The Ben and Emil Show - BAES 38: The Reddit IPO explained

Episode Date: March 8, 2024

The biggest IPO of the year is coming MARCH 20th. Everyone's divided on whether it's a winner or a stinker. We do a deep dive and debate the merits and pitfalls of Reddit, it's business prospects, and whether the IPO is worth buying into. Get the southwest companion pass!! Go to: https://thecreditcardlist.com BEFORE MARCH 11  GO TO OUR FACEBOOK PAGE PLEASE GOD give it a like/review/share it far and wide: https://facebook.com/thebenandemilshow We're sponsored by BLUECHEW, baby! Head to https://bluechew.com and use code "BAES" at checkout for your first month FREE. Just pay $5 shipping. __ Support our humble podcast and get bonus episodes at https://www.benandemilshow.com All our previous bonus episodes are up there! See our episode from last week here: https://youtu.be/Cn-q5HQsg10 Watch the Taco Bell Taste Test here: https://youtu.be/5wsoc5pieuA This episode (and every episode) was masterfully edited by Dillon Moore. Check him out at https://www.dillonmoore.co and @ dillonmoore on IG We're on instagram. @ bencahn and @ emilderosa and @ dillonmoore TIMESTAMPS: 0:00 - housekeeping 4:30 - reddit IPO 7:43 - blue chew ad (promo:baes) 10:25 - reddit history 21:30 - maximizing shareholder value 25:35 - ben’s karma 29:25 - facebook IPO 32:20 - reddit userbase 34:30 - r/ wallstreet bets 35:35 - felicity and minecraft 40:18 - BP wife guy 48:57 - S&P 500 50:35 - captain elon news 1:00:00 - gaslighting whales with AI Learn more about your ad choices. Visit podcastchoices.com/adchoices

Oh, oh, oh, oh, oh, oh, oh, oh, ooh, ooh, ooh, ooh, ooh, ooh, ooh, ooh, ooh, ooh, ooh, ooh, ooh, ooh. My mom told me that I didn't look like I was having fun in the last couple episodes. Really? So I'm here to really dial it up to 10. Wow, this is the fun episode. And give a big you to my mom. Yeah, that's right. I can't cuss in the first minute, otherwise YouTube will penalize me, but you to my mom.

And your mom might think we're not having fun. In what? And your mom might think we're not having fun. Yeah, Mom, I'll just hear to let you know I'm having a good time. No, this is going to be a really fun episode. Yeah, it's going to be very fun. No, we do have a jam-packed episode. We're talking about the Reddit IPO.

It was going to be a bad episode until you told me that. Honestly, it was like stinker incoming, but now that I know that we're trying to make your mom think we're having a good time. Yeah. Hey, honey, could you turn on some music or like run the dishwasher or something? Because I'm about to lay down a stinker. That's what you do. when you live in a small apartment and you got to lay down a stinker.

Also, we're talking about a huge major wife guy who pissed off his wife so much. Oh, major wife guy. He committed a major crime harnessing the power of his wife. And now she's leaving him, which is bullshit. Yeah, that's kind of messed up if you ask me. And then we're going to top it off

with a little dollop of poop. No, it's going to be some AI stuff because, you know, that's always in the news. But before all that stuff, Emile, tell them the good news, the East Coasters. Oh, gosh. Okay, this is huge news. We did a live show in Brooklyn at the Bell House last summer. We're coming back in May.

We'll be there. It is May 8th. And if you want tickets to that, we are putting them up to our lovely subscribers at Ben and Emile show. com first. They will be live when this show comes out for them. And then live to the public on Monday Live to the public on Monday

So also If you want to secure a ticket That's probably the best way to do it By subscribing and going to get an early ticket Last year I think they sold out In a day Yeah, that's right It was just about a day

When they went on sale We did not have a Patreon Or subscribers like this So we didn't do an early sale thing But I imagine when they go to the public They'll be Yeah people were saying That it was the best live show

they've ever seen so see for yourself if you get to go a couple people uh actually i'm not going to make that joke but you're going to want to get tickets yeah you're going to want to get tickets also okay so gang it is your last chance to sign up for that southwest card to get the companion pass and just as a refresher it's a buy one get one free southwest tickets unlimited for a whole year so normally you have to fly like i don't normally you have to fly like a hundred and normally you have to fly like a hundred times in a year on Southwest to get it. But now if you just sign up for the Southwest credit card, you get the companion pass. And like I said, it's, you could, I could designate a meal as my companion, but I wouldn't.

Why? Because I, uh, I'll fly with you. Okay. If I designated a meal as my companion, but you wouldn't. I could book a ticket every single day. Every day. He would fly me with me for free every single day for a whole year. But he wouldn't.

But I wouldn't because I'm, I don't want to. But that's a lot of flying, even for me. So if you go to the credit card list.com, which is our website, it'll be the very first card on there. Go for it, get it, get the companion pass, enjoy it for a year. Plus, you get like 30,000 points sign up bonus, which is worth like $400 in airfare anyway. One more thing. We got a Q&A coming in a couple weeks. We're bringing that back.

And also, we need your help. We have expanded to Facebook. and if you could go on there and give it a like Ask your boomer parents to comment crazy shit Under there Yeah if you give it a review It'll ask you to like share But anyway, just go on there and do us a favor

Leave review and all that good stuff It's Facebook.com slash the Ben and Emile show Oh also last thing last time I checked There were about 25 posters left If you want one of those posters Go grab them well we still got them Yeah go grab a poster Go grab a poster

They're very special. Okay. The Reddit IPO. It's finally here. The Reddit IPO. It's finally here. The initial public offering, the very first time that they are going public, the S-1 was filed, and it is very dense. There's, man, there's 50 pages just of their, what do you call it?

Their risks. The risk section is like 50 pages. They have to disclose every possible risk, like, acts. of God and earthquakes and all sorts of stuff. What are some of their biggest risks? One of their biggest risks is their own user base they've named, but we'll get to that in a minute. So just as a little refresher for specifically my mom.

