19 Burst results for "Dan Primack"

ByteDance Says It Won. Trump Says Not So Fast. TikTok Continues For Now.

Techmeme Ride Home

05:04 min | 5 months ago

ByteDance Says It Won. Trump Says Not So Fast. TikTok Continues For Now.

"Okay, here's what I can tell you. You can still use tiktok as of this moment president trump since we last spoke said he approved Oracle's bid for the US. Operations of tiktok quote in concept, and so essentially the US delayed the planned tick tock band by about a week as Oracle Walmart looked to take a twenty percent stake in Tiktok globals planned pre IPO round as well as of course, the deals to host talks us user data and computer systems quoting Bloomberg I approve the deal and concept trump told reporters Saturday as he left the White House for a campaign rally in Fayetteville north. Carolina if they get. It done. That's great. If they don't, that's okay too and quote the new company which will be called tiktok global has agreed to funnel five billion dollars in new tax dollars to the US and set up a new education fund which trump said would satisfy his demand that the government receive a payment from the deal quote they're going to be setting up a very large fund. He said that's their contribution that I've been asking for an quote Oracle plans to take a twelve point, five percent stake in the new tiktok level. While Walmart said, it has tentatively agreed to by seven point, five percent of the entity. Walmart's. Officer Doug Macmillan will serve on tiktok global's board of directors. The retailer said in a statement for of the five board seats will be filled by Americans according to the statement tic TACs. Owner Bite dance is seeking evaluation of sixty billion dollars for the APP, according to a person familiar with the matter Oracle and Walmart would pay a combined twelve billion dollars for their stakes. If they agreed to that asking price, the final valuation has not been set as the party's worked out the equity structure and measures data security. The person said terms are still in flux and the proposed valuation could still change and quote. Yet more about that flex in a second but more about that five billion dollar payment to the government. The president mentioned I. Guess That's the key money by another name that he was asking for all along except that seems to have come as news to at least most of the parties involved Oracle later confirmed it to a degree but quoting Dan primack on twitter. More about tiktok quote Payments Number One the Education Fund is not to fun trump's patriotic history project number two, the five billion dollar figure is not codified anywhere and no one expects it to be anywhere near that big number three, the five billion dollars to the Treasury is anticipated payroll taxes over an unspecified period. Of Time, there will be an education focused effort using tick tock short video format distribution tool, but there is no dollar amount tied to it with trump seeming to inflate the payroll tax figure with the Education Fund remember Tick Tock doesn't have five billion dollars at least not until its IPO wants to complete within twelve months and quote. So. Again has this all been Kabuki theatre make the president think he's getting his key money. Give a politically connected firm, a sweetheart deal, and even if the five billion dollars is really not going to be five billion dollars again, we have the president of the government forcing the investment of private property, giving it to favourite entity and essentially asking for a kickback exactly. What happens in Banana Republics Super? Oh and about that whole thing being inflex bite dance. This morning was asserting that it is maintaining majority ownership and control over tick tock global and will not transfer any source code or technology to Oracle or Walmart so essentially waving a flag saying they won. Quoting the Financial Times bite that set on money that it would maintain majority ownership and control of tiktok global contradicting statements by Donald trump oracle, and Walmart after it agreed a deal with the companies to continue operating in the US Oracle, the US technology group, and Walmart, the world's biggest bricks and mortar retailer said in a joint statement at the weekend that Tiktok level would be majority owned by American investors and quote however while they're state combined with the equity held by. Long standing US investors by dance might mean, American investors would be the biggest financial beneficiaries, direct majority ownership and control of the business is set to remain with the Chinese company in a statement released on January tat chow by dances Chinese social media platform. The company said tiktok global would be a quote one, hundred percent fully owned subsidiary. The company added that after raising funds ahead of a potential initial public offering, it would have an eighty percent stake in the company and quote. So maybe that wasn't a good thing to go spouting off about because this either means now the deal is really off. Because the Chinese side really doesn't want it or else the deal is off because the president isn't going to be pleased about that more in just one second or else everyone is just GonNa declare victory and. Meaningful has actually changed my money's on that but hard to tell at this point because to conclude. About thirty minutes ago. President trump. said, he would not approve a tick tock deal bite dance ceded control, and well I don't know.

Oracle Walmart Walmart President Trump Tiktok Global United States Donald Trump Carolina Education Fund White House Bloomberg Fayetteville North Treasury Tiktok Twitter Doug Macmillan Officer Dan Primack
"dan primack" Discussed on Pro Rata

Pro Rata

02:05 min | 6 months ago

"dan primack" Discussed on Pro Rata

"Hi I'm Dan primack and welcome to axios recap presented by facebook today's Tuesday August Twenty Fifth Corona virus outbreaks in colleges are up American. Airlines headcount is going down and we're focused on the next global tech giant. Earlier today China's Anti Group filed for an initial public offering in Hong Kong Shanghai it could become the largest IPO in history bigger than facebook bigger than Saudi. Arabia's state owned oil company even bigger than Alibaba the Chinese tech giant that originally berthed aunt group as a mobile payments company called Alipay now and does not have much presence in the US particularly after the trump administration blocked efforts a couple of years ago. To buy money transfer company money gram but in China, it is the financial technology company with a huge footprint in everything from payments to lending to investing to wealth management, it's even got a joint venture in food delivery and according to its IPO prospectus and profits are up more than one thousand percent between the first half of two, thousand nineteen and the first half of two, thousand, twenty hitting three point two, billion dollars. Company that in the past would have rushed to list shares in New York much like Alibaba didn't twenty fourteen but aunt instead turned its back on the big apple and that matters for two reasons I, it's a passive aggressive escalation of China tensions too. It's an effort by China to prove that Hong. Kong. Can remain a global financial hub in spite of a new national security law that undercuts the conditions that help turn Hong Kong into a global financial hub in the first place in short. And it's IPO are as important to geopolitics as they are to capital markets or tech markets, and all three will be paying very close attention as the listing gets closer in fifteen seconds, we'll go deeper with Nick Gopalan a Hong Kong based columnist for Bloomberg opinion but I this. At facebook, we've taken critical steps to prepare for the US elections. We've more than tripled or safety and.

facebook China Hong Kong Alibaba Hong Kong Shanghai US Dan primack Hong Nick Gopalan Arabia Bloomberg New York apple
The Executive Order To Ban TikTok and WeChat

Techmeme Ride Home

05:46 min | 7 months ago

The Executive Order To Ban TikTok and WeChat

"He went ahead and did it president trump has signed an executive order to block all transactions with tiktok maker Bite Dance, as well as all transactions with Chinese tech giant tencent beginning on September twentieth. Now, it's worth noting that September twentieth would be five days after Microsoft's deadline to acquire the non-chinese parts of Tiktok or not. Quoting the verge, the spread of APPs controlled by the Chinese government continues to threaten the national security foreign policy and economy of the United States. The order reads the United States must take aggressive action against the owners of Tiktok to protect our national security and quote a parallel order. Banda transactions with we chat a texting APP in China that maintains a small user base in the US in both orders, the president names, the International Emergency Economic Powers Act as authority for the move, as well as the national emergencies act effectively naming talks continued operation within the United States as a national. Emergency such. A move is highly unusual and will likely be subject to a legal challenge. The executive branch has the power to levy sanctions against individuals and corporations by them on the entity list as the US did against Y. and Z., t. e. last year but such sanctions are typically put in place by the Commerce Department rather than the White House and Senate to specific rulemaking procedures that seemed to have been short-circuited by surprise executive order. The president also has the power to force the divestiture of US companies from foreign ownership through the committee on foreign investment in the United States or. But doing so also requires a specific process that seems to have been discarded in favor of a broader executive order. It's unclear how the order will affect talks ability to operate in the short term unlike Weiwei Z. T. The company does not require licenses to operate its network and nothing in the order seems to require APP stores to seize hosting the APP. However, it explicitly covers subsidiaries of by dance specifically, the US based TIKTOK division, and we'll apply to any and all financial transfers to and from those subsidiaries as a result. TIKTOK. Likely to seek a stay of the order in court or be forced to abruptly discontinue services as it takes effect and quote. So everyone basically scrambling to figure out what all this means. There does appear to be a loophole in the order because the order has a clause that reads quote to the extent permitted under applicable law and quote. But also, as Alex, tweeted quote, if I'm reading this correctly, it obliges apple to remove chat from the Chinese APP store, which would effectively kill the company's phone business in China. China represents a little under fifteen percent of Apple's global revenue. But at the same time, the order says we chat quote has over one billion users worldwide, which means it's counting Chinese users as we chat users given the references to chat having more than a billion users. It's clearly intended to apply to the APP globally I. think that would be substantially more damaging for apple in China then losing Google services was for way in the West. I. Think and yet this is the US government doing it to both and quote indeed, Bloomberg has a piece of art that we chat is banned from the Chinese APP store. The ramifications would be huge because we chat is a communication and transaction cornerstone in modern Chinese life. Being without chat would be a big enough deal for Chinese users as to essentially possibly kill the iphone business in China, and at the very least would probably be a big deal as to go to China into some major form of retaliation. Now tencent owns wechat tencent has a market cap of six, hundred, eighty, seven, billion dollars. Its stock was down more than ten percent afterward of this executive order came down. As Dan primack tweeted quote the tencent we chat order maybe more consequential for us tech companies because it seems to ban any transactions with tencent tencent invest in lots of us, companies including fortnight maker EPIC Games. Let's play this out. tencent has an investment in read it tencent can't do transactions after forty five days. So must tencent divest within forty five days if not, how would it ever sell trying to get clarity on this to end quote? Yeah I WANNA put aside the questions as to whether or not Chinese apps represent a security threat for the moment. I for one have uninstalled Tiktok on my phone because I don't trust it. But more immediately, I think most in silicon valley are watching to see if there is. Any immediate cascading of retaliatory actions by the Chinese that could put a cramp in wet silicon valley can do globally. Sources are telling buzzfeed news that an all hands meeting Mark Zuckerberg told facebook employees that banning tiktok would set a bad precedent code I. Just think it's a really bad long-term precedent and that it needs to be handled with the utmost care and gravity whatever the solution Zuckerberg said. I'm really worried. It could very well have long term consequences in other countries around the world and quote. While noted that tick Tock Band in India in June was being hit. Now he alluded to the idea that facebook products could become a target for another country. Later, he did however sympathize with the trump administration's national security concerns. Quote. I. Certainly think that there are valid national security questions about having an APP that has a lot of people's data that follows the rules of another country government that increasingly is kind of seen as a competitor Soccer Berg said quote.

