35 Burst results for "Four Different Companies"
Blockchain Consultants
Bybit CEO clarifies companys exposure to Genesis
"1 a.m. Sunday, January 22nd, 2023. Bybit CEO clarifies companies exposure to genesis. On January 20th, 2019 renowned cryptocurrency lender genesis global trading became the latest firm to declare bankruptcy in the aftermath of the collapse of FTX. Genesis global trading filed for protection under chapter 11 in New York, becoming the fourth company to do so. On the other hand, the attention of the cryptocurrency community has. The post bybit CEO clarifies companies exposure to genesis first appeared on blockchain consultants.
AP News Radio
Justice Department investigating Abbott baby formula plant
"The Justice Department is investigating the infant formula plant that was shut down for months last year due to contamination. Abbott Laboratories says it's fully cooperating with the investigation into its Sturgis, Michigan facility. Abbott closed a factory after the Food and Drug Administration began investigating four bacterial infections among infants who consumed powdered formula from the plant. Inspectors uncovered several violations at the plant, including bacterial contamination, of leaky roof and lack safety protocols. But Abbott says its products have never been directly linked to the infections, which involved different bacterial strains. Abbott is just one of four companies that produce 90% of U.S. formula. I'm Mike Hempen
Entrepreneur on FIRE
"four different companies" Discussed on Entrepreneur on FIRE
"So Ivan, you coined the term philanthropic investing. What the heck is philanthropy investing? How exactly was it born? Philanthropy investing is someone is philanthropy comes from the being who is a philanthropist investor is a person that invests his money and or time engaging emotionally, which is the most important part to promote human welfare while earning financial return is getting a return getting a financial return for your philanthropy. And it was born in 2009 because I was one day I had a position myself with this belief that I had that I just shared with you that your success needs to be built. It's not built by you, basically you need to be willing to delegate and give the power to our people in order for you to have that success that comes from your creation into the delegation of team members and I in 2009 I had four CEOs in four different companies at that time in Argentina. I had my Toyota dealerships that I still have. I had a Yamaha dealership that I sold in 2011. I had a real estate real estate development company that we completed the projects that were done at that time. And I had a dealer of Peugeot that I saw in 2014. So I had four CEOs at that time. And then I realized wait a minute. I have foresee I am the entrepreneur. I always understood from my early age when I was 14 years old, that the difference between the CEO and the founder are truly feeling hats, truly activities, two different tax tasks to different viewpoints. And so on. And I realized, okay, I need to be the founder if I want this company to expand and I need to be able to have the CEO expand and create in the future of the vision that I am giving them. I am the chief dream officer. I am not the chief executive officer of my companies. So at that point, I realized, okay, but what do I do now as an entrepreneur has achieved remorse? I already gave them the dream. So now I say, well, I need to invest the money that I make. So now I need to become an investor. That's the next stage of life. So I went to the markets. Okay, real estate I understand gold seals were out of that precious metas. I understand cars I understand, but how I multiply the cash into cash into more cash. So I started learning the markets and I discovered I find out in a position that was very sad for me because I said, wait a minute. This is not an improvement of my life. Now I am behind the screen watching numbers going up and down in my screen. What is this? What is this? This is not life. What is my people? What are my clients? What is my stuff where am I CEOs now I am all day behind these numbers going in the computer scene 300,000 becoming 500,000 and becoming a million and this can not be life.
The Herd with Colin Cowherd
"four different companies" Discussed on The Herd with Colin Cowherd
"And rightfully so it's very fascinating. Every angle you can think of from sport to money to politics, it's got it all. I mean, it's a fascinating story. Well, one of the best the second best player in the world is going to live. It's a lock, a $100 million camp Smith is going. And a lot of people are very mad that he's playing in these three tournaments. One of them eventually pays out $15 million to the winner, which he is going to have a very good chance to win. And I've been around several people the last couple days and week that think it's kind of bush league and bullshit that he's doing this and that they can't kick him out. And listen, anyone listening to this, and my generation 40 and under change jobs at rapid rates. We have had. I think the average of someone like 40 years old is like two and a half jobs. From 20 to 40. Honestly, it might be higher. Like my parents generation never changed jobs. They kept their job, their entire life. That is the complete opposite. I mean, I know some people that by the time they were 30, like, worked for four different companies. By the time there is shit, they're my age, late 30s, double that. It's a very, very different culture. But part of that culture is when you earn a bonus, you don't leave until you get that bonus and then you bounce. That's the way industries work. That's the way humans work. Now, companies ideally don't like that, but it happens every day. We don't live in a utopian society. We live in the real world. And when you have an opportunity to get a bonus, whether you make a $100 million or whether you make a hundred $1000, a bonus is 15% of that money, there is not a human alive who wouldn't wait it out to potentially earn that bonus.
Mark Levin
FEE: How Government Created the Baby Formula Shortage
"There's a great site dot com to freedom based site It's a group that's been around since I was a kid It's been around a long long time And of course the propagandists like Buttigieg in the others are out there left and right but as they write here Christina now that's not her All right it cut off on my printer but let's get to the facts Few may realize if a baby formula is one of the most regulated food products in America You know who said that The New York Times Back in March 2021 Christina selenski writing in The New York Times said baby formula is one of the most tightly regulated through pilots in the U.S. With the Food and Drug Administration dictating the nutrients and vitamins and setting strict rules about how formulas produced packaged and labeled Well there's only four companies that do this Well now you know why It's so heavily regulated Nobody can really break into the market Despite these regulations more likely because of them many American parents buy an approved unapproved European formula even though New York Times reporters zelensky notes it's technically against the law There are large Facebook groups devoted to European formulas she writes where parents share spreadsheets and detailed notes on ingredients and how these formulas compare in their U.S. counterparts she notes This was written a year ago Some caregivers report choosing them because European brands offer certain formula options like those made from goat's milk Our mug from Pasteur from pasture raised cows Which are rare nonexistent in an FDA regulated form in the U.S. Other European brands because of the perception that the formulas are of a higher quality
Thyme 4 Tea with Mikita
"four different companies" Discussed on Thyme 4 Tea with Mikita
"I mean by asleep, meaning I was disconnected from my intuition? I was disconnected from my truth. I was disconnected from my purpose. In a sense, I was ignoring my soul, I was really ignoring my soul. I didn't even know what soul is or I didn't even know I was asleep until I woke up, you know? And how did I wake up? Well, life kind of forced my hand. I was fired from a job. I worked at four different companies. My entire time, my entire two decades in the industry, four different companies. I was fired from three of them. So you can imagine the third time, I was like, okay, you've got a pattern. What is it about you? What is life trying to tell you? And so at that point, I'm like, oh, I recognize the pattern was that every time I got fired, I was standing up for myself. It was like probably one of the first, it was one of the handful of moments in my life where I really spoke up for myself. And when I spoke up, I was disowned, you know? And so that was super scary. And then so that third time that I got fired, I was like, okay. I was living in San Diego. And I left my life in San Diego, and I went on an eat pray love journey. Little did I know I was going to go on a self discovery transformation spiritual awakening journey. And let me tell you guys, I did not delve into the personal development work really world. Sorry, I did not delve into the personal development world. Until much, much later in my life until in my early 40s..
Thyme 4 Tea with Mikita
"four different companies" Discussed on Thyme 4 Tea with Mikita
"I mean by asleep, meaning I was disconnected from my intuition? I was disconnected from my truth. I was disconnected from my purpose. In a sense, I was ignoring my soul, I was really ignoring my soul. I didn't even know what soul is or I didn't even know I was asleep until I woke up, you know? And how did I wake up? Well, life kind of forced my hand. I was fired from a job. I worked at four different companies. My entire time, my entire two decades in the industry, four different companies. I was fired from three of them. So you can imagine the third time, I was like, okay, you've got a pattern. What is it about you? What is life trying to tell you? And so at that point, I'm like, oh, I recognize the pattern was that every time I got fired, I was standing up for myself. It was like probably one of the first, it was one of the handful of moments in my life where I really spoke up for myself. And when I spoke up, I was disowned, you know? And so that was super scary. And then so that third time that I got fired, I was like, okay. I was living in San Diego. And I left my life in San Diego, and I went on an eat pray love journey. Little did I know I was going to go on a self discovery transformation spiritual awakening journey. And let me tell you guys, I did not delve into the personal development work really world. Sorry, I did not delve into the personal development world. Until much, much later in my life until in my early 40s..
The Economist: The Intelligence
"four different companies" Discussed on The Economist: The Intelligence
"South Korea's Samsung electronics is a tech behemoth. Its revenues aren't so far behind those of Apple, and it's got a cash pile of a $100 billion. It makes televisions, computers, more smartphones than any company in the world. It dominates the market for memory storage chips. What it does next is down to the company's new head Lee Jae Yong. After a succession as messy as the television show succession, he has big plans. To break into the far more complex and competitive business of making the chips that due processing. That won't be easy, but he said he'll be the last of the Lee family at the helm of the company, and he's got a legacy to build. Lee Jai young, known as Jay Lee in the west and in business circles generally, he's the third generation heir of the Lee dynasty that founded Samsung in 1938. It's a big weight of responsibility. Tamsin booth is The Economist's technology and business editor. So it was actually Jay Wiley's father who really created Samsung electronics as we know it as a giant in smartphones in memory chips in semiconductors. He transformed the firm and JY Lee has the task of taking the company on. And how has that been going so far? JY Lee has had an amazingly difficult Succession. First of all, in 2014, his father Lee, and he was incapacitated by illness. So JY, found himself in charge, but not really with a full mantle of power as it were. And then he became embroiled in a corruption scandal. So in 2015, there was a merger of Samsung C and T and jail industries. These are two affiliates. They emerged in order to help the Succession and in connection with that Jay was accused of bribing a woman called choice in cell, who was a confidant of former president park to get the merger through. He served two stints in prison. In any case, Jay was released in August on parole. He's been very apologetic with president moon stating that this was very much in the national interest. Okay, so now he's out of prison and he's in charge. What's the situation he's confronting? If you look operationally at it, the company's been doing formidably well because the pandemic accelerated digitization has stoked amazing demand for sunny conductors and gadgets and computers and it's just been a huge amount of tech related demand. It's done phenomenally well in smartphones and in memory chips in particular, but those areas are a little bit long in the tooth are already quite dominant in terms of market share. So there's a growth issue. There's a bit of a discount on the stock market valuation that investors would like addressed. There's no doubt that there are some long-term decisions that the company really does look to the family leader to be able to make. So that would be around mergers and acquisitions. And so now you have the sense that with the succession, secured, Jay Wiley can finally execute on his vision. And what is that vision? Well, you've got to distinguish between the Samsung Group and it's not a formal group. It's a sort of a loose agglomeration of affiliates and firms of which The Crown jewel is Samsung electronics. So the group level Jay is very much known for his initiatives in the pharmaceutical industry biologics and also in battery storage. But for Samsung electronics, Jay is leading a charge into logic chips. So how is it that he's going to be able to break into that business? It's not an easy one. Getting into logic is really hard. So Samsung electronics already dominates in memory chips and memory chips are, of course, what you store information in. Logic chips are the brains of computers and devices and success in memory is chiefly about economies of scale, cost, just producing a lot of chips. Whereas the logic business is much more complex from a technology point of view, your engineering, nanoscopic scales. When it comes to customers, they're looking for a lot more customization. So you're having to sort of anticipate customers needs and respond to them. And sometimes electronics is a little bit less used to that kind of interaction. And you've also got a big factor that a lot of people talk about which the to do with the structure of Samsung electronics. So it sort of essentially four different companies. There's a smartphones business, a home appliances business, there's semiconductors. There's also the display or the screens business. And that mix throws up kind of conflicts of interest. Conflicts in what sense? So, for instance, if your Apple wanting to buy semiconductors from Samsung electronics, you're not going to forget the fact that galaxy is your massive competitor for the iPhone. And TSMC, Taiwan's champion has no such conflicts of interest. And you can see that lately just in the last couple of years, Samsung electronics has fallen behind a little bit relative to TSMC on both the technology and the commercial side of things. TSMC has widened its market share position relative to Samsung electronics. But people in the industry are very optimistic about Samsung's long-term position. I mean, they just have the biggest ecosystem of semiconductor engineers. They've got huge capacity on CAPEX, they're spending $37 billion this year on both the memory and logic side. The newest development is that as China ratchets up military pressure on Taiwan, where TSMC is headquartered, there's a feeling that TSMC's customers may well want to diversify away, have more diversified supply chains not rely on TSMC just in case things go wrong and it falls under Chinese control. So that is to say this move into logic chips could also put Samsung electronics in the middle of a bigger geopolitical fight. That's right, again, while JY has been in and out of prison, semiconductor shortages globally have made the factor incredibly strategic. And indeed, one point of worry around the company while its leadership was in a sense a little bit absent that as the geopolitics change and as the U.S. and countries in Europe and China put a massive emphasis on domestic production of cutting edge chips that maybe South Korea would get sidelines somehow it sort of get bypassed in that sort of geopolitical shift. The other thing for Samsung electronics is really important to know is that, of course, China is a hugely important market. The Chinese handset makers buy a lot of chips from the company. And so, you know, you've got a situation where Samsung really needs to try to care for line amid U.S. China tensions. So a mix of challenges and opportunities what's your view on whether mister Lee's vision can, in fact, be brought to bear? Some of that's going to depend on Jay Wiley himself. I think he's got some luck in his favor for perhaps for the first time in a while. The company's just so well placed in the semiconductor industry, which is just a really hot place to be at the moment. And the question of whether it's going to go right for Lee is really crucial. I mean, he's going to be the last Lee family member really in managerial charge, making the strategic decisions. Last year, he declared that he wouldn't be handing on management rights to his children. And this clears the path to the top for Samsung electronics, executives, which perhaps will change the mood a bit inside the company. And whoever it is that does rise.
SuperTalk WTN 99.7
"four different companies" Discussed on SuperTalk WTN 99.7
"You know, because they're these private equity groups. Essentially private equity is a bunch of rich people are giving them some money and they've now got to. They've got to figure out how to get a return, so they're not taking out loans on these properties. No, they're paying cash like we talked about which makes their offer more desirable, But they're also not getting mortgages mortgages on those properties afterwards. You know, they're just continuing to to park their equity, Uh, in these houses, and so they're carrying costs are basically zero. Like they're paying for taxes and insurance. And that's it, right. Right. And so I find it interesting that Fannie Mae, Freddie Mac that they instituted that those fees on mortgages for investment properties and second homes a few months ago, because that seems to be helping out these big guys, because now they have less competition when trying to buy things. Because anybody who needs to get a mortgage to buy a rental property. It's gonna be a lot harder now. Yes, but if you've got all cash, you don't have to worry about that. You're good to go. Yeah, this is you know, this is something that as you talk about the way different things get implemented through policy and stuff like that. This actually stuck out to me that there there is a lobbying organization, which is called the National Rental Home Council. Okay? And the whole point is to look after the interests of these big investment firms like these investment firms that are purchasing homes created this this lobbying organization. So, for example, they're trying to prevent any sort of rent control laws from taking place that allows them to increase the rents on their own schedule, and they can do it, however, they want, even if it's higher than fair market, you know, because some government I mean the government really is trying to figure out a way to make homeownership affordable for people. And so this kind of flies directly in the face of that This is basically turning I don't know how quickly but it's basically trying to turn the country into renters again because if your average person coming up can't save for a house because their rents are so high They'll probably never end up becoming a homeowner. Yeah. I mean, I was telling you before, before the show. My grandparents lived in the same apartment for like 50. Plus years. They never owned a home. Wow. You know, it wasn't a big apartment either, but they raised my dad there and it was until they died. They were In that same apartment. Yeah, it was in a big city, but still, they It just wasn't even on their radar. Yeah, And that's funny how it's different in different countries. You know, this was in Germany. This was Yeah. In America. We, You know, we really prioritize homeownership you know, in in different states, there's even big variations in homeownership, which you can just tell based on You know some of the different cultures, you know, in different states, and so, uh, we really prioritize that. And unfortunately, you know, this is really kind of going going against that ideology that most Americans hold, you know, uh, freedom of life, Liberty and the pursuit of happiness. Right? Originally in the drafting the Constitution is, yeah, the pursuit of land the pursuit of land as opposed to the pursuit of happiness. And so now that's kind of it Almost seems like it's slowly being taken away from people and then It seems that way. I mean, it's happening here. So in spring Hill with since 2010 or so I think something like, uh, 5% of all homes sold or now rentals and they were sold to big companies, like four different companies kind of bought up. Almost entire neighborhoods in Spring Hill. Wow! And right away, started raising rents. There's one story about a guy who actually wrote to one of the big companies saying, because they kept raising his rents and raising his rents and raising his rents, and he's like Crying uncle. He wrote them a letter saying, Please, can you make this not happen as often because it's killing us? Yeah, and he said he didn't hear from them for, like a year And then finally, they responded, and they knocked 20 bucks off his room. Wow. Thank you. Oh, man, That's unfortunate. So, yeah, So that's that's just right here in spring Hill and like entire neighborhoods, just like this one. I just described you up in the White House. Yeah. Unfortunately, I guess this is just kind of the new reality with housing, you know, eventually private capital and and Professional capital, I guess is really the term, you know Wall Street. Sure, a big investment banks. Things like that. You know, they've got to figure out how to get a return and and the U. S real estate market has continued to be strong. I wonder if that's a result of the lower interest rates. So now this is going to be give them a higher return on their money, then Investing in mortgages and that kind of thing because the rates are you know, they're still fairly low compared to what they were 1980. What was that night? We talked about last week. 1982. I think I think it was 80 to 18.4% was the high back then. Mortgage rate. Yeah. So I wonder if that has something to do with it. Yeah, that would be interesting to know if these people used to be investing in mortgage backed securities are now just buying houses, man running him out. All right. We got to take a quick break. But we're going to come back and let's let's talk a little bit about the kinds of houses that are available for starter homes. So because actually, some of that might surprise you. So come on back to Heino. Some show Yeah. Mm. Business.
