House Passes Housing Bill, Daily Wire $2B IPO, Knicks Trash Can Lady Fired | PBD Podcast #823

Tech markets are getting crushed as a brutal Nasdaq sell-off wipes out trillions in AI and chip stock gains, and SpaceX’s post-IPO valuation takes a major hit after a three-day losing streak. We break down what’s really driving the tech bloodbath, why SpaceX is suddenly under pressure, and how Lucid’s decision to slash 18% of its U. S. workforce exposes the harsh reality facing EV makers in 2026. ------ 🧑‍🧑‍🧒‍🧒 HOW TO RAISE STRONG KIDS: FREE LIVE WEBINAR https://bit.ly/4fRBuik ⚽️ SHOP THE USA 250 COLLECTION https://bit.ly/4g0bfWY 🦁 THE VAULT 2026: AUG 31ST TO SEPT 1ST https://bit.ly/4mZdLhD 😆 CHECK OUT VENTING WITH VINNIE https://youtube.com/live/XTIx7FCjl_8 📕 BUY BRET BAIER'S CASE FOR AMERICA https://bit.ly/4emcm24 🦁 SPONSOR THE VAULT 2026 https://bit.ly/4mFBPpw Ⓜ️ CONNECT ON MINNECT https://bit.ly/4kSVkso Ⓜ️ PBD PODCAST CIRCLES https://bit.ly/4mAWQAP 👔 BET-DAVID CONSULTING https://bit.ly/4lzQph2 🥃 BOARDROOM CIGAR LOUNGE https://bit.ly/4pzLEXj 🇰 KALSHI http://kalshi.com/pbd SUBSCRIBE TO: @VALUETAINMENT @ValuetainmentComedy 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.

• 0:15Speaker 00

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

• 0:19Speaker 01

  You are a one of one? My son's right about that.

• 0:21Speaker 02

  I don't think I've ever said this before.

• 0:27Patrick Bet-David?

  When did it go out of style? Yeah, but it did make it come back after that show. It never left. Yeah, anyways, you don't want to know what we were just talking about.

• 0:35Tom Ellsworth?

  Arkansas with broad shorts.

• 0:37Patrick Bet-David?

  So, but Tom wants to bring you back. Anyways, gas prices, 70 50 today. 70 50 today gallon, right? 70 dollars and 50 oil.

• 0:47Tom Ellsworth?

  That's West Texas oil and 395.

• 0:49Patrick Bet-David?

  If I say 70 50 for gas prices, people will be freaking out. No, no, you're fine. It's going down. But I think it's going to take two to six weeks because all the people that owned the oil that they bought at a high price, they got to sell that off because before they can catch up. So the president is not happy and these guys that bought the oil, they're like, what do you want me to do about it? I bought expensive oil. I got to sell through it. But anyways.

• 1:10Tom Ellsworth?

  But national gas did touch 3 dollars 95 cents.

• 1:13Patrick Bet-David?

  Yes, it did. Yes, it did. So that's good. Humberto's happy. He's been furious for a few weeks. Slightly happier. Yes. So we got to go a few different stories that we got here. One, Daily Wire, back at it again. You know, one minute it's going out of business, next minute they're raising 100 million dollars at a valuation of 2 billion dollars, I believe. It was all over the internet yesterday and the numbers came out that have 776,000 active subscribers. I believe that's the number. I know, Elon, you got some thoughts on that. We'll get into it. Aside from that, Google decides to invest into this A24 production company, which becomes a big story because isn't that the one that was part of Backrooms? Was A25 part of Backrooms or Obsession? One of the two, right?

• 1:56Patrick Bet-David?

  Backroom. So Google's not getting into it. Is that a lot of money or not? Who knows? But look, it is something that people are getting interested in. Billionaires fighting their heirs. This is a Bloomberg story. Can you imagine the story says billionaires are fighting their heirs for control beyond the grave? Like, hey, what's gonna happen to our money that you made daddy? But what's gonna happen to our money? Who the hell are you? Where were you when we were building a company, buddy, buddy? So anyways, it's gonna be interesting conversation. Humberto's got some insight on what he wants to do with his billions when transitions out to the kids. I want you to give that insight. He's got Chilean money. By the way, Chilean money, they're low key. They don't want people to know they're wealthy. They keep it very down low. They don't, they don't want you to know the amount of wealth.

• 2:40Speaker 01

  Quiet luxury.

• 2:41Patrick Bet-David?

