SPEAKER_00: hey everybody welcome to thursday thursday thursday we got a big show today the machetes have come out in the tech world there have been a lot of riffs reductions in force happening across

SPEAKER_03: tech stripe open door lift and several others are all cutting others yeah and then robin hood uh one

SPEAKER_05: of the companies i angel invested in and i'm still a shareholder in reports our earnings and uh there's a lot of lessons in here for what's going on in the uh macro environment and for startups and founders yeah it's a lot of the cutting the cost there and they're they're getting multiple

SPEAKER_07: revenue streams online always a wise idea i'm really starting to see the stratification and

Jason Calacanis: the companies who are gonna come through and the ones who are gonna have a rougher ride after that we have a new segment rachel reporting is out cool hunting for us and she comes on to talk about a new product monetized mood boards love it very nice yeah it's gonna be a great show stick with us

SPEAKER_13: this week in startups is brought to you by micro acquire the startup acquisition marketplace start the right acquisition conversations at your own pace get free and instant access to over 100 000 trusted buyers with total anonymity say goodbye to brokers and meet your ideal buyer today go to try.microacquire.com twist babble start your new language learning journey today with babble save up to 55 off your subscription when you go to babble.com twist that's b-a-b-b-e-l dot com twist and revelo looking to affordably scale your product development with global tech talent in u.s time zones hire vetted remote developers in latin america with revelo get 20 off for the first three

SPEAKER_16: months at revelo.com twist hey molly it's thursday what's new in your world oh hi hey uh well i ran out

SPEAKER_19: of half and half so you did i think that's pretty big news that's pretty big news i was getting a tweet

SPEAKER_21: about it just put it out there oh cool yeah uh i gotta update the new i gotta i saw twitter a new

SPEAKER_23: update i gotta update that um yeah so i i got on twitter today actually paradoxically and i was yeah um

SPEAKER_24: it's a good app i mean a great place to get news uh share your ideas and thoughts have conversations with important people in the world just an exceptional like product or service in the

SPEAKER_00: world it's just i mean honestly you know when you you try to think about where else you might go if if though if you were having that question or other people around you were having that question and you you really can't come up with an alternative thing pretty great place in town square i mean so

SPEAKER_23: many things could get better over there too i mean there's a lot of ideas swirling around uh but when

SPEAKER_28: i was looking at my new stream one thing i saw was stripe open door and lift i think all announced this morning a round of layoffs which is not uncommon they typically occur at the end of the week for obvious reasons but maybe we could go through this and what percentage and then maybe

SPEAKER_33: unpack what we think is going on here yeah we uh this seems to be the we were sort of doing

SPEAKER_08: a little bit of historical analysis and there was like a big wave in june and july and now it does appear that in a big wave is starting and already occurring in terms of uh these riffs and and reductions so yesterday and today we had stripe uh do a 14 reduction in force a riff let go of a thousand employees so they had had that 8 000 cut that down to 7 000 um in march 2021 stripe had raised 600 million at a 95 billion dollar valuation in july stripe reduced its own valuation to 74 billion uh down 28 as part of a 409 a valuation that we covered at the time so they let go a thousand lyft did a 13 percent riff and let go of 700 employees uh 700 of its 4 000 open door did an 18 percent riff like a 550 chime the neobank the mobile banking platform let go of 156 employees that's about 12 and then dapper labs which is like the flow blockchain thing uh did a 22

SPEAKER_00: percent riff and let go of 134 employees so yeah we had uh roham on episode 1197 from dapper labs

SPEAKER_32: mm-hmm so this is interesting there's a website called layoffs dot fyi i guess somebody just put in you know like a notion table or something or coda table out with uh all the different layoffs and you're correct 192 were recorded in june i think that's when they started recording the stuff 158 in july 154 in august september and october 88 this is just like major layoffs kind of situation recorded in the press it went down and 18 in november yeah but these are significant and they all fall into

SPEAKER_42: this um what bill gurley says is the mistake only doing 15 percent 10 because it's not enough to actually see the gains and it means you're probably going to do another one so i don't know if stripe and i think lyft had done wait a second lyft laid off people back in july so they're doing another riff

SPEAKER_32: and this is where this becomes like super challenging you know bill gurley who has you know been through

SPEAKER_42: this a number of times his advice is always you know you want to make the cuts once and then get culture back on track and make the cuts enough that is material to your balance sheet and as we've seen

SPEAKER_28: the public companies that are not doing this are getting smashed by investors for over hiring notably i

SPEAKER_50: think google and facebook right yeah i think so i mean and and what we've seen from those companies is

SPEAKER_08: a freezing of hiring not necessarily they claim that um and we don't really know but yeah it's

SPEAKER_53: a well actually they did in the last quarter they did release that they had hired more but they keep

SPEAKER_08: saying they're freezing they keep saying they're freezing but then they keep hiring more yeah i mean the and these are the this is when this is when the worm will really start to turn like we're kind of looking i was sorting by number laid off on layoffs.fyi to sort of see like how it crossed over with recent like booking.com just had a big one um but i think we will know like certainly this is a sign of the tech sector feeling this pain that if you're a public company you're going to be punished for not doing some version of this and that price discipline sorry budget discipline has hit the tech sector yeah and it is to the good of some companies like we talked about uber's earnings yesterday and other companies might be trying to dip this toe and then we will know that the zombie apocalypse

Jason Calacanis: has really arrived when google and facebook either actually freeze hiring because they don't seem very disciplined with their freeze right now right this is like i'm not eating any more halloween candy

SPEAKER_24: but clearly yeah after these two reese's peanut butter cups like those are the first to go i know everybody goes right in there and gets those frees's peanut butter cups yeah and then

David Friedberg: butterfinger and then snicker but yeah like there is a process here google i go for mr good bar early

SPEAKER_64: it's your candy well you know when they have those minis the hershey's minis always have those mr

SPEAKER_63: good bars or the special darks i i kind of i fish those out for myself i like them i'm a little weird

SPEAKER_66: but here's the alphabet and the and the meta uh aka facebook so here's your google and your

SPEAKER_42: facebook on the on the screen here and you see they're still going up they are doubling their number of staff you know if you go back two or three years they had half the number of staff so this this is crazy the amount of hiring and they have tons of cash so they can do it the problem is if you have headwinds against earnings and you're continuing to spend like this well how do you make the earnings increase you got to cut spending because your revenue is not growing as fast so we saw

SPEAKER_32: with google google cloud and uh aws and azure that slowed down they were going 40 or whatever and then they went down to 30s and you'll see advertising have headwinds and that growth will go down as well so that will be when we know that this is uh we'll be in the end game when i think they actually make

SPEAKER_68: cuts but they could also tell wall street to pound salt um and just keep hiring and uh maybe that's

SPEAKER_08: their strategy is to grow into clearly is taking that approach google remember like we were talking about alphabet hiring into a slowdown yes but just a few months ago we were saying like oh you know they're going to cement their position of strength here and so it's interesting how like the narrative

Jason Calacanis: might be shifting a little bit because of because of peer pressure so lots of companies are doing riffs