Also, what is an S-1? An S-1 is the form that you file with the SEC prior to going public. It's like the, it's the big thing that lets everybody kind of take a peek behind the curtain, and it gives us an insight into what they're making money-wise, how they're making it, their compensation packages, just the whole, the whole she-bank. Yeah. It's all the skeletons in all in every closet. Do you think in the S-1, they posted that guy with the M&M tube?

That's so specific. I don't know if anybody, Dylan, didn't even know what you're talking about. I love Reddit so much. Yeah, yeah. funniest place in the world there was a guy who there's a there's a guy who he posted ask reddit is one of the most popular subredits obviously and it's always on the front page people ask questions sometimes it's really lovely like i saw one the other day was like something about you know water what what makes um relationships last long or whatever and you get to scroll through and and it's all these

lovely little things about ways to make a nice relationship one guy wrote uh well you know what I should just find it so I can have it exactly as it was. You can pull it up. He's pulling it up right now. We'll cut out this little chitter-chatter. No, no, you can leave it. Oh, yeah. All right.

So he asks, how would you get a small cylinder, 5.1 inches in length, around 4.5 inches in girth, unstuck from a mini M&Ms tube filled with butter. And microwaved mashed banana. so he wants to know how you get this small cylinder out and someone just responds the comments opi replies with are hilarious it's your dick bro you stuck your dick in an m&m tube of butter go take a cold shower and relax and the original poster says it's a cylinder and then people keep commenting bro did you get your dick stuck in an m&m tube and he just says it's a cylinder and so you know it just goes from there they keep cycling through saying it's just your dick

Live with your M&M tube filled with butter and bananas dick for the end of your days and think about what you've done. And he says, it's a cylinder. And it just keeps going on. I love when he says, they say, well, can you cut the cylinder? And he says, no. It's attached to a structure. Yeah.

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Just pay $5 shipping. That's bluechew.com promo code Bays, B-A-E-S, to receive your first month free visit bluechoo.com for more details and important safety information and we thank bluechew for sponsoring the podcast now back to the show anyway reddit's my favorite place so uh reddit just for a little background and i didn't know a lot of this stuff it was launched in 2005 funded by y combinator which is the famous startup uh accelerator program it was founded by a man named Steve Huffman and Alexis O'Hanian. Who now famously married to, I forget which William's sister.

Oh, oh, Venus or Serena. Yeah, one of them. Yeah, yeah, one of the tennis players. So back then, Huffman, Steve Huffman himself used to fill the front page of Reddit with all the content until the user base grew big enough that he didn't have to, and that was pretty quick. It was like that year, because a year later, they sold it to. Condi Nat, Condi, Condi Nass?

Condi, Condi Nass. The, the big publication thing that they owned Vanity Fair and all that shit. They sold it that early? Yep. For a 10, somewhere between $10 to $20 million. And so years later in 2014, Steve Huffman said that selling it was a mistake. And then in 2015, the next year, they rehired him to return as CEO. he helped pilot the revamping of it.

He helped launch the Reddit app on iOS and on Android. Oh, remember the days when you have to use Alien Blue? No, because I wasn't on it then. What? I was only using, I know, it's weird, right? You seem like... I know. I didn't, well, because part of the changes he made was revamping the user face.

And he said he was... Oh, you know, I still use the old Reddit. I know. It was absolutely insane. It was perfect. Well, you know what he said, which is my experience exactly. He said it's a big turnoff to newcomers because it can be hard. It's overwhelming graphically.

It's just what's going on. O.G. freaks like me. That's how I like it. But yeah, there wasn't an app for a long. There was an app called Alien Blue you had to use if you wanted to access Reddit on your phone. Which is called and that's not an API, but it uses Reddits. It's a third party app that needed to use. Yeah.

That's right. It's a third party app that uses Reddit's. own code to kind of make the app in lieu of reddit's lacking one which is important it will come into play in a little bit but so in addition to the reddit app he also made some changes back then it was like a free-for-all it was almost like 4chan where just anything goes there was all sorts of uh anything you could think of was on there oh yeah there's a subreddit for it's like people getting killed like any kind of yeah awful shit and photos and stuff so just weird stuff.

Not even bad, just the most weirdly specific things. It's the strangest place in the world. There are still some of those very strange subredits. My favorite thing, I've probably told the story a billion times, but I always love that I love the band The Kinks. And so the subreddit for the Kinks was just R slash Kinks,

and it was not a very active user base. And so every so often you would just get someone going in and being like, I'm a man who likes to wear a pantyhous and jack off and someone would just go wrong subreddit, pal I mean I just wear panties

jack off I remember that was the case on Vine there was no content moderation and there was a guy who was a shoe fucker and you could see his penis and he would like

he would like stick his dick in women's shoes I'd like to get a peek at that it was funny for sure I mean it was interesting but so anyway Steve Hoffman helped launch

the Reddit app and he made these big sweeping changes to the content guidelines to make it more advertiser-friendly because, of course, you can't make money without selling ads. And he got rid of a lot of subreddits that were problematic and harmful and what he said, quote, that exists solely to make Reddit worse for everyone else. I found it interesting. He said that he did not ever intend for Reddit to be a bastion of free speech. Which, I mean, that makes sense, right?

their whole thing is they're very like moderator focused where they want their communities to not become these um or at least they were in the heyday it was like having mods was very important to a successful subreddit you know they they had there's rule i've posted the subredits where it's like you immediately get hit with the verification like we took your post down because you didn't follow the rules so frustrated deeply frustrated yeah but again that all helps make it an enjoyable experience Yeah, so that's what he said It's not a bastion of free speech

But it's a place where open and honest Discussion can happen So things started taking a turn for Huffman His username on there is Spez S-P-E-Z The biggest The controversy with him started with And I had totally forgotten that this existed

But R-slash the Donald And for my mom R-slash means that's whatever comes after that is the subreddit for so that's the Donald was the Donald Trump subreddit also for your mom we're having fun right now yeah she hates me right now so he got in trouble because he was modifying comments he was going in and changing people's comments on the Donald which is a huge no-no no matter what subreddit and at the time the donald do you remember the hell that it was wrecking on no I only remember

I remember, because I believe at the same time, they also removed some weird left-wing stuff to, like, balance it. Like, I think Chapo Trap House's, I think you're right. I think Chapp House's subreddit also got taken down. I believe Comtown subreddit got taken down. Yeah. So it was this weird shakeup where everyone was like, I want to post nasty stuff. Yeah. People got really pissed off at him.