  Yeah, quiet luxury is what it is. So maybe give us some insight on that. Housing affordability passed yesterday. You'd be surprised, well, maybe some of you guys wouldn't be surprised, which senators were against it. Limiting the number, I think it's 350 units or more, which we will get into. This is targeting specifically BlackRock and some of these guys that are buying up a ton of properties and impacting rent prices. You know, it's a bit of, a lot of people are celebrating. It was a popular bill, but you'd be surprised, some of the people that were not for libertarian mindset type of guys. Tucker said he will never vote Republican again. After saying that, 24 hours later, he practically endorsed J D Vance with Alex Jones. So some people are saying, wait a minute, why did it take that long? But maybe we'll address it. Maybe he doesn't want to vote Republican anymore.

• 3:25Patrick Bet-David?

  And then you got billionaires, uh, tax that was on the ballot, the 5% billionaire tax that they were talking about. It's actually making it through. So it is gonna be something that they'll vote on. Let's see what happens. Their Lucid is cutting 18% their workforce. There's another article that came up, uh, by Inc. Uh, explaining what Microsoft and some of these other companies are doing HR. Some of them are even shutting down HR. I think that's a mistake, but we'll talk about it. And then aside from that, you have social security. For some of the people that you're not following the social security story, it's a pretty big story. I mean, if you're above 60 years old, 65 years old, guess what you're thinking about? Social Security, but not if you're not 65. And guess who had a birthday yesterday and not 65 years old? We're not gonna say his birthday.

• 4:09Patrick Bet-David?

  Thomas Ellsworth had a happy birthday yesterday. Happy birthday.

• 4:15Tom Ellsworth?

  Thank you to the studio and everybody at the Valueteam and BDC companies. You were all so gracious yesterday. I thank you.

• 4:21Patrick Bet-David?

  And so for everybody that's watching, wish him a happy birthday on Manect. Send him a Manect and send him some love. Yesterday, I don't know where I was at, oh, the soccer, they're doing a soccer camp on our property. One of the fathers came and says, hey, is Tom here? I said, Tom's always there, but he just took a guy out to dinner because we're recruiting somebody, interviewing somebody as a pretty heavy position for us. He says, can you please tell him he's my favorite? I love Tom. So if you love Tom, send him a Manect, give him a message. So, social security had nothing to do with Tom. I don't know why, you know, the guys kinda directed it that way. I don't appreciate it, but it is what it is.

• 4:54Tom Ellsworth?

  In real estate terms, I'm social security adjacent.

• 4:56Patrick Bet-David?

  Yes, that's what it is. Anyways, and then, you know, for some of you guys that have fancy trashcans, don't leave them outside. Don't leave them outside, especially if you're in New York. Don't, don't leave them outside. Because somebody who was like the DEI, she was the lead, the DEI head. And you know what she ends up doing? Can you imagine she walks out, throws the trash out, likes the trash because it's got the Knicks logo, brings it in, gets fired, now her picture's plastered all over the place. Imagine you go for a job interview. So can we call your previous job to get a reference? No, why not? Well, there's this picture online of me stealing a trashcan. How do you overcome that objection in future interviews? I'm just curious. What do you say to that? It was a bad day. We all have bad days. That was my bad day. I don't know if that's gonna be the bad day.

• 5:40Speaker 05

  She'll have to get a reference from the sanitation department.

• 5:43Tom Ellsworth?

  She's gonna blame the NBA. The souvenir t-shirt was 50 bucks. The trashcan was free.

• 5:49Patrick Bet-David?

  Yeah.

• 5:50Tom Ellsworth?

  So she wanted a Knicks souvenir.

• 5:51Patrick Bet-David?

  And by the way, we haven't hit this one story that I've been wanting to for two weeks. You know, Russell Crowe comments on Gladiator 2. I really hated Gladiator 2, like passionately hated the movie. And I loved Denzel. I couldn't stand the movie. It was so horrible. We will react to that. And then... To all the Ronaldo fans, you guys are so angry. I cannot believe Messi scored three and then two on the second game. Haaland and Mbappe both scored two goals. Ronaldo scored two goals yesterday and they were really trying to help him get a hat trick. I love the fact that he scored two goals. But there was a post game interview where they asked him about what you think about Messi. He redirected the question very quickly. Why? I don't know. Maybe we'll talk about it. Of course, we got a bunch of FIFA experts here,

• 6:34Patrick Bet-David?

  analysts that we will give our insight on that. And then maybe we've got a couple of other stories we'll get into as well. So having said that, before we get into it, fathers, July 1st, 6 p.m. We're hosting a webinar on the specific topic of fatherhood. It's funny, one of the most popular basketball college coaches text me yesterday. And he's so funny. His expertise is raising great young men. This is a man I admire in a big way, and he does some of the best interviews. He texts me, he says, hey, is that something I can get on as well? I said, of course you can get on. He says, I'd love to be on. I'm like, do you want to say anything? He says, no, I just want to be on and listen to the content because I always want to find a way to become a better father. So if you're somebody that also wants to find a way to become a better father, I want you to watch this video. Go for it.