AP News Radio
US Opioid Lawsuits on Verge of Settlements With 4 Companies
"Opioid lawsuits in the US are on the verge of settlements with four companies a proposed to twenty six billion dollar settlement between state and local governments and the three biggest drug distribution companies in the United States plus drug maker Johnson and Johnson appears close at hand lawyers for local governments announced Tuesday they are on the verge of a deal under which Johnson and Johnson would not produce any opioids for at least ten years additionally AmerisourceBergen cardinal health and McKesson would share information on prescriptions in an effort to stop the flood of pills if approved the settlement will likely be the biggest so far in litigation involving the opioids epidemic hi Mike Rossio
Biz Talk Radio
"four different companies" Discussed on Biz Talk Radio
"Have your people around You who get the vision of the company? And are there even just the moral support even if they're not their feet on the ground with you inside the company day to day. They're there for moral support, but also build up the community in relation to engaging with others. So whether that's volunteering in the community and spending time there or joining a professional organization, I'm personally part of the white. You see, which is young Entrepreneurs Council and we have a private Facebook group. That's only what you see members and so you can type in there. Um, you know, Hey, I'm having problem with an employee and a B and C happen. Has anyone encountered this before and you will have people who jump on there and you have an association of people that can help you out exactly Right. How has being resourceful Reviewing business. And how do you think other people can learn to become more resourceful when we live in an economy where we have more access to resources, and we've ever had before? Exactly right, just taking that really holistic view or even just scaling up and taking a bird's eye view of what are you doing? Why are you doing it? And where do you want it to eventually go. If you can't answer those three questions about what you're doing right now, you better sit down and figure it out because you're not going to be your not being able to grow. You're going to constantly hit roadblocks and then have excuses for why it won't work. Do you have a big big y Purpose. Just a simple yes or no? Because time. Another one. Yes, he did. Okay, so you both, you know, you and I both know that having a big why is like feeling up your gas tank. You're only going to get your tank filled. And then after for some people might be a couple months. Some people might be a few years. Some people might be for decades, but eventually you're going to get to a place where if you're not focusing on your Y and constantly checking in on it, you're not filling up your tank. You're gonna run out of gas eventually and This could be called purpose. This could be called passion. This could be called happiness fulfillment. Whatever it is, I see people hit it all the time they burn out as an entrepreneur. So how does somebody make sure that they establish and understand and have a really clear why in purpose and then make sure that they're constantly checking in with that. I think when you establish a lie and really dig down deep If it's from a place of service. It's going to be replenished. So whether that's somebody who says, you know, I really want to build something important for my family. I really wanna make my parents proud. Or I really want to find a way to give back to the to society or the community. If your why is built somewhere in a place of service, it's going to keep replenishing itself. So during my time as Miss Las Vegas, Miss Nevada I did over, 500 parent says, and the Las Vegas and Nevada communities and so I was out reading at school. I was volunteering at hospital. All I was out engaged in the community and that filled me up every single time I had a chance to be out and be around people and be around the community. It reminds me of the saying the secret to living is giving. Yes, yeah, It's so true. How important do you think it is as an entrepreneur to make sure that you stay hungry? I was interviewing Daymond John recently from Shark Tank and he said The number one key that separates super successful entrepreneurs from average entrepreneurs is how hungry they are. And so for you. How important is being hungry? As an entrepreneur? You got four different jobs. Four different companies that you're working with, right? You've got to be hungry. You gotta stay hungry. Yes. It's so important, and I think with that motivation that you have internally it's simply because you want more. You know that you're capable of achieving it, And I think that's important to to have that self confidence and that self belief that you can be resourceful even if you don't know how to do it yet you say yes, you figured out later, right? And that's a real thing. And I think if you have that confidence, it'll keep you going. All right. So you've Been on stages before whether it's for your pageant for speaking for different companies, or we're going in the community like he did, so this should be easy for you. I called the stadium pitch right, You walk out on stage, You've got a giant auditorium full of entrepreneurs and aspiring entrepreneurs. And they're all waiting for you to share your best advice every with them and 30 seconds or less. So take the stage. Hard work beats talent when talent doesn't work hard. I don't claim to be the smartest person or the most capable person. But I do have a really strong team around me and I have a work ethic and I think when you have an opportunity to really show that and just get in there and have feet on the ground, then you know it's it's regardless of, um Regardless of whether people think you can do it or not. You just figure it out and you get an opportunity to shut up. I love that. Did you ever have mentors on your journey for me? I would not be where I'm at right now. If it wasn't for the mentors, I have absolutely I've had so many. Actually. What was some of the best advice they give you as we come to Iraq. This home run for us. Yes. Um, One of my mentors would email me every few weeks, and he would literally just put two words slow down, slow down period. That was the body of the email every time Yes, And it was great because it reminded me to you don't have to, like, physically slow down, but just take out mental check and realize, Okay, like, Let me take one thing at a time. Let me be present in whatever project I'm working on right now, at this moment, and then you can move on to the next So that as an entrepreneur, that's really great advice. Because now we're also impatient. Yes. So slow down, Lisa. Thank you so much for coming on the show..
Biz Talk Radio
"four different companies" Discussed on Biz Talk Radio
"Tell us what are the different for companies that you have? Yes, that we are in the cupcake industry somewhere industry. Real estate industry and marketing app. Okay, what's the hardest part about juggling four different businesses? I have, though. Well, you know, I think the hardest part is just making sure that all the companies are growing and selling each of those need the focus. Each of those need the time that's put in to sit down and dedicate to it. It's like four Children. And that's why you have to have a partner. That's you know, you can't do this alone. Just like this is it, you know, takes a village right. Same idea with businesses. You need a strong team. You need partners. You need operational staff. That's there, and that's Tans and feet on the ground so that you can have the more large scale vision to keep the company moving forward. So what would you say are three traits that every entrepreneur starting out must know. Before they get started. Three traits. I think they need to make sure they have a strong sense of self figure out your Why Why are you going into business in the first place? Why are you creating something? They just get in and be like I'm trying to make money I want to do this. It's not just I want to be an entrepreneur entrepreneur doesn't mean anything. Find a purpose to serve that's greater than yourself was what I say. Don't just make money, make a difference. And so figuring out how you can get into the business world to actually contribute and impact. The world is so much more important than just getting in to make money. Exactly And just finding out, you know, kind of mapping out to what do you want to do with the business? What's your end goal? This is something I want to build and sell. Is it something you want to keep it the legacy and packed down your kids? There's really only like two different types of businesses and you were touching on my There's a lifestyle business. One that kind of allows your lifestyle to be funded through your business. In which case you can hand that down to family and the other type of business is one that you build strategically from day one to sell, and so which ones are you doing right now for your business? Is what I want to ask you after, but you got to go through the three steps, though about secondly, um, figure out who you want on your team, even if it's just that that one operational person about one strong person figure out who you want on your team and get them. Well, look at social media. Look at everything that they're doing already. And what are they already putting out Because as a business owner, you are the face of your brand, even if you are not the face person or not. I love that number three, though. The third one I didn't forget number three, um, really take time to consider how just as you touched on how you wanted to impact your community. So is it. Is it a type of company that you think could have a global impact? You want to take an international ticket public? Perhaps domestically, Or is it something that you want really local specific specifically regionalized really localized And you wanted to have that impact. Just there in your community that you live and work in, okay? So let's go to company culture because I can only imagine that between four different companies, you either have a lot of similar company culture or depending on how your partners are running the business. If you're not the one that's fully in charge of the operations and things like that. Maybe you've got some different company culture. But you tell me, how does the company culture look like in your business? And what are some best practices that other people can learn to adopt? It's actually the farmer that you had mentioned very, very similar in the sense that with all the companies if you're talking cupcakes Penthouses, swimwear. Whatever it is, If you scale up and take a bird's eye view, every single one of them is some sort of product that we're selling. And so as a result, all the culture has to be very customer service oriented. The customer comes first. We'll figure out what the customer experience in every business hopefully, right, Absolutely. And I think people who say that are who say the ladder of it. It's very, very difficult for them to scale and grow their business because they're just so focused on, you know, kind of more immediate needs. But you really don't get what the customer Once only the government would probably say that it's the opposite. No running really well, and they're running fantastic. So I'm curious to know four different businesses. Right? Which one is the most profitable? You've got swimwear. You got cupcakes got real estate. So which one is the most profitable? I would be shocked if it's the cupcake business over the real estate business, especially since you said it's thriving in Vegas, but tell me which one is Well for gross sales. It's definitely the real estate. Um, just because this is a really hot time in the market right now. I mean, we just close capitalized on. It was here exactly Right. We just closed out a huge quarter this past quarter for us. Thank you. But as far as probability on our margins, the swimmer actually is the most profitable and that's simply because we're able to Buy low and sell high. Yeah, What about the cosmic business is the is the fun part? And what about cooking business is the hard part. I'm assuming alcohol cupcakes. The really, really fun part and the best part. That's what I love about since the cupcakes is that we are the party. We get a chance to be part of everyone's celebration. So when you're coming to Las Vegas, whether it's a birthday party bachelor party, a spur of the moment party, whatever it is, there's a reason you're coming and we get to have our product to be part of your special occasion. I love that. So when you're growing a business finding partners is absolutely key. Creating great company culture is key. But what do you think about raising money? I think nowadays it's a trend. I think a lot of people see Shark tank and they see incubators and all these different things and silicon values in the TV show. Now there's all these things and it's just Reinforcing the trend that being an entrepreneur and raising money that's the cool. That's the hip thing to do. It's trendy, but when do you know it's the right time to raise money for me? Personally, we bootstrapped every single one of the companies so It was never in my mind to go ahead and raise money because I didn't want to feel like I was giving away the company. When you're raising those funds, and you're taking an investor's They're taking equity in the company in exchange for their that money, and you already value valuing the company before you even had a chance to really test the market before you've had a year or two in sales. So for me, bootstrapping just was in my nature and that Taiwan to do things I do think there are some great resources available. Her funny love it. Bootstrapping is in my nature and you're over here rocking the red bottoms all dress. Well, that's from my Miss Nevada date. But, you know, I think there are some really great opportunities for funding and Especially with like the title three that just got past that huge and crowdfunding is such a big thing now, too, with Crowdfunding that supplies you don't have to give away equity in your company and you are able to take in funds from from people who want to help you. I love that. So have you guys ever done any crowd? Funny? No, we have not. Like I said, we bootstrapped all of our companies. We run operations. We ran operations really, really lean in the beginning, and we still are fiscally responsible now. Um, but I think it's something to consider later. If you want to scale, I think money can be used as fuel. And so even with the cupcakes, for example, we've had some imbalance and we're considering Only taking in funds so that we can scale quickly again to reach our target of selling. Okay. What is the most difficult part that most entrepreneurs struggle with? When they're getting started? You started four different businesses. You've been a part of for right now. So I think you must know the most difficult thing that people typically encounter when the first Getting started on their entrepreneurship journey. What do you think it is? But I've heard a lot from people. It's just a feeling of loneliness or feeling isolated and what's nice is to of course, like I said, one realize you don't have to do it alone. Even if you are sole founder and sole CEO of your company. You don't have to do it alone. So have your network..
Biz Talk Radio
"four different companies" Discussed on Biz Talk Radio
"Of service. It's going to keep replenishing itself. So during my time as Miss Las Vegas and this Nevada I did over 500 appearances in the Las Vegas and Nevada communities, and so I was out reading at schools. I was volunteering at hospitals. I was out engaged in the community and that filled me at every single time. I had a chance to be out and be around people and be around the community. It reminds me of the saying the secret to living Is giving. Yes, yeah, It's so true. How important do you think it is as an entrepreneur to make sure that you stay hungry. I was interviewing Daymond John recently from Shark tank and he said The number one key that separates super successful entrepreneurs from average entrepreneurs is how hungry they are. And so for you. How important is being hungry? As an entrepreneur? You got four different jobs. Four different companies that you're working with, right? You've got to be hungry. You gotta stay hungry. Yes. It's so important, and I think with that motivation that you have internally it's simply because you want more. You know that you're capable of achieving it, And I think that's important to to have that self confidence and that self belief that you can be resourceful even if you don't know how to do it yet you say yes, you figured out later, right? And that's a real thing. And I think if you have that confidence, it'll keep you going. All right. So you've Been on stages before whether it was for your pageant for speaking for different companies are going in the community like you did, so this should be easy for you. I called the stadium pitch right, You walk out on stage, You've got a giant auditorium full of entrepreneurs and aspiring entrepreneurs. And they're all waiting for you to share your best advice every with them and 30.
Biz Talk Radio
"four different companies" Discussed on Biz Talk Radio
"In which case you can hand that down to family and the other type of business is one that you build strategically from day one to sell, and so which ones are you doing right now for your business? Is what I want to ask you after, but you got to go through the three steps done about. Secondly, um, figure out who you want on your team, even if it's just that that one operational person that one strong person figure out who you want on your team and get them well, look at social media. Look at everything that they're doing already. And what are they already putting out Because as a business owner, you are the face of your brand, even if you are not the face person or not. I love that number three, though. You gotta get the third one. I didn't forget number three, Um, really take time to consider how just as you touched on how you wanted to impact your community. So is it. Is it a type of company that you think could have a global impact? You want to take an international take it public, perhaps domestically, Or is it something that you want really local specific specifically regionalized really localized And you wanted to have that impact. Just there in your community that you live and work in, okay? So let's go to company culture because I can only imagine that between four different companies, you either have a lot of similar company culture or depending on how your partners are running the business. If you're not the one that's fully in charge of Penthouses, swimwear. Whatever it is, If you scale up and take a bird's eye view, every single one of them is some sort of product that we're selling. And so as a result, all the culture has to be very customer service oriented. The customer comes first. We figure out what the customer experience in every business hopefully, right, Absolutely. And I think people who say that are who say the ladder of it. It's very, very difficult for them to scale and grow their business because they're just so focused on, you know, kind of more immediately. It's but you really should get with the customer. Once only the government would probably say that it's the opposite. No running really well, and they're running fantastic. So I'm curious to know four different businesses right Which one is the most profitable? You've got swimwear. You got cupcakes got real estate. So which one is the most profitable? I would be shocked if it's the cupcake business over the real estate business, especially since you said it's thriving in Vegas, but tell me which one is well for gross sales. It's definitely the real estate just because this is a really hot time in the market right now. Now. I mean, we just closed. Capitalized on it was here. You know exactly right. We just closed out a huge quarter this past quarter for us. Thank you..
