35 Burst results for "Thiel"
"thiel" Discussed on Insight Out with Billy Samoa
"Was crazy but he was actually doing which we all know. Today it was creating the unique content library than at flicks ended up becoming an of course they steamrolled their competition like doe. How do you know if the timing's right. Give us your thoughts on how you can give your best shot at determining whether or not your timing is ideal for whatever it is. You're doing. I wish i had a silver bullet for you buddy but the truth is nobody knows. It's very difficult either. The smartest found the smartest person knew everything about your industry and still fail. I'll give you the best example of this does a great shopping app. Can you remind me the name. Is you know where you can order deliveries. You've been hurt. Thank you so much instrument exactly so instruments idea wasn't new in the late nineteen ninety s. There is simple very similar idea to insta- card. There is two billion dollars. I've got the name of the startup but it failed because the timing wasn't right nobody really had mobile phones. the broadband internet speeds berg. Fast enough and people didn't really want to buy groceries off the internet really quickly. And then the idea resurfaced ten years later now instruments multibillion dollar company. Same idea timing was different. That's why by the way. Jeff bezos who arguably in my opinion is the best entrepreneur of our generation by a very long shot. He was very strategic about what he sold on the internet. I do you know what he sold. As a fund lewis course books man right so people donor says. Why did he choose books. People just stopped the logic like. Oh yeah it's his books. No the reason he started with books. Billy is because the cost of each ship is very low and there's a clear competitive advantage to having an online bookstore that having a library. So let's i wanted to buy a tv. It makes sense from beat it like potentially go to electronics store versus by on the internet. Spending a thousand dollars or two thousand three thousand each..
"thiel" Discussed on Insight Out with Billy Samoa
"Clearly. So what fascinated and what really freaked me out the most. Was that story where peter said. You know the craziest thing about socks was how short that boardroom meeting was because it was fifty minutes and he went into that meeting and he just said no. We're not selling. And peter. And jim just looked at him and said mark you sir. You ought to sell this company. You're going to literally walk away with two hundred million dollars and you're mark answer billy. He answered Well if i sell facebook. I have to build another one. What's play koos says the that's even more insane for me like i'm crazy but this guy's not a hold the level of crazy and that's why duck succeeded. Don't you find it odd. All these billionaires are still working. Why are they still working. So hard suck. Cylinder is a net worth of sixty billion because the eccentric They don't get there without something being wrong here in a good way. And that's the idea. Yeah it's the crazy factor. And i think that's the key point for number two. When we think of the case studies they would think of you highlighted. The one common thread is this craziness. Gene that they all have to some degree. Call it eccentric. Call it just insane. Whatever label you wanna give it. There's a they're not doing if in order to do something that's not normal day. Themselves are not normal. So yeah okay. So what's the third thing. I would say the third in general and i'm happy to give us an example here of just everything that we believe that conventional wisdom and he just says is it true and he argues every single. One of them really. Well it's basically what the book is for those of you who do think about reading it is. It's a whole book around unique thoughts. That you never really thought of that motivates you to create your own version of zero to like if you created your own version of all your controversial believes ruled. That book look like feel. That was my biggest takeaway as a third point block of one of those examples. Yes a chapter called. Competition is for losers right. He says that monopolies pretend to be all the gop laze in allah. God please pretend to be the monopolies or action. Explain what i mean here..
"thiel" Discussed on This Week in Tech
"Don't be the last person on the next train out. Listen to modern finance and get ahead of the future of finance kevin great. He's also very entertaining. love him. Thank you kevin. Modern finance. everybody should listen to it right. We'll get kevin back on twit soon. You're talking about peter. Thiel being outed and i forgot that we own thomas. The guy who was writing for gawker when when Who outed peter. Thiel has been on the show many times. He's he's one of our contributors love him. Great guy I don't i don't know if he's happy about the fall of gawker. Although gawkers back isn't it. I don't know is it the same new under new ownership or are they still Can i you know not not as tough as the old golkar bad. Although i see they have a column called cannoli angus so i don't know that they try. Try a little too hard. This things terrible. Here's one may like is destroying jeopardy. You could have written that one. Jeff are you over her She is he fulltime host. Now no no she's gonna a share the hosting for while while they figure out what to do should be to fire all this already executives screwed this upsuege they screw it up boy did they screw it up but you know i think it's a testament to how good alex rebecca's that's there's something about that show it's hard show to do and he's very hard very hard to replace. Somebody suggested. Actually this is from the gawker story. And i agree at a comedian. Like marc maron would be perfect. Maryland's just got that right attitude for the whole thing. I don't know my problem with her. is she's doing the brain supplement commercials. And though she she entered children did get the vaccination for cove ed. She's been a vac skeptical. Otherwise and so you have a show that is based on supposedly fact that knowledge and this is going to have representatives it going to be in all kinds of trouble. You're going to get tons emails well. She's beloved because of the big bang theory right she was. I like other big theory. But but as a spokesman for truth not so much. Yeah you know sh okay. She studied neuroscience. But she's an actor. Let's face it. Yeah that's that's a real job not not neuroscience you wanna watch is a raven takes out a google you want. This is this is jeff. This is jeff story. Ah so. Google has been forced to ground. Its home delivery service due to bird attacks. Here's an australian raven tracking a attacking drone delivering coffee. This is There's the drone somebody's vis. Ao look cool. There's a google drone delivering coffee. And then wait for it. Suddenly out of the blue ravens are scary. Here comes what is the raven. Think it's he's deals with sound onto. Because i took the raven is battling with the rotor. Why.
"thiel" Discussed on TIME's Top Stories
"Who's afraid of peter. Thiel a new biography suggests we all should be by. Belinda luscomb paypal co founder. Peter thiel is famous for destroying media outlets not paying taxes and being a conservative tech billionaire. A new biography the contrarian suggests that he is after more than riches time chatted with its author journalist. Max chaff chicken time. Why should we care about peter thiel apart from the fact that he is another rich tech billionaire and they're all weirdly fascinating jeff skin. I think that peter thiel is secretly the most important person in silicon valley. He's this behind the scenes player. Who is behind so many of the really important things that have happened over the last two decades. Obviously facebook is one of the world's largest companies a lot of people think it's uniquely bad for the world and a lot of people are super skeptical of mark zuckerberg facebook. ceo and of course -til is behind facebook. He was the first outside money in the company. He is also the person who basically set up mark zuckerberg to be mark zuckerberg and turned him into this imperial ceo who is now arguably more powerful than a lot of world leaders. A lot of people are really excited about cryptocurrency and you can connect it back to pay pal. Which is the company that thiel co founded in the late nineteen ninety s with an explicitly libertarian. Ethos there's this aspect of crypto world. Now where people are really excited about the idea of taking power away from institutions and governments. And that's something that teal and is libertarian. Brethren that were starting that company were really interested in. It's not something that happens accidentally. Do you see -til as dangerous. It's really important that we understand the ideology of silicon valley. Five of the top ten companies in the world are tech companies. They exert an enormous cultural and economic influence over our lives. Those companies have been really successful at telling a story about the world and their place in the world. We're just trying to make the world a better place. -til comes with a very different perspective. He comes out of activists conservative media. I think it's really important that we explore the ideology of what somebody like. Peter thiel believes when you start peeling back the layers what you find. Is this very out their political and economic philosophy. That i think is a little bit scary. What do you find scary about. His economic and political philosophy. It's bordering on fascism -til taught this class at stanford and then turned it into a book called zero to one he talks about how companies are better run than governments because they have a single decision maker Dictator basically. He is hostile to the idea of democracy. That's pretty scary. When you consider the role the companies that he's been involved in play. Facebook i'd say is the most influential media entity in the history of humanity but he also has a major stake in several defense contractors including spacex. He would explain it as belief in efficiency and results right would not say. I don't think everybody has the right to vote. There would be some rationale and in fact at various times. He's walked back things he said. His whole thing is being slippery. But i think when you look at the body of what he's done and the things he's been involved with that's the picture that emerges a lot of people were very surprised that this nerdy gay californians son of immigrants tech per noor decided to support donald trump's presidency. Was it just the pure. I'm going to shut down government aspect of trump's policies that he liked if you look at his convention speech which i think was a really good speech. He talks about trump. As this guy who's going to shake things up. Who's going to remake government. So i think that's one part of it..
"thiel" Discussed on Recode Media
"I mean they were German immigrants. They bounced from cleveland to south africa and lived for a time in namibia at the times called south west africa and And then come back to silicon valley and and as you say he was kind of He had a tough time as young man in college. And that sort of. He's sort of managed to harness that. And take that. What i think was anger and turn it into this sort of i. This kind of activist Political project which is really his first entrepreneurial venture and then. It's kind of the same energy that i think helped propel pay pal and earlier in his propelled his his career. You know ever since to be armchair psychologist. Is there an alternate reality where he gets a boyfriend. Because he's he's he's gay is gay Or just more nurturing parents or a friend or a buddy and and just feels a little bit less apart and there's just an alternate reality. I mean maybe but one thing. I tried to resist. I really did try to resist. Am trying now even to resist kind of armchair psychology rising because i. I feel totally unqualified to do it. but but i i will say as i think that yes the anger of the bullying there. There are lots of ways to sort of psychology is Somebody like this. He was also really really ambitious. And if you're really ambitious if you want to be successful the things he was doing. We're really smart things to do if you want to be successful. So you know there's this moment at stanford where one of his close friends. Keith roy hurled a bunch of homophobic slurs at a stanford faculty member till defends him and roy buoyant healer both gay. Of course so. It's kind of tempting to like psychology that somehow and say. Oh well they were self hating which may be but maybe they were also ambitious. You know in the late eighties. The best A great way to kinda get ahead to say. Get an internship. In the reagan white house was to do exactly this kind of troll provocation. And that's exactly what happened for -til you know. He got an internship at the department of education under bill. Bennett was off to the races. So fast forward all the way to trump like his betting on trump is a bet. It's a saying you know if i lose. Faith trump loses as he's host lose. I lost a million bucks. Who cares if he wins in theory. There's a big payoff for. He's not he doesn't like trump. he's a carly fiorina guy at one point and probably more of ted cruz guy but places about on trump. because that's that's the w- the odds are good. I think it's i. He did like trump. i mean. And i think he does kind of like trump. Although there's like on a personal level maybe not. I think it's i think it's pretty complicated. One thing about trump. So so it's true you. You could tell like a really convincing story about how peter thiel. donald trump are just like the opposite trump. Is this You know like. I said reactionary. He's from new york. He's from the real estate industry. That's that's mark. yeah or you know. He's but he's he's always telling people he's really smart so he's basically the opposite of -til who's introverted in genius type who's from an industry that despises real. Estate despises the kind of or claims despise. Anyway the kind of like gossip mongering rise that is propelled trump. You know on the other hand trump's kind of like the core of his campaign promise. was you know. I'm going to say the things that people are afraid to say. I'm gonna say things that are kinda borderline racist sexist anti immigrant. Whatever because you know the politically correct police. And i think that when you really get down to like that was a big part of trump's appeal to core voters and i think it was a huge appeal for peter thiel who's really like if he if you asked them to rank the biggest problems in the world he would rank quote unquote political correctness. You know in the top. I don't know probably like the top three or something. Maybe the name even number. Why do bouncer. I mean if you keep bouncing around time here but if you do you know y combinator as a off shoot of some of A message called hacker news. And if you wanna get a good sense for sort of the strains that peter thiel created and we came out of a lot of it can you can see right there and you get the sense that the a lot of people who are commenting there just are enjoy intellectually provoking someone or asking questions as we say And they may not be horrible people they just they just don't know why you can't ask a question or posit something that everyone else finds upsetting right absolutely and it's the and there's kind of as valuable even like that the act of of same slightly controversial thing or often or just asking the question. Why if you can't ask the question you can't shift a paradigm you can't think outside the box I'm not. I don't want to go over the entire book so i'm going to skip the entire pal story but it's great and most people Many people In technology today came out of there as you mentioned I wanna skip ahead to facebook and that investment so at some point Teal has done well enough that he has five hundred thousand dollars to invest in facebook. Is that a random sort of bet on his part or did he have real deep insight in the mark zuckerberg could that have been any other entrepreneur and it doesn't become facebook and he does not become fabulously rich. I think it's probably halfway between those two. Polls i mean he was making other little investments at the time but You know i think. There's an investment in linked in an investment in friendster. So you know he was obviously thinking about social networks interested about social networks and you know this is where you start to see the the impact of the paypal. Mafia reid hoffman. Who was senior executive at pay pal starts. His company starts couple of social networks. And i think that's. I mean that's how -til finds way to this world but you gotta give him credit because i mean mark zuckerberg in two thousand and five doesn't look all that impressive. I mean yes like a facebook is growing but like he's a basically a guy who sort of somewhat successful guy who got in trouble for doing vaguely icky thing at harvard university. And i you know and and of course you could see why that would appeal to you because peter thiel loves you know messing with university administrators. It probably was the number one attraction and soccer berg. I think has a you know some some things in common teal. And i think one i mean one. Crucial thing that You know a lot of people already know this. But one thing that -til did in that facebook investment. I think he. He originally loans. October money converted equity after facebook restructured. Its company and restructured it. In a way that gave zuckerberg basically absolute control over the company which he still has today and so teals been a really important influence in facebook but of course soccer. Burg's you know. Been running the show and and that's partly because -til set it up that way. Yeah if you love this scene in the social network where at the end where to water severin confronts mark zuckerberg and sean parker slash justin timberlake. You've got an alternate version of that. The more accurate. It's very good So -til makes hundreds of millions of dollars through that through that investment but then could have made billions but basically sold off all his stock around the time of the ipo and he remains on the board of facebook but what is his connection to facebook. Sort of beyond making money and beyond being the token conservative on the board. I mean he played a hugh. I think he played a huge role in sort of shaping zuckerberg in terms of his approach to business for sure and and i would argue ideological. You've talked about the the former talked about teals influence on him interservice how he thinks about startups and stuff. I think you can kind of see it in zuckerberg's sort of philosophical approach to both business and to the extent that he's he's been political politics berg a speech at georgetown university two years ago kind of arguing..