SPEAKER_08: and layoffs and and alphabet either could be growing into this downturn in a smart way that lets them lock up talent or they're eating too much halloween candy after promising that they were going to stop because it's november 3rd now and we need to like slow it down a little bit because the holidays are coming and the gut will just keep expanding if we're not careful it's a bit crazy it's like two

SPEAKER_00: it's almost like it's weirdly still i think too soon in the downturn to tell right if alphabet and

SPEAKER_08: meta are making a mistake by continuing to hire in a downturn i haven't been watching the stock market

SPEAKER_32: all that much except for uber uh go team but i'm just looking at meta i didn't realize it went under

SPEAKER_08: 90. oh dude meta is on fire it is just it's an ocean's rise empire empire's fall situation meta is

SPEAKER_82: in free fall in a bad way yes on fire in the old way in the boomer way yes on fire yeah not on fire like he's on fire he's shooting a lot of threes like steph curry but this is on fire like the building's

SPEAKER_28: burning down like the building's running down yeah micro acquire is a startup acquisition marketplace that cuts out everybody in the middle basically that means they're going to help startups get acquired efficiently if you're a founder looking to sell your startup your project your side hustle well you should know micro acquire is free it's private and there's nobody in the middle to screw it up trust me i've seen so many times these brokers in the middle screw up a deal you know why man they might be looking out for the buyers more than the sellers because you sell your company once maybe twice in a lifetime but the buyers of companies might be buying 10 companies a year it's the opposite of micro acquire micro acquire has already helped hundreds of startups get acquired this is such a great idea i don't know why i didn't come up with this and they facilitated hundreds of millions of dollars in closed deal volume their platform includes over 120 000 buyers now these buyers have skin in the game because they pay 390 a year for access to the database and this marketplace of companies looking to sell and these startups are all vetted so if you have thousands of vetted startups currently listed for sale and 120 000 buyers what's going to happen successful acquisitions and the founders get free access and instant access to these 120 000 trusted buyers who uh you know they pay for access i pay for it and i'm interested in buying some newsletters right now and buyers like me can browse the listings for free and the platform of course is totally free for sellers sign up for a premium 390 a year uh access to all the dill info at try.microacquired.com twist once again try.microacquired.com twist and if you want to list your company go to the same url in the case of meta this is going to be one for the ages like can he ignore react how long can he ignore reality for because their peo ratio according to google right now is 8.5 it should be 15. this company should be worth twice as much

SPEAKER_24: at a minimum yeah they are worth 236 billion they've cut off 700 billion in market cap which is

SPEAKER_23: the market cap of like tesla or something like woof um i mean this is like the brooklyn nets here this is coming apart like the brooklyn nets whoo-ha to the brooklyn nets of equities yeah talk about telling

SPEAKER_03: investors to pound sand like it's just yeah yeah here's what's going to happen he's got no interest i

SPEAKER_23: predict yeah smart companies who have big cash balance sheets and i don't think this is a strategy but you can never tell if they were to make the cuts have massive amounts of money and then do a

SPEAKER_42: stock buyback at this low level they could literally reduce cost increase earnings while buying a depressed stock price there is no world in which buying you know facebook stock back or google stock

SPEAKER_28: back at this at these prices is a bad idea so yeah there is a clear playbook here if these companies

SPEAKER_102: want to make themselves more attractive to investors and the other thing i have to ask is what is stripe

SPEAKER_105: doing they didn't go public yeah when they could have they would have been worth 100 billion or 70 billion something in that range you know and had a lot of capital to play with i know it would have

SPEAKER_109: been the uber airbnb club right like somewhere in that 50 to 100 billion and their employees would have

SPEAKER_00: gotten all that equity just a very short time ago it's like stripe was the everything it was a money

SPEAKER_08: printing machine it was totally unstoppable it was inexplicable that they didn't ipo and you can only assume that they just thought they could sort of keep growing and then ipo even bigger maybe the collison brothers um wrote in an email employees yeah quote we were much too optimistic about the internet economy's near-term growth in 2022 and 2023 and underestimated both the likelihood and impact of a broader slowdown we grew operating costs too quickly buoyed by the success we're seeing in some of our new product areas we allowed coordination costs to grow and operational inefficiencies

SPEAKER_113: to seep in i like the ownership i'll be totally honest uh you saw this ownership i think

SPEAKER_28: from brian at airbnb uh you saw it from toby at shopify so taking ownership treat employees well on the way out you know a couple of months severance whatever you got to do you know it's tough to do this kind of stuff but the company has to be healthy the good news is we saw the jobs print we added a million more jobs or something we had cut a million jobs in august and then we added a couple hundred thousand so there are jobs out here for these folks and they'll land on their feet these are

SPEAKER_32: tech workers they're going to be fine if this was happening at walmart or starbucks was shutting down you know lots of stores i would be really worried about society economy we still have this record low unemployment i mean i know people hate joe biden or some percentage of people

SPEAKER_102: hate joe biden and are attacking him for being up there in years uh but the fact is the recovery record low unemployment astonishing gdp growth yeah job growth i mean i mean i know the feds a mess and the inflation's a mess but that's because we printed so much money and the other stuff in the economy seems

SPEAKER_33: to be going gangbusters you had today in the fight i think today in the financial times the chief

SPEAKER_08: economist for ubs like not a firebrand uh by the way writing that like hey you know it turns out that um corporate profits also are a big driver of inflation like you know you want to it's just such a bizarre thing that everybody wants to blame presidents for inflation and that's not anyway that's

SPEAKER_32: all you learn that marketplace right after years at marketplace and watching this through administrations like yeah you kind of can separate out what is the current administration what is the

SPEAKER_42: behavior of the last three administrations or let's say terms which do seem to be like whoever

SPEAKER_28: comes into a booming economy is really like going to probably catch a knife and uh if you're coming in when the economy's down you're going to get a lot of credit and the fact is it doesn't matter

SPEAKER_129: republican democrat except that these people are all wild spenders right and like different things

SPEAKER_08: credit for this and for this recovery which is astounding yeah and combined the thing is too it's combined with these legislative wins that i mean he's the most legislatively effective president we've had in like the last three i think and it looks like all of those things are investments that will take 10 to 15 to 20 years to play out like it literally unfortunately joe biden will probably be

SPEAKER_00: long gone when we're like oh wow that investment bill that was like a really big deal well the chips

SPEAKER_135: chips act looks like a pretty savvy move yeah i mean i think there's a couple of things in here that

SPEAKER_28: look really like could be in the best interest of america right i'm just i'm putting aside politics or whatever just for americans and america's future like that's what i judge people on is like are these decisions good for americans for the next 100 years when we look back on these in 50 or 100 years and say yeah that was in the best interest forget about party forget forget about the climate at the

SPEAKER_00: current time um well yeah we will say we tackled the literal climate challenge we on short manufacturing in a way we haven't before and we freaking rebuilt our roads and bridges yeah some of that's good i mean

