Transcript for Meta's scorched earth approach to AI, Tesla's future, TikTok bill, FTC bans noncompetes, wealth tax

Well, this is a great top. There is a guy a pretty industrious kid. It turns out what this kid's been doing is he's been getting car bone reservations other top tier reservations and by the way, everybody's had this as an app idea. Nobody's really executed it that well. I don't want to give any plugs for any apps right now, but he has been selling 70,000 dollars. He's been flipping restaurant reservations for upwards of a thousand bucks. Trim off your very industrious and absurd tipper, 100% tipper minimum. I know this because when I paid for dinner one time at Carbone you took me and fell home. It's cards and you said you guys pay and I'm going to put the tip in and then I had to sell Uber shares to cover it.

Yeah, they see you coming. You know what they say? 10 times worth of wine. I have taught many of my friends how to get reservations. I have a series of tips that I could give, but I don't want to give too many of them away. But nobody gives tips to matrices anymore. Sachs, you tip the major day with cash. Oh, all the time. Yeah, sure. Of course, right? See, this is where Sachs and I get along. Sachs is a legit old school guy.

This is my tip. It has worked. I'm gonna give it out here. And the reason I'm giving this out is because y'all are cheap. And not you, but just a lot of y'all out there. And you, you don't know the art. In Brooklyn, everybody gets tip. We tip the phone guy when he comes to fix your phone at your house. Everybody gets tip. So here's what I would do. And you can do this with a 20. You can do it with a fitting. You know, if you're going to some great place, you can do it with a handy. You fold it twice as chamot says. You put it in your palm. You walk up to the maturity stand. If there's anybody in line, you just cut it and you go to the side of the table. You put your hand on the maturity stand. You push the handle over slightly. Here's the maturity stand. You just slide your hand over and you reveal the 50. And you say, I am so sorry, I was supposed to make a reservation. I don't know if my assistant did it or not, she probably didn't. However, I'm a huge fan of the restaurant. If there's anything you could do for me, I made a stupid mistake to make a reservation of somebody's cancels. I'll be at the bar if there's any way you could accommodate me. I truly appreciate only in town for one night. When I say 99 times out of 100, it works. The one time it didn't work, how much are your tipping? 100. It used to be 20 when I lived in New York. Now I regularly do 50. And the reason I do it is I don't like giving money to charity. I feel like these charities are all a giant scam and I like to give it to service people.

It's a little harder to hold in your hand. I used to use a roll of quarters actually. That was awkward. The roll of quarters was a little bit hard. I'm just asking everybody here. If you hear my voice, please go tip your matri day 20 or 50 and report back if my technique works because what you're doing in the framing is you're saying you made a mistake and then you make it so the person doesn't feel like you're bribing them or paying them off. They're helping you solve a problem. So anyway, it's kind of like when I troll David and I'm like, hey, freeberg with us with us on the whatever. And he's like, I'll do all the work. Forget about it. You just got a free frame. All right, let's get started here.

Yeah. I consider it is interesting to be in some.

I consider it a temp in the assets services.

You know what? Your shift to man of the people.

All right. Let's unpack.

He just figures out a way to get those populist votes. No, here's what it is, because I had this argument with my wife.

I am so confident in how good the service is going to be. I'm giving a pre-tip. I consider it a pre-tip.

