The Best One Yet - 🦇 “Keep Elon Weird” — Saudi’s soccer cinderella. Tesla’s Austin move. Asana’s CEO secret.

Episode Date: October 11, 2021

Asana’s stock is a top stock of 2021 - and their CEO has been buying more and more of his own stock all year. Tesla just quit California to move to Austin, but the real story here is every company *except* for Tesla. And Saudi Arabia’s national royal fund just dropped $400M to buy a professional English football club — which instantly transforms it into England’s richest soccer club.$TSLA $ASANGot a SnackFact? Tweet it @RobinhoodSnacks @JackKramer @NickOfNewYorkWant a shoutout on the pod? Fill out this form:https://forms.gle/KhUAo31xmkSdeynD9Got a SnackFact for the pod? We got a form for that too:https://docs.google.com/forms/d/e/1FAIpQLSe64VKtvMNDPGSncHDRF07W34cPMDO3N8Y4DpmNP_kweC58tw/viewformLearn more about your ad choices. Visit podcastchoices.com/adchoices Hosted on Acast. See acast.com/privacy for more information.

This is Nick. This is Jack. And this is Snacks Daily. It is Monday. Welcome back, October 11th. I'll tell you, this pod is a Cinderella. Started as rags, ended as a T-boy. Well, Jack, are you?

Are you? I know you're doing it. Bowie, did you see episode one of a squid game over there? No, I'm avoiding it at all costs. If you had, I would have been able to tell physically. Episode one mess with my eyes. Episode two mess with my heart. For our first story, Asana is the ultimate to-do list.

And the stock is the ultimate stock of 20. Funny thing Jack and I noticed, the CEO of Asana, he's buying a lot of Asana stock. For our second story, Newcastle United was like AFC Richmond, but in real life. Uh-huh, until it got bought for $400 million by Saudi Arabia, Inc., which is part of Saudi Arabia, the country. For our third and final story, Tesla headquarters is moving from California to Austin, Texas. Jack, throw on your batch suit. The real story here is how Tesla dump in California actually affects every other company you can think. But Snackers, it's Monday.

I didn't expect this mix coming. I kind of loved what we would. Before we hit those three stories, let's turn to page 82 of the hoarder's almanac. Okay, 82. Let's see, we got things Jack and I noticed were running out because the pandemic. Nick, that sound kind of sounded like Hannibal Lecter. I'm not going to lie. I scared myself, Jack.

The OG hoarded item, though. We have to go way back. It was toilet paper. It was toilet paper. March 2020, low light of everyone's life. You were asking your neighbor if they could spare a square. Well, Sharman just built something so we'd never run out of toilet paper again. It's called the Forever Roll.

The Forever Roll. Jack and I noticed this. It has nothing to do with the Forever Postal Stamps that are good forever. We should point that out. Sharman just launched a single roll of toilet paper. Yes. That has the equivalent toilet paper of 12 regular rolls. We're not kidding on this. This is one role that lasts a whole month for an entire family.

This thing is huge. It's huge. No chance. It fits in that little toilet paper dispenser next to your toilet. Jack, I like it. your point right there. Charmin, though, they are three squares ahead of us. You know why? Charmin whipped up their own special like three-dimensional holder that comes standard with the starter pack for this huge forever roll. And it's built out of toilet paper rolls. I mean, Jack, this is basically a car tire.

We're talking two feet in diameter for a roll of toilet paper. It looks like a giant wheel of expensive cheese size toilet paper. The kind of thing you'd see the Belgian wedding. They all have this. You open the instructions, it says you need a partner to install this toilet paper. I'm going to need a spotter. Timmy, can you get in here? Just going to need a second. The Foreverol is so much TP. You can use it until the next pandemic. Yeah, for the CEO Snackers, this was personal. Let's in our first store. You're tuned in the snacks daily. We spoke to the lawyers and we got to get something illegal

out the way. The snacks about to hear ain't food. It's air candy. They don't reflect the views of the robberhood family. It's all informational just so. You know, when that Not recommending any securities. Nope. It's not a research report or investment advice. Not an offer or sale about security. Right. Snacks is digestible.

Business news for you. Robberhood Financial, LLC, member Fembra slash SIPC. For our first story, the British soccer club, Newcastle United, was just acquired for $400 million. By a country. By a country. We got ourselves a financial Cinderella story. Now, this is also the all. alternative storyboard for Ted Lassow that got thrown in.