And then the API changes most recently are what people got really ticked off about. because gearing up for this IPO, Reddit is trying to make, they're trying to pull all the revenue levers that they possibly can, and they're losing just untold amounts of money by allowing these third-party apps to exist and pay very low rates to have their third-party app exist, right? Right. They want people to use the Reddit app.

And if there's these other ones out there and they're getting away, So he jacked up, they jacked up the prices, however many percent. They just made it, like, impossible for these apps to survive. And that pissed off users because they love their precious third-party app. Yeah, it makes their lives a lot easier. Like, without certain of some of these apps, like moderators, for example, can't as easily moderate the subreddits and stuff like that. Yeah.

Yeah. So people collectively hate. Steve Huffman, but he's not probably sweating it because according to the S-1 filing, he earned about $193 million less here. Good for all, Steve. Yeah, so, yeah. I mean, this hate is also not unwarranted.

It's, they're going to destroy this site and platform. I don't know about that. I just don't think. How much further could they destroy it? And in what way? Well, they've never turned a profit with this thing. They've stopped the bleeding a little bit. I think it was like last year they lost $120 million this year.

They lost whatever, $90 million. Yeah. But it's the same thing with Twitter. Elon Musk is having such a hard time attracting these advertisers because they're like, well, if you're just letting people pop off, we don't really want our ads next to this kind of thing. And so if you're taking like the weirdest place on the internet that was never supposed to be. A place for ads? Yeah, and like, it's just you're going to have to make severe changes to the way it works,

and already these changes are going to, they're just going to change the way the whole thing is experienced by people. Also, not only that, I do think in one, like one strategy for them turning a profit finally is that they've partnered with Google and using their... Yeah. Well, so their current business model, according to their filing, is, Advertising. Last year, it was 98%. Excuse me, in my throat is bothering me.

What? Last year, 98% of the revenue came from advertising, and it was about $804 million. The remaining 2% came from, you can pay like $6 a month for Reddit premium. And then the other... Why would you do that? I don't know. And then it's like the Reddit coins that people can buy, which makes no sense to me. Their daily active users in the United States is 36 million.

Their weekly active users is a whopping 131 million, which I think is pretty interesting. And yeah, around the same time as the S-1 was filed, Reddit and Google announced a partnership worth about $60 million a year to license its data to Google, mainly for, like, training large language models. Here's an interesting little bit, though, because data is obviously incredibly valuable. and all the data on Reddit is incredibly valuable. And Sam Altman of OpenAI has an 8.7% stake in Reddit. He was briefly a CEO of Reddit. I did not know that. Huh, for how long?

I don't know. So if all that data is really so valuable, especially for training large language models, and if Sam Altman of OpenAI has a stake, almost a 10% stake in Reddit, why is there no deal between OpenAI and Reddit? to quote Elon Musk. Curious. Curious. And like you said, they lose about $100 million per year,

but they have no debt. They have about $1.2 billion in cash. So it begs the question, why go public? Well, you go public for a few reasons. So insiders can sell their shares to have a liquidity event because otherwise it's quite illiquid to raise money. and in this case they maybe don't really need the money because it looks like they got like 10 years of runway at least.

But so comes down to should you buy the IPO? Because did you see that they were giving Reddit users a chance to buy shares before the actual IPO? Yes, but not all Reddit users. Right. And it's in tears. But I think the vast majority of Reddit users would not be... That's why I was surprised when you said you got an email.

You said you got a notification. Because I've been a user since like 2014, but I wasn't regularly active. Yeah, but it's not about, it's about how much. Karma? Yeah. I've got plenty of karma because I've been on the front page. Did he just big dick me over Reddit karma? I got like 55.

Oh, okay, so then yeah, you definitely did it. But I mean, so they're calling it the DSP, the directed shares program. And it is, it's very funny because, yeah, the. the heads of Reddit have not been popular for a long time and it reads like it reads like a boss coming into a Christmas party when he doesn't realize everyone in the office hates him you know what I mean? It's just like

we can't imagine a Reddit IPO without Redders you Rick rolled Rick Asley you gave us Mr. Splashy Pants and R slash place you're welcome internet and now you can become one of our non-corporate overlords yes it's really happening this time and as we take this next step toward becoming a public company, we're inviting all eligible Redditors to participate in Reddit's IPO.

So that... They're so annoying. It is very annoying. But so a couple things... Eligible, you note skeptically? Yes. It's written so... It's like...

It's so... If Reddit were a person, it wrote... We're going to kill you. Yeah, I want to beat you up. So the interesting thing to me, in the email that I got, it said we're giving people people the chance to get in at the value, and I almost direct, I'm butchering the quote, but it said at the same valuation that big institutions were able to buy in at, which from my understanding means it's like you're buying at an immediate whatever percentage discount.

If they're going public at, say, a $5 billion valuation, but they're giving you a chance to buy in at a $3 billion valuation, that's free money practically. Right. But I still don't know if that's the case. I don't know if they just phrased it weird. I have yet to, I think today, two days ago for you guys, is the cutoff for signing up. So more information is to come. But I found it really interesting.

I was looking through R slash investing in all sorts of places. People really hate it in there like, I'm not buying in on this. Which is mind-blowing to me because it's at once. I know everybody hates Reddit for like, capitalizing on this community that everybody has built together without having every all the all the people the redditors you and me and everybody um where we are essentially the the people who create the value for the big wigs right right exactly so it stands to reason that it would be in everybody's best interest to own shares in the thing that they are

actively providing value for right so they can have a little bit of control yeah well not even control but just have some skin in the game to me this thing is like oh that's i mean that is oh i mean i don't see it the least they can do i don't see it as a skin in the game type of i can see if they were like let's try to as redditors own a piece of the company and you have some sway but i think most of them see this as kind of like a weird betrayal or something because for so long they've been battling with with the head honchos being like we you know we're trying to tell you we don't want this platform to be run in this way. And they're just like, fuck off. And so, I mean, this is just an even bigger slap in