SPEAKER_42: literally bridges fall down in america yeah i mean here's the thing we we the somebody i hope in the next administration if it's the same one or just as we go forward here whoever's in charge we just start to get a little bit of discipline around spending doesn't mean not spend just means increased discipline so we don't go more in the hole because these interest payments are going to get bonkers

SPEAKER_28: and you know there are variable interest rates from what i understand there was a tweet storm somebody did i forgot who did it so i want to give them credit um but they said um you know adyen a publicly traded company out of amsterdam who is stripes uh contemporary it was uh george gurgely oros

SPEAKER_144: gurgely i've never actually heard that name g-e-r-g-e-l-y gurgely thank you

SPEAKER_113: am i really i'm assuming uh listen my uh yeah that's like really making my dyslexia yeah there's

SPEAKER_21: a lot going on when you have dyslexia you look at a name yeah in that one you're literally it's

SPEAKER_23: like looking at a slot machine you're like whoa uh but anyway tweets regularly yeah gurgly did a

SPEAKER_28: tweet storm adyen had 274 million of net income in the first half of 2022 up 38 year over year they also had uh 300 million of free cash flow in the first half and they did this on 593 million of revenue

SPEAKER_23: in the first half of 22. and then what's most important about this tweet storm is uh the number

SPEAKER_08: of employees compared to stripes so what so and we should clarify by the way is a direct competitor to stripe that's a publicly traded company in amsterdam so we have this data so that we can say here's what they did speaking of operational inefficiencies right okay so he says stripe posted the message they sent to employees and it's hard to avoid comparisons to adyen which processes a similar volume to stripe but employs about half the people then stripe in lower cost regions europe mostly and so he writes which is a better positioned business uh it's rare to see yes this reflection on where did leadership make the mistake this is i'm quoting from this tweet storm in addition uh writes googly adyen employs 2200 people roughly so a third of stripe and is processing similar gross bookings yes that's where we are seeing yeah that's the key there and he says clearly we're seeing the higher first get to profitability later strategy backfire in the current economy this is like a weird is this a weird american consumption thing because that's interesting yeah there are a ton of companies i have friends in the media space who are grappling with this now where their companies massively over hired because times were good yeah and then now we're having to go like oh crap we massively

Jason Calacanis: over hired when times are good but it feels like the grasshopper and the ant story like isn't this markets go up and markets go down yeah so so if you massively over hire when times are good aren't you

SPEAKER_42: logically always making a mistake here's the thing when you have free uh when interest rates are low as

SPEAKER_28: we've learned you know you can you can borrow a lot of money everybody starts looking at the top line and nobody's looking at you in economics or the bottom line yeah now that's flip everybody's looking

SPEAKER_42: like okay how much did it cost you to make that money and this is quality of revenue and again bill gurley's been shouting about this for a decade he's literally been like you know shaking his fist

SPEAKER_165: you know at the moon like i shake my tiny fist at god well because it's not very fun right it's not very fun to be the one to get down the grown-up in the room i'm very familiar it's literally like

SPEAKER_167: he's like you know what 3 a.m maybe it's time to go to bed you know and uh maybe drink an alka

SPEAKER_28: seltzer or something and and you know have a glass of water or two and go to bed you have a have a little breakfast later and uh yeah it's an important meal of the day well now we're in

SPEAKER_32: hangover territory because we we watch the sun come up and so yeah not wise and um yeah here we

SPEAKER_28: are and so but this is what the conversation is going to be for the next three quarters i'd say q4 on what's the least amount of people you could have to make that amount of revenue and still grow and grow 20 a year over year 30 and we're just going to try that experiment

SPEAKER_172: that's why you're seeing all of these cuts for most of us learning a second language in school

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SPEAKER_172: babble is a learning app that sold over 10 million subscriptions and instead of using ai and instead of using ai their lessons were created by over 150 language experts so we're talking the best people in the world right now producer nick is learning italian hey so he can talk to his italian side of the family in their native language he says he loves babble's quick hit 10 minute lessons great way to learn a new language efficiently babble offers 14 different languages spanish french italian german plus babble speech recognition technology helps improve your pronunciation

SPEAKER_173: and your accent in addition to the lessons you can also access pockets games videos stories and even live classes right this 360 approach here and if you need one more proof point a study done by yeah show that 100 of babble users improved their oral proficiency in just three months right now you can save 55 off your subscription at babble.com twist that's babble.com twist for up to 55 off your subscription babble spelled b-a-b-b-e-l babble language for life robin hood which uh full disclosure

SPEAKER_28: i was an angel in uh if you haven't talked to me for more than five minutes uh you wouldn't know that

SPEAKER_181: uh but uh it's just good to be self-aware he wears his wins on his sleeve people you would absolutely

SPEAKER_183: absolutely you would too well i i'm you know i'm ride or die i i like to i mean i just as a side

SPEAKER_68: if you see me like supporting my friends companies i in from where i'm from in brooklyn that's what we always did is we supported our friends and we were like hype them up and give them a high five and when

SPEAKER_23: it's you know tough times you you kind of try to do that a little more so i know that not everybody not everybody's ride or die or like support your friends in hard times that's just who i am it's not being a suck up it's i'm not trying to curry favor with my friends of 25 years or 30 years if i'm supporting them been friends with people for two or three decades you're going to support them

SPEAKER_186: that's it what am i supposed to do dunk on my friends if they make a mistake it's not going to

SPEAKER_23: happen the end i'm sorry if like other people choose to dunk on their friends or or not show up for their friends you know when travis was making mistakes or uber was stumbling you know and plenty mistakes you know i i actually watched some friends of mine in our circle say nothing and i watched other ones literally publicly not close friends but you know other folks who were investors like publicly dunk on them like well that's not helpful like go see your friend and sit down with them and talk to them about what they could do better which people don't see me do that but that's what i do i sit down and i'll talk to my friends you know if sax did something stupid or i did something stupid

SPEAKER_186: sax would tell me i would tell sax yeah that's it you know yeah the end but anyway robinhood which

SPEAKER_102: had a lot of problems obviously i had their results come out and i was delighted looking at my portfolio the other day because i'm holding my shares forever i said that i looked at my robinhood shares and they were like just booming in the last couple of uh months so what's going on with robinhood they

SPEAKER_08: reported their earnings discipline seems to be what's going on with robinhood yeah robinhood cut its net loss to uh by 87 year over year cut its net loss 87 year over year that's what we're talking about

SPEAKER_54: right like focus on quality of revenue exactly bananas the stock is up around 10 percent we covered

SPEAKER_08: robinhood cutting 23 percent of its staff in august so doing a significant riff oh like good point the

SPEAKER_113: hopeful dribb drab yep so we'll get to that in a minute yeah five to fifteen percent doesn't move the needle as bill gurley says and here you have a 23 moving the needle number yep definitely robinhood's

SPEAKER_08: market cap is 11 billion dollars that's down 66 percent over the past 52 weeks down 32 percent year to date but we will start with the top line q3 total revenue 361 million dollars down just one percent year over year and up 14 percent quarter over quarter so that even though on the surface the flat revenue year over year doesn't look great there are some positive signs in here especially around that financial discipline actually the revenue breakdown by category transaction based revenue

