The Trillionaire Mindset - 59: How FTX lost 15 Billion Dollars in a Day

Episode Date: November 11, 2022

Become an exclusive member at https://tmgstudios.tv 16 billion? 16 billion! Ben and Emil discuss the recent FTX drama, the tech layoffs started by Meta and Twitter, and the midterm elections.  Go to https://shopify.com/trill to start selling online today To get 15% off your next gift, go to https://UNCOMMONGOODS.com/trill  https://public.com/trill - A free stock once you open an account & up to 10,000 when you transfer your account from another brokerage. Cash bonus terms can be found at https://public.com/trill Get 25% Off athttps://trueclassictees.com/TRILL Free shipping included on purchases over $100 If you listen on Apple Podcasts, go to: https://apple.co/trillionaire SUBSCRIBE to Trillionaire Mindset at https://www.youtube.com/trillionairemindset Trillionaire Highlights Channel: https://www.youtube.com/TrillionaireMindsetHighlights Trillionaire IG: https://www.instagram.com/trillionairepod Trillionaire Twitter: https://twitter.com/trillionairepod TMG Studios YouTube: https://www.youtube.com/tinymeatgang BEN https://www.instagram.com/bencahn/ https://twitter.com/Buncahn EMIL https://www.instagram.com/emilderosa/ https://twitter.com/emilderosa *DISCLOSURE: THE OPINIONS EXPRESSED IN THIS VIDEO ARE SOLELY THOSE OF THE PARTICIPANTS INVOLVED. THESE OPINIONS DO NOT REFLECT THE OPINIONS OF ANYONE ELSE. THIS IS NOT INVESTMENT ADVICE. THE VIEWER OF THE VIDEO IS RESPONSIBLE FOR CONSIDERING ANY INFORMATION CAREFULLY AND MAKING THEIR OWN DECISIONS TO BUY OR SELL OR HOLD ANY INVESTMENT. SOME OF THE CONTENT OF THIS VIDEO IS CONSIDERED TO BE SATIRE AND MAY NOT BE CONSIDERED FACTUAL AND SHOULD BE TAKEN IN SUCH LIGHT. THE COMMENTS MADE IN THIS VIDEO ARE FOR ENTERTAINMENT PURPOSES ONLY AND ARE NOT MEANT TO BE TAKEN LITERALLY.*

Drum solos suck drum solos don't suck. It's the fucking worst. No, they're not It's so bad. You didn't even make sound effects. We'll just do me that I got it I want to lead off with a little story wait, can I talk story to fuck? Yeah, I guess So I'll also got to apologize to everybody in advance, because we're both jet actors. I feel great. I'm not gonna set that as a tone.

I retract it. I would like to retract the, you guys remember when I, you guys remember when I apologized? Apologize for yourself that one time. I feel great. I feel good, but I feel delirious. No, not me.

Couldn't be me pal. I feel, I, because I, I, normally my, I wake up at like 5'36 o'clock. Is this the story? No, no, no, no, no. Fuck me. The story is even better. It's about a dream. No, no, no, no.

It'll be real fast. No. It's just, I need to share this with you and with the audience, because it was just so vivid and, and really fucked with my head. And I, I think it says a lot about what everybody's doing to me. Okay, Ben is having a hard time with that lag. No, no, no, no.

So it was just the other day. I think our last night in Tokyo, I had this dream where I was getting married and I'm not kidding you, Emil. It was- That's also my dream. It was the most vivid dream that I've ever had. And I- Were you marrying me?

I don't know. It was me. And everybody was gaslighting me because I was saying in the dream, I'm freaking out. And I'm like, I don't wanna get married, right? Who is this person that I'm getting married to? What is going on? I don't remember why am I here?

What is this? And they're like, no, you love this woman. Whatever her name. What is going on? I don't remember why am I here? What is this? And they're like, no, you love this woman. It's, whatever name. And you look down to your two blocks of ice for feet. No, I, no, but I remember multiple times going, this has to be a dream. I got to wake up and I'm thinking I'm going through the checklist of like, I got to look at my reflection or something or I got to do something.

Nothing was working. And I even remember then waking up in the dream. I woke up like in the back seat of a car going, oh shit man, oh whoa, is this real? And then whoever was driving goes, yeah, we're on our way to get married. And I just, I remember thinking, well maybe this isn't so bad.

Maybe I actually do know this person. And maybe I do love her. And I'm'm I can barely see because the lights in the in the of course it was in a synagogue. We're so bright and then I get up there and she's got the veil on and I'm like maybe maybe I'll remember her. Maybe I'll recognize her and I fucking didn't. And my dad was there and he had never died and I'm like what's going on? He's like, you good married. It was crazy.

Wild. And then I woke up and I was a wash with relief. Just so like, oh man, thank God. Because I felt bad for my wife too. I'm like, oh man, she's gonna be so upset when she realizes that I don't know who she is. When she realizes she's married an idiot. Yeah.

So with severe brain injury. Anyway, check the disclaimer in the description box because we're gonna be giving all kinds of wacky financial advice today. Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha I'm gonna be a big playtale for this. I'll be a big one for this. I'll be a big one for this. Well, the back of the... I'll be a big one for this. I'll be a big one for this. Well, the back of the...

I'll be a big one for this. I'll be a big one for this. Well, the back of the... I'll be a big one for this. Well, the back of the... I'll be a big one for this. I'll be a big one for this. I'll be a big one for this.

Well, the back of the... I'll be a big one for this. I'll be a big one for this. Well, the back of the... I'll be a big one for this. Well, the back of the... I'll be a big one for this. I'll be a big one for this. Well, the back of the... Well, the back of the... I'll be a big one for this. Well, the back of the... Well, the back of the... Well, the back of the... Well, the back of the... Well, the back of the... Well, the back of the... Well, the back of the... Well, the back of the... Well, the back of the... Well, the back of the... Well, the back of the... Well, the back of the... Well, the back of the... Well, the back of the... Well, the back of the... Well, the back of the... Well, the back of the... Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha Oh, stupid, the tell them. No, no, tell me, tell me. You might know it already. You were kind of there. We, who's we?

He's holding my hand. Me and you. Oh, oh, we, okay. We what? Work. We took acid. Oh, yeah. And.

Um. Ha ha ha. Yeah, dude. And we were together all day and then I was going to meet my friend at a jazz club. Oh yeah. And I was like, it'll be great. Like it's gonna fucking, I'm gonna be vibing and squiggly and... And it's the late show. Oh yeah, Seth Meyers.

Where they get a little avant garde. So I'm like, it's nice to see my friend. We get a drink, lights go out, song comes on. And there's like no rhythm, it's just like, I didn't know. So, I didn't know. I didn't know. And like literally, like I was like,

I think trying to get me to freak out? Cause at one point, he's the drummer soloing and he just, he takes the bottom of the drumstick and he's fucking dragging it on the symbol. Yeah, yeah. Fusion. And I was, and so I'm losing it. And I like, I got up and I ran to the back

cause I wanted to go to the bathroom just like to get out of there. And one of the waitresses was like, what are you doing? And I was like, I ran to the back because I wanted to go to the bathroom just like to get out of there and One of the waitresses was like what are you doing? And I was like I need the bathroom It's like it's around the corner and I went in and I was just kind of pacing back and forth and I was going You got to chill out man. He just got a relax You're saying this out loud because there's no one in there, but then I hear someone go There's no one in there, but then I hear someone go

And I could see some guys a little feet under the stall. Yeah, god damn it and then I had to go back to my You didn't say anything to him. No, I would have said oh Excuse me sir. I'm having a freak out. What are you doing? I didn't know they were gonna be dragging the drumstick I also didn't think that there'd be a guy pooping at a jazz club. Who's cool now? Thanks actually, because you're making me feel way cool.