"thiel" Discussed on Recode Media
"Working for bloomberg technology. And he's an excellent book. Called the contrarian peter thiel silicon valley's pursuit of power. Welcome thanks for having me. I have a vague idea. Had vague idea. Who peter thiel was decent idea who peter thiel was before i read your book. And and even before he became america's favorite super villain a few years ago but for the uninitiated people who have who have even vaguely who he is. Who is peter thiel. Why does he matter. What does he merit book right. So peter thiel is. I would argue the most influential venture capitalist in silicon valley over the last couple of decades If you go back like i said over the last twenty years You can go down the list of tech companies that he has either. You know made a key early. Investment in played some role or had a friend who made an played important role so facebook i use the first investor. He co founded a pay pal founded pollen tear founded a venture capital firm founders fund. So he's he's kind of everywhere in the tech world and the thing to me. That made him really interesting. I think is probably a big reason. I wrote the book. Is that in two thousand sixteen. -til this kind of you. He had a conservative political profile. But but but it wasn't widely known In the same month in may sort of gets himself put on the delegate list for donald trump at the republican national convention where he gives a speech and the same month exposes himself and is exposed as the secret financer of the gawker litigation so he suddenly As you say kind of emerges in this kind of power player role after you know playing mostly behind the scenes role in silicon valley. Although as you say you know p. tech people know who he is but that to me was really interesting and you know both because there's some inherent conflict their being a technology industry person futurist and backing essentially reactionary in donald trump. and also. There's an interesting story of silicon valley itself going from you. Know kind of being this economic cultural political sideshow to engaging at the highest levels so he he ran off his bona fides Feed is say it. i think it's bona fida pronounce. It shouldn't say it. I don't know why when i'm going to learn that there are other successful. Venture capitalists and. He's certainly appears with some of them right. Mark reason girl high profile people is it because he was this rare silicon valley creature backing donald trump and also destroying A major publisher beloved by lots of media. Types that that that catapults him from sort of interesting investor to guy. That's worth spending hundreds of pages on. I mean probably to some extent. Though i will say i think even compared to andriessen or bill gurley You make a pretty strong case. That -til is sort of more important. I mean maybe not richer maybe not a better investor but but more important than the reason i say that is because he's had a cultural impact that i think you could make the argument for injuries and for sure 'til wrote this book zero to one. It was a huge bestseller. He has legions of followers. I mean he really is kind of at the center of a cultural movement. And i don't think that's something you can really say about any of these guys including you know the most powerful people in silicon valley. Like i don't i don't know exactly what jeff bezos stands for but i know sort of That there is a large set of contradictory and interesting ideas. That that peter thiel is all about and peter thiel has this really coherent group of followers. It even has a name. Of course you know the paypal. Mafia which is this A reference to this this this crew of people who start at pal and who have Gone all over. Silicon valley and are are huge force Today prior to his a sentence of national consciousness. My understanding of him was he he kind. It seemed of a type of valley person which is smart weird libertarian-leaning but maybe not doctrinaire and was the kind of person who'd been successful early on in his life and so it was an and of aspiration that combination made it sort of made him sort of doctrinaire already made him just sort of ideologically rigid and and and very attractive to lots of people who either wanted to tell her fuck off a and or b wildly rich is he of a piece of a group of people in the valley or is or isn't truly unique about him. So i mean there's a kind of a conventional wisdom that you heard bandied about a lot in two thousand sixteen when he got up on the stage the republican convention in florida. Which was that okay. He's basically unlike everybody in silicon valley. He's he's the he's the only conservative And that's sort of based on the what i think. Basically stereotype about california or something you know. you think. Obviously california's law democrats in it and most tech workers You know sort of like regular normal clock in or whatever badge in tech workers are I'd say pretty liberal But of course there's been a kind of competing movement in silicon valley for really long time and the book gets into that. I mean you know. There's always been a really really strong streak of libertarianism. You know going back to the earliest days. There's also been kind of a streak of i. I don't know if this is quite the right word. But state ism. I mean Silicon valley is. Of course you know. Basically an outgrowth of the military industrial complex and as a result like those cultural threads. Pull through and i think teal has been really smart and successful kind of amplifying. Those i will say. Also a lot of people think the paypal mafia which is again this. This group of Venture capitalist entrepreneurs they think of it as it as technology group you know these guys invest companies but really the pay pal. Mafia grew up at this conservative newspaper. That peter thiel started in the in the late eighties called the stanford review many of the the key early figures at pay powell were former stanford review guys. They came out of this tradition of activist right wing politics. And that's teals tradition so he is definitely swimming in a stream. I think what he's been really successful at is sort of taking that strain of activists conservative politics. This kind of trolling the libs. That's an anachronism of course. But you know that's kind of what they were doing back then You know trying to get the goat of the liberal establishment and sort of managed to graph that onto a business thing. Somehow mary that with you know what we think of as technology disruption so. I assume you have sold the film rights to this thing. I know they'd really are still vailab. Okay because someone should get on it because you a great job in the beginning setting up this ark for him where he is the product of this weird upbringing german immigrant parents and then dad goes to work in mines in south africa and and you describe him as sort of society. The quintessential nerds robert like this character. That is almost built to be bullied. Yeah and then you can sort of see him responding to that literally the rest of his life. So far am i am i. Am i something that one hundred percent. I mean i think he was an is of course very intelligent and introverted. And that you know that just as a starting point is is generally a magnet for You know kind of bullying and his family moved around a lot and they were as he's talked about and and as i get into the book they were outsiders..
"thiel" Discussed on Fresh Air
"Fresh air speaking with bloomberg business. Week reporter max chapman. Who has a new book about billionaire investor tech industry executive. Peter thiel teal is a self described libertarian. Whose embraced the candidacy of donald trump and is known for floating some pretty unconventional ideas. Cheffins book is the contrarian peter team and silicon valley's pursuit of power He had quite a career. I mean he was an early investor in facebook made a lot of money there and hit his ongoing relationship with mark zuckerberg You know what wanna do is talk about some of the really unconventional ideas that he has propagated at various times and in various ways over his career i mean sometimes people say provocative things that they rethink later but i wanted to talk about some of them. Some of them Early on he wrote a book co authored. A book with got him. David sacks called the diversity myth. I this is. This was i guess. When he was at stanford law school or just after when was just after it was in nineteen ninety-six among other things offered some opinions about consent and sexual assault. Right yeah so so. The premise of the book was that universities were too liberal. It complained about basically affirmative action and efforts to to make a black and hispanic students feel more welcome on campuses And it also complained about efforts. I think to make women feel safer. And there's a line. In in the book that describes a rape date rape as seduction later regretted now both men who both the writers peter thiel and david sacks co writer and who worked for him at pay pal. They apologized for that. You know many years later. But i mean it was a big theme. There there was also a rape issue of the stanford review that expressed very similar points of view. So it's a you know. An extremely conservative kind of create occur about the scourge of kind of a left-wing cultural ideas ideas. He wrote an essay in two thousand nine. And i think this was for the publication by the cato institute which is funded by the coke brothers feathers right In which he said among other things. I no longer believe. Democracy and freedom are compatible. What would you say well. It was extensively about libertarianism. And about how. He was coming to question whether libertarianism was a good idea and in doing so kind of comes to embrace this pseudo off authoritarian philosophy which i think are actually defines his belief going forward and it's behind a lot of the other political things and ideological things that he's done he also writes in in that in that essay. That you know. Women's suffrage is kind of an unfortunate thing because women tend to vote Left and it's therefore hurt the cause of freedom or whatever but of course it to any to most people's perspective saying no treating you know the rights of half the population to suffrage as this kind of oh unfortunate thing is pretty deplorable. He kind of walked it back but never really. He hasn't ever he. He's sort of said people are taking this too hard seriously or something. But he's never actually like changed his point of view there he just sort of half apologized for for for writing it just to get the full context of quotas since nineteen twenty the vast increase in welfare beneficiaries and the extension of the franchise to women to constituencies that are notoriously tougher. Libertarians have rendered the notion of a capitalist democracy and oxymoron. so it's not just women. It's welfare beneficiaries Right yeah so undermining democracy the also note that in his book which emits did very. Well about its..
"thiel" Discussed on Pivot
"I think he's he's actually done very well. Obviously navigating very very difficult and controversial period. Max i it. Strikes me in this is a loaded word but the peter till is generally misunderstood. Not in the sense that people have more of a negative or a positive impression than they should. But i think it's difficult to kind of put your thumb on this guy or to get your understand the pulse of of what drives him. He's obviously brilliant and arguably one of the best investors in history incredibly influential but really likes trump then doesn't like him what about him. His complex personality would drives him. It was most surprising to you. Do you think the public may not understand about him. Well so one thing that i think is overlooked about peter thiel and is overlooked about many of these tech figures is to the extent to which like he's a really great marketer right. Like you can talk about peter thiel as as as an as an investor as you know as as an operator of course he ran ran pay pal for short amount of time but where he's really been influential is is creating this kind of larger than life persona. And that's peter thiel the hero slash villain. You know whatever the contrary and i think contrary. Yeah yeah and. I think what's what's really interesting to me is the extent to which i think he has been the architect of that like. I don't think it's been totally an accident. I think he he of course wrote that book and has been sort of very judicious and how he kind of speaks and stuff but he also has. This army of followers is not a conventional network the paypal mafia this inner circle. But then you have these outer regions of it in terms of like thiel fellows these young people who get get one hundred thousand dollars drop out of school and they're kind of aspirants who are basically auditioning for peter teal's money for peter teal's some piece of this empire with also interesting is a lot of people like reid hoffman and others remain friends with him who are much different politically and they're always view hung out with him. You found out with not a lot but enough you really like him and he does maintain those friendships. It seems like compared to some people who do get abandoned when they're considered conservative with trumpy. Or whatever well. I would argue. I i understand that. Reid hoffman. peter. Thiel are at opposite ends of the political spectrum in some ways. I mean you know. Read donates to democrats and and peter is pretty donates to like the trumpian of trumpy republicans. But i would argue that. They have maybe more in comment. Does you know what i mean like. It's true that there are some disagreements. But i think read shares many aspects of of peter's worldview. I think like you said cara earlier. Like i think silicon valley as a whole is not as left as people. Think it's much closer to the to this. Sort of -til libertarian. And yeah may they're not all gonna go all the way to the hardcore trump support. But but i do think they agree with him and i think they also just sort of they respect success and that. I think that is something that should give people pause. I mean. i'm not sure that success is something that we should just like. you know. that doesn't might doesn't necessarily make right. But but i am a lotta techies. They they sort of believe that at their core. Do you have any sense royal. Do next. I mean it seems like he's he Half expecting for him to announce that he's gonna build a rocket. What do you think is next thing. It just continued investor. You have sort of two things going on one is this continued political engagement. I mean i think that he's so he's donated ten million bucks to jd. Vans ten million bucks to like master pledge to their packs right so to direct contribution but but that's a twenty x increase of his political spending right in two thousand sixteen. I mean he's he's he's definitely cranking it up a notch and i think there's a concerted play the move to miami. I think is part of this to some extent. But there's a conservative. Play to become sort of patron of this far right populist nationalist movement that basically the trump party whatever you wanna call it the thirty percent a country that really loves donald trump. I mean i think. Peter thiel wants to cultivate candidates in that domain and and maintain influence there and i think he's he's making investments he's continuing to invest. And i think he's i think similar in some ways the coke brothers in the way that he combines politics and business where it's like he has a business project and his political project but those two things are always connected and and they always sort of feed into each other where you have the the politics. His candidates are always going to be advocating for positions. That are you know can help his bottom line and helped the bottom lines companies and then those companies kind of intern going to reinforce the political science so he saw just to give one example at random but he jd vance invested in this sort of right wing competitor. Free speech officially rumble. Yeah so. I think you'll see things like that. I think. Obviously he's he's definitely got some interest in in in crypto. Although it's hard to figure out where exactly he wants to take that. So i think he's going to keep on keeping on keep on. I think it. I think the at the heart i think he thinks trump's in idiot. That would be my guess. Because for idiot but i do think he hates government. They don't know what else does it. I remember an interview. I did with him at the time and both of us are gay and i was adjusted. Children and i was talking about getting adoption rights. You know equal adoption rights and he kept saying special rights and i was like equal rights. Like like i didn't. I don't have the same rights i have less rights and so it was a really interesting discussion. A half i think between us at a very early time in both our lives in a lotta ways and government. He hates like the government in my business. I want them out of my business. Do so get outta my adoption rights right that everybody else. He was a really interesting discussion. But it's hard anyone who wants to destroy government i think he embraces is might take on the whole thing or get or or minimize it to an extent totally agree. I mean i. Of course he thinks trump senator but he probably thinks a lot i mean with. There's probably an extent to which even if trump were fifty percent more swab or something. He would still think he was an idiot. But i do think that trump in a lot of ways hits some of the buttons for peter. I mean yes. They're they're like completely different. I mean Trump is kind of a reactionary from real estate industry. I don't think peter totally respects. And they're just a million ways in which trump's crass kind of character i think probably rubs on the wrong way on the other hand trump's entire thing is this idea that he's going to say the things that that normal people that the elites are afraid to say. You know political incorrectness. I think was court at trump's candidacy court. You know the appeal for trump to a lot of voters and i'd say court peter teal's appeal. I mean he wrote a whole book in the ninety s called the diversity which is all about trying to sort of poke at any i of of of the kind of left establishment..
"thiel" Discussed on The Drill Down
"Accompanying. Her looked at before today. Tandem diabetes care tandem. Diabetes care trades and not an d. M shares rose thirteen percent today and they've gained twenty two percent a year. So tell i'm assuming they work on diabetes ba- indeed okay with the name tandem diabetes care. Why wouldn't they were. Maybe they started off selling cheeseburgers. But the name can. I had to change the business. Yeah to something else so to diabetes care also getting out of the s and p five hundred. You mentioned the big move in the stock today. This company makes insulin pumps and They make some kind of innovative. Insulin pumps particularly when they call control. Iq and they are seeing movement in their business expanding from type. One diabetes done a lot of business to type. Two diabetes and stanley cases of diabetes in the us in particular in the third world are increasing significantly. This company while the stock as you mentioned hasn't done much in the last year revenues are up five hundred percent in the last four years and diabetes increasing everywhere children under eighteen internationally. A thirty four million americans have diabetes about eleven percent of the population according to the cdc every seventeen seconds. I get a potential customer. Because sadly every seventeen seconds in america's diagnosed with diabetes a one and a half million new cases every year so ceo. John sheridan Speaking of the recent financial conference kind of talked for a thirty thousand foot view of what's really driving their business and how co vid how covert has changed the trajectory of their growth both going into covert coming out of covert and now going into the big effects of of the delta errant. Here's john sheridan year as more and more people have been vaccinated. We have see practices opening up being more open to have salesforce come in and And actually have more and more face to face trainings. and so that's That's all been good. I would say that most recently. We've seen this thing. I guess We heard called reopen any headwind. Where now that people are actually able to go places just a lotta physicians and patients decided just to take through vacation so slow down there again. A different effect of the delta varian on their business seeing a from their customers So we'll see how that trans What happens over the course of the remainder of this year. Coming up we're gonna controversial company. Stock was down a lot today when you saw the bitcoin price fall out today because this company minds bitcoins it is controversial not least of which having drawn the attention of shortsellers across the market. Nearly twenty percent of the shares of the float is sold sold short. We're going to talk to the ceo. Fred thiel a marathon digital's ceo to find out. Exactly what's going out of this company and it's interesting pass but i. The drill down is brought to you by brain. Trust to global talent network. The highly skilled technical freelancers with the world's most reputable brands brain trust househelp clients like bank of america goldman sachs porsche under armour and more built. Agile teams fast at a fraction of the cost visit. Braintrust dot com. That's b. r. a. n. t. r. u. s. t. dot com to learn more than the drill down brought to you by indeed. When when you pay more for job site when you should know where you're getting get indeed and only pay for quality candidates who meet your must have requirements. Don't just hope for your perfect cannon. We'll find you and hiring tools help you cut through the noise higher faster and smarter with indeed assessments. Choose from one hundred thirty five skills tests to help. Make sure you're finding application for people with the needs the skills you need according to talent and he delivers four times. More hires than all other job sites combined and one and a half times more hires than even internal reference referrals so join the more than three million businesses worldwide. Use indeed to hire great talent fast get started right now drill down listeners. Get a seventy five dollar sponsored job credit to upgrade your job post and indeed dot com slash drill down. That's right seventy five dollars credit at indeed dot com slash drill down. That's indeed dot com slash drill down offer valid through september thirtieth terms and conditions apply. Welcome back to the drill down as promise. We are joined right now by the ceo. Marathon digital fred thiel fred. Thanks for joining us Your company's very interesting. I'm very interested in the world. Crypto as our listeners. Know i worked for crypto company for a while so i know that world a little bit but what is it that marathon digital does. How do you describe the business. We're one of the largest enterprise scale. Bitcoin miners in north. America today We mind one hundred percent. bitcoin Our servers are minors essentially or verifying transactions assembling blocks and then competing to win those blocks For block rewards against all the other miners. Let's you know crypto. Better than i am better than some But let's let's see if we can do a one hundred thousand foot view of how a bitcoin mining and it's it we can just focus on bitcoin's that's all you guys do. How does bitcoin mining work. What do you need to mind. Bitcoin let me as the question. What in twenty twenty one. You need to mind bitcoin. Well you need a lot of capital for one thing So bitcoin mining is a different business than most because there are only currently nine hundred. Bitcoin awarded every day. And it's essentially an arms race. All the people who reminding are competing to essentially assemble blocks and then do a essentially a cryptographic proof which is a mathematical problem. And if you get the right answer to that proof then you win the block and you're awarded six point. Two five blocks Bitcoin so you think about it it's kind of imagine Every minor is kind of like a race car and you're all racing down the track the more race cars are on the track. The more people are competing for the same prize. And so what ends up happening is if you want to win more bitcoin. You have to put more miners to work to put more miners to work. You have to buy more 'electricity and you have to buy the miners. The are expensive and electricity is obviously expensive. And then you have to work real hard to make sure that you win those races and you win the race by having the fastest minor and so it's a bit like formula one it's an and there's an obsolescence that comes with that too right. Were well the two thousand dollars. Thousands right. the newer mining minor gear which is a essentially a computer with a chip. Right in the end. This those new powerful chips chips that are kind of written purely so that the semiconductor itself. This isn't like using an intel semiconductor this other. That runs your pc or the phone that you may be listening to podcast on right now for listeners. It is a specifically programmed chip that is designed to bitcoin mining and only bitcoin mining right brecht. Yeah it's a application specific integrated circuit. That's what it is. And it's only does shaw to fifty six algorithms. That's all it does and those chips are are getting more expensive about the same price but a great improvement every every year or so so about every five years. There's a generation shift where the chips get more power efficient meaning they generate. Think of it this way Or anybody who's a gear head out there Generates the same amount of horsepower for much better fuel efficiency though fuel being electricity in this case today a typical State of the art. Bitcoin minor consumes about twenty nine jewels of energy her tara hash which is kind of bitcoin. Mining equivalent of horsepower metric and Five years ago it was about sixty jewels. Patera half so you needed twice as much energy to generate the same amount of compute power and before that it was twice as much again and we fully expect within two to five years that you'll see technology available in the marketplace where these miners will operate at fifteen.