We should point that out. Yeah, although season two episode 10 is actually kind of like this. I know what you're talking about because fiscally and professionally speaking, Newcastle United, lovely soccer team, but they've been scrubbing the floor since 1892. Pratt City. Yeah. But this football club is an icon of underachievement. Oh, bend it like Beckham.

Broken like Beckham. Brutal. Their logo, though, great logo. Do you like those seahorses? I was just looking at this. It's a seahorse. but it's not what your picture. No, this is very horace forward.

It's like three-quarters horse. Genetically strange. You just got to Google this. Now, on the pitch, they have come 13th, 13th, and 12th in the Premier League in the last three seasons. Okay. And right now they're in 19th place out of 20 teams. Like, every time you call one of these clubs a team, a British-based snacker unsubscribes. I'm out of her.

Financially, the former owner of Newcastle United, Mike Ashley, he like never once picked up his checkbook to invest in the club. Okay. So Newcastle United, the club team isn't doing well in the pitch and isn't doing well with the money. But then you have the Saudi Arabian public investment fund. Different story, Jack. Okay. This fund has $430 billion.

It is run and owned by the Saudi Arabian royal family. We're talking about a fund that is worth 25 lifts. But that's thinking. And remember, Saudi Arabia is a market. So it's not just a royal family like in the UK. They're also the government. You know what I mean? Do you know what I mean?

So this fund from Saudi Arabia, they own a ton of oil and they also randomly own a bunch of tech in this $430 billion fund. Yeah. The son of the royal family tried to transition from oil to like future. So they're the biggest investor in SoftBank's famous venture capital. Fund. If so facto, Saudi Arabia's people own parts of WeWork and Uber and like dozens of other unicorns. Saudi Arabia owns oil and dog walking apps. Which leads us to not a Cinderella story. This isn't a Cinderella story, but it is kind of like the plot of every other Disney princess movie.

Okay. Newcastle United just went from the poorest team in the league to the richest. Okay. They just sold their team for $400 million. Now, this is the first state-owned major sports team that Jack and I can think of. I can't think of a country or state or city that owns like a major sports team. Yeah, especially one with this much money. And since Newcastle U is now owned by Saudi Arabia, it is the most financial backing of any Western pro sports team. Right. Like Steve Bomber, the executive owns the LA Clippers. He's the richest owner in the United States. The Saudi Arabian family has six times Stephen Balmer as well. Yeah, we should mention one issue here. Saudi Arabia's government has a human rights record that is worse than Newcastle United soccer record.

As just one example, the crown prince of Saudi Arabia, ordered a Washington Post journalist be murdered for coverage he didn't like. So, Jack, what's the takeaway for our buddies over in all of sports? Pro sports teams are like land. They are finite. Snackers, land, it has always had value and a key driver that value. Land is fundamentally scarce, literally. The scarcity of land is clear, since you're not going to go create.

New earth. There is this much land and that's it. Well, one of the only other truly scarce assets in the world, we think it's world-class sports teams. You can't just create new land. You can't just add a new team to the leagues. No, and if you want to add a new league or create a new league, good luck with that. Yeah, just ask the XFL. Yeah, and U.S. sports leagues, they haven't even gone past 32 teams. Like, no one will do it. They're scared. None of the leagues will go past 32. I don't understand why. And that scarcity is why the average value of a U.S. professional sports teams, surge by 10% last year even during a pandemic. Pro sports teams are the ultimate scarce financial asset.

Because they're scarce. Like land. Which is also scarce. For our second story, Tesla, they're moving from California to Texas. Yeah, big impact on Tesla, bigger impact on everything else. It is. So basically, Elon's doing what one third of every Bachelorette party in the United States is doing right now.

All right, Nick, March 2020, we were running out of TP. Elon was running out of patience. He called the COVID restrictions in Alameda County, California, fascist. Then he went on a tweet storm, predicted that COVID infections would drop close to zero by April, which they did not. No, they did not. And then one month later, he made a threat that he was going to move Tesla's headquarters out of Palo Alto, California.

And now he's making good on that threat, Tesla is moving to Austin. Jack, what's the official reason for this? Housing, affordability, and commutes of the Bay Area, California. You know, the unofficial reason is Franklin Barbecue, right? That's the unofficial reason. Have you had that brisky? I have not. But I have lived four miles from Tesla's Palo Alto headquarters.

I love that place. And I can vouch for the unaffordability issue because I had 850 square feet. I could, like, touch every wall. We paid $47.50 a month. It was soul-sucking. But you had that great patio. You did have a great patio. Patios are okay.

