DeSantis Fights Trump On AI, Ford's $19B EV DISASTER + Musk's Net Worth SKYROCKETS | PBD Podcast | Ep. 701

Patrick Bet-David, Tom Ellsworth, and Brandon Aceto are joined by Anthony Pompliano to break down Trump’s new AI executive order, Ford’s major pivot on electric vehicles, and Elon Musk’s net worth skyrocketing amid the latest market moves. ------ 🏢 GET HIRED! LEARN MORE ABOUT VT CAREERS: https://bit.ly/4oT0ciV 👨‍💼 LEARN MORE ABOUT HIRE METRICS: https://bit.ly/4aSBMmi 💰 LEARN MORE ABOUT CFO SILVIA: https://bit.ly/4qfBOcC 🎙️ FOLLOW THE PODCAST ON SPOTIFY: ⁠⁠https://bit.ly/4g57zR2 Ⓜ️ CONNECT ON MINNECT: ⁠⁠https://bit.ly/4kSVkso Ⓜ️ PBD PODCAST CIRCLES: https://bit.ly/4mAWQAP 🥃 BOARDROOM CIGAR LOUNGE: https://bit.ly/4pzLEXj 👔 BET-DAVID CONSULTING: https://bit.ly/4lzQph2 💬 TEXT US: Text “PODCAST” to 310-340-1132 to get the latest updates in real-time! ABOUT US:Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller “Your Next Five Moves” (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:14Speaker 00

  My handshake is better than anything I ever signs, right here.

• 0:18Speaker 01

  You are a one of one? My son's right there. I don't think I've ever said this before.

• 0:27Patrick Bet-David?

  Alright, Business Wednesday it is, and today we have Pampliano back here with us to make everybody smarter. Like I say every single time, I am surrounded by three brilliant genius minds, and I simply ask questions. I'm just a regular guy trying to get smarter, guys. You and I, us regular people, our goal by the time it's done, to get slightly smarter than we were a minute before getting on the show. Pam, great to have you back on the show.

• 0:51Speaker 03

  Thanks for having me, I appreciate it, but I'm here to try to learn from you. Stop with the nonsense already.

• 0:56Patrick Bet-David?

  Alright, so let's get into the stories. Let's get into the stories. We got a lot of stuff that's going on. There's this guy named, well, I'm hard trying to pronounce his name. I think it's Elon, or Ellen, Ellen, or Elon, that is about to be the first trillioner. If you're not following the story.

• 1:10Speaker 03

  Who's that?

• 1:11Patrick Bet-David?

  This guy named Elon Musk, apparently, that's doing this one company called SpaceX. That's gonna be the biggest IPO, and apparently that's gonna get him close to like 800 billion dollar net worth. So we're thinking about starting a GoFund, GoFund before him, just to kinda help him out.

• 1:23Speaker 03

  Yeah, he probably needs some help.

• 1:23Patrick Bet-David?

  He needs a little bit of help. Lives in a small house, so I mean, I know he needs finances, so we'll figure that part out. Hacits, Fed chair candidacy, received pushback from high-level people close to Trump, including Jamie Dimon. Jamie wants Warsh instead of Hacit. And Trump picks fight with MAGA allies and issue an AI executive order. And this governor out of Florida, Ron DeSantis, is like, "I don't know about that. I think we can regulate AI in our own way because we have the right as a state, so we'll kinda process that together." Why single-income households are a bygone era, according to experts. No more single-income households. Both husband and wife are working.

• 2:06Patrick Bet-David?

  McDonald's posts creepy AI, have you guys seen this commercial, the AI generated? Christmas ad?

• 2:10Tom Ellsworth?

  Yeah.

• 2:10Patrick Bet-David?

  I watch it at first, I'm like, this has to be a spoof. And my guys are like, no, this is really them. They had to later on take you down. Did they really take you down? Yes. Do you not hate Christmas? Do you not hate this? I'm like, it's actually an interesting, creative, but maybe, you know, you have different thoughts on it. We'll play it for you as well. I know Brandon's got some thoughts on this. White House launches two-year tech force, hiring for roughly 1,000 jobs that will pay 130,000 to 195,000 dollars. Trump sues BBC for 10 billion dollars, claims defamation from a Panorama documentary. Powell says he wants to turn this job over with the economy in really good shape before departure. He's such a now noble, he cares about legacy and all this stuff.

• 2:54Patrick Bet-David?

  And the moment we read the story yesterday, guys, when we do story prep, there's sometimes I'll go through stories and Tom will allow me to get to the next one. Sometimes, some stories, and I tell Tom, Tom, the podcast is tomorrow. Tom blew up with this story. Who does he think he is? Now it's about legacy? What about all this time? So anyways, Tom's, you know, he's got his.

• 3:17Tom Ellsworth?

  I said that, I did.

• 3:18Patrick Bet-David?

  Yeah, so, so we will have Tom share that with you guys today and see, maybe he feels a little bit better about the guy today. Who knows? Why everyone got Trump's tariff wrong? That's a Wall Street Journal story. Even they were saying it's not a good idea. Ron DeSantis mocks this guy out of Canada, pretty successful guy, Doc Ford. Uh, Florida is hurting due to Canadian boycott remark. And you should see what DeSantis said about it, as if Florida needs Canadians. Every other day, if I'm out here walking the streets, I meet a Canadian. They're great people. They drink coconut beer. They, they like their Toronto Blue Jays that made to the World Series. I don't like the Toronto Blue Jays because they took us, took out our Yankees.

• 4:02Patrick Bet-David?

  He loves the Blue Jays because they caused it to be the greatest World Series of all time. And he's a Dodger guy, but you know, Canadians are great people, Tom. We got, we got one, you know, Canadian blood in the house here today with you.

• 4:12Tom Ellsworth?

  Canadian derivative, I am.

• 4:14Patrick Bet-David?

  Yeah, that's right. So UPS buys hundreds of robots to unload trucks and automation push. McKinsey.

• 4:21Patrick Bet-David?

  Plots thousands of job cuts and slowdown for consultant consulting industry. Maybe we're going to talk about how this consulting industry is a waste of time. Should you hire consultants? If you do, who should you hire? Who knows? We'll talk about that as well. Uh, then we have next one, the rise of dual uh income household, same as the other one video. This next story is very, very interesting. Ford writes down nineteen and a half billion dollars as it pivots electric lighting line of vehicles. Let me tell you, out of all the stories here, that's probably my top three on what's going on with cars. And you have to see why that's so important. At the same time, Tesla stock closes at twenty twenty five high after Musk confirms driverless robot taxi test underway in Austin.

• 5:05Patrick Bet-David?

  Uh, can US automakers compete with Chinese EVs while focused on gas guzzlers? And then uh, we have a couple of other things here about Palm Beach. This place will win when it comes onto business. Uh, JP Morgan debuts first money market token fund on Ethereum. Pop, I'm sure you got some thoughts on that. Micro strategy decides to buy some more Bitcoin, another billion dollars for that guy for his second week. Bitcoin is dropping to eighty six thousand dollars due to a lack of conviction. You know that, right? People have a lack of conviction, keeps a lid on crypto prices. Yahoo Finance. Pomp is about to call this journalist from Columbia University out in a second here when we get to it. US declares energy emergency as cold snap hits northeast.

• 5:50Patrick Bet-David?

  Oil settles at lowest twenty twenty one. Arizona city unanimously rejects AI data center after resident outcry. We got a couple of other stories to get into here. Uh, we definitely have to talk about AI and jobs. I know you got a lot of stuff to say about that, so we'll get to that as well with the job market. People are worried, is it going to affect me? Is it not going to affect me? I have my own thoughts on that as well, but prior to getting into that, here's what's going on. Last year, every time I'm at this campus and I'm in my conference room and I look to my left and I see fifteen people walking to the other building, they're getting a tour. That means we've hired fifteen new people, okay? And last week we had ten new hires that we hear, we had forty five job openings. Right now we have thirty five job openings. We are hiring. If you're somebody highly qualified.

• 6:31Patrick Bet-David?

  You're educated, you're hungry, you want to be part of something that you want to go on a run for 20 years. A lot of people, if you just watch us, you think it's a podcast. And by the way, you may have a son, a daughter, a friend, somebody that's fully, fully qualified, that wants to be part of something and bring their talent to us. Not an easy place to work. You know, we, we, we, we work very, very hard at a place like this. But if you think this is just a podcast, I want you to watch us to give you a little bit of a glimpse. And then I'll give you a link to go apply for the 35 job openings that we have right now. Go ahead, Rob. Many times when people think about value attainment, all they think about is a podcast, but it's a lot more than that. It's nine companies working together on an 11 acre campus. If I was to give you a virtual tour here, you'll see the HR department hiring, talent acquisition.

• 7:14Patrick Bet-David?

  We have full stack developers that are working on Manac and higher metrics. We have a full-fledged events team that puts together events with thousands of people. We have a merch department designing the latest product. We just launched the FLB shoes made in Italy. We have a marketing department. And if you go to the complete opposite side of the building, 50, 60 people making calls, working for Bedavid Consulting, sales setters. And then on the complete opposite side of the campus, there's a full-on production company with editors, shooters, creating content, doing podcasts. Then you can drive down a couple of miles and go to our private boardroom, cigar lounge with members only. Regardless of what it is, working at ValueTainment, every day is a surprise. You could be walking into work and right next to you is a governor, is a billionaire, is an athlete. We are hiring aggressively.

• 7:58Patrick Bet-David?

  But value attainment isn't for everybody. For the right person, this could be the last company you ever work for. So if you're watching this and you want to learn more, go to vt.com/careers and apply now.

• 8:13Patrick Bet-David?

  There you go. Go to vt.com/careers and apply now. Rob, if we can put the link below as well. That will be wonderful. Okay.

• 8:21Speaker 03

  Can I say something about the people I met here?

• 8:22Patrick Bet-David?

  Please, go for it.

• 8:23Speaker 03

  Excellent. A plus. Every single person. High energy, smart. And I ask every place I go, I ask them, uh, what's it like working here? What's the best part? What's the worst part? And the woman that I was just talking about, you know, she told me, she said, it's great to have a leader who's pushing forward. There's a movement. You feel like you're contributing, but it's fun as well. It's very rare where you can work really hard and have fun.

• 8:43Patrick Bet-David?

  I love that. Well, I appreciate you for saying that. Whoever said that, can we?

• 8:47Speaker 03

  I might apply. I might apply. She, she was a good sales pitch.

• 8:52Patrick Bet-David?

  All right.

• 8:52Tom Ellsworth?

  Bring your talents to just north of South Beach.

• 8:56Patrick Bet-David?

  Okay, sounds good. Well, thank you. Let's get right into it. Tom, you know what? I'm gonna start off with that story because I do think it's a very big story. When it comes on to cars and how wrong the previous administration got it and how confused these automakers are right now. Ford writes down nineteen and a half billion dollars as it pivots electric lightning lighting line of vehicles, and this is page 11 if you want to go to. This is a uh, uh, uh, this is a fortune story. So let's go through it. So Ford searches for finding profitability for its electric vehicle continues. So the Dearborn, Michigan-based automaker will make a series of changes to its line of vehicles

• 9:38Patrick Bet-David?

  and production facility to focus on producing affordable vehicles that better align with customer desires, it's announced on Monday. The company will also scrap production of certain larger EVs. Ready? Including the F-150 Lightning, which it will retool as an electric vehicle with a gas-powered generator, as well as redouble development of smaller, lower-cost cars, including a mid-sized pickup truck in 2027. I can go give a lot of other stats here, but I'm just gonna go to Tom. Tom, nineteen and a half billion dollars, what's going on with Ford?

• 10:12Tom Ellsworth?

  Well, I happen to think that a set of governors, um, blue governors led by Gavin Newsom owe the shareholders probably half of that. Um, because you had, you know, California said, oh, by 2030, what was it? By 2030, you have to be 30% EVs. They had these steps. And they basically stepped on, you know, the demand side of the automakers and said, you will do this. Meanwhile, California didn't have the electric infrastructure to do that. And they don't even have the electric infrastructure to power the data centers that that are gonna be in California, which is not as many as gonna be elsewhere, which is another story. But you had all the automakers got behind it, the point is.

• 10:53Tom Ellsworth?

  Ford got behind it. The F-150 Lightning pickup had a Super Bowl ad. They had everything they were doing on this. And we can see Jim Farley is on here, uh, talking to. Who is that, Kudlow, about it? And Mari Barra said, GM is all in. As a matter of fact, Cadillac will be the all-electric division. They went, she went all in. It was Cadillac going to be the all-electric division. They all went there. And guess what they found out? Battery technology is expensive to make. They also found out that, guess what? You know, you got to be able to charge these things. And then Elon Musk proved that he wasn't just Tesla. He was a service station network selling, saying, hey, you use the same connector on the car. You could use my superchargers everywhere. But the automakers, excuse me, went all in.

• 11:38Tom Ellsworth?

  And now they're backing off.

• 11:39Patrick Bet-David?

  Tom, did they go all in because they didn't have a choice? Was it a business move? Was it a forced move?

• 11:44Tom Ellsworth?

  It was, they made a business decision at gunpoint of green legislation with states like California saying, you will be this percent by this time. So they had no choice. But they also went all in. And so, because they believed, look, if you believe that Biden was going to be re-elected or that Kamala was going to be elected or that the green, that AOC and the green mandate and everything was going to continue, then you went that way to protect your business because, you know, under federal guidelines, you had to do it. Meanwhile, the consumers were discovering that when you take that $7,500 subsidy, remember all the headlines about this? When you take that off, it points back to the hybrid vehicles being more cost-effective.

• 12:29Tom Ellsworth?

  And you have a Honda Civic hybrid that can go 600 miles because it's a small fuel tank and a little generator keeps recharging battery. It's actually more efficient and it actually was less dollars. And so Ford has said, listen, the all-electric stuff, we can't make it work on a 5,000-pound pickup. We can't make it work on the SUVs. We're writing all that off, 19.5 written down, but we're going to have a big effort. To put the hybrids in the middle because we know Americans like the fact that the hybrids are more economically priced and you can go six, 700 miles on your crossover or your Honda Civic

• 13:09Tom Ellsworth?

  and that's where the market is. But this is really, I feel like that California owes the Ford shareholders probably half of that $10 billion because that was done at legislative gunpoint and they didn't have the electrical power infrastructure to really support. If the consumers had done that, it would have been a brownout at night.

• 13:30Patrick Bet-David?

  Okay, so Pom, I'm gonna come to you, but I want you to think about this question as well. So what makes them say by 2030, like here's Newsom saying issued an executive order requiring, these are mandates, all new cars and passenger trucks sold in California to be zero emission by 2035. This directive is the foundation of California's advanced clean cars, a second regulation targeting 100% of EV sales by 2035. When they're saying things like this, are they working collaboratively with these automakers who know how difficult it is to do that? Or is it just like a, hey, it's a marketing campaign, guys, press release, release that, here's what we got to do in California,

• 14:15Patrick Bet-David?

  shit? Or is it more like, well, let's piss off Elon Musk a little bit? What do you think it is?

• 14:20Speaker 03

  I think that this is the classic mistake people make in business, which is people thought that the consumer was buying an electric vehicle because it was electric. People are not buying a Tesla because it's electric, they're buying because it's a better car. It just happens to be electric. And that's a huge difference, right? If you get in a Tesla, the first time people sit in there, they feel like this is a car from the future. This is a computer on wheels, this thing is cool. There's full self-driving, all that stuff now, but before you even had the full self-driving, you got in and everything was kind of reimagined. You had the big screen, you had all this, but it was a better experience as a car. So what Elon did was Elon, I think very smartly, if you go back and you read his master plan for Tesla, etc., he said, listen, if I just show up, remember like the original electric vehicles, they were kind of these like small little things, it kind of made

• 15:02Speaker 03

  you feel like, you know, maybe not as manly, you're getting this little thing, you know, pull up, somebody sitting in an F-150 jacked up next to you at the red light, right? People didn't want to ride in those things, right? It was kind of like a stupid little car, almost like a clown car, right? Well, what Elon did is he made the Tesla cool. And so he started with the roadster and it was kind of like a sports car, right? It was a higher price point. And people said, you know, it's a status thing. Now Elon has a history of doing this because if you notice he also made it cool to go work in the government, right? So his whole thing is can you make something high status? And so by making the Tesla high status, people said, I want that car. Oh, by the way, I will deal with the fact that it's electric. Because I think a lot of people also, to Tom's point, it's easier just to go get gas at the gas station. It's easier on a long trip. It's easier, you know, if I don't

• 15:45Speaker 03

  have to go and charge this because I don't have a charger at my house and sit there for 25 minutes for it to charge up. So Tesla being a superior car is what drove those sales. Well, what did Ford and GM and all these guys do? They basically were going to take our exact same car, which is inferior to the Tesla, and we're simply going to try to rip out the gas engine and put it in an electric vehicle. Most consumers buying a Ford F-150, they don't care about an electric vehicle. And actually, that may be a negative. Why would I want to buy a big truck that's electric if it's harder for me to go do the things I need to do? So I think that's probably the biggest thing is when you do these mandates, they're, you know, again, let's just say they have good intentions. You can question whether they do or not. But it doesn't address the actual driver of the consumer behavior. You have to make the car cool. And these car companies and the government,

• 16:29Speaker 03

  they weren't doing that. And that's why Tesla continues to dominate.