WGN Radio
"four different companies" Discussed on WGN Radio
"It be is a song that is sung by Paul McCartney. Here. Listen, Spartacus. Okay. I called Joe Bryant. I'm like, What's your mom's favorite song? And he's like, Let it be okay. I didn't ask who the artist was. All right. So for the love of God. We're going to play. Let it be whoever the hell sings it things it he's a beetle, which I know Gino can help you get rid of and eradicate them. So in honor of Joe's mom, Diane Who lost her life this week. We're going to play. Let it be because that was her favorite song. I don't care what the house sings it. So relax. Yeah, I'm sure I'm sure. Paul McCartney is very proud of the 773 texture for for clarifying that for everybody. All right, there you go, Joe Brand even chiming in. Thanks, Joe. I appreciate that and make sure your family's listen at the end of the show because You have a nice little tribute at the end and the other lady who? Uh, Well, I guess we should assume It was it was a lady Jo. Where was that? Where was that One with the, uh 11 51 11 51. Okay, 11 51. Stop! 847 Stop! Just stop. I'm trying to put on my make up. And I'm crying too much so there, So listen guys put on my makeup too. So I don't want to make any assumptions. 3 72 103 129817200 go to WGN. David dot com Robert in your car. How are you, Robert in your car. I'm doing much better than I was last Saturday night. Let's put it here that way. Okay. All right. I think you know, I sent pictures. And I don't know, David, if you some on the, uh oh, wait a minute. Are you wait a minute? Yeah, that's you. Okay, So you had a fire right? Yes, I was in a fire. Okay, So hang on. Let me set this up birthday present, wasn't it? Yeah, well, hang on one second. We got a text message here. Four Pete from 773. And and it was a building that looked part out. I called Pete ovaries against one of your listeners here who called us because you had a fire last week. So what happens? Is everybody okay? My dog made it out. You can see the picture of the dog. I wasn't home. I was out to dinner. Oh, my God! Home. The fire department. And every single window in the house broken out. My God. So how big is the house? Pete? The two story full basement three bedrooms correct me if I'm wrong, but full house fire I mean uninhabitable. So can you So is that rebuild? Able Yeah, Yeah, We're helping them out, and we're going to go in there were working with him with his insurance and you know, it's a full gut rehab situation. So you listen to the show, Robert. Go out for dinner Bite to eat your dogs alone in the house. You come back your dogs on the front line with friends for my birthday, uh, with and I'll mention the name Robert Cogan from Kogan Construction in the American apartments. You probably know David and, uh, come back to the house. Eight o'clock at night. I left it sick. And this is what I came home to. My gosh. Like my insurance agents. I called them from from the house. I would Totally and another and cloud night. Sure shot and I was in shop. But my insurance agent, uh, death through insurance. And, uh, weren't sure if I travelers Death Co Gave us a lift above four different companies to call to clean up and take care of this situation. The first one on the list with JC restoration and, uh, David said. Beyond a doubt. This is the only one I really recommend for you guys to you. I called. We called, Uh, Andrea On Sunday morning. Sunday afternoon college at the House. Mhm. I went out to that one. He went out. Directly to the house Sunday afternoon. I met him there with my sister. We walked through the house. Pizza guy came in with, uh, the matter for technology to completely measure everything and get the ball rolling. And that's something that believe it or not, Travellers said. They don't do they rely on an outside party to take care of that so that they could do the restore. And get it done. And I mean, I can't say anything better. About how I've been treated the compassion, the kindness. Pete and his company. Nice. Well, thank you, Rob. We appreciate you. Can you rebuild it? I mean that for our listeners out there that is, every single window is gone doors off. There is black, but I mean, you can see the black sit on the outside of the house. That's re buildable and you guys are going to rebuild. Yeah, This is an extreme fire, and I'm thankful no one was harmed. But, yes, it's going in checking out the electrical removing building materials that are burned up, replacing them. It's a process. Hey, Robert, Thank God everything Everybody is okay. The house can be rebuilt. Can't replace a dog their bodies. I'm glad your dog safe and I'm glad you called JC restoration. Glad you listen to the show. There's another example of having you on speed dial guy goes out for a sandwich. Six o'clock at night comes back eight o'clock, and the firefighters are there. Five on his birthday on his birthday. The firefighters are waiting for you to come back after you have a beer and a hamburger with your friends. They're knocking the doors doubt saving your pet saving your dog and running through the house, knocking things open. You've got to lock our number and you have to 809 56 88 44. Last time I built what I lit up my birthday cake. I called the fire department ahead of time. Yeah, just just saying, just saying it was pretty proactive Kindles. You got going there and they and they got wood fired apart, says Joe again, Joey, with 29. Another year goes back another year. Another birthday cake. It's all goes birthday. Get ready. Get the tower truck out there. He's got seven acres compensated. 312981 72 100. You're listening Home, Sweet home Chicago and am 7 20. W. Jim Oh, W key. If you've got an insurance question, you could talk to your nana. But she'd probably just tell you how she insured her couch from stains by covering it with plastic. Or you could talk to your local Geico agent. They'll give you a different kind of warm and fuzzy with personalized assistance for.
Biz Talk Radio
"four different companies" Discussed on Biz Talk Radio
"Today, they're there for moral support, but also build out the community, um in relation to engaging with others. So whether that's volunteering in the community and spending time there or joining a professional organization, I'm personally part of the white you see, which is Young Entrepreneurs Council and we have a private Facebook group. That's only what you see members and so you can type in there. Um, you know, Hey, I'm having problem with an employee and you know, a B and C happen. Does anyone encountered this before and you will have people who jump on there? And so you have an association of people that can Help you out exactly Right. How has being resourceful served you in business? And how do you think other people can learn to become more resourceful when we live in the economy, But we have more access to resources that we've ever had before. Exactly right, just taking that really holistic view or even just scaling up and taking a bird's eye view of what are you doing? Why are you doing it? And where do you want it to eventually go. If you can't answer those three questions about what you're doing right now. You better sit down and figure it out because you're not going to be your not being able to grow. You're going to constantly hit roadblocks and then have it. Excuses for why it won't work. Do you have a big big y a big purpose? Just a simple yes or no? Because I have another one. Yes, you do. Okay. So you both, you know, you and I both know that having a big why is like filling up your gas tank. You're only going to get your tank filled and then after for some people might be a couple months. Some people might be a few years. Some people might be a few decades, but eventually you're going to get to a place where if you're not focusing on your Y and constantly checking in on it. You're not filling up your tank. You're going to run out of gas eventually. And this could be called purpose. This could be called passion. This could be called happiness, fulfillment. Whatever it is, I see people hit it all the time they burn out as an entrepreneur. So how does somebody make sure that they establish and understand and have a really clear why and purpose and then make sure that they're constantly checking in with that. I think when you establish a lion really dig down deep. If it's from a place of service, it's going to be replenished. So whether that's somebody who says, you know, I really want to build something important for my family. I really want to make my parents proud. Or I really want to find a way to get back to the society or the community. If your why is built somewhere in a place of service, it's going to keep replenishing itself. So during my time as Miss Las Vegas, Miss Nevada I did over, 500 appearance says in the in the Las Vegas and Nevada communities. And so I was out reading at schools. I was volunteering at hospitals. I was engaged in the community and that filled me up every single time I had a chance to be out and be around people be around the community. It reminds me of the saying the secret to living is giving. Yes, yeah, It's so true. How important do you think it is As an entrepreneur to make sure that you stay hungry? I was interviewing damage John recently from Shark Tank and he said The number one key that separates super successful entrepreneurs from average entrepreneurs is how hungry they are. And so for you. How important is being hungry as an entrepreneur got four different jobs? Four different companies that you're working with, right? You've got to be hungry. You gotta stay hungry. Yes, it's so important. And I think with that motivation that you have internally it simply because you Want more. You know that you're capable of achieving it, And I think that's important to to have that self confidence and that self belief that you can be resourceful Even if you don't know how to do it yet you say yes, you figured out later, right? And that's a real thing. And I think if you have that confidence, it'll keep you going. All right. So you've been on stages before whether it was for your pageant for speaking for different companies, and we're going to the community like you did. So this should be easy for you. I called the stadium pitch right, You walk out on stage, you've got a giant auditorium full of entrepreneurs and aspiring entrepreneurs. And they're all waiting for you to share your best advice, every with them in 30, seconds or less. So take the stage. Hard work beats talent when talent doesn't work hard. I don't claim to be the smartest person or the most capable person. But I do have a really strong team around me and I have a work ethic and I think when you have an opportunity to really show that and just get in there and have feet on the ground Then you know, it's it's regardless of, um it's regardless of whether people think you can do it or not. You just figure it out and you get an opportunity to show that I love that. Did you ever have mentors on your journey for me? I would not be where I'm at right now. If it wasn't for the mentors, they have absolutely. I've had so many, actually. What was some of the best advice they give you as we come to a wrap this home run for us. Yes, um One of my mentors would email me every few weeks, and he would literally just put two words slow down, Slow down period. And that was the body of the email every time Yes, And it was great, though, because it reminded me to you don't have to, like, physically slow down, but just take out mental check and realize, Okay, like, Let me take one thing at a time. Let me be present in whatever project I'm working on right now, at this moment, and then you can move on to the next No, I love that. And as an entrepreneur, that's really great advice. Because now we're also impatient. Yes. So slow down, Lisa. Thank you so much for coming on the show..
Biz Talk Radio
"four different companies" Discussed on Biz Talk Radio
"Tell us what are the different four companies that you have? Yes, that we are in the cupcake industry summer industry. Real estate industry and marketing app. Okay, what's the hardest part about juggling four different businesses? I have to go? Well, you know, I think the hardest part is just making sure that all the companies are growing and selling each of those need the focus. Each of those need the time that's put in to sit down and dedicate to it like four Children, and that's why you have to have a partner. That's how you know you can't do this alone. Just like this is it takes a village, right? Same idea with businesses. You need a strong team. You need partners. You need operational staff. That's there, and that's Tans and feet on the ground so that you can have the more large scale vision to keep the company moving forward. So what would you say are three traits that every entrepreneur starting out must know. Before they get started. Three traits. I think they need to make sure they have a strong sense of self figure out your Why Why are you going into business in the first place? Why are you creating something? Just get in and be like I'm trying to make money I want to do this. It's not just I want to be an entrepreneur entrepreneur doesn't mean anything. Find the purpose to serve that's greater than yourself was what I say. Don't just make money, make a difference. And so figuring out how you can get into the business world to actually contribute and impact. The world is so much more important than just getting into make money. Exactly. And just finding out, you know, kind of mapping out chew. What do you want to do with the business? What's your end goal? This is something I want to build himself. Is it something you want to keep it the legacy and packed down your kids? There's really only like two different types of businesses and you were touching on right there. There's a lifestyle business one that kind of allows your lifestyle to be funded through your business. In which case you can hand that down to family and the other type of business is one that you build strategically from day one to sell, and so which ones are you doing right now for your business. Is what I want to ask you after, but you gotta go through three steps, though about secondly, um, figure out who you want on your team, even if it's just that that one operational person about one strong person figure out who you want on your team and get them. Well, look at social media. Look at everything that they're doing already. And what are they already putting out Because as a business owner, you are the face of your brand, even if you are not the face person or not. I love that number three, though. You gotta give the third one. I didn't forget number three. Um, really take time to consider how just as you touched on how you wanted to impact your community. So is it. Is it a type of company that you think could have a global impact? You want to take an international take it public, perhaps domestically, Or is it something that you want really local specific specifically regionalized really localized And you wanted to have that impact. Just there in your community that you live and work in, okay? So let's go to company culture because I can only imagine that between four different companies, you either have a lot of similar company culture or depending on how your partners are running the business. If you're not the one that's fully in charge of the operations and things like that. Maybe you've got some different company culture. But you tell me, how does the company culture look like in your business? And what are some best practices that other people can learn to adopt? It's actually the former that you had mentioned very, very similar in the sense that with all the companies if you're talking cupcakes Penthouses, swimwear app. Whatever it is, If you scale up and take a bird's eye view, every single one of them is some sort of product that we're selling. And so as a result, all the culture has to be very customer service oriented. The customer comes first. We figure out what the customer experience in every business hopefully, right, Absolutely. And I think people who say that are who say the ladder of it. It's very, very difficult for them to scale and grow their business because they're just so focused on, you know, kind of more immediate needs. But you really don't get what the customer Only the government would probably say that if the opposite and they're running really well and they're running fantastic, so I'm curious to know four different businesses. Right, Which one is the most profitable? You've got swimwear. You got cupcakes. You got real estate. So which one is the most profitable? I would be shocked if it's the cupcake business over the real estate business, especially since you said it's thriving in Vegas, but tell me which one is well for gross cells. It's definitely the real estate just because this is a really hot time in the market right now. I mean, we just close capitalized on. It was here. Exactly right. We just closed out a huge quarter this past quarter. The swimmer actually is the most profitable and that's simply because we're able to Buy low and sell high. Yeah, What about the company business is the is the fun part. And what about cooking business is the hard part. I'm assuming alcohol cupcakes, probably eating it. Let the really, really fun part and the best part. That's what I love about sensitive cupcakes is that we are the party. We get a chance to be part of everyone's celebrations. So when you're coming to Las Vegas, whether it's a birthday party, a bachelor party for the moment party, whatever it is, there's a reason you're coming and we get to have our product to be part of your special occasion. I love that. So when you're growing a business finding partners is absolutely key. Creating great company culture is key. But what do you think about raising money? I think nowadays it's a trend. I think a lot of people see Shark tank and they see incubators and all these different things and silicon values in the TV show. Now there's all these things and it's just Reinforcing the trend that being an entrepreneur and raising money that's the cool. That's the hip thing to do. It's trendy, but when do you know it's the right time to raise money for me? Personally, we bootstrapped every single one of the companies so It was never in my mind to go ahead and raise money because I didn't want to feel like I was giving away the company. When you're raising those funds, and you're taking an investor's They're taking equity in the company in exchange for their that money, and you already value valuing the company before you even had a chance to really test the market before you've had a year or two and sales. So for me, bootstrapping just was in my nature and that Taiwan to do things I do think there are some great resources available. Her funny love it. Bootstrapping is in my nature and you're over here rocking the red bottoms all dressed Well, That's the Miss Nevada days. But, you know, I think there are some really great opportunities for funding and Especially with like the title three that just got past that huge and crowdfunding is such a big thing now, too, with Crowdfunding that success you don't have to give away equity in your company. And you are able to take in funds from from people who want to help you. I love that. So have you guys ever done any crowdfunding? No, We have not. Like I said, we bootstrapped all of our companies. We run operations. We ran operations really, really lean in the beginning, and we still are fiscally responsible now. Um, but I think it's something to consider later. If you want to scale, I think money can be used as fuel. And so even with the cupcakes, for example, we've had some imbalance and we're considering Only taking in funds so that we can scale quickly again to reach our target of selling. Okay. What is the most difficult part that most entrepreneurs struggle with? When they're getting started. You started four different businesses. You've been a part of for right now. So I think you must know the most difficult thing that people typically encounter when they're first getting started on their entrepreneurship journey. What do you think it is, But I've heard a lot from people. It's just a feeling of loneliness or feeling isolated and what's nice is to of course, like I said, one realize you don't have to do it alone..
