when they do this bounty

provision thing. It just seems [ __ ]

mean. Like I think just like everywhere

else,

>> persecution for no for no reason. It's

>> I think it had residents here in

Minnesota. I didn't live here. But that

definitely

>> North Dakota passed a law for no a free

play law or whatever it's called. So no

trans athletes in high school. And then

when they were asked to find a trans

athlete in any high school, they

couldn't find one.

>> Yes, that's correct. There's six of

them. Anyway, um it'll be an interesting

thing going forward, but it's

astonishingly cruel and I think it will

it will hit back at them, especially

these bounties. I think there's a real

trend that I think you and I talked

about was a lot of people have

immigration issues, a lot of people have

this and there a lot of people who were

sort of proTrump or voted for Trump to

me has said, but not this way. Right?

And I think there's a great deal of

political strength to be saying, okay,

you can have that view, but do you

really want to do this to people? Do you

really want to do that? And I think

Minnesota was was sort of the absolute

place where people were like, are are

you [ __ ] kidding me? Like that kind

of thing. And I think it does have

resonance and especially when the

citizens fight back in a way that is has

a lot of dignity and grace and and

suffering also at the same time. So, uh,

last one. This one is for you and it's

our friends uh at the Minnesota Star

Tribune, which we love.

>> Um, this I love this thing. I wear it

all the time. It's so great. Uh,

Minneapolis now leads the Midwest in

only fan subscriptions according to new

data from Only Ger. I didn't even know

there was like a data for only fans, but

out of 167 cities, Minneapolis ranks

fifth in the country per capita and

sixth in the world. Min Minneapolis

residents spent more than $14 million on

only fans in 2025.

First of all, what the [ __ ] is going on

with all of you? And Scott, will you be

staying a little longer in Minneapolis?

It's

>> so I'm fascinated with only fans, not

for the reasons you think. Um,

>> it's exactly for the reasons you think.

>> It's just it it reflects a lot of things

about our society and economics. It's so

84% of the creators are women. 80% of

the revenue I'm sorry, 80% of the

creators are women. 84% of the revenue

comes from men. Uh

it's the highest per employee revenue

company in the world right now. It's a

bigger business in the New York Times at

7 billion. And the number of registered

users is greater than the population in

the United States. It's effectively a

transfer of it's basically we've

monetized healthcare in the United

States. We've monetized rage with social

media and now we're monetizing male

loneliness. And I think it's a symptom

of something much more insidious and

frightening. And that is uh young people

aren't having enough sex. And a lot of

it is because young men are not leveling

up and taking as much. They're taking

way too much risk online and they're not

taking a risk enough risk offline.

And uh I offend people when I say this

uh but I hold to it. I think we need

>> Here he goes.

>> I think we need to celebrate young men's

horniness.

Um,

but we need to celebrate it offline. And

what I would say is that the killers of

masculinity are uh the indoors, a lack

of exercise, blaming immigrants, blaming

women, and porn, I think, are killers of

masculinity. And I, like I'm very good

at doing, I'm going to bring this story

back to myself.

When I was about 24 years ago, I was at

the Raleigh Hotel at the pool. On

Sundays, they have a DJ day and there

was just this scorching hot woman and I

made I said to myself, before I leave, I

promise myself I was going to speak to

her. I'm like, I'm going to speak to

her. I'm going to make the approach. I

promise I'm going to do it. And without

the benefit of alcohol, I chickenened

out cuz I'm just not that interesting

without alcohol. And so I went to get my

car and I I had the valet ticket and I

thought, "Oh, fuck." And I ran back in

and I went up to her and I showed her

the valet ticket and I said, "I promised

myself I was going to say hi to you and

uh I almost left." Anyways, uh 18 months

later, we gave birth to a son whose

middle name is Raleigh.

And let me let me be less aspirational

here. I wasn't looking at her thinking I

want lower rates on auto insurance.

Um, I think embracing your horniness and

wanting to have sex is a wonderful

thing. It encourages you to level up. It

encourages you to shower. It encourages

you to have a plan. It encourages you to

develop a kindness practice. It

encourages you to work out. It

encourages you to get girl friends who

can teach you how to behave around women

and when they see you're a decent dude,

maybe introduce you to some of their

friends.

Men need to level up. And the motivation

for leveling up quite frankly is being

so horny you're willing to take risks.

>> Oh well. All right. That's your next

book then.

>> And when and when you're quite frankly

jerking off twice a day to porn, which

unfortunately through AI is getting more

and more lifelike and more and more

seductive, it's going to reduce your

ability to do one of the most wonderful

things in the world, and that is make

your own bad porn.