California's Recall Election Is a Chance to End Cycle of Dysfunction
"I'm hugh hewitt. The california recall ballots are arriving in the mail this week. Voting will continue until september fourteenth the last three days while out in person voting. I wrote a column for the washington post yesterday. Here's what it is. Most of california's recall election. Ballots are expected to reach voters by early. Next week absent cliffhanger. The elections should wrap up shortly after september fourteenth question one before the golden state's electorate should governor gavin newsom be recalled question to presents a list of forty six candidates who qualified for the ballot if a majority of votes cast on question. One are yes then. The leading vote getter among the forty six becomes governor. At least until the inauguration of whoever wins next year gubernatorial election. There is a small chance that either former republican congressman doug osi or republican state assemblyman. Kevin kiley could parlay divided feel into the smallest and plurality doing so would take large vast amounts of cash. It's not impossible. This is the rare case. Where a mike. Bloomberg peter thiel or a mark zuckerberg could actually tilt an election per ends none as indicated plans to do so but part of any such plan. Success would be stealth execution and until the moment of unveiling absence such an intervention. it has become a two candidate race. Between former san diego mayor kevin falkiner and my long time colleague and friend larry elder best known as the veteran talk. Show radio talk show. Host elder is also a businessman filmmaker and author parental disclosure elders. Radio show is syndicated by salem media which syndicates mine as well again this is the washington. I must disclose that. You know that. Readers of the washington post column. Don't larry elder is whip. Smart has a gift for sharp rhetoric and is a fellow university of michigan law. School grad. My thinking right now is that if donald trump loudly endorses him elder would win the plurality of votes but probably at the cost of newsom surviving the recall.
"thiel" Discussed on Radical Personal Finance
"He wanted -til use the millions and proceeds from his pay pal windfall to invest in silicon valley startups as well as his own hedge fund according to his financial assistance. Memo once again teals roth scooped up startup shares at bargain basement prices and they go on and talk about pailin. Tear has investment in pailin tear in two thousand four. -til met mark zuckerberg harvard undergraduate. -til invested five hundred thousand dollars. Facebook's first large outside infusion of cash those facebook shares ended up. where else teals roth. Ira and any goes on and continues to To grow grapes. Talk more about the details so at this point in time we see that it's just growing from there. He's got so much So much value in there. Now they do cover a section which i'm going to skip for now the cover section on the mega backdoor roth Et cetera. talk about the romney array. Go on you should read it. But we'll close this out. With the last couple of paragraphs assuming a modest six percent annual return and no withdrawals his tax free golden egg could be worth about two hundred and sixty three billion dollars in twenty eighty seven when teal plans to celebrate his one hundred twentieth birthday. That's larger than the current gross domestic product of new zealand. His adopted homeland. There is good news and bad news. -til told the washington post when asked about living more than a century. The bad news is if you don't believe in the good news you're not saving enough for retirement and likely to spend much of your old age in poverty. The financial planning he'll said takes on a very different character. Now i love this talks about -til stuff of life extension which i think is really fun interesting as well first of all. I hope that -til doesn't stop and start taking garbage. Six percent annual return. I hope that he continues to to use his business. Acumen is investment prowess and. I hope that his account is worth a lot bigger than two hundred and sixty more than two hundred sixty three billion dollars. I hope he does. However it's going to create problems for us you and me who may or may not yet have two hundred sixty three billion dollars because it's hard to imagine a government like the united states sticking with its rules when somebody has been this successful and they will change the rules. I always think about the rinaldo rule in In italy where they changed the entire tax code so that rinaldo would come and pay soccer there and they can have a maximum tax of one hundred thousand euros. Target country will change everything. If there's someone that's high profile enough and so this there's no question. This article is going to be influential Influential around the world and influential in the us american Political and financial conversations. So here the points. That i would like you to make sure that you notice number one. Notice that there's nothing that -til did that you. And i couldn't choose to you and i could choose to work in high risk areas for our career. You and i could choose to work in the market where the change is exciting. You go back to nineteen ninety nine what you see at that. Time was that tech people in those days. They knew there was something new and fresh happening. And there was opportunity all around because there was a fundamental transformation. I see the same thing happening right now. In the financial space with crypto currencies with defy it. Sarah there's innovation happening. There's change people's smell the fact that we could change everything. This entire system has been around for centuries could we could change everything. And if i were looking for opportunity i look for. Where are things changing. 'cause where things are changing there's opportunity there's opportunity to go and sell shovels gold miners. When you see a bunch of people going somewhere be paid clue into that and pay attention. -til did that right in california at the right time looking for opportunities. There are opportunities for people who solve big problems. -til solved the problem. He tackled a big problem. The transfer of money yet big dreams the fact that he was approaching. Those dreams with libertarian. Ideals doesn't mean that his dreams were any different just means that you wanted to solve a big problem and he solved a big problem to this day. You and i use paypal right us. Pay pal even. Though there's lots of competition we still paypal and pay pal transformed the marketplace in a powerful way so he was where the action was and he was willing to take risk. Now what is it that that equipped him to take the risk. I don't know. I haven't read tales book actually But i would say one of the things that equipped -til to take the risk was he was mean he was able to do it and so maybe he came from a very wealthy family. Maybe his parents paid for all of his college bills He had all everything that he needed. I don't know actually don't know. Maybe he came from nothing. Maybe he just kept his expenses. Low all it doesn't matter my answer is you've got to be prepared to take the risk. So how do you do it. Well you become skilled and say. I'm going for opportunity. So can i be good at keeping my expenses low. Can i be good at going for where i can really build something big. Can i make sure that. I set myself up in such a way that i can can can. That can survive to go after something right if you need seventeen hundred dollars to pay a car payment so you don't get your car repossessed. That may be the seventeen hundred dollars that you could have put into your roth. Ira to buy shares of the company that you're excited about so keep your expenses low..
"thiel" Discussed on Squawk Pod
"Today on our podcast building the bill with a bill the lawmakers in the room where it happens for infrastructure with a bipartisan approach house democrat josh gottheimer line-by-line making investing in the light policy than with the right dollars and republican senator rob portman before the pandemic we have rising wages. We had the lowest poverty rate in the history of the country with livengood stuff on peter thiel turning a roth. Ira into a tax free piggy-bank for billions breaking down the latest propublica report about the wealthy and their taxes with anthony scaramucci. Some people will say that. That's unfair but that is really the bedrock of the capitalist system to allow capital to form and then of course it'd be barring against your capital. That's his old as anything. At our societies and joe becky andrew on software magnet. John mcafee his dramatic story decades-long. Cnbc comes to an end was a a real piece of work. I mean he's playing us from the grave. It's thursday june twenty four twenty twenty one. Squawk pod begins right now becky by a three to one. Good morning everybody. Welcome to squawk box. Here on nbc. I'm becky quick along with joe. Kernan and andrew ross sorkin. I don't even know how to describe this news. Eccentric anti antivirus software founder. John mcafee has died of a suspected suicide in his prison cell in barcelona spain yesterday he was found. Shortly after spain's national court approved his extradition back to the united states to face criminal tax evasion charges. His lawyer said he hung himself. When he learned of the court's ruling he was accused of not filing tax returns from twenty two thousand fourteen to two thousand eighteen. That's despite receiving considerable income from promoting crypto currencies consulting work speaking engagements and selling the rights to his life story for a documentary. He was arrested last october at the airport and barcelona on the tax evasion charges.
Is Bitcoin a Chinese Financial Weapon?
"What's going on guys. It is thursday april eight and today we have a juicy one. We're talking about a question. Brought up by peter thiel yesterday. Is bitcoin a chinese financial weapon. So some days. I'll be honest. It's a bit of a struggle figuring out what to dedicate a show to. That's less so in the bull market certainly a little bit more in the bear markets. Other days there's some big news that makes it obvious the most interesting days however are when it's not big news item but a big community discussion that drives the days content so when i saw headlines last night coming out saying that peter thiel a stalwart supporter of bitcoin had said that bitcoin was a weapon of the chinese government and that because of that the us government should be asking more questions about how that works. Oh boy did. I know that this was going to be today's topic. I want to have this conversation in three parts. First i want to look at interpretations of what the actually said second. I want to look at the specific idea of bitcoin as a weapon for the chinese government. And i want to look more broadly at the geopolitical geostrategic battle around the world reserve currency. As i've said innumerable times this is a show about power shifts power so this should be a fun part one. What actually said now i will be honest the parsing and pinching trying to argue what a specific person meant when they said something is actually sort of the least interesting part of this discussion to me much more fascinated in the broader conversation at brings up however there are a lot of people on all sides of this discussion trying to lay claim to the statement itself. So let's look at that first and before we get into interpretations actually listened to what he said from china's point of view. They want to get on. They don't like the us having this reserve currency because it gives us a lot of leverage over iranian oil supply chains and all sorts of things like that they like They don't want the room to become a reserve currency. Because then you have to open your capital count and do all sorts of things that they really don't want to do on the euro you could think of as you know is in part chinese weapon against the dollar didn't last decade hasn't quite worked out that way but that was china we've liked to see to reserve currencies like like the euro and know even though i'm sort of pro crypto pro. Bitcoin maximalist person. I i do wonder whether at this point. Bitcoin is also should also be taught in part of as a chinese of financial weapon against the us. Where it's it is. It threatens fiat money but especially threatens the the us dollar and And china wants to do things to weaken it. So it's sort of china's long bitcoin and perhaps from political perspective The us should be a little bit off some tougher questions about exactly how that works.
Could This Simple Hack Reduce Anxiety and Panic Attacks? with Dr. Kristen Allott
"Dr analogy welcome to the broken brain podcast. It's an honor and a privilege to have you here. Thank you so much drew. I am so excited for this conversation. I think it'll be just fine Back and forth to share information. Yeah i love what. You're bringing to the world in this topic of anxiety and i think that we zoom out in the context of the current world even prior to cove nineteen pandemic anxiety. You could see that. The instances and usage of the word in just general language newspaper social media is skyrocketing and you know languages so powerful and sometimes we really have to parse apart a word to really understand like what do we really mean when we're saying that because sometimes we say anxiety and we actually could be meaning something else when you talk about this world of anxiety and your new book which we're going to get into in a little bit. What do you really want people to help understand. What exactly is anxiety. Yeah so i think that's a great question. And i will just tell you how i approach that When i started in practice about fifteen years ago Because i'm a naturopathic physician acupuncturist decided to specialize in mental health. And people were coming in. And saying i'm anxious and and i just didn't think it was like so. How does that apply. Physiology was really the question that i was interested in and because some for some people it's stress for some people. It's i'm afraid to move forward and take a step forward for some people. It's a i'm overwhelmed like there's all sorts you know. It's a catch word as you say. And but there's also a curious about what the physiology of depression or anxiety or whatever these words were saying. And and so i. When i started in practice i literally in my on my living room floor. I had stock physiology textbooks a stack of neurology. Textbooks and the dsm and the dsm is the diagnostic statistical manual. It just describes. What the diagnosis categories for anxiety are and i was just like will. I think it's more than just an emotion like a candy but like the people were coming in with panic. Attacks like that is not an emotion that is a full embodied experience right. And and so i started just parsing out like what are the. What are the fizzy. What physiology causes these physical symptoms of shaky and racing thoughts and your heart racine. And maybe you're sweating and and all those symptoms that you know sometimes it starts small and Escalates to really big asu started to parse that out and then was like well. Once once i started to understand the physiology in the neuro physiology will. Where do we. Where can we intervene to help. People feel better and so answering your questions kind of copying out. But it's like. That's that's the approach that i took because so many people were using words and i was like i want a grounded in something concrete. Absolutely i mean if we look at the history and evolution of just anxiety and a lot of mental health. A lot of these things in early medicine were considered to be They're kind of in your head right like nothing else is going on right. We made a documentary a few years ago. Which then led to the name of this podcast. Broken brain my business partner. Dear friend dr mark hyman. We made a documentary called broken brain and the underlying premise. That documentary was what you do to your body you do to your brain. Your brain is not in. This isolated eight oregon that just as floating on top of your head. That's completely disconnected than the rest of everything. That's going on there actually an intertwined system and we have to understand that yes there can be. Let's call for lack of a better term emotional factors that are there right. Stressor is the complete driver of so many different things that we feel but let's also look at the physiology of what's happening underneath so when it comes to that topic of anxiety and the physiology gonna ask you a question which is a question that i came across a few years ago in a book by peter thiel little bit of a controversial character. But i really love this question that he had inside of this book. I think the book is called zero to one and he said what truth do you believe is true that other people disagree with in that category. So when you look at right what do you believe is true when you think about anxiety and physiology that people maybe traditional western medicine will say like. I don't know if that's true. Yeah so The one truth. That i see time and time again is it is really hard to have a panic attack. If you just ate. And i don't see panic. Attacks occur unless people are five hours from food or more at or they may have eaten some really sugary substance to at two hours ago. But if you had a real meal. It is really hard to have a panic attack. That's powerful right. There and people like that is not true and and the same applies to suicidal Which is know just part of the spectrum of people keep doing doing panic attacks they can get there and and and and the reason for that is that are i mean i can go into the physiology but but people don't believe that until they start looking mental health professionals or physicians and then when they want start looking at the pattern it holds true. Now there's always an exception to the rule ways but it holds like ninety five percent true
How Jessica Lessin got people to pay for The Information
"I wanna start off by talking about something you right you have. Yuba weekly column comes on saturday. It's one of my favorite reads I recommend it to everyone and either this week or the last week you had big tech and media making up your argument was that. They'd been at loggerheads for a while. And now things seem to be have patched patched up but since then rupert murdoch has come out with a screed yelling about social media His new york post ran a screed from josh hawley complaining. That he was being censored by by big tech and social media. andriessen horowitz. One of the premier maybe the most powerful of vc firm in the valley announced that they are going to start their own publication which is quite clearly an end run around publications like yours. And the one. I work for so. Do we still think that big tech and media. I made i mean. I don't think so what i was reading about in that piece was i think a sort of detente between basically the big tech platforms and big publications. Like the new york times like the wall street journal that have for years in. You've been leading the documentation of this wanted more money for their content from the tech platforms. And i think it's notable that in many cases the tech companies are paying out those sums. You know facebook has new news tabs that is significant enough to the new york times that they mentioned it in their earnings report says contributing to revenues so rupert murdoch's company held a big event with face work announcing announcing the payments. That mark zuckerberg was going to hand him. The wall street journal has a multi year error apple news. Deal that who knows if it makes sense for either side but What happened and is that the tech companies have realized. It's better to have sometimes these publications on your side than against you and and these aren't hugely meaningful sums to them so i think that part has changed and it's worth noting because three years ago we would have been here talking about how acrimonious it was. I think you're absolutely right though. There's so that's on the business side of the relationship right the editorial side do you think side. I think thankfully. I think publications are still coming out. Swinging against which i think is very important thing. It's one of the reasons. I started the information seven years ago. You didn't see a lot of that. You saw a lot of hype. He saw a look. How much founders worth. So you know. Reporters and their editors aren't going to back off and they shouldn't in that's very healthy for the business. It's leading to something you mentioned which. I'm really noodling on right now. Though which is more of these senior powerful leaders intact wanting to do an end. Run around the press whether it's chitchatting all day on clubhouse war injuries and horwitz cases launching. Is we broken the information a new media publication where they're hiring you know i. I suspect dozens of staff to the go to source for news. And so yeah. I think we in the media have to be very vigilant about what Leaders particularly intact. Who are very tech. Savvy are doing To get their own message out right now. Want to back up for one second. You said You said tech is coming in. The press is coming out swinging against big tech. And that's good. And i'm sure it will people listen to this. Podcast see con. We've confirmed another another bit of confirmation that the the media is biased against tech with. They're angry about tech they cover tech but they don't like it. I'm generally not very interested in this. I think it's kind of a fake feud but do you have any sympathy for for tech folks. Who do feel like they are. They have been unfairly targetted over x. Lasted for years. Five years. Absolutely not not in sympathy. No because i think the issues and challenges that these companies in their growing power present. Our major i do think the one area i am sympathetic to the grousing tech. Exac is the lack of coverage the sort of narrow scope of coverage right. I think there's a lot happening in the world of technology that is interesting that is important. That is hard to understand and not being written about. And so i would love more of that. I'm sitting down to interview sam altman. Who's running open. A and i'm preparing my questions for him. And it's a range of focusing in on the challenges of ai. But i'm actually inherently curious about all these things. I haven't thought about that. Maybe i could help as well. And so i think we need more of that but but in no way do we need to. To pull back. And i am frankly a little tired of it too and of of the grousing. But but it's it's accelerating in. It's getting louder and technology is giving a bigger mouthpiece to people who feel a real animosity towards the press and i think the environment during the trump administration has empowered that in and we have to be vigilant. So i don't like the peter thiel bankrupt being Gawker a especially Doing it Anonymously for some period of time And there's all sorts of problems with this sort of trump fake news argument but if Vc's or anybody else want to start their own publication to get their own message out and it'll be somewhere in between useful and pravda. What's the problem with. You know. I think if you think of it as like their content marketing arm shore remain. I have the d problem with it. I want hire all the best journalists in the world. I do not want them to go. Work for injuries. And horowitz so Practically speaking i think it's important that talented journalists get opportunities to do real journalism. And so i worry about that a tweet that said it's a call to arms to do this in reference to the andriessen horwitz publication which doesn't exist it. Come out. i think this summer is a called arms to do what we do. Better than ever to show readers. White journalism was must always be independent. And just to play devil's advocate. I don't wanna go work for injuries. And horowitz either you know so. What if they they had. They have twitter forever. They'd had they used to blog a lot Mark injuries and can go on any stage. He wants whenever he wants And talk at length. What's the problem with. Why is this a in any way something we should spend much. It's interesting but why should we spend much time carry about it as journalists welfare. They're hiring just to go back to. I think that is a big deal and they could potentially hire a lot of them. And i think the experience of journalists working in that publications could be very different. Could you write learn about some interesting technologies. Yes but i think we need journalists asking the tough questions and pushing back on power not being a mouthpiece for it and i have learned so much from reading blogs from smart investors about technology. I'm pro that but to say as they did that. They wanna be the go to source. I think misleads the public around. What should be the standard for information for understanding companies and it shouldn't be from the companies themselves