You know who's not cool? You, the square and the stall. So that was my drum solus. Was that a burp? Nope, I think you made a noise. Oh man, yeah, I guess. So we're back. We're up, yeah, I'm thinking we're back. I'm thinking we're back. I'm like John wiki

Yeah, I'm it all tied up and they killed my little puppy and the rushing guy goes are you back and I go yeah? Yeah, I think we're back also. Let's set a new record for that guy who likes the comment Oh skip the six minutes if you want the frickin finance talk fuck face skip the six minutes or whatever you Skip the six minutes if you want the fucking finance we're gonna get to it that doesn't include the theme song and everything yeah who gives a shit and the cold open and skip to six to eight minutes possibly yeah big should we just get right into it yeah we got what we got to plug the live stream we will be going live next week we we will, we will, we will, we will be going live next

week on the 17th of that's November 6 p.m. Eastern that time, 3 p.m. Pacific time. And then various bunch of different times if you're around the world, which we learned on our travels that some of you are around the world. And that's great. We're going to be talking in, we're going to be talking with the chat because there's a chat feature. We're going to be interacting with it. We're going to be answering questions. We're going to be talking about Nippon, which is how they say Japan and Japan. And also, we've got New Black Friday merch.

So keep an eye out for that. If you remember that guns don't people, you're in for a treat. Okay, because they, yeah, it's gonna be good. It's gonna be good. Yeah, it's gonna be good. Hopefully, there's no shootings. And it's gonna sell out, so buy it, don't DM me and go, do you know about merch logistics?

No, I don't know about merch logistics. Yeah, there's a warehouse somewhere, where some underpaid child puts things in a box. And it's our child, puts things in a box. And it's our child, so it's fine. Yeah, yeah, it's working for the family business. One time I worked at the Long Beach Air Show and I got paid in cash, it was cool. 75 bucks.

75 bucks were a whole day. And that was the air show from which I took the ketchup packets. Okay, so if that I scored it in the toilet to fake having a stomach problem that ended up backfiring where the doctor had to look at my asshole. Right, remember that guys? Do you remember? I scored it in the toilet to fake having a stomach problem that ended up backfiring with a doctor had to look at my asshole.

Right, remember that guys? Do you remember? Yes, of course. Okay, well I can't never remember what I say. What I say anymore. Ben, we're gonna get Ben through it. I'm fine, dude. I'm legitimately fine.

I'm having a great time. I was like pissed off to come back. Not because, oh, I wanna keep traveling. Okay, so I was lying. We're come back. Not because I want to keep traveling. Okay, so I was lying. We're not going to talk about the finance stuff yet. No, no, we are. I just just a quick anecdote that after the three anecdotes we've done, well, it's only eight minutes in. But yeah, coming back, I'm checking Twitter and I'm just I can just feel it. I can just feel it bubbling up. I don't want to come back to this. I don't want to just feel it bubbling up. I don't wanna come back to this. I don't wanna come back to this shit. I don't wanna deal.

I'm like Mr. Blue, Mr. Dr. Blue from... Here's, I'll make a... What's that show, match, match, man? Watchman, Mr. Blue with the thing on his forehead. You got Rose-Colors. The famous meme where he's sitting on the planet and he goes, I don't like people. I don't wanna be around people anymore.

You got me checking for it. You got Rose-Color glasses on about those other places. Oh, no. No. Yeah. A lot of people commented about your Australia comments and they were like, do you go out to other places and there's a lot of problems. I don't think that I will, though.

Yeah, but that's okay. But also, Japan, I mean, you know. Nepom. That's what's nice about, you spend a lot of time somewhere, you really get a feel for it, talk to people, you know, you really find out about the dark side. The dark side. Places.

So it's nice to be like, oh wow, it's, we got all these things, but sure. We all got problems. Yeah, you know who's got the biggest problem? You know, legitimately right now. So crypto-corner people. People, blah, blah, blah, blah, there goes the graphic.

Ciao. Who's got the biggest problem? That freaking dork. Sam, is it Sam? I would argue that the users of FTX have the biggest problem. I would argue that he does, because his fortune was absolutely just gone overnight. He's still got a billion bucks, man.

Have you ever heard the way this guy talks? Yeah, I have. Oh my God. So let's explain who this guy is for a second. Same bank. Same bank. We've mentioned him on the podcast a couple of times. You guys have probably heard about him outside of that as, you know, he's become the little prince of crypto a little bit.

He, you know, he's had a couple of viral moments. His big one was, I don't know if you remember the moment where him and Matt Levine were on a podcast together. And the Matt Levine. He's the Bloomberg writer. He's quite funny and whipsmart, he's great. They asked him to explain crypto a little bit and he just described like a box

and the more money you keep putting into it, the more it grows. The more it grows and people get more likely to invest in it and stuff. And Matt Levine was, he just couldn't believe he was explaining it that way. And also after the crypto crash, he kind of rose out of the ashes and he was bailing out other voyager, other exchanges. Celsius. And Jim Kramer called him the JP Morgan of crypto exchange.

Right. And so I mean, JP Morgan crypto exchanges saving these other guys from a brink of bankruptcy. Right. He was stabilizing the industry. Yeah. He was lending a lot of legitimacy to the industry.

You also probably remember there's the famous pictures with him and you, and newcomer. Oh yeah. Cause he's vegan. Yeah, that one. But also with him and, you know, Bill Clinton and Tony Blair. You know, cause he's been pushing for a lot of crypto regulation,

especially crypto regulation that helps out. Look at this, though. FTX over other exchanges. He's been pushing for a lot of crypto regulation, especially crypto regulation that helps out like this though. FTX over other exchanges. He's sucking on, we got a picture here, audio listener. It is this picture of Jewish guy 28. He's 30, I think. Big wire here.

We're in a t-shirt eating a cucumber in the most disgusting way like lips on it Like just fucking bite dude. Shuh I Give me a second Especially knowing this guy's voice too Yeah, like cucumbers. I like I like crypto and I like cucumbers. He's got like a high-ass voice He's very I find him kind of fascinating. I think he did.

Well, did you know how he made his fortune, his initial fortune? With Alameda research? Yes. It was arbitrage. Right. There was a, because it was so hard to buy crypto in Korea, the price of Bitcoin was higher there.

So he would buy Bitcoin. Right, they called it the kimchi, it's something like the kimchi charge or the kimchi. Racist slam. He would buy it and bit. Yeah, you're right. They called it something like that. But he would buy Bitcoin in the United States and then sell it overseas via his own exchange or something like that. And he made it fucked on him on he doing that. Right. And he made a fuck ton of money doing that. Right. And for the higher, because Bitcoin was a higher price over in Korea.