Now, Snackers, you know, everyone is talking about chips these days, microchips, computer chips, this and that. But Tesla has one other critical resource that they're passionate about. It's headquarters employees, HQ employees. This move from Palo Alto to Austin, Texas, it's for the white-collar thought economy jobs that exist in Palo Alto. We're talking engineers, we're talking designers, coders, PR finance, those are the thought economy jobs. The blue-collar jobs at the Fremont, California Tesla factory, those are staying in California. In fact, it's, Elon said last week, they were going to increase the size of that factory by 50%. So Model 3 Tesla's will say made in California, but they'll also have a bumper sticker that says

keep Austin weird. All right, but Tesla's not UNICEF. No, it's not. This isn't about Franklin barbecue or the warmer weather in Austin. This comes down to money, we think. It does. Tesla's employees, they're moving to Texas from California. They may get paid less, but they will definitely make more.

We think there's likely going to be a cost of living salary adjustment. And Texas has no state income tax. and there's no capital gains tax either. So even if your salary is lower, the savings you get in taxes and in rent in Austin could mean you have more money at the end of the day. Elon did this personally last year. He made like a ton of money

and then dodged high tax rates of California by moving over to Texas getting that brisket. Now his HQ employees can do the same. So Jack, what's the takeaway for our buddies over at Tesla? The real takeaway isn't Tesla. It's about every other company. Snackers, Tesla just became a precedent. And precedents have long lasting effects.

CEOs and lobbyists, they're going to leverage this Tesla precedent when asking policymakers for lower taxes. Or they're going to ask for, like, looser development laws to let more housing get built and rents get lower in wherever they are right now. They're going to say Elon left California for Texas. Yeah, they will. Kathy Wood left New York City for Florida. Yes, she did. We could leave here too. And they're especially going to say this in California and other high tax progressive states.

The Tesla precedent changes things for Tesla employees. But we think it changes things. even more for governor, CEOs, and state taxes. For our third and final story, Asana, just had its one year stock anniversary last week. Congratulations, Asana. The stock's quadrupled in that one year and the CEO kind of predicted it. First of all, Snackers, you may be familiar with the Asana board, a to do list that has learned how to code.

Workplace management is the type of software Asana does. It lets you assign tasks to yourself for later, but also to others. Jack, as every MBA knows, 99% of management is just delegating to someone else. And 107,000 companies and overachieving individuals are paying for Asana. And 600 companies are paying over $50,000 a year to Asana to let their employees overachieve and then delegate anything to everyone. In the work from home era, Asana's revenues have more than doubled. Jack, let's say you want Tiffany from sales to fill out her expense report, but you don't want

any human interaction involved. You just Asana her, one click, and then she has to do it. I really am not a fan of getting the Asana ping. It's passive aggressive. And that is effective. It's kind of like a Venmo request. It is, but without the emoji. Now, what Jack and I find fascinating about Asana,

isn't what they've done over the past year to surge in value. It's that there's one human being we got to talk about. Have you heard the name Dustin Moskowitz? Dustin founded the company Asana in 2008, just four years after he founded Facebook, co-founded Facebook. Yeah. Remember the scene in social network?

You better lawyer off. Yeah, that wasn't him. I'm not coming for 30%. No. I'm coming for everything. I got chills, man. It's a great scene. It's a great scene.

It's not Dustin. That's not Dustin. Yeah, that wasn't it. It was the other guy. That was Eduardo Savarin. That's who that was. Moskowitz, Mr. Dustin, he is still the CEO of Asana. He took the company public via a direct listing just last year.

And interesting. When the company went public in 2020, he owned one. $1.4 billion worth of Asana stock. Now here's the wild thing we noticed. Apparently, he wanted more. Starting in June, Nick and I noticed Dustin started buying enormous chunks of more Asana stock. Literally, he started pushing the Buy Asana 25 times since June. He already had $1.4 billion worth of Asana stock. And then he bought 4.4 million more shares worth another quarter billion. Yeah. So sprinkle of a little context.

on here, the average price of all of his stock buys of his own company was $65. And today, the price of Asana stock is $106. He should just Shavasana. You see what I did there? I like what you did there. To celebrate the $177 million in stock gains in the stock he bought of himself. So, Jack, before we sit down, stand up and sit back down again, what is the takeaway for our buddy, Dustin Moskowitz, and Asana?