The Biden administration is inheriting working COVID-19 hospital data
"The biden administration is inheriting at least one thing around covid nineteen. That's working hospital data from american public media. This is marketplace tech. Molly would on the first full day of his administration. President biden signed an executive order designed to ensure a data driven response to covid nineteen and future public health threats. Now the administration already faces a big choice around cova data in july. The trump administration directed hospitals to stop sending data to the centers for disease control. And instead send it to the department of health and human services and hhs asked the data analysis company pollen tear to harmonize this whole massive information at first hot mess but by the fall the system was really working and now is tracking relations at least really really well. Alexis matter goal runs the kobe tracking project at the atlantic. He says the biden administration should try to ignore the messy politics in favor of the good data. You know part of it is. Cdc is seen as less political organization versus hhs in which you know it's seen as more a part of the administration did not have standing apart. You know one of the things. I really learned this reporting is that description is not totally accurate. In all cases you know the people who built this new hospital data system. They're all career civil servants. And so it really takes getting pretty deep inside these agencies to really understand the dynamics within these very complex organizations so what choices does the biden administration face around this data collection right. They could try to push the data collection for hospitalizations back into cdc into this sort of less flexible and older system or they could keep it inside. Hhs and to one of the things that i've been really worried about. Is that sort of to do this. Sort of abstract good of having the data collection be you know in the place where it belongs that you actually take away the system that working really well right now and that's incredibly transparent for the public. Do you have any sense from the one week by administration has existed of which way they might go. You know. I think the real thing is that the vaccine data is on right you saw. Cdc director will lemke saying you know she wasn't sure about the vaccine data right now and i just got to say i mean that was a system that was designed and built inside the cdc. I mean this is arguably the first major pandemic to exist in the big data age right like it. Sounds like you're saying there's just a skill set there that might not have been developed. Yeah it's not. As if the cdc doesn't collect of course cdc collects tons of data bud for different purposes. It's one thing to need rough and ready data to make decisions today. It's another thing to collect data for research projects over time in which you really want like precise answers but you have a lot of time to develop. Those data sets the questions. Do you ask the process that you build in the pandemic response. I would say by primary criticism of the cdc on a bunch of different levels is they've just moved too slowly. It hasn't seemed enough flake crisis. I mean the early example of that for me was in the very early days when the cdc had put up there cova tracking apparatus. They just didn't update it on the weekends. At a time when cases were like doubling like they stop updating on friday. They'd updated on monday. And there'd be twice as many cases as when they stopped you know. And i just thought to myself like guys. Everyone is working the weekend right now. Like we need to know what happening. The public needs to understand what's happening. You can't just take the weekend off. And i'm happy to say that the vaccine tracking the cdc is doing. They're updating it over the weekend you know. It's like right so so maybe this is a good. Maybe this is a good sign. You know that the administration cdc maybe as reinvigorated and has some renewed sense of purpose and are treating this like the crisis that it really is. Talk to me a little bit about palin tear and its role in this data collection because pailin tier is a name that inspires some dread either in the book or with respect to privacy and transparency. Like what do we know about. Its role in this data collection and how much transparency there is in in what they can. Use this data for to pailin here. It was co founded by peter thiel Who i think for a lot of democrats become sort of a republican supervillain and peter thiel and pailin tier have a lot of government contracts. People are rightfully worried about the extent of their reach into the federal government. But here's the thing people used the fact that. Hhs is data system which is called. Hhs protect was built by pollen tear as a reason to move data out of hhs. The problem is that. Hhs protect actually grew out of a cdc system also built by pailin tier also nih. They also use talent here so we have a system in which pailin tier is pretty thoroughly threaded throughout our public health surveillance infrastructure. Which in my mind. The way that i would set it up if i were doing this. Probably not on the other hand. It's not really an issue of hhs versus cdc. They both used talent here. Right pal to your says that they don't use that data that's that's flowing into system. They built for anything else that they basically just built the database in their hands are off it for what it's worth. Do you think we have that in writing somewhere in federal contract that may over tax.
Leadership Amid Chaos
"In the wake of wednesday's violent breach of the us capital business leaders have spoken out. Condemning the rioters effort to disrupt american democracy. Some of those leaders like famed activist investor. Nelson confessed that his support for president. Donald trump is a mistake. What happened yesterday is a disgrace than i as an american. I'm embarrassed you know. I didn't vote for trump in sixteen. I voted for him in this past election november. Today i'm on sorry. I did that. The national association of manufacturers a trade group that has been supportive of the president's economic agenda went out in front wednesday calling vice president pence invoke the twenty fifth amendment and begin proceedings to remove donald trump from office and keep him from ever running again over the last four years and this last year of two thousand twenty in particular business leaders have weighed in on politics again and again corporations and our public spheres are intertwined like never before. We've seen the very richest of americans billionaires express preference for candidates. Investors like stephen ross. Peter thiel and new york real estate developer. Richard lefrak have all unapologetically supported. President trump over the years pailin tear. Ceo alex carb famously aligned himself with the trump administration in the company's preliminary ipo filing august of twenty twenty. He called out fellow silicon valley giants for being unpatriotic. His company has contracts with the pentagon an ice but this week speaking to the washington post carp struck a different political tone. There's certain monica of adult leadership necessary to run a significant organization of any kind whether it's a university newspaper a church synagogue or mosque this this is below that line and we shouldn't tolerate in some ways. Donald trump may have helped bring these people deeper into the political sphere. These business leaders one's who've praised him and ones like apple's tim cook who quietly worked with him have proved crucial to the president's efforts and successes in office from woohoo market tweets to corporate tax cuts to president trump's unorthodox involvement in corporate dealmaking. We're looking at you tiktok so all this means what ceos have to say matters
Coronavirus Is Surging In The US
"One, But however you define it. Corona virus in the U. S is surging. Some parts of the country air passing more restrictions to try to combat the record number of cases this as we have yet another Corona virus outbreak in the White House. NPR's Alison Aubrey is with us now. Good morning, Alison. Good morning, Rachel. So when we say the White House we mean in the orbit of Vice President Mike Pence, several aides to the vice president have tested positive for covered 19, including his chief of staff. Nevertheless, the vice president decided to keep traveling to keep campaigning. What's the reaction been to them? You know, the decision to keep his travel schedule intact was made in consultation with the White House medical unit, the spokesperson said. Yesterday and pencils office says this is in accordance with CDC guidance for essential personnel there, basically making the case he has Essential work to do, including on the campaign trail. But public health experts Rachel are really questioning this definition. Here's Josh Sharfstein of the Johns Hopkins Bloomberg School of Public Health. He served in the FDA under President Obama. The vice president should be limiting interactions with others because he could be harboring the virus and he could wind up becoming infectious. And so if there are essential activities that he needs to do in person, he should take extra precautions to do those, but otherwise I think he should be staying at home. Especially given around the country, including places. Pence is scheduled to travel such as Minnesota. The viruses circulating widely, right, So let's talk about that. Alison. What do the numbers tell us about the virus right now? The U. S has been averaging about 68,000 new cases per day. This is about a 30% increase compared to just two weeks ago. In recent days, new cases have reached record levels in several states, Utah, Tennessee, Illinois in Chicago over the weekend. Stronger restrictions took effect of bars and restaurants must close earlier in the evening. This is part of a curfew in the city. Other parts of Illinois have stricter rules, too, including new limits on the number of people allowed together and Rachel. They're certainly a lot of reminders around the nation to stay. Vigil eight, right? Hospitalizations from Cove. It have been on the rice too. I mean, does that mean we're likely to see more fatalities in coming weeks? You know, probably there are still a lot of people dying about 775 people per day in the U. S. On average. That's a lot lower than the highs of last spring. Part of this can be explained by the increase in cases among younger people who are less likely to die. But Rachel there's also been an improvement in treating people in hospitals. Physician Anish Mata is an infectious disease expert at Emory University. He is also a principal investigator for the H M Death Severe trialled at Emory. Last week, the FDA gave this antiviral drug full approval. Red death, severe reduced recovery time to 10 days for 15 days and also importantly, run desecrated treated patients had less use of mechanical valve leaders and other advanced oxygen's airport techniques. Compared to patients who didn't get room disappear. Now it's important to point out Rachel. This is not a home run treatment. It hasn't been shown to significantly prevent deaths among very sick patients, but it does have some benefits and Allison doctors now have other treatments they can offer as well as from desperation. That's right. Doctors have more tools in the toolkit. Now they have You know steroids, such as Dixon Math Zone better information about when to put people on blood thinners. Overall, the death rate appears to have dropped. In fact, a new study that included an analysis of thousands of hospitalized patients found that at the start of the pandemic patients had about a 25% chance of dying. Now they have an 8% chance. So still high, but definitely improvement. Yeah, definitely So younger people, you know, you mentioned more younger people have been diagnosed with the virus. So as we start to think about Thanksgiving Is there any way Tio Tio ensure that college students don't bring the virus home as they leave for break? You know, if you have a college student coming home to you find out if they're being tested, many schools are offering or even requiring an exit test or a departure test. Just before students depart for Thanksgiving break. I spoke to David Paul Thiel, He's a professor at the Yale School of Public Health about this He says. Of course, it's easy to identify symptomatic people. But this isn't good enough. I'm worrying about the student who feels just fine but who happens to have been exposed recently and who could be heading home to visit an elderly relative. And so we don't want to be sending little ticking time bombs home for Thanksgiving. I completely agree that we need to have everybody tested within 72 hours of departure. Now. Not every school can manage this given the cost. But many campuses are offering departure test, including big schools like Ohio State and many small liberal arts schools, too. During such as families that have college age kids either, right? I mean, my own family. We're trying to figure out what we do anything. We're all trying to figure this out, right? Everyone started figured out. So what can you tell us of this boy now, Zim? Well,
Unpacking Palantirs Public Debut: CEO Alex Karp
"This is squawk pod I'm CNBC producer Katie Kramer today on our podcast. unpacking Pailin, tear the high profile highly secretive software company has operated quietly for seventeen years and it's finally on the public markets. And -ticipant I I think for maybe the past ten years CEO Elon on why it it took. So long my lawyers will shoot me what I can tell you is we are very very focused on building software a longtime before other people building and how he expects to become profitable with a small, but mighty and mighty controversial of customers. Well, how can you have the Super Valuable Company? They're only a hundred and twenty-five customers to which I respond. Yeah. But one, hundred, twenty, five most. Interesting institutions in the world I would ask people who are watching this to make a list of the institutions they admire in the world, and then roughly figure out if they're using pounder that interview plus the politics behind listing journalist Joanne Lipman fits a company that is very, very closely aligned with the trump administration. There's a huge question here about what happens if trump does not win the presidency it's Thursday October first October twenty twenty the year is still twenty twenty squawk pot begins right now. Good morning and welcome the squawk box right here on CNBC. I'm Andrew Ross Sorkin along with Joe Kernan Becky off today. Today on the PODCAST volunteer goes public analytics company that is usually described as secretive debuted yesterday the direct listening selling new shares on the New York Stock Exchange covered live on CNBC how tears for trading why secretive well here is named after magical orb and Lord of the Rings. But in seventeen year history, it hadn't made much public volunteer received early funding from the venture arm of the CIA and provide software products designed to crunch numbers. One of these programs is called Gotham and it's for government clients. Who Need to organize an understand massive amounts of data. So surveillance predictive policing, possibly rooting out potential terrorism threats, Pailin tear works with US Army Navy Department of Homeland Security and it's working with health and human services to help track the spread of Corona virus case data that we just recorded. We can immediately narrow into emerging hotspot counties, notable backers of talent tear include investor, and Co founder Peter Thiel who has gotten attention for his conservative politics and support of president trump in the two thousand, sixteen campaign. Evening. I'm Peter Thiel I'm not a politician, but neither is donald trump as well as his work technology companies. He was facebook's first big investor other pollen tear backers include wall streeters like Hanlon and Stanley Druckenmiller when talent tear filed paperwork with the SEC to pursue publising listing earlier this year it's called the swan event is finally got a sense of the books turns out pollen tear had never turned a profit and. A, huge chunk of its revenue came from its three biggest clients which are anonymous in the first six months of twenty twenty. It's revenue of nearly half a billion dollars a big jump from the year before this was addressed by pollen tear CEO, Alex Carp investor roadshow, which true to carbs personality, and true to the weirdness of twenty twenty was virtual and started on cross country skis. Welcome to Powell, tears investor day. We're very proud to have you here. Carp is an Orthodox for a CEO. He has amazing curly hair. He uses the modifier super allot super cool and speaking to potential investors. He made the pitch for the importance of Pailin tears purpose. This way of looking at the world war literally savior situation and in many cases Save Your Life Allen to has moved beyond. Just government clients fifty-three percent of its customers are in the private sector big name businesses who use a software program called foundry include Airbus Merck Ferrari and United Airlines but it's work for governments here and others around the world stuck to its reputation allentown faced criticism from privacy groups and for its work with the US Customs and border. Patrol. Tracking immigrants at the border. But Carp in the company not backed off in. That s one filing the leader of this highly valuable tech uniform said, Pailin tears work is different in his view software missions to keep safe may have become controversial but companies built on advertising dollars are commonplace and carp took aim at big tech culture directly writing quote our company was founded in Silicon Valley. But we seem to share fewer and fewer of the technology sectors, values and commitments. Helen tear moved its corporate headquarters to Denver and its shares headed to Wall Street. If you think, we are going to change our internal culture drastically if you think we're going to work with regimes that are not allied with the US enter abusing human rights if you think. that. That the future is going to be a super rosie place where the past ways of supplying software are going to work because enterprises and governments do not need to be reformed you should not invest in pounder. Andrew. Ross Sorkin has interviewed Alex Carpet number of times. This conversation was reported Wednesday yesterday right after the first trade for here on the New York. Stock Exchange. We've had lots of conversations over the years. This has been probably one of the most highly anticipated offerings or listings in a very long time. Almost every year that we would talk in Davos I would invariably ask you are you going to go public? Are you gonNA list and invariably you wouldn't. So let's start with why now? Well, first of all, thank you for having me and I and I really would like to thank all the pound tyrians who stuck with us and built this company and our investors you're stuck with us and you know over the years we've been skeptical about listing and for lots of reasons, we really needed to build our products. With enough protection so that we would be ready to launch them into the public space. And we built we built out PG government and foundry product and and built a way to maintain them so that we wouldn't have to scale the number of people and. You know we've reached a base where where our company's very significant and we believe being in the public space will help us with our clients and help us grow and quite frankly I believe the people apparently who built this company over seventeen years. Deserved a access to liquidity. So we we decided this would be great time for us and so far. It's been a really interesting process and and our clients are