I am happy to not get the money back if they can't accommodate me. One time it happened, the woman at Asia theCUBE in New York in the 90s said, here's your 20 back. And she said, I'm really sorry there's nothing I can do. I would love it's very lovely of you to give me the tip and she handed it back to me. And I said keep it and she said no, but I got the bartender's going to take care of you at the bar. So I suppose that ends well. All right, let's get started everybody. We have a full docket for you today and story of the week as voted by besties. We have a new system here instead of me sorting the docket. The besties give the thumbs up thumbs down. This one, I think, had two of three people voted for it. One person didn't vote this week. And that is Zuck's scorch earth AI strategy. As you probably know, if you're in tech, Meta was the first big tech company to fully embrace open source AI, Lama leaked last year. Folks said that it wasn't leaked. It was released covertly or on the slide, DL by the folks at Meta. But they just released long with three and I talked to Cindy about this a whole bunch. Last week, it just came out a few days ago and it's already in the top two models on hugging faces leaderboard. You can take a look at hugging faces leaderboard. It's basically where it's almost trusted place I think where people benchmark these big developers are saying it's faster. It's less preaching. It was an observation and chat GPT-4, despite being slightly lower quality. They also have some small models that are performing really well. They also announced very interestingly, open sourcing the Quest operating system called meta-horizon OS. The OS powers the mixed reality headsets, VR on that kind of stuff, AR. But here's the big news. This one is amazing. Instagram, Facebook, and WhatsApp are integrating a search box or their AI assistant chat box into all their apps worth noting that it came out with their results just the other day. And we're taping this on Thursday as you know, it comes out Friday. Their stock is down as much as 60% of reporting. It's Q1 earnings. They beat estimates, but Zuck is saying he's going to spend a bucket load of cash on infrastructure to come off. It's your alma mater. He worked side by side with Zuck growing Facebook from what 10, 20 million to 400 million miles. What do you think of his 100 million when I left? Okay. What are your thoughts on Gold Chain Zuck? and his new strategy, the pivot away from VR to AR, AI, and going full all in, so to speak, on open source.

Here we go. This is a black and white flashback to Moth in a turtle neck. Go.

A freeberg, your thoughts on meta embracing going all in on AI. you were at Google, you're all mudd up. And you watched them be proprietary and close when it came to search and the search algorithm. But open source when they were behind. And then that's the, I guess, the phrase we use here in Silicon Valley. When you're behind, you use open source to catch up. And when you're ahead, you close everything down Facebook, famously shut down all access to their APIs. You can't get into the social graph. But they're going open here. Why? Because they're behind your thoughts on this from say a Google perspective and then maybe how Google might react and then just broadly do you think open source wins the day, getting to AGI?

It's a great point about founder authority, I think, that's a really salient point. Shout out to Zah. It would really be great to get him at the Olympics on it. Sachs, we have some breaking news here. It turns out, Lauma 3, they just tested it in the benchmarks. It says here, you can make the founding fathers any race you like. It's a really interesting feature. Any thoughts on Facebook's strategy here? You are a master strategist, David Sachs. Give us your master strategy here, 1700 chess rating. Sachs?

Will they blow past the closed source model, sex?

Well, I've got a totally different take on this. Obviously, I agree with all you, you've said here in terms of the open source and the dramatic effect it's going to have on pricing, but there's something people are missing. If you go to meta.ai for a second Nick and you pull it up, what you'll see is they've dedicated the meta.ai URL to a search-like experience. And then they've put search box at the top of Instagram, WhatsApp, and Facebook. And so they are going to put search engine essentially. They're modern search engine, which is starting from zero in front of three billion people using that as collection of services. And so just like Apple and Firefox were able to intercept search traffic, I think, I'm going to make a prediction here. That medicine to get 10 points of the search market now. Each point of the search market, is worth, you know, what is Google's worth about 2 trillion if you take out 500 billion for YouTube and there are other services you get 1.5 trillion, which means 10.0 is worth 150 billion in market capital. Now, as you well know, Chmoth, and you well know David, these two ad networks met us started with psychographic data, the person who they know. And then, of course, Google had the greatest advertising product ever intent. You type in Volvo, you type in Tesla, type in Tesla, Santa Monica used, you know, you don't have to guess what the person is interested in at that moment. Well, for the first time, one of these networks has content data and psychographic, and they're going to be able to put it together. And I think they take 10 points of search, but more importantly, they're going to have data on individuals that will be unrivaled in the advertising space. Now Google tried to do this themselves. They did something called Google Plus. I don't know if you were there freeberg during the Google Plus era. They spent billions of dollars on a social network. It failed. They shut it down because they wanted to get that. So looking at this, I think, man, there's so much going on an open source. But now Google, we haven't talked about Google's role in all of this. And Sundar being a hired gun, not having found a authority to your point freeberg. You know, I think they're going after Google search business as well as, you know, taking away and commoditizing all of the open source. So we'll be might be sitting here in three or four years watching Meta have, I don't know, 10.