And let me just let me just finish with

this.

>> I'm waiting for this to end. Okay.

>> Let let me just finish with this. I hate

the incel movement.

Involuntarily celibate. Like it's so

there you face so many obstacles that

you've just given up and you wear like a

badge of honor. Well, guess what? 99% of

men through 99% of history have been

involuntarily celibate. I was

involuntarily celibate for the first 19

years of my life.

And this is what men do. They level up

such that they can be voluntarily

inselibate.

So the fact that okay, welcome. Welcome

to the [ __ ] work week, dudes.

Level up. Women are leveling up. That

means you've got to raise you've got to

you've got to level up, right? Develop

the attributes. I have I coach young

men. I call it the the rule of threes.

If you work out at least three times a

week, and I have data on this, you spend

at least 30 hours a week working outside

of the house, and three times a month,

you put yourself in the company of

strangers in the agency of something

bigger than you, church group, writing

class, nonprofit, and you're willing to

talk to people and endure rejection,

express friendship, express romantic

interest. Every father has an obligation

to teach his son how to express romantic

interest while making that woman or that

man feel safe. Yes,

>> that is an obligation. You have you have

to 45% of men 18 to 22 have never asked

a woman out in person.

>> And there are not enough men leveling up

and realizing at some point if you do

those three things you in the top 5% of

men and what I tell these young men is

that if you're in the top 5% of young

men for long enough you will be I trust

me voluntarily incelibate. And the most

the most wonderful the most wonderful

thing in life the most wonderful thing

in life is building a life with a

partner. And guess where it starts? When

dudes are really [ __ ] horny. Embrace

their horniness.

>> All right. The theory of horny from

Scott Galloway. Um

>> it's why we put a man on the moon and

have vaccines. There was guys who wanted

to get laid. Um, in any case, you know,

Minneapolis, we're going to let you off

the hook cuz it's super cold here. But

now that the weather is lovely like

today, you better get out there and

[ __ ] Apparently, according That's

according to Scott Galloway.

I of course have never had a problem

attracting people. But

it's not going to happen for you

tonight. I'm going back to his house

tonight, but I'm not never happening.

No, I'm kidding. Wouldn't that be great?

>> You always bring this up when it's live.

Don't. I have no interest in you

whatsoever. I mean, it's like you're

you're the reason I became a lesbian.

Anyway,

>> we'll take one more quick break and

we'll be back with Scott's update on the

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Code pivot.

Scott, we're back. Recording live from

Minneapolis.

And the reason we're here is that back

in February, you started telling people

how to resist and unsubscribe on our

show. Now, uh, tell us how well it

worked. Scott, let me tell you, you're

in for a treat. Scott doing a press.

He's He used to be a very good professor

and he's going to show you why in a

second. That's how I met him.

>> All right. I've got

I've got 55 uh I've got 55 slides in 600

seconds. So, let's light this candle.

Okay. So, the agenda, why why we did

this, the weapon that's hiding in plain

sight, what we built, what's next. Okay.

So, what we uh don't recognize is we

have a weapon hiding in plain sight. And

that is the most radical act in

capitalism is nonparticipation.

If you go all the way back to CO, which

is the most quite frankly crispest,

biggest government action in history, it

wasn't because tens of thousands of

people were dying. It was because GDP

crashed 31%. The only time the Trump

administration responds is when the

markets crashed. I started thinking, how

can we send a signal to CEOs and to the

president about uh our objection? What's

taking place here? We want to rewire the

incentives. Right now the incentive for

all CEOs in tech is to just comply is

just to be obsequious to the president.

We need to figure out a way such that

when CEOs instead of instead of

complying instead of providing data for

surveillance whatever it might be they

think there's a d potential downside to

this. And then also just personally I

have found that um action absorbs

anxiety. This is the first time in my

life I've had I've had trouble

disassociating from what's going on

politically. And also, I think there's

way too much courage behind a mic and

behind a keyboard. And more of us sort

of need to have our off mic and our off

keyboard actions foot to some of the

virtue we claim to have when we get in

front of a [ __ ] keyboard.

