back to indexE75: Fast shuts down, board culpability, Elon buys 9% of Twitter, deplatforming's evolution & more
Chapters
0:0 Bestie intros, All-In Summit update, and more
8:1 Layoffs and shutdowns: Fast, Better.com, GoPuff; Chamath gives a macro- and micro- overview for startups
14:9 Preventing layoffs, culpability in Fast's shutdown, VC diligence strategy, VC/founder model
41:51 Elon buys a 9% stake in Twitter and joins the board: what does this mean for Twitter, free speech online, evolution of deplatforming
63:24 Food shortage update, ideal US objectives going forward
00:00:00.000 |
Hey everybody, welcome to another episode of the All In podcast, your favorite podcast. 00:00:04.240 |
And a lot of topics on the docket, including... Well, we'll get to that in a minute. Tons of 00:00:12.080 |
stuff to talk about, not just politics, but a lot of tech news. You do sound really hung over today, 00:00:16.160 |
J. Cal, you sound like an old man that's been smoking cigarettes for three weeks. 00:00:19.280 |
You sound wrecked. How big was your night last night? Admit it. 00:00:23.280 |
I didn't go that big. On a scale of one to Charlie Sheen, it was like a six. 00:00:26.960 |
There was like a Martin Sheen in his 30s. What does that mean, one to Charlie Sheen? 00:00:29.840 |
We had a couple of beverages. I'm sorry, on a scale of one to Charlie Sheen, 00:00:32.880 |
I don't think I've ever been past the one in my life. So what is a six? 00:00:35.520 |
A six is like, you know, Paris Hilton in her heyday, or like Lindsay Lohan 00:00:43.680 |
in Hollywood in the 90s. It's like, you know, like a good time, but not crazy. 00:00:47.120 |
Didn't they have to go to rehab? Yeah, exactly. 00:00:51.200 |
Let me tell you something, Charlie Sheen cannot be six. 00:00:56.880 |
The one who went to rehab like five times? Like, what are you talking about? 00:01:05.760 |
Joining us, of course, the Queen of Quinoa is here. The thriller from a Miller, 00:01:28.800 |
Valley." He puts the eye in anxiety. He got his degree from his Google pedigree, 00:01:31.840 |
the Sultan of Science, David Freberg with us again. 00:01:34.080 |
All right, next up, of course, the czar of ARR. He perfected the flywheel with his boy, 00:01:38.960 |
Peter Thiel. LPs, don't be nervous because he's only investing in software as a service, 00:01:44.720 |
the world's biggest sasshole, the Rain Man himself, David Sachs. 00:01:54.080 |
I feel like this might be heading towards kind of like a high school, high school, high school, high 00:01:54.720 |
school talent show kind of episode. But yeah, go ahead. 00:01:59.840 |
And finally, the king of SPACs himself, the guru of growth, he puts the dick in dictator. 00:02:04.800 |
He's going to upset her with his sweater. Jamath Palihapitiya. All right, boys. 00:02:10.560 |
I'm just letting the audience know, I can't keep this up every week. 00:02:14.480 |
Yes, yes. It's become a very anticipated new feature of the show. 00:02:18.720 |
It is. It's a new feature. But you know, I forgot we had like wet your beak and 00:02:24.640 |
you know, all this stuff and all these like... 00:02:27.280 |
It ebbs and flows. We come up with new things. 00:02:28.320 |
It ebbs and flows. We come up with new things. All right, listen, just a quick programming 00:02:33.120 |
update. All In Summit sold out, basically. It's going to be a great show. We got about a dozen 00:02:38.080 |
speakers lined up, all kinds of great folks. And three great parties I want to highlight. 00:02:42.960 |
Monday, Sunday night will be the poker tournament. That's going to be our Goodfellas, 00:02:47.280 |
Godfather kind of theme, dressed to impress the family. Night number two, Monday night is going 00:02:52.880 |
to be our Havana White Party Wear Your White. It's going to be a great show. It's going to be our 00:02:53.200 |
Havana White Party Wear Your White. It's going to be a great show. It's going to be a great show. 00:02:53.280 |
Havana White Party Wear Your Best Linens and Whites. And then closing night party on Tuesday 00:02:58.320 |
night is going to be our Miami Vice Big 80s party. Neon and t-shirts under suits. It's going to be 00:03:06.240 |
a hell of a party. Jason, 2,999,700 people don't give a shit about what you're talking about right 00:03:12.320 |
now. There's like 300 people that are going to go to this party that you're throwing and they're 00:03:17.680 |
doing what they care. No, it's going to be 700 tickets. I think there's gonna be 700 tickets 00:03:21.760 |
issued and there'll be probably 400 people. I don't know. I don't know. I don't know. I don't 00:03:22.560 |
know. I don't know. I don't know. I don't know. I don't know. I don't know. I don't know. I don't know. 00:03:23.440 |
So they were pretty good parties. Uh-huh. We're in the party business here at the all in pod. 00:03:28.640 |
Well, I mean, the world needs some good parties in my opinion. It's gonna be three back to back 00:03:33.040 |
great parties. And the theme of the conference is the problem I most want to solve in the world 00:03:37.760 |
or the problem I most want to see solved in the world. So we're asking every speaker to think 00:03:41.200 |
about that. And we're going to kind of talk about the world's biggest problems and then 00:03:44.960 |
who actually wants to solve them. The world needs more parties. 00:03:48.080 |
Well, that's, that's what I'm doing. That's my, that's going to be my 10 minute talk, my 10 minute talk. 00:03:51.840 |
I've been, I've been watching the WeWork show. Have you guys been watching it on Apple TV plus? 00:03:58.480 |
Elevating the world's, Jared Leto is so freaking good in that, as that character by the way. 00:04:05.040 |
Like elevating the world's consciousness as the mission and then just throw parties is the way 00:04:08.960 |