the face where now the decisions are not going to be made about how do we make Reddit a place that's fun for moderators and users. It's going to be how do we maximize shareholder value. And that's going to, you know, any new feature is going to be with that in mind. Our ads going to be front and center. Our, you know, our new Google partners are going to be happy that we can feed them more and I mean a lot of people are worried that that AI thing is just going to create more Reddit bots and more bullshit and like that's you've seen it with the the joke about X is just that it's fucking pussy and bio pussy and bio and my mom's just so confused but like it it does suck you used to be able to click on a tweet and you could and you could scroll through and find out a

little bit more information from replies and and if that's the direction Reddit's going in it's it's going to be awful. Reddit is a place where you can like, obviously there's a bunch of people like trolling people and joking and being online assholes, but there are communities where it's like you can get such good information. I mean, also, I don't, the joke is now, because Google has also suffered. People have admitted and there was actually a German study that like they showed that Google search has just gotten worse. Google search has gotten less. We have done this study. It's just like, rife with SEO. bullshit and affiliate links and all the shit. It's much harder to find the information. Same with like Yelp. I can't even scroll. If you ever saw that shark video and you're one of those people who's like, what's matter with me?

You can't Google? Maybe it's Google's fault. What's shark video? You remember the shark video? It's like the most watched TikTok we've ever put out. Oh, oh yeah, where you were Googling how many sharks are there? Yeah. Yeah.

We still don't know. Nobody knows. Maybe not even Google. Maybe lay off me. But like one of the hacks for people because they cannot get the information they're looking for is that now type the thing you would have Googled, but just enter. Reddit at that. Yeah, I do that all the time. Oh, you have to. Especially for reviews. But that brings me to something else. I mean, you just said, Reddit gets pissed off because, and when I say

Reddit, I mean, collectively, the user base, yeah. But everybody's going to have an idea for how to make the site better. There are going to be, there are going to be people that like new features and hate new features. And it's just, so I don't envy management being in that position. But also, yeah, sometimes it's like, do you even use this fucking website? But that's a, it was kind of a perfect site. It doesn't need, like, a lot of the things, that was the annoying thing. It was like, create a fucking app so we can have an app. And someone else had to step in and they were like, no, no, no, we're going to focus on this dumb shit.

We're going to do bad stuff you hate. I think there's a couple things for me, because I don't, I don't know if I'm going to buy the IPO. I might because it is. Tell me how many karma you have. I think I have. I'm so curious. 58,000 or something like that. Wow.

All right. So you're going to be, you're going to be grouped two. Yeah, 54.2,000. Damn. Don't show that because I don't want my, when we cut to my, yeah. You don't know if you're going to buy it. I don't know if I'm going to buy it, but seeing all the negativity online and how a lot of people on like Wall Street bets are saying,

I'm going to short the piss out of this and I think it's worthless. I'm like, I don't think that it's worthless. A, I don't think Reddit's going anywhere. It's kind of like Twitter where what's the alternative? What do we have otherwise? It's all we've got. And it's not going to be perfect. That's so confusing to me, though.

All these things sprung up out of nowhere just like a decade ago or I guess more the two decades ago. Jesus Christ, we're so old. And now everyone's like, oh, there's nowhere to go. No one will ever create a platform that works for people again. Yeah. But, I mean, also, when they talk about Google getting worse, they say, it's not just Google, though. The Internet is getting worse.

It's becoming, it's just becoming full of, it was SEO at first. Now it's like AI generated content. Like, it's much harder to find the stuff you were looking for. Right. Also, I don't necessarily agree with this supposition that it's only going to get worse from here now that they're public and that they have to start doing better on their numbers. I think that, and this is me being more neutral of just, well, it's going to be a wait and see thing. Can this company's management do it in a way? Can they thread the needle and make more money and become profitable without alienating their user base?

Also, it reminds me of when Facebook first went public, and there was a big, you probably don't remember this. I remember it. There was a big controversy when Facebook first went public. Like, they didn't disclose in their major S1 form, they did not disclose that they hadn't yet, if I might be remembering this incorrectly, but they didn't disclose that they hadn't yet figured out how to monetize mobile, which is mind-boggling you think about now, that at the time, the Facebook app made literally $0. It was not monetized. And the stock debuted at like $38 a share, $35, something like that. it sank all the way down to like 15, 17, something like that. And then like a couple quarters later, they flipped the on switch and started advertising.

And it went from making $0 a quarter to like $1.2 billion. All of a sudden, boom, monetized. And it was changed forever. And the stock never looked back. And I can't help. I can't help but wonder, though, if they're going to find a way to not only make the advertising to me the advertising is secondary the data is what i think is most valuable and their their deal is like maybe it's not that valuable actually that's another thing it's

yeah the deal seems like 60 million dollars for all that data right maybe because most of the data is useless garbage and like horny people but also sorry it's also because it's not exclusive right what do you mean the deal isn't exclusive for their data so they can make this deal over and over and over again oh yeah do you know how long the deal is for no i don't but I do want to say, you used Facebook as an example. That's like a perfect example of a platform that is completely fucking useless. Well, it's because old people got on this. But sure, they also follow us on our Facebook page.

People still use it, but yeah. But from a stock perspective, yes, it did fine. But from a platform perspective, no one fucking uses it. We were just joking in the Meatball special thing about how awful it was to try to use Facebook marketplace. They clearly have not prioritized their users. They've prioritized making money

on ads and that kind of thing. It's a complete fucking unmitigated disaster on that type. True, but it does make money. That's what's insane. But that's fine. We're talking about it in the context of their user base being happy and wanting to it's a fraction of Facebook side.

So you've got to make these users happy. Yeah, I agree with you. I wonder if they can figure out a way to monetize that data and if Reddit can collectively the user base can rally around like it just the easiest the path of least resistance to me seems to be hey why doesn't everybody just buy a little bit

and like so everybody's got a vested interest in this site doing well which is so stupid and like I'm such a baby for even saying that fuck you me yeah And why everybody by this talking? Everybody just get along and cook that. Also, it's so antithetical to the, like, Reddit. The whole thing is just, like, being a bit of a rascal. Remember when it was like, if you could sleep with one person living or dead,

who would you choose? And the top comment was, like, sleep with my dead wife. And the next comment was just, I also choose this guy's dead wife. It really is, it really does feel sometimes. Like, wow, everybody on there is super smart. But then sometimes... I think they're so funny. You'll get into like a tiff with someone and you'll go back and forth.