106.1 FM WTKK
"four different companies" Discussed on 106.1 FM WTKK
"9198521215 again 9198521215. Hey, let me get you some information about 41 K s and IRAs. Actually, I want to play a game with you guys a little true or false. We talk a lot about on Riley's retirement coach about what to do with our 41 case and how to roll it over. So we have those 41 case. I'm guilty. This as well. I have a couple of former jobs that have these accounts. There's not a ton of money in there, and I'm kind of lazy about keeping an eye on him. But Investopedia says, For most people, it's better to take those old for one case and roll it over into an IRA. True or faults. Michaela Bryan Rawley, There are more investment choices to re faults. This one's absolutely true. So with a lot of 401 case, the menu is limited inside of those accounts for what you can cues. When you roll a four Oh one K into an IRA. You are absolutely going to have more options. A lot of times you can invest in individual stocks. Bonds exchange traded funds, which are more cost efficient than mutual funds in a big Part of rolling into an IRA is we see a lot of 401 case some the only option. They have our target date funds, and we're really not fans of these target date funds because they they lump everybody into one group. They're not customized. They just say Hey, if you want to retire in 2040 2030 2050 2060. And they're supposed to dial back the risk as you get closer to that target date and retirement. But a lot of times we see that these funds they're not really aligned with the risk that you think they should be and eat where, When you actually start getting closer to that retirement date, they're not as conservative as you would think. So it kind of opens the door for unnecessary risk for folks who are getting close to retirement. Target date funds, not really where you want to be so rolling into Iraq to give yourself more options to get into something more customized, Absolutely a good idea and the target rate funds a good point. Michaela at the You know the target date funds or a one size fits all And sometimes they have these 41 case have other options, But they do have a lot of target date funds him and if people are studying an adult, so they're not going to look at some of those other ones. There's a skylight. Just put it in here and, you know, you know, forget it. It's usually the default, so if they're not checking out that she had Down to it's just kind of goes in there and just like you know Saturday and forget it, which you probably shouldn't be doing if you're going to have 75 to 85% of their money and their IRA or 41 kid. It's probably not a great strategy. Okay. So more investment choices that is true to her thoughts about rolling over your 41 k into an IRA. Better communication. Not that would I would say it kind of depends. So if you if you're rolling into an I R a And you have folks that you're working with with the firm. You're going to have better communication because of the firm but just rolling over into an IRA say you roll from your 41 k into a higher IRA on the fidelity platform. Well, your contact is still going to be a 1 800 number. So having better Yeah, they're not really going to care unless you've got a big balance. You've got a high six figure a seven figure balance you'll hear from the fidelity guy. Or maybe the Vanguard guy maybe. But most of the time you were the one that has to be proactive on that will say better. Communication. Depends on who you call. Yeah. You're definitely not going to get a call from your company. Once you leave and say, Hey, what do you want to do with your 401? K? Unless it's a really small amount in the automatically just kick it out to you. They just say, Hey, it's on the way checks in the mail. Speaking of phone number is 9198521215. You can reach out to the team at Raleigh. Wealth Solutions. All right, last one true faults rolling up. Your 41 k to an IRA. They'll be lower fees and cost true faults. So with this one kind of what we mentioned earlier with the mutual funds versus the exchange traded funds, it depends on what you're invested in. But generally with the more options that are afforded to you inside of an I R a. You will be able to lower some of those fees and costs inside of your retirement account. All right, so that one will put it depends. It depends what that and it depends. Want you to talk to me for a second. Sure, I do have a handful of former 41 case from jobs. I was only out for a couple of years. A couple 1000 bucks in there may be one of those five. And if I were to come in and sit down to you and say I have these 41 case What would you tell me to do with them Probably consolidate them so you only have one instead of four because, especially as you get closer to retirement market, you've got to take these rmds out of these accounts. You really want to get four different statements from four different companies. That's number one. It's really hard to keep up with and most of the time when I haven't you mess up the rmd, which is a 50% penalty out of the gate, plus Ordinary taxes on the income that you should have taken. So when you messed that up, it's 75 to 80% to Uncle Sam and 20% to you. That's mistake number one with that, and it's really, really tough. The second part is a lot of times those things are all sitting in the same thing..
This Anthro Life
"four different companies" Discussed on This Anthro Life
"So google has a similar engine in the background. Every tech company has behind its firewall. A version of this kind of platform and so if listeners. Don't know what these are. This is actually. This is new to me when i read the book. So tell us a bit about. What are these kind of these four major platforms that you talk about in the book so that they function on level to help make sure that we have relevant information. When we're for what else do they. What else do they do. What is what is world. They create right so we studied four different companies effectively for different kinds of platforms. That stand in for different business models that provide this on the spot on demand workforce and so one example amazon. Mechanical turk is one of the oldest. That was an approach that amazon use internally created that platform to be able to correct the typos and correct the cleanup. The comments of its earliest consumers on amazon dot com that came with lots of book listings. If you remember. It was the world's largest bookstore before caring what it is today and so it built that platform to make sure people had consumers had accurate information and to do that meant. Let me hire some people to look at images of books and titles and make sure they correspond or images of purple ties and descriptions of purple ties and make sure the the content description of that good is accurate not unfamiliar office work but done by putting that task out and up for grabs to anyone who had signed in with an amazon mechanical turk account the internal version of that. Whether it's for microsoft like the platform we studied universal human relevant system or the one called e. Walk inside. Google about one was set up so that companies could do testing on their products and services whether it's a web search or making sure that the software they were developing was beta tested properly that it was being translated correctly when it was providing the written materials that go with any software that you buy that if a translation of the user manual is accurate in thirty plus languages they used their internal platform to source out that work and outsourcing appropriate frame. Here but think of it as i need linguistic expertise or i want someone who understands this set of images and can make sure. I'm.
WTOP 24 Hour News
NASA to offer funding for studies of commercial space stations
"Leo Destinations project, which could award up to $400 million in total to his many as four companies working to build private space stations. The agency is seeking to replicate the success of its commercial cargo and commercial crew programs, which sees private companies help send cargo and astronauts to the international space station. The IAEA says cost about $4 billion a year to operate, and as it gets older, the reality is it won't last forever. NASA believes it could save big bucks by becoming the user of future space stations rather than the owner and operator of them. Throughout the month
Real Time with Bill Maher
Business is booming for tech companies during the coronavirus pandemic
"It is the corona bursary Was a year ago minus two days where we did our last show here and i am boy at ended quick biden set at me the whole thing i mean i thought i was gonna come back next week. We had a panel book May i able to get a shot. July fourth biden says independence day yet. It we're going to be kind of independent. So i've been leading reading you know the year everybody's running recaps of this kind of stuff this dot. I have to start with that. I thought was most amazing. Jeff bezos law lost thirty eight million his divorce thirty eight billion divorced and he made it all back in a month may thirty five billion in one month. What does this tell us about america. Gentlemen it's worse than that. We've had one individual. Gdp of hungary to his net worth since the first virus. You on mosques just in time for him to peace out and moved to taxes so he doesn't have to pay taxes. We've seen billionaires go from one point nine trillion and wealth of four trillion. The dirty secret of this pandemic is at the top ten percent much less top. One percent are living best lives virus and that some be minute we see a lot of the we actually see places that went out of business by myself. Some of my favorite restaurant. Hey i drive by. And i wanna cry. Because they've been there for a log gone forever but the people who did if you're in the sit on your ass. Look at a screen business. Amazon apple google facebook right. They made their now worth twenty one percent of the whole economy. There we used we talk about the s. and p. five hundred it's the s. and p. seven there's now seven companies that have percent of the market cap amazon's since march has added more market capitalization than all of european retail. We have effectively four companies. That are so dominant. There's more we've been overrun. There's more lobbyists fulltime lobbyist in washington working for amazon than there are. Us senators there's more people working in pr and calms at facebook. Manicuring in march and cheryl's image than there are journalists at the washington post. Yeah we are so beyond any sense of balance in our economy. The eco-systems out of control. We absolutely need to break these companies up. Yeah it's almost like we're going to step ahead. I'm old school that stepping on a. It's almost like the way that you said there bill. It sounded nefarious. Almost like they plan or something you know not that they did of course but they took advantage of it but they took advantage of there's almost like an inevitability of this kind of progress. Let's let's call it. You know where how all that money just starts flowing in these these same directions. No matter what happens to the economy. It all keeps flowing that way but can ask this one question. When i read this about the amazon apple. Google facebook twenty one percent. I mean it was written. I forget where i read it. Maybe you yeah. It was written like oh my god. Twenty one percent of the economy four companies. Yeah but i was like. That's so bad. I thought it was eighty quite frankly. I hadn't read that. I mean the biggest four companies. Who really i mean this is. What's propping up. America as the rest of his goes to shit Is that such a big thing that those the four biggest companies are one fifth of the economy pennzoil. Not that alarmed at do we want one company deciding ninety three percent of the time when we type in overthrow government whether you get Instructions on how to build a dirty bomb or voter registration. Should one company control those decisions. Ninety three percent of the time should one person control the algorithms to decide the content that the southern hemisphere place. india rec- should one company effectively control ninety seven percent of all increase in value of all retail. The third and learn. I know you think healthcare is next right. Don't you think that walmart and is it is on. We're going to be battling to of course. Why wouldn't they want that. they own everything else. Where's the all the money going sick people. That's what america does best makes people look the fastest. The largest business in the world is us healthcare. it's seventy percent of gdp its prices. Keep going up. it's nps keeps going down. That spells here comes amazon but not only is it bad or morally corrupted these companies have so much power it's dangerous. the equivalent of the nasdaq and israel is down. Not up there vaccinating. Seven times the rate when the most powerful wealthiest people in the world are living their best lives. We don't show this virus the full-throated capitalist response. We are capable of if amazon amazon. Start if amazon stock had declined seventy percent instead of risen seventy percent in the last ten months when a van with a smile shows up in my driveway tomorrow morning someone with a somewhat jumped out in a lab coat and vaccinated us. We are living our best lives. This virus has not seen what with the. Us is capable of because stop. Stop at hurt so good. If you're the shareholder class but the other the other point is the every time you wanna talk. This guy's as usual. I said everything i wanted to say. No but the other side of it is providing a service that people like you know. I mean during the pandemic you wanted things delivered to you know so the. That's what i mean the confluence of them being there at exactly the right time with exactly the right service is was very convenient so i know so. Many people have signed up for amazon prime over the last five years because the all of the things that they come with it and amazon is amazing. The type of company that amazon is and how they position themselves to literally pacman. Every every type of that is out there. it really is. I don't think we've seen anything like that type that's He remember he cornered the diaper market. Lost like one hundred million. Just but i i don't care i want diapers to write something wrong with that guy anyway but it's not as bank
Voice in Canada
Conversation AI for Businesses with Sat Ramphal of XiByte
"Good afternoon everyone or good evening. My name is around fall. I am a born and raised flirty in here in tampa florida. We also just want won the super bowl yesterday so But not the height of the topic. Here so i come from a background of great entrepreneurial spirit and entrepreneurial experience I am now in my fourth company. I'm twenty seven years old. And i have a great past life of kind of the whole entrepreneurship through kind of the experiences and components that will lead us to build Currently building and in what we're doing now is something that i think it's truly phenomenal. And it's going to kind of change. The way entrepreneurship is kind of dealt with from. Start so something that really excited about. We have a mission to help reduce entrepreneurship failures right. Three percent in the united states in four years. So we're really on target. How achieve that mission and you know kind of a little bit about what we built. We built this conversational bought. Her is maya at what maya does is. She helps facilitate administrative tasks and navigate company operations using the power of voice mazing. Yeah go ahead you go. I was to say okay so this is great. This is great so you are helping to how we businesses to carry out some of these tasks so go ahead. Yeah explained a little bit more. What does this. What's what's the deal with what you've got here yes so me. Coming from an entrepreneurial background i had one successful company had to failures and i were talking about this failures more than eighteen on the wall. Because it's what's led to current situation current field all of the things that led us to our failed components of that led that failure. We realize it came with where we spent our time and founders and first time entrepreneurs and young startup companies spent over seventy five percent of their time doing administrative tasks that they kind of love innovation behind. They leave growing the company behind. Which is the most important thing when building company the administrative tasks are not and those administrative tasks range from you know like incorporating or business. Bank accounts Web services. You know those are just really basic things for the go to accounting tax and and things like that capital and things like that. So that's stops. That's what we're looking to help. Eradicate and with that first time founders and entrepreneurs they spend a ton of time in rnd trying to figure out who to deploy these tasks to and how to deploy so. That's also something that we're helping to eradicate and how helping radically that is. We have a very large partner network. That helps integrate into our system. So it creates seamless connectivity to these partners tell getting that done and it kind of fill traits each business with the six point algorithm that helps identify them where to go. And why and tastic. So can you get into this sort of six point algorithm and in some of the information about some of the partners that you work with. How does that work. Yes so really. And truly the kind of the basic formats. The algorithm is broken down into six components dot com suggest certain things and that's industry budget size stage location and traits. And that's how we're able to suggest certain partners certain tasks to be done based on the stages that you're inning company industry location size stage by etc etc and these partners that we select select partner. That's integrated our to help accelerate and carry out entrepreneurship business operations efficiently and with the right budget. And we're help tying those partners to the right pretty much business user our platform right on so now. Can you tell us practically what this looks like. Say business as okay. i wanna use. I want to use what you've created. I wanna use maya. What does that look like for them. How is set up in practically. How is that going to help them. Save time and what is it gonna do for them. Yes so you know if if you're kinda starting off for business we'll look kinda. Let me start that. We're a current product is right now. We are still in our startup phases of the organization so our product actually fifteen percent complete and with that being said most of our values provided towards companies aviation and getting into running operations. So that's where we're currently that. So right now with us to come in they would come in kind of at that stage and my would just kind of figure out where they're at in their businesses can of components. They have already have going on with that. Six point algorithm and then. She's gonna suggest certain things that that business should do to carry out to help. Kind of increase the entrepreneurship Accelerate the business growth into a live in vine into a live running environment. So can you give us some some of the some examples on how that would work. Yes so this is a college students in college. I have this great idea to build a fintech app But all i know is how to bill that gap all. I knows how to code and develop. So i've come up and join up maya. She's she's available on the app store so he can download. Hershey developed bill blind desktop version. And you would sock sign up to my mile. And then you know maya would then figure out again where you're at and then just just like that the task for just begin sedan suggest what you need to do. All you got to do is give permission for that task to be done. She will go ahead and run the task with a partner and then bring the completed details back so that you really don't have to be involved so for example i am again at the asian state. Hey maya corporate business might already gonna know what state you're in. She actually pretty much. What kind of status that you want to complete Secret llc f talk to attorney. She'll kind of Link with one of our connected partner attorneys that we have the rock lawyer or in that type of situation there and then she'll go carry out the task again. Bring it back completed and then you pretty much see your articles inc right inside the platform and then you can just carry a while of going on you just carry on and while task is in motion more can can be completed. It's both on demand and suggestive
WhyWeWork BrianVee
"four different companies" Discussed on WhyWeWork BrianVee
"Was a paper boy. Nice for about six or seven years. Did the morning paper single-use a week. The older review. I guess i started when i was around ten and i did it. I probably did it for about four or five years now. There was the had to have it done by six thirty in the morning. And then i would go to school after that so it was a little you know one of the that was my first job and then I worked up north in my dad's mining camps actually as a teenager and spent a lot of summers even as young as grade one was a northern scotch. Ruin exploring for uranium back in the seventies nineteen. Seventy eight was my first Mining camp experience as little guy. And then i started working in these caps when i was seventeen eighteen and that's Right around when. I started taking snowboarding seriously than i. I was hired on as a coach after that to coach summer camps for greg kelly and his summer camp set black com- whistler blackcomb. How old were you when you won the gold. So how are even how. When did you start making money in snowboarding to the point where you thought. This could be a career so when i was fifteen. I started snowboarding when i was sixteen. I was sponsored Three or four different companies burton snowboards. At you know. I already had ski racing. I wasn't getting any frequent. We were paying for everything. And then as soon as i started because i ski race until i was fifteen and then i i found snowboarding and gave up ski racing much to my dad's chagrin and Gave it up and started. Snowboarding and then by the next year was sponsored. Competing was sponsored by burton. Snowboards oakley sunglasses and Almost another so as your cross concert and getting some money in and then right up until the olympics in after the olympics. Did you work at anything else. Or is it strictly in snowboarding or you know in winter sports yay i was able to just Actually know what what i did when i was nineteen.