embracing it. So it's a really good time for us and I'm very, very grateful. Outlets. The single biggest question that investors ask about this company is seventeen years in while you know may have an operating profit, the company unto itself is still not profitable. So so walk us through what the path to profitability looks like. Well, you know we build these products years before people build them, and that takes money and what you see in the cove it pandemic crisis is we had built this way of going to market with foundry, which would allow us to literally supply an enterprise with a completely new stack of products within six hours and maintain them. And what you saw when we did that is we grew the company forty, nine, percent, forty, nine percent off of a seven, forty, three base and the divergence between expenses and in growth is dramatic. And we're just going to be very very focused on on an invigorating, our software offering. But when you're growing forty-nine percent off of a seven forty base. I think that's a pretty strong indication of what the future could hold and we're super proud of that and I think you're seeing that people are taking a look at our financials and our our company is often been used viewed as complex and. Needing explanation both moral and financial but it turns out our financials are quite simple and you look at this dramatic growth with flat lining expenses and I think that gives investors comfort and it certainly makes me feel as. Co Founder and CEO that we made the right decision to invest heavily over well over a decade in building software, the way other people don't to build it and you see the results do you think the profitability is at twenty twenty, two, proposition twenty, twenty, three proposition can I put you on that? Well, you you can push me but of course, my lawyers will shoot me I can tell you what I can tell you is we are very very focused on building software a time before other people building, supplying it and I think that are year I. First Half of the year growth will be reflective of the future and if I'm right. That will answer all of your interesting questions and we'll be interviewing. You'll be interviewing me again maybe not a Davos but virtually, and we'll see how we do. Confident confident we'll do well. Alex, one of the other questions people ask is how to comp your company meaning what are the comparable should this be considered a technology company as SAS company or should this could be considered a much more traditional consulting company? Can you speak to that? Well I think what the investors are seeing is they're asking the question at this point they used to ask is this is this a company that built software for the government and how do they build it? Of course we always sold this as a license. Then they saw our margins of the first half of the year round eighty percent. So I think the real debate now is. Move significantly away from is this software services because although people think we're very smart, we're not smart enough to get eighty percent margins off of a services company. The question then is, how do you comp it and honestly I think that's something investors will have to figure out. We're not focused on that we're focused on we are going to be the most important software company in the world. And people will figure out what valued over a long period of time and we're very comfortable with investors toying around it could be like this. It could be like that. We are going to deliver the best software. With the morals most efficient way of delivering it investors will decide what's that. What's that were is worth to them and I think you'll find a number of years that will be a consensus. Palette. Here is a truly special software company that is arguably the most important software company in the world. Alex has everybody knows You have contracts with various government agencies, obviously and some of the bluest of the blue chip companies in America today, but it's a concentrated list of about one hundred and twenty-five companies. About Twenty eight percent of the revenue actually comes from three of those clients unto themselves. Two thirds of the revenue comes from the top twenty. How much of a risk does that pose on one side but also when you think about the opportunity on the other, if we're having a conversation like this in in twelve or twenty, four months, how much do you want that list to increase in size or do you just want to keep that group effectively and a effectively raise the margin or cost for those clients? And grow that business. Well, we want to do all the we're going to do all of the above. So interesting about our client list people people ask, well, how can you have the super? Valuable Company they're only one hundred and twenty-five customers to which I respond but one hundred and twenty-five most interesting institutions in the world. These aren't just any institutions. The literally, I would ask people who are watching this to make. A list of the institutions they admire in the world and then roughly figure out if they're using, we don't go out and advertise our product, but I would say the list of our clients is the single most impressive institutions in the world I've ever seen we. So we want to keep these clients. Also investors will of noticing in the one that well over ninety percent of our growth in the first half of the. Year came from our existing clients. What does that mean our existing clients? The most important clients in the world are really happy that's what it means. So of course, we're going to expand those really happy clients who happen to be the coolest people on the planet, and then we've built this product which has gotten very little attention called Apollo Apollo allows us to maintain and deliver software to any number of clients with essentially. Not growing our our force apparent and force at all. So we're planning now that we have Apollo to grow the number of super cool customers all over the world, and we can do it without raising our headcount, and so what you're going to see is we're going to continue building with our clients why they're the most interesting clients in the world and they clearly based on our numbers like us and some of us. We are going to expand our client base. Why? Because now with Apollo, we can deliver the whole stack in six hours. I don't think any other company I've ever seen in the world can do that, and we can do with efficiencies that I don't know any other companies going to do because we can do this with a small number of people sitting in our office that we have maintaining, updating and providing them with new products we built. So they don't have the Frankenstein monster that takes two years to build and has to be maintained with either human hours like in the government contracting case or by purchasing new product or compensating sales people or behind. It people you don't even talking to you can actually buy one stack. So we are going to increase revenue with current customers, get new customers and continue our march. Alex how easier heart is because I know you've talked about trying to keep things in in terms of the platform if you will how he's your heart it for four clients to leave in terms of the churn. Well, as I mentioned, ninety, five percent of our revenue comes from existing customers. So customers, obviously if a customer wants to leave they, can I think the main reason our customers stay besides the fact that the output is very significant as they look at this product, we supply foundry the average customers paying less than six million dollars and they compare it to buying twenty products paying ongoing licensing. Fees. You can't get out of or building something over years, and the last thing they compare it to is we're not delivering a roadmap. Most people are living roadmap of what are you going to get in a year we're delivering a product after six hours so customers can leave. But what you see in the numbers is they by and large don't, and it's not because of my charming personality. Alex well, let me ask you a different question. We've had lots of fascinating geopolitical and philosophical questions about the role of technology and Pailin tear itself as well as the approaches silicon valley has taken. I'm curious in terms of risks how you think about this Amnesty International as you know, criticized, the company recently for its role of working with ice. How much of that does that pose a risk to the larger business? Especially, the corporate business at a time when we have corporations at taking both political positions and also being oftentimes being socially at activist. To Your Business Well, look the fact that we take positions that are sometimes controversial can cost. US clients. But it also gets us. Clients because when we talked to a client and we say look we're going to work with you. We're not gonNA walk away just because the winds change and this is super important especially to our government clients if you're supplying special forces and army and the US, those clients have to know that they will not be left on the battlefield. Because a because Silicon Valley has decided they don't like the warfighter. So of course that costs revenue many of our decisions of cost US revenue we only work in certain countries we've walked away from work because if human rights issues we've said, we disagree with very prominent human rights organizations and we engage in dialogue but also by the way is a reason why I Think people who are watching this may consider investing or not investing. We are not going to stand up here and say we're for everybody we're not going to pretend, and by the way we're going to try avoid jargon. We will actually tell you what we think it's not going to be created by fifty media people it may have to be carried by a couple. Of Lawyers but one of the unique things about power tears, we actually say things and we actually stick to them and that's something not everyone likes but many of our customers do and by the way I think it is a reason why ninety five percent of our revenue comes from customers because when we tell them, we're going to deliver we are going to deliver. Alex. One of the other questions now you all republic company. But as you know, you have three tiers of stock classes of shares that is and to some degree there have been critics who said, this is effectively a private company masquerading as a public company. Can you speak to the decision to structure the shares the way that they are structured and how governance experts and folks should think about that I think it's important for government experts to look and make an deliver opinion but I would also ask them to consider the environment we live in pound tear has been in silicon valley up till recently for seventeen years and in silicon. Valley. Defending the. warfighter providing our troops with technology that allowed them to come home is very controversial. I do not believe a company like ours that makes really consequential decisions for government clients and non-government clients could be run without an F. share structure and I understand there's criticisms investors look and say, well, why should talent you're having F. structure? What is my? What is my what? What can I do if? I don't agree with them. The primary reason why we fought for an structure and we asked investors to buy into it was we need to be able to go to our especially our Intel and defense clients and say, we will not just blow with the wind. And does shares for a company like ours gives us a unique ability to have long-term commitments to the most important clients in the world, both commercial and government, and that's why I believe they're super important, and I also again would encourage people if that's not something you're comfortable with there are many shares to buy. We don't have to buy challenge your shares. You should buy shares knowing that these shares reflect our views. Alex we've often had these conversations in Davos where globalization has ruled the roost but as you know so well, the world seems to be shifting to a globalized world, a splinter net if you will. How do you think long term that will affect the business of here We made this decision, which is actually a secret only because no one believes it's true which is that we didn't solve the problem of fighting terrorism. We solve the problem of doing data protection and fighting terrorism, and the architecture we built both PG and for foundry will allow a super set to work with subsets, which means if the world's splinters and every country has its own jurisdictions, it's GonNa be very hard for normal software companies because they're not built to do that but it's going to be very good for Palette here and finally Alex. Decision five years from now today. How would you measure success? Here, what would be the metrics which measure it? We know they're there obviously financial metrics but I'll tell you Powell cheer has recruited and retained I believe the most interesting most talented most ethical people I've ever met and we work I've interacted with thousands of institutions and in five years when meet I think he'll say to me. Wow, that wasn't just you saying that because it was the right thing to say it's actually true. And the products that will build over that period we'll we'll. We'll be unique and they will tilt the course of history. In favor of things that are good and noble. And will not avoid the complexity that's necessary to do that outlets. Carpool. You lots of luck and we do look forward to having that conversation hopefully in five years. But hopefully sooner than that. Thanks so much Alex.
Palantir Plans to Go Public
"Details on one of the most anticipated public debuts of the last few years, data analytics company. Pailin. Tear. Technologies has released its prospectus to debut on the public markets in the filing pound here reveals that plans to list on the New York Stock Exchange under the ticker he l. t. are and will pursue a direct listing rather than a traditional IPO, the same unconventional route taken by slack and twenty nineteen and spotify two, thousand, eighteen the company said it lost about five hundred eighty million dollars last year despite a twenty, five percent increase in revenue from the prior year. Tear was founded in two thousand three by a group of Silicon, valley entrepreneurs, including CEO, Alex, Carp, and Peter Thiel became wealthy as a founder of pay PAL and an early investor in facebook, and just in case you didn't know I did not until today Pailin tear the company was named after a magical or in the Lord of the rings that lets you travel. Vast distances. Here's Andrew Ross Sorkin with more in the filing co Alex Carp said quote our company was founded in Silicon Valley and by the way now, it goes to take on a shot at Silicon Valley but we seem to share fewer and fewer of the technological technology sectors, values and commitments from the start. We've repeatedly turned down opportunities to sell, collect or mind data of technology companies including some of the largest in the world have built their entire businesses on doing just that. Carp recently announced plans to move its headquarters from Palo Alto to Denver in part because of. This value issues talked up how also clear on its stance on China. Says we not work with the Chinese Communist Party and had chosen not to host our platforms in. China. which may limit our growth prospects. Company proposed three classes of stock, a Class B and Class F which will be held voting trust established by its founders including Peter Thiel with just below fifty percent of the total voting power for that stock that's similar to voting structure of other tech giants, clean facebook, and Google. So if you're concerned about the power structure. That is that is something they do share in common with with the rest of the
Is India becoming a Big Brother state?
"In India. Possible data is snowballing and people are calling for more stringent data privacy laws in response Narendra Modi's BJP led government has devised a new data privacy. Bill that is striking a different path. From Europe's general data protection regulation would GDP all however amid Watsa packing allegations against the government and the rise of facial recognition. Critics of this new. Bill say that it paves the way for a willion levels of state surveillance. Hit to discuss this with me. Is the FTC. Benjamin Parkyn down the line from Mumbai. Hi Benjamin I can you give us an overview of the data privacy conversation. That's happening in India. When did it I come to the foreground? The discussion really goes back about a decade. I suppose noticed when India started building the world's largest biometric identity scheme it's other program so essentially citizens would get a unique. Id that was linked to that fingerprint. So Iris Scan. So is incredibly powerful to and really help to streamline the delivery of government services for example vice minimizing bureaucracy but it was also seen as a dangerous too because there was so much intimate data collected in one place whether it was. You know biometrics nick. Thiel financial data and whatever else separately has been a really in many senses nearly unprecedented explosion of mobile phone use and Internet use over the past few years. I suppose China is nowhere else where hundreds of millions of people who previous had never used the Internet now have phones have facebook accounts. Talk accounts and a shopping. Whatever else definitely their friends. What do you think has been the catalyst for this bill in particular in two thousand seventeen? The Supreme Court in India ruled that citizens enjoyed a fundamental rights to privacy under the constitution that was largely a response to the other program but it created degree of urgency. Around this question of what to do all of the states what protections could citizens expect how could companies and others use it so a committee was formed than a draft personal data protection? Bill was put out in two thousand eighteen and in December the government the IT Ministry puts out a new draft at much change draft of the bill into parliament. So what does this data privacy bill? Acne prepares the bill is in many senses reminiscent of GDP although it's authors had envisioned it as inspired by GDP but taking a new path that would make more sense for developing countries. That's how they framed it. It contains all sorts of strong privacy protections but was also intended to help India's digital economy flourish on practical terms. It proposes separating out certain categories of data such as sensitive and critical personal data which will receive extra protection it has tough rules around. How users can process the data of children for example who had defined as anyone below the age of eighteen and it also has other provisions such as a right to be forgotten the ability to correct and erase your data online. If it's no longer accurate or whatever else so what's been the public reception than to the latest draft of the bill. You wrote that. The man who conceived and wrote the first draft has called it a Walian. Can you tell us why? Yes so. This is justice. Sri Krishna Rutan's who cream court justice. Who was appointed often that privacy ruling to help draw the original bill? He's been extremely vocal about the fact that he's disillusioned with it and that's because while in many respects it's even tougher on say companies than GDP. It gives the government a very broad brush to bypass the bill. Also the latest version includes this provision whereby the central government can exempt any agency from all provisions old privacy implications that would be introduced under this bill while Europe and lot of other countries provide a mechanism for say intelligence agencies to intercept. Communications will collect data. This is subject to legislative of the sites or parliamentary oversight as it was originally intended to in injustice Sri Krishna's bill and now it's not so his words. The government has caught lunch. Have you any sense of what citizens or civil society activists and even corporations have thought about this? Bill IS BEEN MIXED REACTIONS. If THIS BILL PASSES COMPANIES. Stand to have to deal with increased regulation. But I think even many of them recognize. This is a necessary step. However the government exemption which wasn't in the original bill has launched a lot of people particularly in the context of what is happening. India at the moment where they've been a little protests. There has been unrest in been a broader a debate about the state of civil liberties in the country the concern among not just privacy advocates but also people from the corporate world and all sorts of other is that this could backfire case it. Could you tell us you alluded to this? Could you tell us a little bit more about Moody's New Citizenship Law? The protests against it. And whether you're seeing instances over reports of surveillance and reports of people being critical of this sure so in December parliament passed a very controversial law suit provided a fos track essentially non-muslim religious minorities from India's Muslim-majority neighbors I Pakistan Bangladesh Afghanistan to citizenship. This was seen as undermining India's secular constitution it was seen as discriminatory against Muslims. Not least because there are persecuted Muslim minorities in some of these surrounding countries and it was also seen as positive ruled a agenda on the positive Prime Minister Narendra Modi's government to promote internationalism. The idea that India is a home. Nine Hindus it's also tied up in concerns that Muslims could be subject to future scrutiny and insecurity in India such as separate plans for Roy Citizenship Registry. By virtue of this bill they would be more vulnerable to Rica cushions from that. So this bill has set off. Huge protests and the response by the authorities has been seen as very heavy handed that bidden violent crackdowns there have been killings the been mass arrests. But it's also put India's civilians capabilities on show for example in Delhi Police started to use facial recognition technology at protests. For the first time something that was originally intended to help find missing children has now been used to help monitor these protests and identify suspected quote unquote rabble rouses and others who are seen as potentially dangerous and this is in itself alarmed. A lot of people.