That tells you they're going to go for it.

Up next, Tesla earnings, Elon's master plan part two is going. Well, as planned, again, this was voted up by our panel here in our group chat. Last time we covered Tesla was episode 164 early February after Delaware judge, avoided Elon's pay package since then. Tesla has made some giant moves. They launched FSD 12. I've been using it. It's pretty great. Also, they cut the price of FSD by one third from 12K to 8K. I think you can also get it for 100 bucks a month. And they announced a 10% riff going to cut 14,000 employees always paying full to do that. They're looking to re-incorporate in taxes leaving Delaware for office reasons. Earlier this week, Tesla shares were down more than 40% year to date. Mostly due to a decrease in demand for EVs, market caps dropped from 750 billion to 460 billion. Cheers from 12% when they've reported Q1 earnings on Tuesday. Investors got excited if Elon announced that Tesla's new line of models could start production at the end of the year, or maybe even early 2025. He shared some thoughts on the Robo Taxi or Cyber Cab, which he talked about maybe five or six years ago, and he has had in the master plan for a long time trim off. You made some great calls on Tesla and made some great trades there back in the day. Your thoughts on Tesla. in 2024.

Yeah, just well recapped for those who don't know sharps in gambling or people like Haralabad, friend of the pod. who are just the sharpest betters in gambling, persistitude, that's an unpleasant change in circumstances for those of you who don't know the word. Sachs, I don't know if you want to comment. I mean, you and I are bisonous with the relationship with Elon, any thoughts on Chumat's take.

Let me ask a question here. How do you rank these businesses? Energy, Optimus, trucking, ride sharing, energy, Optimus, the robot, trucking, ride handling. Rank those. Your number one or two in terms of potential for Tesla, Chema, around the horn. It's a good question.

What do you got, sex going around the horn here?

Yeah, this is a long-term question based on the long-term, one and two.

So you got Optimus number one and who is number two?

We called it going full Uber.

Less than a row of taxes. 90% I think is the number on average that they're not used. Freebra, who's your one and two?

So so you're one and two optimists right here.

Trim off. What was your number two again? Just so I can recap here. I would actually probably pick energy. And why would you pick energy as your number two after right, Helen?

I've sold slightly more than the majority of my holdings over the years to private transaction than I held everything post going public and I'm still long Uber. I give number one to Optimus by far and away because I think the build of materials on Optimus could be 10k or less. I looked at some of these other startups that are in the space and I've been studying it a little bit just at a curiosity. And so at a 10k bomb, I think they could rent you one of these for $300 a month or something like that a subscription. I think Every human on planet Earth eventually will have a robot. So I know that's crazy, but I think Optimus will dwarf the entire entirety of Tesla's other businesses. Number two is energy clearly. I think in number three is ride-hailing. Number two energy. Fairly obvious what's happening here. If you look at what's happening with data centers, it's spike. I think from like three or four percent of energy now till like, is it 15 percent from off? I think we had a discussion.

So we can tell the two stories together, these H-100s are beasts, cooling beasts. This is like, you can't even, filled with something else in the group chat. Like, you can't even cool some of these places. And what that means is, There is going to be demand for energy to trimots point. If each home becomes a little provider, you know, it's going to create some regulation change. I believe I'm no expert on the regulations. We should definitely have do it on the pot at some point to talk about this. But imagine these like in Texas, they keep having the grids go down. And in Australia, they have the grids go down. It's going to be so annoying for consumers to have the grids go down while demand spikes for data centers. All the regulations are going to get opened up to put batteries and solar everywhere.