WSB-AM
"four different companies" Discussed on WSB-AM
"Right there. Larry King on the royal treatment Back in the day. Welcome back to the market and show talking about the passing of Larry King 53. Plus years in broadcasting an amazing statistic, no matter what your careers you put in 53 years doing one thing. That's remarkable. It's long as you've been at your profession and for the younger folk out there. Do you want to have a 50 year career doing the same thing? Or do you want to mix it up? 4487207 51 800 WSB talk Ron and joins us on the market and show. Hello, Ron. How about you? Mark? What's going on, Brother? I'm just getting better all the time. How about you? Excellent. I like that attitude. Yeah. Um, I'm trying to get better every every day. I don't know if I'm succeeding. Well, yeah. You have a South 100,000 fails in your body and they're all listening to hear what you say. So seven getting better all the time. They all jump. Yeah. Let me put my my face under my Waffle House sweatshirt. I'm getting better every day sells. All right. What you do for career, Ron? Yeah, that's my career is dealing in dirt. Playing in the dirty game. Dealing in dirt, okay? Started dealing and dirt 48 years ago. Now that could be one of two things. You could either be selling s soil or being a politician. So which is it? Are you a politician? Yeah, Well, I'm not a politician dealing in dirt surface and subsurface dirt. So that's service development and mining development. Oh, my goodness. Are you actually you have a shovel or you? You, you know in management. Higher shovels. Okay, and what's Who's your biggest client? Like? Who needs dirt? Well, I have. My biggest client is Mandarin Oriental Hotel Building. A hotel for them in ST Kitts and I have a spot for you. And you're ready to go. I would live been too many Mandarin hotels before. So like how much dirt does does a project like that need And where do you get it from? I've got 152 acres of dirt on the island of ST Kitts and 36 Acres is where the hotel will be. Wow. And it was that ST Kitts dirt or yet to import that No, No, it's all thank kids. Okay, Good. Good. So you e was gonna say that be a struggle that you know to bring it from? From Barnesville, Georgia, the same kids. But as long as it's ST Kitts turd that makes it a little easier If Longoria's Ah natural farmer if he wants dirt from him for his backyard, that's that's too small of a job for you, right? No. We take small and big giggles personal, very special. And how long you been doing? Iran? You're gonna stick with us. 48 years, 48 years in the dirt game. Yeah, my man. I You've seen him, But here's Here's my vision. Yeah, My vision is that the older I get, the better I get and soon in 2000 and 36 is what I'm going to retire from dealing and dirt. I'm just trying to think of how many earthworms you've moved in 45 years. That's a lot of night Cross. Excellent. What a great career. Moving dirt. Longoria? Yeah. John is in Warner Robins. John. Welcome to the show. Hey, thanks, Mark. So I've been a defense contractor for 23 years and in the middle player for six years before that, so I don't know. If you count that is 23 or 29 total. You broke up a little. What are you doing for 23 years? I'm a defense contract for four different companies. Kind of like Ishtar. Remember that movie? Ishtar, weren't they? Weren't they all their arms dealers? I am old enough to remember. So the idea. How do you How do you get into the defense contracting business that seems like an explosive industry. I got out of the military to two weeks of vacation and came back toward one desk over and you enjoy it. Most of the time. Yeah, you got to do a lot of travel and see the world. What's that? What's the most exotic place? You've been as an arms dealer? I mean, defense contractor. I don't know, exotic, but I've been the cutter. Iraq. Kuwait. Hell, yeah. Difficult times. The most exotic place. Longoria's been his Burlington, Vermont. So yeah, it's a cutter and Iraq is is pretty exotic. What? I loved it. We need to do this more often. Debra Green. I just want to talk to people about their jobs. I'm so fascinated about people that have real jobs. You know, I don't have a real real jobs, baby. Think you were? Yeah. Chuck doesn't have a real job. And, you know, definitely doesn't have a real job, Johnny Kielbasa,.
Accelerate Your Business Growth
Make Your Business Personal with David Jay
"My guest today is david j. David is the founder and ceo of warm welcome and was recently named a top one hundred tech innovator and influence her revenues from warm. Welcome along with his other. Four companies will exceed six million dollars in twenty twenty. He believes the business can be a tool to help us build better relationships in connect us to a purpose far beyond ourselves. Thanks so much for joining me today. David to be here. It's great to have you here. I am very curious to get your thoughts on what you think. Small business owners need out what they should be prioritizing so they can be successful. Yeah we'll you know in today's climate. I think we've We've all experienced so much negativity and de personalization. And so i think in order to be successful today really need to personalize what we're doing and get passionate about it and i know this is something that you talk a lot about You know being passionate about what we're what we're doing seems like a given given the struggles you go through as a small business or start up and And so yeah. I think when we're When we're looking at something we're saying. Hey how do. I personalize this. How do i make Something that i'm passionate about. I think the people that are involved in connection to people's really drives that. That's that's interesting so i mean i as you said. I am a firm believer that we really need to be building. Relationships in connecting with people on that that success is sort of a byproduct of relationships and so it feels like. That's what you're saying as well. And i'm curious so this is a two part question. The first part is why is making your business personal better for revenue now. Yeah well one thing is. Almost all businesses are are grown by by people right and whether that's the customer or the people internally at the company and so their relationships there are the real drivers of the roi and You know there is a study done by I think it was charles shaw or It was one of the big Financial firms. I forget which one it was but they did a study in the they wanted to find what drove the growth of these financial advisors and What they found is that it was. The relationship was the software things. It wasn't the return on. You know the money that the person invested it was actually the relationship with the financial advisors. What caused them to to refer them and And that was interesting because you'd think with something as transactional as financial planning or financial advising you'd think it'd be all about the numbers and and so even in that industry. They found that it was news about the relationship. Yeah boy that is surprising. Okay so there's a second part of my question. I'd like you to explain like so. What do you mean when you say making your business personal get you can like what does that look like. If someone's worth small business owner what does that look like to them. Well i think it looks like It it looks like what normal life looks like and You know for a long time. We kind of separated business from our life and You know we we went about our business certain way and went about the rest of our life in another way and In people are just craving authentic relationship with another human being. You know we're all sick of you know having a chat bot just give these these dummy answers that don't help us and so like just gimme a human. That can empathize with me a little bit. That can understand my problem. And so when we talked to somebody in any context whether it's in a business context or or you know personal contacts like we just want them to be to be humid you know into the realize that know there's another human on the other end of the line and And so people are looking for. I think less polish in our business communication in more just personal authentic empathetic types of Conversations and relationships
Heartland Newsfeed Radio Network
NASA selects four companies for moon material collection as it seeks to set precedent on private sector outer space mining
"Nasa tapped for companies to collect material from the moon the program which selected lunar outpost space. Japan i space europe and masten. Space systems goes a long way toward setting a precedent about the role. The private sector will play in the mining of resources on the moon and beyond. So we'll see what happens if these four companies can gather the stuff from the moon. Maybe they'll then be gathering stuff from mars and uranus saturn. excuse me with all the planets. Oh okay
Bill Handel
Nasa to pay company $1 to collect rocks from moon
"Bottom prices for moon rocks. The space agency is awarded contracts to four companies to collect lunar samples. The companies from California, Colorado, Japan, and Luxan Pork will scoop up the regular Thor lunar soil. During scheduled unmanned missions to the moon in 2022 23. They'll be paid the rock bottom price of between one and $15,000 for the soil. NASA will use it in its arguments program to research and plan a mission to the moon for a man and woman by 2024. Eventually, a mission to Mars. The total total NASA NASA plane. plane. Ends Ends to to pay pay for for the the out out of of this this world. world. Rocks Rocks and and dust dust is is just just over. over. $25,000 $25,000 Amy Amy King King
Clark Howard Show
Justice department sues Google
"So, there's. A huge fight. That is underway in the United States. Towards technology companies and Google is the newest one in the dock. Justice Department has filed a massive antitrust lawsuit against Google, it's to be alive state involvement in this as well. And the reason that the feds are going after. Google. and May, in fact, go after facebook. Apple Amazon and they'll be various actions against these four companies. Around the world because these are all firms that do business around the world that are all under a microscope because in various phases of the digital economy. They have become either dominant or to the point that they're sucking all the oxygen. Out of the possibility of competition. So Google. Has Been Sued because of their power and search. Their power in advertising. Their power with the ANDROID operating system that even though apple is powerful in the United States. With iphones around the World Google's ANDROID system controls I think is eighty eight percent of the market. And so the idea is that Google having so much power I mean even Google Chrome. Chrome is gigantic. One estimate I saw recently is a bay control, three recorders of the browsers in the world and. You've got youtube that dominates video online think about Google maps how nothing really has challenged the only thing that really did was ways. So Google went and bought that. So. The courts are going to. Deal with this here in the United States in Europe and around the world. With. Google's issues we've talked about apple lots of legal action against apple around the world about how they control their store However, apple uses I message to create a network effect. Amazon Conspiring against its own marketplace sellers, figuring out what cells and then copying their products allegedly putting them. Up in competition with people who were under their own roof as part of the Amazon marketplace and then facebook. the big mistake if you think of it in terms of antitrust terms was facebook being able to acquire instagram and what's WHATSAPP and be able to use those for what is referred to as network effect as well, and that is an issue with all four these. If you go way back though. And this is why it's not clear the role of government antitrust here or overseas with any of these behemoths. I remember way back. WAY BACK MACHINE WHEN IBM was considered to be. By many people be most evil enterprise in the world. And had a monopoly on so much of computing power in the world. And the government filed this it was landmark legendary antitrust action against IBM. The. Basically fizzled into nothingness because marketplace. Eventually, took care of. Then later, government actions against Microsoft for market dominance again. And the reality is. You don't know with technology firms win out of nowhere somebody comes up with a better way to do things that takes what looks like an impenetrable fortress. What's known as network effect? And blows it to Smithereens or reduces its power in the marketplace. So I don't know. How all this will work out with all the various governmental and legal actions around the world. But it is true that at this moment, these four companies have too much power in the sectors that they're in. The question is does the marketplace take care of it and a reasonable period of time or is there really a role for government? I'm not smart enough to tell you and I know when I railed against the Apple. The whole. APP store thing with Apple. With. Apple extracting this mandatory toll bridge from other APPS including those it directly competes with taking thirty percent of the action. There's no negotiation. Apple imposes the terms that I was very upset about that and that I thought it was an antitrust violation and then there were so many posts to Clark stinks at Clark Dot Com Slash Clark stinks wait. Where's Free Market Clark here And the truth is. I don't really know I mean if you're looking for me for. Yes. Google is doing evil stuff and must be punished or any of these technology behemoths. I don't know if it's best to let the marketplace discipline them or if there is a role for antitrust law and ultimately the courts will argue about this for a long long time.
WBZ Midday News
Boston - Moderna Coronavirus Vaccine Won’t Be Ready Until Spring, CEO Says
"From President Trump Trump that that a a Corona Corona virus virus vaccine vaccine will will be be ready ready before before Election Election Day. Day. Ah Ah local local biotech biotech says says there's there's won't won't CBS's CBS's Nicky Nicky Betty Betty says says for for this this Cambridge company operation Warp Speed, just hit a speedbump, the chief of modern a Therapeutic, said his company's vaccine won't be ready before the November election, and he doesn't expect to be able to distribute the vaccine to the general population until next spring. This comes as new cases in 11 states have jumped by at least 60%. Compared to two weeks ago. In Wisconsin, where covert hospitalizations alone reached a record high. The hospital officials issued a dire warning. This pandemic is riel. And while you may be one of the lucky ones who doesn't know anybody who's had Coben guarantee year you will Oh, Dana is currently currently one of four companies in the third phase of vaccine trials in the United States. Corona
This Week in Tech
Microsoft says it is still talking with Trump about buying TikTok from its Chinese owner
"Microsoft just released a blog and their site that says Microsoft continue discussions on potential tiktok purchase in the US following a conversation between Microsoft CEO and the President Microsoft is prepared to continue discussions explorer per just Oh. Oh so I would like maybe you should talk to them again. Don't. Talk about mixed nutty mixed signals been a long weekend for TIKTOK and Microsoft. So the president called and said such go ahead by. Something like that. There was a great piece in the Wall Street Journal saying does Microsoft WanNa get in this mess? I mean that's honest. The question. I. Can't imagine that Microsoft. I think the most notable examples that it was a it wasn't a Microsoft wasn't one of the four companies at the hearing on. Wednesday. In, large part because they haven't been in the public eye and having one of the most popular social media platforms right now, it is definitely going to put them in the public eye in a way they haven't been for two decades. My
The Vergecast
Big tech CEOs testify before Congress
"So, this hearing just going to say it, it was six hours of chaos. So. So many things like individual moments of pure chaos happened this hearing. But because every member of Congress was only given five minutes to ask the questions in and they moved on, no one could process the moments of cash. So here are some things that happened during this hearing. Jeff. bezos just started eating nuts on his call. That was just a thing that you started snacking for the first ninety minutes. It appears that basis had tech issues was operating in some kind of delay. So we didn't hear from him. They just answer any questions and they'd take a ten minute break Jeff. bezos could fix his computer. Amazing. Jim Jordan, who McKenna pointed out. On the show last week is always sort of chaos element. Try to talk over several members of Congress got yelled to put his mass back on floated. Just elaborate conspiracy theories. was when I say was chaos I. Don't know if there's any other way to describe it. I. Think that led a lot of people to think the hearing itself didn't accomplish its goals, but I think in many ways it did. But Kennedy you WanNa Kinda go through what the committee was trying to accomplish the themes they were pointed at in. How hearing played out, right. So okay. First off. Harkening back to last week I mentioned Jim. Jordan's mountain dew obsession. Definitely drink a handful those throughout the hearing I took notes in screen shots. So, I, called it. But regardless of their pores soda choices, there were a lot of lawmakers who definitely did their homework and I think that was really apparent throughout the entire hearing and when I look at. The picture that they tried to paint I think that became really clear in chairman Sicily's opening statements. So this is the guy who liked. And spearheaded the entire investigation from the beginning, and in those opening statements, he pointed out that yeah Apple Amazon Google facebook. There are different in a lot of ways and they exhibit anticompetitive behaviors potentially allegedly and a lot of different ways. But what they tried to pull together and was a story, and it's really hard to tell a story and five minute fragments. But what happened yesterday was Sicily. Ni, and a lot of the Democrats on the Committee wanted to point out that these companies they become bottlenecks for distribution whether that's information or just like APP stores marketplace's they control what gets distributed in how what was really key to the investigation was how? How they survey competitors. If you have so much control dominance over a market or a specific part of the tech industry, you have a lot of insight into your competitors and you can do a lot of dangerous things with that, and then lastly, after that dominance has gained, it's how they abuse it. Right? How they abuse it to make harder for small businesses in competitors and I think that's exactly what Cellini pointed out in the beginning and I think they did a poor job that storytelling throughout the process. But I think that's also our job. Right is to pull that evidence together and tell that story for them in a way that isn't like. Yes, no yelling at CEOS and like stopping them and I think by getting that in the evidentiary record doing all this questioning, I think they really did achieve their goal in the end. Yeah. I mean, I think the thing that happened sort of next to the hearing was that they released a bunch of documents from these one point, three, million documents of clutch. Over the past year, they released pretty targeted selection documents for every company showing some of this stuff, Casey, I wrote a story about. facebook. INSTAGRAM. My I'm going to frame this email or mark Zuckerberg. Literally one sentence, no period. The Andrew says I need to figure out. I'M GONNA buy instagram like I would love to just be in a place were sending that email like super casually like I got this thing to figure out and it's not like am I gonNa buy the model of the car. It's like instagram. I've been thinking of the text messages where so and so says that Mark Zuckerberg's didn't go destroy mode on instagram ever since they got that up. Case she this to Kevin and right that text was. Yes. Well, it was Kevin. System was talking to an investor and Kevin said to the investor. If we don't sell well, mark, go into destroy mode on us and the investor side probably. Of course, stray casual. So there's just a lot of documents and I think one of the functions of hearing was to get those documents into the official congressional record to make the CEO's account for them. That did not seem very successful to me. Is like a takeaway people should have from this hearing, right? No. I think a lot of people that go into these hearings are expecting like these big Gotcha moments and expecting like a lot of news and all this stuff. But it really, it wasn't oversight hearing. You know it wasn't. They didn't come. They came at this like in a report last earlier this week that they came out at as investigators. They didn't come at it to make a big show horse and pony show out of it, and yet I think the CEO's didn't. The record well enough to the extent that they could have. But there was definitely, I was expecting them to do a lot less evasion and I expected a lot less room probation with the documents, but it's just the process of a Congressional hearing. It's. It's hard to do that in a congressional hearing. But if you put those documents out there, you get the CEO's on the record a little bit who does excite this excites the FTC. J, and that's who can take this next and then it's also congress. You know they can't break up a tech company, but they can regulate going forward and it's those three key themes that I pointed out earlier that they could regulate. You know what I mean. They could legislate to forbid companies from surveying competitors and things like that, and that's where this goes. So the format of the hearing, every member and five minute chunks, it seemed very clear that the Democrats had some sort of coordinated evidentiary strategy, they would start and. And they would say, I, want to read this email to you. What did you mean by this email and then Jeff bezos would say something like I have. No idea is on works. I. Was real pattern that developed was basis really not doing or claiming he definitely knows claiming not really no way Wayne is under the thing they did or they would ask sooner Pichai about the very granular add deal google made by an ad product, and soon I, would say I'll get back to you, which is basically all responses. So the Democrats seemed like they were coordinated to move through their documents. The Republicans seem to be doing something else that also seem coordinated intentional, but what was their focus because that seemed clear split my takeaway from Jim Jordan who? We got into earlier, he he was interviewing. As if they were all Jack Dorsey. And as we talked about like, yeah, he invited Jack Dorsey to testify, but he doesn't sit on the antidote subcommittees. Anything. He says, it just doesn't matter. So it sounded to me as if he prepared questions Jack Dorsey and then it was like, oh, he's not coming I'll ask Tim Cook the same questions. Another completely crazy moment that happened just seen by and five minute chunks is that. Represented Sensenbrenner from Wisconsin Dear Sweet Wisconsin. Definitely. Asked Mark Zuckerberg why the Donald Junior was banned from twitter and mark. Zuckerberg was happening on twitter facebook and there was just like a moment of confused silence, and then he tried to move on and that just sort of floated by in the river of chaos to tell you how much chaos there was kneeling. When you started to tell that story, I thought you were going to tell the story about when Jim Jordan asked him cook if the famous one, thousand, nine, hundred, four, Apple Super Bowl, AD was actually about twenty twenty cancel culture, which is another thing that really happened. I think that's out of context. He didn't ask him. He said clearly, this is. That's definitely what Steve Jobs was thinking IBM is canceled culture and Apple's going to break it with hammer and Jeff. Bezos said that social media is a nuance destruction machine and all this crazy stuff from that. It was a wild will that that particular question when Jim Jordan asked, do you support the cancel culture mov, you could see the CEOS like. 