• 7:18Patrick Bet-David?

  6 p.m. Eastern Standard Time, I'm hosting a free webinar to talk about six different types of fathers. At a time like this, with everything that's going on, it is very difficult to raise strong kids in a weak culture. If you, you may want your husband to get on. Your husband may be like, babe, I'm too busy. You and your husband may want to jump on the webinar to talk about the strategies on how to raise strong kids in today's culture. It's very confusing for kids. Kids are more confused than ever before. I want to share some of the strategies that's working for us. Okay, July 1st, 6 p.m. If you haven't yet registered, go register. It's exactly a week from today where we will do this. And at the end, I'm going to give you a resource guide. One of them is 10 conversations you should have with each of your kids.

• 8:00Patrick Bet-David?

  Another one is every, every father, books every father should read on how to get better. But make sure you register, you and your family, sit there and watch it together. Let's just become better fathers. You know, one of the things that's growing on our social media platforms is our VT Gen Z account. It's growing. People are like, what are we doing a father-son event? What are we doing an event with parents and kids? I said, stay tuned, we'll do something here together. So till then, register, go to VTwebinar.com again, VTwebinar.com to register for the webinar. With that being said, let's get right into it. The first thing I want to talk about is the big passing, the bill that they talked about yesterday. House approves major housing affordability bill, sending bipartisan measure to Trump. This is important for a lot of people that are sitting there saying, how can I control housing?

• 8:45Patrick Bet-David?

  They're trying to do that in a different way, but let me read it to you. The House on Tuesday passed a landmark housing affordability bill, marking a raid bipartisan legislative accomplishment as lawmakers seek to address rising costs ahead of midterm election. Tim Scott, Republican, Elizabeth Warren, Democrat, maybe progressive socialist. House GOP leaders fast-tracked the legislation after the Senate approved it with overwhelming support. It passed the House in a 358 to 32 vote. And now heads to President Trump to sign. By the way, some of the House that didn't vote against it, that voted against it, I think one is Massey, one is Donalds. There's a few people that are not for it. They're like, I don't know if I like this. This questions free market capitalism, leave it alone.

• 9:28Patrick Bet-David?

  And I think even on the Senate side, when they went through it, there was a handful of people. Rick Scott is one. Who else am I missing on the Senate side? Rick Scott was one.

• 9:38Speaker 01

  Mike Lee.

• 9:39Patrick Bet-David?

  Mike Lee's another one. There was a couple of the big names. Oh, Rand Paul was one of them. Rand Paul was one of them as well. So these are some popular names that are saying, I don't know about it, but it was a majority that went through. And so I'll pause it right here. The main thing with this, if I can share this side before I come to you guys, Tom Snyder and Elon, is the following. So this is the vision, home for people, not for corporation. This provision legally bars large institution corporate investors from expanding their portfolios to own more than 350 single-family homes nationwide. Now, you may say, man, that's a lot. That must not, that's not a lot. When you're doing billions on top of billions, 350 is nothing.

• 10:22Patrick Bet-David?

  Some of these guys got tens of thousands that they're dealing with. Law makers designed this cap to explicitly curb corporate competition in suburb suburban markets, while housing advocates argue has artificially inflated home values and squeezed that middle-class families during the ongoing cost of living crisis. California, New York has a lowest percentage of homeownership. I think it's at forty-seven, forty-eight percent. California, the average home price, if I'm not mistaken, is nine hundred and six thousand dollars. Are you kidding me? Like, I'm getting out of college. I'm getting married, having kids. First house I want to buy, million-dollar home. How the hell am I gonna do it on an eighty-thousand-dollar salary, a hundred and twenty-thousand-dollar salary? So Jeff, how important is this bill here?