Yeah. And so I agree 100%. And by the way, if you can make money from your solar and your batteries and somebody else picks up the cost of insulation, I think there are some arbitrage here from off to be had. And I think that's like what you discovered when you did your first principle. approach to this. So I think those two businesses will be far bigger than anything else they're doing. Now on ride-hailing, I'm using FSD12. I have been using auto-pilot. I was one of the first users of auto-pilot, you know, from the beginning, like literally. And FSD12 is a significant improvement. That being said, all of these systems work really well in a controlled grid, like we've seen with Waymo in Arizona and in, you know, limited parts of Los Angeles and San Francisco. I think that vision is five, six, seven years out from having low single digit percentages. And you may have seen Uber has incorporated Waymo and the taxis in London into their system. I think Uber's ultimately going to be the place people go to call up one of 20 different Self driving. I think a lot of people are going to get there at the same time. Wouldn't be surprised if you won't get their first. But I think that's five or ten years out if I'm being totally honest, you know, in terms of getting to scale. So I would never ever bet against Elon seeing what he's done. Watch it again.

Yeah, so if you, you can just look at crews in Waymo and you can have your answer, which is today in a contained environment with remote drivers intervening on some regular basis, it works. So people are taking Waymo, San Francisco, LA on a pretty regular basis. Cruz, I think I kicked out of San Francisco. But in the crews' data, there was a lot of interventions going on. I suspect Waymo's doing a lot of interventions.

It's a weight. I'm not promoting that.

So anyway, answer your question, Sachs. I think today, or let you say by the end of this year, an FSD 12 could be operating in a country in space, just like wemoist. Now to get it to all regions, back roads. You know, whether there's a lot of edge cases here, so I think the more important question is when can automated be 5% or 10% of rights? And I think that's 5 or 10 years from now. I do think a couple of people will reach that moment at the same time.

Yeah, there's a safety driver watching this remote, I believe, which is what cruise was doing. And then when they get to a point where they can't figure it out, the human comes in.

I think they have it already. If you drive FSD 12, I believe FSD 12. Probably could be working today in San Francisco under a controlled grid with the remote drivers like the other people have. If somebody knows about this by the way, can they send us information? I'm Jason at Calacan. It's not Comfort Live. Just send me a picture. I'll keep it on the D.L., I will reveal sources of who these remote drivers are, what their setup looks like. I'm very curious to understand how the remote drivers work for waymo and crews. Can they park the car? They can take the car with a joystick, is my understanding, and move it around a garbage can in the middle of the street tomorrow. And that might be the future of this. Let's say 10 or 15 percent. Let's say 10 percent of the time it needs an intervention. one an hour, two an hour. Having some remote person in Manila wherever, watching 10. videos concurrently and looking for moments to do this. So cruise workers intervened to help the company's cars every 2.5 to 5 miles according to a New York Times article. All right, and just if we score everybody's rating here, I give two points for first place, one point for second place. Optimists got six points right, healing four energy two tracking zero. They have a thugs. There's your scores from the bestie.

Is that like Google Self Drive and they spun it out?

Is it like $150,000 cars? Uh-huh.

Yeah, they're doing what cruise did.

Yeah. Okay. And there's also Aurora. I just, I don't know if Uber has owns a percentage of that or not, but I think you know about Aurora.

Yeah. We're owns 26% of Aurora or actually now it's down to 20%. There's also zooks. They made an investment in it. Yeah. There's also zooks, which is part of Amazon. So I think there's about 10 people who are going to get to the finish line at the same time, and these are going to be a very crowded space.

Well, there are 10 or more pursuing it. I do agree it goes down to four or five. And then it's a question of does any, is it a winner take all winner take most? And that's what remains to be seen.

Well, Waymo has the most on the road right now, and then crews are second to them in terms of in-market. So the question is, how quickly can Elon get this out? Have you guys, any of you guys taken one of these Robo Taxis? I haven't taken one. No, it's like go workers. Yeah.