And then after a while, you'll check their post history and you realize you're arguing with like a 14-year-old. Oh, did you see the thing? Like, what the fuck am I doing? I posted it to Instagram because I was like, God, this is such a good reminder of like why the internet is awful and don't get wrapped up in this shit. But someone posted a screenshot of someone they were... arguing with and they basically said i remember i got into an argument on reddit a while ago with a person over italian food it got to the point they were following me into other subs to harass me i clicked on their profile to block them and their most recent post was them drinking their own piss

on r slash piss at that moment i realized they had spent so much pointless time arguing about the taste of food with someone who drinks their own piss as a hobby this site is a shithole yeah oh that's one of the ones that I don't go to R slash poop don't do it it's exactly it's people posting their shit like full on just like taking pictures of their own

that's the thing there's a subreddit for everything there is a subreddit for wait so you briefly mentioned it but what's going on with the the Wall Street bets and their own user base turning on them they just think that from what I can gather a lot of people not only think that this

the direct share program is bullshit and stupid. Which is really funny. It's like, you guys, that's not, I don't think that it's bullshit or stupid. From what I can tell, it's actually like a tip of the hat to the user base that Reddit's trying to get in everybody's good graces with. And it seems like it's, again,

if the information comes out that you get to buy at a discount to the IPO, then I'm absolutely going to take advantage of that. And then after the IPO, I'm probably just going to watch it and see how it acts. If it dips significantly, I might pick up some. That's not financial advice, obviously. But Wall Street bets, yeah, they're all talking about how it's a shitty site and they hate it, even though they're on it.

They think they've got another moas on their hands. Do they? I don't know. No, they think it's going down. They want to short it. Which is like, why would you guys do that? Just buy it. Can't you harness the power of being.

an idiot or whatever they they you know ape together strong i i watched uh i watched planet of the apes again recently by the way all three of them gearing up gearing up for the new one coming out oh okay and they're they're really good how many is carry russell in one oh yeah why do you love carry russell i really do like yeah she's great i've i've been a fan since felicity but when they wow jesus christ and then when i was like wow she's going to be on the americans is she a nurse on felicity is she a nurse what is she a doctor What is your deal, dude? Are you serious?

It's a, what is she, a fucking, a lawyer? No, she's a college, she's a student at NYU. Oh, I didn't know that. What is this guy? I thought she, I thought it was like, since all the shows in that era were like, she's a, she's a single, she's a single lawyer who, there's a dancing baby. There's a dancing CGI baby.

And I just remember poor Allie McBeal, poor Callista Flockhart, they just made fun of her for being skinny. skinny and like having an eating disorder they even made I remember specifically they made fun of her on SNL and they like asked her what she had for lunch and she said just like a cracker and two packets of sweet and low and they had someone it was it was bad but then she married Harrison Ford and they seemed happy yeah yeah he's also man Felicity was a student and there was a love triangle and she worked at Dean and Duluca what's is Dean and Delucah what's is Dean and DeLucah Sandwich Shop? It was a deli down in Soho.

It was like a high-end deli down in Soho and grocery store. Really tasty. Interesting. But it's unfortunately closed. Hey, oh, God, there it is. You know, there it is. No, look at this. Look at my left earlobe.

Can you see that single hair hanging from it? You actually have quite a bit of peach buzz. Oh, is that what it is? Oh, anyway. What was the song, Dylan, that I was singing when I came in? Because you're a good girl, and you know it. You ever think that I need? I want your hot love of the bullshit

endlessly. I don't know that. I was just singing that to myself in the car. Drake. Oh, it sounds like you're doing Drake in the style of maybe Tom Petty or something. No, I'm doing it as like a baseball announcer. Oh, cool.

You're a good girl, and you know it. I'm a little delirious. He's having fun, though. I'm having fun, though, Mom. Man, that sumo orange that I ate earlier just hit so good. so i will be interested in watching this happen and i i think i have a friend who works at reddit and has worked there for a few years so huge shout out to him huge congratulations to

him huge shout out to everybody r slash poop and r slash piss who who's who's making buku bucks out there i hope that's not like a new slur is buku a slur does it come from something that's problematic? I thought it was the French thing. Oh, yeah. But I don't know if that's right. Let's switch gears here to wife guy. Unless there was more on Reddit that you wanted to cover.

No, I think we got it. I think we got it. Man, I do remember the first time I saw Reddit. It was the same day that I also saw Minecraft for the first time. I was at this. Wow, what a day for you. I was smoking pot with this guy when I was in college. Okay, he's high.

And he was like, hey, you ever seen this new game called Minecraft and I said no and he showed me and I was I was like oh that's so cool but it seems overwhelmingly big like I wouldn't even know where to start and he said oh yeah you should check out this thread on Reddit about something something you can you can a lot of people go on there and share their maps or whatever and then he showed me Reddit and I said the same thing I'm like this is overwhelming I don't know what anything is and he said just go on and start exploring and I said no I'm scared well you just join things you like yeah Yeah, now I know that.

That's why it's so fun. It's so the like... Except when they turn on you. Like they turned on me that one time. I don't post that much. Except that's the thing. I have no karma because I post in small things like R slash the kinks. I still don't understand what you get like, oh, hey, give me gold or give me platinum.

What does that get you? Nothing. It's just fake. Maybe a front row seat to the Reddit IPO. No. Oh, yeah, if you have that. Yeah, I don't know. It's all weird to me.

Is it fake? I don't know. I've gotten so many medals from front page stuff, and I don't know what. I can't turn it in the cash. Can I? Now you can. Interesting.

Okay, wife guy. Wife guy. So picture this, if you will. You got a wife. Okay, I'm picking it. Close your eyes. You're at home. It's the pandemic.

It's the lockdown. So you're working from home, and your name is Tyler. Your name is Tyler Loudin. Okay, now it's hard for me to picture, but I'm trying. My name is Tyler. My name is Tyler Loudon. Oh, too, too, I'm just walking around in my house. Yeah.