'cause they went in order. He asks them all in order. So First Tim Cook just like basically muttered nothing. Here's like I don't. I support speech whatever. The iphone a keyboard like that was his answer. Sooner per child also, just like muttered, right? He's like Google has always supported free expression Zuckerberg like saw the opportunity and took it and the forces of liberalism I rising I, and then basis was like I cannot. I cannot do in like went for it, and that was just totally insane moment. But it also seems like the Republicans were intentional to try to create their own moments where they were yelling at CEOS about bias on platforms is obviously something cover a. At. You were paying a lot of attention that case you're paying a lot of attention to it. Do you think that was effective in creating because you know there's like a parallel conservative Universe Jim? Jordan was on Tucker. Carlson. Last night like was that effective or d think that the CEO's were able to sort of tamp down on interesting the Tucker Carlson pointed out that Google and other companies are all big donors to Jim Jordan another folks. So that is a weird side, but I think it was actually besides the moment where they mixed up twitter with facebook I. Think this was much more effective off. Off Topic yelling about technology than we usually see like are genuinely issues that like they are upset about that, they could point to largely around like cove nineteen misinformation and they could at least like pick those topics and stick to them rather than kind of asking vague questions about like, why is my phone listening to me? Well, they're definitely asked questions about why are my campaign emails getting filtered by G mail? Yes. I should. I should mention that they have really and they have all of these cases where they ask about extremely specific one off incidents that anyone who has used social media knows happens constantly. And, then turn them into a sinister pattern. But I think they managed to come off as sounding more like they understood what they were talking about the unusual. I think that was a real theme of the hearing, Casey. What did you think of this sort of bias side show that occurred? Well, I mean the the idea that conservative voices are being suppressed is foundational to the conservative movement and is behind the rise of conservative talk radio. It was behind the rise of Fox News. Now that social media exists, we have seen it in this new form, but it is sort of being presented as extra, sinister and worthy of. Some sort of legislative intervention what frustrates me about it is that much more than newspapers or or cable news like Mark Zuckerberg Dorsey. These people benefit hugely from having all possible voices on their platform. None of them is incentivized to drive conservatives off their platform. What they are incentivized to do is have rules that make the place safe and welcoming. So that people want to hang out there and so to the extent that there are issues on the platform, they've largely come because these platforms have rules. And you know you would think that a bunch of free marketeers would realize that the alternative to the system that they're so mad about would be creating a new system, but they don't seem at all interested in doing that. So I just sort of dismissed all of them as charlatans I actually thought it was interesting that the opposite track came up, which was the Stop Hey for profit campaign I kind of wasn't expecting that. The representative Raskin I believe asked facebook. Basically, why aren't you kicking more hate speech off. I forget who else asked like look is the point that you're so big. You don't care about advertiser boycotts I. Mean, you know it will here. Here is a fact that the number one complaint that facebook gets from its users, the thing that users. About. FACEBOOK is that it removes too much content and so if you're running the place, you do have to take these complaints seriously in a way. Right? It might not be you know that you shadow band conservative whatever that even means on social network in twenty twenty. But the fact that you're removing content is really upsetting people. So you can't dismiss that idea entirely, but I still don't feel like we're having that intellectually honest conversation about it. So this was definitely I feel like you can connect the you control distribution. We're GONNA show the abuses of power narrative. We got other. Democrats. With the you control distribution. You're banning conservatives right like I. Think what's Sensenbrenner Again, cups and conservatives are consumers to is that people don't realize that like fifty percent of the population in many ways. But facebook has like famous conservatives working its highest levels Kevin. We last week, we're talking about Kevin Roose keeps sharing the list. List of the most engaged content from crowd tangle. It's all conservative content, and that's so problematic for facebook that they're. They're pushing back with other metrics and graphs of their own, making the facts just aren't there, but it doesn't seem to be convincing. Brett Kevin is being asked to recuse himself from facebook case because he's like best friends with facebook I, AP I wrote a column almost two years ago. Now, arguing that conservatives were trying to redefine. Any conservative identified person having any unwanted outcome on a social network, right? So bias is your name was higher than mine in search results. Bias is used suggested that I follow a Democrat and not a Republican right, and if you take action on your policies that apply to everyone against me a conservative that is biased against conservatives, right. So and by the way I have to say this has been hugely successful because we've talked about it. How many minutes now and the longer that these discussions. Discussions. Go on. They just sort of refi people's minds. The idea that there really is a vast conspiracy to silence conservative speech because he's networks are so big millions of conservatives are having experiences like this every day, and now there is an ideology that is basically a religion for them to attach to, which is although Silicon Valley liberals are out to get. Reason I wanted to talk about the conservative side show, which in many ways was a circus is it feels like the notion that we should be punitive to the companies or mad at the company's. Bipartisan, right we were. We were not looking at a hearing where the Democrats were on the attack. Republicans are saying we love. Apple. We're looking at hearing where they were. Everyone was mad. There are a couple of exceptions to that. There were a couple of I think sensenbrenner and a few other folks were like look we want to be clear. Big is not bad. We just WANNA make sure we're not punishing you for your success, but you were like almost entirely, right? Yeah. I. Mean I. think that's it's important to. To capture that mood like Jeff Bezos Mark Zuckerberg, Tim, Cook soon. Darpa, try they usually get to finish whatever sentence they start saying. Right. They're not used to being interrupted. Their thoughts are usually like you know they get to live in complete sentences and people take them seriously here in five in intervals, they were interrupted almost every time they started speaking to be told that they were wrong that they were filibuster at one point Sicily said stop thinking is for the questions. We can just assume they're all good questions. They. Were getting yelled at and they're going yell that about a variety of things that were pretty specific. So you kind of in your kind of structure here. The first one was controlling distribution. What did you hear as a hearing went on the indicated to that? The committee had a case here? I think the apple's APP store is one thing you know charging thirty percent cuts on certain things is just controlling an APP store. It's the same thing with Amazon's marketplace. They can inherently in control what gets placed and what gets sold and you know if they want to play with search results on Amazon, they can do that, and then on facebook and Google, it's not just like products and software that's information. And it could be information when it's like Google. Google. Stealing yelps, texture views right in putting those in its little info boxes in search queries in facebook if facebook is just like an. Mation, distribution platform and. It can decide Algorithm Mickley. Knowingly. What people get to see this bution was very keen to the committee's hearing yesterday and they pointed out different aspects in which you know each company exhibited that kind of behavior. So the one that will you bring up apple? We wrote about this, say there's much emails. Apples document production is just one hundred and thirty pages of unrelated emails and whatever order see it's like scan through it. So there's a lot of little stories in there. There's one about right to repair and apple realizing it needed to repair. By watching PR people operate by reading their emails journalists. Very entertaining. They're like we had a break like here's our strategy. Here's we're GONNA. That's all in there. You can look at it, but there's a lot about the APP store itself and how they're going to use the mechanics of the APP store to control their platform, and it started at the beginning like the first emails in this production from twenty, ten there. From Phil, Schiller Steve Jobs saying, are we GONNA? Let Amazon Sell Books in the kindle store. Store, it felt like I saw an Amazon ad was hard to watch this hard to watch this ad where a person's reading a book on an iphone in the kindle APP in the pick up an android phone keep reading. He's like literally like it was hard to watch like Schiller's at home like pain what a customer is having an experience that good it really just. Heart and so he's like it was hard to watch. You fours Steve Jobs. They're like we gotta shut it down jobs is the bookstore will be the only bookstore on the APP. Store. That's the way it's going to be everyone's gotta used to it. We know that restricting payments will hurt other things, but that's what we're doing and they started there in two thousand ten and they pulled it out, and then that ladders up into everything that we've seen with, hey, ladders up into the analysis group showing up to. Apple, can pay them to say that there's independent study has revealed. Everybody has a thirty percent cut. It has landed up into Tim Cook, forwarding. He gets a letters from developers that are in this direction. It's like apples breaking my heart and he just like Ford's it. Tim, Cook forwards that email to filter credit eighty, just as thoughts like amazing like they are constantly thinking about the APP store as a mechanism of control for the platform in the leverage and other deals. So the other one was apple is this Amazon one which I have very mixed feelings on saying that this is bad or legal I'm curious for all of your thoughts famously. Did, not have the prime video APP on the Apple TV and all these other places apple, Amazon came to a deal. There's an entire presentation in this production like the slide deck of how the deal is going to work. Apple got to be the preferred seller of its own product. So third parties cancel. Apple. Products, Amazon pages, they got. They have a custom by flow. They've custom product pages, all the stuff in return. Amazon got a lower commission on the APP store and gets to Selatan products which no. No like you can rent a movie from the Amazon APP on the Apple TV, no one else gets to it in one world. This is just pure platform collision, right? Apple cut VIP deal for big companies because it wanted something and you could say this is legal in another world. It's like this is how deals work apple something valuable. Amazon s something valuable and they came to a conclusion wherever made more money and quite frankly the consumer experience platform has got better. How do you read that? Casey? That is good and fair analysis of it. I. Think I did read slightly more scandalous. Tones into it in part because apple would never acknowledge that some developers are more important to it than others even though if you assume that that's true, I think maybe one of the things that's frustrating about it is there is no transparency accountability around which developers get sweetheart deals is that once you hit a certain threshold of revenue will cut your price. Why couldn't they extend that deal to everyone right? Or is it just if we withhold something that seems particularly valuable, we can eventually drag you to the table. Table, which is sort of what seems like happened here. I think in all cases, what I'm always looking for is the accountability, right like and some sense of of equitable treatment of developers and I understand the guys are always going to get the best treatment, but it can that be publicly visible. Can it be acknowledged and there'd be routes for others to achieve that same level of success and treatment, and that I'll just seems missing here. Did you buy Tim Co? He said it twice. It was obviously A. Glimmer, of sympathy for all four CEOS. There is a lot of reporting that they had spent months preparing for this hearing like being grilled there, they'd hire outside law firms. They. Practiced they all clearly had soundbites memorized in none of them. Got To say him because it kept getting interrupted. Tim Cook had this one where he is like if we're the gatekeepers, the gates are open wider than ever. We've gone from five hundred. APPS to one point seven, he said like. A whole speech. and. The thing is there's fierce competition for developers. They don't like our store can do for android the windows. For xbox and PS. Four. Which I was like the idea that adobe is going to be like we don't want to be on the IPAD. Here's PS. Four Photoshop is insanity to me. I'm going to build a spreadsheet. APP. For the five. That's how frustrated with Tim Cook. To that ring. True to you I. Mean, there's no, it does not ring true. There is a, there is a duopoly. In the United States when it comes to smartphones, iphones have majority share in the United States and you can't say, well, you know there's there's a rogue fork of android in Malaysia that you could go develop for if you really wanted to and have that come across as a credible argument to Americans. Right it is. Natural for any monopolist to spend most of its time, arguing that it is much smaller and much less consequential as as you think it is and they're essentially always asking you to ignore what is in front of your face, which is that they are the giant. They are in control. What they say goes, and it doesn't matter which small businesses get hurt along the. The. Way I would point out that the contact and we're gonNA talk about earnings eventually. But the context for that is apple had its biggest third quarter ever this month, their revenues went up eleven percent year over year, they're making obviously making billions of dollars in their services revenue, which is a lot of the narrative around the APP stores increasing that services line. Also went up. I think it was thirteen billion. So you're right. They're very big in their earnings the day after the hearing did nothing. To reduce that impression. I want to switch to Amazon a little bit McKenna. You really focused Amazon was basis first time up there. They came at him a lot about marketplace. How did you think that went I think it went pretty good. I. Think. John Paul specifically was just like killer her questions with breakout star. Yeah. She was just like killer and she's the representative for. SEATTLE. So this is where Amazon is right. So she just like killed it and. And I think there were a couple of instances in the documents and in questioning yesterday that really pulled important things out there was like testimony from one bookseller who was like, yeah. We just can't sell a category of books and we don't know why Amazon doesn't let us do that just like testimony like that or even when it comes to like acquisitions, the ring acquisition especially, I wrote about that today through the documents and how. They said, this is for market position. This is a for technology, your talent or anything. We just bought this and that's something that base said again, yesterday he was just very clear. It's like, yeah, we do buy things market position, which is like so insane just here like the richest person in the world. But like, yeah, we're buying market position. It's just what happens. That's another one I have mixed feelings right, and by the way, people should read McKenna story because those documents have just a very funny breakdown like the pros and cons of buying. Buying ring in many of the cons like what if this turns into nest, which if you're just the verge cast listeners like it's just like the Keyword Bingo, but it's fine to say, we're buying market position like this isn't the best product out there, but it's the category of video. doorbells is not huge, right? So to by the the market leader in video doorbells is maybe the most rational use of the money. What is the problem that you think the committee was trying to show an address sense of we're just going to market position. Pointing out, they can just do whatever they want and how casual it is, and there really isn't. It's really funny to read an email like that, and we could buy it or we could just copy it or are. We could just watch. You know that was one of the emails that base from someone. Those are just three options you know and it's like just pick and choose you know. Pointed out like a lot. Just that email itself really pointed out just how easy it is for them. They used a lot of that time history to talk about copycat behaviors and to talk about just like you know buying up competitors and it just seeing that all in one little e mail having to do with the ring was like really i. think it was really kind of I opening and especially like useful for the committee. So Amazon got hit a lot for the data collection side of it of copying competitors. bezos did not seem to have great answers there. Right. So that's the. The thing they got in trouble with this. There is that Wall Street. Journal article from like April where employees were literally like, yeah. We dip into data and we use that to guide our own private label products and everybody was like Whoa and Amazon basins. Yesterday said, well, we do have a policy that bans that but giant pointed out yesterday. It's like, okay. So what's your enforcement look like you can have the policy, but like if you don't enforce it, then it's like meaningless. And then yesterday I. Think Paul was like, can you give me a yes or no answer? Do you dip into data and he's like I can't I can't give you. Yes or no, and we're just like we're looking into it. The story had anonymous sources. So that isn't very helpful to us. You know what I mean. So that was one of the main things and that Wall Street Journal article and I think it's the same kind of examples in the committee's documents. They point out specific examples like car trunk, organizers of all things. It's like weird little products like Amazon's like this is a little hot. Maybe we should do that. So I, I think. I, think they made a good case yesterday. Yesterday on that. Yeah. I mean bezos brought up that Wall