SPEAKER_00: 208 million dollars that's down 22 percent year over year up three percent quarter over quarter net interest revenue 128 million up 103 percent year over year and up 73 percent quarter over quarter

SPEAKER_08: and then other revenue 25 million dollars down 29 percent year over year and down 40 percent quarter

SPEAKER_00: over quarter so they're making the most growth in that net interest revenue which is revenue generated from lending transactions and margin loans savvy savvy you never want to be dependent on one revenue

SPEAKER_28: stream right there are many businesses that are advertising based and they make a lot of money on

SPEAKER_32: advertising and what happens if you have a lot of revenue from advertising and you have a down market uh you have significant headwinds so you probably want to have a subscription business as well right and that's why you see some companies i'm not going to mention any specific to me i just

SPEAKER_205: literally like stumbled right into that like yeah totally you do want to oh i see where you're going here so if you were just to come up with but one example of a company the new york is that a stuff

SPEAKER_120: to you by the way do you want me to say nice things about you on twitter i mean i will nobody's

SPEAKER_209: saying nice things about me right now i know that's what i mean why should today be any different

SPEAKER_210: i'm here for you ride or die um listen hey i people can dunk on me all they want my life is so great

SPEAKER_68: that when people dunk on me i'm like i was gonna be i was like this close to joining the force i was gonna be on the job and if i just made that one little decision there might it might not have been

SPEAKER_53: any coming back from that i might have just gotten into that gig and i'd be a lieutenant right now fine great i probably would have loved that gig and then just fate sent me in another direction the internet happened i happened to be good at computers i'm super stoked with this life don't cut me all you want it doesn't get any better than this for me but back to this the new york times molly

SPEAKER_214: has focused i mean i do feel like a rap artist and that's what happens when you hire family right

SPEAKER_217: there is they just there it is i love it i'm dead exactly thank you rachel you know people don't

SPEAKER_218: know producer rachel reporting she just drops emojis when when a joke lands she drops a dead emoji today

SPEAKER_183: in our slack chat and i just i lose it it's very distracting let's get back to let's get back on

SPEAKER_119: track okay we're focused new york times new york times new york times tried unsuccessfully

SPEAKER_102: multiple times you were there molly you were an employee of the new york times corporation they tried unsuccessfully over and over again to build a subscription business because the ad business they were so good at it and they were their audience was so coveted but at a certain point they said you know what this ad business is a roller coaster we want to have we want to smooth out the roller coaster

SPEAKER_28: make it a you know i don't know what's analogy here but of a roller coaster that gets smoothed out but if you think of a roller coaster all those ups and downs and you were to just pull the tracks out a little bit yeah and make it like a nice little smoother ride maybe less volatile that's what

SPEAKER_23: subscriptions do to any business and it gives you two swings at bat you know who else is doing that right now you know it's a company that's pursuing the same strategy molly i don't want you to guess

SPEAKER_230: i'll tell you netflix that was the company you were thinking of wasn't it yes abs the new york times and netflix 100 you look at netflix what did they do they were always subscriptions ride or die for the

SPEAKER_207: end of time yeah they added ads they added ads so that they would have stability the other way if you

SPEAKER_53: want to have a great business suggest having both of those i can't think of any others right now that

SPEAKER_00: would be doing me neither no but subscriptions definitely great add-on to lots of lots of

SPEAKER_53: you don't need everybody that's the other thing about subscriptions molly if you get by 18 percent just picking a random number if only 18 as a potential target let's say if 18 told you yes

SPEAKER_129: i would pay for a subscription and you get half of me at nine percent hey that's a heck of a start

SPEAKER_33: where where's spotify where how many people how what percentage of users pay for spotify like that

SPEAKER_28: feels like crack researchers spotify would be a good one to look at because they do have a free product i'm gonna guess right now because i think spotify was i'm gonna guess it's 30 so one out of three i'm gonna say one out of three and hey that's a heck of a product that's a heck of a product yeah you pay for that product you get all the music in the world essentially at your fingertips in a beautiful

SPEAKER_40: interface that you use it for an hour a day half hour a day i mean i think any product you use more

SPEAKER_245: than 30 minutes a day you'd be willing to pay for that's for me i will say i think the key is the

SPEAKER_08: specific desirable value proposition needing to be well defined so like in the case of spotify i happily pay for spotify because i can download music on the plane that's a great reason that's it

Jason Calacanis: and it's it's concise super easy to understand so if you are a company that's trying to roll for me so if your company is trying to roll out oh see i've only that's hilarious i've only ever paid for

SPEAKER_207: spotify and i didn't even know it had ads yeah that's i think see i'm the same way i didn't remember that it's it's it's sponsored radio that's you know and so 59.8 percent were ad

SPEAKER_32: support of 42.7 of mouse holy crap yeah yeah so their ads must be really annoying well here's the

SPEAKER_28: thing about doing a subscription you uh what drives one person to do it might be different than the other and you're going to want to have a collection of features you know and for one person you know it might be not having ads for another person it might be downloadable for another person you know like uh i pay for youtube premium and you didn't i think i may have talked you into that

Jason Calacanis: did i not yes i now pay for it and then now i paid for the family one and then they raised the price of the family one like 30 percent double it was 15 and they went to 20. oh whoa whoa hey you

SPEAKER_230: got to pixelate though it's a family show double barrel cp of the franchise because my guy cp the

Jason Calacanis: franchise says it's a family show i was family show mad about that because that's not even like that's not even like i'm paying for youtube tv i am just literally paying for this to not have ads a new jacket up cowgirl cowgirl take it easy i got a solution for you yeah create a gmail account

SPEAKER_68: get rid of the family plan create a gmail account called our family one two three four i see where

SPEAKER_23: i see where you're going and then you can log into two or three youtube accounts when you want to watch youtube it's a little pain in the ass you're not on your personal account you don't want to be on your

SPEAKER_273: personal account anyway right no yeah you and the two people in your family who are looking at it

SPEAKER_00: are going to get a weird recommendations engine who cares yeah but who cares smart also youtube please just roll premium into the youtube tv bundle like youtube tv is already really expensive

Jason Calacanis: it's just confusing premium boom and that's what i mean about the like the specific value proposition

SPEAKER_276: just has to be well articulated ideally your subscription is not duplicative of a thing that

SPEAKER_22: you already get for free right you have to add things to it you have to add things to it right and then maybe three things maybe like three things three things it's great three really good

SPEAKER_23: ideas really good ideas okay yeah that's all right anyway robin hood i should pursue more subscriptions i know they have a subscription service i pay for it i don't know what it's called and i don't know

SPEAKER_283: what i get but i pay for it that's the bad kind exactly you have that is you have to be right or

SPEAKER_285: die to want to be called robin hood gold or something i don't know that's adorable it's gold i pay for

SPEAKER_53: gold but i don't know what i get yeah i'd like to know what i get i also pay for uber one i know