So that's, that's what arbitrage is. Hey, there's a quick lesson. You see a price discrepancy and you take advantage of it. Yeah. He's a very, I find it very strange. He's a, he, so I mean, son of two Stanford law professors, boo, fuck, piece of shit. I went to MIT and then he was actually, I think it was a traitor at a prop firm for a bit. Interesting. So he's super into effective

altruism. It's not even worth it, so this guy, like, I forget what's his name, William McAllister or something like that, I think he's not even worth it, my. So this guy, like, I forget what's his name, William McCallister or something like that. I think he's like the godfather of this thing. It's all about giving as much money away as you can and still living within your mean. Oh yeah. Okay, but does sound like effective altruism. Yeah, but when you hear that guy talk about it,

it's very, you know, you can get on board with it, but listening to Sam Bank been freed. Cause he just like gives a hundred dollar bills to people. No, I think he does give a decent amount of way, but it's all, it's, it's, it's quite confusing. He seems to like think he's acting in this altruistic way, but I mean, you know, with his own company. So, okay, so that's that he left, I think it was Jane Street, his prop firm, worked I think it was Jane Street, his prop firm, worked for the effective altruism organization for like a month, left, and then started launched Alameda Research and then eventually launched FTX. Alameda Research is his crypto trading and then FTX is his crypto exchange. But, you

know, while he's doing that, it originally was based in Berkeley. And I think he's quoted as saying that we're leaving like 50 grand a day on the table by being in Berkeley because of American regulations. So they moved to the Bahamas. They moved to Hong Kong first. They're raking it in. And then they were like, we can move to the Bahamas.

We'll just be a hop-skippin' and jump away from Miami. Yeah. So now they're based out of the Bahamas and you know not that Shhh, you know not that a US laws are always some kind of moral Moral compass, but you know the few laws we do have in place regarding investments and stuff usually they're there for a reason Right, right A few laws we do have in place regarding investments and stuff, usually... They're there for a reason. Right. Right. Bahamian law is a little less stringent.

It sounds like Hong Kong law was as well. Oh, yes. I'm not completely familiar with it. But yeah, I think he couldn't do a form of risky derivative trades that Hong Kong and Bahamas were fine with. Because what he was doing was taking investor money and doing increasingly risky shit with it. Yeah, but we're getting surprised. We're getting ahead of ourselves.

So, yeah, because I didn't get to research this as well as I would have liked, but my understanding of it is rudimentary at best. But still pretty good. So FTX is one of the largest exchanges. I think the biggest one is Binance. Yes. Also, guys, this is so annoying to talk about. It's like, there's like,

literal different shit coins they all have. Oh, yeah. And, you know, Sam Bankman-Fried is the CEO of FTX and he goes by SPF, his initials. Yeah. The CEO of Binance goes by CZ, but his real name is, it's a Chinese name, I'm not gonna be able to.

Oh, try to say it. It's like, no, I'm not going to. No, that's good. And then they all have their own coins, like FTT, whatever. But so it feels like, you know when there's like Twitch streamer drama. Oh yeah, I love it. And it leaks over into Twitter.

I have no idea who it always, I'm always like, are you guys making people up? They're like, Fluffy said that fucking tacos are stupid. And the pansexual people don't exist. And you're like, you guys are, ASMR Twitch streamer, Muggo chimed in to whisper something about black people. And then they're like, did you guys hear the leaked audio?

And we're like, you guys are making this all up. But I swear this is real, this is all real. But, okay, so SBF. Yeah, CoinDesk leaked some of FTX's and Alameda researchers finances. And they were saying things they net up. Binance was also, you know, and Binance was, you know, had a big stake in FTX.

They, like FTX was kind of incubated in Binance and FTX, uh, Binance owned a big portion of FTX and as they got bigger and bigger, which FTX was, I mean, we were talking about how they were gobbling up other exchanges and stuff. Oh, yeah, I thought that they were, oh, shit. It's effective branding because they have a huge sponsorship with the Major League Baseball. So all the umpires have the little FTX. Is that really?

Yeah, insignia on their uniform. Dude, I mean, I don't know. So it lends itself this credibility. I'm like the MLB wouldn't endorse. I don't know if he was joking. I tried to find video of it, because sometimes you read things and print and you're like, was he joking?

I don't wanna, but I think in a conversation with the financial time, Sam Bankman Fried said, it's not inconceivable to think that FTX will buy Goldman Sachs. That's Jesus Christ. Oh, and the angel, the VC people just sucked his, they permanently had some kind of dick sucking mechanism permanently attached to his penis. Is that real?

Yeah. Because they just wanted to... And they're selling their feet at it. You can get... Remember when Joe Rogan's only sponsorship was the fleshlight? No. Oh, it was like in the single digit or double digit episodes and his ads would be like 10 minutes where he would

Hey, you were you talk to his guests you'd be like you ever tried one of these fleshloaf man these things are fucking unreal It was so gross. We gotta get a fleshly you'd be like you ever fuck one of these things Oh, what are we gonna get a dick pill sponsorship? All right, we're getting off topic here What are we gonna get a dick pill sponsorship? All right, we're getting off topic here So he said that he was gonna conceivably one day by Goldman Sachs and we will there's a there's a there's a right So everything seems fucking hunky-dory Oh, yeah, excellent and Alameda research land and so a big problem too was that I think when they looked at the books I want to find this for for Alameda research, they owned a shit ton of their own coin, right?

Well, FTX is coin, not Alameda research is quite. So it was a coin, so they're own coin that they met. FTT. Right. Which they met out of nowhere, out of thin air, they just say, hey, this is our money and we've created. Has no real inherent value, which is the currency that is crashed before our eyes over the last couple of days.

Right. And so what, so this is about Alameda researches, this book's that balance sheet is full of FTX, specifically the FTT token issued by the exchange that grants holders a discount on trading fees on its marketplace. While there's nothing per se untoward or wrong about that. It shows bank been freed's trading giant Alameda rests on a foundation largely made up of a coin

that a sister company invented not an independent asset like a Fiat currency or another crypto. That situation adds to evidence that the ties between FTX and Alameda are unusually close. So... Does that make sense? That makes sense. Yeah. close. So that makes sense. That makes sense. Yeah. Hey, we created our own currency in our other company relies on said currency, and it's all just kind of right. And if you remember, another made up currency that everyone thought was great. Luna, which caused the original crypto

crash earlier in the summer. So a lot of people are still spooked. CZ starts tweeting about that. And he says, because at this point, they had about $2 billion worth of FTT themselves. Binance had $2 billion worth of this. Yeah, they took it when they released their stake. Right. Of FTX.

Now, this starts. Everyone's afraid, you know, the next thing is coming. It's basically like a bank run. Everyone wants their money out of FTX. You know, they don't know if there's enough money to cover their investments. Right. And we've got another situation where crypto exchange is halting people and their ability to take their money out. And meanwhile, crypto itself is absolutely tanking. Bitcoin dropped from what, 20k down to 16 or something like that.

Yeah, it was back up to 17 this morning. And we were on, we were on our flights. We're on Tokyo time. Just following along, loosely going, what the fuck is happening? Because I was like, yes, baby, yeah. SPF went from being this, can do no wrong. He's the next Warren Buffett to just ostracized scam guy,

basically. It is funny. I mean, his wealth, right? He 94% this fucking guy. It's got everything I love. Crypto, except this is the fucking thing. Every time this happens, it's obviously impossible for me not to cheer on a crypto asshole losing all his money.