Street Journal, Article himself twice, and he was like, well, your policy against it. But I can't guarantee never happened. Then there is a strange just didn't come across clear I. Think I know what the committee was trying to get at their like US aggregate seller data when there's only three sellers and then only to sellers? Yes, I. Think what they're getting at is when you're down to the aggregate data of two companies, you heard effectively looking at individual data. What is the problem? They're like the I get what you're doing. You're just reducing the denominator to get to one, but like it, why is that particular problem? Right? Well, none of these. Dipping into individual seller data and looking at aggregate data. That's not a legal. There is no law. This is all voluntary of Amazon. So they have a voluntary policy where like we can't do individual seller data, but they say nothing against aggregate and aggregate what you're getting at eight. Here you is. Does the same thing if it's just like some goofy little product they. They bring up pop stock. It's all the time before pop tops in a moment. Right? There's only like one pop. So company like you know pop soggy, it was kind of an innovative product. It's like well, if there's only two of them and use the aggregate data, you you you have everything you need to know you know about that product line looking aggregate. If that's what you decide to qualify as do you as you're looking through the other Amazon documents and other stuff. So anything jump out at you is something the committee was trying to prove or get at. The questioning seemed very focused on. Like are you using the state at a copy products? Are you buying things? You shouldn't buy. There's one question which I did not understand why came up about DMC. Take downs on twitch and Jeff as just had this look of panic in his eyes. He's like I don't know man I bought Wedge because my kids want to. Do something like that was like the side show stuff, but the real focus here, it just seemed like it was definitely in the marketplace, right? Amazon, everyone came at Amazon for the marketplace. That's what everybody knows him as like they have all these little sides. They got rain. They got Alexa Alexa was one thing too. That was kind of interesting. It's like. Are you buying things like ring to put Alexa into and dislike expand your like Titan Ism as like an Internet Internet connected home. Thing and make that more closed off and walled gardening. That was one thing. But no, it was just focusing on how much power they have to kind of change. What happens in the marketplace to kind of decide what companies in what products are able to come up on the first page of results. You know that's also something that they dug into Google and in something that one of those like themes that kind of ties everything together. We should say they all spend a lot of time talking about counterfeit goods, and why is it Amazon removed? Fake stuff from the platform and how much is it profiting off of you know selling pick rolexes? Is it surprising? The whole foods didn't show up at all they're. Like that is a really massive thing. Amazon owns that. Is it moving into a huge new product category? I think whole foods is not an online marketplace, which was the title of the hearing, not that that restricted anybody from doing anything except that, one of the things Amazon says is we have lots of competition from offline marketplaces, right? Brought up kroger a lot I mean, this is the case he's point. They all made. It seem like they were beset at any moment. They could be crushed by the likes of stop and Shop Right? Like I think the point though was really on the. Digital. Experience Consumers have and like I, don't know Ho-. Foods fits. Into that narrative, especially, because it is itself not dominant like they bought it because you needed to grow in their. Good at that at my question for you on the Amazon stuff was when you think about, we talk about two thirty a lot right like you and I in particular spent a lot time to thirty, which regulates with the platform can do with content. There's not really an equivalent of two thirty for goods on store. Right like there's some case is out there saying like you're liable for what what happens on your online store page, but Amazon doesn't have that like second order of like Messi nece around it that twitter and facebook to with two thirty, I. Mean, it gets invoked a lot for marketplace's, but it's way messier. Well, I just wanted to like this question at counterfeits question about ranking the store like they are even more free than any twitter is to to sort tweets algorithm. Algorithm clear to modern like it just their store. Do you think that they're like that Algorithm transparency? Your wire things ranked. Did you catch a sense that that's where the regulation is GonNa go. So much of the conversation around Amazon really felt like it was individuals sellers being wronged for reasons of Amazon being unresponsive or stealing. It's data. So I don't know it didn't. It didn't seem like a really big focus of the hearing, but it is a huge deal. Yeah. The, digital marketplace frame of this, which is where we have talked to. Cellini. That's where he's going right like facebook and Google very digital. They have like they don't do physical goods. Really. Apple is the APP store. It's all digital goods. Amazon is the one where it's. Front to a lot of physical things, and that is the only place where I can see this regulation needing to make some sort of like major meaningful distinction in I. Didn't see it in the hearing, but I was curious of you caught a glimmer of it. I'm not positive that they have to make a huge distinction there like depending on what they come up with because. So much of this is about their companies and whatever product they produced. The issue is more or less whether or not they're being surveilled and unfairly by targeted and crushed by that data surveillance. All right. We have gone for forty minutes. We should take a quick break. I said I wasn't going to go by company and it happens. So we should come back and talk with facebook Ango. We'll be right back. This is advertiser content. When I say utopia what comes to mind. Birds Chirping lush natural beauty dialed up and vibrant technicolor. Is it within reach. Your world world. World. explained. You are an essential part of the perfect social body. Every Body Matt Place. Everybody happy now while the peacock original series, brave new world takes place in a scientific futuristic utopia. A concept is nothing new Sir Thomas more. I introduced the theory five hundred years ago. But we keep looking for that community identity stability of aldous Huxley's Utopia and not finding it Americans are the unhappiest they've been in decades, and we're increasingly lonely whereas in a utopia. Everyone belongs to everyone else. In nineteen forty-three, the psychologist Abraham. maslow's developed a theory of Utopia. One that allows total self determination in basic terms. maslow's theory says that in Utopia, we decide for ourselves, what we need and how we're GONNA get it in Huxley's Utopia citizens always get what they want and don't want what they can't get. Sounds. Pretty good. Right. Then why can't we make it happen? For a Utopian Society the work we might need to disband some of the things we hold dearest marriage government privacy individualism even family. See for yourself. If a Utopian world is as perfect as it seems watch brave new world now streaming only on peacock. These are really difficult crazy stressful times, and if you're trying to sort of cope, it could be helpful to find something that gets beyond like doom scrolling and like obsessive worried. But digs into what is really going on underneath the surface, and that's what the weeds is all about I. Matthew Yglesias. Weeds podcast here on the box meeting podcast network. This is podcast for people who really want to understand the policy debates and policy issues that shaping our world. We've seen now more than ever like how relevant policy is to our actual lives, but so much in the news isn't focused on really understanding and explaining detail way if that sounds good to you, join us for the weeds, every Tuesday and Friday to find out what's going on why matters and what we can do about it. You could download the weeds on apple spotify or wherever else you get your podcasts. Tracy. When it comes to facebook I turn to you. FACEBOOK is patience consumer of startups as what we've learned. Yeah. But you said something to me yesterday was interesting, which is everyone else's problems are forward looking and it feels like facebook's problems are actually in the past break for people explain what you mean. Yeah. So when Congress is looking at any trust with respect to these four companies for three of them, it's It's sort of about the marketplaces that their operating right now with facebook, the question is much more about should we have allowed it to buy serum? Should we have allowed it to buy WHATSAPP and most of the antitrust conversation that was around facebook yesterday was all about that. What did Mark Zuckerberg know about Instagram, and when did he know it? We wrote a story based on some documents that the house released yesterday. In which facebook has clearly identified instagram as a competitor. In at least some ways and wants to go after it and knock it off the table, and so that's kind of where the focuses their facebook and Burke did get a lot of other questions yesterday, but it tended to be much more about content moderation and things that don't have a lot to do with antitrust. So there was weird section where they asked the face. Face Research APP in the novel, Vpn? Any kind of got lost well, explain what happened and I'm curious reactions. Yeah. So facebook has a bunch of nifty tech tools to figure out what's trending which APPs or the kids using, and so that can essentially have an early warning system if it needs to consider acquiring something or more likely in these days, go out clone it. and. So Zuckerberg was asked about the way that the company uses these systems and if they are anti competitive I, think you know traditional antitrust law probably would not say copying an APP feature is anti competitive, but could lobby written in the future about it shirt I. Think the one that caught me was I mean, this is what I'm. McKenna's points from earlier is like one of the themes here is, are you so dominant that you can collect data that's unfair and then use that to crush or killer competitors, and definitely bought the Inaba VPN to do it. That's true. Now, when I've asked executives at facebook about this, what they'll say is they don't get surprised anymore. When you have three point, one billion people using your apps around the world. You know what links they're sharing, you know what they're talking about. And so you're not going to need some kind of specialized tool to know that WHATSAPP is really taking off. Right. So they would argue that, yes, these tools were useful to them, but you know at their scale, they know what's popular now, which doesn't really seem like addresses, the problem is reached. The fact that we're so big that we're all knowing is maybe not the defense that they sometimes presented as so here's what I didn't get. I thought, Zuckerberg I want to the instagram. What's about who's issues, but on the facebook research front, the data front, they him about this APP facebook research, which you were giving to teens. They were deploying with an enterprise certificate that story broke apple revoke the certificate, and all of facebook's internal APPs went dark, and this is a scandal story after story about it, they went on for two days. So I can I, don't recall that APP? Just how he you know, he remembers the day that all facebook's internal APPS went down and people couldn't go to the cafeteria. I would agree I found that answer. Extremely, ed? Persuasive. that. Do you think that was like actually strategic for him to be like, I, don't know and then come back later and correct the record I do remember when that happened I. Mean. I really don't know I mean also you know during a six hour hearing, it's also possible that you just you get flustered or you miss here something or or something because. Yeah. As as you say, I'm sure he remembers the day that apple turned off their internal APPS I mean. Honestly. Seems like an opportunity to talk about apple's market power, and the fact that you know a day of work canceled at facebook because apple got mad. But I think most of the CEO's didn't go into yesterday a wanted to pick fights with each other. It was kind of sad that they didn't. I was Kinda hoping that Tim Cook take a shot at soccer burger. Point that the other two APP platforms I was expecting it. It was there. It was. There was all there. So cellini ended and he ended the whole meeting with closing statement. He said, some of these companies didn't get broken out. They all need to get regulated in the off too much power that some of them I. don't these breaking up apple. What sort of break. Right like. The division get sent into the corner thing about what it's done. Right. Does should spin out the finder team I've always wanted to. A clean is always that they want to. They want the APP store to be separate from the IPHONE. Basically, that's the thing I always hear. Can't break I. Think you can write some strong regulations but not playing you're on store, right. But like Elizabeth Warren's point was it's cleaner if it's two companies, but it's still a gigantic remedy that I don't think there's a lot of like like consumer or public opinion is going to walk into an Apple Cup I think you'll radio at marketplace. It seems very clear that we says some of them she broken up he is talking about facebook. I have a twenty percent conference level. He might be talking with Google and Youtube as well. But if he's going to say some of the need to get broken up like it's facebook, did you hear anything yesterday that supported that conclusion or Saudi stocks I? MEAN HE I don't remember which Republican it was, but he was like the Obama FTC looked at this and they said it was minding love. Obama. Right. Like. Why would we go back in time to relook at I? Mean, there is a belief and I mean. Somebody who thinks there could be a lot of benefit in instagram and WHATSAPP being different companies from facebook. And the reason you ask. So many questions about that acquisition as you're making the case that it never should have been approved in the first place, and so now you need to remedy it. So that was actually like the entire thrust of the argument against facebook yesterday. I think, you could probably make just as good a case that Amazon after spin out aws, but lawmakers chose not to make that case. Yeah. I think that also gets into. Politics of the acquisition of the time. To his credit is like nobody knew instagram would actually be a success like we made it a success. It didn't happen by itself. I, don't know if the lawmakers. By award, these guys said, but I don't know that he actually made that case very persuasively. and. Who knows I mean? That's like anything could have happened. Right? Cram could've stayed independent and rapidly grown and overtaken facebook like that's something that could have happened. It could have kind settled into a middle zone like snapchat or twitter seems more likely to me although I think probably would have been bigger than those two but. You're never going to know I mean it is true that facebook gave Mike and Kevin it instagram enormous resources. A lot of the reasons why Mike and Kevin sold was because running tiny startup that's blowing up is absolutely exhausting Mike. Krieger. was dragging his laptop all around San. Francisco. Because the servers were melting at all times of the day whenever Justin Bieber. Posted like the site stopped working and they really we need help. Finding a person who can quickly fix this? So we don't have to like that is the reason that they were entertaining these offers and wanted to sell it. So that is also thing that happened. Do you think that that same kind of argument or approach can apply to what's up? What's up basically did not come up yesterday and all the focus on Instagram, but that's the other one, right? Yeah, and we know weirdly a lot less about that acquisition I. Think it's because people in America just have so much less love for what's APP generally. That, it's never seemed as important. What happened to WHATSAPP as what happens to instagram even though WHATSAPP, is used, you know way more, it probably has way more engagement even than instagram does so I don't know why that didn't come up as often. We know there was a competitive bidding war for that as well. Goule. Wanted it as well. You know Mark Zuckerberg made them an offer, they can't refuse. Do you think everyday Google's we should've spent more money on what's whatsapp like this could have been solved. Should have, but Google has been placed under an ancient curse that prevents them from ever making the right decision about any social product. So it was doomed never to happen. It's fun looking through the documents and watching them casually say they should buy facebook dot com. Yeah, that. Point. That is how they talk like the window into these executives just casually being like we should just this thing or maybe not, or we should just copied ourselves and kill it before it gets any traction like it's repeated over and over again last facebook question. This one is like harder to parse because I. There's a chance, it's October is just joking around but. But. He's in many of these emails. He's like the thing about startups, as you can always buy them, which I think the committee thinks is a smoking gun, right? Like facebook's entire plan is to buy the competition to get the data from wherever they get it to say, oh, man, this apps popping, we just buy it and kill it before it competes with us. I. Think he actually said at one point. That's a joke. Yes, he did and I believe that you know it was two thousand, twelve, right? He was probably still in his mid twenties. At that point, the company was a lot smaller like people were joking around like there's more loose talk when companies are younger and I do think. It was it was part of that. I think the more interesting question becomes. Let's say facebook is telling the truth about everything. Let's say they thought it was going to be a successful acquisition, but they never knew it was gonna big as it became today and they invested in it and it got super big. Okay. Well, now, it's as big as it is. Should they be allowed to keep? Keep it or should they be forced to spend it out and if you're GONNA force them to spin it out. What's the argument that you'RE GONNA. Make about why one question that I have a lot is clearly the referral they're gonNa make, and it seems like if you don't have some other reason, we've heard hints that there's some other reason, the FTC scrutinize this that will eventually be revealed. But what you're saying is the antitrust standard at the time, the Consumer Hartman stand, which is still our standard. Says, you have to prove prices will go up both products for free. You're screwed. Right? There's nothing to review because you're not gonNA prove prove that free products are gonNA get more expensive. I think it's pretty unfair if you change the standard and you go back in time and say you missed that standard. So I think there has to be something else there. Well, what was the standard by which at and T. was broken up? Right? Like presumably at and T. didn't used to be that big, and then it just got really big and then they broke it up at least. That's the thumbnail understanding I have of that break-up. Well, yeah. But then reformed itself. Right. But because of lax antitrust regulation, right? Like it wasn't a naturally occurring phenomenon that all those APPS got back to the other or was that just sort of like inattention to capitalism It's like in the seventies and eighties. This is Tim moves book the cursive bigness in the seventies and eighties Robert Bork I can't talk about Robert on this podcast. Are we doing this right now. Robert was very influential judge Appellate Judge Federal Appellate? Judge. And basically moved the antitrust law to the consumer harm standard as part of a movement called and economics. A whole thing Robert. Bork. Mostly famous because he was not appointed. He was nominated Supreme Court by Reagan but they leaked video tape rental history, and then he didn't get nominated and that is where the expression getting bork's comes from. This is all true Netflix's still has to abide by videotape data privacy act is a whole. This is all true when facebook and Netflix had some partners, Nansen? Partnership. To. Automatically share your net flicks, watch history to facebook. They're like pending the change of this law which we are working on Robert Bork. He haunts us all. I'm sorry, I can't believe this much. Yeah I. think that's just like the law changed in the in the seventies and eighties, the standard change. The conversation right now is a very much about changing it back months and months ago, pre pandemic, we had an economist from I. Think it was Nyu Thomas Philippon came on the show, and he was like look you have this natural ab test going on in the world where the European Union when it formed was like, how do we get an economy like America's? So, we'll just take their competition policies pretty good, and at the same time we changed consumer harm standard. So everything you're seeing the EU is basically our old competition antitrust standard in. You can see how active they are in everything. Here's a new consumer welfare standard. Whether you believe, this is actually a functional Ab test given. The state of both governments is up for debate, but that was his point I thought. It was spare can say.