• 11:02Speaker 05

  It's, uh, it's good because they're finally recognizing that this is a huge problem. I think that, you know, people have realized this for quite some time. But I'm not sure that it actually accomplishes what they wanted to accomplish because what really happened here, this is the legacy of the two thousand eight crisis, is that after two thousand eight, banks pulled back and they didn't want to give mortgages to regular folks for a lot of really good reasons because, you know, the ninja loans and everything that happened in subprime and middle two thousands, they pulled back and, but they never came back. So in the twenty-tens and it got even worse in the early twenty-twenty's, the only people who could get financing were big Wall Street firms. So if you price, if you

• 11:40Speaker 05

  if you have no lending and no liquidity for regular folks to be able to buy houses, by the way, they didn't have jobs either, so they weren't gonna qualify for a mortgage, and the only people in the marketplace are large Wall Street firms. BlackRock did what BlackRock's gonna do. They essentially bought up huge chunks. You talk three fifty limit, they're buying ten thousand houses at a time in, in single transactions. Because they were the only people in the marketplace. Money flowed to Wall Street rather than Main Street. And because it didn't flow to Main Street, Main Street was essentially increasingly priced out of the market to the point it got to the twenty-twenty's, where a flood of money went on Wall Street. Wall Street went crazy buying up properties in twenty-one and twenty-two, and to a certain extent, twenty-three, which of course, housing prices absolutely soared ahead, pricing people, regular folks, out of the market even further.

• 12:24Speaker 05

  So in one sense, it's recognizing that there's an imbalance here. Wall Street has money, has the ability to buy, and therefore, to some people, make them a rent slave for the rest of their lives, and they have no hope of actually getting into a home.

• 12:35Patrick Bet-David?

  Tom?

• 12:36Tom Ellsworth?

  So, the part of this bill that I wasn't sure about was the limit on corporate purchase. Because whenever you give the government a knob, they kind of turn it, and they'll always turn it the wrong way. So I think that's a well-intended thing to say, "Hey, the supply of housing is being constrained because they can buy so many houses at once, and then when they price the rent on those houses, they're able to price the rent higher because they themselves, through the purchase of those houses, have now constricted who controls the supply." So I agree that that hurts a little guy, but why were they able to do it? Where's the rest of it? The rest of the bill has got some things I think are going in the right direction, but we really need the states to do it, such as manufacturer homes relief.

• 13:20Tom Ellsworth?

  There are some standards for manufactured homes that they've changed to match the market. And then financing on... They want the FHA to increase limits on multifamily. Well, that to match the market. Well, that's the purpose of FHA. And so if the FHA, you know, sits there and just says, "Well, you know, the average American is 141 pounds, and that's the average from 1930," that's not the average today. So, over time, you know what I mean, Pat? That average goes up. Same thing happened to the FHA with the limits on mortgages. Hey, well, the limit that we will back and everything is here. So moving those limits up are good. What I also want to see is keep the inspection requirements on the builders so that Toll Brothers and Lanera can't build a bunch of really cheap, bad houses.

• 14:05Tom Ellsworth?

  Keep the inspection requirements on the builders, but lower the permitting time so that they can find tracts of land and they can actually build. That will build the supply and able to do it. Additionally, where you have like downtown Dallas that we saw, or areas where warehouses went down and townhouses and condos went up, now people could afford a townhouse or a condo in downtown Dallas and actually work there as a 30-year-old person. So I think more needs to be happening on the supply, but I think the FHA part of this, inspection efficiencies, what they did for manufactured homes, is good, but I don't want the government to have a long-term knob over who can buy what.

• 14:47Speaker 06

  Hey Spotify listeners, when you travel with American Airlines, you'll enjoy comfort and convenience at every altitude. Before takeoff, unwind in the Admirals Club Lounge with curated self-serve offerings of hearty bites and refreshments. In flight, stay connected with high-speed Wi-Fi. Sponsored by AT&T. Your journey is designed to feel easy from the moment you check in to the moment you arrive. No matter where you're going, American gets you there. Book now at aa.com.

• 15:13Speaker 07

  This episode is brought to you by Google Chrome. You think you know a browser, but Gemini and Chrome, that's new. It can help you with practically anything on the web, like restoring a vintage motorcycle from a 50-page restoration block, or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses set up required. Compatibility and availability varies 18 plus.

• 15:39Speaker 02

  When everyone's finally together, what makes mornings even brighter? Keeping things deliciously simple. Whether you're pouring up a glass of morning refreshment, or topping off festive drinks for a family brunch, Simply Orange brings that 100% fresh squeezed taste to every moment. Deliciously bright and delightfully easy, Simply Orange is made for all your seasonal gatherings. Simply Orange, say yes to simple.

• 16:09Speaker 06

  Gray roots entering the chat? Uninvited? Garnier's got you. Garnier Color Sensation Retouch covers up to 100% of grays in just 10 minutes. No ammonia, no mess, and the color lasts up to four weeks. It's as easy to apply as shampoo. Plus, it's vegan and cruelty free. 10 minutes. Sensational color, sensational price. With those savings, your next girls' night is basically free. Find your perfect match at walmart.com or at a store near you.