Sure. It hurts so many other people. Yes. Then you start to see the tweets of people fucking saying like, my life is over. I put everything into this. Please stop doing that. But yeah, he's no longer a billionaire and it's amazing how quickly

It's just amazing how quickly these things go from this is our next guy this guy's a fucking genius He's he knows everything about it. They're this here. Click that dude has always been sketch link This is great. So this is this tweet from I can't even see whose name that is. What is it? Dillian. I can't really. Dillian? Yep. Okay. What's his at? E-Bougar. E-Bougar. So he's pitching. This is an excerpt from when Sam Bankman Fried was pitching to Sequoia, which is a huge one of the biggest venture capital firms. And I just wanna read a little bit of this excerpt. He says, quote, Bitcoin you can send money in whatever currency to any friend anywhere in the world you can buy banana

You can do anything you want with your money from inside FTX and The article continues suddenly the chat window on Sequoia's side of the zoom lights up with partners freaking out I love this founder typed one partner. I am a 10 out of 10 pinged another yes Exclaimed a third. Like, these guys are so, wow, what a vision. Dude, it's just my things online. With one currency? Oh my goodness, one can purchase a banana

or send currency to another friend in another thing. Wow, this is going to be 200 X on our money return. There's something in the water in San Francisco. Yeah. It has fucking brain damage. Well, yeah. And so what Sequoia was reacting to was the scale of San Bankman Free's vision.

It wasn't a story about how we might use Fintech in the future, or crypto, or a new kind of bank. It was a vision about the future of money itself, with a total addressable market of every person on the entire planet. And then it goes, quote, I sit 10 feet from him, S-B-F, and I walked over thinking,

oh shit, that was really good. Remember's the guy who was writing this. And it turns out that that fucker was playing League of Legends through the entire meeting. So he's just bullshit, he's just bullshitting everybody. They're all bullshitting everybody. I know. That's just bullshit everybody. They're all bullshit everybody. I know. The fucking thing which lends itself to what I want a point

that I wanted to make. And I'm going to try my best to make it cohesive and coherent, which it won't be. But I have no doubt it won't be. I feel like this is just kind of beginning because a big hallmark of the last few years was just blanket praise of geniuses. We had Trevor Milton with Nicola, but I mean, that one felt hard. Wait, before we get to that,

can we just catch up to where we are now? Yes. That's a good point. Go ahead. Yeah, just to wrap this up a little bit. So, wow, did a meal just interrupt Ben? What? That never happens? Go ahead. I don't care.

Go ahead. Where were we? I don't even remember. So well, just because I'm sure everyone's following this and it's literally changing every day. Because you know, I think on Tuesday, if you woke up, the news was that everything is fine because basically what happened was they needed a bailout

There was like an eight billion dollar hole where if they wanted to make everyone a hole they would need They would need the funding and so by Nancy was gonna step in and help it was all good, you know SPF tweeted about it. I think CZ CZ did as well and they were both like yep, we reached an agreement By the end of the day the deal had fallen apart Why CZ said he looked at the books and he said this is a fucking disaster and they were both like, yep, we reached an agreement. By the end of the day, the deal had fallen apart. Why? CZ said, he looked at the books and he said, this is a fucking disaster. No fucking way.

Good for him. You're out of your mind. He pointed to, I think, mismanaged customer assets and open investigations from the SEC and Texas. By the way, his name is Shung Peng Zhao. Yeah, see, I'm glad I didn't try. Shung Peng Zhao. No, I didn't have it in front of me.

I'm just like, if I tried to make up the name. You'd say something. You'd regret it. Right, that's, that's, that's, that's, that's, that's, that's, that's, that's, that's, right. So that deal falls apart and. So what's happening now? What's happening now? We don't know

SPF is now doing I think he's still doing it as we're recording. I woke up he had a He had a 15th he had a 15th tweet thread apologizing I think he's up to what is he up to last last I saw 22. What's the up to now? 22 So he just keeps and finally I sincerely apologize. Oh, that might be the end of it. We'll keep sharing updates as we have them. He he he places all the blame on himself and says I'm sorry I fucked up playing League of Legends and eating cucumbers. He also makes the weirdest excuse that he like mislabeled accounts and that's how he ended up that's how he ended up

that's how he ended up betting with all the customer accounts. Oh, geez. Wait, so he was taking customer money. No, they were mislabeled, dude. He thought that was just like FTX cash. Oh, and then he was using that to make irresponsible bets on other things that didn't pan out.

I get, it's not entirely clear. He's mostly just apologizing to people and people are in the comments begging him to please. But I will say, I mean, I don't know how he'll do it. He has, he's like, I'm not gonna rest until we make everyone whole. Oh, he's gonna rest, dude. He's totally gonna rest.

I, this dude loves resting. I also feel like there's a small chance that by the time this episode comes out, he's like, there's gonna be news like, SPF is nowhere to be found. Uh, that'd be cool. I hope he does that. We think he's in, uh, dude, bail. SPF, if you're out there, fucking bail. I mean, dude, but like, that's, you know, all these people act like they are, they've done it. They've democratized finance. We're the new system.

The old system did not work, but he is so similar to everyone. Oh, yeah, that's one of those biggest ventures lately was political contributions. Cause it's like, he started to figure out, oh, this is how you do it. If you want to become a, you know, an institution, right? Donating like so much money and biggest donor to Biden's campaign. Oh, yeah, spent so much money on, I mean, dude, he spent fucking like $20 million on some guy in Oregon, Oregon in a house seat that he fucking lost his primary and, um, and, you know, before all of his money went away, he was saying that if Trump ran in 2024, he said it all, it's, you know, before all of his money went away, he was saying that if Trump ran in 2024,

he said it all, it's, you know, he said he can't talk about it yet because it hasn't happened, but depending on how 2024 looked, and with Republicans, he said he would be willing to spend a billion dollars on political contributions. Just to not get him elected. Well, now he didn't even have a billion dollars to rub together. I know. I'd like to see spend that money but so

you know he's he's trying to buy his political will just like any others yeah he uh... he lost a lot of money overnight pretty crazy i forgot what i was gonna say i do remember what i was gonna say it concerns me seeing things like this happening more and more, well not more and more it seems, but just you had the, you had Luna, you got this guy, you've got Voyager or Celcius. It all kind of, they all, it starts off as,

oh Bitcoin and crypto is gonna revolutionize things, but then no revolutionization. No, it starts off with a few people saying that, but then there's a lot of people going, look how much money I'm making. Exactly. You're a fucking idiot. Well, that's what I'm saying. Sitting on the sideline.

