Jamie Diamond, Bruce Wasserstein, Sarah discussed on Recode Media

Recode Media


Slash invention and rebecca. Lets you moscow clubhouse and vlad so so as you said you interviewed the ceo of games of robinhood. Right on the day they suspended trading for game stop And he was a tough interview and he clearly was not prepared for it And basically kept saying it. Seems like you've got a liquidity crisis. And he was trying to dance around it Want to use the word. You know it's funny. I actually thought he basically said we Crisis kept saying. We don't be but every time you use the phrase no we don't have a liquidity crisis buddy if you reading between the lines. That's what he was right and you did the real time. Read between the lines of excellent journalism But it still didn't fully come out of him And again it's not your job to represent robin hood story But they clearly couldn't sort of explain themselves to in their rumours and conspiracy theories about why they actually Back trading cut to sunday night. I guess monday morning sometime in like two four in the morning elon. Musk is interviewing vlad on clubhouse. He gets him. The the ceo the ceo of robinhood as we had three billion dollars in commitments that we had to sort of scare up What what do you make of one. Elon musk interviewing People in the news on clubhouse good bad and just a new feature of the media landscape. It's interesting because there's obviously a huge audience. That trust elon. Musk and so when he asked a question where he is in interviewer they they trust him. And that's a very interesting thing. Like when john stewart started started interviewing people all of a sudden the comedian people people the comedian in ways by the way in some cases more so then the news anchor. Yes and then john. Sarah would say i'm not. I'm not a journalist. I'm just asking questions playing but he was. He was taking it very seriously did he. Did he certainly saw himself and look famously. Took jim cramer to task. After after the can collectively look jon stewart. Though took his job. I think very seriously when he meant when he asked those questions. You know ilan though. I think that was a bit of a throw. I don't want to say throwaway interview. I don't think he he had prepared or studied for was clearly. Not even a thing. It was impromptu. If you will yeah was there. And his personas one of troll righty game stock. And i'm taking my company private at four twenty ha ha ha and i named my kid a weird bunch of codes So it's not the same on the other hand plenty people take it just as seriously and they do an interesting that you could tell. I look audio. So you can't see what's going on. But you for me. Having interviewed vlad a number of times you could see his brain a ticking as he was answering the questions thinking okay. This actually a public forum and i have to be as on point as i might be on. Tv or any other medium and in fact he seemed to go back to his script relatively quickly and there was sort of has on this in the very beginning. And then it's sorta sorta came right back away. This mike is on. Yeah yeah so. What do you think i mean you. It's easy to extrapolate that the elon. Musk our every sunday or whatever it is or oh it will bring in a variety of people who are not traditional journalists but have followings That seems fine to me. I mean you'd like as much disclosure as possible but you're never gonna get everything and i think that's fine. I mean i think it directly threatens you know parts of my job parts a your job because those people are speaking there and maybe they're going to speak there instead of a code conference or deal conference or your or cnbc hundred percent. And i think we already start to see it with podcasts. Over the last couple years sort of the the celebrity vacation of the podcast interviewer Who's now jumping into the space. And by the way they're fabulous podcasts out there that are being run by people who were never a traditional journalists are traditional interviews You know so. I think it's just gonna be another feature of the market. The question is whether the public is going to want that over. The the the the traditional journalist that to me is the fundamental question and whether they will understand and by you can never say. It's a terrible thing to say. Does that the viewer. The viewer doesn't understand that's a. It sounds terribly condescending. In so many ways so apologies in advance. Because i am allowed to say it. I do think there are some viewers who don't necessarily appreciate the distinction between the kind of work that you do. And i do in the conflict of interest policies and all sorts of things that go along with how we have comported ourselves as journalists and what that means relative to hollywood star for example or. Musk can look you. Don't you don't have to couch it right. I mean we fox news is is a great example effect that tens of millions of people can can soak up lies and it's very dangerous for the country right And i'm not saying elon. Musk is the same as a fox news anchor. If you don't play if you decide that you want to play by different roles you can. What do you think concurrently. You've got this move by. Andriessen horowitz The silicon valley venture capital fund To create its own medium. they're also investors in in clubhouse also and. I don't think that's quite a coincidence. That that all happened Jessica lesson runs. The information was on the show last week. She's very upset about this right shoes set on my show and she subsequently still tweeting about it. She's she's upset. That clubhouse barred Some reporters from being in that session Partly to be devil's advocate but partly. I just am not that upset about how i think if you wanna make your own publication god bless and the market can decide if it's valuable. It probably will do well. Because you've got a lot of access and clout and again. It probably makes jessica's job and my job in your job harder but that's okay silk. I love jessica. Consider a friend. And it's not that i disagree with her. I am very cognizant of all of the challenges that something like this may very well create and. I do think that would be helpful. I doubt will happen. But maybe it will happen. Who knows maybe andrews in harwood's projects are going to have a disclaimer. at the bottom. In fact they might be required to by their lawyers in some ways to suggest. What's going on here because they take money from accredited investors in all of these other things. We'll see we'll see what kind of disclosures are honored or not You know if you close your your clubhouse room to me. I feel bad for myself but i don't think that's You know there's a lot of people don't invite me to dinner parties and I'm cool with that and made by the way it makes your job is reporter Potentially your job becomes trying to figure out what happened at the dinner party. So and that's been going on forever and by the way if if if you have a dinner party with five thousand people and kick out specific reporters the new york times. You know. it's you're right. You can do it legally it makes you look like a big baby makes makes it makes you look bad. I mean this is similar to the white house was kicking out reporters from the press briefings and obviously it was a pup pup public events everybody could see it. I don't think it a nerd to the benefit of the president case. And i don't think it will noor to the benefit of a venture capital from somebody else robberies that way what why do you think Why do you think traditional finance types. Haven't tried to do a version of that. I know at one point. Jamie diamond was looking at buying fortune. and that was more of a play thing for him. It was definitely a play thing But i am curious why no one has when you see billionaires buying by publications it's usually Sort of for the halo effect. And at least they'll say they don't wanna sheldon adelson aside. They don't want to interfere with the way the properties run white. Why hasn't someone on wall street decided you know what enough of this wall street journal new york times bullshit. I'm gonna tell you the the the story that you should here. Which is my version of truth. Well a couple of things. If you remember. Bruce wasserstein created the deal and of course. I'm so very familiar with the deal. The deal was a publication that started in the late ninety s. Maybe early all too late nineties All around dealmaking and in fact dealbook competed with it For many many years still exists. It was acquired by the street dot com. I think sounds right So people have attempted this in certain ways..

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