Squawk Pod
Washington vs. Big Tech: Taking on the Trillion-Dollar Club
"Lawmakers came out swinging yesterday against Amazon Apple, Alphabet and facebook at an historic antitrust hearing held with CEOS, Jeff bezos, Tim Cook Sundar Pichai, and Mark Zuckerberg. Over remote Webcam, you swear or affirm under penalty of perjury that the testimony you out to give his show incorrect. The Best of your knowledge information and belief. So help you God. Yes. Let the record, show the witnesses answered informative. Thank you, and you may remain seated members of the House Judiciary Committee's antitrust subcommittee used charged language like too much power, Anti Competitive Acquisition and emperors as they aired their concerns about those four giant platforms. Here's the subcommittee chairman. Democrat, Peterson, Selene, a Rhode Island, our founders would not bow before king, nor should we bow before the emperor's of the online economy and ranking member? Wisconsin's Jensen. Brenner. Pointing out. Political concerns about size does big tech have a bias serves our consumers to? The need the protection of the antitrust laws. Both sides of the aisle had their opportunity to highlight this core conflict between Washington and Silicon Valley that antitrust enforcement can fix whatever is challenging or concerning about big tech. The CEO's for their part. Say We haven't squashed the competition. Here's Pichai Cook and Zuckerberg competition drives US team. needs to better products, Noah choices and more choices for every customers have a lot of choices in their products space fierce competition companies like Samsung, G. while way in Google has built successful businesses with different approaches. We okay with that. Our goal is the best, not the most I recognize that there are concerns about the size and power of tech companies. Now, we're services are about connection. Our business model is advertising and we face intense competition in both Amazon's ECOMMERCE dominance sparked a few intense moments after CEO Jeff bezos. The richest man in the world with a personal fortune of about one hundred and eighty billion dollars didn't get a question until nearly two hours into the hearing apparently due to a tech glitch. But then the pressure was on basis was asked about undercutting diapers, dot com before buying it Amazon's counterfeit problem whether Alexa favors Amazon's own products, many times. He didn't have the answer I. Don't remember that at all. I remember is that we we we'd match competitive. I believe we follow diapers cog, and this is eleven years ago I. Think we do is offer to get you information if you. Get it to your office for you read that article, but I didn't remember that piece of that I apologize for that I don't know the specifics of that situation, and I would be happy to give back to your office with more information about that. These questions for Basil's and Amazon strike at the heart of the antitrust that had been building for years as these four companies that we use every day every single day grow and grow larger with a combined market. Market cap of about five trillion dollars. If they were their own stock exchange, they'd be the fourth largest in the world. Here's vice chair. Joanna goose to facebook's mark. Zuckerberg strikes me over the course of the last several years. FACEBOOK has used. It's market power to either purchase or replicate the competition and facebook facebook. MESSENGER WHATSAPP instagram are the most now downloaded APPs of the last decade your company. Sir, owns them all and we have a word for that words monopoly. My Take Away I. Don't know I. Don't know if you guys watched I thought some of it was fascinating. A couple of questions, not not a lot of great questions thought. There's a lot of some good answers, some not good answers, but I didn't think that there was a major takeaway that all of a sudden. You know Washington was Gonna come down hard on these companies and there was evidence that was presented. That was gonna GonNa, create that challenge. I thought the most challenging piece of of news out there. But I think we've seen it before was instagram and facebook in some of the emails back and forth. Did you ever use this very similar facebook camera product to threaten instagram's founder Kevin side-stream? Congresswoman I'm I'm not sure what you mean by threatened I. Think it was public that we were building a camera up at the at the time in a chat. You told, MR, science that facebook was quote developing our own photos strategy. So how we engage now, we'll also determine how much were partners versus competitors down the line instagram's founders seem to think that was a threat he confided confided in an investor at the time that he feared you would go. That you would go into quote destroy mode if he didn't sell instagram to you, one of respectfully disagree with the characterization. Really dug into the emails and didn't take them out of context I. Thought, you'd have a hard case to make. Yeah, I, mean. I thought on on the point with facebook is easy Riley points to the quite a few different lawmakers went off the Mark Zuckerberg on on the topic of their competition practices whether he considered some of those companies they've taken over I, walk up and Instagram as competitors at that point which knowledge that they had been, which kind of course, a bit of a stir. Has Been Engaged in purchasing competition I, in some cases, replicating competition in some cases eliminating your competition, would that be a fair statement? The space of people connecting with other people is a very large space and I would agree that there were different approaches we took to to addressing different parts of of that space, but it's all in service of building the best services. Likewise said that they had tried to copy some of the particular tools that other rivals whether they bought them or not use including. Of course, the stories feature snap, which I thought was quite interesting, but Geo Point, Andrew as to whether we we conclude from yesterday that significant action from no makers is imminent. Even if we go to a sweep at the next election, the market didn't take that conclusion on those times. Talks hit session highs during the hearing, but the interesting dichotomy which goes to the question. Of, how much we managed to watch I watched as much as I could apart from when fed chair Jay Powell speaking and I watch that instead, and you had one side of Washington of goes up pressuring these tech stocks. The other part saying that we're hit as long as it takes, we're not even thinking about thinking about thinking about raising rates and not allowed old. Not just the textbooks. And close at a pretty strong session yesterday can I? Can I just ask whoever buys a company? That's not a competitor I mean. News the idea that you would buy a competitor when. Merger has ever taken place among a company that does an entirely different area that you wouldn't consider a competitor. Watching. This yesterday was complete theater just like it often is with the these congressional hearings. At. The beginning, they were asking questions and not even letting them answer. So this was really about giving Congress people their time to have their six minutes to talk and to go through with some of these things, I didn't feel like learned a lot under yesterday. I couldn't take my eyes off it when I was watching it, but it was theater. Classic, you'll take the time comments from lawmakers when they get me on. So they wanted to I, totally agree on that, but I would say compared to say twenty eighteen when Mark Zuckerberg had to go to face, they'll make on his own. Better prepared than they had even if it was then making arguments rather than letting. The answer, their questions, they made better arguments. They brought up more pertinent facts whether that was is Amazon. Abusing small sellers on this. Platform. In two, thousand, thirteen, it was reported that you instructed Amazon employees to approach discussions with certain business partners, and I quote the way a Cheetah would pursue a sickly gazelle is the gazelle projects still in place and as Amazon pursue similar predatory campaigns in other parts of its business. I cannot. comment on that because I don't remember it. Is. Apple misusing the margins, it takes on on the APP store. Apple from increasing its commission to fifty percents we serve. We have never increase commissions in the store since the first day at operated in two thousand eight. From doing so is it? No, Sir I disagree strongly with that, there is a competition for developers just like there's a competition for customers. So I think they were getting it the crux of some of the issues. But as we I think all concluding I, it didn't spell imminent danger for the tech stocks just because of that air. Just one note though on the competitor. Comment there or issue that you were just discussing Becky, which is an interesting one. We often talk on the show about how being a monopoly unto. itself is not illegal, and you just commented that you can't buy from everybody wants to buy competitor. Interestingly, if you're deemed a monopoly which is not illegal, but you have that market power, it actually is illegal to buy a competitor, and so if you really go back and read mark, Brooks emails even. Even about the instagram transaction, he actually even doubled back on one of his emails because I. Think he realized that given the power that having that industry depending on how you define it that he had to rewrite the email later to suggest no, I'm not trying to do this. He was by the way thinking about this, even to two, thousand, ten, you can. Almost, if you look through emails, you can sort of see how tracking in his mind. The Way He's thinking about it. So yes, everybody always wants to buy. But Inter stands at the size and scale that these companies are. Now, it's very hard to do that actually. Hit His. Answer. was that the FTC had all the same information that they had at that point in the FTC Peruta
Balance of Power
Jeff Bezos will testify about how Amazon is the quintessential American company
"Largest tech companies are due to appear before Ah House Judiciary subcommittee on Anna trusted to answer questions about whether they have become and a competitive and won't return. Now to Emily Chang. She is anchor of Bloomberg Tech. We were rudely interrupted before I'm delighted you could be back with us, Emily So let's talk about this. We're talking about the four cos they're all big. They're all tech, but they're actually quite different company. One from the other. How can there be a through line from this investigation on these four different companies? Absolutely, And that's a very good point, David, Each of these CEOs of each of these four companies could have their own multi day hearing. The issues are very different with Facebook. It's misinformation and advertising with Google is advertising and search, which, with Apple, it is The APP store with Amazon. It is how these companies treat third party sellers. Jeff Bezos is somebody that we're really going to be watching here, the CEO of Amazon and also the richest person in the world because he's never testified before Congress before, and there are a lot of people who want to hear what he has to say in his prepared remarks, which were also a little bit different. From the rest. He talked about how his parents invested in Amazon in the early days. A typical and true American success story. He's also the owner of The Washington Post says that that could bring out a little more idolatry from the lawmakers. We don't know, but it's definitely going to be interesting to see how these lawmakers throughout their questions because they could basically ask anyone Anything at any time. So there's a chance that this could be all over the map, especially given that this is a virtual hearing. You're gonna have some of the lawmakers in the room. The hearing has been delayed because they're basically cleaning up from the last hearing. You've got staffers inside now washing it down. But all of the CEOs will be calling in virtually So
Balance of Power
Tech's four biggest companies are going on trial
"Important tech hearings up on Capitol Hill, where the CEOs the four largest tech companies are due to appear before Ah House Judiciary subcommittee on Anna trusted to answer questions about whether they have become and a competitive and won't return. Now to Emily Chang. She is anchor of Bloomberg Tech. We were rudely interrupted before I'm delighted you could be back with us, Emily So let's talk about this. We're talking about the four cos they're all big. They're all tech, but they're actually quite different company. One from the other. How can there be a through line from this investigation on these four different companies? Absolutely, And that's a very good point, David, Each of these CEOs of each of these four companies could have their own multi day hearing. The issues are very different with Facebook. It's misinformation and advertising with Google is advertising and search, which, with Apple, it is The APP store with Amazon. It is how these companies treat third party sellers. Jeff Bezos is somebody that we're really going to be watching here, the CEO of Amazon and also the richest person in the world because he's never testified before Congress before, and there are a lot of people who want to hear what he has to say in his prepared remarks, which were also a little bit different. From the rest. He talked about how his parents invested in Amazon in the early days. A typical and true American success story. He's also the owner of The Washington Post says that that could bring out a little more idolatry from the lawmakers. We don't know, but it's definitely going to be interesting to see how these lawmakers throughout their questions because they could basically ask anyone Anything at any time. So there's a chance that this could be all over the map, especially given that this is a virtual hearing. You're gonna have some of the lawmakers in the room. The hearing has been delayed because they're basically cleaning up from the last hearing. You've got staffers inside now washing it down. But all of the CEOs will be calling in virtually So your comments suggest there is another person not in the room who may be quite important that is Donald J. Trump the president, United States He's not been shy in his criticism of some of these tech companies at all. What is the potential influence of the president here? Absolutely. And David we actually just in the last half hour, So got another tweet from the president focused on Big tech, the president tweeting. If Congress doesn't bring fairness to Big Tech, which they should have done years ago, I will do it myself with executive orders in Washington. It has been all talk and no action for years and the people of our country are sick. And tired of it. Of course, the president tweets themselves have been the subject of much controversy, especially how Facebook in particular has handled his tweets. The one about looters and shooters threatening violence on the American people threatening violence on protesters in Washington, D. C. Facebook has made the decision to let those posts stand unflagging not behind. A warning of any kind, and that has kicked off. Ah lot of controversy. Facebook is in the middle of an ad boycott. Right now, you've got massive advertisers who have pulled their advertising from Facebook for the month of July and some for the foreseeable future. So you can expect Facebook to be the subject and Mark Zuckerberg in particular, probably of the most iron from these lawmakers. Lots of concern. About anti conservative bias on the right and also concerns from Democrats as well. You've seen Vice President Joe Biden, the Democratic presidential candidate, also taking aim at Facebook, and in fact, President Trump has already used his executive powers to sign an executive order asking The FCC to take a look at old laws that give companies like Facebook and Google and Twitter protection from liability over the content that those users users post so we could expect that to be a really hot button issue today. Well, it's a fascinating point. This is Washington where the rules as we both know are different, but this is the antitrust subcommittee, the House Judiciary Committee. Theoretically, they're supposed to do with competition issues. Not the substance of speech. And yet I wonder whether it would be a fair amount of questions that have nothing to do with that. I trust her competition at all it has to do with political bias. Absolutely. And look, I've talked to all of the company's going into this. They're expecting questions to be all over the map. It is not all going to fall under the antitrust umbrella, and we know that at some of these lawmakers, we're gonna have sort of personal bones to pick with these companies whether or not one of their posts personally was flagged. Or not, And it's been interesting hearing from the critics as well. You've got CEOs of other big tech companies like the CEO of Spotify, the CEO of Epic games and maker of Fortnight. I've spoken to these folks in the last couple of weeks in the last couple of months, and they've been speaking out about thes companies saying that Apple, for example. Is American, Apple and Google are a duopoly. You've heard a lot of criticism going into this about how these companies run their businesses, and that's what these lawmakers have been hearing now on. The other side of these four companies have massive lobbying operations that they've turned over. One source told me voluminous amounts of documents, millions and millions of pages. Stating their case stating their side to make sure that these lawmakers are informed and we should hope that these lawmakers are going into this with with some level of the right information you know in the past. When Mark Zuckerberg, for example, testified before Congress for the first time, some lawmakers didn't understand how Facebook's business model actually worked. So we'll be watching to see whether or not these lawmakers actually understand the businesses and the points That they want to make. It was a famous exchange. How do you make your money If you don't charge for, he said, Well, we sell advertising Senator. That was quite an exchange. Emily. Thank you so very much Want to treat you have you with us? That's Bloomberg technology anchor Emily Chang, and we're going to bring you the hearing when it finally gets underway on Capitol Hill. Meanwhile,
Morning Edition
Big Tech's CEOs come to Capitol Hill
"Chief executives of four big tech companies are scheduled to appear today before a House subcommittee As NPR's Bobby Allen reports, The CEOs of Apple, Amazon, Facebook and Google will be questioned about their market dominance and what it means for industry competitors. Facebook's Mark Zuckerberg, Amazon's Jeff Bezos, Google Sundar Pichai and Apple's Tim Cook will all be peppered with questions by members of the House antitrust subcommittee. All four will appear simultaneously and virtually the hearing is centered on whether there is too much power in too few hands Together. The four big tech companies have a market value of nearly $5 trillion their opening statements that have been released The CEO's defend their business practices and say they have plenty of competition. All four companies are financial supporters of NPR.