• 16:32Patrick Bet-David?

  Very basic. Go back to marketing. Make a good product. People will come in and buy it. And by the way, it's also a, like, I remember one time I'm talking to a friend, Tom, Jim Scott Bell, and I'm writing this fiction book, and it had such a massive mission messaging in the fiction book. He says, remember, if the message you want to put in the fiction book is more, is bigger than the entertainment aspect of the book, you won't sell. He said, if the entertainment is 95%, and messaging is 5%, then you'll sell. These guys tried to do, EV is 95%, the design is 5%, looks ugly. Guess what? You're going to go buy it because you're a responsible person. Rob, can you pull up a poll? I'm actually curious with the audience. What percentage of the audience

• 17:16Patrick Bet-David?

  has an EV versus a gas? And then put both, because some people have both, right? My wife's got gas, I drive an EV. Just run a poll on that if you could, just to see what they're saying.

• 17:28Patrick Bet-David?

  Brandon, what are your thoughts on this story?

• 17:29Speaker 05

  Yeah, I really hate wasted potential more than anything in the amount of money. Money that's been poured into the EV initiative. It's it's so sad because like we talk about all the time about the things that actually would benefit from government subsidies like, you know, like a home builders initiative or initiative to build nuclear reactors to give us more power for the country. But we've spent like probably hundreds of billions of dollars over the last 10 years into trying to pressure incentivize companies into building EVs. And I, you know, I sent Rob a chart that shows the amount of material that is required to build an EV versus a gas powered car. And like, does this really a good return on investment, especially when the output of energy is not higher? So I almost am forced to wonder since.

• 18:11Patrick Bet-David?

  But you're showing this, the average person wants to know, you and I know what this is. Can you explain this?

• 18:15Speaker 05

  So the green circles are the amount of materials like metals and whatnot that go into the inputs of a car. The black circles are gas powered cars. So the.

• 18:24Patrick Bet-David?

  On you said regular car. No, that's green is EV cars, right?

• 18:27Speaker 05

  Yes, correct.

• 18:27Patrick Bet-David?

  So you need each one of those to build an EV car.

• 18:31Speaker 05

  Yes.

• 18:31Patrick Bet-David?

  And why is that so complex?

• 18:34Speaker 05

  Why is the EV more complex?

• 18:35Patrick Bet-David?

  Yeah.

• 18:36Speaker 05

  Um, it's just a, you know, it's um, not something that I think would be created if the mark, if the market wasn't being forced to create it. That's the point is that the government's putting a lot of pressure on companies to build it. But it's not something that would be really profitable or a good return on investment. I think to to build if they weren't getting pressure to do it. You know, we could debate that, but I I almost wonder since like energy matches like um, the population growth, I almost wonder if the government wants to do this to like maybe slow population growth. Because, you know, the more energy you have in the country, it's free and accessible, the faster the population grows. So it creates a lot of weird questions. Why they're saying that we need this to save the world? Why they're saying we're running out of oil when we've established that we're probably not.

• 19:18Patrick Bet-David?

  Let me ask you a question. All these different minerals that we need, right?

• 19:21Speaker 05

  Yeah.

• 19:21Patrick Bet-David?

  Does US have access to all of them internally? Or do we need to go elsewhere to get these? I know the answer to the question. I'm asking you for a reason.

• 19:28Speaker 05

  A lot of them, no, we don't have abundant amounts of it. And a lot of them, you know, they're in places like China, they're in South America. So yeah, no, it's not readily accessible.

• 19:34Patrick Bet-David?

  Also a place in Africa, right? There's also a spot in Africa that has a con uh, what is it called? Yeah, multiple places, but there's one main place. In Africa, so this makes us reliant on other people. But if we want to make gas, that's it, gas cars. Can we make that not relying on anybody else?

• 19:53Speaker 05

  More so than the EVs because you know, like it's just a matter of like sheer volume of precious metals and natural resources. And I know like it's a quick side note, I do have a tough time like taking the whole EV thing seriously when something like the Invention Secrecy Act is in place. Like we have no idea what the hell is in there, but there's 6,000 patents of things that could possibly be better than electric and gas. So that's another angle to take with this.

• 20:16Patrick Bet-David?

  By the way, you look like you want to say something, I'll come to you in a second, so watch this here. What type of vehicle do you own? Gas, EV, both? Gas 89%. EV 4%, both 7. So let's just say 89 to 11, okay, meaning you own at least an EV in your car. That's a, you know, that's a, that's a big ratio still in America where cars are at. And that's a 3,400 volt sample. Do you have any final thoughts on the story before we get to the next one, Pom?

• 20:47Speaker 03

  I just think that the legacy car makers, they're getting their butts kicked by Elon Musk. And what it really highlights is you have companies that are being managed by corporate executives, not by entrepreneurs. And so one area where we do see immense amount of innovation, which people in America don't like to acknowledge is China. I don't know if you've seen any of these videos of these Chinese electric vehicles. I mean, these things are, you know, parallel parking by themselves, they've got all kinds of cool, you know, gadgets, et cetera, in there. And so it begs the question, I think, is it an incentive thing as to American companies don't want to innovate? Is there some sort of, we don't have the skilled, you know, engineers, et cetera, to go do this? Is there a capital component? There's something going on as to why majority of the American car companies are not innovating

• 21:30Speaker 03

  at the same rate that the startup of Tesla or these Chinese car companies are doing. And so I think that if we could answer that question, that then could help change this market. And maybe you would actually have people want to go buy these, not because they're EVs, but because they're just better cars.

• 21:43Patrick Bet-David?

  And by the way, it's funny you're saying that. Wall Street Journal just did a story on that a couple of days ago. Can US automakers compete with Chinese EVs while focus, focused on gas guzzlers? And this goes back to Tom talking about the $2,500, $7,500 tax credit that they had in the past. Tom, where are you at with this, with what Pom said? Can? US automakers compete with Chinese EVs?

• 22:07Tom Ellsworth?

  Yeah, I think there's, there's three points. There's the point of why can't the US automakers, whatever they make, make a cool next-gen car? Why can't they get there? And if it's electric because they got a mandate from California, that's part of it, but they can't blame that whole thing. That's why I say 50% of it. The other 50% is you decided. You decided to go all in. So A, make a cool car. B, the green lobby really messed with decision-making. Says, and C, now we find out that hybrids actually a better deal for the consumer all the way around. But let's go back to point A. It's like, where was the leadership in the automakers that said,

• 22:48Tom Ellsworth?

  "Screw the EV mandate. All of our data shows that people really like hybrids and it costs them less. Let's make the coolest effing hybrid ever seen to mankind. And let's make it really hip." No, let's just take our existing cars because they mandated and let's make them all electric.

• 23:04Patrick Bet-David?

  I thought Fisker was pretty cool. I thought, I thought the Fisker car when it first came out. Do you know which one? Was it Karma? Was it?

• 23:10Speaker 03

  In New York, if you get on Uber, you want, you want some free alpha for your, your viewers? In the Uber app, there's actually an electric option. And what almost always happens is you get a Tesla or a Fisker and it's cheaper. Now, in New York, it's a lot of density, so it's about the same time wait, you know, waiting. In other cities, not so much. But those Fisker cars, it's like, I don't know how many are in America, but I think at least half of them are Uber drivers in New York City.

• 23:34Patrick Bet-David?

  I listen, I loved it. You had a, did you have a Fisker or?

• 23:36Tom Ellsworth?

  Yep, I had a Fisker Ocean, the crossover.

• 23:40Patrick Bet-David?

  Is that the one you had?

• 23:41Tom Ellsworth?

  Yes, I did.

• 23:42Patrick Bet-David?

  And what happened to it?

• 23:43Speaker 03

  They got the solar panels right in the?

• 23:44Tom Ellsworth?

  Uh, they went bankrupt and I gave it back to Fisker.

• 23:47Patrick Bet-David?

  Did something happen to the car though?

• 23:49Tom Ellsworth?

  Uh, yeah, it got, it got hit. It took a shot, but it wasn't too bad.

• 23:56Tom Ellsworth?

  But by the way, I can show you the pictures of it, but it wasn't it wasn't that bad, but they since they're bankrupt, they couldn't provide parts.

• 24:04Patrick Bet-David?

  They couldn't provide parts because they went bankrupt?

• 24:07Tom Ellsworth?

  Yeah, and Liberty Mutual said, we can't do this.

• 24:10Patrick Bet-David?

  So it's done done?

• 24:11Tom Ellsworth?

  So it went back to Fisker.

• 24:12Patrick Bet-David?

  So what do you do? What do you do when it's done like that? I mean, what do you do with the car? Is it kind of like the old DeLorean?

• 24:17Tom Ellsworth?

  Yeah, I got a check from Fisker and Fisker took the car back.

• 24:20Patrick Bet-David?

  Got it. Interesting. At least that's what happened. Because let me go to the next story with Tesla, because all this stuff going on, Tesla's had a closing at 2025 high after Musk confirms driverless robot taxi test underway in Austin. Rob, do you have a video of that of the robot taxi test? I think it's good for us to see this here. Tom, so what is the story with this robot taxi causing Tesla? Is this it? Oh, let's take a look at this.

• 24:48Patrick Bet-David?

  Amazing. Is that real, Rob, or is that a AI? No, this is real. That's actually happening? Yep. Okay, so robot taxi in Austin causing Tesla stock to go up. Is it just that? Is it the additional robots they're talking about? What else is it that's causing Tesla to have record breaking numbers in 2025 with their stock price?

• 25:11Tom Ellsworth?

  I think the stock price is going up because two major manufacturers just announced that they were going to be competing less with Tesla, number one. And number two, Tesla is it's funny, this this announcement comes after Waymo runs into a poor guy in Arizona after one of them ran into a construction site and got stuck in wet cement. That's a true story in San Francisco. The the driverless taxi runs through cones and gets stuck in wet cement in a construction zone.

• 25:41Patrick Bet-David?

  That's a true story?

• 25:42Tom Ellsworth?

  It's a true story. You can, Rob will find it. It's actually very, very, I think it was, what was not funny is I think it hit a woman, then it drove into a construction site, then it drove into wet cement. And so all of those stories of the starting of driverless taxis.

• 25:56Patrick Bet-David?

  Not a funny story. You're laughing like it's a funny story.

• 25:59Tom Ellsworth?

  There it is.

• 26:01Tom Ellsworth?

  There it is, Forbes, Cruise Robo Taxi Drives Into Wet Concrete, Waymo Shows Off Same. So it's like, they had their teething pains, but now, but now with full self-driving and other things, Tesla's coming out and saying, okay, teething pains for taxis, everybody else takes the headlines, I've now got it going in Austin, it's working. So competitors off this here, and guess what? Those are all things, what do you think? It just feeds the stock price, because all that is good news for Tesla.

• 26:29Speaker 03

  I think what we're watching is Tesla is going, you know, Bitcoin, I always say, went from a contrarian trade to a consensus trade. What's happening with Tesla right now is you're watching basically the early adopters, right? These people, they bought this thing, Wall Street hated it, every single person with a spreadsheet told you how Elon Musk is a fraud, he's lying, he can't, you know, ever get profitable, this company sucks. And a bunch of people on the internet that are individuals who said, hey, I actually think that these cars are pretty good. I drove one, I, you know, went and sat in one. And I don't think it's a car company, I think it's a robotics company, I think it's a machine learning company, I think it's a, you know, data company.

• 27:00Tom Ellsworth?

  Now, I think it's a service station selling electricity to all the rest of carmakers.

• 27:03Speaker 03

  Yeah, well, what you're seeing now is you're seeing the transition, right? You're seeing those early adopters essentially are being proven right, because now you have all of Wall Street realize, wait a second, this isn't a car company, we're using the wrong comps the entire time, this is a robotics company, this is an AI company. And when you see that car driving on the road, it is really hard to say that this is just a car company. And then you realize that he's sending updates over the air via this software. But then you also see him using a lot of the same technology and saying, wait a second, if a car can do this, what if I can make a humanoid robot do this? And so now what he's really doing is he's expanding the total adjustable market of this business, and he's finally convincing Wall Street and these large pools of capital that this is not a car company, this is a robotics and an AI company. And it's getting rerated by these

• 27:46Speaker 03

  organizations. There's a lot of folks for a long time who said, I don't own Tesla because of all the issues. Now what they're realizing is, if I'm a public market investor and I want to invest in AI or robotics, what stock do I buy? Well, you can go buy Nvidia, you can buy some power companies, you can buy some of the like components or the infrastructure, but there's not a lot of companies where you can go buy exposure to the future of AI and robotics. And so, yeah, you can go buy- Google stock, but you also get YouTube and search and all this other stuff. Tesla is probably the most pure play exposure in the public market to AI and robotics. And so now the world is convinced we need this. They realize that this company is going to be that company. And you see people piling and stock price goes up. But the part that no one ever talks about is all those people who used to hold Tesla stock.

• 28:31Speaker 03

  They're still holding. They have this rabid fan base. And so they have this like retail investor engagement or like the cult of Elon around this stock. The fact that those people believe so fervently in the future of the stock means that they're not selling. And so when that new capital comes in, it's not like they just come and buy it from, you know, the existing shareholders at some reasonable price. They all are pushing the share price up. And so that's why you're seeing the explosive, I mean, it's up 10% in the last five days. It's just large pools of capital pouring capital in and the people who currently hold the shares aren't willing to sell it because they've got a very long-term belief in the stock.

• 29:03Tom Ellsworth?

  It's a stabilization effect.

• 29:04Patrick Bet-David?

  Last month is up 21%. Last five days up 10%. Insanity. Tom, go ahead, finish your story.

• 29:10Tom Ellsworth?

  It's a stabilization effect. Remember in the old days where you would have, okay, who are the institutional investors in Hilton? And you have what was called the widows and orphan stock because it was a dividend. But you had five big institutions, Piper Jaffray, you know, the old Merrill Lynch, the old Lehman Brothers. They each own four and a half percent, staying under the 5% rule. And they said, well, we're not selling. We believe in it. They're opening more hotels. We're fine. Well, you multiply that out, Pat, suddenly you had 22% of the stock's not going anywhere. That was like a stabilizing anchor because it reduces the volatility because it's just, it's, it's holding. And that's what you have. You have the, the people that, whether they're memes or fans or whatever it is, they are the equivalent.

• 29:53Tom Ellsworth?

  You just might as well call them as the entrenched holders are like a large institutional bank that actually brings stability to the stock.

• 30:03Patrick Bet-David?

  Are you, are you long Tesla because of Elon or are you long Tesla because of Tesla? Like, is it at a point where it's flipped where you're more long Tesla with Elon lower? Or is it still your long Tesla because of Elon?

• 30:18Tom Ellsworth?

  I'm long Tesla by itself, but I'm very long Tesla because of Elon, because I believe what the next chapter will bring.

• 30:25Patrick Bet-David?

  Is it, is it, is it more Tesla or more Elon? Give me the 50, you're.

• 30:29Speaker 05

  Oh, by far. I think it's not even close to the same company without Elon. Cause I don't think anybody else could like imagine what he wants to do with it.

• 30:35Speaker 03

  You know, like, I think it's like gonna be like entrenched the way that Apple's entrenched in our lives. But like on a bigger scale, like the way that our phones and laptops are entrenched in our lives, like the cars and the robots, they'll be in everybody's house someday, they'll be entrenched in everybody's lives. But like, I don't think that anybody else is enough of a visionary.

• 30:49Patrick Bet-David?

  So you don't think the company is yet at a point where it's not just because of the jockey? Where the jockey is managing the horse, it's not, it's not the horse yet.

• 31:00Speaker 03

  No, and I.

• 31:00Patrick Bet-David?

  You're still leaning on the guy driving it.

• 31:02Speaker 03

  Yeah, I don't think anybody else like has like the driver.

• 31:04Patrick Bet-David?

  I wonder how many people feel that way.

• 31:05Speaker 03

  But that's true of most companies, right? I mean, just look at Google, Google was getting their butt kicked and all this AI stuff and all the infrastructure data centers, etc. And the founders came back.

• 31:14Patrick Bet-David?

  Hmm.