Interview with Alex Karp, CEO and Co-founder of Palantir
"This is walk. Thought this next segment is the conversation. Andrew had with Alexander Co Founder and CEO of Pailin. Tear the Tech Company provides software and data services for well a a lot of groups as you'll hear but it's probably best known for its relationship with the US government also quite controversial Given the company's role full working with the government in defense on ice with our allies with corporations there's always been view. It's a very secretive company in two thousand nineteen gene alone. The company signed one and a half billion dollars in. US government contracts one of those contracts in eight hundred million dollar deal with the Army Peletier beat out fortune. Five hundred company Raytheon for that one marking the first time that a venture backed firms received that caliber of recognition from the Pentagon and possibly more than anything else though. It's the company's Partnership With Immigration and Customs Enforcement that's created a stir until valley as well as internally Turnley at Peletier Alex Carp founded the company alongside a few other entrepreneurs including famed venture capitalist. Peter Thiel he co-founded Pay Powell and founders fund and invested in facebook anyway. Alex is he is one of the most unique interesting people in the world of business. He rarely does interviews but luckily for us. He's speaks Andrew. I gotTa tell you it's every time I have an opportunity to speak with him and really we've been able to do it now and you'll hear Davos you're just sort of blown away by the things that he says so here. It is Andrew. Ross sorkin annual interview with outs carp mark. CEO of talent here in the Alpine ski town of Davos Switzerland. Arc's thank you for doing this. Thank you so this was a very big year for you. We have a number of contracts. This is true we did very well so what happened. Well the long version is about five years ago we looked at our product offering and decide to rebuild our core offering for the government start with a commercial product which can be used to commercial and government and revitalize tragic going to market and and we saw the results Last year but dramatically this year and so that ended up with two very very large contracts that are public number of contracts that are not public and commissioner impact. That we're very proud of just so we're clear that's released publicly. One point five billion dollars in new contracts with that's true to you speak about those contracts. Let's well two of them are public. One of them is essentially. Give the DOD glow operating system in software with a on a timeline that otherwise I wouldn't be realistic so transformed the way. Decisions are made inside what amounts through the largest data organization in the world in timeline. That is very very aggressive. Another there is a little more classified and And we're we're just pouncing forward. The Core Mission of our company always was to make the West especially America the strongest longest in the world. The strongest ever been And for the sake of global peace and prosperity and we feel like this year we really showed what that would mean visit today. Do you believe is being driven by the government work versus the corporate. Well in the last couple of years most of our revenue has been commercial. Most of our clients have been government the the government government work inside and outside America's so strong Because of how it compounds that it's gone from being sixty forty commercial government to probably probably fifty fifty the impact of government. Work is the thing we are obviously the most proud of and is the past year. This sort of larger geopolitical Nicole conversation around. What does that into the business? Well you know decoupling. And and and strict regulation is a bonanza for pounder when we looked at what what did what should be done with data fifteen years ago. Most people aren't thinking about it and instead of thinking of this simplistic problem with aggregation of data. We thought about data's how can you aggregate and disaggregated this aggregate disaggregation meaning. How can you have silos while at the same time being able to call up at a granular level of what you're allowed to see in that silo? And what does that mean at a political level as Countries and states both need to have a horizontal view but want to have a more vertical view. They need Assad for platform that can allow a two countries to work together without sharing all all the information or to jurisdictions to work or to companies that for example a global company will have data stores in America data stores in Europe. Where only a subset can be shared in our architecture is is quite frankly built to deal with that and was built fifteen years ago to deal with that and revitalize five years ago so this decouple these these this decoupling world combined with Regulation quite frankly also combined with deep skepticism towards consumer in the valley is very much helping us. WanNa get to the sketches of the valley and just a moment but I wanted to ask you specifically about the protests this year about your work for ice and that ice this contract and what it's meant for your business we as everyone who's followed our company knows we take what amounts to strong but often Controversial positions the position of our company from the beginning was we're GONNA make America and the West Song and safer by integrating world class software into what amounts to legacy I see do systems one of our contracts at ice and there's an we started this contract under Obama and obviously there's a lot of concern legitimate concern about what happens on employer how it happens and what is the enforcement. Look like certainly diminish part of our work Finding people in our country who are undocumented. But it's a legitimate intimate complex issue. My personal position is We acknowledged a complexity people protesting whom I respect also dogs complexity is an issue that that is controversial and complex enough that the small island in Silicon Valley. That would love to decide what you eat. How you eat and monetize all your data should also decide who lives and your country and on what your conditions? There are elections. There are rules. They should be enforced. A transfer of one presidency and other and the the view of Silicon Valley that we get to the decide should not be the way the site of course this led to protests. My House has been protested for many months almost every day. Our officers protested many Palestinians who do not just follow what I say but are critical people. protested against internally. Some people were so upset about it that they left. These are very hard decisions. I I respect the people that that reside they can't be involved in this but we have a position. Are you comfortable with the trump administration's approach on the border.
Stolen Lives: The Skelton Brothers
"On the day after Thanksgiving in two thousand ten ten years. Zuber's reported her Three young sons missing from her home in Miranshah Michigan. Her husband was supposed to bring the boys back to her on Friday morning but he never did. The couple had been living apart in plan to divorce Andrew. Nine Alexander. Seven and tanner just five years. Old had spent thanksgiving Thanksgiving Day with their father. John Skelton Win Tan. You tried to get them back the next morning. John told her that they were with a friend of his. John then turned up at a hospital. Following an apparent suicide attempt in the years since family and authorities have searched for the skeleton. Boys is without success. John Skeleton has refused to disclose their whereabouts. As time passes the chances that the boys will be found alive continued. Can you to dwindle today. The quiet end. We're discussing the details of the Skelton case and the possibilities of what happened to these three young boys in stolen lives. The skeleton brothers will go over family history and the timeline of events in an effort to better understand what happened and if anything can be done to bring these boys home. So we've got a Nice Michigan Beer for you today. From one of my favorite breweries. This is is K B S Espresso. KCBS stands for Kentucky Breakfast Stout and it's got coffee in it hence the Espresso. This beer is is an American imperial stout clocks in at twelve percent alcohol by volume. So you and I will be splitting our twelve ounce serving the beer is from founders. Brewers I said located in grand rapids. It's a black coloured beer little tiny tan head but did leave a little bit of lace on the side it is a glass and when you get the aroma. It's boom coffee just smacks you in the face. Ladda coffee little bit of chocolate taste. I follows the nose big hits of Espresso followed by some chocolate and the end of the SIP. You can get a little bit of Vanilla. This is a big bodied beer. Little bit on the dry side which is fine with me very nice beer. Let's open it up. Then you got it and off. We go to the quiet end where it's pretty quiet all right. That's descriptive descriptive. Well why don't you go ahead and start the story. I mean it's it's a difficult one it is and you would like to think that the kids are you're still around somehow and all their father has to do is tell us where they are exactly. That's the frustrating part. But I don't think they're around anymore. The skeleton family lived in Marinsky Michigan in two thousand ten and Miranshah small town populations about three thousand as located near. You're the Ohio border. The father John Skelton was raised in Jacksonville and he is thirty nine years old when his three sons went missing when he finished high school John joined the army a move several times he lived in Washington. DC worked at Walter Reed National Military Medical Center in Bethesda Maryland it also spent some time in Alaska and California and eventually he became a truck driver. He and Tania Nia married in two thousand and two actually Tan Ya. I know that doesn't seem right. But that's how she is said that she wants pronounced. Excuse me we'll start over John. Tanya married in two two thousand and two now they had both been married and divorced was previously tenuous first husband filed for divorce from her after she is charged with criminal the Middle Sexual conduct more on that later. According to many people including Tanya John knew about this conviction now John worked for several years and Tanya stayed home with the three kids according to tenure the problems in their marriage began after John Lewis is job job following a Dui yes so Tanya filed for divorce from John Skeleton Back in September of twenty ten before that attenuates say that their relationship was pretty good but Tang you did have history. Tanya had two older daughters from her previous marriage and and she did have a large support system of friends and family nearby but she was far from perfect years before her sons went missing before she even knew John Skeleton. TANU had sex with a fourteen year old boy and she was convicted of fourth degree. Criminal misconduct for this in the late. Nineteen he nineties. But it's believed they. John knew all about her past before he became involved with her but still he would end up using this as ammunition against Hanya claiming naming that she had been sexually abusing his sons when he abducted them. And that's where he took them. He wanted him out of the house right. That was his claim. It's very difficult to believe John. Skelton will find out because he has an ever changing narrative. Yes he does so in September of two thousand ten and John Thiel Tanya that he wanted to move the family to Florida. His parents still lived in Jacksonville where he had been born and had recently gone to his high school reunion there so he had as we said lost his job in Michigan after his Dui conviction and in Florida he told Tanya he could get a job. Bob and the boys could get to know his family now. Tanny didn't WanNa live in Florida and she also had that felony conviction on her record. which meant that? You'd have to fulfil oh specific requirements with the state of Michigan before she would be allowed to move. It was Monday September thirteenth. Twenty ten when John said that he he was leaving for work but that afternoon he signed the three boys out of school. The school called and left a message on Tanis home phone and the school schools secretary had called because she was confused. Tenure had brought the voice to school that morning and dropped off their medicines and lunches and everything but John came in that afternoon said that the family was going on a vacation to Florida and sign them all out of school early. So tenuous confused. She called John After after speaking with the school secretary but he was very vague claiming that he discussed with her taking a family trip to Florida and she had said she didn't want to go with them but Tanja said wait a minute. We talked about maybe moving to Florida and I was looking into it. There was no talk of a family vacation. So it's not really making sense. Let's not sure doesn't bear we've got two divergent reports here. So a friend of ten is called the Miranshah police and spoke with chief Larry weeks weeks offered to mediate between Tan. Yan John so he contacted John and he learned to John and the boys were still in Morandi. John had also set up a meeting with an attorney. This didn't make any sense at all right. And if you supposedly going on vacation in Florida why is he doing all this stuff. Exactly exactly. He's up to something joined told chief weeks at. He is taking the boys with him to see the beach and they were being Florida for three to four weeks so this just this wasn't right. Tanya s John he was taking the boys out of school when the school year had just begun then. He said that he would enroll them in school down there which was even even more confusing. I mean the entire situation was raising some red flags. If this was a vacation why would the boys be getting enrolled in the Florida schools. Also she knew. He couldn't enroll them without their birth certificates and she had those so she tried stalling him for time as her adult daughter's met with an attorney on her behalf and the attorney told her daughters that the only way for tenure to stop John from taking the boys to Florida would be for her to file for divorce divorce from him and ask for emergency custody of the children so things escalated quickly. Where the sure did could it would sound to me? Like he was planning Dan taken into Florida and staying Florida absolutely now. He's going to enroll in school and stuff so share. That's the worry very much so so at this point. John's been driving around town with the three boys. Tenuous stalling him and she said I'm going to look for the boys birth certificates so Johndroe back to the house. Once he's at the House tanny pretended to be looking for the birth certificates. You know she knew where they were and she was stalling until daughters could return with the legal paperwork and then an officer was prepared to serve John with the papers which would make it illegal for him to leave the stay with the kids. Yeah but coincidentally it ended up that both Tan Yan John had met with the same attorney. But because Tanya's daughters had met personally finally with the attorney and paid him before John did Tanisha was the one who retained his services so unfortunately the attorney's office called John and told told them that they couldn't keep their appointment with him because Tanya had hired him and this set John Off. I mean he was furious now he felt like she was trying to trick cam so John left the house angry of course but he did leave without tanner the youngest boy because tanner had come into the house and was kind of hiding behind behind Tania's legs so John Yelled at him to get in the car because his mother was lying to him but he just cried and didn't go to his father Tian her friend protected checked tanner from being taken by John but the two older boys Alexander and Andrew were outside playing and John was able to order the older two boys into his van Tangy told him he couldn't take the boys but he ignored her. The papers for custody were prepared. But you know John hadn't been served with them yet so. John sped out of the driveway in his van. With Alexander and Andrew tenuous sister happened to be walking up the street toward the House and John Nearly hitter hitter with van but fortunately she was able to jump out of his way but John Actually left just minutes before Tana's daughters arrived with the divorce papers in hand the end so John was able to escape Michigan with his two oldest boys and he drove all the way to Florida. The next day he allowed the boys to call their mother. It was her birthday. They actually and they told her that they were swimming. And staying at their daddies friend's House Hillary but ten. You didn't know who Hillary was. She was actually one one of John's friends from his class reunion which he had recently attended down in Florida and he talked to Tanya About Hillary after he'd returned from that trip so Tanya was able to find Hillary's address and contacted her attorney and he gave her papers which gave her exclusive. Custody of the voice Tania Tania's mother intangible. Two daughters drove to Jacksonville to pick up Alexander Andrew and to bring them back home so by that Friday they met with a sheriff's deputy to accompany them to Hillary's apartment complex and the deputy was able to serve papers to John and take custody the two boys the local district court and the sheriff's office were involved so they had to meet with the judge before they could return to Michigan with the boys. What a mess? Yes so they actually had to hang out in Florida for a bit. She's so the following Monday tanny and her mother hired an attorney in Florida and John also also hired an attorney so in front of the judge at the hearing. John immediately brought up tenuous previous conviction for having sex with a fourteen year old now. This was quite a shock for Tanya because John had never indicated any problem with her past admitted that he had known about tennis history since before they were married he had married her and had a family with her and had never before raised any issues about it. So the judge called the court back in Michigan and this is a court familiar with the scouting's uh-huh case and it was determined. The TANNIN would return to Michigan with her sons. Then was the crossed. The line in Michigan tanny would have full custody rights so finally things seemed to work out correctly and after returning to Michigan the boys were back with their mother. John asked Hanyu if there was any chance that they could could work things out and stay together now. Tanja would later say she felt she was really done with the marriage but she agreed to counseling in order to help with co-parenting the boys and keep John Happy so to keep John from becoming angry. She did pretend that she was still interested. In repairing the marriage to John they were working on the marriage when he was anxious for things to get back to the way they were but Tanja felt she'd never be able to trust John Again. She and her attorney made the decision that that it would appear more favourable though to judge if she allowed John to have some time with his kids so instead of maintaining the exclusive custody that she did have a right to you and keeping the boys away from their Father Kanye decided the best thing to do would be to allow him some time with them and she said at this point she really really didn't fear that John would take off with them again because when he'd done it before she'd followed him to Florida and brought them home so he should have known that she wasn't GonNa to let them get away with it again. I guess she also kind of rationalized that he wouldn't leave with them because she had kept him under the impression that they were going to get back together as a couple
Lucky Stripe: Silicon Valley Fintech Startup Zooms to $35B in Value
"This episode of Business Wars daily is brought to you by sent pro online from pitney bowes shipping and mailing from your desk is never been simpler than with sent pro online from Pitney Leabeau's. Try It free for thirty days and get a free ten pounds scale when you visit. PBA DOT com slash B W daily the from wondering I'm David Brown and this is business wars daily happy Monday everyone. It may be the biggest his tech startup. You've never heard of unless you own your own business that is stripe and online payment service and outs last Thursday that it is now worth more than thirty five five billion dollars that's according to valuations by investors who just poured another two hundred fifty million into the company which helps small businesses accept payments over the Internet funding boosted stripes valuation by twelve billion dollars making it the third most valuable startup in the US according to Bloomberg that news outlet says only the we the company owner of we work and jewel the vape company are worth more and unlike those two companies stripe doesn't appear to be financially troubled as the week company is or struggling with controversy like jewel but if you're not familiar with this giant company well that's reasonable stripe handles back in payment systems for businesses ranging from tiny one person startups to mammoth businesses like airbnb lift facebook and shop affi- and its CEO and president the young brothers Patrick and John Collison in who founded the company have operated quietly without the flash of more well known Silicon Valley UNICORNS becomes roots sound like they were made for Silicon Valley origin origin story the Carlson's hail from drama near an Irish village with a population of one hundred and two while still in high school patrick and John moved to the US in founded business that managed transactions on Ebay then they sold it for five million dollars at ages nineteen and seventeen and each had brief stints at College John at Harvard and Patrick at Mit but the entrepreneurial bug had taken hold and two years later in two thousand ten. They founded stripe the point of their start up to take the pain out of what was then a clunky complicated task for businesses and shoppers alike. It took off quickly. Mostly by word of Mouth College soon went by the wayside. One of their first funders was Peter Thiel. One of pay pal founders fast forward to today and stripe not only helps businesses process payments. It's expanding into other areas areas of finance last week announced a new lending arm called Stripe capital and stripe corporate credit card strike plans to use its new funding mm to continue expanding geographically. It has its ion eight new countries at its heart though the brothers want to enable new businesses to get off the ground by streamlining payments. Amos no matter where their customers are despite its fairytale like origin story stripe isn't without competition far from it. Its closest. Rival is square now. That's the company that offers those little square devices that lets you take credit card payments from your mobile device twitter founder. Jack Dorsey Co founded square both businesses now process hundreds of millions of transactions both companies forgo the monthly processing fees that banks charge businesses in charge flat rate fees instead and squares been making business loans for five years and boasts that it has lent more than five billion dollars so far still as of last Thursday stripe is now worth ten billion dollars more than square according to the New York Times back when Patrick can John Collison were still teenagers messing around trying to find their next business idea they found that the hardest thing about starting a new company was figuring out how to get paid paid. They seized on that problem as the right one to solve but today they say that less than eight percent of all commerce happens online so as big as they are and as big as their rivals square us to one thing seems certain when it comes to the growth of financial technology her you you ain't seen nothing yet from around wondering business worst do a quick favor and tell us more batch yourself visit one three dot com slash survey. We'd love learning more about I'm I'm David Brown. Thanks for listening and we'll be back. This episode is brought to you by send pro online from Pitney Bowes Shipping and mailing from your desk has has never been simpler than with San pro online from Pitney bowes with simple online is just click sand and save for as low as four dollars ninety nine cents. That's right at four dollars and ninety nine cents a month. Send envelopes flats packages right from your PC and you are back to business in no time. Try It for free for thirty days and get a free ten pounds scale but only when you visit P B dot com slash B._w. Daily that's P._B. Dot Com slash B W daily.