United States Tencent Tiktok China Executive President Trump Chinese Government Apple Microsoft Facebook Donald Trump Bite Dance India Weiwei Soccer Berg International Emergency Econom
"dan primack" Discussed on Equity

Equity

16:09 min | 1 year ago

"dan primack" Discussed on Equity

"A either a hard hard paywall or a go mass and then run advertising game. You've found some some middle lane between the two and i know you've coming as a publication. I'm sure it's tightened to see but i mean you as i have done well with stuff that i now read all the time and as an active consumer. I'm just honestly hoping you've never been over there. Well the the way the way profound one of our founders roy. Schwartz is kind of the business guy whatever whatever three coach founders describes it as is every media startup has a number a revenue number that they kind of a wall that they hit a plateau and those numbers vary whether you know your mic. It's lower your buzzfeed and it's high and there's this question of. Do you have a theory on how you're gonna jump that wall. We haven't hit that while yet but we know we will and i'm not going to describe it here but we have a theory for how will jump that wall and will either be successful or not but i think when you do immediate start up. You can't just believe oh if we launch like this. It's always going to be up until the right at some point. That's going to just stop stop. The growth is going to stop and you need to come up with a new thing which is gonna get you pass that and get you bigger please. Has there been aside from axios in the last few years. Has there been a media startup startup that really had that kind of growth and has become sort of a household name. If you will not that i am trying to think no we kinda came you know the generation before which is kind of device vice buzzfeed fox generation that there was a lot then no there haven't been many and maybe it's because some of those companies i hate saying they struggle because they haven't you know buzzfeed doesn't hit their ridiculous revenue revenue numbers. Suddenly it's about half a billion dollars in revenue. We'd be thrilled <hes> so it's a great place to be so but no there haven't been many now i mean some niche ones individuals sectors actors. I mean you could argue something like the athletic rate and the athletic is awesome one again like you said you're supportive of you want access to succeed. Of course we want the media companies to succeed. I mean we all work in media so i think for me. I want to see these innovative. Models gained success in athletic is one. I mean just announced what was that. I think we talked about this. Five hundred thousand paying readers take half a million people that pay per month. That is protecting yeah they have. They have enormous enormous newsroom at this point to i mean this is why i pay five bucks a month to medium. I don't actually read much stuff from medium but i want support their their go of it. I mean they're hiring for journalism. Yes except for equity free free to but if you would like my i address you can just send me chats i would like i'll accept them yeah. Yeah i mean like you know or money orders. They're gonna have to pay whilst you and i'm sure the newsletter is going to be. I don't think so not newsletters. I mean not not not what mike's doing what i'm doing. I mean maybe someday in the future. There's been a lot of talk in that's partially our fault from the beginning said alex before so there was all this talk of we were going to have this really high price subscription product and maybe someday we will. I can tell you legitimately. It's not something we ever developed and are not currently developed. You have another newsletter that you charge for no okay. No we don't doc mike. Mike isaac does and that's what you're talking about. Mike allen like no right now access a._m. Access per route access all free and no plans in any near time even long-term to change. I'm thinking about all of these journalists who recently sort of set up their own <hes> platform on sub stack which is why i thought of mike isaac paid his free but i think i think his plan i mean i don't know mike charge. Are you listening. Tell us no. I think maybe eventually may charge for it. I i think that's what a lot of journalists are doing like sort of putting feelers out billion audience and they're going to slap on a paywall yeah. Well i think everyone's afraid of eventually becoming redundant other publication and have defended for themselves and things sub stacks mission. They keep stamping their feet about this. If you can get a thousand people to pay you you can be independent and everyone will however looks at ben thompson living happily in singapore making a lot of money. I would say for me. I mean i could have. I could theoretically do that and probably make. Maybe make more money than i currently make. The thing about is just journalists you guys maybe appreciate this having newsroom people colleagues you work with like there's there's value to that. There is still the everybody worked with different. Expertise has different experiences different sources and so long as you're in a newsroom that is open and sharing of those things and not really really provincial about it. I think it makes the journalism better. I wouldn't wanna do this on my own. I know that i can't copy it very well so i can't do it on my own i i i literally have never tried to even. I've never even been freelance. I mean it's hard to do all of it like if you're if you're doing all the research reporting writing obviously we do that but like then to also add on all the editing like you would do if you're just a standalone party and then that would be really hard all the work that goes to make the tech work. I have a much better understanding ascended now than i ever wanted to. There's an entropy to your online. Set your <hes> your see it will slow degrade over time and then shatter so you have to to be on top of it. Yeah i mean i don't know if you guys i mean we built our own but we have a big team of engineers. I mean there's a lot of them. We are on wordpress wordpress on have a very small team of engineers. <hes> my managing editor is the base news wordpress engineer so that is how many people are aren't axios now as of last check about one hundred and sixty. I bet that surprised people that it's much larger surprises us us. We weren't supposed to be this big and things just kind of went better than expected <hes> so we kind of kept hiring <hes> in i put it this way. It's not that many jobs that we didn't expect to hire for eventually. We just hired them earlier than expected so many of those people are writers and editors. I'm may i am making this up now. I'm gonna i'm gonna ballpark it about fifty total. That's more than fifty on the on the test. Yeah now another fills borough yep yeah but it just goes to show how much work there is not just writing yeah tax business events. You've got events team is fantastic but also enlarge yeah exactly so i i i do i mean i think we are similar in size but i think you guys have definitely taken us and i will say one thing about us. Just from a startup perspective is the theory that japan higher c._e._o. Had was when we started started was that a lot of media. Startups get launched by journalists who are really good at journalism right. They know how to do news and they have absolutely no idea how to do the business side and to build a company so his theory was let's hire. Some people kind of sweet sorts of people that in the early days really had very little to do but we would rather have them in place when we grew to a size where we need them and so far so good. Let's move on to things that have have knocked on wilson dark. We just do a paragraph from the rothenberg v._c. Fiasco story should we give people a reminder of what happened here. I think well he's cook and <hes> yeah. Why don't you give a quick overview okay so i haven't talked about it before on the podcast which is kind of weird that we never talked about it. We may have a couple years ago. It's been a long time so the short version is <hes> not everyone who claims is to hobbs much money as they do actually does <hes> the good lesson to learn early in life one <hes> one person who kind of helped teach me. This was rothenberg rothenberg v. c. Which was a hot firm in the. I don't know the silicon valley scene for lack of a better term <hes> popular in the v._r. Space writing a lot of people making a lot of noise had a lot of big events <hes> they had a yearly event at the giants in stadium in san francisco and i actually went to one of these i got back <hes> at home plate and miss many many embarrassing pitches in front people i didn't know and it turns is out that a lot of that money was being spent wasn't theirs to spend they got into the s._e._c. for fraud for misappropriating funds for taking fees or quote that were way above they're supposed to do and it all came crashing down now. It feels like ancient history but this was really for a moment the biggest thing that was going around in our world. I mean it was you've you've been covering the abroad scandal over there. This is the equivalent for forget is and i mean a couple things about limited partners. Who are the you know. The folks and institutions invest in venture capital funds. You know who do get charged fees generally speaking. Even some of the most sophisticated wants to eight horrible job paying attention to where money is going also don't have a hell of a lot transparency into it. You know oh you get you get asked for two million dollar. Check the two million dollar check because you think that's what you're supposed to do. Yeah in rothenburg i mean he he was a fraud and there've been other frauds and v c. I mean you know oak investment. Investment partners had a had a partner who defrauded his other partners. He did something similar. He basically said you know you get around the table and say well this company. We all want to invest in. They need ten million dollars but they didn't. They need a two million dollars and he took the other eight million and he put it in a different account and and held onto it until that was ultimately seen but with rothenberg kief and tried after the firm started collapsing to come back. I don't know if either of you got the phone call from him or his p._r. People yeah mike's coming back it was just a misunderstanding and now now it turns out it wasn't theft. It wasn't a misunderstanding now. We'll misunderstood and he misunderstood that he could get away with it turns out that he couldn't the paragraph that i wanted to grab <hes> uh-huh anytime you see the reason he thought he could get away with it. There's always a belief that you're going to invest in something they just go. You know you're going to invest in facebook so you're gonna make so much money that you can pay over losses. It's a ponzi scheme in that sense. I'm gonna have so much money. Coming in yeah stole ten million from the no big deal. I'll just put it back in the till when i need to and in this case because a bunch of v._r. Startups awesome v._r. Never quite took office expected that did not didn't happen. <hes> what a what a terrible thesis to be relying on like both v._r. The future like that's well money peas he's and put it into his own zone <hes> v._r. Celebrator and then told them kind of later.