• 31:15Speaker 03

  Right? Open door, another great example, the founders left, all of a sudden they came back. If you look at, you know, Amazon, I think a lot of people are saying, wait a second, are they behind? Bezos isn't, you know, there as much anymore. Look at Meta, they've been able to navigate multiple new technologies now because they've got the founder who's at the helm. You've got Elon, obviously is a great example, I mean, you just go company by company by company. The companies that are still run by their founders tend to outperform the companies that are run by kind of professional managers. It's not a knock against the professional manager, it's just there's something different, right? It's, um, there's this great, uh.

• 31:48Patrick Bet-David?

  I fully agree.

• 31:49Speaker 03

  There's this great thought of the source of an idea is really important, right? So even if you have two co-founders, um, who's the source? Who called who and said, hey, let's start a company, right? That person has intuition about something, sees the world a certain way, has a drive of something, you know, really said, hey, I want to go put this in the world. Elon is the epitome of that, and so I think that he's really important.

• 32:08Patrick Bet-David?

  Well, we're talking about founders, and you know what, let's, I was gonna go to a different direction. Let's go Elon first and I'll go to a founder's story. This founder had this idea that she raised money and she could go buy a house in the Caribbean and do other things. But the guys, that's a bad idea, we'll talk about that. But let's first recognize somebody that Musk's fortune soars.

• 32:28Patrick Bet-David?

  Above $600 billion on new SpaceX's valuation. You ready for this, folks? Elon Musk is about to be a trillionaire. Okay, this is page nine. Do I have page nine?

• 32:41Speaker 03

  He's underpaid.

• 32:43Patrick Bet-David?

  He's underpaid. You think he's underpaid?

• 32:45Speaker 03

  100%.

• 32:45Patrick Bet-David?

  I don't know if I disagree. So what is the new deal? The new deal they have with him is if he's able to get this number above 8.5 trillion dollars, I think he's gonna end up getting, what do you call it? A trillion dollars in pay? He has to get the valuation above 850. But let me read this to you. This is SpaceX for you. That's with Tesla. It's not even with this company. So Musk's wealth has reached over 600 billion. World's richest person in the world is now worth 638. According to Bloomberg's Billionaire Index, the SpaceX valuation of 800 billion dollars in an hour share sale, a deal that makes the Starbase, Texas-based rocket maker, the world's most valuable private company. Musk is its founder and CEO.

• 33:27Patrick Bet-David?

  Musk's 42% stake is now worth $317 billion after a liquidity discount applied to private companies. For the first time, an individual has been calculated to be worth more than 600 billion by Bloomberg's Wealth Index. Musk, 54, reached the $100 billion mark in 2020 as the value of Tesla Inc., where he was a CEO and now you're talking about. He was worth just 4.8 billion when he was added to the index in 2013. By the way, just, he was worth just like, it's just a 4.8 billion dollar guy in 2013. Pop, what's going on with this guy?

• 33:59Speaker 03

  Well, if you think about how capitalism should work, whoever creates the most value for everybody else should end up with the most resources, right? Should end up with the most money.

• 34:07Patrick Bet-David?

  Yep.

• 34:08Speaker 03

  Name somebody who's done it better than him. The stat I just constantly cannot get out of my head is Elon Musk. For 30 years, for three decades, he has averaged the creation of a multi-billion dollar company every five years for 30 years. There's nobody in the world who's ever done that before. It is incredible. And it's not like, oh, let me go do a roll-up of everybody else's businesses and it's like financial engineering. It is from scratch. We're gonna build a product to solve something at scale.

• 34:31Patrick Bet-David?

  It's insane.

• 34:32Speaker 03

  It's crazy. So who should be richer than him? He's created more value for anybody else.

• 34:37Patrick Bet-David?

  Should there be a cap on how wealthy he should be?

• 34:40Speaker 03

  No, I actually think that if you give him money, right? So think of it this way. When he sold PayPal, he got $180 million. He took that money and turned it into 600 billion dollars. We should be asking ourselves, how do we give this guy more money? I don't know if you saw the recent interview. He was asked, if you lost all your money, somebody took it all away from you and you had to start over again. How would you make a thousand dollars or something, right? Kind of a normal interview question. You expect them, ah, you know, I'd go do a lemonade stand or something. And he just looks at the interviewer and he says, well, I don't think it would take very long for me to make money back. Cause I would just go ask people to give me some and I would turn it into more. And he's like, I've been pretty good at doing that.

• 35:21Speaker 03

  And his point being that like, people start to understand this guy is good at, if you give him resources, he will come back with many, many more resources for you. And so if you look at SpaceX, they, there's only two companies in the world, is my understanding, that have reusable rockets. And the second one, which is Blue Origin, just got it done after 20 something years. Elon is average, I don't know how many rocket launches they're doing on an annual basis now, but it's almost like one a day, I think. I mean, it is crazy how fast they've gone from this technology doesn't exist to being able to do that. And now he's talking about Starlink, he's going to beam the internet down, right? So if you control the internet, that's pretty valuable. And now he's even talking about doing data centers in space. And so you start to see all this come together and you're like, wait a minute.

• 36:05Speaker 03

  This guy is basically getting emboldened to be even bigger, to go even crazier. But maybe that's what the world needs, right? Who, who else would sit here and say, let's put data centers in space? Like maybe the guy who was like, let's launch a rocket and bring it back down to earth and reuse it again.

• 36:21Patrick Bet-David?

  Do, do you think this whole civilization on a different planet is a reality with Elon?

• 36:29Speaker 03

  I think that he genuinely would like to accomplish it. I think that he understands there's a lot of, you know, physics involved in being able to do something.

• 36:40Speaker 03

  But when you look at the steps that he's taken, it's almost like he pushes from an innovation standpoint, figures out how to make a business out of it. Pushes again innovation wise, figures out how to make a business. But the businesses are almost being used to drive profit so that he can then fund the next step of innovation. And so, you know, one of the things he's been talking about, I'm blown away by the fact that in today's day and age, you can go on YouTube or the internet and you can listen to the world's richest man, the best entrepreneur of our lifetime, in his own words, talk for two hours. A hundred years ago, that was impossible, right? I mean, you maybe read in the newspaper or something and you had no clue, you know, one line interview. What he's been talking about is all this focus on small reactors, all this stuff.

• 37:24Speaker 03

  He's basically like, stop fooling around with this stuff. Let's go put things in space and harness 24/7 access to the sun, which has this really powerful energy source. And we'll be able to use that to power both Earth and space. I'm not a scientist. I don't know what's going to end up being the right thing. But what I do know is you start talking like that, why is the company only worth 1.5 trillion dollars? Right? You almost start to think to yourself, wait a second, I remember when people in the venture community were buying SpaceX stock at 10 billion, $20 billion valuation. How big could it get? You know, there's not 100 billion dollar companies. It's 1.5 trillion. We come back and do this again in 10 years. 10 billion, 20 billion, or 10 trillion, 20 trillion? Like, how big could it get, right?

• 38:09Patrick Bet-David?

  Yeah, a lot of it has to do with how, to me, the operator better be protected. Because he's becoming more powerful than most countries as an individual. The amount of influence he has as an individual, not only financially. Because the difference between him and a lot of, like, when you said Google, if Sergey Brin and his partner went into the podcast.

• 38:38Patrick Bet-David?

  Or they tweeted something out, or posted something on Facebook, or something on their Instagram account. Versus Elon goes and tweets something. He's not on Instagram, he's not on Facebook, he's not on YouTube. If he just goes tweet something, what is his reach with people? How much of a disruptor is he? What can he change? So to me, you know, it's a, it's a, it's a very, it's a very different animal of what he's doing, but he is more powerful than a lot of people, so he better have the best security in the world. He better be protected. He better be taking care of himself, he better have the, the right people better have, like the smartest of the smartest and the most brutal people better be protecting this guy. To make sure he sticks around long term. Tom, thoughts on Elon?

• 39:17Tom Ellsworth?

  I, well, first of all, I, I agree, and, and second of all, I think he is crazily underpaid. If you just, if you just did a simple, you know, when you talk numbers that are so big that are beyond comprehension, you get an emotional reaction because the emotional reaction comes from the inability to comprehend. So when the average person thinks a trillion dollars, they're thinking about that from the perspective of a, a working person that's got good skills, that's out there trying to, to make a living, and they really can't fathom it. So the knee jerk reaction is, which the politicos use is that. On the other side of it, I just look at commission based theory.

• 39:58Tom Ellsworth?

  And commission based theory says, okay, everything you invent as a founder, um, a founder's share after dilution at series D, series D usually hovers around 27 and a half percent. So if you take, right, you go, series A, series B, series C, D. And, and you just look at that, you say, okay, well, let's just, let's just lock him at 30% assuming all these companies. And then just add it up. And it's like commission based theory, and then you, you add it up and you go, wow, that's not so crazy. And I look at it and I say, that's low. Because he didn't have to do a series A and give up 20%. He didn't have to do a series B and give up 15% and then give up 12 and a half percent, then give up 10%. The typical flow, he didn't have to do that.

• 40:42Tom Ellsworth?

  And so therefore his commission rate is higher. And you look at it and you say, wait a minute. I think he's already a trillionaire because when I look at them saying, well, and we apply the private company discount, this is not a private company in a traditional sense. This guy walks up to Goldman, the same way IBM walks up to Goldman and says, I need a hundred billion dollars in bonds. IBM makes that phone call and they say, what are you doing? Well, we're doing this thing cloud in the sky and big blue, whatever they call their thing, and they get it. Elon Musk can do the same thing. So he's not really a private company. So when you apply a private company discount, I think he's already 1.5 trillion guy. I think he's already there.

• 41:23Patrick Bet-David?

  Yeah, I've been saying this guy's gonna be a trillionaire in the next two to three years for, you know, for some time. I think, I think he is a, I think he's a unique, very unique guy, very, very unique guy on what we have right now as an operator. It's not easy to handle pressure of one company, one board, one investor, times the amount he has then to attract and hire people, then to have people move from areas to come to you because they want to work with you and run with you. That's a lot, it's a lot of different moving parts that you got. You gotta plod the hell out of it. From an operator to another operator, I have so many friends that ask me, why are you operating? Take your money and just invest and have a better life, you know, and stop dealing with the pressures of hiring and doing.

• 42:07Patrick Bet-David?

  If you love it, you freaking love being in the arena, there's something about building businesses. There's something about building businesses. It sucks, it's hard, it's challenging, but if you love the game, you love the game. Nobody plays the game and loves the game more than this guy. You gotta respect him. Brandon, thoughts on this?

• 42:24Speaker 05

  Yeah, just like in terms of value creation, I mean, look at what NASA's created over the last 10 years, given 228 billion, and then look at what SpaceX has created, given 20 billion over the last years, you know, so it's wasted taxpayer money going towards what? So like everybody who works for NASA for the most part is paid with taxpayer money, and then Elon's creating jobs for people, and then creating a much better product that's gonna like take us to a place where we could potentially harness the energy of the sun, which by the way, the, I'm, I'm not sure if this is the exact step, but I heard that if you harness all this energy from the sun for just one day, you could power the entire

• 42:57Speaker 05

  world for like a thousand years because we don't we don't even come close to like harnessing the like the full energy of the sun in a day so if he starts flirting with that then yeah we have infinite energy so yeah most valuable um most valuable thing you could possibly do and I think he's gonna have the most powerful private army in the world and in a couple years when he gets this robot fleet going so I think his security will be good with that

• 43:17Tom Ellsworth?

  yeah I appreciate the NASA comment but just just look at this the department of transportation under Joe Biden and Pete Buttigieg attempted to build charging stations attempted to be entrepreneurial build charging stations and look at the multi-billion dollar um uh bill that the American uh people paid and I do not think they built their 50th station

• 43:37Patrick Bet-David?

  do you think when he went into Doge and he did what he did with Doge do you think some of his long-term motives were revealed like do you think he thinks that was a good move? do you think he thinks it was a right move for him or no?

• 43:53Speaker 05

  he got a lot from that

• 43:55Speaker 03

  I I think that um

• 43:58Speaker 03

  if he could go in and the only goal was to make the government efficient he would have been very successful what I think he realized was there's a lot of people who don't want it to be efficient there's a lot of people who are actually benefiting from the waste of abuse to fraud that you know all this stuff right I mean if you look at the Minnesota situation I mean it's just crazy uh and some of it is not even economic right so some of it is just uh I don't want to offend anybody so I'm gonna I know you're doing something bad but I'm gonna let you keep doing it type thing um so you can't take his

• 44:28Speaker 03

  you know skill set his expertise of going in I mean you ever seen the uh the visual of the rocket engine and how it's like really complex and then all the iterations and eventually it's like this beautiful very sleek simple thing right that's basically what I want to do the government but you you can't do that because there's a bunch of people with their hand in the cookie jar now I know a number of people who who are close with Elon and I think that uh they regret all of the wasted time right if you think about like what they could have accomplished instead of spending their time doing that but at the same time I think that um he understands having a monopoly on attention is a very powerful thing you know him and Trump I think are very similar in that sense and so Elon Musk is more famous today than he was before even if some portion of those new people don't like him but

• 45:11Speaker 03

  remember when they were protesting outside the Tesla showrooms they were setting on fire they were saying he was you know fascist all this crazy stuff stocks had an all-time high So in a weird way, it actually didn't have the long-term impact that, you know, Tim Wall standing on stage screaming and yelling about the stocks going down. I think it's doubled since then.

• 45:29Patrick Bet-David?

  We were at an after-party in DC. I don't know if it was inauguration. I don't know what it was. Was it inauguration?

• 45:34Speaker 03

  Yeah, it was inauguration week.

• 45:34Patrick Bet-David?

  Inauguration, we're at this house. And Rob, were you with us that, were you at the house? Yeah, so we're at this house. How do you describe this house? Like a party house? Like it was Dwight Howard's previous house?

• 45:45Speaker 03

  Like a bachelor pad.

• 45:46Patrick Bet-David?

  It was Dwight Howard's previous, it's, it's exactly a bachelor pad. Like where you like to live. And all of a sudden Ward gets out that Elon's coming to the party. Great.

• 45:58Patrick Bet-David?

  My son is there. Tom and my son are on the rooftop screaming at the fascists. I come out, I come out, I'm trying to find my son. I'm like, he's either making out with somebody who's got a bad influence. Let me go make sure he's not being, you know, taken advantage of because at the time he was 12 years old, yeah, 12 years old.

• 46:15Tom Ellsworth?

  I thought what we did was funny. We got up on the roof and we yelled back at the people. We sang to them the old John Lennon song, "All we are saying is give fascism a chance."

• 46:27Patrick Bet-David?

  And they're screaming at Tom. By the way, the rooftop's probably five stories high and they're cursing Tom and my son.

• 46:35Tom Ellsworth?

  All we are saying.

• 46:36Patrick Bet-David?

  And so anyways, afterwards, we decide to leave. We go downstairs. We have security with us. And, and there's, I don't know, 40 cops outside. One guy starts spitting on my security guard and he lands one on him. And they arrested him right there. They took him. It was pretty nasty on what happened at the, because that time, you know, Elon is coming in and he's doing what he's doing. Yeah. Did you find the house or no?

• 46:58Speaker 03

  That's good. Security guard. He's willing to take one for you.

• 47:00Patrick Bet-David?

  Yeah, he's willing to, is that the house, Rob?

• 47:02Speaker 03

  Yep.

• 47:02Patrick Bet-David?

  That's the house. That's the rooftop. So visualize Tom and my 13-year-old son all the way up top, right there. Exactly where it's funny. Screaming at these guys and singing. I'm like, what kind of an influencer are you, Tom? I thought you were gonna teach this guy some good things, but who knows? Maybe they both have an exercise.

• 47:17Speaker 03

  Tico said he had a very good time.

• 47:18Patrick Bet-David?

  He did have a very good time. By the way, this is the engine you were talking about, Pom. So when Pom talked about it, this is the engine on how, the evolution, how far we're going.

• 47:25Speaker 03

  Massive visual of what they wanted to do to the government and, you know, obviously they ran into a lot of roadblocks.

• 47:29Patrick Bet-David?

  Well, the government employees perfectly. Government people on the top prefer the left. The establishment wants to further spun to the left, not the one to the right. Mm hmm. Because you don't want it to be efficient. You want to be able to show we need 200,000 jobs. Not really, we can get this thing done with 890 people. No, no, no, we need 200,000 jobs of people who never show up to work. So check this out, folks, okay? Sometimes you have to learn what not to do. This is a story of what not. We just got an example of Elon of what to do. Here's what not to do. The FBI is investigating a startup founder accused of using VC money to pay for her house and a Caribbean wedding. You know, it's a bad idea, but she thought it was a good idea. It's a business insider story.

• 48:15Patrick Bet-David?

  Shiloh Lucky, great name. Founder and CEO, is this her Rob? Yep. Founder and former CEO of Compilant, an LA-based tax-compliant startup that raised more than 13 million dollars from top venture capitalists. It's under criminal investigation for alleged security and bank fraud, according to court filings. In a civil complaint, the SEC has charged Lucky with violating securities laws for using millions of dollars of company funds to pay for her home, Super Bowl tickets. Oh, my. And a destination wedding in the Caribbean. The SEC alleges she painted a rosy picture of the company booming revenue with Compilant, never brought in more than 600. And you ready for this?