I'm not going to go through this. So in

a capitalist society

right consumer spending 2/3 we are

consumer-driven economy and also uh the

wealthiest among us are controlling more

and more. So if you want to hit the

wealthiest you go after stock prices and

then effectively again what we saw was

the greatest political response in

history was when GDP crashed. Want to

rewire the incentives. I apologize I'm

being um redundant here. So what's the

weapon hiding in plain sight?

um economic strikes. It really is a

powerful lever and this is a brief

history of economic strikes. And the one

I always point to is the Montgomery bus

strike. And there was a very cinematic

moment where a courageous woman refused

to give up her seat. But actually, what

moved the needle, it was a 13-month

economic strike where approximately 300

cars a day organized by a young reverend

named Martin Luther King gave people car

pools such that they didn't have to take

the bus and essentially the municipal

system started losing a quarter of a

million dollars a month and then after

13 months they gave in and they

desegregated the bus line. So it needs

to be sustained. And essentially our

president does not seem to be moved by

outrage, not as much by protest, not as

much by the Supreme Court, not as much

by even his own Republican party. He

seems to be moved quite frankly by

markets. And when he has withdrawn from

discussions of annex in Greenland or of

crazy tariff ideas, it has been when one

thing has happened. It's been when the

market has crashed. So how do we send a

signal to them?

What I think is the soft tissue of the

market right now is it's too

concentrated and that is somewhere

between a third and 40% of the stock

market or the S&P is just a handful of

companies. So that's the soft tissue. We

go after these companies and then we go

after the soft tissue of the soft tissue

and that is um subscriptions and again

these companies make up most of the

market. So when Netflix just announces

that for the first time they've lost

subscriptions versus gain them, they

lose $58 billion in market cap. More

reason recently, T-Mobile was supposed

to do add 56,000. This is from our news

call a couple weeks ago. They only added

$495,000. So just an 11,000 delta and

subscriptions. They lost $30 billion in

market cap. So the amount of power we

have when we take when we blow the when

we strike the artery of these companies,

the organs of our corpus and government

with a blow around subscriptions, it

really is the most impactful thing we

can do relative to the amount of

consumer disruption.

Okay. So what you're going to find when

you go to resist and unsubscribe like me

is you might even save some money. I

found out that I had four AT&T contracts

that uh for Blackberries and iPads that

would have been in landfills for 10

years.

That's my visual. All right. So, what we

build? That's what my creative team did

this weekend. What did you do? Uh, so

these companies are smart and they make

it very hard to unsubscribe. So,

basically the site is just meant to

navigate you to a link such that you can

unsubscribe really easily.

And what we have found is that of the

people who go there, approximately 5%

actually unsubscribe versus 4% in an

e-commerce site. And we have driven

approximately uh one and a half million.

We're coming up actually on 2 million

unique site visits without Thank you.

But the most exciting thing is we

haven't spent a single dollar cuz

neither Alphabet or Meta would take my

money because it was quote unquote

political in nature. Yeah. Anyway,

so how did we drive traffic? What's

interesting is it's kind of a lesson in

what works the best. And that is if you

look at the number of people in the core

demographic, traditional cable is really

dying. This is the number of people in

the 25 to 50 year old demographic that

these shows on average networks reach

versus pivot. It's a little bit of

patting ourselves on the back. What was

really interesting, the thing that drove

the most traffic was an article po

posted at npr.org. I was not expecting

that.

We've also built a calculator where if

you go on and type in who you're

unsubscribing from and the size of your

social media footprint, it will give you

a sense for the economic impact. So,

I'll give you an example. If you have uh

if you and your family or you have a

decentsized social network and you

unsubscribe from chat GPT $240

based on the size of your social

network. If it's decent you get another

three people. So four people

unsubscribing that's $960 in loss

revenue because this company is trading

at 40 times revenues. That is

essentially about a 38 or $40,000 hit to

their market cap just with you

unsubscribing and then posting it on

social media.

Again, this is needs to be a sustained

effort of small actions adding up over

13 months.

So, Instagram, uh, we had huge views and

t pick up because we had some

celebrities talk about it and then tried

to the cloud cover. Actually, I did

doing a bunch of research on protests as

media coverage. Uh, we pelted you with

this before. I've been a total [ __ ]

I'm going on everything right now.

I'm not going to I realize videos of me

on top of me speaking is like shavings

of [ __ ] on a [ __ ] salad. up

it. But media coverage is important

because if you look at when a ABC

acquiesed and put Kimmel back on the

air, it was actually when unsubscribes

were going way down, but the media

coverage had picked up because it hurts

morale internally.

So, what's next?

So, what I'm trying to do is figure out

a way to sustain this movement. and I'm

going to be hiring someone full-time and

recognizing that it we had some good

momentum and we don't want to give it up

after a month and try and add some