rothenberg rothenberg mike buzzfeed Mike isaac fraud Schwartz Mike allen facebook giants ponzi scheme singapore alex Celebrator ben thompson san francisco managing editor hobbs japan wilson
"dan primack" Discussed on Equity

Equity

09:32 min | 1 year ago

"dan primack" Discussed on Equity

"Do the whole thing in one place fantastic. Everyone don't forget this episode brought to you by shares post <hes> let's move on to a short about ramp so people who have heard the show before we're not talking about brex on a regular basis and then amazing talk about rex so much all right. I apologize it. Just comes up on its own. I dunno brexit wormed armed its way into the consciousness of the stop world with almost record time but could pace right and there's a new company coming out called ramp financial races seven million dollar round. I believe at twenty five million dollars pre and they're in stealth and they're going to quote the same thing as brexit quote the exact same thing so this is competition. Call the i mean it's only natural right given the success that breakfast and so much hype around it of course there's going to be competitors. I don't know a ton about what exactly they plan to do. I think they're very very very early early but they've raised seven million from keith roy adam rothenberg via brought bucks group and co two so you know. I think we'll probably hear a lot more from them. Soon yeah and brexit we were talking before the show show that in boston south station which is like the big train station boston brexit and maybe they still do had a huge billboard on which was weird and arguably a huge waste of money because how many people going through the transition normal people need to start up credit card but but that's considered by visa to be a lot of money san francisco thing they have no here boston spent a fortune on marketing here and again marketing it was years ago when a gillette stadium where the patriots now play when it was but you see when it was being built it was going to be called c._m._g. Stadium which was it like an enterprise internet company time. You said why most people walking in can't buy c. J. can by gillette razor. They can't buy a c._d. Thing same idea why we're weird. It's it's kind of v._c.'s gave us so much. We gotta get it out the door. They want every you know every founder and every hub to have their name on their lips. I think that's probably the goal there. I mean i think that's how it comes up in conversations for stations so much in the city. It's like every meeting you have with a v._c. and s._f. It's like it's mentioned. Just it's on everyone's mind and i think the marketing despite being very obnoxious has something to do with that walk take every single bus. Stop in the city and you put your name and logo on them. People will have higher levels of name recognition. I'm surprised they haven't partnered with their v._c. Firms yet officially partnered like you think about <hes> on the private equity side of things <hes> blackstone and care of these do these big group purchasing product for all their portfolio companies so you know hundreds of thousands employees. I'm surprised there have have been v._c.'s who've gotten special brex deals if if truly partnered with them for their portfolio companies it could be a differentiator for both sides yeah well that brings us back to ramp which is what can they do. This possibly different than what brexit brexit has tons more money a huge finish and timing of an outrage. They have brand recognition. They've named a condition whereas it so fast though i mean i think there's still opportunity here and there there was a time when brecksville v._r. Up going through wisey like in these guys behind ram financial <hes> the previously built and sold a company so they maybe they have experience on their side right. I mean the brex. Founders are both twenty three. They started the company. I think probably i guess at twenty one so they didn't have that advantage. They've a lot of institutional money and support behind them and that's not to be raised race. I think i think what ramble have is. They're going to have new york on their side the senior company that got near v._c.'s s._f. Are the breakfast more bay area so perhaps we'll target. It'll be more of like a geographical graphical war between the two. I mean not excited and we haven't had s._f. Beef in in some time i mean the knicks are terrible so we can't really have a basketball problem so are you. Are you yeah basketball fan. Don't basketball fan which celtics oh. I'm sorry i'm look you shouldn't be starting work our players. Our players aren't all injured. Oh gosh can't participate in. Hey hi al all right. I'm i'm new to the n._b._a. Fan so i can. We'll talk a little bit of smack right but let's <hes> you're like everybody else in the bay area so congrats <hes> i'm actually new sports in general as does a fan so everything all at once and n._f._l. N._b._a. soccer all sorts of things so i am a new fan but it's not because my geographic location you jerk <hes>. Let's move on smartly <music> so this company. I don't know if you've heard of it. It's an app for an aggregating news raised twenty eight million dollar round that valued them at one point one billion so companies is from japan so i think it was all japanese investors they they have twenty million they say a monthly active users in the u._s. and japan and claim to be growing at a rate of five hundred percent per year. This is not a company that i was particularly familiar with but i i was working weekend duty that week at that weekend when this news came out so i wrote about it alex. Have you used this app before yeah. Actually a a little copays news just launched on smart weeks ago so we were kind of excited about that because we heard about half ass was growing. Have you tried it. I have to tell them <hes>. It does not meet my personal needs. I've been told it's it pushes to the top which isn't surprising. I mostly entertainment news so like if you if you're seeking out you know to be trillion informed in politics and tech. It's not great for that. We're just weird people. The three of us are just weird news consumers. I can't even be an hour behind the news cycle. If i'm a smart consumer i'd probably want to check in three times a week and figure out what's going on the i've seen it. I should've before this really look. I've seen it in our analytics every now and then. It's never you know the top but it's in there sometimes ties we're not doing. It actually brings in a lot of traffic i am. I didn't know that either until i wrote this up. One of my coworkers was like oh. Did you know that that's one of our main. You know step brings in a ton of people and i was like really really i guess i never even heard of it until of course of course until it became a unicorn and then you know it's on our radar would see these occasional enormous specs and smart and he's not confused by them and then and now we're on there we see much progressive steady inflow traffic which is nice as publisher <hes> but like i think when a media source flex its muscles like that and shows up in your analytics. Everyone told petition goes. What's this like flip will do that sometimes and everyone goes. Oh my gosh we should get more on clipboard catholic board another one too. It's kind of a surprise. They're gonna show up in our genetics but the reason why i wanted to bring up this particular deal is how much money they're paying. You said they had twenty million <hes> amaze give or take and they're worth <hes> one thousand one one hundred million dollars so that's about fifty five dollars per in a you which to me <hes> and i say this with a lot of places to the world of countries other feels a bit two thousand dish. It feels like a lot of money for eyeballs and dan you're. You're the most experienced going back towards that era family. I got no. I'm saying the oldest if you will most seasoned <hes>. Does this feel roughly like some deals. We used to see back in the <hes>. Well yeah except you know minus. The billion dollars right there were there were there were no billion dollar valuations for startups non zero <hes> that is a new thing yeah i mean i we'll say i mean i think what the argument is is every time there's a media v._c. Back media startup actors including this. I mean what's the thing that causes the most money writers. Write creating the news. If you can can get the same eyeballs not actually have to create the news which is what news aggregation platform are. That's always been their argument. Then that's great the problem with them is is not necessarily much loyalty to them right because what people really want is the best news and if somebody else is able to have a better algorithm or partner with better publications than than they they take that from original original content is what wins well original content. I think matters. I'm simply saying like aggregations. Don't have to pay for it but i think people are a lot less loyal to their aggregate or long-term longterm then they're going to be to a particular writer particular news source well. When you went over to axios you brought a chunk of your term. She audience over to seed perot yeah well i mean yes and no i mean not not literally you know fortune owned by old list just like politico and mike allen's old list when he did playbook but yeah i mean people particularly something reason email newsletters that come from individuals there there is a reader loyalty to that and they will if if they like it they'll follow you <hes>. I hate these term brand but that that exists in this right i mean i took over the tech. Startups cbs weekly newsletter recently and it's just like once a week and it's basically just like here's some stuff that happened and ever since a real person took it over as opposed to like. I don't know how they were doing it. The open rate as taken off absolutely it's the reason why an axe newsletters all of them there they come you know they don't come from axios sat newsletters or whatever they come from real person and literally writing them in it means that you know when you read one of our newsletters whether it's me or somebody else serena freed when you hit reply that goes straighten your inbox that doesn't go into some generic axios. What's been the biggest difference from going from like an institutional media organization. Listen to start at <hes> one was firing everybody in one's hiring people. I mean that's th that's a real one right dying company which was timing which is broken up to tax which is a startup open all cliches growing all the cliches about being able to be more experimental start fast. You know just be able to get things done and a group people. Truly podcasts casas called equity. I mean everybody owns a little piece and not that people can't pay their mortgage with stock options but that matters no one for the most part was getting timing stock and god forbid if you did because it didn't do very well so yeah it's a start up and people can try things be more experimental and i you know we're getting more institutionalized but it's fun is actually it's going to get acquired wired someday. Maybe hopefully someday but we're not. We're not market yeah interesting. They're not dual tracking right here. We're not gonna tell us right now that you've got a big one drops on friday morning. You'll see it. You know what i'm rooting for that as not because it would shock the hell out of me that would be amazing if one drops and i read it in the s._e._c. and nobody's told me that that would be accepted that would be a big shy in general for access to do well because i think the media companies startup if you will that hasn't had to rely on a either a hard hard paywall or a go mass and then run advertising game. You've found some some middle lane between the two and i know you've coming as a publication. I'm sure it's tightened to see but i mean you as i have done well with stuff that i now read all the time and as an active consumer. I'm just honestly hoping you've never been over there. Well the the way the way profound one of our.