This is brutal. I think I'm likely, I think it's going to be a very slow roll out, you know, one or two percent a year. But you know, it compounds and so we'll see. All right, everybody, is this a big win for Lena Kahn, the FTC just banned non-competes, three of three people voted this up of three besties who decided to vote on the docket Federal Trade Commission this week voted by three to two margin to ban non-compete to give a sense of impact here estimated of 18% of the total US workforce are covered in some way by non-compete's 30 million people. The ruling bands agreements entirely and requires companies to let their staff know that non-competes are non-inforcible. There are a few exceptions like existing non-competes for senior level executives. I'm guessing when you buy a company, you can get somebody to non-competate for buying the company. The Democratic FTC commissioner Rebecca Slotter called non-competes unfree and unfair. One of the dissenting commissioners, Republican Andrew Ferguson said they have to see lacked authority from Congress to make this ruling. Thoughts specifying whether or not he agree with it. Theoretically, the new rule takes effect in 120 days. Well, we're on a fast timeline after which the vast majority of existing non-competes will be un-inforcible here in California, the non-inforcible as we know, except in a certain circumstances. So this is really an east coast thing. people in Boston, New York, they're really affected by this. And people will actually enforce these forward things as silly as hairdressers. It was a big lawsuit by hairdressers who had to sign like 50 mile non-competes with their beauty salons. The US Chamber of Commerce says a plan to follow suit over the ruling FTC says the room will create 8500 new startups a year because people can leave and compete freeberg your thoughts in California non-competes are not enforceable but outside of California they are and they're often used like in the agriculture

Yes, there are unintended consequences. Chmapwari, you stand on this. Is this a huge win for Lina Khan, neutral or a loss?

Great film. God.

Shout out David Maman.

Yeah.

I think this is great when we're in a con doing. And this is two for two. I think our Apple action was great. I think this is great. I love to have her at the summit. I would be an amazing fire site chat. So if anybody knows her, invite her to the summit. It really is three way. Oh, and by the way, Jamoth media business on these coasts also does this. And that's why friend of the pod, Tucker Carlson, and Don Lemon, both of them started shows on the internet, not other networks because they have very tight non-competes and it's paid a play. They got paid out their full contracts according to reports. And so there is something I think in a middle ground here to them off where if you do want somebody to not compete, you got to pay the play. In other words, they're getting paid. But this is what I'm saying.

Absolutely. 100% is going to be great for the economy. Sacha, are you going to say something?

Well said team product brand. These are the ways to build a great business.

No ski. Was that his name? Lou and Doug.

Speaking of startups, this is critically important for founders listening. If you're working at a company, the best practice is if you're going to do a side hustle is to get permission and a waiver from your boss that you're working on that. and get a machine. And you got to go on a clean machine. Your machine is being done.

Your work machine. I'm telling you right now is being monitored every step of the way I had.

It's a property. It's a property. And if you type on it, especially in this work from home era. And you know, anyway, I had a situation, I wouldn't say at which company where a sales executive left the company, went into the CRM system, downloaded it, and he was so dumb. He had written plans for his next employer on his computer, and then his corporate email, email the database, and his plans for the new employer to his Yahoo or Outflow email. They busted him. Of course. They dropped a legal letter on him. They put a legal letter on the person's hiring him. The person has recently received the offer. Obviously, they don't want some toxic nonsense. And yeah, the person, you know, I have no idea what I'm doing.

Yeah, this actually resulted in a bunch of legal action settlement because I think Eric Schmidt and Steve Jobs, pretty much if I'm wrong producers or there was something between Google and Apple where they agreed and I think Sergey or somebody was, yeah, Sergey got in on this. I don't know if this is legal. But they didn't want to piss Steve off because it's not the kind of guy you want to piss off because he can execute. And Eric Schmidt was on the board of Apple at the time. There's a very famous picture of them at the Palo, the the San Tell Road or Stanford Mall having coffee and Steve is lit. He's not happy about this. And I think they agreed to not post a certain level or something like that. Oh, there's the famous picture where they were breaking bread and then Eric Schmidt did Android, Steve felt very betrayed by this and Eric Schmidt left the board of Apple shortly thereafter, because Steve reportedly felt like he was double cross. But you know, all that is speculation. So check your own folks. Any, do you have any other details on that freeberg? Do you remember that kiss? It was after your time, right?