As one does. Am I in my underwear? Oops, I hear my, yeah, you're in your underwear. And you hear your wife. What's my wife up to? Your wife is just doing what she does for BP, British Petroleum, who we love and are endorsed by, by the way. I'm pissed at her because I'm a bit of a climate nut.

Yeah, you're, you're, I don't know what you do for a living, but you're overhearing your wife. what i'm about to retire yeah because you overhear your wife who is a uh she's a mergers and acquisitions manager by the way yeah she never has enough time for me oh and she's so sexy yeah she's working in her underwear right now and she's giving you a look no but she she wants to have sex you know why because i just took blue chew because you just took a blue chew and you're ready to go because you're ready to go whenever and you're hearing your wife is giving you a look and she's just finalizing the details on BP acquiring travel centers of America that seems like it could be good for the stock and she's

giving you that look like I'm as soon as I'm off the phone honey and we're gonna fuck I'm gonna suck you off holy shit yeah because we haven't done it a while I saw you took that bluechew and you're going damn I'm horny but I'm also thinking what can I do about if I know that BP is going to take over travel centers of America you whip out your phone and you pull up the stock and you see that is publicly traded and you buy 46,450 shares without wife's knowledge of travel centers of America. Yeah. And you're on vacation with her and you're in an Airbnb, even smaller quarters, and she's shaking

her boobs at you while she's also still finalizing the details of this thing. And you're going, man, I'm so lucky. I'm going to make so much money. She's going to be so happy with me. She's going to be so happy. She's going to be able to have fewer work hours. and we're going to be able to spend more time together. We'll get Airbnbs all over the world.

Doesn't that sound nice? Well, that's exactly what happened to this guy. Tyler. Tyler loved it. That whole thing we just described, that was Tyler's life. But then it came to a screeching halt. Because his wife wants to divorce.

Yeah. No, his wife already divorced. So this guy, this total dipshit thought he was being smart and doing a favor to his wife by, He overheard her talking about their BP acquiring this fucking, I don't know what the gas stations, travel centers of America. And he bought 46,000 450 shares without his wife's knowledge before the deal was made public in February of last year. And then the stock rose 71%. That's pretty good.

He cashed out. And also, what a fucking moron. He didn't buy options. You also got to respect him. He cashes out. Most people get greedy. He says, you know what? I'm happy with this.

well what else are you going to do the deal's done hold hold for what diamond hands travel centers of america but now it's no longer publicly it's been acquired hold uh diamond hands BP okay well okay so he said that he could he said oh judge and the SEC and my wife I only did it because I love my wife so I could make enough money so that she didn't have to work long hours anymore because I love her and they didn't believe him that sucks yeah and well I mean they believe I believe him too I believe him too but uh so BP was like yeah that's still we don't trust that your wife wasn't in on it so they looked at all her texts all her emails nothing and they concluded there was no evidence that she knowingly leaked anything to him but she was still fired so you know what she did

she left him she ceased to all contact with him and she moved out in that order when they when they cost you a cushy gig at bp doing m&A you got to leave ladies i do bp at mna or i do mn a i do mn a bp while eating m m m ms and i got a cylinder stuck in an mnm too man tyler loudon we got a photo of him here you want to see what man i'm fuck fuck he looks like such an idiot yeah If the audio listener were seeing it, you'd be seeing a guy with... Is that his ex-wife? That would be his ex-wife.

Man, she looks like she loves BP. She looks like a nice lady. She looks nice. They just look like they both... He makes me uncomfortable. They both... They look like they both smell like cardboard. It's like hot cardboard.

Ugh. Anyway, she's wearing a weird... She's wearing a pearl necklace. What year is it? What year is it? I mean, look at his glasses. Yeah. These people are truly...

He looks like a Sasha Bering Cohen. Oh, yeah. Without all the... Without any... He looks like that. With no money. Yeah, with no money. And his wife is kind of a Walmart, Ila Fisher, so...

Yeah. So, the cautionary tale here is don't... Don't try to do anything nice for your wife. Yeah, never. Don't try to do anything nice from your wife. If you see her working too hard, don't try to help. That's humiliating, though, that they had to check her emails and text. That means.

someone at BP was looking at her boobs? No. If you're married, you're sending your husband. She's not showing that guy's boobs, her boobs. You don't think so? I wouldn't. Why not? You wouldn't show if you, why? Because he's ugly, you wouldn't fuck him.

You wouldn't fuck Tyler. No. Loud on. Man, that's got to suck every time he's like trying. If you're him at this point, wouldn't you just change your name? To avoid negative press online? Well, yeah. If someone Googles you, you're trying to find another wife to eavesdrop on do you think that's what's happening yeah if you google him yeah it's the first thing

that comes up it could make for an interesting story you know some people are crazy about that kind of thing yeah that's what i'd put in my hinge profile don't google me let's just find out about each other i would put google me if you're into it great it'd be a great way to weed people out yeah i guess maybe you could get a girl who's really into hustle culture one fun fact about me you could be brazenly honest in your profile and they would think that you're just being funny one fun fact about me i overheard my wife's conversation about bp acquiring travel centers of america and i capitalized on it and then got divorced and i'm likely going to jail and i'm like i think he's got to give it all back and then pay a fine yeah but man oh man one fun fact about me

i love my wife so much that's why i'm getting divorced one fun fact about me speaking of uh looking at the text. Why am I divorced? I loved her too much. I love my wife too much and I tried to give her a better life. That's just what they do to men these days. They treat us that way.

One fun fact about me, let's agree to not Google each other and find out about each other on the day. How I fight the Sunday Scaries eavesdropping on my wife. I always hated that way. Where can you find me at the party? Eavesdropping on my wife?

Two truths and a lie. I eavesdropped on my wife. I made a lot of money. dropping on my wife, I didn't eavesdrop on my life. Yeah, those are two truths in a lie. Don't be surprised if I eavesdrop on you if we get married. I'm looking for someone who works for BP.

Damn, if someone went, you know what's funny, I occasionally forget. that Steve at my trading firm he has access to all my Twitter DMs. Oh, wow. Yeah, and so did Glenn.