• 49:02Patrick Bet-David?

  Never brought in more than 620 dollars in monthly revenue. Now, not 620,000 dollars, 620 dollars. Like, this is more than an FLB shoe. That's the most, I mean, she only sold one FLB shoe in her career. Reached by telephone, Lucky said, I don't have anything to offer and hung up. Startups face far less regulatory scrutiny from public companies and founders sometimes present over optimistic growth stories like VCs rush to fund hot companies with limited diligence. After high-profile scandals like Theranos and FTX, regulators have taken a tougher line. Startup founders cannot fake it until they make it by falsifying revenues.

• 49:44Patrick Bet-David?

  Metrics, SEC Regional Director Monique Winkler set, including the seven-year prison sentence for Charlie Javis and fraud, anyways, a bunch of different people on top of this. So, here's a question. Tom, you've been part of 2.2 billion dollars of exits, raising money, you've got a bunch of deal toys in your office, and you've done a bunch of different things. How the hell do you, one, do something this stupid, and how do you as an investor fall for somebody like her?

• 50:13Tom Ellsworth?

  Well, first of all, once the investors made their investment, there's a board involved. And what's not stated in the story is, who called the regulators? Who called the SEC? Somebody called the SEC. And I'll tell you who called the SEC. One of the investors. One of the investors called the SEC after getting rid of the rest of the investors and saying, "Okay, this is probably now a smoking crater," meaning the money is evaporated and there'll be no follow-on and there'll be no value to sell. So, "I'm not standing for this crap," and they called the regulator. That's what happened. Because one of the biggest things, whenever we did a round of financing, the board always had visibility

• 50:54Tom Ellsworth?

  access to the capital accounts. So, you get 10 million, and this is how it works, Pat. And you saw this on a lesser scale, but you were an established company with expansion capital, with a demonstrated track record of being responsible in building your company. These are pure startup people. And pure startup, it goes like this. "Okay, the 10 million will come in, we're gonna leave 2 million in the checking, you're gonna put 8 million into this CD, and you're gonna use it over the next six months." But they have visibility to the account balances. They have observation rights of the accounts. And so, when she starts doing this, unfortunately, these founders think that when they've received the money,

• 51:36Tom Ellsworth?

  "Hey, man, I'm rich, and I can go, and I gotta fake it till I make it." And what happens is, one of the investors, I believe, it's not stated, but my gut tells me, one of the investors called the regulator and said, "We got, listen, we got this thing, somebody needs to take this chick down." We're gonna write this thing off and it's a smoking crater and you know, we need some help here. And then somebody who wants to continue with their career in, in, in public prosecution. Says, okay, I'll take the case. So now she, Charlie Javits, that defrauded JP Morgan. On the Frank app for student loans and then Elizabeth Holmes at Theranos. Who did everything she could to get pregnant, have babies to avoid incarceration.

• 52:20Tom Ellsworth?

  After she was found guilty, that's what she did. So all they need is, you know what? We need one more woman to commit fraud. So the four of them could play bridge. Cause it takes four to play bridge. One more woman and we could have this. But this is, this is hubris and the biggest hysterical point to me, she named the company compliant.

• 52:42Patrick Bet-David?

  Tom, stop it.

• 52:45Speaker 03

  You know what the best part of the story is?

• 52:47Patrick Bet-David?

  What's that?

• 52:48Speaker 03

  She didn't trick a single good investor. If you think about it, all of the people on the cap table, they're not known for being world-class investors. If you think of Theranos, none of the top Silicon Valley investors were in there. The system is designed where the best in the world, they understand this stuff. They, they can sniff this stuff out. They avoid investing in this. And so usually when I see these stories and I go look at the cap table. You will almost never see the top investors. Now, FTX was a little bit different, right? That was one of the, I think that's why that story was so explosive was the best investors in the world actually were investors. But if you go through many of these things and this one in particular. I don't recognize a single person who's on that cap table, well, in terms of firms, people, et cetera.

• 53:32Speaker 03

  And so, you know, if you don't have the best investors in the world investing, that either means that they looked at it and they saw some red flag and they avoided investing. Or how good was the governance? How good was the financial controls? How good was, you know, whatever?

• 53:46Patrick Bet-David?

  Pump, five and a half million dollar seed round for the company was led by Kraft Ventures. A VC firm co-founded by David Sacks.

• 53:54Speaker 03

  Oh, Kraft Ventures was in there. Yeah, that's, I take that back. I take that back. I take that back. David, David. Oh, David.

• 54:06Speaker 03

  Go to the cap table. The list I saw did not have Kraft on it. Can you pull up the compliant cap table?

• 54:14Patrick Bet-David?

  Yeah, I just, let me see where I'm getting this article from.

• 54:17Tom Ellsworth?

  Let's go to Crunchbase, let's see if they've got the...

• 54:19Patrick Bet-David?

  Yeah, there you go. It says, it's from Business Insider, it says...

• 54:23Speaker 03

  Who else is on there?

• 54:25Patrick Bet-David?

  Here, let me send it to you.

• 54:27Speaker 03

  The other thing, just while you're pulling that up, that the other article had was, she was telling investors, they went from $2,500 a month in revenue to $250,000. And one of the things about the venture world is, the venture world would break down if every single update, every single number that was shared with a private investor was audited. And so, there is this element of trust, I think that goes into, you know, these updates, etc. And so, obviously, that ends up being a huge problem. Is there not a full cap table?

• 54:58Patrick Bet-David?

  2025 and a half million, I would say, about Kraft Ventures.

• 55:01Speaker 03

  Yeah, so, yeah, Kraft Ventures is the one, the other ones, you know, they're not necessarily known as really big venture funds. But Kraft, man.

• 55:11Patrick Bet-David?

  Kraft was in it. Yeah, I'm looking her up just to see how this happens. So, her name was Shiloh Johnson. She starts a compliant company as a tax-compliant startup. Let me say this again to you. So, she starts a tax-compliance company, and she uses the money to go to Super Bowl, fund her wedding, and buy a place in Caribbean. And is there even a video of how she speaks and what she says, Rob?

• 55:40Speaker 03

  Uh, yes, I think she must be captivating.

• 55:43Patrick Bet-David?

  That's it, Shiloh Johnson, let me just see how good of a salesperson she is. Let's just see what she sounds like.

• 55:47Speaker 06

  And it actually can be a good thing. It can first, it's like gum and prayer.

• 55:53Speaker 07

  And 2019, when you started, how old were you when you jumped?

• 55:56Speaker 06

  That would be four years ago, so I was 34.

• 55:59Speaker 07

  And you have some key numbers to illustrate the growth of the business over the last three years since it hit the market?

• 56:04Speaker 06

  Yeah, I'd say for comparison or understanding, I'm the solo founder, so I was the first person in the company, first employee. And last three or so years, we are now 56 employees. We went from one to four to 11 to 25 to now 56, so that's really exciting. I've been able to raise now a little over 13.3 million, it's cool. And not an easy feat for someone that looks like me in the US. And so, that's been really exciting. We're sort of about...

• 56:30Speaker 03

  And now, she says that... What is she about to say?

• 56:34Speaker 06

  Nine thousand or so small businesses that find us usually via mobile or pretty popular in the mobile world. Yeah, that's what we're doing. How we're doing it.

• 56:42Speaker 07

  That's phenomenal growth.

• 56:43Speaker 03

  She doesn't say a revenue. I thought she was gonna say a revenue number there. Nine thousand businesses, two hundred and fifty dollars of monthly revenue.

• 56:50Patrick Bet-David?

  How you do that? I don't know.

• 56:52Speaker 03

  Like, I'd be giving it away for free, right?

• 56:53Speaker 05

  She has the audacity to say, and it's hard for somebody to look like me to do that, but then, like, in the, in the background, she's doing this. So, like, like, that's some serious audacity.

• 57:01Patrick Bet-David?

  Well, in her SEC case, filing, her age is listed forty-one. So, I don't know when that interview was. Uh, her TikTok account is followed by tens of thousands of people where she presents herself as sharing expertise on personal finance and taxes. Well, she's gonna be, uh, in jail helping some people out with their finances. It's funny, because yesterday, I had the former president of, uh, Honduras, who was just pardoned by the president, who, who originally was accused of, uh, funneling four hundred tons of cocaine. And it was here, you sit on the podcast, and we did a two-hour interview. And by the way, the audience, this is the guy that they're saying,

• 57:42Patrick Bet-David?

  how the hell does Trump's administration pardon a drug cartel that took money from El Chapo? And his brother even billed cocaine with another guy named El Cinco, and another guy named El Rojo, that he was friends with, with the block of cocaine, had his brother's initial on it, T H, Tony Hernandez. Anyways, he's gonna make, why are you laughing, Tom?

• 58:04Speaker 05

  You can't make this up.

• 58:05Patrick Bet-David?

  I'm telling you a story. You're judging this guy. This guy's been away from his family, all this, everything. This is funny stuff. He's been in prison. And by the way, where I'm going with this is, he was in prison.

• 58:15Speaker 03

  With SBF, right?

• 58:16Patrick Bet-David?

  With SBF. You know, I said, so who were you in prison with? He said, I was, uh, in prison with, uh, you know, uh, uh, Sam, uh, Sam Bankman-Fried. And every day for a year and a half, they became good friends, and Sam helped them out with his case. I said, who else were you in prison with? He says, I was in prison with, um, Uh, with a, a major producer, you guys know his name. He's a very big mogul, he's a music mogul. I said, Diddy? He says, yes, Diddy, I was in prison with Diddy. I said, you were in prison with Diddy? How long? He says, two, two months. I said, what stories do you have with him? I, I used to tell him, one time he was getting mad with another person over what TV station to watch the news. And they were fighting, I said, it's not worth it. Just pick your battles, pick your fights.

• 59:01Patrick Bet-David?

  I said, he was probably watching a documentary is what he was doing. And then he says, there was this other rapper. His name is Robert, Robert 69. I said, Robert 69?

• 59:12Speaker 03

  No way.

• 59:13Patrick Bet-David?

  I said, Tekashi 69? He said, by the way, the stories were insane. So, Shiloh, you're about to go have similar stories.

• 59:22Speaker 03

  Can you imagine, can you imagine them all hanging out?

• 59:25Patrick Bet-David?

  What is that, I mean, the stories are gonna come out with.

• 59:27Speaker 03

  Diddy, SBF, Juan, Tekashi 69.

• 59:30Tom Ellsworth?

  Hang on, I have an idea.

• 59:33Speaker 03

  What TV station to watch?

• 59:34Tom Ellsworth?

  You do the, SBF, you do the money, I got the drugs, you make a record label. Let's make a comeback. All we gotta be is pardoned.

• 59:43Patrick Bet-David?

  There was, there was a song like that back in the days.

• 59:45Tom Ellsworth?

  I'll be right back.

• 59:46Patrick Bet-David?

  What does it say? I've got the brains, you've got the looks, let's make lots of money. Who sang that song by the way?

• 59:51Tom Ellsworth?

  All we need is a Honduran guy.

• 59:52Patrick Bet-David?

  I don't know who it was, but it's actually a very interesting interview that'll come out here tomorrow. So, uh, stay tuned for that. Man, what a rough situation with this Shiloh girl. Poor girl looking like that, yeah. Pet shop boys, is that what it was? Pet shop boys, yeah. I've got the brains. I'll stop singing, but it's a good song, it's a good song. All right, McDonald's folks, tell me if this commercial will make you or your kids go to McDonald's for a Happy Meal or a Big Mac. McDonald's thought it was a good idea to make an AI-generated Christmas ad, but they got so much backlash that the marketing team was like, guys, take that down. This isn't good.

• 1:00:36Patrick Bet-David?

  Watch this for yourself and tell us if you like it or not. Go ahead, Rob.

• 1:00:47Speaker 07

  Mayhem, even Santa in space and the tree be decorated your place. It's the most terrible time of the year. The roast turns to junk and the cookies burn too. Friggin chaos, it feels like a zoo. It's the most terrible time of the year. So you flee from the madness, the lights and the cheer. And hide out in McDonald's till January is here.

• 1:01:23Speaker 03

  I like it.

• 1:01:24Patrick Bet-David?

  You like it?

• 1:01:25Speaker 03

  Well, why people got a problem with it?

• 1:01:27Patrick Bet-David?

  But you being honest, you're joking.

• 1:01:28Speaker 03

  I swear, I swear.

• 1:01:29Patrick Bet-David?

  By the way, I liked it from the marketing standpoint as well. It's what I said yesterday.

• 1:01:34Speaker 03

  Yeah, cut to the noise.

• 1:01:35Patrick Bet-David?

  I thought it was good, but apparently they took it down. Brandon, do we know why they took it down?

• 1:01:40Speaker 05

  Too much backlash, which is a terrible move, I think. Like just lean into it at that point.

• 1:01:44Patrick Bet-David?

  Keep it, meaning if you're already in it.

• 1:01:45Speaker 05

  And that's a win too, to get to piss people off with marketing. I think that's a win because it's, you know, like attention's the name of the game, right?

• 1:01:52Speaker 03

  But do they not like it? Do they not like it because of the AI or do they not like it because of the message?

• 1:01:57Patrick Bet-David?

  I, you know, worst time, like.

• 1:01:59Speaker 03

  Yeah, so they're mad about the Christmas being a terrible time, not about it being AI.

• 1:02:03Patrick Bet-David?

  This is Christmas, this commercial was produced for McDonald's in Netherlands, just so you know. Not Compton, Netherlands, but we have decided to remove our AI-generated Christmas advert, spokesperson said. It was intended to reflect the stress moments that can occur during the holidays in the Netherlands. But we recognize that for many of our guests, the season is the most wonderful time of the year. We respect that and remain committed to creating experiences that offer good times and good food for everyone. This moment serves as an important learning as we explore the effective use of AI.

• 1:02:36Speaker 03

  Imagine Elon saying something and people having backlash and him taking it down and saying, oh, sorry, and issuing a statement that says, you know, like basically AI-generated PR statement. Never.

• 1:02:48Patrick Bet-David?

  That would never happen with them.

• 1:02:49Speaker 03

  No, but they're, they're just covering, you know, covering their butts.

• 1:02:53Patrick Bet-David?

  Yeah, that would never happen with them. Tom, you, you're a family guy, you got girls, but you also have a dark sense of humor. I think you like, there's a part of me that I think you like that.

• 1:03:02Tom Ellsworth?

  It's picking on the stress and things, you know, people getting gifts and snow and ice and, you know, and oh, come on. And it's got this homage back to, um, uh, to, to Clark plugging in the, the Christmas tree and, you know, come on.

• 1:03:17Speaker 03

  Yeah.

• 1:03:18Tom Ellsworth?

  I mean,

• 1:03:18Patrick Bet-David?

  Rob, can you run a poll?

• 1:03:19Tom Ellsworth?

  National Lampoon's Christmas Vacation, you know, Griswold, you know, shutting down the neighborhood because of all the lights he put up. I, I think, I, I think it's funny and it talks about this. And now the, the back end of it is, oh, hideout McDonald's the beginning of the year. It's kind of tongue in cheek. I, I, so if there was a group of people that says, hey, you're really picking on Christmas. I don't think they were picking on Christmas. I think they were picking on, you know, getting together. I mean, I was making jokes about Thanksgiving. Thanksgiving, the only holiday in America where you get together with everybody around the, the table. That's a little too small, including the three cousins you don't like and give everyone a knife. So it's like, it's like that's Thanksgiving in America, right? So,

• 1:04:01Speaker 03

  Yeah.

• 1:04:02Tom Ellsworth?

  I, I, I don't think there was anything wrong with that. And I think McDonald knee jerked. And I think what I would have done if I was McDonald's is, hey, we're picking on the stress of holiday season. We're not picking on anything else. Can you lighten up a little bit? Aren't you kind of making my point? If I was the CEO, that's what I said. You're kind of making my point that you're taking it kind of serious. I'm not picking on, look, there was not one thing in there like, like, you know, desecrating the manger or a nativity scene. They didn't cross that line. It was all of the things we go through celebrating and in the cold and the slush and the wind and Christmas carolers are trying to sing there with cold wind. That, so that's never happened. You've never seen that? Come on.

• 1:04:43Patrick Bet-David?

  Netherlands, man, some sensitive people live in Netherlands. I thought they were good. Aren't they pretty good at soccer at times? Can't be good at soccer and be that sensitive.

• 1:04:51Speaker 05

  They're very sensitive.

• 1:04:52Patrick Bet-David?

  Really?

• 1:04:53Speaker 05

  Yeah. All the Nordic countries, I think, are pretty sensitive.

• 1:04:55Patrick Bet-David?

  Why is that? Why do you think they're sensitive?