I have three amazing Steve Jobs stories. I'll tell you one of them right now. I was the co-founder of the website called Engadget, which was a large blog in the world. We wound up saw in the collection of the blogs too. AOL. How is that a conference? Steve Jobs was there. He sees my badge. says in gadget he goes oh Jason in gadget my favorite tech blog in the world I read it every day yada yada and I said oh that's great and you know they're done I said hey can I ask you a question so yeah sure anything we're out there beautiful view of the Pacific Ocean and I said you know Steve I have the ipod I pulled it on my pocket and it had a color screen and I said to him I said you know It seems to me that I could download short video clips like of the Chappelle Show. And I used that as an example. And they could sell them to me like you're selling in B3s. And you could just buy like a Chappelle Show issue episode, pretty obvious idea. And then I could play it when I'm on the subway or something or got some downtime in a cafe. I could watch a Chappelle Show clips. Could you make a video version of this? Since it's already got the storage in the screen. You looked at me, said Jason, do you want to watch a thumbnail size video? Has it? Yeah, totally fine. He said, all of our research says nobody wants to watch a tiny video like that. It's the worst idea ever. And I had this moment of like self doubt because he had that reality distortion field. I go back and tell my guys what he said, and hey, should we write a story about it? And 30 days later, He releases the video and the ability to watch videos on it. He had the greatest poker face ever. It was just an incredible moment. Man, I really missed that guy. What a incredible.

Come on, these are great. People loved by the way, the segment we went on.

He was the greatest. He was the absolute greatest.

You know what? Segment people love last week.

What? Oh, come on. You can't tell. That's the right one. I love Facebook. People love this story last week when we did our childhood business. Oh, I'm going to have a story tomorrow. Come on, Jama. You give us one more. I'll give you one. That's recorded on video.

Yeah, we want to hear it. Yeah, we want to hear it. Yeah, it's successful. Be self-deprecating. Share with your brother.

I would be driving this Daisy. Oh, Steve Jobs, you're on my best friend.

He wanted radicals and Tim Cook wanted, you know, optimizers. Yeah.

I will save my, um, just to get this, uh, we gotta get through two more stories in the dock and I'm gonna leave my other Steve Jobs stories for another time. We got time.

The truth is, I treated emails with Steve many times. He was with the press. He was full contact as you know. All right. It's time. It's time. Four, sacks red meat and we've got a double serving for sacks. Sacks stands are going to be really happy right now. TikTok's divester ban bill has been signed into law. Senate passed the bill. 79 to 18. We've talked about this here over and over and over again. President signed it with the things on the fashrack divest or shut down. TikTok bill was packaged bundled with $95 billion in foreign aid. 61 billion for the Ukraine Ukraine 26.4 billion for Israel and human humanitarian aid for civilians in Gaza and about 8 billion for the Indo-Pacific region, aka Taiwan. How's that at a provision to build our require the president to seek a $10 billion repayment from Ukraine's government? Finally, they're talking about the lease back. We'll see if that ever happens. I'm curious what's the next thing's there. Last year, CMBC reported that bytence was buying back $5 billion worth of stock. And early Thursday morning, it was reported that bytence is exploring selling a majority stake in TikTok's US business. Looks like Gun to the Head is working to a non-tech company without the algorithm. In other words, maybe they sell it to a Walmart, somebody who they don't consider super competitive. I'm not sure who the non-tech company is here. It could be Disney. Would it come to mind as well? And remember, Disney did look at buying Twitter, but they didn't want the toxicity of an open platform. TikTok is obviously heavily scrubbed of anything that is aggressive. You can't show a movie clip with somebody getting attacked violently. It's very PG-13. But this is the key part, sex, no algorithm in the package deal. Your thoughts on this, and you can take it either way you like, because I know your fans want to hear about everything. Do you want to talk the budget bundling or the TikTok ban, which, and the divestiture, which seems to be happening?