CEOs can be leading indicators. Snackers, insider trading, that is a crime. CEOs can't buy or sell right before a big announcement and like enjoy those gains. But that doesn't mean they can't buy or sell their stock ever. They just have to do it publicly and not based on inside information. So if a CEO fricking loves their company, believes in the long term value, is passionate about the mission. They can buy their own stock.

Yeah. As long as they do it publicly by filing a Form 4 with the SEC for everyone to see. Form 4. it's like a Harry Potter magic revealing potion. It reveals what the CEO of a public company is trading right now. Nick and I check out finviz.com every day. And we saw all these Dustin Moskowitz form fours. And we're like, what's going on here? If so facto, Mr. Dustin must really love Asana stock because he has filed 25 form fours since June to buy us on a stock 25 different times. A CEO buying stock of their company could be seen as a positive leading indicator. Yeah, nobody knows more about a company than the CEO.

Pretty good to know if the CEO is buying. Jack, can you whip up the takeaways for us to start the week over there? Newcastle United just got sold for 400 million to Saudi Arabia. Yeah, pro teams are scarce, just like land. For our second story, Tesla's moving their HQ from Palo Alto to Austin. We think it's big for Tesla, but we think it's even bigger impact for everyone else. Asana stock has nearly quadrupled in the past year. Dustin, the CEO's buy orders, they were leading indicators.

Now, time for our snack fact of the day. one deliciously sent in by Anna Kolakowski from lovely Louisville, Kentucky. Nabisco, great cookies. Unusual name. Not very edible, not great, kind of strange. Original name, I'm sorry, excuse the fighter jets again. I mean, they're great. This is just wild, highly visual.

You must be sick and tired of it, though. I mean, I can't hear out of my left ear, but I have a right ear, Jack. I do have a right ear, which is great. The original name of Nabisco, though, was National Biscuit Company, also a brutal name. Nabisco. Yes, that's what it's short for. National Bisco Company. Is that a portmanteau?

It seems to be an acro portmanteau aconance there. It's like Tribeca, triangle below canal, or soda, so pa, south of downtown South Park. I'm just so happy you didn't say the Hudson Tunnel Jack. Snackers, you look fantastic to start the week. If you haven't yet, drop down, give us a five-star rating on the pod. It's a great way how we grow. People discover us. I'm so glad I didn't regionally cancel myself again.

We're going to get some four stars now. We're going to get some fours. Snackers, Nick and I'll see you tomorrow. Can't wait. And before we go, congrats to Ben, who survived the Chicago Marathon. And we're celebrating with Alessandra Sonari,

who just got her green card approved in Sassolito, California. Dan, switch careers moving to D.C. And his girlfriend, Tyler, is moving with them. Perfect. Congrats to the new job to Abby Miller in Dover, Delaware. And Ryan Callan, new job at the Pill Club over an Austin. Jacob Klein just started a weather blog, which is awesome. Fantastic.

Over in Mass. And Chibuike just got the first day at work over PWC in Nigeria. Congratulations to Laura Fowx and Chip Lancer, who just got hitched in Malibur. It was lovely. And the tucks fits, Jack, the tux fits. Congratulations to Brea and Cole Ashrman, who also just got hitched in Illinois. Burke and Monica married at a winery, fantastic. Keep pouring.

Happy third anniversary to Tony Fu and Sammy Chow in Taiwan. And Angela and Manaldi cadet are getting married over in Boston, which is right next. to just outside of Boston. Happy birthday, Brian, who's celebrating in Singapore. And Tabby, happy birthday in Caddo Mills, Texas. Anybody else celebrating something today? Make it a T-Boy. Celebrate the wins.

Robin Hood snacks, newsletters, and podcasts reflect the opinions of only the authors who are associated persons of Robin Hood Financial LLC and do not reflect the views of Robin Hood Markets, Inc, or any of its subsidiaries or affiliates. They are meant for informational purposes only and are not a recommendation to buy or sell any security, cryptocurrency, or investment strategy in any account. This is not an offer or sale of a security, not a research report, and is not intended to serve on the basis for any investment decision.

Any third-party information provided therein does not reflect the views of Robin Hood Markets, Inc., Robin Hood Financial LLC, or any of their subsidiaries or affiliates. All investments involve risk, including loss of principal and past performance, does not guarantee future results. Robin Hood Financial LLC, member FINRA, SIPC. You got that? Just hit it one more time because it felt like you were like, struggling with it.

I was. Yeah. You could just say you struggled with it. Not to me. It just sounded to other people who made it listening. It might come off like you were struggling. It wasn't me. It was Adam actually.

Adam said that.