• 1:04:56Speaker 05

  I don't know, because there's not a lot of problems there.

• 1:04:58Patrick Bet-David?

  What's in the food? Is it like, is it the food? Is it the drinks? Is it the beer?

• 1:05:01Speaker 03

  I thought they were gonna be upset about the AI. It's the reindeer big mac. That's why, when I saw them take it down, I thought that they were gonna be like, oh, you used AI to do this, you killed jobs, like. Yeah, the fact that it was about Christmas.

• 1:05:12Tom Ellsworth?

  This is Netherlands. All they had to add was one thing, is Max Verstappen opening up a present.

• 1:05:18Patrick Bet-David?

  Is he Netherlands?

• 1:05:19Tom Ellsworth?

  Yeah. So, all they needed was Max to open up a box that says two points.

• 1:05:23Patrick Bet-David?

  Has anybody ever seen Max's interviews? This is like the last guy who is sensitive. He holds nothing back, by the way, he should have won, and he didn't, but we already talked about that. If you, if you want to entertain yourself, watch Max and his father in interviews. And you tell me who's got a foul mouth more, him or his father?

• 1:05:44Tom Ellsworth?

  He had a baby, he had a baby this year. Scroll down a little bit and look who his wife is.

• 1:05:49Patrick Bet-David?

  Who's his wife?

• 1:05:50Tom Ellsworth?

  Kelly Pique.

• 1:05:51Patrick Bet-David?

  Oh, wow.

• 1:05:52Tom Ellsworth?

  Daughter of three-time world champion Nelson Pique, Brazil.

• 1:05:55Patrick Bet-David?

  Good for him. By the way, Bolsonaro likes Nelson Pique more than he likes Senna, and I was not happy about that. I was not happy about that.

• 1:06:03Tom Ellsworth?

  Let's throw his ass in prison.

• 1:06:05Patrick Bet-David?

  So funny.

• 1:06:08Tom Ellsworth?

  Sorry, too soon?

• 1:06:09Speaker 03

  You guys want to talk about the AI product?

• 1:06:12Patrick Bet-David?

  I'm trying to find the story to go to, but take the lead. Tell us about what's going on with that.

• 1:06:16Speaker 03

  No, no, the product that you guys built. Let's talk about yours first, and then we'll talk about the one we built.

• 1:06:19Patrick Bet-David?

  Just go to it. Just talk about what's going on, because I think what's important is, well, let me go with this, and then let's go into what you're talking about, because it has to do with the same thing. McKinsey plots thousands of job cuts and slowdown for consulting industry, okay?

• 1:06:36Patrick Bet-David?

  And we know McKinsey, then when it comes down to consulting, they're the cream of the crop. Founder James McKinsey and then the guy, the godfather that helped build the company. A man named Marvin Bauer. Go to any McKinsey office and drop the name Marvin Bauer, look what they'll say about him. Marvin Bauer is the man that's respected by anybody and everybody who's ever worked at McKinsey. But let me tell the story. So McKinsey and Company gathered in the consulting giant's birthplace in late October. Bob Sternfeld delivered a rally cry, "We will kick some ass as we start our second century." The firm's top executive told the thousands of attendees. But away from the hundred year festivities in Chicago, McKinsey's bosses have been conveying a more pragmatic message, pragmatic message, it's time to get leaner.

• 1:07:21Patrick Bet-David?

  The firm's leadership has discussed with managers in non-client facing departments, they need to cut about 10% of headcount across their business according to people with knowledge of the matter that could amount to a few thousand job cuts that McKinsey would stagger over the next 18 to 24 months. The people said, asking not to be identified because the details are private for McKinsey, the go-to advisor for companies and countries. It's the type of cost-cutting approach that its consultants often prescribe to clients. The firm's revenue growth has flattened in the past five years. As our firm marks 100 years, we're operating in a moment shaped by rapid advances in AI that are transforming businesses and society.

• 1:08:05Patrick Bet-David?

  McKinsey spokesman said, "Just as we're partnering with clients to strengthen their organization, we're on our own journey to improve the effectiveness and efficiency of our own support functions." What, do you think this is consulting industry? Do you think this is AI? What do you think's going on here?

• 1:08:19Speaker 03

  This is going to be the story of business for the next decade. I mean, this is the single most important thing that people got to pay attention to is, if you look across public markets, there's a couple of things that I find very interesting. Companies that are talking about using AI are outperforming the companies that are not talking about using AI. Why is that? What does AI do? Artificial intelligence. You take superhuman intelligence and you apply it to a problem. There's this great interview that I heard and they said, "If you can verify something, you can..." Automate it, right? So what is McKinsey doing? McKinsey creates reports and it creates presentations and it creates outcomes that they then suggest to people. So as you look across all these public companies and also these consulting firms, etc., is all of the leaders are saying the same thing.

• 1:09:01Speaker 03

  We are going to produce more revenue, but we are going to do it with less people. What that means is that they are going to become more efficient companies. If they become more efficient, they're more productive, lower cost, then that should mean that they are more profitable. More profitable means they should be more valuable. So everything in the capitalistic structure says, go and use this AI to be more productive, do it with less employees. Now, when you see that happening from an investor seat, you say, well, I want to invest in companies where they're becoming more efficient, more profitable, more productive. What I think is more interesting is what is happening for the average person? So I'll give you a couple of examples. The first is there are these new coding tools. So you can go and there's cursor, wind surf, etc. What you do is you go in and you basically say, hey, I want to write code. So I'm a human that wants to write this code, but I need help.

• 1:09:45Speaker 03

  And that help historically would mean I would need a team of five, 10, 20 different engineers that would also be producing code next to me. Well, maybe what I could do is I could write code, but also I could have the AI write some code as well. Now I, as one human, just became more productive. That productivity tool means that I contribute more to my company. I produce more revenue, right, at a lower cost. And so that's good for the company. It's good for me too, because guess what? I'm more productive as an engineer, etc. Those tools are very valuable. I know you guys have built something in the HR space, very similar, right? Can you start to automate some of this? You guys can talk about that in a second. What we did is we built something called Sylvia, so CFO Sylvia. And in this product, what we found very interesting is wealthy, rich people, they have entire teams that are focused on helping them manage their finances

• 1:10:28Speaker 03

  and address all of their financial life. So you go and you have an accountant and you've got a financial advisor, you've got a tax expert, you've got a lawyer, you've got all this stuff. They're very expensive teams. But again, if you can verify something, then you can go and you can manage it. And so what we did is we basically created a product where you go and you sign up. You attach all of your accounts, your bank account, your crypto account, your brokerage account, your credit card. You can put your real estate, your car, your collectible, private invest, everything into this thing. It'll track your net worth. But then we created tons of AI agents and AI that you can then go and start talking to Sylvia. Now, what's interesting about this is you can do simple things. What's your bank account? What's your cash balance? What's your debt to equity ratio? But what I find really interesting is you can do something like upload your tax returns and ask Sylvia, how do I get my tax rate down?

• 1:11:12Speaker 03

  Now Sylvia is gonna say, "Well, what's in your tax return? What's in your portfolio? And what are information on the internet? And bring all that stuff together." I even can go in there and I can say something like, "You know, Pat, if you upload all of your finances, let's run a Monte Carlo simulation. And we're gonna run 100,000 simulations using state-of-the-art AI, and it is going to predict where you are going to be financially in 10 years. And it can do that in like 2 or 3 minutes." The way it's doing it is it's actually writing custom code, writing Python in the background, right, to go and do this. Then we've seen people go in and they'll say, "You know what I wanna do? I'm thinking about buying Tesla stock. I heard these guys talking about it, it sounds interesting." You can go and you can ask the AI, "Do deep research on Tesla stock,

• 1:11:54Speaker 03

  and let me know whether you think I should actually have this in my portfolio." Well, usually if I asked you that, you would tell me a very watered-down version of what you think about Tesla stock. But because it's superhuman intelligence, it will go and it will do fundamental analysis, technical analysis, sentiment analysis. It'll present a pro argument, a con argument. But then it'll even tell you things like, "You know what? You've got a lot of tech stocks. You probably want a smaller allocation because you're very correlated to tech." Or it may say to you, "One-time purchase versus dollar-cost averaging over time." These are things that a human, it would take way too long to do. And so this product, people can go try it out. It's CFO Sylvia.com. When you go to CFO Silvia, it basically gives you superintelligence in your pocket

• 1:12:39Speaker 03

  to apply towards your finances. McKinsey says, "Well, wait a second. If you can do this for general-purpose questions, like on a Google, if you can do this for finance with something like CFO Silvia, how hard would it be for us to generate a presentation? A consulting report? A answer to a customer question? Like, all this stuff, right? And so you start to apply this over and over and over again throughout the economy. You're squeezing inefficiency out. You're giving productivity to the people, right? The CFO Silvia is free. So you go, and when you go and you start using this thing, all of a sudden, now you don't need to go hire a bunch of people." So the reason why I say this is the conversation for the next decade... If I don't have to go hire, let's say, an investment professional, because now I have superhuman intelligence doing it. Well, where does that person go?

• 1:13:23Speaker 03

  Where do they go and earn a living? Where does the money that I'm saving not buying, you know, hiring them?

• 1:13:28Patrick Bet-David?

  Where do you think they go? Where do you actually think they go?

• 1:13:31Speaker 03

  I think it's a very complex nuanced conversation because each one is different. So the factory worker that gets replaced by a humanoid robot has a very different outlook and opportunity than the white collar worker who, you know, would go and normally work at a family office as an investment professional.

• 1:13:46Patrick Bet-David?

  Tell me why. Tell me why.

• 1:13:47Speaker 03

  Well, if you are a knowledge worker or a white collar worker, one, you actually think you're not the one that gets automated away. So that's actually, that's the biggest thing is like, it's not clear to you that you're the one that's in the target of the AI, you know, kind of train. The second thing is, um, there's going to be a bifurcation of those people. You know, one of the things, as we built the Sylvia product, if you're an RIA, if you're a financial advisor, you could sit there and say, you know what? This product is, this thing's going to put me out of, out of work, right? People aren't going to have to talk to me. They can just talk to AI. That's bad for me. The smartest RIAs, they've been calling us up and they've been saying, hey, you know what? We want to try to use this product. We're going to give it to our clients and we want to have access to the account because now our clients can ask more questions.

• 1:14:30Speaker 03

  They don't want to email me every day. They feel awkward doing that, right? They might not want to tell me everything about their finances because they're embarrassed or they're taking risks or whatever. But they'll do it with the software and then I can help them because I see what they're interested in, what questions they're asking. I get more data and access, all that stuff. So the story of technology has always been embracing technology usually actually separates people. And so if you think about McKinsey, they could sit there and say, you know what? We're not going to use AI. We're not going to touch this stuff. Well, there's a lot of people who are just going to say, I don't need McKinsey to use AI. I'm just going to go to chat GPT or whatever. I'm going to tell it to create the presentation.

• 1:15:04Patrick Bet-David?

  And by the way, that's what they're going through right now, just so you know that.

• 1:15:07Speaker 03

  Of course.

• 1:15:08Patrick Bet-David?

  I had a conversation with a senior partner at McKinsey and very successful guy. He's a type of guy that makes eight figures. He's done very well for himself. And I said, so what's the biggest thing you've experienced with AI disruption at McKinsey? He says, I'll give you an idea. He says, go to chat GPT when it first came out.

• 1:15:27Patrick Bet-David?

  I wanted to test where we were at with McKinsey. Client comes in, we need to write a report for him. Okay, we go, we do our thing. So one night, I just sit there and I feed ChatGPT the intel that I want to feed it, you know, boom, boom, boom, boom, boom. Write me a report. It spits out the report. I take it. I send it just to see how the team's gonna react. The team looks at it. They get back to me and they said, we know this is ChatGPT. But holy shit.

• 1:15:57Speaker 03

  Mm hmm.

• 1:15:58Patrick Bet-David?

  That this is what ChatGPT can do.

• 1:16:00Speaker 03

  Without any training, without any customization.

• 1:16:03Patrick Bet-David?

  Training.

• 1:16:03Speaker 03

  Just like off the shelf.

• 1:16:04Patrick Bet-David?

  Without any training. So what he's trying to say is, go ahead, Tom.

• 1:16:08Tom Ellsworth?

  No, he cranked out of us a preliminary due diligence report.

• 1:16:11Patrick Bet-David?

  You're crazy. But by the way, this is not two or three. This is not Gemini three. This is the first one that came out. So they're sitting there saying, wait a minute. This product, that's a half a million dollar product. Now, what do we do with this product? So maybe it's not a hundred percent what we would do with our experience, because it's not. But what if it's 90%? What is a 93% of what we can do worth to them? Is it worth them just going through ChatGPT and paying 20 bucks a month or 40 bucks a month, whatever it is? I think that's the part with the consulting side that is changing the game for a lot of these bigger guys. And what I wonder is the following. Uh, I've been in a, I'm just in a, because our consulting firm has grown exponentially.

• 1:16:55Patrick Bet-David?

  And we're helping a lot of these midsize, like even this year, we did a business planning workshop. Our attendance skyrocketed over last year. These are people around the world that are paying, that are doing, and how quickly the engagements are turning. Guy comes in, does a day with us on consulting on business planning for 2026. Runs a, you know, business, got a, I don't know, the guy we were with two nights ago. Uh, we went and visited this guy in Dallas, got a $250 million EBITDA. Good size EBITDA, good business. He's got 70 locations, 30 countries, so it's a successful guy. And then you're talking to these guys coming and saying, hey, we'd like to do an engagement with you. Why? Because we're curious how you did X, Y, Z. We're interested in this.

• 1:17:36Patrick Bet-David?

  So I think the consulting space is going to be disrupted by expert operators. I don't know if the value of back in the days when Marvin Bauer, for every five new hires that they would bring on board to McKinsey, two were from Harvard. James McKinsey did a phenomenal job establishing that relationship with Harvard where two out of five were Harvard. But that doesn't, I talked to another guy, another senior partner from BCG, and he says, the days of you valuing an MBA from Harvard is not the same. He says today, craziest thing he told me, I was telling this to my niece, two days ago, my sister, Palat and Grace, I said, what he said is, we prefer, he says, we're having more success bringing gritty guys or gals that went to University of Florida,

• 1:18:21Patrick Bet-David?

  but they didn't get accepted into the school that they wanted, even though University of Florida, Tom, I think is a top seven school. What do you put it, number seven?

• 1:18:27Tom Ellsworth?

  That's exactly right. Number seven of American public universities.

• 1:18:29Patrick Bet-David?

  Think about that. So he's like, we like that second because the Harvard guys are coming in, they're like, well, yeah, you know, so they're harder to work with. These other guys are coming up. So I don't know. I don't know how this disruption is going to change. For us, when it comes on to higher metrics, and what we did is a follow on, when we came out with higher metrics, Rob, if you want to pull it up. I looked at this last year, okay? Last year, we had 11,000 resumes that we got for the entire year. Of the 11,000 resumes that we got the entire year, Pomp, we interviewed 1,300 of them. We can't get to the entire 11,000. Neither should we, right?

• 1:19:02Tom Ellsworth?

  So around 15% or so.

• 1:19:04Patrick Bet-David?

  Right. Did we hire the right people? I don't know. Did we hire based on bias? I don't know. But if you go to highermetrics.com, on highermetrics.com, what we did with this, this year, we've gotten 35,000 resumes. And so the 35,000 resumes, this is a leak that we found in our business. All of a sudden, I keep going around asking everybody, hey, how you doing? I say, you know, meet some new person I get started. So where are you from? New Jersey. All right, cool. Where are you from? New Jersey. Where are you from? New Jersey. Like, there's an epidemic going on here in the company.

• 1:19:37Speaker 03

  Somebody from New Jersey got a job here and turned around and hired a bunch of people they know.

• 1:19:40Patrick Bet-David?

  But not in a bad way. The guy's still with us. We love him. He's been with us four years. Rob, where are you from, Rob?

• 1:19:45Tom Ellsworth?

  New Jersey.

• 1:19:46Patrick Bet-David?

  Okay. How many New Jersey people do we have here?

• 1:19:49Tom Ellsworth?

  Quite a bit. I would say it's maybe 10%.

• 1:19:53Patrick Bet-David?

  Think about that. Of the 150 employees, 10% are from Jersey. Okay? So then I'm like, let me go to HR. 50% of our HR department is from New Jersey. So what is the icebreaker? Where are you from, Pop? New Jersey. No way. What part? Well, I went to such and such school. Man, I went to, no, we used to play you guys. Yeah, well, you know, did you go to that pizza? Okay, so there's like, what we did with HireMetrix, that every interview that comes in, we want them to go through here. HireMetrix does an AI interview with you. You upload your resume. After you upload, there's a bunch of job openings you can go and see it. You can upload your resume.

• 1:20:33Patrick Bet-David?