"thiel" Discussed on Heartland Newsfeed Radio Network
"Like keeping this technology away from the masses but we'll wait till it's affordable and in the meantime nobody can do period. I mean that's just amazing to me that he could write to get folks to oh. No he's just trying to be provocative and thought provoking and due to the right and these are horrible thoughts. He's having right exactly and it's provocative because it's so evil and i you know normally we. We'd like to be playful at all k- krueger mexican but i mean this is. That's partly why i wanna do is because again. The mask comes off. There is no redeeming feature about this whatsoever yeah. It's not that he's saying oh. There's a stockpile of these pills and the billionaire peter peter thiel or whoever is using too much of it. Why don't we take away. Twenty years from peter teal's life and distribute it to the masses so that they get an extra thirty years of the delivery. It'd be one thing if you wanted to redistribute the technology or something to redistribute years. That's not what he's saying though he's just saying flat out. No these people can't have it because it's not fair. He's not making any argument in fact to the extent that he is. He's obviously hurting the ability of poor people to get access to this technology because you're not gonna be any innovation in it if research is banned in this technique yeah and i mean i. I agree with you that i can. I know there are people out there. Who will say oh he's just doing such and such but the problem is what he's saying flows so naturally from what he says in all seriousness that it's it's actually difficult to know the extent to which he really believes. This is the correct right position to take so. I'm gonna take him at his word. I mean how could you possibly after years of reading krugman think that this approach would be just beyond him an impossible and there's no way he would actually call for a ban on technology like this. How how could you think that now he does. I mean do you wanna talk some economics in here because because you know he obviously there's some stuff about wealth concentration and pikkety and you've done some work on that. Do you feel like doing that. Yeah sure we might as well it'd be before i forget the why don't we at least mentioned the obvious here so the the the thing this reminds me of crewmen pontificating about the future that i'm sure some people will be astonished <hes> about if we don't mention and is when krugman spouted off in the late nineties about what the internet was going to be like and so here. I'm sure people have seen the mean floating around that. I was glad to see slopes. Snow pts developed a response to this and so the slopes articles did paul krugman say the internet's effect on the world economy would be quote no greater than the fax machines and the conclusion was yes it did so the critical quote in question is crew minute nineteen ninety eight said by two thousand five or so it will become clear that the internet's that's impact on the economy has been no greater than the fax machines so as you can imagine that was demonstrably..
"thiel" Discussed on News Radio 810 WGY
"I grew or I'd like to interview Peter Thiel if I put him on the list see if we can get interview with him I liked interviewing because he's he's also smart enough to know and I wonder why he's left this one out Google when Google says did you hear what he said they are sharing and what they are collaborating on there a I technology okay the A. I. technology the reason why he's called this treasonous is because who ever gets AGI first will rule the world okay but did de so they're they're working on their eight and they're they're sharing their A. I. technology well Google has another reason for doing it it is as everybody thinks Google is so great because they give me the answers it for free no they are mapping the way humans think that's why this is the largest Intel gathering on humans in all of human history and what they're doing is they're they're the reason why that algorithm is so good so much better is they have all of these people billions of people on earth feeding it information so the algorithm gets better and better because it's thinking more and more like a human and so we can protect you so it's China is looking at this and saying how many billions of people do they have I want them putting all of that input into us so we can map more humans and the way humans think they're just looking at this as I need that because it will turbo US in a I but at the same time he's right these people do believe that China is better than America they do believe that they don't believe that we have and that we are good that we have good intent I mean I cannot believe the **** the company that started with you know don't be evil strangely decides to change that as they go to work with China it's crazy it it's it's saw you know it be humans first in the first place also developing a I technology like this is a little bit like sheep developing wolves this week you're just gonna come back to yes it really is what do you do in your get we're creating our own destruction potentially there's a story I just read this morning that that's was the headline we are creating our own destruction I can't remember exactly what it was it was it was almost what you just said there's two other things to other stories that are out today in England the B. B. C. was asking could algorithms help prevent hate crimes and murders well sure they could would not be great well this whole story is talking about it's a turning point you know from a data perspective and then we now have enough data to where we can predict hate crimes wow there's another story artificial intelligence is.
"thiel" Discussed on Newsradio 970 WFLA
"To interview Peter Thiel effect put him on the list see if we can get in their view with him I liked interviewing because he's he's also smart enough to know and I wonder why he's left this one out Google when Google says did you hear what he said they are sharing and what they are collaborating on there a I technology okay the a technology the reason why he's called this treasonous is because who ever gets AGI first will rule the world okay but did de so they're they're working on their eight and they're they're sharing their A. I. technology well Google has another reason for doing it it is as everybody thinks Google is so great because they give me the answer is a for free no they are mapping the way humans think that's why this is the largest Intel gathering on humans in all of human history and what they're doing is they're they're the reason why that algorithm is so good so much better is they have all of these people billions of people on earth feeding it information so the algorithm gets better and better because it's thinking more and more like a human and so we can predict to you so it's China is looking at this and saying how many billions of people do they have I want them putting all of that input into us so we can map more humans and the way humans think they're just looking at this as I need that because it will turbo us in a I but at the same time he's right these people do believe that China is better than America they do believe that they don't believe that we have that we're good that we have good intent I mean I cannot believe the **** the company that started with you know don't be evil strangely decides to change that as they go to work with China it's crazy it it's it's saw you know it humans first in the first place also developing a I technology like this is a little bit like sheep developing wolf's you're just gonna come back to you it really is what do you do in your get we're creating our own destruction potentially there's a story I just read this morning that that's was the headline we are creating our own destruction I can't remember exactly what it was it was it was almost what you just said there's two other things to other stories that are out today in England the B. B. C. was asking could algorithms help prevent hate crimes and murders well sure they could would not say great well this whole story is talking about it's a turning point you know from a data perspective and then we now have enough data to where we can predict hate crimes while there's another story.
Jeff Bezos vs. National Enquirer could be a watershed
"The big news of yesterday is that Jeff Bezos went to war went to war with the National Enquirer now to be perfectly accurate the National Enquirer. I went to war with Jeff Bezos. Now, you'll recall the Jeff Bezos is the owner of both Amazon and the Washington Post, and he has been running gun battle with President Trump fort legitimately three four years now over President Trump's politics president from belief that the Washington Post is a smear machine against him. And so president from his revelled in all of the allegations about Jeff Bezos. And all of the new information that pizzas was cheating on his wife with his next door neighbor. And now they're gonna get a divorce and his wife is going to walk away with one hundred and seventy billion dollars or something. Well, now it turns out that the National Enquirer was trying to blackmail visas. They head of pain photos and text messages. Of Bezos, his crotch, basically. And then they went to be and they said we'd like for you to stop using the Washington Post to investigate us or these photos might unfortunately. Well, beezus then just basically said all right. Well, if you wanna play this game here, we go, and he just unzipped and put everything under the table. So yesterday in a very long post from medium dot com. He wrote. No, thank you, Mr. Packer it. There is something unbelievable about the fact that the owner of the National Enquirer is named Packer which led to the headline in the New York Post as well as the Huffington Post today. Beeson exposes Packer, which is a fantastic fantastic. Headline here is what Jeff Bezos posted. He said first of all just word to the wise. Don't blackmail a die worth one hundred and seventy billion dollars who also has the capacity to create two delivery for anything. Right and has drones like squads of drones that worked for him. It just to go very poorly, by the way, it turns out the main distributor for the national inquirer owned by Amazon dot com. Okay. So here's what here's what he says. Something unusual happened to me yesterday. Actually for me. It wasn't just unusual. It was I I was made an offer I couldn't refuse or at least. That's what the top people at the National Enquirer thought. They thought that because in of them to put it all in writing rather than capitulate to extortion and blackmail. I've decided to publish exactly what they sent me despite the personal cost and embarrassment they threaten AM, I the owner of the National Enquirer led by David pecker recently entered into an immunity deal with the department of Justice related to their role in the so-called catch and kill process on behalf of President Trump and his election campaign, Mr. Packer and his company have also been investigated for various actions, they've taken on behalf of the Saudi government and sometimes mister pecker mixes it altogether after Mr. Trump became president. He rewarded Mr. Packers loyalty with the White House Jenner switch the media executive. Brought a with important ties to the royals in Saudi Arabia at the time, Mr. pecker was pursuing business. There will also hunting for financing, for physicians that is from an article from I believe, the Washington Post federal investigators legitimate media have of course, suspected improved that Mr. pecker has used the Enquirer, and I for political reasons and yet AM I keeps claiming otherwise American media emphatically rejects any assertion that it's reporting was instigated dictated. Or influenced in any manner by external forces political or otherwise. Of course, legitimate media have been challenging this assertion for a long time. And then he has a list and sources he says I didn't know much about most of that a few weeks ago when intimate text messages from me were published in the National Enquirer, I engaged. Investigators to learn how those texts were obtain and to determine the motives for the many unusual actions taken by the inquirer, as it turns out there are now several independent investigations looking into this matter so lead my investigation, Gavin tobacco. I've known Mr. tobacco for twenty years. His expertise in this arena is excellent. And he's one of the smartest and most capable leaders. I know I asked him to prioritize protecting my time since I have other things I prefer to work on to proceed with whatever budget. He needed to pursue the facts in this matter perks of being billionaire. Here's a piece of context by ownership of the Washington Post is a complex afire for me. It's unavoidable that certain powerful people who experience Washington Post, news coverage or wrongly conclude. I am their enemy President Trump is one of those people obvious by many tweets also the post is essential and relents unrelenting coverage of the murder of its columnist Jamal shaggy is undoubtedly on. Popular in certain circles back to the story several days ago, and I leader advised us that Mr. Packer is apoplexy about our investigation for reasons. Still to be better. Understood the Saudi angles seems to hit a particularly sensitive nerve a few days after hearing about Mr. Packers apoplexy we were approached verbally at first with an offer. They said they had more of my text messages and photos that they would publish if we didn't stop our investigation. My lawyers argued that has no right to publish photos since any person holds the copyright to their own photos and since the photos in themselves don't add anything newsworthy. That is the case, by the way, the Peter Thiel and hulk HOGAN made against Gawker, and basically bankrupted Gawker AM is claim of newsworthiness that the photos are necessary to show Amazon shareholders that my business. Judgment is terrible. I founded Amazon in my garage twenty four years ago and drove all the packages to the post office myself today. Amazon employs more than six hundred thousand people. I went those results speak for themselves. Okay. Back to that threats publish intimate photos of me. I guess we me my lawyers and Gavin de Becker didn't react to the generalized start with enough. You're so they sent this. And then. Chief content officer he he pays an Email from the chief content officer of to the litigation counsel for tobacco about Jeff Bezos. And it says Marty I leaving the office for the night, however in the interest in expiating, the situation, and what the Washington Post poised to publish unsubstantiated. Rumors of the Washington inquirers initial report I wanted to describe to you the photos obtained during your news gathering in addition to the below the belt selfie. Otherwise, colloquially known as a bleep pack, the Enquirer obtained a further nine images, and then they described the images including including images from visas to his lover whose name is Sanchez and pictures of his crotch and all the rest visa says attention, but not in the way, they likely hoped any personal embarrassment AM, I could cause me takes a back seat because there's much more important matter involved here if in my position, I can't stand up to this kind of extortion. How many people can on that point numerous people have contacted our investigation team about their similar experiences with I and how they needed to capitulate because for example, their livelihoods were at stake? In the letters. I'm making public. You will see the precise. Details of their extortionate proposal. They will publish the personal photos unless Gavin to Becker. And I make these specific false public statements in the press that we have no knowledge or basis for suggesting that AMA's coverage was politically motivated or influenced by political forces. If we do not agree to affirmatively publicized that specific why they'll say, they'll publish the photos and quickly and there's an associated threat, they'll keep the photos on hand, and publish them in the future. If we ever deviate from the short, no real journalist ever proposed anything like what is happening here. I will not report embarrassing information about you. If you do X for me, and if you don't do X quickly our report, the embarrassing information, nothing, I'm at right here could tell the National Enquirer story is eloquently as their own words below and then he just dumps out all of their emails. So here is why this is relevant number one AM. I was being used to go between by President Trump during the campaign to pay off various women, and that obviously has been reported on the dot that has yet to be connected, and the one the media are jumping on here is this. Suggestion that President Trump both hates the Washington Post and used AM is the go between. So maybe the reason that AM I was going after Beeson is because visas was going after Trump. So basically, am I was frayed that Beeson was going to discover some sort of corrupt relationship between the Saudi government, and am I on the one hand in Saudi government and the Trump administration on the other and his corrupt triangle colluded together to go after Jeff Bezos? And then I tried to blackmail visas to that notion apparently Becker has now been telling reporters that he thinks that these text message, we're actually obtained maybe by a government source meaning that the phone wasn't hacked instead government. Data gathering allowed the Trump administration to grab the text messages. And then hand them off to AM. I obviously if that's true. Trump gets impeach right me. If that's true, then at the end of the road for the Trump administration using government resources in order to grab the text messages of your political opposition in the reports four you'll feel and then blackmail that would be the end of the line for president forget about impeachment. He'd go to jail. I mean that that's an actual crime for a variety of reasons. But beyond that they're trying to now connect that have not yet been connected. Nobody really understands why am I was going after visas? It doesn't make a lot of sense from going after visas makes sense in the sense that Trump doesn't like visas, but the idea that AM I was blackmailing Bezos to stop reporting about their connection with the Saudi government where they do that on their own if they're doing it on their own. It just demonstrates what we've already known, which is the AM. I is basically just a payoff organization and is used by various rich people in order to shutdown stories. They don't like also they blackmail people. Right. This is this is pretty well known all of this is going to come out. We're gonna find all of this. Because remember that David Packard AM. I are currently in a plea arrangement with the southern district of New York in the US district attorney for the southern district of New York. They're in a plea arrangement by which they are obligated to cooperate with the southern district of New York's if you think that all of this is going to stay secret. It is not I will say this all credit to beat us really like. I, you know, I'm a fan of Amazon, I think it's a great company. I was one of the first subscribers to Amazon prime I've been a member of Amazon says like nine thousand ninety eight but putting aside my own business interests in this journalist blackmailing people people blackmailing people, generally, he's really disgusting and trying to suggest that you're going to reveal personal information about someone unless they do what you want is not only a violation of law. It is a breach of basic human decency. So good for us. I mean the man can't afford to do it. And honestly, what does he have to lose at this point? Like people are going to see his his junk. What does he care? He's the richest man on planet earth. So what I did. He has the same junk everybody else does. And he's feeling the same way. So honestly good for be so good for visas should personal issues be used by journalistic purportedly journalistic organizations to blackmail. You the answer, of course, is no so good for for
"thiel" Discussed on We Study Billionaires - The Investors Podcast
"All right back to the show. One example of this going back to this crooked discussion, perhaps someone the listless know Peter Thiel was one of the first major figures that invested in bitcoin, and he did that in the early days. I've read an interview with him that was reason very recent that he still felt that there was probably an eighty percent chance that bitcoin would be worthless. Whenever he did wait that outcome with the pro ability of it being right, or if that was I would say. A secret that was about to be revealed as he would probably say based on this question. It was just such a good bet that there was no reason why he shouldn't do it. And the thing that tells you so much about how he thinks about things that he's thinking as a contrary investor knowing that he's most likely wrong because very often the heard is right to some extent. But if you can pick the places where it's not, and if you have a good model or multiple models to figure out where the hurt is wrong. That's really when you can make money as investor and grow as a human being next question. This is the last one we're gonna play Peter Thiel was asked do you worry about artificial intelligence, and what it'll do to us and our ability to earn a living, and this is how he responded. I'm a strong is still play the long ways. Aw. If we ever words get artificial intelligence, whoever to build computers that are as smart as human beings in every way, this would be a momentus event. This would be you know, it'd be as a significant extraterrestrials landing on this on this planet and aliens landed the first question would not be about the economy. And what does it mean for your job? The first question would be political. Are they friendly? Are they unfriendly I think even frame it as a question about jobs is to understate the importance or or is it seismic nature. I would represent I think short of strongly. I However, I think people are way too worried about computers in this economic sense. I think we have we live in a financial in a capitalistic age. I argued elsewhere that I think we do not live in a scientific or technological age. And and most people in the US, western Europe, really don't like science. They don't like technology. They're biased against it. And also. Lots of ways. It's true people. It's true. The politicians it's true of the government's. It's true. The culture these way to see this as you just look at all the Hollywood movies that basically show technology that doesn't work the kills people's destructive. You can choose what it's matrix. Terminator avatar. I watched the gravity. Maybe we other day you'd never want to go to Mars even outer space be much happier being back on somebody island somewhere on this world..