Ridiculous. So disgusting.

Oh, they've proved that data. It's been proved that.

I spoke to your top supporters. I spoke to multiple TikTok employees myself personally and they tell me that the Chinese representatives are all over the company and inside of it. Free burger, your thoughts?

I understand that, you know, you're here, say, and your view is good enough to ban it, but I don't, you know, my position on banning, thanks for asking is based on reciprocity and the potential damage it could do and based on how influential and powerful the product is and how they could change sentiment and censorship. And the Chinese government is

So isn't he out of there? He's in Monaco or something. He doesn't live there.

But you will just say on Twitter, you thought this would come to accent to rumble. You actually think they'll take this to American companies. I think that that seems like a stretch.

Yeah, and the TikTok guys bought a Trump ready. So he's going to fight for it. Free brag, you're that's

Oracle, maybe Microsoft? They said it's not a tech, is the report.

not a tech company. So that would be Walmart, Disney, you start to get to over maybe a media company, right?

from off, Paul, I have Batia, our chairman dictator. Can we see a poker tonight? What are your thoughts on this, if any?

I think this is a security risk. I've made that clear here before. And I don't think we would ever allow Iran, North Korea, Russia to run any of these companies inside of America nor would they allow us to run Facebook, Acts, etc., in their countries. So I think reciprocity is the key, but I am running a little test right now. I posted this video to my TikTok today, and it's under review. They won't let it publish. And the video is very simple. It quotes a study from Reuters. You don't have to play it. I'll explain what I said in it. But I just took a video of the Reuters study. What this Reuters study shows you. Pull up the chart there, Nick. Is that in this Reuters study? The CCP is censoring sensitive topics related to China. And so if you want to understand why the CEO, why do you have worked with before Chimoff at Facebook? The CEO is saying it's a ban when in fact it's a divestiture. If you want to understand why they care about this, it's because they want to be able to influence things in America. They want to have data on Americans. It's spyware. That's my position. And it's the most censored platform I think in America, which I know you feel passionately about sex. So I did this video and just like COVID-19 was blocked on X. Here in America, in the US, if you talked about Wuhan, if you talked about any of these topics, our government banned it. Well, if you talk about Hong Kong, if you talk about weagers, if you talk about Tiananmen Square, your video will not be posted. In fact, my video is held right now. If you're here on my voice right now, I'm doing a little experiment. I want everybody to post that chart and just read the Wikipedia page, maybe talk about Tankman, talk about the Hong Kong riots, and then use the hashtag, don't ban TikTok. as a little bit of a cheeky way for us all to track each others. And I want to see if 100 or 1,000 all-in fans post one of these if they all get banned or if we can see any of them so we can do a live censorship test here in America are Americans allowed to talk about the elements where the Hong Kong riots, weegers or any of those things. And you can also if you want, have mentioned me. I'm at Jason Calcana.

All right. We're going to say, what do you think of my don't fancy.

What do you think of my, uh, don't ban TikTok challenge. Sex. The censorship challenge.

Wow. You're so passionate about. It's over.

Not if we stay vigilant.