  After you upload your resume, you do a five-minute interview. It asks you the question. It knows if you are using AI to answer the AI questions. You can throw the AI off. Somebody that's watching this right now, go test it for yourself and ask funny questions. Like Tom will say, you know what, I will not work anywhere near Adam and I need to get paid this. Ha, ha, ha. Tom, I like your sense of humor. We appreciate sense of humor here. However, can we get back and be focused a little bit? When it comes onto this question, how would you handle this issue? And it'll come back in the reporting, it'll say, this person interviewed lots of competency. He did get distracted. He made one disturbing comment. I'm not sure if that should be considered for applying or not, but it's something we ought to be thinking about.

• 1:21:16Patrick Bet-David?

  And then they give a score. And me as the business owner, I can say, I only want to interview people that scored over 80 or over 70 or whatever. And it spits out that alert to you and you kind of see what came in. So that, the part with us when we're looking at AI is, I want to interview the 35,000 resume. I want all of them. And if an AI can do that for us and spit out a score for them, and then we can say, "Look at that guy. Why did that guy get an 89? Why did he score an 87?" And then he comes in, or she comes in, you're like, "Wow, very, very impressive." So specialized skill, competency and culture, is there a match? Is there a fit for the company? But that's the reason why we came up and we created HireMetrix specifically for us. And now guess who's asking for it? Our clients that we serve. They're like, "Can we do it?"

• 1:21:59Speaker 03

  Here's what's interesting to me. So let's just say that you have the 35,000 people who apply. If you were to hire people to go interview every single one of them?

• 1:22:07Patrick Bet-David?

  Yep.

• 1:22:07Speaker 03

  Let's say somebody could interview 10 people a day, five days a week, right? You start doing the math. You're like, you would have to hire a lot of people to go and do this and be able to do it successfully. But what is happening in the interview? I mean, you just described it, right? You're asking a question, you're receiving information, you're synthesizing that information, and then you are making a conclusion. Like, that's what a computer can do now. That is what an LLM is built to do. But here's the part that I think that people have not yet caught on. So everyone knows about, you know, AI. They go and they use ChatGPT, et cetera. HireMetrix, I'm guessing you guys either are already doing this or are about to do this. CFO Silvia, we've started to do this, et cetera. McKinsey as well. You start to build task-specific AI agents. What does that mean? So today, if I come in and I say, "Hey, Patrick, I need help with my business."

• 1:22:51Speaker 03

  You've got to be able to understand finance, marketing, operations, right? HR, all these different things, and you're looking at it holistically. But ideally, what I could do is I could come and I could say, "Hey, Patrick, I need your team of experts, these 25 different people who are all experts in each individual 25 fields, and can they help me?" Well, with these task-specific AI agents, you know, if you go back to the CFO Silvia thing, for example, there's an AI agent that should be able to just answer the question, read my tax returns telling me how to get my tax rate down. Another agent should be really good at saying, "evaluate this company for me." Another agent should be really good at saying, you know, what is likely... One of my favorite questions to ask, you attach all your accounts? What will happen to my portfolio in the next recession?

• 1:23:35Speaker 03

  And it's good, it'll go and figure out what happened in all the prior recessions and which assets drew down, how much, the correlations, all that stuff. And then it'll look at your portfolio and it'll spit out and say, hey, you know what? You got a lot of tech stocks in the next recession. If tech goes down, you may lose 30% of your exposure. By the way, if you've got a lot of cash, you're going to be just fine, right? And it can do this, but it's task-specific AI agents. And so I think that at McKinsey, they're not just going to have one single AI that can do everything.

• 1:24:00Patrick Bet-David?

  They have to adjust. They don't have a choice. They have to adjust because these questions are being asked. And so here's my question, Tom. I'm going to come to you with this one here. And, uh, Pom, I'm going to come back to you with this, Brandon. Keep, keep thinking about this.

• 1:24:12Speaker 05

  I got you.

• 1:24:13Patrick Bet-David?

  AI replacing jobs has been a, probably on the top five fear porn channels the last five years. Is that fair to say AI has been the top five fear porn stuff that people have been worried about? You know, we had COVID, we had 5G, we had surveillance, we had all this stuff, but you can put AI as one of them. Okay, fine. The more and more I think about AI, the less and less I worry about the individuals losing their jobs. And I'll tell you why, from my standpoint. Tom, I'm going to come to you first and then I'll give my thoughts.

• 1:24:52Patrick Bet-David?

  With the stuff that he's talking about, with the stuff that I'm talking about with AI, how nasty you think AI is going to end up being for the average person that's got a job? How nasty you think it's going to be for the average person running a small business? I'm running a small business. You know, we'll sit down a lot of time with some business owners, Pom, and they're still using manual, like,

• 1:25:11Speaker 03

  Of course.

• 1:25:11Patrick Bet-David?

  Manual, they're doing 29 million a year, all manual. It's not like they're running a small business. All piece of paper. They're still that old school and then they go hand that over to their accountant. Hey, help us put this together. How scary you think it's going to be? Or is it not as scary as people make it out to be, Tom?

• 1:25:27Tom Ellsworth?

  So I, I see a barbell factory, a big plates over here, a big plates over here and skinny in the middle. If you are an Amazon seasonal warehouse worker, you know, um, uh, robots are doing that now and that the entire warehouse is run on. On on those bots, you've got self-driving car taxis, you've got self-driving trucks. So you have all that. By the way, that's AI. That's the application of AI at its at a high sophisticated level. Now, something he said when he's talking about AI agents and he's also talking about Python. The first word that comes to my mind is Claude, right? I I don't really look at Gemini three and chat GPT. I see them as search replacement, like eighty percent of what's going on. I I'm pulling that number out of the air.

• 1:26:12Tom Ellsworth?

  I think a huge, huge, huge percent of it, is it eighty? Is eighty-five? I don't know. Is search replacement doing search better, getting contextualized answers because you can ask a question of search? That's what I see Gemini three chat GPT, and I see that as a utility for the people that are office workers. They're turning up, they can get more information faster, like McKinsey said, you can get the the diligence report there. But when I start to look at Claude and Claude cranking out in Python that now I can go do things with and create out the agents, suddenly I believe that, you know what? You've got analysts, I mean, let's go ask Fred in tax. Well, maybe Fred is still in tax over at McKinsey.

• 1:26:55Tom Ellsworth?

  But it's not Fred and ten humans anymore. It's Fred and four humans who are harnessing things like Claude writing the AI agents. So that's the barbell effect. I think you're gonna see job dilution because AI agents can help do more, but you're still gonna see humans at the midst of it. It's not suddenly gonna be what they call a a a dark cage, and a dark cage used to be what they referred to as a data center. That there's no humans that work there. It's just a it's a dark cage. So that that's what I think. I think on the low end here, you're gonna see a lot of it, and you're gonna see white color consolidation. Because when you, by the way, are you using Anthropic when you talked about it's cranking out and?

• 1:27:39Speaker 03

  It's one of the things we use here.

• 1:27:40Tom Ellsworth?

  Yeah, when you, when you said it's cranking it out in Python, you're talking about agents, I immediately thought, because I think Anthropic and Claude is doing that better than anybody else.

• 1:27:48Speaker 03

  Well, here's the thing is like when you describe this barbell. The barbell of impact is very real. There's certain people who are gonna use this to an advantage. There's certain people who are gonna get displaced. But I actually think if you look at this from a different angle, you say, actually, everyone's on an equal playing field right now. This stuff is new. Chat GPT came out three years ago. So we're three years into a 50-year journey. You can sit today, sit here, know nothing about AI. You don't even know how to spell AI. And you can go on the internet and you can Google and simply say, how do I use AI? How do I learn to build something with AI? How do I? And you just start asking questions. And I bet if you spent two weeks doing this, the holidays, you got extra time, right? Go and start doing it.

• 1:28:34Speaker 03

  You will become so proficient at using these tools that you will have a leg up on your colleagues at work. But also, if you are one of the people who are going to get displaced, you just got superhuman intelligence at your fingertips. You can do anything. You can build a company. You can go and get a job. You can do all this kind of stuff. To the point where you're sitting there talking about that you're using higher metrics to go and evaluate 35,000 jobs. Well, you know what I've heard? I've seen multiple people online say, well, I lost my job. So you know what I did? I used AI and I went and I applied to, you know, whatever, 5,000 jobs. And I was able to do it and I customized the resume for every single one of the jobs based on the company. And I had it scrape the website and blah, blah, blah, whatever.

• 1:29:10Tom Ellsworth?

  And put the buzzwords onto my resume, but keep my resume honest.

• 1:29:13Speaker 03

  Of course. And so you look at that and you say, you know, on one side, there's a story of displacement. On the other side, there's a story of empowerment. And I think the part that people forget in these stories is the world is better off because we have electricity and refrigeration and all these technologies. The world is going to be significantly better off because of AI. It's just, are you going to sit there and let the world happen to you? Or are you going to have agency and go learn how to use those tools? And I think my message to people over and over again has been, we are three years into a 50-year journey. You have essentially a level playing field. Learn how to use the tools and you will be one of the people who benefit from it rather than get displaced by it.

• 1:29:48Tom Ellsworth?

  Okay, got it. Makes sense. Brandon, do you have thoughts on this?

• 1:29:51Speaker 05

  Yeah, so I mean, I think it's like the coolest, most unique economic time we've ever lived. And it's like the, like literally the industrial revolution where, you know, we were learning how to use like oil and gas to build the new economy. And not like when we discovered electricity. So it's like, it's scary for some people in the sense that you don't really know like where to apply yourself and like where to strategically gain a skill set. Cause it like, a lot of things could be wiped out that we're not anticipating. But, uh, no, like it's like it's simultaneously like, like the biggest, I think, money-making opportunity and like, um, and career opportunity, I guess, in our lifetimes and, uh, I like, you know, every time that there's this big technological displacement, like, yeah, thirty, fifty percent of the jobs get wiped out, but then, you know, there's jobs that we never even thought before that people could get.

• 1:30:36Patrick Bet-David?

  Let me tell you where I'm at with this when it comes on to AI. I'm at a completely different place right now, the more and more I think about it. Okay, let's kind of go with this. Let's say AI gets so amazing that it replaces eighty percent of jobs. Great. What did you just get rid of? Customers.

• 1:30:55Patrick Bet-David?

  You just got rid of customers. You need people to buy your products. What else do you need? You need people to start businesses. What else do you need? You need people to create jobs for other people. For, for, for instance, like for me, if there's a bookstore around my house and there are good people running it, they're not some socialist communists, I want to keep them in business. So I'll go buy a bunch of books from them as a way of saying, I don't need the books. I'll just go buy a thousand dollars worth of books. Go ahead, let's grab it, let's go, right? Why? I want the guy to stay in business. We'll go to Barnes and Noble, we probably spend ten to twenty thousand dollars here at Barnes and Noble. Why? It's a way I want Barnes and Noble to stay in business that's local to me, down the street from me at Fort Lauderdale, I want the guy to stay in business.

• 1:31:42Patrick Bet-David?

  Restaurants they go to. Like, for example, the moment this one restaurant called Angelo Elio shut down, I, I can't tell you how much it dramatically changed my life in a negative way. Tom, how many times a week was at Angelo Elio? Oh, be honest, how many times a week was at Angelo Elio?

• 1:31:59Tom Ellsworth?

  Oh, we were there three, two times, three times a week during the week, and then I stopped counting the number of weekends. It was easier to count the weekends we missed because we were always there, hey, Tom, I'm over here Saturday, we bring the kids over, kids are having an amazing pizza this and

• 1:32:13Patrick Bet-David?

  Angelo Elio.

• 1:32:14Tom Ellsworth?

  And Pat and I were framing.

• 1:32:15Patrick Bet-David?

  You know how many great ideas we came up with Angelo Elio in that corner? So a small business locally that's part of your life that shuts down affects you. So now you mean to tell me you're worried about AI replacing jobs that now, how are those guys going to come by and buy from us? By the way, let me ask you another question. Here's the other thing. What do you think is horrible for society? A bunch of people with a lot of time on their hands? Do you think that's a safe society?

• 1:32:43Tom Ellsworth?

  No.

• 1:32:43Patrick Bet-David?

  Actually go into it. So you got a city that is driven a hundred percent on AI. And you got a million people living there. Eighty percent of them don't need to have a job. Because you're gonna give them UBI, whatever bullshit you want to talk about. How safe is your city? What percentage of those people here is orange? Or pink? Or green? How, how mu- what happens when you have a lot of time on your hands? Do we do good when we have a lot of time on our hands?

• 1:33:10Tom Ellsworth?

  Alcoholism and drug abuse is tied to that.

• 1:33:12Patrick Bet-David?

  Are you kidding me? Like, there is a part of this thing with AI to me that,

• 1:33:18Patrick Bet-David?

  you know, you need to keep people active. My job as a parent is to make sure all my kids are as active as possible. Whether it's with sports, different things they're learning. You know, fighting, Muay Thai, whatever it is, I want to keep them active. You're, you want to give, like, you want to go into fear of AI that they're gonna give UBI to people and people are gonna be sitting home just clocking in, taking checks? You think, you think that's good for marriages? You think that's good for a relationship? You think that's good? I, I don't think it is. So I think, long term, a society that if eighty percent of the jobs are gonna be replaced by AI, that's a very problematic place to be. So yes, I get it. It's, but, by the way, what we just both talked about is we're both using AI to develop what we're developing.

• 1:34:02Patrick Bet-David?

  So it's not like i- i- we're leveraging it. But don't get it twisted. We also have thirty-five job openings. We're also hiring people. So to me, long term, political leaders better also get some ideas about realizing you do not want to have a society where you're replacing jobs. The people that are worried about it, listen. Small business owners, I will tell small business owners. If you don't figure out a way to make AI help you become more efficient while you still keep the human touch, like customer service, I want to talk to somebody if I'm going to a restaurant. If you can keep the customer touch, if you can keep the unreasonable hospitality. But if you're able to access a lot of this technology that's out there for you, say you don't, your competitor does,

• 1:34:45Patrick Bet-David?

  they have an edge over you. Edge over you. So yes, do use it. But no, I don't think long term, eighty percent of jobs are gonna be cut because we need people to make money so they can buy stuff. Can you give a devil's advocate argument to that? Actually intentionally are you against it?

• 1:35:01Speaker 03

  Well, I think that you mentioned you're using AI, we're using AI, right? So if you can go to, you know, highermetrics.com, CFOsylvia.com, so you're like, oh my God, there's all this AI. There's people who work at the company, right? OpenAI has a lot of people that work at the company. Nvidia has a lot of people that work at the company, right? So there's jobs being created. Now, I think from this like devil's advocate standpoint, one of the aspects that I think is really interesting is there are going to be old jobs or traditional jobs that start to use AI. And then there are going to be AI native jobs. So one of the things is this whole idea of like a vibe coding, right? It's basically people who are not technical, who now can use these tools and they can start to create things without having that computer science degree or thing.

• 1:35:45Speaker 03

  That's an AI native job that previously didn't exist. That's very different than, hey, I was already a software engineer, now I use the tool. And you can go through society, right? And you can see, actually what we want is we want an explosion of AI native job creation to offset the displacement of this other thing. Now, one other aspect that I think is really interesting here is how does the government play into this? I know you guys have a story about the federal government has this AI executive order that came out. And then some states, including Florida, are saying, hey, wait a second, the state should still be involved. One aspect that I think is very interesting, so I have a friend, Sriram Krishnan, who I worked at Facebook a number of years ago. He is focused on AI at the White House. And anyone you talk in tech, like, I like that guy.

• 1:36:28Speaker 03

  He's one of the rare people who can have a very long career. He's worked at Facebook, Snapchat, Twitter, et cetera. And no matter who he's worked with, they like him. So that's a good start. But what they realized was, this is actually not just a technology. This is a nationally strategic technology that has national security implications. So the conversation that's about to start happening in America, humanoid robots are coming. It's a version of AI, this embodied AI. We cannot allow for Chinese manufactured humanoid robots to exist in the United States. Cause you basically have a walking, talking, thinking, recording piece of hardware that is sending data back.

• 1:37:12Speaker 03

  They are mapping the 3D environment. They are listening. They're talking like, oh, that's scary. We won't even let Huawei into America. We're definitely not going to let the humanoids, right? So you start to think about this stuff. And so the reason why I bring that up is now all of a sudden, the job creation or AI native jobs, et cetera, we're going to have to build all this stuff in America. We are not going to be able to outsource the creation of some of this stuff to other countries. And so that should lead to a tailwind of job creation that's reshoring the manufacturing in America, et cetera. Are we prepared to be able to do that? Do we have the people who are being educated, who have the skillsets, who have the desire to go work in these factories, et cetera? Like, we're in a weird time. And I know people are promising the humanoid robots will be manufacturing the humanoid robots. Maybe.

• 1:37:57Speaker 03

  I don't know. I know right now that AI can write code and so AI can create more AI software. But I think your point about, you know, if there's a lot of people with a lot of free time.