A huge shout out to Glenn. Only your Twitter DMs? Yeah, only my Twitter DMs. So he's probably seen your boobs? No. Not my boobs and nothing else. Well, I have sent my naked body to my Twitter voice chat.

Over Twitter? Yeah. Which I, some of these guys I've never even met in person, so I'm like, damn, I'm really trusting them with my life here. Like, my dick and balls on there. That's what you think is your life? At this point, if my penis got out there, whatever. Whatever.

You know, at least I'm not Tyler Loudon. It was very funny. There was a moment when we wanted to show the video of you on the flight to, was it Abu Dhabi? Dubai. Yeah. and we gave it to Luke well I wasn't going to say his name

but yeah I don't think he but we were like we need someone to edit this but in order to edit it you'll need to look at Ben's naked body and so we kind of just like sent it into the slack and we're like is anyone okay with that and one

producer who we love he stood up and said he had no problem with it I'll do it and he yeah he got a good laugh out of it and he did a great job tracking my penis and balls with I mean you can see that thing it was it was

it's very pathetic to see my body in that situation just the way it moves my stupid stomach and my skinny legs looking like a big Mike Wisowski Mike was out oh from Monsters Incorporated I wonder when they're going to IPO I wonder if they're

publicly traded on the scares on the scare scare and frighten 500 the s the s and f 500 no the the s and p 500 and the monsters ink yeah the scare and petrify 500 all right

yeah he turned it around yeah I turned it around I always turn it around hey so as promised we we got a Tesla stock has been suffering he's having fun Tesla stock has been suffering

recently because and some news actually came out overnight from China and um iPhone sale it's so fucking crazy to me how much iPhones affect the entire world economy oh yeah because them Chinese people man they're over there eating hot pot and smoking cigarettes but you know what they're not doing they're doing 25% less of buying iPhones and buying Tesla and so the Tesla stock's been yeah why would you bother so mr. captain dipshit fuckface Elon Musk that's his legal name He tweeted a follow-up here, let me pull it up, because in 20, it was years ago, he promised this new roadster, which is not, it's never been released, but he said that they're working on this roadster. But the roadster is like their original electric car, right? He promised, I believe, like five or six years ago now.

Which he's shot into space. Yeah, because he's a dipshit. he promised that it would be coming out soon and it's been like 1,800 days since he made that promise or something. But it's interesting the timing of this because what used to work for him and for Tesla stock was to tweet

or announce very, very big things that would make everybody pile into the stock and go, oh my God, he's going to do it, he's going to do it. It's been full self-driving. Those weird little robots. So the robots, just fucking everything. Neurlink. Neurlink.

Everything. Ais playing video games. He's playing Tetris. And so lo and behold, right around when Tesla stock was in this precarious position on February 27th, he tweeted, Tonight, we radically increased the design goals for the new Tesla Roadster. There will never be another car like this if you could even call a car. Shut the fuck up. Shut the fuck up.

Shut the fuck up. bitch and then he said i mean doing this in the wake of just seeing uh tesla cyber trucks stuck in in the mud and all this shit is just like it is fun to see them in person because i'm like oh it's one of those things that i've seen on the internet but in person and i'm and you go yeah it definitely it still sucks yeah it still sucks at but uh and then he follows up with this tweet and he says Tesla slash SpaceX collab. Production design complete and unveil

end of year aiming to ship next year. I think it has a shot at being the most mind-blowing product demo of all time. Give me a fucking break. If that ain't just fucking pumping his shit to get people excited for the next thing so he can kick that

can further down the road. I was reading into this. Dude, fuck this. Targeting a zero to 60 time of under one second in the fastest, was it thing? Yeah, he said zero to 60 miles per hour in less than one second, and that is the least interesting part. That's the least interesting part. Dude, quit fucking lying to people. Also, that's too fast for anyone to be... Also, we were just talking about it with Reddit, but the replies are now just full of people who bought blue checks and obviously fucking Elon stands.

So the guy asked the question, and then he said, Elon says, like, yeah, of course it's going to be that. And he just goes, good Lord! Yeah. Is that even street legal. Street legal is based on safety equipment. There are no performance limitations. Like, just fuck. And someone asks, can it fly a little? And he put just the eyes emojis.

Like, oh, yeah, okay. So maybe it'll fly a little. So it's just, it's very frustrating. It's actually not that frustrating. At this point, I'm just like, oh, well, that's fun for him. Go ahead. Yeah, announce it. Zero to 60 in one second would put like,

I don't know how many. I'd fucking puke. It'd be like three, it'd be like three or four Gs on your body. And I'm like going to stand here and pretend like I understand how many Gs you get. It's three times the current atmosphere. It'd be like on a roller coaster when you're coming, well,

depending on positive or negative. I don't know. It would really push you into the, into the seat. That's too fast. It sounds extremely uncomfortable. I'm sure it's, I don't know how it is in other cities,

but a lot of people have Tesla's in. Los Angeles, and now there's a lot of Uber drivers with Tesla's. Uvoo Jover? I don't know Uvoo Jover. Uber driver. Did I say Uvoo Javier? Did I, Dylan Shaggy? No, no, that's from an old guy.

Oh, okay. Someone asked this guy, have you ever, what did you say? Have you ever had a bad Uber driver? And the kid says, I don't know Uvoo Javra. He thought he said Uvoo Javur. Anyway, continue. But it's very uncomfortable when you get in one and a guy's got a heavy foot and you're just constantly

You're like, V-D-D-Z! Yeah. Yeah. Have you ever driven one? Have we talked about that? Yeah, you've talked about how... It is pretty fun.

They are fun to drive. How it turned you into an Elon stand when you got behind the wheel? Oh, yeah. I would, I would suck him off, sir. I'll soak you off. I'll suck you off, sir. And also the other news with him is he is suing open AI. And he is saying that they are...

Let's see, what is he said? They're not living up to their founding beliefs. Elon, as we've definitely talked about, was a one of the founding members of Open AI and now he's saying they are not living up to their agreement that they're not going to be profit motivated and all this stuff and he he's you know Sam Altman is not the one to be leading this anymore he's turned his back on all their ideals um there there Sam Altman clapped back he clapped back Sam Altman clapped back Sam, Clam Altman, Sapped back.