We need to listen. Let's take a deep dive on that in a future episode because we're running out of time. We really need a story to get to you. Let's deep dive it. Listen, there's a lot of topics people want us to talk about. And this one, I think people are talking about a whole bunch. It's kind of breaking. I haven't couldn't find a Wall Street Journal or a Washington Post covering this, but a lot of people were talking about our next. Biden's 2025 budget includes some serious capital gains. Hikes. There are three proposals in the 2025 budget. We'll put on the links in the show notes to increase cap gains rates, as opposed to income, cap gains. If all three are passed, big F, it would more than double the long-term capital gains tax to almost 45% important to note this only covers those making one million or more a year, which is like less than 1% of the country, way less. And so this is definitely a tax-the-rich idea here. Currently, the highest long-term capital gains rate is 20%, which is really about 24% of you are more than 200K per year, because you have to pay an extra small tax. If these proposals become law, big if it would create the highest cap gains rate in 100 years, here's the chart. This comes from Americans for tax reform, which was done by a Reagan era and NGO, I think, that was formed by a former Reagan administration. They basically make politicians sign that they will increase taxes. The budget also proposes a 25% unrealized cap gain tax. This would be a tax on total income, including unrealized cap gains for all taxpayers worth over 100 million. Okay, sacks. I know this is your red meat. There's a lot of pieces here, but gosh, this is crushing for those folks who want to vote for Biden, but are moderates because this is like the number one thing you can do to stop innovation and investment in the country, which we desperately need. This is a headscratcher.

Free break your thoughts. Well, we're talking about it here. We're not shrugging it off. This is like five along fire here on X. Everybody's talking about it.

Is we.

Uh, here's a, I mean, I read the, you're, uh, you're all, you know, you don't have to wear the, like, you don't have to wear the red maga hat.

Yeah. Okay. I mean, these, these are the two worst candidates in the history.

It's the worst two candidates, and I think I'm voting for the third. Ooh, an RFK endorsement. Wow, I didn't see that. I think I just have to put in the protest vote of RFK or a lot of artists.

I think maybe I go after the rock, but yeah, congratulations on Biden on making this easy for Trump with his build back broke plan. So dumb.

I mean, the worst two candidates of our lifetime.

I mean, at this point, I think I'm RFK all the way. I think I got to go for, just try to support independence. I just think we got to balance the budget shout out David Friedberg for the Rain Man himself, David Sachs. Yeah, David Friedberg, the Sultan of science. We didn't get to science corner this week. We're going to start with it next week. And the chairman, dictator, chamoth, polyhopatia. Oh, yeah. World's greatest moderator of the number one podcast in the world. I'm manifesting. Can we get the Spielberg? I'm manifesting tracking here and take us out, Spielberg. Young Spielberg, baby, come in at you. Z1, Hubsi, buddy. Love you, boys. Bye, bye. Happy best of you.

And now the plugs follow the show at x.com slash the all-in-pod. Our TikTok is at all, underscore in, underscore talk. Our Instagram is the all-in-pod and on LinkedIn search for the all-in-pod cast show is produced by producer Nick Calacanis and our CEO is John Hall. You can find some off at x.com slash, Chema, and you can sign up for his weekly email. What I read this week at Shemoth.substack.com, sign up for a developer account at console.grock.com and follow. Send deep modra. x.com slash, send deep. You can follow David Sachs at x.com slash David Sachs. Sachs recently spoke at the American moment conference. It's his pinned tweet on his x.com profile. Follow David Friedberg, the sultan of science at x.com slash Friedberg. Oh, hollow is hiring, and David Freeberg is the CEO. You can click on the career stage at hohollowgenetics.com. We're hiring a full-time researcher here. We need somebody who can do data research for us. We're looking for somebody to make charts and do surveys and research deep research. If you'd like to apply, go to allimpocas.co slash researcher allimpocas.co slash researcher to apply. The summit is taking place in September, in Los Angeles again at UCLA, summit.allinpodcast.co. I'm Jason Calacanish. You can follow me on x.com slash Jason or search for this week and start up on YouTube and follow my other podcast. I'm hosting my liquidity conference again in Napa on June 2nd to the fifth, only LPs and GPS come to this event, 125 people every year. This year's speakers include Ibrahim Ajami from Mubatala. David Freerberg, Chamal Polyopatia, Gavin Baker, Jordan Stein from Crescent Partners, Monique Woodard from Cake Ventures, I'm an L.P. My guy, Pegeman from Para Ventures, and Phil Dollych, my bestie, liquidity.pod.com slash summit to apply for one of the few remaining tickets we'll see you next time.