They suck out any and all legitimacy that there was ever to be had from it. And it kind of reveals that it's all just a big house of cards upon which they try to make the most money the quickest. And then everybody is left holding the bag. Yeah. I mean, dude, I feel it. The amount of times I've seen people making money, hand over fist, and I'm going,

oh, I'm wrong about these guys. I'm the fucking idiot. I mean, they take out ads. This is the fucking guy. You also probably know him from his FTX Super Bowl commercial. Yeah. The really popular Larry David commercial, where the whole bit is that don't be as stupid

as this fucking guy. They go through historical examples of these skeptics who just didn't get it. They didn't see the vision and so Larry David It's present day and he like walks in and he's like, no, I'm good I'm not gonna and then it goes into all that like the wheel and Larry David's like the wheel What the fuck are we gonna do with that they go through coffee forks toilets, and it's like FTX is like toilets. You guys are gonna, you guys are gonna-

You're gonna wanna shit in one of these things. Unfuckin' believable. I love doin' that. That's all they do. That's all they can do is just make you think about how you're missing out. You're missing out on this huge fuckin' opportunity. It's the next toilet. So, what I was gonna say earlier is

we've been putting so much collective stock in these geniuses who can do no wrong. You got Mark Zuckerberg, Elon Musk, JeffyB, and a big hallmark of the market over the last, since COVID has been, every stock that has gone up has come down and then some, they've all come down and since erased most of the COVID gains and I just, I wonder if Elon Musk is not only next, but it's going to be the biggest one of them all. Because he's falling, he's going to have fallen. I know because he's going to have fallen from, like,

because he's going to have fallen. I know because he's going to have fallen from like, oh man, it kind of, it is in as much as the fallout from the likes of FTX infects the rest of the market. I wonder if the fallout from the likes of SBF will infect the other perceived can do no wrong geniuses of our time, like Elon Musk,

where suddenly it kind of puts it all into perspective and it kind of shakes people awake that like, oh shit, everybody is actually a lot more fallible than we first thought. I mean, especially the guy who talked about, man, there was this one thread chronicling some of Elon's tweets from like 2017, 2018. Did you know that he talked about at one point putting a rocket on one of his cars?

Like in a serious way. Like you'll be able to actually fly on one of our cars. We haven't figured it out yet, but that's something that we're looking into. In the semi truck, just so many things. I mean, dude, people have been screen-shouting his, you know, because he was saying, you know, but that's something that we're looking into. In the semi truck, just so many things. I mean, dude, people have been screenshotting his, cause he was, you know, we're jumping ahead a little bit here cause we are gonna talk about Twitter,

but he's talking about how we are gonna make Twitter the space for, you know, for you to come for like, correctional information. Like we're gonna do away with misinformation, we're gonna do with, away with disinformation and people are responding with his tweet in March 2020, I predict by April zero cases. Oh, of, it's totally, you know,

it's COVID. Yeah, yeah. It's totally safe for you to spend time with your family. It's like, what are you gonna do about those tweets? Sure. I just, I know we're jumping around a lot here, but I just, I find it interesting, all the lot here, but I just, I find it interesting all the Elon sucker suck artists who like to suck them off online. They just, it's like, they don't seem to understand

that a big part of the wealth that Elon Musk has amassed has come from him pumping up the company via tweets and via promises that would never come to fruition, the accountability for which he's never held to. He's never, he's never promising year after year after year self-driving doesn't happen. Semitrux doesn't happen. Cybertruck doesn't happen. But each and every time there was such a vast amount of short interest against Tesla that when he came out with these big promises at just the right time,

it was the fuel necessary to squeeze all those shorts and it created this, oh fuck, what is it called? Not only a short squeeze, but a gamma squeeze because all the people that were in options it just creates this feedback loop and it's like squeezing a wet bar of soap ever higher that just eventually became its own mechanism for the stock to just continue rocketing and then they do the splits and it's like they it's just my point is that it is false to look at the performance of Tesla's stock

and Elon Musk's net worth as some kind of indisputable evidence that he is the smartest man in the world and that he is all of these things because at the end of the day, a lot of it has been empty promises and vaporware. So just, and so I wonder, because Tesla's down $600 billion in market cap from its November high, his net worth is down to a poultry like $194 billion. But I wonder, because like I said, so many of these things,

so many of these stocks have come, have given up all of their COVID gains, and then some one that has yet to have that happen to is Tesla. And I wonder if it's just starting. It would be very interesting if in a year from now, it's like, wow, you know, you see the headlines just like you're seen with Mark Zuckerberg, how much net worth he's lost. I wonder if Elon's going to be one of the biggest of them all. I mean, Twitter could be the start of people losing their confidence in this... In him, I can jackass. Yeah. So should we talk about...

Should we talk about Twitter a little bit? Twitter? Yeah. I mean, I do find it funny how so many people are shit-talking how much of a mess it is. Well, naturally, it's gonna be a mess when you've got a sudden, this new guy coming in and you shaking things up, there's gonna be some trial and error. So I'm willing to give him that.

Like of course, there's gonna be mistakes if you're coming in trying to shake things up. Yeah, but I mean, something seemed obvious. The exact result from firing half your workforce and doing that a little bit haphazardly, asking them to come back because, oh, we actually need you to work on some of the things we need to do.

Oh, right. Also, some of those are going to be content moderators, and doing it so quickly. I don't know. And he tweeted, he's like, look, you know, and doing it so quickly. I don't know. So, I mean, and he tweeted, he's like, look, dumb shit, it's gonna... Please note that Twitter will do lots of dumb things in coming months. We will keep what works and change what doesn't. Wow, he's so smart.

Man, that guy just thinks so fast. Yeah, so I mean, the last time we talked, he had just taken over Twitter, nothing had really happened yet. And in the last week, so many things had happened. They've shaken things up. It's a very confusing place with check marks. Well, they're not check marks or, I think this morning he tweeted that, because at first there was two different check marks,

there was a blue and a gray check mark. One of them was gonna denote that you were actually a person of note. One was going to denote that you were a Twitter blue subscriber, but I think he's done away with that. Now it's just the great equalizer. See, I do agree with there is something to be said for verifying users to like get rid of a bot problem kind of thing and it's and I don't know

that this is the solution but someone someone somewhere along the lines said that it should just be you got to verify your identity with a first and last name so that nobody can be anonymous and I kind of agree with that. I feel like that would fix a lot of problems. I guess, but then it's just fucking LinkedIn. Well, no, because LinkedIn's purpose is business. Yeah, but now it's got like the whole social feed and everything. Oh, yeah.

I always see people posting like insane. You're going on LinkedIn? No. Find him on LinkedIn. Add him. I don't have one. I see people, if you would let me finish the statement. Oh God. I see people posting on Instagram and Twitter screenshots of of LinkedIn. Oh yeah. Influencers. LinkedIn influencers. But they're not making jokes and stuff. They're

not making dick jokes. I've seen some pretty funny copywriters on LinkedIn. Really? I think I know you're talking about his name starts with A and ends with damn. It's mostly him posting. Adam's there. Hey dude, let me know when the next dinner is. Please. Yeah, no, for sure. Yeah. No, I'm a good vibe at dinner. I promise. No, we just spent so much time having these multiple dinners together. Just tell him how good of a vibe. No, I'm like, why do? It's not a bad vibe. Terrible vibe. I've got such a good vibe at dinner. By the way, I picked up a smoking habit on that trip and then I dropped it. I'm not kidding you guys.

I was smoking cigarettes. Yeah, I don't want to derail what we're talking about, but you were psycho. You were like, okay, so you were like, amela, are you gonna smoke? And I was like, if I'm drinking a, like smoke cigarette or two, because like, you know, if I'm drinking, I'll like smoke cigarettes too, because like, you know, if I'm in a different country, it's fine.