"thiel" Discussed on We Study Billionaires - The Investors Podcast
"Your transportation energy clean energy, biomedical biotech space travel, all the kinds of things people thought about in the fifties. And sixties I think it's not because there's some log nature that it's hard to innovate or impossible to innovate in these areas. It's just sort of in this cultural change where we haven't tried as much, and there's a lot of this has a self-fulfilment character. If you if you think that you can't find a secret, then you're not going to try, and you will not look, and you will not be a person ever finds one failure pessimism can have a self-fulfilling character as conversely, if you think is a lot to be discovered progress can accelerate and more where things can happen. So second sort of contrarian truth that I believe to be true is that there are actually are many secrets left to be discussed. Hard and other amazing clip here with Peter Thiel. I'm just amazed of how he's thinking about things, you know, in this day, and they inch. And you would think that innovation has just taken to new heights with everything that's going on. He's like, no, not so many things we can just look at Adam's atoms haven't really been innovative as we used to think I would like to talk about this clip and pay pal that he also mentions in this clip how Peter Thiel Emmanuel as felt that he failed with pay pal to me. This is very interesting that he actually originally set out to find a secret as he would call it behind banking that this could be done differently. Not even just having your own online payment system. But also inventing your own critic currency the own money that everyone could use and then mitigate the fees and all the problems you have to with banks. And I think today perhaps also because of PD teal. That idea sounds less number. You have all these ICO's out there. And it's doesn't seem like a big deal to have those thoughts. But back in the days, you know, very very few people if any really thinking about this and really considering this to me that doesn't example of a secret just haven't been discovered yet. What I find fascinating is it just shows you these guys understood the power of encryption back, then and they understood that encryption would be the the gateway to allow a digital currency to exist. But they just couldn't figure out the breakthrough which was really blockchain technology or some type of technology that enabled the encryption to allow a unit that can't be copied or pasted on a network. So that if you create a thousand units only thousand units could be exchanged that's what the blockchain technology stuff. Kind of really was the breakthrough on is that you can do that. And it seems to me like these guys understood that encrypt. Would have enabled that they just couldn't crack the code on on how they would implement that. Or make that real perfect example with with him understanding that there's these secrets out there that they can uncover. It sounds like they were on the something. But they just didn't get there on it. I think the most important thing that he said and all of that was there at the end, he talks about your perspective in your attitude. If you think that there's things out there to be discovered, then your probability of actually finding them are probably way higher. But if you have this negative mindset, or you have a pessimistic view on it. You're probably not gonna find anything. I just find that across all the things at Stig. And I study all these books like that is just such a common theme is just your perspective in in your attitude because I've been on a big kick of reading about the brain and things like that. And what's fascinating is how your brain pushes things into its subconscious like you, learn something. And then when you go to bed at night your dream. Ming and all this stuff is getting pushed back into your subconscious. And the way the brain is kind of functioning is which you continue to tell your brain is what it is then pushing into the subconscious. So if you're walking around all the time with this negative attitude all this sucks, or oh, we can't do this. What's actually happening is your flavoring or your coloring the way that your brain functions inherently because your subconscious is driving so much of your daily activities..
"thiel" Discussed on We Study Billionaires - The Investors Podcast
"Anyway, I think that mindset probably works in the valley. I think for all other enterpreneurs thing, it's a horrible way of conducting business the way most enterpreneurs thing is that they like the lifestyle the probably also passionate about a project or product service. They would like to make living a decent living out of having their own business and the finger of that's the way you approach business. Why not have business plan? A to e I just think it's very important to make that distinction. I think it's important for people to realize he's his comments are coming from a venture capital investment. Point of view. So if you go in there, and you're listening to a pitch from a company to do another series round of investing. You've got to understand what you're listening to. So you're listening to accompany who A doesn't have enough earning power to take care of themselves. Like they're going to go bankrupt. If they don't get this round of funding. So then the question quickly becomes okay? So what in the world? Are you going to do with all this money? I'm about to give you and if there's not a really clear path that says, I'm gonna take your million dollar investment. And I'm going to do x y and z. That's where these guys are looking. They're looking for something that is very direct like this is exactly what we're going to do in. This is how we're going to chief this. And then after that happens. This is the next thing that's going to happen. When people talk in those terms to venture capitalist the venture capitalist gets very excited because they see it as a very high probability event. Whereas if he's going in there, and he's listening to a pitch in the company saying, well, you know, we might do this, and we'll spend some of the money here. Here. We'll probably keep some of this in reserve. And I mean, they're just kind of talking all over the place. That's where I think his comment is more directed toward just a quick comment to that president because I was just reading Reid Hoffman split scaling book s some of you might know pay pal is founded by Peter Thiel, and he then merged with Ila mosque into this pay pal company and Reid Hoffman was then the COO and the mate this decision that they should give everyone ten dollars that they can just send away for free to a friend as long as they were having a pay pal account. And obviously this is not a profitable strategy. But the intention the goal behind pay pal was everyone should use. It should be a common payment standard. So this was just a way of marketing yourself real real fast. And this was the only plan that they had this is the thing that needs to be done. And if it doesn't work, then it's it's not. Okay. But then okay, we'll go bankrupt. That's it. We'll start another company. But then if we succeed then pay pal will be massively successful. Just to give some context to whenever you hear someone like Peter Thiel talk about having only one plan that is where it comes from. So on the next question that we're gonna play Peter was asked what is the importance of visionary founders that can articulate the mission of the company when it has no employee's. And this is how he responded many not all cases, they're quite good at ticketing it, which is actually a fairly unusual combination..
Palantir may go public, but can it turn a profit?
"This marketplace podcast is brought to you by hot cloud storage. If your company is thinking about moving data storage to the cloud, then you need to think about Sabi, it's less expensive than just the maintenance on your current on premises storage. See for yourself with free unlimited storage for a month. Go to Assab dot com. Click free trial and use the offer code was Sabi. And by the Michigan economic Development Corporation when it comes to mobility, more and more businesses are turning to planet, m Michigan is home to the largest concentration of auto related engineers in the nation as well as various all road and all weather autonomous testing centers. The learn more had to planet m dot com. Planet in Michigan where big ideas and mobility are born. Helen tear promises to see all crime with data. But does it work from American public media? This is marketplace tech demystifying the digital economy. I'm Ali would. Data analytics company Pailin tier is reportedly considering going public Pailin tier is the company co founded by controversial Silicon Valley billionaire Peter Thiel, formerly of pay pal. It's named after an all seeing artifact in the Lord of the rings trilogy, and it promises police departments governments even the IRS that it can take in a huge amount of data and make a informed guesses to help track down criminals and in a secret pilot program in New Orleans, Pailin tear tech even tried to predict when crime would happen or who might be a victim. But lately, it's huge twenty billion dollar valuation is in doubt and privacy. Activists are concerned about its tactics. Let's dig into this in quality assurance the segment where we take a deeper look at a big tech story. Mark Harris is a reporter who's covered Pailin tear for wired politics selling point is that can take these hundreds of data streams from old different kinds of systems that don't nobody worked together. And it can squeeze them all into this pot to come up with these insights. But that's actually really tricky because you have to understand a lot of different types of Audra, a lot of different types of software and databases and every company and every jurisdiction dustings way. Well, in one of the other things that's been speculated is that pollen tear may have actually promised cities like New Orleans or Los Angeles that it could do sort of pre crime prediction, right that it could sort of use artificial intelligence to say, oh crimes are more likely to happen here. You should direct resources that way. Yeah. It's the case that police departments want to be smarter about the way they deploy their offices and deployed their resources to question is can you do that in a way that respects people civil liberties that doesn't talk it populations minorities, perhaps a poll neighborhoods that have disproportionate amounts of policing? Even though there's plenty of crime happening. Elsewhere there's a cycle of there's been crime here in the past. So let's go there gin and. Or you can institutionalize a lot of biases and discriminations. The you know that we've seen historically in cities across America. It reminds me a little bit of the Cambridge Analytica story where they were saying look, we can use this data to micro target to such an extent that it will be like, we're psychic. We can get right inside someone's brain. And I wonder if there is a possibility that no company can do as much with mounds of data as they promise. Right. That's really true. Right. It's nice that they have success stories, but we're not seeing the day today work with not seeing how useful it is for officers, and some of the emails that I've seen, you know, found that some people using the thought it was path other people, you know, had struggled with it and struggle to get it usable by them and to give them useful results in their work. So you're right Parenti has this mystique of having trouble the intelligence agencies. They have a grey attractive background. They sound like a an interesting company to have that sort of technology working in your organization into the truth of it is can you actually see whether it pays for itself. I haven't seen those data it's entirely possible. And if they go public, which they're planning to do in the next couple of years, then we'll have a lot more visibility into what they're doing. Mark Harris wrote about Pailin tear in wired this month, you can find a link to that story at our website. Marketplace tech dot org. And now for some related links literally related this time. First of all, you have to read the Wall Street Journal story from the other day about pollen tear, and it's and possible problems with its business plan if only for the description of Pailin, tears, the Alex carp his beanies, but Varian farmhouse tied cheese swords loud German phone calls and how he describes Pailin tear as a quote colony of artists, but plenty of people find surveillance software. Neither Corky nor artistic last month. Several immigrant rights groups put out a report accusing Pailin tear along with Amazon and bay area company called forensic logic. Which does predictive crime analysis of helping the Trump administration excessively target immigrants for jail or deportation? Amazon you may have heard has been selling facial recognition technology to law enforcement agencies. The software is called recognition spelled with a creepy. K instead of a sif. In may the ACLU ran a test of the system and found that it accidentally match twenty eight members of congress with mugshots of other people. Amazon said it was mis calibrated last month and anonymous Amazon employee wrote a medium post saying that four hundred fifty employees inside the company had signed a letter to Jeff Bezos asking the company to stop selling the recognition software to law enforcement and actually to kick Pailin tear off of Amazon web services. What a tangled web of surveillance. We we've happy weekends everyone. I'm Ali would. And that's marketplace tech. This is APN. This marketplace podcast is brought to you by the Michigan economic Development Corporation. Our world is becoming more hands free. Thanks to planet, m that will also include the future of transportation, Michigan has the most comprehensive Thomas real world testing under every road and weather condition and leads the nation and patents relating to navigation and smart mobility to learn more, visit planet m dot com. Planet m Michigan where big ideas mobility are born.
UK's Brexit minister quits over deal with EU
"Donaldson today political drama in Britain, four government, ministers quit over Brexit. The prime minister is defiant to deliver for the British people. Choose to do what is in our national interest. And I commend this statement can Theresa May. And her Brexit deal survive. The government's Mr Speaker is in chaos. Thiel risks leaving the country in an indefinite halfway house without
Murdoch Caps Long Career by Laughing All the Way to Bank
"R. a. dot net The brewing trade war is moving into currency markets the dollar weakening yet again after President Trump complained, on Twitter that the greenback is getting stronger is also. Criticizing the Federal Reserve raising interest rates Lucy. McDonald the chief investment officer, for global equities at Ali on. Global investors the timing that I would suggest is to, do with the concerns, about currency if there is a feeling that the trade tensions are moving into a. Currency war event he would definitely want to be involved in, that will say that from the reading. Of the timing that would, look to be the case, Federal Reserve has raised interest. Rates five, times since, President Trump took office and China's currency and focus again after the country's central Bank weakened it's fixing by the most in more than two years Leland Miller is CEO. China beige book, international it's definitely. Trade, were related but China's not, devaluing the currency. They're just not stepping up to prop it up six seven may worry markets but, it's not the place where, the PVC wants to step in to stop. This so I think the two critical number One six nine six nine. Is where President Trump. And, inherited that you want and if, it gets any weaker the NAFTA means if you want has weakened on his watch, that's not, a good symbol it's something that the Chinese would really be prodding. And poking President Trump if they knew that the Chinese Yuan has declined more. Than four percent over the past month j. p. Morgan Chase has the decade-long bull market, at US stocks has more room to run the banks asset management team forecast that US equities could keep gaining for another two and a. Half years at the same time, j. p. Morgan warns that returns won't be as high as in the past Rupert Murdoch cemented his reputation, as a great media dealmaker he's poised to complete a. Seventy one billion dollars sale of selected twenty-first-century. FOX assets to Disney now, that Comcast has dropped out of. The running Bloomberg billionaires index estimates Murdoch is worth eighteen, billion dollars he's dance, to add about three billion of business stock to that fortune at billionaire Peter Thiel. Is considering strategies to invest in Chinese Startups Bloomberg has learned that the oil is weighing different approaches for investment including raising a fund. Or entering a partnership feel was an early investor in Facebook and. Co-founder pay pal just ahead a check. Of the markets this is Bloomberg global news twenty four hours a day at Bloomberg. Dot.
Broadcom acquires CA Technologies for $18.9B in cash
"The us the eu and japan the boards of both companies have already approved the deal and quote tech crunch notes that it's a bit of a surprise to see a chip maker like broadcom acquire a software and services company broadcom ceo hocktan released a statement that said quote this transaction represents an important building block as we create one of the world's leading infrastructure technology companies with its sizable installed base of customers see a is uniquely positioned across the growing and fragmented infrastructure software market and its mainframe enterprise offer franchises will add to our portfolio of mission critical technology businesses we intend to continue to strengthen these franchises to meet the growing demand for infrastructure software solutions and quote but as tech crunch notes that statement doesn't exactly explain the rationale behind this deal other than by merely hinting at a product line diversification attempting to buy a fellowship maker qualcomm tom had the obvious logic of industry consolidation but this purchase essentially means broadcom is entering an entirely new business though this deal does have the advantage that it's unlikely the us government will try to block it axios says quote the qualcomm experience suggests that broadcom which was based in singapore before redone asylum to the us is unlikely to get regulatory approval for another chip deal so it's going with a software play instead kind of like win intel bought mcafee though as axios own enough read tweeted quote dear broadcom you know intel is trying to get out of mcafee right this after noon and an auction at the law firm ropes and gray llp in new york city the remaining assets of gawker more than fifty domain names in archive of two hundred thousand articles going back nearly twenty years some social media accounts and a sort of trademarks were all purchased by bustle and bleacher report founder brian goldberg at the time of this recording i could not confirm the actual purchase price but the opening bid did come in at one point one three million dollars and some have tweeted that the winning bid was one point three five million if you'll recall gaca media was forced into bankruptcy after losing a lawsuit brought by hulk hogan a case which it later was revealed had been secretly financed all along by peter thiel other gawker properties including moto jesu bell kotoka and deadspin were bought by univision communications for one hundred thirty five million dollars but nobody wanted to pick up gawker and it's archives until today no word on what brand goldberg intends to do with gawker yet but as many have pointed out on twitter goldberg was the target of some fairly scathing gawker post back in the day gawker once called bleacher report quote an enormously popular sports site written by and for idiots and quote so will goldberg resurrect gawker or did he simply by to bury it time'll tell this actually hasn't been a happy week for the memory of gawker media in a related story just two years after buying the former gawker media which has now been renamed gizmodo media group univision media is reportedly putting that property back on the market also up for sale the onion which univision bought around the same time so not only are gizmodo and company looking for.