• 1:38:08Patrick Bet-David?

  Uh, that's a terrible society. Let me tell you. I was a kid with a lot of time on my hands. I had a one point.

• 1:38:15Speaker 03

  I've seen the pictures.

• 1:38:16Patrick Bet-David?

  I was a kid with a lot of time on my hands. You don't want a lot of people with a lot of time on their hands. By the way, you know, you know who gets credit right now? You know who gets credit for lowering crime? I'm gonna give a shout out to a company that nobody's gonna guess I'm gonna give a shout out to. Walmart. You know how many people they employ? Number one employer in America. What's Walmart's market cap? Can you look up Walmart's market cap? It's not that much. Okay. Don't get me wrong. It's like 840, 8, okay, 920 now. It's not four trillion like Nvidia. By the way, Walmart's only worth 919 billion compared to Nvidia's four trillion. Nvidia only employs 35,000 people. Walmart employs 2.1 million people. Take those 2.1 million jobs that actually think who works, the profile of the people that work at Walmart.

• 1:39:00Patrick Bet-David?

  Take those jobs out. What's crime look like? Amazon employs one and a half million, okay? And Amazon gets all these shots taken. Amazon employs one and a half million. Allied Universal employs eight hundred thousand. Accenture seven forty-two. FedEx is five forty-seven. We need these jobs, okay? We need these jobs. We need these people to be out there getting these, you know. So to me, a part of it is the distraction. A part of it is keeping people active. But I do think in the crazy, and we can get into this story because Trump picks a fight with Magi allies, issuing AI executive order, and DeSantis had something to say about that. Rob, if you want to pull this up. Uh, so this is on page seven. I think you got a video on this.

• 1:39:45Patrick Bet-David?

  So President Trump has picked the fight with MAGA conservative at Capitol Hill by issuing an executive order to chill state effort to regulate AI proposals similar to one that conservative critics of big tech defeated on Capitol Hill earlier this month. Here's the president, go for it.

• 1:40:01Speaker 00

  Are you more worried about the US winning the race for AI dominance with China or about AI's potential threat to humanity? Both. We're looking at it very strongly. We have a lot of threats in the opposite way if we don't do it, you know? You look at the medical and medical research already, the things that come, have come out of AI in terms of medical and cancer research and things. We're way ahead of what we ever thought we'd be just from the infancy of AI. So really both, and we want to be very careful with, with it. We also know that a big part of our economy, it could be fifty, sixty percent of our economy going forward, for a period of time at least, especially during the startup, is AI and AI-based.

• 1:40:44Speaker 00

  We have trillions of dollars of construction going on. And that construction would stop or it would certainly be, a lot of it would be halted. So I, look, we're leading China. We're leading China by a lot. China knows that. And not doing this would be the greatest gift to China and other countries, but China in particular, that China has ever received.

• 1:41:08Patrick Bet-David?

  We thank you for watching.

• 1:41:09Speaker 03

  Okay, so that's the dichotomy.

• 1:41:13Patrick Bet-David?

  I know.

• 1:41:14Speaker 05

  But he just allowed the black belt trips to go to China, though, so that contradicts what he says right there.

• 1:41:19Speaker 03

  But I think that the part that makes this difficult, and by the way, I don't know what the answer is. I think that's the part everyone's got to start with is there, I see people online, they're like, he should have done that. You don't know what he should have done because you don't have all the information either, right? But is it a competition with China 100%? We got to win. At the same time, most people I think believe in states' rights. And so then you say, okay, well, the states' rights, because if you look at actually in Florida, what they're doing, it's all about protecting the use of your name, image, likeness, et cetera, in the AI, right? So they're trying to protect their citizens, which makes sense. But then if you look at it from a business perspective, so every time that an AI model comes out, do they have to have a different, you know, kind of a structure on a state by state basis? Well, that's kind of hard to innovate.

• 1:42:02Speaker 03

  So I've got to do something different in Florida than I got to do in Virginia, than I got to do in Texas, than I got to do in North Dakota. Well, who's going to go do that?

• 1:42:08Patrick Bet-David?

  That kind of goes back to the car story we talked about with the 19 and a half billion Ford Tesla California. Right, so but by the way, this is DeSantis's position on the same topic. Go ahead, Rob.

• 1:42:18Speaker 07

  The president issued an executive order, and some people were saying, well, no, this blocks the states from doing. It doesn't. You should read it and see, first of all, an executive order can't block the states. You can preempt states under Article One powers through congressional legislation on certain issues, but you can't do it through executive order. But if you read it, they actually say a lot of the stuff we're talking about are things that they're encouraging states to do. They say it doesn't prevent child safety. It doesn't prevent any of that stuff. So even reading it very broadly, I think the stuff we're doing is going to be very consistent. But irrespective, clearly, we have a right to do this.

• 1:43:00Speaker 07

  Now, what it does say is, because they're worried about California, Colorado doing really crazy things, that they could have the Attorney General bringing challenges to state laws under the dormant commerce clause, which is, you know, a legal doctrine, and I don't know how successful that would be.

• 1:43:17Patrick Bet-David?

  But the reality is, you know, I don't anticipate that even happening, you know, against any of the stuff we're doing in Florida, but if it does, I think we would be well positioned to be able to prevail on that. Pause. Tom, who do you side with? Who sounds more reasonable here?

• 1:43:31Tom Ellsworth?

  DeSantis puts up the AI Bill of Rights. I think it sounds very, very reasonable, and I don't think there's anything at the federal level that's basically contradictory yet, because DeSantis is correct. It's an executive order on one side, it's intent on one side at the federal level, but then it's Florida. Well, look, every state has its own electric regulation, every state has its own insurance regulation, every state has a variety of regulations that are native to that state. The Florida environmental regulations protecting the offshore area are like five times more complex as they are in Mississippi. Why? Because look how big the coastline is and look at what they're protecting. So this is very natural that you'll have these things with the state.

• 1:44:14Tom Ellsworth?

  But what he's talking about is there is a specific precedent. Remember, precedent drives laws, laws drive precedent, and then second, and then precedent drives behavior. Well, there is a woman that was up there sitting next to him, whose son was groomed and manipulated by an AI bot, and tragically, he became incredibly depressed, and the bot even suggested, and he took his own life after engaging with this AI bot. And so she's sitting next to him, and he's saying, look, this regulation-

• 1:44:47Patrick Bet-David?

  DeSantis is who you're talking about.

• 1:44:48Tom Ellsworth?

  Right. And DeSantis is saying, hey, here's an example of something that we need to jump in right now and help. We make the speed limits on our roads, so we need to make the speed limit here on AI. We need to protect this, and we're protect name image. What's also is the very last line of the Florida AI Bill of Rights at the very bottom. It says also- Data centers that are built here cannot impact the rate payers and of Florida power disproportionately. The data centers, if you're going to work here, and he said, look, it's not a lot of jobs. It's 12 jobs that are in these data centers once they're all built. They're largely dark facilities. He says, fine, pay property taxes in Florida, do it.

• 1:45:32Tom Ellsworth?

  However, you have to figure out how to augment the power or pay a subsidy to help augment the power generation. I think that's very sensible because he's saying, hey, we can't have all this open land that's in the north part of Florida, south of Jacksonville, well north of Orlando, and people putting data centers on because there's open, cheap land and you're on the grid. He said, if that's going to make the rate of electricity go up for Floridians, I don't want that and I'm putting this. So the Florida AI Bill of Rights is running it quicker. Lastly, which is quicker and more nimble? A small group or a national group? The small group, it's a state, and that is the function of states' rights to nimbly respond to things very, very quickly

• 1:46:17Tom Ellsworth?

  and then get government help when you need it. When a hurricane hits, and this is, I'll give everybody this example. The governor will declare the state a disaster area and say, I need federal resources because what just hit me is so damn big. But in the meantime, if, who determines where a stop sign goes? The state. Who puts up a street light? The state. Who makes building permit decisions in a given area? The state, because the federal government can't handle that. So I think that I'm with the states on this one and I'm with DeSantis. Now, I'm also, I understand how a tech company will say, am I going to be asked to follow 50 state laws to put a national program in place?

• 1:47:00Tom Ellsworth?

  Well, there's something to be said for that and I think we'll figure it out. But DeSantis is trying to protect citizens from electric costs and name, image likeness and get in front of it right now. He's doing the right thing as a governor, leading a state of citizens who are being impacted.

• 1:47:14Patrick Bet-David?

  Brandon.

• 1:47:16Speaker 05

  Uh, yeah, I I don't necessarily side with one or the other, but I I could be critical of both of them. Like this this bill, for example, it's over a thousand pages. I mean, who's who's read the entire thing like I I understand the argument for needing like a fast process to implement things like you don't want to go state by state having to get approval for it. So like, find that particular issue, that particular concern, let's get that squared away. But like, nobody has any idea what's in this bill and like we're we're talking about AI like it's a, you know, as powerful as a nuclear weapon. So I like, I don't like the idea of like override, like federal powers and that that being like the system for everybody for it. Like anytime the federal government's gotten like the main control over something, it hasn't ended up in a good situation. And I don't like that he's saying that it's for the reason of competing with China for it.

• 1:47:58Speaker 05

  Like I said before, he approved China receiving black wall chips from Nvidia. So we're we're really concerned about China beating us in the AI race or catching up to us. And why are we sending chips there that are used to build AI? So.

• 1:48:10Patrick Bet-David?

  Yeah, I think that China China has the edge because whatever they say, you better do. It's a dictatorship. It's a communist state regime. The economy is capitalism, fine, but it's a dictatorship. You you have to listen to authoritarian leadership, whatever they're talking about. So but also the lifestyle is not the way our lifestyle is. Americans, we're different. We are given certain options. And even though the example we talked about earlier with the cars, the nineteen and a half billion for Ford, where causing Elon to leave California and go to Austin. And seeing the fact that Musk wants to make, you know, uh, what do you call it? Uh, not Musk, uh, Newsom wants to make, you know, thirty five by twenty thirty five, a hundred percent of, you know, car makers, EV and all this stuff.

• 1:48:54Patrick Bet-David?

  Uh, I think we gotta change that. That was a shitty idea. With AI, I would much rather leave it to fifty states. I would much rather leave it to fifty states. I get what they're talking about, some of the stuff that's gotta be federal. Yes, we have a federal minimum wage, seven twenty five, but let the state, if they want to do fifteen bucks an hour, you know, leave it be. If a state wants to do twenty bucks an hour, state needs to have its own AI regulatory requirements. But man, some states, like if I'm running a state, I'm like, hey, my number one is for the younger families to have jobs, make money, be able to afford a house and be able to have kids and be happy. What can I do to create a state for that? Versus what can I do to create a state to get all the AI people to move to me?

• 1:49:37Patrick Bet-David?

  Maybe that's also not a bad idea, but my goal is to make sure it's a place for people. Who is the number one customer? Is the number one customer AI? Will in the future, the number one customer become the AI? Who's gonna be the number one customer? If you're running a state, who is your number one customer? Think about it.

• 1:49:54Speaker 03

  Your people.

• 1:49:54Patrick Bet-David?

  Who is your number one customer?

• 1:49:56Speaker 03

  Citizen.

• 1:49:56Patrick Bet-David?

  Yes, citizen. So are you making it better for the citizen? Are you making it better for them to flourish? It's gonna be a very, like you said, it's complex on how it's gonna be argued the next three, five, 10 years. Go ahead.

• 1:50:09Speaker 03

  I just think the federal government should establish the loosest set of rules. And then to your point, the states can constrict it more.

• 1:50:15Patrick Bet-David?

  We're on the same page.

• 1:50:16Speaker 03

  Right, yeah.

• 1:50:16Patrick Bet-David?

  We're on the same page.

• 1:50:17Speaker 03

  I actually think that they're optimizing for two different things. Federal government's trying to compete in a geopolitical, you know, competition on the global stage. And the states are trying to protect their citizens. And so what you have to do is, ideally, the United States would work great if we could put those two things together.

• 1:50:32Patrick Bet-David?

  And, and if that's the direction we go, let it be. If, if some states wanna be tighter, and then if you don't like it, leave. Go to a different state. If you like it, great, go to that state. But you'll, you'll be able to make the decision accordingly. Let me do two more stories and then we'll wrap up. So this next, and Rob, can you pull up the story of what happened with World Cup ticket prices? Did you guys see that, what they had to do? That they were forced to learn? I know your brother probably knows all about this. But we're gonna go with the story first. So this guy named Doug Ford decided to take a shot at DeSantis. He mocks DeSantis, then DeSantis mocks Doug Ford because Doug Ford says Florida's hurting. Rob, go to play that clip on Florida hurting. Go for it.

• 1:51:13Speaker 00

  Americans are no longer flying to Florida. They're not, the snowbirds have, basically, it's dried up. There's been a, an organic boycott of tourism in America. Do you support that? And are you gonna go to, go to Florida this year?

• 1:51:27Speaker 07

  Yeah, so let me, let me tell you, it's gonna be the first time, I'm not going to Florida. But I talked to so many people, don't let this guy, Trump, determine and ruin your life and everything. I'm, that's my personal choice. Maybe some families have gone to Florida their whole lives. Go to Florida. You know, that, that's great. But I encourage you to stay here and support local, local tourism. But you can't let the one, one tyrant change your lives, right? You just can't let it happen. I'm doing it out of my own personal choice because I, I, I just can't do it. But don't let this guy change your lives. If you go down and you see, you know, maybe their, their grandparents are down there. Maybe they're somewhere else. So we'll get through this, but... They're hurting down there right now. They're hurting on all fronts. They're hurting on their

• 1:52:12Speaker 07

  economy. President Trump is at the lowest rating that any government, any president has been in the first year and God knows probably 100 years. So it's taking effect.

• 1:52:23Patrick Bet-David?

  Okay, pause that. All right, now let's go to DeSantis responding. I don't know if he knows what's going on here. Every day Canadians are moving here trying to avoid your escape taxes that you have. Here's Ron DeSantis. Actually, we continue to break tourism records and win the Stanley Cup.

• 1:52:45Patrick Bet-David?

  Florida breaks its own record again, 34.4 million visitors in second quarter of 2025. Tom, what do you have to say about this with what Doug Ford is taking shots at the governor?

• 1:52:56Tom Ellsworth?

  Well, words talk, numbers scream, and Ron DeSantis just checked Doug Ford into the boards. Excuse me, I'm over here dying. No, what I was saying is, DeSantis absolutely checked Doug Ford into the boards on this. It's like, oh, they're hurting down there. That's just those toss away comments by a politician who's not looking at the numbers. And is the economy perfect? No. He said, but we've got, but look at tourism down here. And by the way, all I have to do is look around at the Canadian license plate. There's a hell of a lot of Ontario license plates down here this time of year. And which means that they're, they're still down here. Are they down here for tourism?

• 1:53:35Tom Ellsworth?

  Are they down here for, you know, the, for the ultra cold part of the winter for rheumatism and arthritis? And just enjoy the weather and everything? Seems like a lot of them are down here and it's all happening. So I love my governor and I love this comment by my governor. I thought it was a beautiful, measured, factual response. And I think that if anything, up there in Canada, they're really, they're suffering from Trump derangement syndrome. And it frustrates them that certain things are still going well here. I think it just pisses them off. Because remember, what percent of the American economy is the Canadian economy?

• 1:54:16Tom Ellsworth?

  I think the answer is 6.1.

• 1:54:18Patrick Bet-David?

  Canada is Florida.

• 1:54:19Tom Ellsworth?

  Well, I think, I think, I think Canada is only, is 6.1 of like the US economy, 6.1%. So it's like, dude, you need the trading partner, you need this. And in the middle of your socialist hissy fit and, and, and, and de-banking truckers and doing all the things you guys have done in the last two years, what have you done to help yourselves outside of political headlines that make it look like you're saying something? They need to get it together because the Canadian people are down here, are factually talking to us. We have wonderful Canadians that came down here, moved down here, paid the exit tax. We didn't know them. Pat and I didn't know who these guys are. They introduced themselves at the cigar lounge. Who are you? Well, from Canada, we moved down here and

• 1:55:04Tom Ellsworth?

  we love your cigar lounge and now we're members and we paid the exit tax and we've emigrated legally. It took us four and a half years to put this together, but we went through the proper channels and we're like, welcome. What are you gonna do? And you remember what they said, Pat? Well, we're gonna figure it out, but we're gonna start something. Me and, me and Roy here, we're starting something because we were, we had the means to sell our homes and come down here. God bless them. God bless them. But those people left Canada. Two great business partners that have significant wealth just left Canada. That's just, and they're at our cigar lounge.

• 1:55:36Patrick Bet-David?