Yeah. And then so like, I took that as re-reign. No, no, no. At first, you were like, you seem to be doing it when I would do it, because you were like, he won't, and then... Healthy guys doing it. Right. And then so, but then like, night three, you were like, Amelia, you want to cigarette? And I'd be like, no, I'd be like, uh,. Right, and then so, but then like night three, you're like, Amelia, you wanna cigarette?

And I'd be like, no, maybe like, come on, smoke a cigarette. And I'd be like, I don't fucking want one. I don't smoke cigarettes. And then it was like just, and then it was sober. It was like, you know, like 9 a.m. And you'd be like, we should all smoke a cigarette. And I'd be like, I don't fucking smoke. Like I quit so long ago, I don't want to start again.

And then my man was buying packs. My man was like, no. We would be walking into like a nice area and be like, it should be a nice place to smoke a cigarette. Yeah, I really was a one one. You went, I was, I was like, my guy, you have developed the cigarette smoke and you have it. Oh, because I cuz I mean I haven't I haven't been a cigarette smoker in like 15 years so it all came flooding back and I'm like damn I want to smoke in the

morning I want to smoke after a meal yeah I want to smoke while I'm walking you posted a look at this picture for the audio listener it's a meal fill my hot younger brother and me and we're smoking cigarettes and why don't you call me and Phil hot I feel like well cuz that's a meal, fill my hot younger brother and me, and we're smoking cigarettes in front of... Why don't you call me in Phil hot? I feel like we're doing good. Well, because that's a given. And people know who you guys are. And we're smoking in front of a sign that says, smoking okay in a boy.

Look at the smile on my face. I'm so happy to be smoking cigarettes with a smiley guy. It is tricky, but like, because remember Phil took the picture, he took a picture of me because I had, I had had probably three high balls and we were in a bar, you could smoke inside and I lit up a cigarette and I took a drag and I blew it out and I just went with zero irony. Everyone should feel this. And Phil like took a picture and then he showed it to me, he's like insane. I'm so glad I captured this.

But yeah, they rock, but they're terrible for it. Oh yeah, smoking does rock, but I do not endorse it. And now I'm done, unless I go out of the country again, then maybe I'll smoke a couple. So anyway, where were we before? Twitter, Twitter, all kinds of mess is happening at Twitter. Oh yeah, the check marks, the verifying of people's things. So we're being sued in a class action lawsuit? Yeah, that check marks check mark, the verifying of people's things. Well, being sued in a class action lawsuit.

Yeah, that'll go nowhere probably, but advertisers are fleeing. Everybody is saying that they're gonna leave, but they're not gonna. Yeah, he says it's all part of the plan. He's also Elon is headed to trial next week. He's getting, he has to defend his record $56 billion Tesla pay package against claims that it quote,

unjustly enriches him. That one's a good one. Without requiring his full time presence at the car maker. Like, and I remember, so that was part of the whole Thing that was really frustrating watching the rise of Twitter stock because so much of his Compensation was tied to the performance of the stock and So it stands to reason he's gonna do everything he can to pump up He did I think he did 11 he hit 11 out of 12 milestones he had to hit. Yeah.

And yeah, the compensation for that is unprecedented. To get that much money for the stock to perform that well is just, that's the system we're in, baby. I guess, God, my neck is stiff. What the fuck? But it is interesting, because I think I showed you the tweet... Someone tweeted like, you know, he's now CEO of three companies. Sounds like CEO is not that hard of a job. And I was like, this fucking is so fucking stupid.

We act like these people are so fucked, you know. Well, they're compensated that way for all the hard work they do. Yeah. Good point, buddy. It wasn't my point, you know. No, it's your point. It sounded like you said it. I just heard you say it.

I pulled up the sweet and showed you. Yeah, but I heard you say it. All right, I said it. That's my point, okay? Yeah, but it's just, it's this whole thing. I just can't, yeah, speaking of being enriched. So he, in this, in this just goes to, you can't trust these people because they're

not going to do what they say. He said in April that no further stock transactions for Tesla were planned, aka him selling any because that was a big thing. And then again in August, he said that it was important to avoid emergency sales in case he had to close the Twitter acquisition. And then guess what he did. Guess what he did. He sold 19. Yeah, I sold 19 and a half million shares of Tesla worth nearly $4 billion recently. So I'm pretty pissed off because last week, while in Tokyo at like fucking midnight

because that was the time that I had to be awake to do a little trading. It looked like on the weekly chart, Tesla was imminently going to break down a bit. So I bought some of the 210 strike puts that expire this week and I fucking sold them on Monday, which was so stupid because they went like $30 in the money and I bought them at like six bucks and then I sold them on Monday at like nine bucks. Yeah, so I'm thinking he's back. Yeah, so that was annoying

because it just fucking absolutely tanked. So yeah, and then we said, yeah, yeah, well, you wouldn't be the biggest one of all. I think I'd like to think so. I would like to, you know what makes me think that might not happen is the fact that Tesla has done so many stock splits that I mean, this is stupid to say but it's at like a hundred and eighty dollars a share and that would mean it would have to drop to like

Fucking fifteen dollars or something which I just I don't know. I can't imagine that happening It can happen God willing. I hope so. I'm just I hope that nobody out there is in Tesla stock and that you're fine But everybody else fucking hope date. I hope that nobody out there is in Tesla stock and that you're fine, but everybody else fucking hope date. I hope Elon Musk shits on your chest Jesus I Hope it's wet Man, how about those bidets in I had a couple bid, not only did I have a nightmare one night in Tokyo,

that the bidet missed and sprayed all along my back, but then it happened. Because you see, you see that in the first class? You see that in the first class, like it's psychopath. And no, yes, but it still works for me. But like, and when I took a shower at the lounge at the airport yesterday, I'm sitting there and I turn it on and I'm just sprays all over my back,

all over the mirror behind and I just went, oh, you gotta be fucking kidding me. I turned it off and I had to do the girl one because there's the bidet, the butt spray. And they're, oh, we don't need to watch this. We don't need to watch that. We don't need to see that. And, uh, And they're oh, we don't need to watch this. We don't need to watch that. We don't need to see that and Because you know there's the woman spray on the on the toilets that's meant to spray the vagina There's a little woman I stopped I used it the first day and then I was like I'm not a big fan of this seriously Oh, wow, what a fucking freak. Geez, man. This guy uses Toilet he uses paper to clean himself like a barbarian

What is this? The year 1100? It's just like, you don't have to make a whole meal out of shitting. Just fucking shit. Clean up and just go. Well, yeah, that's the whole thing with the water as you clean up and you go. It doesn't. Yes, it does.

I'm not gonna argue with the days. No, no, no, argue. No. We have time. I wanna talk about some of those other stuff. Okay, everybody's getting laid off and it sucks. No, there really is. Let's take tech layoffs summarized.

Meta's laying off more than 11,000 employees. Did you see his address to the company? It was really hard to watch. I don't blame him, but me. Yeah, it's just him up close. You know, a lot of people, if you worked at Mehta, you contributed to, you know, he was basically praising everybody

for their work no matter where they, what their position was in the company and attributes the entire situation to himself. But, I mean, what's that worth to you if you're getting laid off in Mark's store? Oh, right. Fucking nothing. Yeah.