SPEAKER_166: what i get for that i pay for uber one it's so good i can't remember what i get for that i get

SPEAKER_287: like a five percent discount yeah five percent like free delivery and stuff yeah you get lower delivery

SPEAKER_23: fees you get priority delivery better drivers and the thing that's best in uber one is customer support uh you know some there's some uber drivers who are like um i don't want to say bad actors but they hacked the system i called an uber driver and you know i listen i order an uber black or whatever suv because i get carsick i'm not you know same i get carsick so i treat myself i order

SPEAKER_42: this uber black suv comes and the suv come it says it's gonna be 15 minutes at sfo and what's nice about sfo is they'll pick you up curbside not you don't have to walk to the lot yeah so he picks me up curbside i go out it says 15 minutes so i'm making my way i say hey i can hit the loo so i hit the loo uh yeah it's good excuse to wash your hands and i get outside within 10 minutes and he's gone and i get charged 25 bucks cancellation and i said what and i realized what he did he got there earlier he knows i'm not there he you know it's at nine minutes and i look at the um i look at the the log because it shows you the log now i see like this okay the guy arrived too early so i put in like i don't

SPEAKER_28: want to pay that 25 fee yeah i could afford it but i know i know he was scamming me he was counting the minutes right to just bounce to get because he they know the cancellation fee and i guess for him it's like the cancellation fee i'll get another ride this is like a free 25 bucks or whatever that's

SPEAKER_42: yeah customer support for uber one you you click it before uber one you know you had to like email and you would wait and you'd get on this like zendesk ticket or whatever remember the back and forth on email no but i believe you yeah you would get you get into an email thread with a customer support person you know likely in manila or something and you just are trying to beg them to explain your

SPEAKER_126: situation you don't get here it said car arrived early and canceled they literally had it as one

SPEAKER_23: of the choice category wow instantly refunded so they if you're uber one i think they just instantly refund and they just take your side as the passenger like you're right now i don't know who

SPEAKER_113: then pays the fee if they take it from the drivers or they split it with the drivers or uber eats it

SPEAKER_23: so to speak right but anyway interesting i'm all about sub life i'm all sub life subscription life

SPEAKER_04: i mean maybe i need to not use come a different term for that than sub much yeah i would i would i

SPEAKER_304: would back away from that one it's a little bit of a just you know what as the words came out of my

SPEAKER_68: mouth i was like yeah not yeah i'm into subscription yeah i'm a fan of subscriptions i'm gonna leave it at that there we go that's a that's an easier way to say precision in language it's better to be clear

Jason Calacanis: than clever every time this is a really important product question because i like my mom is flying in

SPEAKER_08: today and so i sent a car to her for the airport yes you can schedule you can schedule can you do i didn't use it though because i needed someone to go get her she's not that mobile and so like i use my regular town car service where i can schedule a meet and greet and they will meet her with a

SPEAKER_313: sign with her name on it yes i think it's a meet and greet product they might do that actually they

SPEAKER_32: might do that i don't really i think they do with yeah the other thing you can do now with uber which i remember travis talking about in the early days and they just never got to executing is you can rent an

SPEAKER_42: uber by the hour so you know you got like an event going on yes and you're like i don't know when i'm going to leave this party but i know it's going to be hard to get an uber so okay i'm leaving the warriors game i just want an uber for two hours i'm going to park them at miller and lux and when i get out after my steak i'm going to just hit that you know good to know hit that miller and

SPEAKER_102: lux get that wagyu that we get how great was that so great molly and i have gone to miller and lux

SPEAKER_42: twice now both both second time even better than first one fact about startups finding engineers is

SPEAKER_68: time consuming and expensive it's a pain in the neck it's one of the hardest things you'll do as a founder well if you're looking for qualified international developers without the crazy time differences or you just want to scale without sacrificing on quality revelo is the answer they are a talent platform that matches you with vetted full-time remote developers in latin america where i have my engineers they work in u.s time zones which means your engineers can collaborate in real time you can have them right in slack you can talk all day long plus it's much more cost effective than hiring in the usa you're going to get matched and vetted with candidates in just three days and revelo handles all the annoying stuff payroll taxes benefits all that legal stuff all of those regulations they abstract that away and they let you hire internationally without the headache revelo's engineers are full-time and embedded in your team just like your normal employees they're proficient in all the important stuff aws rust ruby react python node.js and more revelo's customers include oh my lord look at this list github foursquare carta indiegogo and kickstarter go to revelo.com twist and mention twist to get 20 off your first three months plus they offer a 100 risk-free 14 day trial period if you're not satisfied you pay nothing so go ahead and go to rev elo.com twist

SPEAKER_320: and mention twist to get that 20 off the key takeaway here it's robin hood is diversifying revenue

SPEAKER_42: hey payment for order flow if you don't have a lot of order flow because the market's down and maybe people don't want to trade as much and you go from whatever 20 million monthly actives down to 12 i believe you get a little pullback in the retail sector yeah you know having some other products and other revenue streams absolutely fantastic and i think this is why i had a real advantage when robin hood had all these troubles in the down market and obviously they got hit quick because who's gonna get hit quick in a market like this crypto trading and then maybe retail trading stock trading all stuff i said that's not why i invested in robin hood as an angel and that's not why i own the stock as a public company and j trading it i'm just gonna hold for a decade because i trust management i trust vlad i think he's smart i think he's gonna figure it out so when people told me when we distributed what are you doing jacal what do you suggest i do i said you have to do your own research however my i will tell you my thesis i believe in the management more than i ever have because they're more seasoned they're battle tested vlad is a wartime ceo now whatever he does for the second decade is with battle scars he's been through the war he really has he's gonna make better decisions and the same thing with travis after getting through you know uber and now he's doing cloud kitchens like when people go through that steve jobs when he got kicked out of apple and came back elon with the model three you know you in that disaster that almost killed the company when

SPEAKER_68: people go through the near-death experiences in their companies or they just get demolished that's what makes the entrepreneur what what makes the entrepreneur is not the up market and the flowers

SPEAKER_23: and the high fives and the ipos and the stock records what's gonna make zuckerberg into a c a real ceo right now is this meta situation if if he gets out of this that's gonna tell you something if he turns

SPEAKER_327: out to be right or i don't think he survives it yeah i think he's driving this thing off a cliff but

SPEAKER_23: absolutely and he's gonna have to shut this i think he's gonna wind up you want my prediction here nobody asked for it but i'm gonna give it anyway i think he's gonna wind up scaling back in another year the stock's gonna go to 75 people gonna start quitting and he's going to take the spend on meta down two thirds yeah literally two thirds half to two thirds and he's gonna put somebody in charge of you know the facebook assets and and do a massive riff and run those for profitability and then he's gonna buy a stock back i think he's gonna he's gonna hit that cliff like he's gonna have two he's

SPEAKER_99: gonna have one of the wheels over the side of the cliff and he's gonna say i'm gonna use these other