boston basketball brexit v._c. gillette stadium japan gillette keith roy adam rothenberg rex c. J. knicks bucks group new york soccer founder politico publisher celtics
"dan primack" Discussed on Equity

Equity

16:00 min | 1 year ago

"dan primack" Discussed on Equity

"I'm tech reporter. Kate clark and i'm joined by my co host and editor in chief of crunch base news alex wilhelm. How's it going alex. I am fantastic. This is a a special day. This is only our second ever full company. If you will east coast podcasts cast we did one in new york back early twenty eighteen but we are here <hes> not just because i live in the providence area which is an hour away <hes> but because dan in here dan hi hey beer yeah. This is fun so you live. Nearby ish ish thirty miles from here. That's about four five hours in boston traffic something like that yeah. I left the smart about two a._m. And now it's about eleven so it's good. He's actually shave twice since he got to the studio. Which is an impressive busy yeah. We're we're getting we. We <hes> we decided decided. It was fun beating l._a. In sports but then we wanted to beat him in traffic too so we've not done that. What what's next pollution. I believe we're getting their political corruption and we'll get earthquakes. Eventually i mean i'm from from providence. Secondly nozoe becomes a corruption and no doubt we we're behind. We're number one. I feel like we should clarify that. This is actually us business editor. Dan pre mac for listeners. I have no idea which dan we may have been referring to <hes> and as we were talking about before the show you've had kind of a i mean an awesome career with just a few different stops. Can you give us a little summary of those. Yes summary <hes> graduated college moved to new york followed. A girl to new york needed a job. <hes> took one covering private debt for like about a half a minute <hes> but it it was the best v._c. Boom so yeah so i worked at what became reuters than i ended up for about six years and join axios before we launched so that'll be three years come october so did you. Eh you wanna be covering private debt or is that the job available to was the job available. I had a ton of people talking san francisco. About how small departments are. We had a tiny little manhattan apartment. The shower stall was in the kitchen in the toilet was what was a closet. We had a double bed but to get the toilet you had to physically get on the bed and get into the throat but it was extraordinarily expensive so i knew the job and and they were paying but you stuck with it. I mean with covering financed through your whole career yeah. It's it's one of those things to me. It's like covering sports or covering politics like their their winners and losers and there's a story behind it happens and there's real life consequences not just the companies you cover that maybe become part of every people's everyday lives but there's lots of money behind that and that's pension funds and all the rest of it. Have you lived in san francisco at all. Have you been able to bypass that. <hes> i bypass new york but i moved here to boston in a one so <hes> it's which is where i'm from originally. I moved back here in one on and have been here ever since so many people. It seems like seeing thank you live in the bay area like people that are like oh. Do you ever come across dan. I'm like no because he lives in. I mean the thing is you. You have a phone and you have a computer. You can do it. I worked for martha's vineyard two weeks ago and i don't think that changed my job at all like you know <hes> yeah. I'm still arguing to do this in providence so i'm glad a dentist blazed the trail ahead for this kind of thing <hes> but let's give dan some shots because we can dan is he writes the pro rata newsletter over to axios which i i have to admit i read every single day comes up. Give axios dot com. Even when kia doesn't i still read it. That's good kids fantastic and also you have a ponca supromega pro-rata podcast five days a week weekdays four days a week monday through thursdays generally <hes> yeah and it comes out every day kind of it around knew a little bit for noon east coast and equity kinda hi to stays true to the venture capitalists theme but you bounce around a bit more you said it's the interaction of like business tech impulsive yeah business second politics is kind of where we go. It's only ten minutes kind of in keeping with the axios does kinda smart brevity aim and yeah and we run through pretty quick generally focusing on one thing not necessarily the top story of the day but something to be honest which interests me that morning all right cool ended ended up before we jump into the show itself. We are here at drift in boston in the back bay neighborhood. I learned to its draft. Yeah and i have a little bit of <hes> stuff to read so adrift all sorts of podcasting and other check it out. It's called seeking wisdom comes out once a week from jeff. Ceo david can sell m._v._p. Marketing dave gerhard and shares what they've learned from building alling drift which is now on two floors in this building and has a new staircase so ghajar drift thinking fast. We are thankful now onto the show. <hes> if you weren't online this week you missed this but if you're online you couldn't miss it so tumbler has been sold for what appears to be a bag of crisps and laundry money two one s f apartment hartman is my favorite analogy on twitter right now so the three million dollars down based on compared to what one point one billion that yahoo paid for it not that long ago but what's amazing is automatic america's not america's best known as the we called intellectual hub of all things were plus the commercial hub commercial health of all things wordpress. I don't don't see the <hes> the overlap super well but i do know that there was some discussion about squarespace competitor. Damn what's up with that yeah so i mean i think the way wordpress is viewing this for those of us. Who are in publishing yeah. We all all know wordpress. 'cause it's this big c._m._s. Kind of almost every blog out there but there's not really a consumer facing side again unless you want to launch your blog. I think their idea is that tumbler becomes it's consumer facing it's inside and also mention squarespace. Both these companies want to go public within a year or two years and squarespace has done this huge consumer marketing thing basically to boost its numbers. Its user numbers for for tha for automatic. This helps them do that. I mean they're adding what four hundred fifty million blogs on day one yet but i mean how many are used. I understand that but it's a good number. I wouldn't even say how many are us news. I'm just thinking about i. I've used workers. I live where i have my entire delight. I've also used tumbler and they're not at all at the same thing. Do you convert tumbler accounts to us again. I mean can imagine people that are out there. That are tumble heads. Whatever they're called dumb blonde bullheads. I looked all morning. There is not a word for these people. I searched on tumbler folks. How about the i don't know anyone that's still using tumbler you taylor swift. There was another great tweet. That was like why didn't taylor swift by it was three million dollars. Which of course she could. She does use it religiously to to communicate. Do you know the snow ski uses it. She tracks what's being said about her and she responds to her fans on tumbler all the time and if you get a response if you're a swifty as with tillers with fan. It's a really big deal when she had her anti scooter braun thing. Whatever a month ago it was that was tumbler. That's where which is to be honest with the first time. I looked tumbler in years. I just didn't supposed to be on tumbler this whole time. I wonder how many employees tumbler has about two hundred and to be back when we talked about that three million dollar price from wordpress automatics point of view. It's really like a fifty million billion dollar price not that they're paying to verizon to buy it but that's the ongoing cost does fifty million a year to staff costs and i presume hosing kassir and that as well i think so yeah so let's go put a big hole in automatics <hes> bottom line 'cause i presume the tumbler doesn't making titanic amounts of revenue hundred employees <hes>. It's not making much money. Obviously automatic believes it can turn not turned tumbler around the way we think of tumbler but i assume that they're synergies that is going to put that in the black. I think they can finally do it right. There was a great piece on tech runs from devon goldway was talking about how i mean yahoo never did anything anything with tumbler aside from like possibly expanding some portion of their ad revenue if if that so i think the hope is that a company that actually understands what tumblers capable i love may be able to figure out the business model but more yeah well. I mean let let's go back in time a little bit so yahoo under the an era of mercer mare which was in a sense a short term rebirth birth of optimism at big purple <hes> they bought her a billion point one and then do much with it never saw much and then yet who sold for a song to. I mean it's like yahoo. Hey i'm with kate on the <hes> who yet maybe it's your east coast accent from. Oregon is an organised research research from pacific northwest too so i don't know what you're doing. I mean i could just be senior rock climbers in my head. I'm hearing the old ads which kind of like a yodeler yodeling is allowed on equity. You can yodel if you're not a chance okay. <hes> this one billion dollars and then later on yahoo was sold <hes> what was the total yahoo price was dead. I want to say it was ten billion but i know that's wrong. That's high. It was cheaper than that a two point eight in my head which was yeah a lot of it was sold for a bunch of money but but nothing compared to what yahoo wasn't remember yahu when it was alone it had this you know had the japan business and had some other things that got spun off the excite baba's i put into a spin to spin co and get rid of that and all that and then it winds up the short story is winds up as part of the media which is what oth used to be merged with l. Essentially your point eight eight three so we were mr the difference <hes> and now it has been sold for for a nickel and this reminds people at the bebo sale when a._o._l. Bought bebo for about a billion can partake nick and sold it for about two million give or take so we've seen this value destruction a couple times now before we fought i mean do people not understand that they can't make certain products mont has better. I don't know i mean it's interesting to me. I remember within twelve months of that. Deal of yahu. Buying tumbler was facebook. Buy instagram and they to me. They're kind of felt the same at the time about a billion dollars social media property and and the same idea right big smart tech company is going to take you money-losing company and we're going.