You know, I'm glad you fucked it up so bad. But it is interesting because a lot of, it feels like a lot of tech companies are now starting to kind of realize you were saying offline in the car that oh, about how, you know, other people are seeing Twitter lay off all these employees, and they're like, well, maybe we can fucking trim that here. Yeah, because some former Twitter employee said, yeah, we used to be able to run this site with like 10 of us. Right. All these fucking very popular apps launched with like a skeleton crew.

And now all of a sudden, they've ballooned to- 30,000 employees. I mean before they laid off the 11,000, I think they hit 87,000 employees at Facebook. Wow. You know, and I guess Twitter was at 7,500? Wow. It's fucking crazy.

Yeah. I mean, I don't think all those people should lose their jobs. Wait, there was a really funny fucking, a really fucking, a really funny fucking, in the article about, in the article about ad advertisers fleeing Twitter. Yeah, they're coming on this show.

Who is that? All those advertisers. Yeah, that's where all the advertisers have gone. Yeah. But they had a, they had a line in there that was just, because you know, the journalist always reaches out to, you know, see if they have any response. And so they said, Twitter hasn't responded

to requests for comment likely because its communications staff has been included in the layoffs. That's funny. That's funny. But yeah, everyone is, we have a little tweet here who someone compiled all the, a bunch of the tech layoffs. Oh yeah. And they're just getting everybody's getting

decimated. You got hammer Twilio 11% go fund me 12% Redfin 13 lift 13 Patreon 17 coin base. Jesus. Open door Intel snapchat 20% Rob at her 23% What is Dapper? Hmm, is Dapper a right wing one? I don't know

I would imagine it's some kind of fucking like We'll send a box of BisPoke gifts to you God, I was fucking hated to be spoke, Aira You only keep the ones Oh man Oh, nope nevermind Take your business, Web 3 What does that fucking mean?

Come on, man, it's the future. Goddamn. Mind your next favorite NFT. No, I won't. I will say I'm sorry all these people lost their jobs, but no. Yeah, me too, but it is. It is always your most annoying friend who works 15 hours a week and makes 300K.

Just explain what it is is and then they can't ruin cities you like yeah So Twitter is the biggest one though with 40 to 50% of their workforce getting laid out. I wonder if San Francisco is cool now Well, you probably got to give it a little bit. It's probably a very sad state a bunch of people just shuffling around with their resumes Yeah, well, we're all we're very lucky to do what we do aren't we buddy? Yeah, I don't have to deal with these Tech creeps yeah, unless you all stop listening all of a sudden I dare you

Don't do that. No, I dare you What is gonna happens to all these people? Is it a fuck to like I don't do that. No, I dare you. What is going to happen to all these people? There's a fuck to like, I don't know. They're gonna start people. They're gonna, all these tech people are gonna make startups. It's gonna revolutionize. I don't know if it will, though, because that the ability to do that was brought on by all of the cheap money, right? Yes. You can't really do that anymore. You know, people aren't like, Yeah. People aren't really, aren't really willing to value your company

at like a billion dollars when you come in. You're like, it's an app company that delivers dog treats to your door. And you're like, we're fucking in baby. Yeah. They're like, get lost. We got to take advantage of this over the next five years.

We got to come up with a plan, a startup that's called like, dip shit or something. There's no money anymore. Sure there is It's a thing that it's a claw that comes in takes the turd straight out of your butt. You got a one track mind man What no Some might say I'm obsessed but I'm obsessed because I have- Also, after I'm obsessed because I have a vision for a clean America. After traveling with you for two weeks, I'm like, oh wow, it's like, it truly takes up a,

I thought it was like kind of for the show. It takes up a large party, right? What are you even getting at? What are you talking about? We wake up in the morning, it's like, hey boys, I need my, I'm gonna try to move my bowels, and I'm like, bud, that's fine. I don't need to know about it.

We're like walking around and you're like, dude, even. I was laughing because I- I know where this is going. No, I don't think, no, no, because this one was very subtle. But you're like always worried about the bathroom. And like at the end, we had to check out of our hotel

but our flight wasn't for a while. And you went, yeah, and they'll let us keep our luggage there and we'll be able to use it a lobby so we can go to the bathroom if we want It's like yeah, dude. That's so sick Listen when you when you grow to have a sense of gut like I do it is It's something you have to worry about like on the plane. I like, okay, shit. They're offering me this lovely cheese plate. Can I do this? I don't think we ate a meal without 15 minutes after, you go and, did that fuck your stomach up?

I mean, gone. No? Wow, you know what this is, dude? This is Abelist. Yeah, I guess. Wow. Emil de Rosa of Trilina reminds it. Abelist.

Is everyone out there just like needs to be within 15 feet of a toilet? No, but I just hope that, yeah, I was fine for the most part, but yeah, there were a couple moments where I was like, ugh, like when we did Nautima, that morning I woke up thinking, damn, it is a code brown. It was the first thing you told me at 6 in the morning. Yeah. I'm so glad. The first thing you told me at six in the morning. Yeah. Yeah.

I'm so glad that I went home. Man, I was this I was so close to just staying in bed. I'm so excited. Oh my guts. My gutsy bubbling up. I think I ate too much cheese in Raymond. In Raymond? Ramen.

A ramen ramen ramen. Okay. So let's just see here. Well, also I just wanted to point out, it's not just tech. That was a tech list. This is from Reuters. Corporate America. Braces for downturn with job cuts.

We did, I think in the jobs, we added jobs, but there's still, I think, unemployment upticked. It went from like three and a half to three point seven percent. But, which would actually probably be good for the markets because they wouldn't mean that the Fed might start to pivot. But yeah, so there's tons of tech in there. They've got meta, but then city group, Morgan's thing. Oh, man, all of the fucking let all these Microsoft, yeah, lead off the thousand employees, Johnson and Johnson. Oh, Jesus, eight Twitter, lift more tech, but oh, there you go.

Warner Brothers, Warner Brothers Discovery, beyond meat, stripes, stripe, stripe, which was about to go public and just never did. Philips 66 oil company arrival. Yeah, so things, everything's everybody's getting laid off. I wish everybody was getting laid. That actually, they everybody's getting laid off Wish everybody was getting laid That actually they're just getting laid off you should tweet that Retweet the link and say sure wish everybody was getting laid instead or you do that and I'll say Fuck everyone's getting laid off. I wish everyone was getting sucked off

See who gets more so I wish everyone was getting sucked off. Yeah. You're just like it. Wow. Okay. We'll see who gets more. So. Ah. Ah. Oh, did we want to, what are we talking about here? There was also midterm elections. Everything hasn't shaken out yet.