SPEAKER_00: three wheels to get this car back on the road i was wondering about that i mean i was having a lot of thoughts about meta this morning too and just thinking like you know he had much like stripe had an opportunity to ipo and probably really should have and it was over kind of that overconfidence and maybe even youth that kept them from doing that he should have taken his company private like they had the money to do it they had the market cap to do it he had the money to do it you

Jason Calacanis: know it was like if you were gonna do this meta thing doing that as a public company that level of investment like nobody i mean just going even back to our inflation conversation just now we were like corporate profits are driving inflation that's how the you know i hate that that's how the market works that's how wall street works shareholder value is the north star and this guy lit shareholder value

SPEAKER_166: on fire on purpose i think the biggest uh take private was dow and that was tens of billions

SPEAKER_28: yeah hundreds of billions i'm not sure if it's possible but you know when i had michael dell on this week at startups he said uh doing an at scale pivot like we're talking about here you cannot do it's impossible as a public company you just can't do it yeah you're under too much scrutiny if you really want to change a company dramatically take it in private i'm trying to think of other examples there's dell trying to think of another example of a company that was public one day going private and then making a lot of decisive changes yeah anyway if something comes to my mind i mean that might be like

SPEAKER_07: i don't know let's move on all right you know i mean it's like i'm just saying it's an option apparently so just two two quick charts molly if i may yes uh for you to react to

SPEAKER_23: um here is the monthly active users for robin hood and what you see here is q2 2021 the height of um kovid market meme stock crypto frenzy everybody wants to get in on it 21.3 monthly active users now 21 million might not seem like a lot when you compare it to like say twitter facebook google you know uh hundreds of millions billions of monthly actives but these are people who have funded accounts who are transacting this is a whole different ball game right every one of those

SPEAKER_06: users directly if they're active makes money for ramenhood right as opposed to just like kind of

SPEAKER_54: showing up and leeching off it and maybe seeing some ads they're worth these are the equivalent i kid

SPEAKER_42: you not of maybe 50 to one of an advertising based user right so if you were to think of the value of a trading whether it's crypto trading e-trade robin hood whatever but somebody doing financial service

SPEAKER_32: banking bank of america whatever you can put these at 50 times the value right so these would be that these 21 times 50 would be the equivalent of having like a billion that's why robin hood is such an

SPEAKER_28: important company but then you got uh the great recession or no i don't know what we call this recession the um the inflation recession i don't know i don't know yeah exactly the rando maybe slow down

SPEAKER_204: crypto recession growth recession there's gonna be something irrational exuberant crypto recession

SPEAKER_287: recession is not bad let's call it the hard reality period yeah yeah that's not bad no it has

SPEAKER_171: something to do with speculative asset it's the speculative asset recession that uh sar it's

SPEAKER_126: that's perfect the the speculative access recession is upon us can we uh tweet that uh nick uh producer

SPEAKER_28: nick and let's get that going this was really a speculative asset right people wanted to do be in spacks of companies that were pre-revenue they wanted to be in free revenue growth companies that were private they wanted to be in crypto assets nfts yada yada so i would say that q3 20 number of 10.7 million if you're looking at the chart here youtube.com such this weekend that's the real number and then when the when it's kind of disconnected from reality would be q1 2021 so if you think of continuity of q3 20 10.7 q4 20 11.7 and then q3 2022 12.2 that seems to me to be the baseline case of robin hood users the reality everybody above that line were probably uh looky-loo speculators you know some number might get re-engaged over time but they were probably in it for the lulls and gamestop

SPEAKER_00: two thoughts yeah two thoughts on this one if robin hood is diversifying away from sort of

Jason Calacanis: transaction-based revenues and becoming a trading lender and diversifying revenue into margins

SPEAKER_00: there is risk there the interest rates are higher so it's going to be a better revenue stream for them but it also does lead to potentially more scrutiny right all of the people who were like oh you're

Jason Calacanis: inducing these traders to make bad decisions by making it so easy and free are now going to say

SPEAKER_245: whoa whoa you're turning around and lending and letting these same traders do all of this on margin which is an even riskier behavior good point so just a just a little like note there that they will

SPEAKER_32: want a story right they will want to to counter that narrative i think you know absolutely and uh i will still man it for you like should these are these people educated enough to have margin

SPEAKER_42: loans yada yada they have greatly reduced and tightened that and now like i was going to start doing i i guess puts and calls and stuff like that and it gave me a roadblock i had to go through some process i just gave up i was like i i i was just gonna you know start playing with them like with very small numbers like like a video game like 100 bucks or something flipping a coin uh i was gonna do flips and it it gave me a roadblock and i was like oh you know what i don't have time for

SPEAKER_32: this right now yeah so when you think about that i i'm i can afford to flip coins for 100 bucks and actually i've done that like literally after a poker game one time we played a game where we took our shoes and we threw it against the garage door and whoever got closer to the garage door would win

SPEAKER_23: the hundreds we had three guys and we're putting 100 bills on the ground like you know like people

SPEAKER_108: play dice why am i not at all shocked to hear this was three guys just three guys we just literally

SPEAKER_230: taking our sneakers off and throwing our shoes at the garage it was a fun game man you i'm sorry you have to throw the cash on the ground and then you whoever gets the shoe closest you know you grab the 300 it was and then we if my lord you know and then you double double or nothing at least it was it got sick okay so second thought though second but anyway so but my point is they did reign that in and so

SPEAKER_23: anybody who's trading on margin now it's a much smaller amount it's been rained in right and they've

SPEAKER_110: kept it very safe so i do think interest rates are higher so it's a smart it's a smart time to make

Jason Calacanis: money on lending and make money on margin loans right like that's i'm i my mo trade oh this week is that i'm buying three months cds nicely done because it's at four percent yeah like if you just sort of flip three months cds as interest rates rise over you know a year like that's a pretty decent little return but the other note i was going to make on this is i think coming up this week right are coinbase earnings and really we have talked about coinbase and trading volume being the way that it makes money yeah it's reporting today after the market closes today so i think coinbase earnings have been all about trading volume and i'm going to be watching these very closely to see if it has figured out much like ramenhood seems to be doing how to diversify its revenue boom marketplace ish

SPEAKER_40: yeah so here's the thing with coinbase if this is the speculative asset recession which i love i think that they are the last to recover the headline yeah so they were first to get hit philo first in last out

SPEAKER_28: first into the party last out of the party right so you if everybody comes into the the theater and they get that first row seat yeah you're the first in yeah you're the last out i do it on subways

SPEAKER_63: first in last out yeah so they're first in they got all this captured all this value for the

SPEAKER_40: speculative asset boom they're gonna be the last out of this party and it's gonna be hard so i would

SPEAKER_28: not want to own coinbase right now they're they're gonna bottom out in two quarters or something i would guess three quarters that's gonna be and it could be 50 down from here you know like i'm

SPEAKER_23: i'm another one peloton right we've been watching this one molly yeah they were first in right to this boom during covid covid boom they'll be the last out sadly and i don't know if they make it out

SPEAKER_08: peloton i am not really sure uh they offered a week holiday quarter outlook peloton sank 14 investors do not buy that that that's all happening this week this week this earnings week by the way is