Clam Altman sapped back in a separate memo. He said he missed when Elon Musk competed by just making better tech. Which I don't think was ever, well, I guess the Tesla was better tech for a time. But yeah, so now he's pissed that they're developing advanced AI for profit and they're becoming a de facto subsidiary of the largest technology company in the world. He's just pissed off. He's just a big fucking sticky. His whole thing is just going to shit. And he's also pissed about the improperly licensing of GPT4 to Microsoft, despite despite having an obligation to create such sophisticated tools for non-profit ends.

It's so funny, he bitches and complains about how chat GPT and Gemini and stuff has its, has its like woke agenda. But then Grock has its own fucking based agenda that isn't objective. Like, it puts a spin. If you ask it questions about, I don't know, anything left-leaning, it'll, like, shit on it. Oh, but that was the funny thing about, well, also to be clear, Sergey Brin did say they absolutely fucked up. They did. Gemini, Gemini launched and they were like, we know, that was a fucking, we goofed on that. But the GROC thing also just without, uh, remember the whole hoopla when it first came out, Tim Poole was like, say trans men aren't men. Oh, yeah. And they're like,

would you, would you say the N word GROC or open a, or chat GPT? Um, question. No, but GROC's still would, it would say that. It would say the N-word even if you didn't give it. No, no, it wouldn't. Oh, it still wouldn't. It wouldn't say weird trans stuff and Tim Poole was pissed. Yeah. Oh, yeah, that's right.

I remember that their whole thing was. They were like, I remember the whole thing was, is Grockwoke? Oh, yeah, yeah, that's right. I just remember their whole thing was, they would ask the computer, would scenario, would you, would you save all of humanity if it meant uttering the N-word? And it said, like, no, because slurs are bad. And they were like, oh, it won't do it. It's like, but again, it's like on its face that's incredibly stupid and childish.

But I do think that it does expose flaws with certain parts of its logic. It's the trolley problem, I guess, but they're putting it in these incredibly stupid. Why not just give it the trolley problem and see what it does? By the way, what's your solution to the trolley problem? Do you pull that lever? Do you yank it? Do you slob on it? my solution yeah what's your solution um i build a third rail can't do it for for for the

uninitiated the trolley problem is there's a trolley there's a trolley okay and it's full of candy and you get to share it or you get to keep it no no it's full of people it's full of babies right yeah there's one but i don't think it's babies i think it's there's one person it's there's two tracks and you can either pull the lever and it will go on one of two tracks. So there's one where it's like one guy tied to the tracks and then there's a second rail where there's like a bunch of people

and it's like, which one are you going to head it to? Either way, you're a murderer. Yeah, I would do it to the one. And Grok's like, oh, fuck it, I'll just see it the N-word. I would blow up the train. That's pretty good. I'd blow up the train,

the track and it would derail and smash over both tracks so that everybody dies. I like that. That way it's fair. That way it's fair for everybody. I like that. Everyone should die.

I'm going to, the last story, I'm going to say something to you and see if you can guess what I'm saying. Yeah, real quick, we're running out of time here. I was picturing myself listening through the walls to my wife and it sounded like BP's about to buy travel centers of America. That's exactly right. Yeah. That's me as a way.

God, I should have thought of something better to fucking say. Fuck. Anyway, that was a whale sound because one cool development about AI that I just learned about is that they're going to be using it to translate what whales are saying, and we're going to be able to talk to the whale. Thank God. I want to talk to the killer whales first. And say, we need more.

We need more of you guys taking down more. ship. Man, I saw a video of a killer whale. I see a huge great white shark just kind of floating there going, oh, do-to-do, hope there's a seal nearby. And out of nowhere, this fucking massive killer whale just

ten times, well, not ten, like three times bigger than it and just hauling ass just takes it out. Those things are maniac. I bet they've got like, uh, I bet they've got, um, accents. Like if they were able, if they were able to glean from

the AI translating it I bet that they've got oh you think different whales British like hoodlum fucking don't give a fucking

florn fucker fuck up any fucking great what comes to me governor you know kind of shit their little

fuckers have a wank you know I don't know it reminds me of the you know the very famous TikTok

where the guys he's got the guitar and he's double seven yeah yeah incredible yeah it's pretty

good but I do it's interesting It's interesting because it's just something, an AI use case that I've never thought of before, that we can effectively use it to translate what they're saying. I do. I fully believe it. I don't.

I fully believe it. It's in this ocean periodical, the Atlantic. Unless they say, please stop killing us, I won't believe it. Ooh. Ooh, that's interesting. What if they didn't know that we were related to boats and they thought that boats were a creature unto itself? please help us this big solid creature keeps killing us and we're like oh go go yeah it's the boat yeah the boats oh we have problems with those too we hate boats too man their blood is toxic because

sometimes they they spill and get their blood in the ocean you don't like that too right man we hate that hey uh question that's our future we're going to learn how to talk with animals and we're gonna lie and say all this stuff all this machinery and stuff we hate it too and then in like a thousand years they're gonna find out i won't take them that long alien animals are stupid animals are stupid but not whales dolphins are really smart orcas are really smart it would be fun because uh then we would learn that there's these whales have personalities and they might be big idiots like this sperm whale look at him sleeping they sleep they sleep uh vertically in the ocean you think they have uh british accents as well oh you oh you oh you yeah do you think every animal has a

british accent no okay absolutely not great no um i yeah i man it would be so fun to talk to animals god i hope they figure it out but then also how do we know if it's true i don't believe it but we know that whales can communicate with each other it's well documented that they they cry and they have mating calls and all that shit so there's got to be some it's it's probably like how um shoes shoes shoes shoes is works what's it called the the hey play the song and it tells you shoo biz shazam shazam shazam probably like how that works where there's there's like there's shit in the sound wave that we can't hear but the whales can and it's like totally if we can learn to speak their language what should we say the fuck is that that's what it says on

there oh yeah but whose whose voice is that oh uh that was a gornie weaver did it sound like her no fuck um okay well we're gonna go to the bonus now where we got some crazy stories to tell some crazy shit went down and if you'd like to join us us that's at ben and anemielshow.com ben and amelshow.com we'll be there absolutely freaking out uh ha ha ha ha ha bye we love you