dan yahoo new york boston squarespace Kate clark san francisco providence bebo tech reporter reuters editor in chief alex wilhelm instagram facebook business editor us verizon twitter japan
"dan primack" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

03:04 min | 2 years ago

"dan primack" Discussed on Recode Media with Peter Kafka

"And he said expect this soon, and we waited, and we waited and we waited and didn't show up. And eventually did look I think there's certain things we obviously bring ourselves. There are certain people who there's certain people in journalism who I think actively don't like what we do just because of the format of what we do. And Santa federal what they think the format of journalism should be with the Trump thing. Look there are if you go through Twitter, and you can figure out how to search with us. There are people who are convinced. We are in Trump's pocket. There are people who are equally convinced that we are as anti-trump is you can be we are either the most capitalistic fascists, or we are communists. I mean that stuff's all there. But there's another real criticism, which is this deliberate. Both sides thing that the the Jim in particular advocates were Mike those as well. That's a crazy stance to have. In two thousand eighteen twenty team. When one side is the devil. It's interesting. I think if you read AM, which is Mike's newsletter, which is the most political daily, newsletters, obviously, and to be honest is probably lead with Trump eighty percent of the time this year at least during the week. I don't think it is as both sides worry as people think, and I say that someone who actively reads it each day and the tests to make sure there's no, you know, to to see if they're Typos and things I want to say, I think he's been fairly critical in certain cases. But I think yes, but often it'll be like boy if Trump just hadn't done these terrible tweets than look at all the accomplishments, you could point that's nothing maybe maybe in. So maybe I'm just being defensive and I don't read them that way as often. I honestly think he's been pretty clear headed about this. I will say this. We are intentionally not reflexively anti-trump or reflexively pro-trump. We don't we don't look at a store and think oh, look something bad happen for the White House to let's make sure we right? Let's make sure we it's more something about happen for the White House. How important is this? Trump tweeted this crazy thing. Well, is it doesn't matter. You know, he's gonna tweet eight times today. What do? We going to focus on her. We're to let's focus on something that we think has some substance to it positive negative or because it's going to impact people in a real way or some of. It's just publicly apologized for the way, you handle the the HBO thing when John and it's so far it's the the Trump should just got now so hard to track. But it was it was affected by was can you invade Canada? Right. No. It wasn't a it was on rescinding birthright citizenship. And so we screwed that up screwed that up. A then there was a subsequent story. I think it was huffpost someone got a hold your slack logs. And and and basically there was a they're all just haters. So ignore them is that is that a fair reflection of sort of the way, you guys think internal. No, it wasn't Nick with that was our editor in chief out and the Johnson. Who was honestly was was joking. It was a much long. It was like a whatever an hour long aditorial meeting. And that was brief point. I get it. Like, I know I think internally we we take criticism to heart. You know swan. And this also got leaked had a much longer internal slack message to the group, and I can't remember how much of it publisher didn't. But. Look, I think we're fairly self reflexive. There's certain things we think are wrong. We thought that some of the criticism. There was some criticism of that interview which again appeared on our debut HBO show with which was the this was I think the word was blue liquor, and that we were just genuflecting Trump..

Trump Mike White House Twitter HBO Jim publisher Canada editor in chief Nick John Johnson eighty percent
"dan primack" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

01:34 min | 2 years ago

"dan primack" Discussed on Recode Media with Peter Kafka

"And I hear these stories, I maybe maybe we're the exception to that. Maybe other people actually think I'm wrong about this. But I know I had we had a conversation at our last all staff, which I think over the summer, and we were talking about taxes taxes related options. And I sat up there and did a Q and A with whatever we had one hundred employees, and they were asking me questions. You know, we were talking about the four nine eight percents. What does that mean compared to you know, the price you see headlines on the share price? If I was leave the company. What would that mean if the company would be sold? What would that mean for we had that conversation? We encouraged that conversation we're in the weeds. I like we'll pull back a little bit of. When when you guys did launch part of the pitch to the investors had been we're going to do this high end subscription product. That would I don't know if that was a pitch the investors that was that was set on stage. No, no. It was absolutely said to the investor to talk to them. And then we asked about it on stage. But, but it, by the way made sense, you'd have a free product that lots of people could use, and then you could eventually have a high pro- thing, which by the way is the politic amount. It is seemed didn't seem controversial at all. I think because we got Jim to say it was going to be ten thousand which I think he was just throwing out there to see what the reaction would be to ten thousand dollars. We would still it'd be a high price product. You guys are a couple of years under this. Now, there is no high priced product. There's no product at all what what what is the land the plan for a subscription product. There isn't one right now. Honestly, I think because we're continuing we're building differently. I think than we initially anticipated. I am going to screw up this number, and I should have known it when I came in we launched two new newsletters today, again, depending on we broadcast, which was.

ten thousand dollars Jim
"dan primack" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

03:23 min | 2 years ago

"dan primack" Discussed on Recode Media with Peter Kafka

"It's a pain in the shadow to being foaming in Brooklyn. They say, I don't do plumbing. And it's way too far for them to travel for me. I like being those are good guys. Are we are? We should we take another break you're smiling. Yeah. Let's take one more break. We'll hear from an advertising, and we'll keep rambling. This is Peter Kafka here to endorse be indeed plumbing, I pay for them of my own money. I'm here with Dan still hanging out. Let's talk about your current job. Well, y'all been talking about on and off you were at fortune. I can think of a lot of good reasons to leave a timing publication, especially we have why did you end up at axios? And how did that happen? So actually us also because Mike Allen called and and while he was in Boston. And he wanted to get together and have lunch. And I to be honest. I missed his initial Email into spam. And I did know Mike what I was reader. I I was a longtime fan we didn't know at politico. Yeah, political, and so we got together and had lunch. I knew they he had left and Jim to hide left political. And we're launching at the time just something right? I think the only media report was they were going to do something. And so my can I start talking a little bit about what they were thinking about. We kept talking I covered both the and the DNC conventions that was summer sixteen for fortune. And they were obviously all their those talk them a bit more. Honestly, I left I wanted to I like. The idea of two things one I said earlier working with smart people thought, Jim Mike, and some of the other people they were putting together with just a smart group of folks who didn't really have a great idea of what they were planning to do at the time. But it was kind of like let's figure this out together in two as reporter. And you know, this you don't you get a bunch of chances. If you want to join younger companies or more established companies this was one of the first opportunity. I'd really had to join something that didn't truly didn't exist was a true white space and was being asked to help figure out what the hell they were going to do next and the pitch to you was the to what you're doing. But something else the pitch to me was we're going to put together a bunch of smart people who kind of have Nisha expertise to cover at the time. The idea was covered politics, healthcare and business, and let's figure out what how we're gonna make this thing work that was the pitch. My perception of it was these guys who created this thing with politico there they had a problem with with the founder, which may have just come to simply down to like calm. I think I think in. You know, you read about nonstop. I haven't really had this conversation with Jim I think it came down to the fact that he never wants to sell. They were kind of founders of a startup that was never never going to realize the value. The in basically, they didn't want to say this because there's less sexy. But we wanna build the thing we built again, maybe better and bigger sort of. But we want to be owners, and we sh we want any want to create value in realize the balance the reason why every single employees got equity, and that's a big deal. Right. You know, you they want everybody to be an owner of this account. Jessica lesson does this information is on paying people inequity and paying them real money because I don't use Rowlett. Yeah. I think she's well, look, I obviously we pay people salaries to make money I've got her mortgage, and I pay it. And that's important. If I wasn't being paid a salary wouldn't take the job. I think equity bring this a startup thing. Right. I think everybody helps people not necessarily row in the same direction. You can disagree about things, and obviously certain people leave. But I think everybody realizes that. What's good for you? What's good for the person? You know at the desk next me is ultimately good for me. I think there's a value to that. And and I think we. You know, we talked earlier about editorial folks, not either knowing what's happening on the business side or maybe not caring. What's happened in the business side? I think it makes everybody care little bit more..