to do it. I feel like you're, you really get that vibe. Like, yeah. 00:04:13.600 |
You can elevate the world's consciousness with your, with your summits. 00:04:21.120 |
Whatever profit it makes is going to go to Chamath's star chamber, 50 person conference. 00:04:25.200 |
He's doing with the all in brand. So every, everybody gets to leverage the all in brand. 00:04:29.120 |
First you did it, Sax with your call in. Now I'm doing it with the summit. Chamath's going to do 00:04:37.280 |
Coming soon from Friedberg, the all in Munich special, lose weight like your besties. 00:04:42.400 |
He's going to, it's, it's, it's the all in brand that allows you to lose weight in the 00:04:47.200 |
following way. He brings his best vegan chef to you. 00:04:53.760 |
Tempeh and vegan shakes. Your favorite Chamath. 00:05:00.720 |
You're, you're in a caloric deficit for the month that that person refuses to leave your house. Boom. 00:05:07.040 |
They're like, Hey, want some quinoa? You're like, no. And then you lose weight. 00:05:21.800 |
Right. And then we murdered them and ate them. 00:05:26.800 |
You guys need to elevate your consciousness. Okay. And have a party. Let's go. 00:05:32.280 |
We need to get some morels and some chickens and make some. 00:05:35.960 |
Yesterday we had morels. Sean made morels. White asparagus with morels for you. 00:05:40.720 |
So good. So good. The morel season has started. Everybody enjoy it. 00:05:50.200 |
You guys appeal to the common man. The morel season has started. 00:05:55.660 |
Tempeh is more expensive than both quinoa and morels. 100%. That vegan bullshit is way more 00:06:02.180 |
All right. Listen, we have to elevate the world's consumption of steak and meats. 00:06:06.500 |
I think a good place to start is we've been talking about- 00:06:10.620 |
Sorry, by the way, by the way, have you guys ever looked on the back of any carton of oat milk? 00:06:26.320 |
Where's the oat milk that's just oats and water? 00:06:29.320 |
It doesn't exist. It's like soy lexithin, xanthan gum. Is that stuff can't be good for you? 00:06:34.320 |
You know, Saks drinks and a 12 ounce glass of milk with every dinner. They just drinks it. 00:06:40.320 |
By the way, the almond milk at the Whole Foods, riddled with sugar and all this other nonsensical chemicals as well. 00:06:46.320 |
Man, I mean, people trash milk. I get it. But what's the point? 00:06:47.960 |
I mean, people trash milk. I get it. But what's the point? 00:06:48.000 |
I mean, people trash milk. I get it. But what's the point? 00:06:48.020 |
I mean, people trash milk. I get it. But what's the point? 00:06:50.020 |
And if you're lactose intolerant, I understand you're in a pinch. 00:06:53.020 |
But why go to an alternative milk that is just riddled with just all of this terrible, terrible stuff? 00:06:59.020 |
You know, Saks used to love to eat brie cheese so much that whenever we'd have a party, somebody would bring a wheel- 00:07:05.020 |
Do you remember the brie blocks with the wheel of brie? 00:07:09.020 |
He would literally eat an entire brie wheel on his own. 00:07:11.020 |
And brown sugar. No, they would put the brown sugar on top. They would belt it. 00:07:15.020 |
And Saks, Freiburg, Saks has eaten an entire brick of brown sugar. 00:07:17.920 |
And he had a brick of brie in front of us. Oh my lord. 00:07:19.920 |
What was the origin of your brie obsession, Saks? 00:07:24.920 |
He's a brie guy. He's the guy that eats brie. 00:07:27.920 |
He's the last guy I would think that would eat brie. 00:07:29.920 |
What's the matter? You just don't have... I mean, what about cheddar? 00:07:32.920 |
A great American cheese. No? You just prefer the French, huh? 00:08:00.820 |
Listen, we've been talking a little bit about the contraction in tech. 00:08:04.820 |
The growth stocks having their multiples lowered. 00:08:10.820 |
And we knew this was coming, but it's been a horrible week for large companies. 00:08:24.720 |
Fast.co, they announced they're shutting down on Tuesday. 00:08:27.720 |
This after the company grew to 450 employees. 00:08:35.720 |
I think that their employees could have made more money if they did one DoorDash a day delivery. 00:08:41.720 |
At its peak, Fast was burning $10 million a month, according to reports. 00:08:47.620 |
Fast.com's information got most of this information, while only generating about $50K a month in revenue. 00:08:52.520 |
Their $102 million Series B was led by Stripe in January of 2021. 00:09:02.520 |
You remember they had their horrific, cringe-worthy founder lay off a bunch of employees over Zoom. 00:09:17.520 |
According to TechCrunch, for the 5,000 remaining employees, on April 5th, Better.com offered corporate and product design and engineering employees the opportunity to voluntarily resign in exchange for 60 days paid severance and health insurance coverage. 00:09:31.420 |
Better CEO's Vishal Garg, hopefully I'm pronouncing that correct, noted, "The uncertain mortgage market conditions of the last couple of weeks have created an exceedingly challenging operating environment for many companies in our industry." 00:09:43.420 |
And then going to GoPuff, which, you know, I had the founder on a podcast. 00:09:49.320 |
And he's a pretty good, you know, like pretty realistic about the margins in that business. 00:09:53.320 |
They're making a modest cut of 3% of their 15,000 staff. 00:09:58.320 |
Seems like a reasonable thing to do, given how the market has changed. 00:10:04.320 |
$1.5 billion at a $40 billion valuation in December. 00:10:08.320 |
Shamathi predicted a lot of this, and that people would have to sharpen their pencils. 00:10:21.220 |
You know, we're still in the middle of the year.