Jason Calacanis: bananas telling this will be there's someone and other stuff going on that's distracted everyone from

SPEAKER_102: it but a lot of earnings some other trending story you know what we're supposed to talk about the trending stories you know here on the show but i guess uh we'll take a pause for the cause and then here's the bottom line i'll tell you when the green line i'll do the checkered flag when it's time

SPEAKER_28: uh folks but for now so here is the uh bottom line this is important remember i just uh i discussed um

SPEAKER_42: we've talked about this a couple times in the show hey if facebook were to make these riffs cut costs like airbnb did like uber has like other companies have they've seen their stock go up if

SPEAKER_28: you take the medicine and you cut your expenses and you show a path to profitability uber would be the canonical example i think i don't know what the word canonical means i just use it but i think it's

SPEAKER_397: like the the best example it's the it's the one that everybody turns to as a reference point great okay

SPEAKER_28: so i'm going to use a fancy word thank you molly defining it for me but i think it's a canonical

SPEAKER_23: example at this moment is uber i'm not saying that just to talk my book but maybe a little bit 71 growth year over year getting to that free cash flow from a position where they weren't in that right and they were spending too much money and they weren't making enough here's robin hood same playbook burning cash at an alarming rate in q1 of 2021 1.4 billion in losses then 500 million in losses then 1.3 billion in losses and you're like oh my god if you were in there in 2021 and you own the stock like i did you're sitting there and you're drinking pepto from the bottle

SPEAKER_28: because your stomach is flipping and then all of a sudden oh flag gets the message management gets the message you want to see us be more disciplined okay we're going to cut these losses and we're

SPEAKER_42: sitting on tons of cash so if you want to own us for the long term it might be a great time to get on the train and that's what this chart shows you and that's what the chart from facebook doesn't show

SPEAKER_28: you so for people who are capital allocators j trading or otherwise not investment advice

SPEAKER_27: there's a flight to companies that are being mature mature i love it yeah no absolutely that's what

SPEAKER_401: you should be looking for right now yeah that's what i'm looking for who could be more more mature

SPEAKER_32: uh sorry it's not going to be me but robin will let go of 23 percent of its staff in august again uh so they're going to get there great job to my friends there congrats plenty of runway now that

SPEAKER_05: they're not burning a ton of cash they got 6.2 billion in cash and cash equivalents they're good

SPEAKER_119: they're good they could be acquisitions that could be a big move for robin and start buying some stuff things are about to get interesting in that space i'm into it all right next up you know what i love

Chamath Palihapitiya: about our group chat molly is that uh producer rachel this is that's like one of my great discoveries i

SPEAKER_191: think producer rachel always has like interesting things she finds i know she's the most interesting

Jason Calacanis: woman in the world wow she legitimately is out here just doing like cool stuff 29 hours a day i don't know how she does it she died there sleeps i'm a little worried about that myself since i pay her

SPEAKER_42: salary but okay rachel finds interesting so i i asked instead of just okay boomer that when rachel reporting that's how i'm branding her i'm good at the branding sultan of science queen of kimwa dictator all these things uh sasshole um i'm able to brand a person in the way donald trump is you know

SPEAKER_414: or howard stern baba buoy yeah you own that comparison get in there i'm sort of like

SPEAKER_207: howard stern and trump and that i can name somebody for better or worse i have dubbed her rachel

SPEAKER_23: reporting i think this is gonna last like this could be like a career thing i would change all social media if i was rachel to rachel reporting because it's you know why it sticks alliteration correct it's good having a smart co-host uh so rachel reporting i said you find something i want to break in like we do for a j trade j trade cha-ching i want to have a rachel reporting stinger so if a

SPEAKER_53: fan wants to make a stinger or as an audio drop fine but let's bring rachel on because she found

SPEAKER_42: something interesting mm-hmm all right here she is hey rachel so when you find something that's awesome that fans of the show would love to download or try just break in anytime you like all right i'll be

SPEAKER_166: i'll send it i feel like you can call it download we'll call it the download with rachel reporting

SPEAKER_353: oh i like it uh okay so send it as the kids say these days send okay so i guess i have to go back

SPEAKER_431: a little bit to a few weeks ago um back in august pinterest launched this new invite only collage

SPEAKER_433: making app and it was really similar to the product that i'm about to talk about so to understand it

SPEAKER_434: though first i think we're gonna talk about pinterest's shuffle uh it was i did not get this

SPEAKER_431: invite and i'm a pinterest power user i am mad i actually just got an invite i'm not gonna lie i saw somebody commented on another tweet with their invite code and that's the code that i used so for any a

SPEAKER_433: hack it's an invite only one but it doesn't seem like it's gated that much and it was a collage making app on pinterest that you could use um off of your own tweets and you could only do it on your phone and i was like oh you know what making collages is super fun it's super crafty a great way to kind of listen to an audiobook and to do something with your hands um but i spent a lot of time on my laptop so i went to my computer and looked for something like a similar platform that i could use other than canva and found the landing and it's awesome it's really cool what do you do with it yeah so so it's a mood board platform just like shuffles was but the thing that makes this one a lot cooler is i'm able to go discover other people's uh mood boards i'm able to share mine and you're able to monetize and shop the things that are into the mood board and i think this would be so cool if you had for example like a themed party and you wanted everybody to maybe like for halloween dress kind of similar make a mood board and tag a bunch of different stuff and it would be cool um add this link to like your email invite so first thing i understand this yeah i do this for every party i

SPEAKER_06: throw like i have a halloween party idea pinterest board pinboard or whatever we call it and all of my

Jason Calacanis: friends contributed to it whenever and we're like we literally just did a cute foods party over the weekend but it's hot but it is kind of hard to shop like pinterest doesn't have i know you do your fun things but i do my fun things i made these deviled eggs with little spiders on top out of olives like it was amazing yeah but it is hard to shop and it is not super shareable but are you saying that when you say monetize like you can actually be a style creator here like a collage creator where

SPEAKER_33: you make something beautiful and then you get a cut if people buy it yeah i believe so but i think

SPEAKER_433: in order to do that i'm not sure if that's actually in the platform but in order to do that super easy you could just make your own amazon storefront like i've done that before right and then on your amazon storefront you get unique links so that's kind of the workaround that i would probably do um and that's actually how this whole thing started um two founders of the platform created it to have like a virtual apartment furnishing furnishing platform but they noticed i believe after they got funding you know that's kind of like a niche so i imagine what happened is they expanded now it's for a a bunch of different things and not just furniture but what an awesome use case um i feel like a lot of times i see on pinterest already those mood boards of what can kind of create like a certain aesthetic in your house so i think this is going to be a really fun thing to play around with this is

SPEAKER_102: really interesting because i was on the board of a company called this next which was doing social

SPEAKER_28: commerce there was a whole social commerce boom 15 years ago i mean it was it was kind of a little