Jim Mike founder Mike Allen axios Brooklyn Peter Kafka DNC Dan Boston Nisha reporter Rowlett Jessica
"dan primack" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

02:49 min | 2 years ago

"dan primack" Discussed on Recode Media with Peter Kafka

"Brand recognition Bramshaw ignition. Right. So this could work for an Airbnb basically made Airbnb Uber. Yeah. Do you think this talked about it? But it's a hard, sell my colleague teddy said, they're all looking at that. Do you think that's likely to happen? I think you'll probably see one at least one someone else try. Yeah. I mean, if only because Teddy's right Spotify they've been on the phone with every company, you mentioned and more. They've been on the phone with at least been taking inquiries. I think somebody else will try because. Yes, Spotify the big question about Spotify was going to be massive stock volatility after they because they don't really even price it after they went public. It's again, the idea that the bankers supposed to do with the smooth all this out there saying we're going to go out at twelve dollars a share. It's going to go up. It's not going to go down. You're paying us a bunch of money to make that happen. And it worked and worked and you guessed bought if I didn't do that. They just had to. Here's what it is. They didn't do that. And the two big differences. I mean, there's a lot as you said one of the big differences is if you're an employee in that company normal, you have to wait, right? You have to wait, maybe three months to be able to sell your. Doc, and that's true for existing investors to the VC's in the way. Spotify did it for the most part. Everybody could have sold on day one or day to day three. So there was huge fear of that volatility, and to you don't have to the banker Fay's, but you know, there are some companies that will make the argument that while they hate the banker fees because no one likes paying a banker that relationship is really valuable going forward. And so the they're paying that fee now, but there's a that kind of proves to them. The banker knows what they're doing the bankers really invested in them really understand their you want in the bankers important once you because you're going to do mergers with them or you can do acquisitions with them or you're going to do another equity razor debt, raise with them. And sometime in the future. It's hard for me to imagine. That's why some banks will take discounts or won't even take a huge amount on the IPO because they want that relationship. Traditionally like, it's a seven percent fee. But if you're an Uber or small about you're paying much less. But again, it seems like it's funny. We have a ton of financial people who show up at our code conference. And the thing we hear from a lot of folks. And we love them all and the thing we hear from a lot of the the the people who operate. And companies is those guys are great. But when it comes when I need to raise money or sell something, I can call them. I don't need to hang out with him. I don't need to have relationships with them. There's some mild derision directed toward them. Relationships still matter. I think so like if you're not look, right? I'm not saying you're not gonna. She's always dishwasher fix. I'm going to call a dishwasher guy, if I know him great. But honestly, I just need my dishwasher fixed. You do. Okay. But if you okay, I'm gonna give you the example in so not my dishwasher guy. So my electricity happens to live down the street from me. I don't have a plumber per se. So I do have when I have an electrical problem. I know Matt down the street is going to come because I know him I've used them before. I know generally how long it takes them to respond the plumber. I look on Google. And I don't know that's gonna take a while. I'm sure I'll get somebody competent in the end..

Spotify teddy Airbnb Bramshaw Matt Google Fay twelve dollars seven percent three months
"dan primack" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

03:14 min | 2 years ago

"dan primack" Discussed on Recode Media with Peter Kafka

"You, and your employees and your show and your current shareholders. Let's let's pursue this little more because you and I are old. So we have seen waves of IPO's always like talking about how the used to go to sports bars and CNBC would be on the sports book tree which again is bananas to think about now. What is the thing that most people don't understand about how IPO's work and what they're supposed to do. Because we're going to see a bunch of this year, most likely, I think most people think that this comes to kind of the first day stock pop, right? There's always so much attention to stop go up ten percent or twenty percent. Or did go up one hundred percent, and that matters to a certain extent, right? Because you know, if a company if the stock price went up two hundred percent in left money on a lot of money on the table in general, the you're trying what the IPO is forced to give you more access to the capital markets later in life, right? You it's easier to raise debts easier to raise other equity. It also rewards, particularly if you were a startup it rewards employees who might have been waiting in case of some of these companies late years for money, but we've been living in world for quite some time now or these companies could raise money without going public who there's been liquidity for some clarity from spending on the company. But you know, there's a lot of Uber. Gazillion is out there. Right. There are based on the the deal that SoftBank did with them at the end of last year. But for years Uber employs couldn't get out accept it. Very onerous terms. Uber. The only way to get out was and this is really in the weeds now, but was a tender through Uber. And I'm gonna make these numbers up because I don't remember them. But if Uber if it's last round was say twenty dollars, a share Uber was saying to employs. Yeah. We'll buy your stock. Fifteen a share. And by the way, if you've left you're going to have to pay a tax Bill on that stock. So you either take our deal you give up the stock or you probably go bankrupt. But broadly, right, if the if you're working for a successful, Airbnb peleton, a real company with with real prospects. It wasn't just a theoretical thing that they were hoping to float and flip does your life change very much. And it's similarly as an investor you've been able to sell those shares for some time, you lightness doesn't necessarily change. I think there's less there's less. I think you kinda now know that IPO's a weird thing. And so think of a company like dropbox, I would bet the dropbox of which has now been public. Maybe a little under a year. I think we write about it less, and that's true for a lot of these companies. They get for some reason less attention wants to become public has kind of like they've they've matured they've they graduated college unless sexy for reporters unless actually flipside is at CNBC could not report on them until they go public, essentially, that's true. That people are watching CNBC's reading all the massive amount of tech media press out there, you let doesn't change what look at it is a financing. It is the liquidity event it gives you a capital markets, and there's some maturity to it. I think particularly you're an enterprise company it tells potential customers, oh, they're real they're sticking around for awhile. There's always a fear even with a highly valued the backup, and it's still private you don't necessarily want to convert your entire system x over to them. Because what if they're gone tomorrow or in a year, one more sort of nerdy IPO questions Spotify when mobile it can this unique to listing way. Why they did? It is interesting. It seems like it has worked did were. They are. Absolutely. Yep. And then they can the conventional wisdom was this could work for a handful of other companies with widespread consumer..

Uber CNBC Airbnb SoftBank Spotify one hundred percent two hundred percent twenty dollars twenty percent ten percent
"dan primack" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

02:56 min | 2 years ago

"dan primack" Discussed on Recode Media with Peter Kafka

"Hey, you suddenly focusing on us with a lot of intensity that wasn't there before look with great power comes great scrutiny. Right. Facebook's pick the day the number two or number three most valuable company in the world. And and look and as for media, they they're they're not just the media company that the thing that a reporter coz home, and they look at their feet to see, you know, the pictures of their kids and their friends like it's part of everybody's life. So for Facebook to be surprised by this. And look it's been an awful year for them. I mean, an objectively awful year for them everything from politics to some of the stuff that's come out. Look, I think some of it's been a little overstated. I thought the definer stuff was way overblown, but in general, it's been a bad year. And you know, what Facebook's had a decade, plus. Run of generally positive coverage. And you know, this is bound to happen. And if if you're in tech, I think I think one difference in tech versus and other industry where you don't really understand. How media works is that at least in startup tacking Silicon Valley tech is that you're used to primarily agile, Tori, coverage getting positive stories written about you because you raised money, which has a weird idea. But it was very commonplace for a long time. And it's also a world in which you again, this is true in most in most businesses, you know, more about the story than the person writing about it. But not only that in in the tech world, right? There's a whole slew of people who are not journalists and putting air quotes around, but are writing in our public in our have a lot of influence, and I mean, I think it's a really interesting ecosystem, but you don't need to depend on the New York Times. Learn about Facebook because you might have an interesting VC blogging about some random guy tweeting about it. And all of that stuff that random guy tweeting might have a not maybe the New York Times as audience, but. We'll have a very substantial audience. Right. And so you go to you that we have to pay attention. It's a different world where I don't know if you're doing plastic extrusions in New Jersey, probably doesn't happen. No, no, look, it's true. It look it. It's one of the reasons a lot of these companies, didn't you know, Facebook is pretty good example, this years ago didn't want to go public, right? And and and the private public thing isn't perfect Uber is still private and they've certainly got their share of scrutiny. But this is a part of it. Right. The the bigger you are in the more out there. You are the more ripe for criticism. You are. It's a reason a lot of companies and see owes. You know, I said for years that when Facebook decided to go public that was going to push a bunch of other companies public as well, if if Zuckerberg is willing to do it man, I think what's happened to Facebook recently will cause some to reconsider. Let's let's talk about that again, not strictly media. But but important to bunch of us, the conventional wisdom is this is the year that slack and Uber and lift and who else Airbnb mayor on her all gonna go out one real recording this release January. Do you think that is still the case? Yeah, it should be. I mean, there's a huge variable. Again, we're depending on we're recording this if the government shutdown ends right now, you know, so lifting Uber, for example, have put in confidential files with the SEC. There is no one to review them right now. Those people are not working. So those documents are sitting on a desk somewhere. So assuming that we get our government back in the next couple of weeks. Yeah. I think this should still be the year..