Unclear, what it will all look like. What is clear that the, what is clear is that the Democrats did better than everyone would expect them to have done i wouldn't think that by looking at right wing twitter which seems to be either in denial or they just so desperately want to control narratives that they're like wow we did great i mean they still might end up ahead

uh... but you know they were talking about a red wave they're talking about wiping out right you know wiping out their lead and everything like that and it's unclear if that's gonna happen so much is unclear we don't even know if we have a fucking mayor we don't know if we got Rick Caruso put his name Rick Caruso oh yeah yeah I was for some reason I wanted to say rock rock I wish his name was rock rock Caruso That'd be a little cooler. He would have had my boat if it was rock Caruso. No So yeah a lot of stuff we just don't know yet We do know that and this is very relevant to our show This was in the Wall Street Journal Private equity spends nearly

150 million dollars to fuel 2022 races. So yeah, they were yeah, they had a big breakdown of how people, private equity employees, private equity companies spent their money. No surprise, they're always spending a ton of money. I think they said, employees of private equity firms have given $146.8 million to political candidates and committees for Tuesdays, US elections, federal record

show. The sum is the most the buyout industry has ever spent on a non presidential election cycle according to data from the center for for responsive politics. And the total is 26% more than the industry's former record set in 2018 primary midterm elections. Sorry. And you know, one of the biggest losers was draft kings. They, I think they were lobbying for California had this, what was it? Online gambling, mobile gaming

gambling, big bill that just absolutely got denied big time. Can I tell you what, I was weirdly kind of rooting for it because, you it because I don't have a dog in the fight, I don't gamble or anything, but apparently I voted against it. Apparently it's legal in New York and all my friends in New York, Draft Kings had this promotion where you would... It was like one of your fucking churning things and I was so pissed. My friends were all basically getting $5,000 for nothing. No way. Yes. And I was like, if this shit goes in California,

your boys getting five grand. Yeah. Well, I'm sure that's- Because I was like, tell me how to do it. Tell me how to do it. Dude, when there's a loophole like that, they closed those things, lickety split. They closed them.

Well, it took target six months when I did my big... Yeah, there you go. I could have snuck in there. Mega run. Oh man, that was a good time. Oh, dude. Going into target every month with four credit cards and just loading them up. That was those were the days.

Yeah, wow. Prop 27 lost by nearly four million votes. 83% to 17%. Pro abortion measures were... I don't know how to say this. nearly four million votes, 83% to 17%. Pro abortion measures were, I don't know how to say this, pro measures that were securing the right to abortion past and the places they were, everyone expected it to in places like California and other liberal places, but I think it was even in Kentucky and Wyoming.

I honestly think that was a big part of the Republicans downfall. Up until the Roe v. Wade thing happened, I was certain that there was going to be a red wave and that Republicans would wipe out Democrats. I think they really underestimated how much people were gonna hate taking that Taking that right away. There's also a lot going on like I think polling is they're gonna have to figure out a new way to Poll people. I don't think they understand that normal people just don't pick up the fucking phone for a I thought they pull online and then text message. They do a lot of different polls But you've never gotten a call like hey, hey, we're just doing a poll for you.

I don't answer. And you go, shut up. I say shut up. I thought you were my doctor's office. I get, I get at least I was getting three calls, three or four calls per day doing solar panel, solar panels, shit and remodeling because some credit card that I got years ago, I had put that I was a homeowner on the application, huge fucking mistake. And I also put my old, old, old, old address, basically my parents house back in Long Beach from 10 years ago. I put

that as my address and I put that I was homeowner. So big mistake, because every time they call, I go, is this about this address? Yes. I am not a homeowner. I don't own a home. Please take me off of your list. I don't want to waste your time. And they said, okay, every single time.

Okay, thank you, sir. Yeah, I'll take you off the list. I mean, that guy's like, you're not wasting my time. This is my fucking job. Yeah, I don't care. I'm either gonna be able to do it. I get paid by the house.

Yeah. Anywho, we should do it. What? Well, we'll go a little bit longer. We get time. Well, because we also got all these things, I got a pee. What else did you want to cover? The Tyson, yeah, let's talk about that Tyson.

No, I was gonna talk about, the stuff we were talking about, but it's fine. Well, what, what? No, no, just more midterm stuff. It's a big part of it was they were putting, I don't think they realized how much Gen Z was gonna come out. A big part of it was how much they would come out. I think in record numbers, and honestly, a lot of people are, you know,

are saying that a student debt relief is bad. I think you're seeing the response to people actually doing things that make a material difference in people's lives. So Gen Z obviously really likes that. Yeah. Gen Z like not having debt. Everyone like not having debt. That's true. let's wrap it up with the Tyson CFO the Tyson meat company You know they make chicken and shit. I'm aware They're fine. They're shit sucks. I don't need it. It sucks. It's so fatty and I don't know It's just sucks ass, but there's CFO. What is going on? Cause it didn't to be on me. I know, there's something.

There's something in the water with these guys. And we gotta get to the bottom of it cause it's getting down right things. He's 32, damn, what the fuck am I doing with my life? That this guy's that much younger and he's the CFO. Oh, his name is John Tyson. So he's really, he's family. Yeah, yeah, okay.

I was gonna say. All right, after allegedly becoming intoxicated and falling asleep in the wrong house. Don't you hate when that happens? He was trespassing and booked in Washington County, jail. A woman who did not know Tyson allegedly found him asleep in her bed in the same room to William. His breath smelled of alcohol. He was unable to verbally respond to police.

The woman told police that she believes the front door was unlock. What are you doing, lady? You sleepin' with your front door online. I mean, it's springdale. I'm not her fault. Obviously, but springdale Arkansas. It's friendly and I guess, but look at him. Look at him. So drunk. He's still drunk.

And did you guys call my dad? You did call my dad, right? Okay, for sure. I bet the shit that was coming out of his mouth was just about who he is and All right, cuz they said he was unable to talk to police. Yeah, Tath chicken wing Chicken wing and they're like chicken wing Tyson chicken wing burping Tyson Yeah, I'll chicken wing. Burping. Tyson, yeah, chicken wing.

It probably worked. It probably worked. That's the thing, we always make fun of those people for the, do you know who my dad is? Yeah. That would be a cool one. But they, it probably fucking worked. Yeah.

Damn dude, I do love your chicken wings. I still gotta rest you, but damn. But I mean, he's gonna have some hot shit, Arkansas lawyer come in. It's all gonna be the way. Who loves their product? Now, now listen here, I'll do declare. Ha, ha, ha.

You know? The foghorn leghorn. Just some kind of like white suit. Yeah, maybe, maybe it, is this a, what is this? It's not bad. Yeah, for those of you who don't know, Foghorn, Leghorn was a loony tunes character. He was a giant Southern rooster.

That's John Tyson's lawyer walking into the police station, going, this is going to be a slam dunk. Yeah, I should watch some loony tunes as an adult, because as a kid, I would just zone out and watch him because it's cartoon. I think that's kind of what they're meant for. Yeah, but now as an adult, there's probably so many jokes that I wouldn't get. Like all the horny shit that Pepe La Pia was saying. Well, and also just...

I... I would like to apologize for my comments. They were insensitive. What do you greek? No, that's how he talks. Yours was so bad that I can't even remember what pay pay lift you actually sounds like I Can't remember He's like oh he was a horny French Would like to take you to

On a date tonight. All right. This is a good place I'm so tired. Uh, join us in the after hours. Go to TMGStudio.tv and sign up in that you can get whatever the fuck we're going to talk about after hours. If you missed last week's, we were naked on a bed together. That was nice. So that's it for this week, folks.

Good to be back. Good to see you. Love you. Goodbye. This week on After Hours. All right Ben you ready for the After Hour? No, don't, there's so much more to you than a fucking bidet in your asshole. Congratulations, you got a manslaughter chart. You are kind of, I just want to get comfortable man, just really get comfortable. Sign up on TMGStudios.tv to watch the full bonus episode.