SPEAKER_42: bit pre-mobile it was pre-mobile and you would basically make collections of things and uh yeah it was kind of like pinterest and what's really interesting about this is when we did the all-in summit uh i came up with three themes we had like the good besties theme we had the miami vice theme and then we had the havana white party and not only did we have to make this people asked us for it and i think rachel you might have been involved in helping make the mood board so the first thing people said when we invited them to the things do you have a mood board and then we you i think you made it for us but this is you make it and if you share it and you're good at it every time somebody clicks on

SPEAKER_431: something you make a little vig yeah exactly and i think this is um it's cool that you said social

SPEAKER_433: commerce because when i saw this and i saw that oh like this is would be a really interesting way to make money is i absolutely hate this and it's getting super super popular but it's almost um i'm not sure what that station was because i'm a little too young to even know it but people used to like sell stuff on tv and now when i open up certain apps like i'll go to somebody's like live stream and they're trying to like sell you stuff and i'm like that's so weird like i don't like that and a bunch of different platforms are uh i know tick tock's adding that it's a qvc right

SPEAKER_462: i don't like that i don't like that this is a great okay boomerang on tv where people sold

SPEAKER_68: things on tv well this is a live streaming it's very big in china

SPEAKER_23: in china amazon tried it as well here yeah yeah but i think it's a lot better and it reminds me

SPEAKER_431: of the my pillow guy is the only one person that i know it's still like a lot of this is still

SPEAKER_06: happening the whole sell stuff on tv thing but this is this is way better this is delightful and yes basically rachel our roving reporter of the internet and the world at large is out here finding all this cool stuff but i was gonna say i am so like for so long social was just sort of dead right it was more abundant it was like you just have these platforms and you're never gonna win there's always gonna be there's just gonna be youtube facebook instagram then tick tock which was super disruptive

SPEAKER_19: but now feels so entrenched and like there is so much happening in the social space and we are ready

SPEAKER_433: for it it does though kind of make me a little nervous when i see stuff like landing which just popped out and it's awesome and but it's kind of like what jason has said before with be real um where it's is this a feature so is landing going to like stay around for a while or will this just become a feature that pinterest like fully adopts so i think that's one thing i guess that i'm looking forward to seeing in the future like are there going to be big players like you said or are is everything that's a smaller player trying to build themselves off just going to end up getting

SPEAKER_126: eaten by one of those big companies and become another feature yeah this is a big deal uh here's 2006 in the new york times gordon gould a former partner of mine a good friend talking about this next and social shopping and so this is when social had just started and there were a series of companies and one was called the other notable one at the time was stylehive.com there was also

SPEAKER_42: wisps and caboodle but a lot of people were trying to figure this out because it was sort of they were evoking myspace so myspace plus commerce so myspace plus amazon this idea was out there this is just an important lesson for founders listening sometimes it takes a decade or two to get the format right right and the why now you know back then the why now was commerce and social existed right but really the why now that accelerated this is the mobile option i think right um and yeah and

SPEAKER_00: i think just the visual communication right the nature of visual communication like people are much more comfortable now i think communicating in images and and also the manipulation tools are way

SPEAKER_77: easier that's it you got it molly yeah people it's actually it is that i think you just nailed it

SPEAKER_40: there molly the why now of this vertical might be people know how to do creative tools like canva or instagram and back then they didn't even know how to do that like they asked customers so daunting

SPEAKER_296: to make a mood board they'd be like what am i supposed to do get photoshop out or something like do i need a designer for that now it's like no you need an iphone and you would literally have to

SPEAKER_00: like even if you had an iphone back then you would have to you'd have to like take it well the iphone didn't have a camera for a long time right when it launched or something like you'd have to figure out

SPEAKER_06: how to take a pay anyway yes there's all of that plus as nick points out there's one click payment

SPEAKER_431: how do you guys feel about so this morning i had the wonderful um privilege of meeting up with a little celebrity of the lower east side which is the location of manhattan that i shop in a lot and she has this shop and it's called rogue and she started off as a depop influencer and now has a storefront and

SPEAKER_433: famously this was first done i believe by somebody that jason knows um the founder of nasty gal where she started oh yeah sure doing depop or sophia maybe yeah yeah she so i think she was the first one that did this um yes she started online they made nasty gal but i'm starting to see now a lot of people start on standing string it it's on stand yeah i think it's on stand it's around rivington is where rogue is um is the name of the store there's another one called funny pretty nice i'm going to plug that one too by a creator named natalia but it's so weird seeing people start in ecom kill it in econ basically making these mini media companies and then make storefronts like retail storefronts

SPEAKER_488: and i'm like why is that the why is that a goal like it seems so interesting like why is that there's

SPEAKER_23: a there's a real reason um why real world is an incredible way to bring a community together and so it makes some it acts as uh what i dubbed a long time ago monetized marketing the real world

SPEAKER_40: manifestation of what's happening online gives something for people to do in the real world and then what are you going to do when you go to one of these stores or you go to mr beast burger you know his new storefront you're going to take a picture so this becomes a virtuous circle you have this audience online this is why i want to do this week in startups meetup so badly and you did a great

SPEAKER_42: job on that i'm going to reboot them everybody because i want there to be a real world

SPEAKER_28: manifestation of the hundreds of thousands of people listening to every episode here here you can go hang out with other founders go to this meet up in your city boom all right great job uh

SPEAKER_00: awesome yes guys good find good find and we should note by the way that they uh recently raised money too we didn't talk about this but the landing just raised a two and a half million dollar seed round led by cowboy ventures not just in february 2021 aileen lee so maybe they'll call us maybe they'll be raising soon don't i didn't who knows yeah i didn't mean to paradoxically this is true story i was

SPEAKER_23: working late last uh over the weekend working on some you know special projects making cute halloween

SPEAKER_40: food no i was literally we're taking 20 meetings a day anyway i'm coming home at 10 o'clock at night i'm exhausted uh i haven't eaten so i stop at in and out you know here in the bay area as i get my double double i got my headphones in because i know what's going to happen you know somebody going to recognize me and start talking to me and uh so i got my headphones in it's like a

SPEAKER_28: little self-defense and i see the guy out of the corner of my eye and he's just like i hate to interrupt you i was like that's problem i take my headphones out and he says uh big fan blah blah i know what do you do he says all right i uh i work at uh pinterest i said what do you do there he's all right i work on a collage app on android no way there it is so it's definitely a simulation uh yeah and these things are all just talk about a random moment right that it relates to something you found so there's something going on here in the world with social commerce rachel well done anytime you find something interesting like this whether it's rogue on

SPEAKER_102: the vintage store or anything just break in and and make us feel 20 years younger it's trash old you're a trend spotter love it all right thanks guys thanks rachel all right thanks for watching

SPEAKER_424: everybody stay tuned for tomorrow we're going to do a really in-depth breakdown of the airbnb

SPEAKER_33: earnings among other things that's right and of course rachel is back again for another awesome

SPEAKER_77: segment of okay boomer i'm really excited about this one actually mom fluencers it's going to be

SPEAKER_472: mom fluencers yes uh on tick tock see you then and so two days of rachel in a row i know aren't you

SPEAKER_506: lucky audience is gonna like that all right we'll see you tomorrow bye