Facebook New York Times New Jersey reporter Airbnb SEC Zuckerberg
"dan primack" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

03:33 min | 2 years ago

"dan primack" Discussed on Recode Media with Peter Kafka

"We're back here with Dan Freeman gold is out there. Blowing your nose. I go to I made a left to thanks for listening. We left we left on a on a cliffhanger stand it to criticize other journalists journalists at least when it comes not necessarily the business, but but media business, I don't think they understand the business of media necessarily all that. Well, I think one hundred percent of I think a lot of journalists. You know, there's all the talk about the Chinese wall right between the business side and the editorial side, and I think that the majority and maybe I'm overstating this. But the majority of journalists therefore intentionally don't pay attention to the other side of the wall. Wall proud of not knowing absolutely. But then when something goes badly, they're absolutely shocked by it absolutely shocked, and there's a lot of blame to go around. I think look I don't think the average reporter should be out there. You know, hitting the street and selling the ads and being in those meetings. But man, I do think that you particularly at newer companies in the younger companies you need to know both sides. They know what's happening on the other side. I do think in the digital era there people in in part because metrics that used to be non-existent or kept from the the editor -ill side are now very often very public of very often. They're being told to hit metrics, I think people are at least aware of some sort of mechanism. They might misunderstand it this. I don't know when this is going to air, but there's this back and forth about Facebook feels about the New York Times Thomas feels about Facebook. And I do think that something is particular to. I think the Facebook slash Meteo relationship is you did have reporters who had some knowledge or understanding of what? Facebook was doing to their business than reporting on Facebook. The Facebook folks being aware of the guys I think also business, and I said, it's generally not media business. You think business has an awful understanding of how mediaworks LTd phrase how reporters and how editor works the take the Facebook thing. Right. This idea that there's this. This is a this is a story that that don't buyers popped up and really like a two line story. But without any sourcing, I I. mean without on the records rising saying that the Facebook is Facebook people are steamed with the New York Times, they feel that the New York Times is going after them and are doing so unfairly well doing so unfairly in doing so for nefarious purposes that I think the two things right? That it mainly they clicked driven. You know, the the reporters that the times are worried about their numbers personal numbers and therefore writing Facebook stories because they know that will move their needles. It's just not how most reporters do things. I'm sure there are some that do to my knowledge at least from working with reports. Reporters like finding a good story and telling the story there's a little bit more nuance right there. They're literally have been I think are less so in the patch because the business model doesn't work people who are getting paid based on clicks. There's also people two times now who are dedicated Facebook reporters, which isn't something there one. I think the I think the thing that is actually more truthful, and I think the Facebook people don't really get is that you don't get paid based on clicks at the New York Times you by the way, they they are very interested in how their stories perform, socially, maybe less. So and how they convert, but it's there's certainly wear of it. It's that. Institutionally you do get rewarded for big juicy stories that make something happen now. Usually if you've written a big juicy story that makes something happened means was also an accurate story. Yeah. But. And then there's probably a negative piece. Check, it wasn't what a great company Facebook is if you don't win a Pulitzer for that. But you know, for for a long time the times is very interested in the Murdoch business, which again is a very important business to be covering. There's no shame in that. But institutionally they were very consumed with Murdoch, and you it wouldn't be unfair for someone to Facebook to go..

Facebook New York Times Dan Freeman editor Wall Murdoch reporter Pulitzer mediaworks LTd Thomas one hundred percent
"dan primack" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

03:04 min | 2 years ago

"dan primack" Discussed on Recode Media with Peter Kafka

"Although you probably have deployed a lot more than that a lot of that. Right. Like, I mean, you know, all the stories BuzzFeed and vice which in the to get talked about so much edition to Mike, right? Buzzfeed wasn't missed its own revenue. Target limited. I can't speak to Recode. I know for us if we'd had now granted, we don't have the same number of employees. And we didn't have that. Sorry. They made a lot of money last year at least in revenue top line money last year. You know, vice it's got valuation problem. It's still a really highly valued company for a meeting for an, you know, online slash streaming. Whatever you wanna call vice this is all the time. When I read the the litany of terrible things that happened in media, and they both feed, Mr.. Yeah. A lot of money. Again, granted they wish they made more. Obviously that that indicates that they misjudged certain things, but as online VC back media companies go he wouldn't mind being BuzzFeed. So let's focus a little more on that. Because I think a lot of basically anyone who is getting funding for the last couple. Well, most of them who are getting money in the last couple years. Now looks back and goes our peak valuation was twenty fifteen and we're no longer worth what we thought we were worth. And what are investors were worth back? Then in a couple of cases, that's now public right Disney down its valuation invite in vice what does that mean practically for the realities and business, you you, you know, this, you know, this very, well what happens when a VC back company is no longer worth as much as the VC's thought if freaks out employs. I think I think, you know, I don't think that online that media VC back media company employees are necessarily different than a lot of back software, employees, etc. Right about themselves. They don't write about this. And maybe the exception that a lot of those engineers saying the valley have been through three or four of these. So they're surprised with how this works. It was six years ago is today. And I think we look actually back company we we've raised money. So I think people don't necessarily realize that, you know, the value of their stock necessarily be worth less, particularly somebody who joins six months ago or a year ago. I it's it's like any other company. They'll right. It's a morale thing, you always want people have asked me what's the biggest difference joining axios and leaving fortune and the answer is if feels just morale wise, a lot different to be part of something growing as opposed to something shrinking, and I think when you're valuation goes down, I think that fan just permeates through everybody and the big question, I think in media is like if you're at software, you can always find software company, that's growing it's getting an increased valuation. If that's what's important if you're a startup ex. And it turns out your equity is worth not very much of your company sold. You can find somewhere else to find one of you know, thousand companies immediate so much harder. It's harder to do what what is a someone who is frequently writing about other people's business journalism. What is the thing that journalists? Misunderstand about business. Most often. That's an interesting question. I think journal that's a good question. I don't have a great answer to Peter. You wanna think about let me think about that? We write back. Today's show is brought to you by fund rise the future of real estate investing. And I used to write about commercial real estate with my very first job fund rises revolutionary model. Transforms the industry. Thanks to software that cuts out costly middleman and old market inefficiencies fundraise.

BuzzFeed Peter Disney Mike axios six months six years
"dan primack" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

01:31 min | 2 years ago

"dan primack" Discussed on Recode Media with Peter Kafka

"If you looked at at the job numbers, right? He had this blowout jobs number this macro job, number information technology or kind of the information sector was the one area that shrunk. You'd probably know this better than me. But in terms of humans it shrunk Latin December. I it's just not as strong, right? And and it's partially because we don't have the necessarily the same sort of innovations. Right. Like, we come up with new companies, and we might have innovations around model and business model, but we don't have the, you know, the we we don't have the next type of car the next type of smartphone or chip that goes in, you know, we don't we don't have that. New thing new category. Yeah. But but a lot of it, you know, FOX and Disney combining is going to be a shrinking business. They're not going to be a bigger business. They might tell you otherwise. But it's going to be smaller. I was just in DisneyWorld. They seem to be doing very well on that side of the a lot of my money. Yeah. So really, the the online media money is apparently going to to the theme parks. I do feel because journalists are consumed with themselves absolute natural. They also tend to not understand business. Very well. Which is kind of good for me. Because I I don't understand it. Very well. But I understand it marginally better than than some of them. And they'll write about the media Pakalitha Twenty-eight train. And when you stand back bad, right? It's a couple of venture backed business. My high-profile. It's not much money. Right. They raise. I mean, if you're a person who was employed at my terrible. And if you're a person who may be gave them some of the sixty million dollars. It's not great..

Disney FOX sixty million dollars
"dan primack" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

02:59 min | 2 years ago

"dan primack" Discussed on Recode Media with Peter Kafka

"And that's that's to me kind of when it's working the best because a lot, and we can talk a lot about access we will. But a lot of their brand is some of it is scoops. Here's a new thing. You haven't heard a lot of it is these ten things happened in you. Probably didn't read about them. And we're just going to provide links, we're gonna write very brief synopsis of it will provide maybe a line of analysis, and we're going to save you time that the whole Mike Allen rapper saving you time. So how do you balance, I know this arcane detail, I know this one really interesting detail about a deal that frankly, probably only minority of you care about versus. There's a lot of you who don't know very much about a lot of things I'm going to tell you a bit about of all about evolving will so my newsletter, which is pro rata, which is my daily is structured a little differently and mostly access, newsletters, and that's kind of just historical. Just because I I've done it's what I've done it. It's different than the past ones. There's different pieces to it. But it the a bunch of it's the same which is their news blurbs in it. You know, maybe thirty or forty depending on the day, and those are really short, and those those are linked out to other places because I'm not gonna analyzed forty deals in a day. And no one wants to read that in general, I want to my goal with this newsletter is the same as been with any other. I think it's the true for most the newsletter writers at axios, and we've got over a dozen of now I want to tell a reader something. They don't know yet. It and I want to give the I want to make them feel smart when they get to work and feel like they're ready to do their jobs, and when they get to the two things, they don't know most things, right? We're getting a little nerdy on new hundred theory. But like, but you know, there's four or five or six or seven media, newsletters coming and I read half of them. And a lot of them are just like here are the twenty things that happened yesterday be more. I want us to be more. I want you to let me things that you because you were watching football. So you know about this. So I want you to be able to two things when you get to the water cooler in the morning. I don't want someone to tell you something that's happened that you're surprised by like, wow, I had not heard that. So I want that taken care of. And then I want you to be able the reader to introduce something to that person at the water cooler that they haven't heard before. And you do all the solo, by the way the newsletter. Yeah. Yeah. And there's a whole list of deal stuff that comes into you. You're not going on ferreting. It's both some of the comes into me. I've got I think anyone who's done this long enough. I've got kind of a system, and I visit Recode I is at the times and the journal and stuff like that. I would have Hoover up for this thing. Yeah. I go through the wires. And I go through. Filings? There's there's a pattern a lot of people certain things publishes certain times, there's certain things I check at eight AM, and then at nine AM, you know, not in between in how long does it take you to physically construct this the newsletter couple of hours a couple of hours a little ways each of you. It's awful. I I'm up at five forty five. I'm probably at my desk by six five or something like that. But in in the middle of this, I'm making my kid breakfast getting her to school, and, you know, not when I'm in New York, New York, it got a little earlier. And that's because I'm not doing those other things I said three hours beginning to end. Let's go back to the business evacuees in a bit. But let's let's let's let's go from macro to minor the media business. What is different about the immediate Connie versus the general global economy or they exact same worse. Right. I mean somebody and I'm gonna screw this up. I think somebody said that in December..