  They come to the, the guys are, can I meet other, other people here, friends? I want to make friends. I said, you're not just gonna make friends. You're gonna make friends from the exact town you left in Toronto. I go to the other side. I grab Roberto. I go to the other side. I'm like, here, guys, make friends. Toronto family, same values, business owners, go to dinner together. They're best friends now that they met at the Boardroom Cigar Lounge, which by the way, Boardroom Cigar Lounge, Rob, if you want to put up the clip, January 2nd to kick it off, we'll be doing a live podcast with Stephen A. Smith on January 2nd to kick off the new year with Stephen A. Smith. It'll be on a Friday night. It'll be our first podcast of the year that we'll be doing at the cigar lounge. You gotta be a member to be at the event. You want to learn more, Rob, put the link below for them to go to it. So, pump yourself. When you hear a story like this, you lived here

• 1:56:20Patrick Bet-David?

  for a couple of years. You're back in New York now. Okay. When you were down here, what was the experience like? And now going back to New York, do you feel you're becoming more Canadian because you're closer to Canada? Maybe you're gonna side with Doug. Where are you at with this?

• 1:56:36Speaker 03

  I think Doug Ford, you know, there's this thing of you step on other people in order to try to make yourself seem taller. It seems like Doug Ford's entire strategy, right? If he can put his name in a headline next to Trump, if he can put his head, his name in a headline next to DeSantis, you know, then people know who Doug Ford is. But my guess is that nobody in America really cares about Doug Ford. Nobody knows who he is. And probably in Canada, they're not even going to remember him in a couple of years. The reason being is because if you sit and you constantly just attack everyone, you are destructive, you're not constructive. And history is very kind to people who are constructive, who build things, who create things, who solve problems, who are constantly

• 1:57:15Speaker 03

  optimistic and pushing forward. What we have is a very large divergence in politicians. And I'll give you a, an example here in America that just came out. I don't know if you guys saw the recent video from Bernie Sanders. This one is all time. He wants to put a moratorium on building data centers in America. Okay, why? Because he believes that AI only benefits rich people. And so he's going through this whole thing and you're saying, wait a second, hold on, man. We're locked in a geopolitical competition. Like you heard Trump, you heard DeSantis, you heard they're trying to push this forward. There's got to be some guardrails right there. Somewhat of like a prudent approach to a new technology that's obviously innovative. And Bernie's, yeah, look at this. He wants to put a moratorium

• 1:57:58Speaker 03

  on the construction of data centers that are powering the unregulated sprint to develop and deploy AI. Probably the single most important technology that not only, by the way, as you heard Trump talk about in the Oval Office, is going to help push drug development forward, right, is going to do all these different things. And then when you listen to this thing, he wants democracy to catch up. I don't even know what that means. Regulation of taxes. Right? But like, a normal person would just say that. So, I mean, look, again, forget whatever your politics are, but if you look at a Doug Ford or Bernie Sanders, right, you know, again, sometimes they may have a good idea or two, but these things as they approach AI and this like global competition, it just seems like it's all

• 1:58:43Speaker 03

  about marketing, but it's not actually about driving results for their citizens.

• 1:58:47Patrick Bet-David?

  You know what the exit taxes? Like if you wanted to leave Canada, say you had, you invested into something a million dollars, you bought a business, now it's worth $5 million, okay? You're selling, you got four million dollars in capital gains. To exit and leave Canada and take your money, you have to pay your 50% taxes, give or take. So your four million goes to two million, then you can leave Canada and come to Florida.

• 1:59:10Speaker 05

  It's like getting divorced.

• 1:59:12Speaker 03

  Same as the US.

• 1:59:12Patrick Bet-David?

  Yeah, exit tax is what they got. Would you say?

• 1:59:15Speaker 05

  It's like getting divorced, oh my god.

• 1:59:16Patrick Bet-David?

  Yeah, well, it is a divorce, but they don't want you to leave, but people are leaving in a major way. How often do you run into Canadians here?

• 1:59:24Speaker 05

  Oh, a good amount, and like you're saying, it's crazy like the caliber of people they're losing to. Think about like who's being attracted to the things they're saying, and then who's being attracted to a place like this. Like, you know, I'll take high caliber people like that all day. And, um, yeah, man, it's like, why is this guy taking a shot like the place in the biggest position of strength? Like, it's objectively false that we're doing bad here. Like, it's the highest growth rate of any of the states aside from Texas.

• 1:59:47Patrick Bet-David?

  You gotta love the fact, and by the way, do you? Just a crazy question. Maybe we don't need to spend a lot of time on this, just a crazy, crazy question. Is there any chance DeSantis can be a president one day? Is there any chance?

• 2:00:01Speaker 05

  Yeah, someday.

• 2:00:02Patrick Bet-David?

  Is there any chance? Is there any chance? Can you ask the poll, Rob? Okay?

• 2:00:08Speaker 05

  Within what timeframe?

• 2:00:09Patrick Bet-David?

  What should be the poll, Rob? What should be the poll?

• 2:00:11Speaker 05

  In the next 25 years, is it possible?

• 2:00:13Patrick Bet-David?

  Is there any chance DeSantis will be a president? Put yes, no. What should be the poll? What should be the question?

• 2:00:22Speaker 05

  I think the timeframe's key, because I got-

• 2:00:24Patrick Bet-David?

  Just put yes or no. Is there any chance DeSantis could be a president one day? Let's see what the audience will say. What do you think, Bob?

• 2:00:30Speaker 03

  I don't know. It's a cop-out answer, but I really don't know. Right? I mean, look, I can make an argument on both sides. If you want to take a constructive conversation, then Florida's a very fast-growing state. They've got low taxes. I think that there's a lot of people who've moved here, and so people are voting with their dollars and feet, and they want to go there. On the other hand, there's a lot of things where the culture wars and, you know, things that just like the general population doesn't really care about, right? But again, you know, Trump became president, he engaged in some of the stuff as well. So, the thing that I find most interesting about politics and predicting the future is not so much the candidates and how they'll evolve, it's that the world evolves. You know, if you think about Trump, Trump, people have talked about this at nauseam. He's like a 1980s, 1990s Democrat, but he's a Republican now, right?

• 2:01:14Speaker 03

  Who's running, and so sometimes, so when you look at it through that lens, like, everything he does makes a ton of sense. Imagine telling someone in 1990, Donald Trump's gonna be president as a Republican.

• 2:01:22Speaker 05

  Mm hmm.

• 2:01:23Speaker 03

  They're like, shut up. Right? So that's only, you know, a couple of decades. Well, what's gonna happen in 30 years from now? Could DeSantis be president as a Democrat?

• 2:01:35Patrick Bet-David?

  Okay.

• 2:01:36Tom Ellsworth?

  So let me ask you a question. Right. Within right now and the constructs and the politics and the parties we see right now, we got like 60, 40, no 57, 43, so less than 60, 40. But let me give you the scenario. Um, J D Vance is defeated. Marco Rubio's is, was the VP and everything they tried because of whatever issues the Democrats are in power for a one administration. We all know what's gonna happen to the US government. In that next election, would a, a centrist, practical, common sense Republican have wings? I think he could. So I think it's all in the context of the future and how's it plays out? The way it's going right now, could he be, uh, president next time?

• 2:02:21Tom Ellsworth?

  I don't, I don't think that plays out. I don't think the Republican machine, the donors and everything that goes in, we getting there, plays for him. But what if the Republicans lose that one? And then four years later, they're looking for like this practical guy who looks at, look what I did for Florida. Look, guys, look what I did for Florida. And look, you thought you had J D Vance. You, you didn't, it didn't happen. And we've had this crazy Gavin Newsom for four years. I'm your guy. I think at that point, you take the survey again, it's different. So I think we have to see the pages turn. Um, I, I love the, I love how he's governing right now. I love the governor. Um, I, I am a staunch defender of term limits and I hope that what comes after his term limit is a continuation of the common sense he brings.

• 2:03:02Patrick Bet-David?

  My, my only problem with him was one thing when I had him on the podcast. I had one problem with him. He didn't call Trump. He didn't say thank you. And he went in attack mode instead of wanting to build collaboration relationship. He went after the guy thinking he's above him because he had one and a half million more votes than he did when he first got elected and won by 33, 34,000 votes. It's the only thing. 2024, I only Wanted one person to win for president because of what happened last four years and history only wanted one person on the conservative side to get voted to win. My opinion. The Santas can have his time, but that was the only problem. Everything else, if this guy in the future decides to, I don't think is going away. Now that his wife is not going to be running and Byron Donalds and others are going to

• 2:03:47Patrick Bet-David?

  be fighting in Florida. And by the way, for a lot of people that I think is going to be a lock, don't, did you see who won in Miami? Did you see what he, what she's doing out there? So, um. You want a good one? Yeah. I used to ask people on the podcast all the time, who do you think could be president? What's the most outrageous? The best answer I ever heard was Ivanka Trump as a Democrat. Hmm. Right? But I started thinking about it more. And you know, the two sleepers that I think that could be president? Kim Kardashian or The Rock? And The Rock, one of the things that people don't realize is on the debate stage, there's a bunch of studies that show whoever is most physically dominant usually gets the votes.

• 2:04:30Patrick Bet-David?

  So Trump, when he's on the stage, he's in the middle, right? And there's like this thing from a voter standpoint. But he also, if you listen to a lot of interviews, they've asked him, would you ever be president? He goes, well, you know, if the American people wanted me to be, he's kind of keeping the door open. But the reason why I think Kim Kardashian is so interesting is because I think there's a very large contingent of the country that now realizes a lot of elections are determined by white liberal young women. Well, who do they look up to? Whether you like it or not, Kim Kardashian is one of those people. She has immense reach. You think that some of these guys in the politics world have reach? Talk about a single Instagram post from her. And she's the only person I know who's been like a chameleon, who can go from sex tape

• 2:05:11Patrick Bet-David?

  to reality TV star to lawyer to entrepreneur. And so I don't know if these types of people want to be president, but I think that what we're learning is having a monopoly on attention drives outcomes of election. Mam Dany is a great example of that in New York City.

• 2:05:29Speaker 03

  These are people who have, on a scale in politics, off the charts monopoly on attention.

• 2:05:35Patrick Bet-David?

  Yeah, yeah. Yeah, I mean, listen, I was with you when you said Ivanka's a Democrat. I'm like, okay, that's creative. I was with you when you said Iraq, because we've talked about it, him and I have spoken, you know, and we've had him at one of our events, and specifically, we talked about presidency. Kim Kardashian, that's when I'm like, you know, are you trying to get her on the CFO Silvia? Is that what the idea is? Hey, Kim, can you please go download?

• 2:06:06Speaker 03

  CFO Sylvia.com. Pull that up, Rob. Pull that up.

• 2:06:09Patrick Bet-David?

  If she asks and says, change it to CFO Kim, I would do it, and maybe you change the picture to Kim.

• 2:06:17Speaker 03

  She only can get higher if she goes through higher metrics, right?

• 2:06:21Tom Ellsworth?

  President Kardashian, how exactly did you get Putin to agree to end the Ukraine war?

• 2:06:27Patrick Bet-David?

  I can't tell you insider information, but yeah, I mean, listen, she's got a massive depth chart, so she may be able to do it. Who knows? Her contact list is massive. Fully deployed airbags. Yeah, but going back to it, what we're talking about, the only last thing I want to wrap up with, Rob, can you pull up what happened with the World Cup tickets? So, World Cup tickets, apparently they came out and they gave the prices, and all of a sudden, it was so expensive, people lost their minds and saying, what the hell are you doing? So, FIFA slashes 2026 World Cup ticket prices after backlash, go a little bit lower, I think it was 4,000 something. There you go, that's what it was. Slash it, most loyal

• 2:07:06Patrick Bet-David?

  fans, global backlash, and some will get the tickets for $60 a ticket for the final, instead of being asked to pay $41.85. By the way, we tried to get a suite. One of the suites we were looking at, we liked the suite, $885 for 17 tickets, $885,000 for 17 tickets.

• 2:07:25Speaker 03

  $885,000 for 17 tickets.

• 2:07:27Patrick Bet-David?

  A suite, yeah. And then, the day after Trump did the ball thing, and you know, he got the Peace Award from the FIFA president, that day, that same suite was trading for 3.1 million dollars.

• 2:07:38Speaker 03

  Oh, my God.

• 2:07:40Patrick Bet-David?

  So we're in the business for a suite, but we won't be paying that kind of money. We may be about to get one done and who knows what will happen. This is gonna be like, when is the next time the World Cup's gonna be in the US? Two decades, three decades, four decades, five decades?

• 2:07:55Tom Ellsworth?

  What was the last one?

• 2:07:58Patrick Bet-David?

  In the US?

• 2:07:59Tom Ellsworth?

  Yeah, 94, Rose Bowl.

• 2:08:01Patrick Bet-David?

  Is that what it was? Could have been. So maybe every 30 years we bring it to the US. So 30 years from now-

• 2:08:06Speaker 03

  The final, the finals?

• 2:08:07Patrick Bet-David?

  The final's gonna be in Jersey.

• 2:08:08Speaker 03

  No, I know, but that's the, that's the one that, the suite at the finals.

• 2:08:12Patrick Bet-David?

  Yeah. And you know where the, the, the second place match is gonna be? The, the, the third and fourth place match is gonna be in Miami down here. They're playing in Miami down here, but the final's gonna be in-

• 2:08:22Speaker 03

  Do you remember what happened? Is it Copa Cup?

• 2:08:24Patrick Bet-David?

  Yeah.

• 2:08:24Speaker 03

  That was what got played in Miami and all the fans were like overwhelming the stadium?

• 2:08:28Patrick Bet-David?

  Oh, you remember that? Yeah, in the video, yeah.

• 2:08:29Speaker 03

  Yeah, yeah.

• 2:08:30Patrick Bet-David?

  It was pretty nasty.

• 2:08:31Speaker 03

  Like Americans aren't that fanatic, fanatic about sports.

• 2:08:34Patrick Bet-David?

  No, no, no. It's, these guys are religious. There's a religion to them.

• 2:08:38Tom Ellsworth?

  Well, we have a good friend who's a C-level executive with the, uh, Steven Ross's organization, runs the Dolphins in the stadium.

• 2:08:44Speaker 03

  So he had a good team that day.

• 2:08:45Tom Ellsworth?

  And he spent the next month of his life with insurance adjusters. It was horrible.

• 2:08:50Speaker 03

  Yeah, I remember that.

• 2:08:50Patrick Bet-David?

  It was.

• 2:08:51Speaker 03

  That's where climbing through the AC ducts and stuff.

• 2:08:53Patrick Bet-David?

  It's craziness. Alright.

• 2:08:55Tom Ellsworth?

  They destroyed an escalator.

• 2:08:56Patrick Bet-David?

  Great to have you back on.

• 2:08:58Speaker 03

  Thank you guys for having me.

• 2:08:59Patrick Bet-David?

  We're gonna put the link below to CFO Silvia for people who wanna learn more about it.

• 2:09:03Speaker 03

  Hiremetrics.com. Go check out the merch that you guys have.

• 2:09:06Patrick Bet-David?

  Yes, FLB shoes. I'm wearing them today again. But, uh, guys, uh, tomorrow, stay tuned for the president of, oh, you have a clip of it?

• 2:09:16Tom Ellsworth?

  I have the intro if you want.

• 2:09:17Patrick Bet-David?

  Let's see, let's see what we got. Really, I'm curious now. Go for it. There are people that think you helped funnel 400 tons of cocaine into America. They think you took the $1 million bribe from El Chapo, it took millions of dollars to help with your campaign for 2013. Today, Juan Orlando Hernandez, the former president of Honduras, was extradited-

• 2:09:39Patrick Bet-David?

  The United States to face federal charges. The only explanation that I have is because they wanted to get rid of me. I got you. So they put you there so somebody would kill you to get rid of you. That logic makes sense to me. You were in prison with Didion Sanbankman Free? Yeah. Did you speak with them? There was another guy, Robert, who's very famous. They call it 69. 1969? Yeah. So the same day that this meeting happens, this picture right here, which is Kamala Harris. Yes. And Seomara Castro. Yes. Are meeting on that same day, you get indicted? Yes. When you talk about the deep state in America, some people say, hmm, that's a conspiracy theory. I have lived it.

• 2:10:25Patrick Bet-David?

  Tomorrow morning, 9 a.m. folks. Let's go. 9 a.m. tomorrow morning, guys. Stay tuned with this. By the way, it's a two-hour conversation from the beginning to the end. It's interesting and you want to know more. You can have more interest in Honduras government tomorrow than you've ever had in your entire life. When you hear these stories. Anyways, Pomp, great to have you back on, buddy. Thank you, guys. If we don't see you, Merry Christmas, Happy Hanukkah, Happy New Year, all of it. But we will do it again this Friday and we have two guys showing back up. One guy's going to come who's was at the White House yesterday. Mr. Sosnick and Vincent O'Shaughnessy, who hangs out with a lot of animals. They'll be back on Friday. God bless everybody. Take care. Bye-bye, bye-bye.