New York Mike Allen axios football Connie three hours
"dan primack" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

03:14 min | 2 years ago

"dan primack" Discussed on Recode Media with Peter Kafka

"I like having colleagues mean that's a big part of it. Right. So I'm a journalist, you know, at heart, and I like bouncing ideas off people I work with I like talking to them. I like I like working with other really smart people. It's what I enjoyed a lot of fortune. It's the reason I joined axios. And and I think that's probably the reason. I don't do it. I work alone a lot, right? So I work out of my house and I'm in Boston. Whereas in this case, my colleagues are in DC, New York and San Francisco. Yeah. But I like working with people. I I like I like being part of something bigger. I think so we're gonna talk a bunch about media business because it's this podcast about. Well. Let's let's go macro charter bit recording this at the very beginning in two thousand nineteen stock markets up stop markets down. There is a debate about with with what that means for the economy or how tether the economy is. Pronounced for us. What is twenty nine hundred look like overall the economy? That's a great question that I I will admit that. I can't quite answer. I I'm glad that I kind of predicted that the market would turn bearish at the end the last year, which you did I I don't think it's going to be a great year for the economy. I just don't think it is. I I'm a Honey measured by people working in people spend, at least in terms of stocks and probably GDP. I mean, and look that's conventional wisdom stocks are probably not going to have a great year that GDP in two thousand nineteen is going to be lower than whatever it becomes in two thousand eighteen look, I'm a general believer in cycles. Right. I'm old enough that I've been through a couple I was living here in New York. And whatever it was I guess ninety nine two thousand people were talking about the end of cycles. And there was you know, the rooftop parties every night and stuff like that. And you know, he's ever gonna change. And when it changed it changed fast. Be you don't usually know why the changes coming except you know, what's going to come. And I subscribe to that that said there have been people who've predict been predicting the end of this boom for what six years seven years. So. Retroactively, right, boom. You can go back. All right. Well, that was crazy returned the globe dot com and retroactively after two thousand eight yo holy shit. Who did you know what a derivative? Swap was. Now, we do when this assuming we region of a cycle whenever that comes. What is the cause of that? Or is that just that's just the earth turning around on tax? I think it's more of the earth turning on its axis bullet. We're we're seeing signs of slowdowns in global growth. Right. Whatever you wanna say about apple, and is it, you know, the fault of the iphone of the fault of trade tensions. The reality is the Chinese economy is growing really fast. But it is growing slower than it was before. That's a big deal. You're seeing that and other countries we'll see what ultimately happens with Brexit. We'll see what happens with our trade negotiations. But I think there is a slowing of the global economy. And I think therefore that that is a slowing. That's what happens people will want to blame Trump because it's easy to an unusually accurate to blame. Trump for many things is that fair in this case it depends. What exactly happened? It'll be fair. If we ultimate-. Really end up in an actual trade war row Wilbur Ross was on CNBC today. And he said, there's only two things that happen. Ultimately with with the trade conflict with China, which is either they get some sort of deal and very few people seem to think they're going to get one that's beyond window-dressing. And if I'm proven wrong fantastic, or we're just gonna have increased tariffs going both ways for while. That's not going to be good for the global economy for us or for them. And that will. Yeah. That'd be Trump's fault. If that happens, and if it's not Trump swelled, it's just this is you would it whatever economic problems we have were so six years ago or eight years ago, just a natural..

Trump New York Boston China apple Wilbur Ross San Francisco DC CNBC six years eight years seven years
"dan primack" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

03:11 min | 2 years ago

"dan primack" Discussed on Recode Media with Peter Kafka

"You from New York City at our headquarters here, I'm here with Dan, pre MAC sure for MAC for MAC. Let's give us, Dan. The guy I've read forever. That's fine that works. Thanks for coming, man. That's happened. I do not see you nearly enough. So thank you for coming. I know this is a really impressive setup. I was in the box offices years ago. And they did not look like us cleans vacuum. That's a fake plant. Oh, there's a video feed here for reasons. I don't understand how the back and see myself. It's exciting. Thanks for coming. You are of one of my favorite reporters. Oh, that's kind of you say that's the end of the podcast. And now, you're probably going to rip me to shreds. That's just like buttering me up. We don't rip anyone to shreds on the podcast. We do behind the back. I started reading when you were publishing like a p newsletter at Reuters. Yeah. I Thompson financial which ended up buying Reuters. But yeah, I mean starting in two thousand and two I think with my wife started doing his lawyer and then fortune. Then fortune of six years Xia now axios. I think of you as one of the guys who would be successful over you went because you built this following of being a really plugged in guy in business beyond business in the investing world, and is built up a personal brand in back a couple years ago when everyone was very interested in the idea of star journalists going creating their own thing, you should have been one of those guys. Yeah, I happen. Okay. So there there's some history. So go back maybe ten years or so I was going to do my own thing. In fact, I was going to do what became somebody more. Now. Maybe thirteen years going to do what became venture beat. Actually, I would not Marshall who'd been at guess, the San Jose Mercury. Way longer than ten years ago. So he and I were going to do that together. And then I was at Reuters in Reuters, very clearly informed. They were going to sue the hell out of me. If I did that when they found out sue you because zooming because when Tom so Thompson financial buys Reuters. And when that shortly after that happened, the company relisted in the new York Stock Exchange, and like every employee of a big company, you get a new code of conduct or term in the service, or whatever and you sign it because you're an employee, and you don't read it, and it turned out the one of the things in the thing. I had signed was if I was a adviser or executive or something like that of a competitor potential competitor. I was in violation of my contract, which I didn't have a contract, but in violation of my employment. I guess, and I most clearly was and an executive of something we were trying to raise money. There was massive Email trail on that. So I was I was told in kind of no uncertain terms that that they might lose the case, but they would bankrupt me in the process. Okay. So that's the reason to don't do that in the labor. You are guy. Just to be clear got you've. You've had a newsletter. Forever. It moves around a couple of years to go to different job. You have a following. There's a core audience that really depends on you for for the information you provide. So you certainly could leave one company even if you did took zero members from that mailing list. You could regenerate it you've done it. Now. The old companies always on the list. So you could have Dan's fund, Email business newsletter. Tomorrow, if you wanted I could I could move in with Ben and Singapore, and it'd be great let's figure out a better name Benz fun Email newsletter. I could I think to be on..

Reuters Dan New York City executive San Jose Mercury York Stock Exchange Ben Marshall Tom Singapore ten years thirteen years six years
"dan primack" Discussed on Pro Rata

Pro Rata

02:03 min | 2 years ago

"dan primack" Discussed on Pro Rata

"Takes just ten minutes to get you smarter on the collision of tech business and politics. I'm Dan primack. Today's show Fouque's big speed bump on the way to go and President Trump's very challenging electoral map for twenty twenty. But I how Silicon Valley handles sexual harassment. So earlier this month, thousands of Google employees walked out of work in protest of the company's gross mishandling of sexual harassment and assault claims including a couple of situations where the company paid male executives millions of dollars to quietly walk away. Now, one of the biggest complaints of those walking out was around forced arbitration, a policy whereby Google employees claiming workplace harassment are unable to pursue their cases in court. Instead the claims get decided in private by an arbiter, no judge. No jury no appeal no right to ever sue. And that also goes for class action lawsuits now it's a system designed to protect companies, but it's also one that has clearly hurt way too, many employees. So following the walkout, Google, changed course and within. As companies like Airbnb Facebook EBay in square, and there are some big tech companies like Amazon and Salesforce that never had such a policy, but far too many, including big names like Netflix, and tesla and slack continue to employ it. So the bottom line here is there have been concerns about how the metoo movement has been successful in rooting out some very famous bad actors, but not so much when it comes to more prevalent sexual harassment claims by men who aren't household names making big policy decisions like ending forced arbitration is an important step toward that more inclusive goal in fifteen seconds. We'll go deeper on this with axios chief tech correspondent in afraid. But I this axios gives you the news and analysis you need to get smarter faster on the most important topics and are unique smart, brevity format. We cover topics from politics to science and media to tech subscribe to get smarter faster at sign-up dot axios dot com and now back to the program a podcast..

harassment Google axios Dan primack twenty twenty President Trump Fouque Airbnb Salesforce Amazon Netflix assault tesla fifteen seconds ten minutes