• 16:39Speaker 06

  This episode is brought to you by Indeed. You're ready to level up your business, but the

• 16:44Speaker 01

  Pressure to find the right person to make that happen is intense. Indeed sponsored jobs can help carry the load. It boosts your job post to help it reach quality talent fast. Cut through the chaos with Indeed sponsored jobs. Get a $75 sponsored job credit at indeed.com/podcast. Terms and conditions apply. Hiring now, then this is a job for Indeed sponsored jobs.

• 17:09Speaker 01

  Yeah, I agree with Tom on that. I agree with you most importantly on the permitting delays because that destroys the the supply. And, you know, anecdotally from my own time trying to build homes and and be in the real estate market. It's a massive setback when you have to sit there and wait months and months. It increases costs and then homes become more expensive based on that. I did read that of only a very small percentage of rental homes are owned by these big investment firms. It's something like 3% of the rental market from what I read online. So I think that again, the big problem here is coming back to making it possible for people to get the homes through these loans, making it more affordable, driving down costs. But that all comes from reducing regulation in my view. So I think that's that's the big thing.

• 17:47Patrick Bet-David?

  Who disagrees with this? That's what I want to know. Is the disagreement of what? Just purely get out the way, let the free market do whatever they want to do? Is that is that the argument?

• 17:57Speaker 01

  The thing is.

• 17:58Patrick Bet-David?

  This is Massey, this is Byron Donalds, this is Rick Scott, this is Mike Lee, this is this is Ron Paul. These are people that have followings that are saying, I don't like this idea.

• 18:06Speaker 01

  Even Ted Cruz had voted for it, wasn't happy with Bill, right? He said he falls short of Bill. This this bill would really test how much you love the the free market. You know what I mean? Because the thing is, nobody wants more regulations, all right? Like, if you if you absolutely believe in the free market, you think anyone should be able to buy anything, including big corporations. You know what I mean? Then again, this is a crisis, Pat. We've read the news this week. One in three people under 35 still live with their parents. That's great. We we it is crazy. We have a shortage of around two to three. Million homes in America.

• 18:41Speaker 05

  The median age of a first time home buyer, according to the NER is forty, forty. That's absolutely ridiculous. That tells you that Americans cannot afford.

• 18:50Patrick Bet-David?

  Yeah, I saw that. And by the way, when you, when you go a little bit deeper with this, this is even a bigger concern. My worry is, do I want, like, right now, if you look at the average home size, I'm going nineteen seventy to today. The average home size in America nineteen seventy was sixteen hundred square feet. It went to twenty six hundred square feet. Why do we need that additional thousand square feet? We don't. So starter homes, a starter home, if you're gonna, I'm gonna incentivize, like, if these BlackRock guys come in and they wanna put money into building a smaller fifteen hundred square foot condos for young folks, guess what? Go, go into that space. I think that part needs to flow. I think there needs to be an incentive for the people to build three twos instead of four threes, maybe even two twos, you know, that they're building. And then the other part, when you look at this, which is a concern, is the following.

• 19:32Patrick Bet-David?

  In nineteen seventy, do you know the average home, average income, average median household income was ninety nine hundred dollars? Let me give you the exact number so you have it. The average, um, the average, the median household income was ninety nine hundred dollars. The median home price was twenty three thousand dollars, at two point three times. Then in eighty, we went three times. Then in nineties, we went four times. Then today, we're at, in twenty twenty, we were five times. So you make eighty thousand dollars to buy something? It's four hundred thousand dollars. Eighty thousand dollars, you have four hundred thousand dollars, five times. Do you know in some markets like Miami, LA, New York, that number is seven to thirteen times your salary? How in the hell are they supposed to do that?

• 20:17Patrick Bet-David?

  So if they're, if the incentive opens up and you're building something I can afford, I'd like to see the BlackRocks go into that. But if you're going and picking up everything and then you're making rent control to these five corporations that now own it, almost it becomes like a.

• 20:32Speaker 05

  Oligopoly.

• 20:32Patrick Bet-David?

  Oligopoly, you know, by, by five, like centralized these, that's a challenge for the average individual.

• 20:37Speaker 05

  Here's the process here. And it's, you hit the nail on the head here, Pat. What you said was that, where are the starter homes? The starter homes are marketed to people who can't afford, they can't qualify for a mortgage. So the starter business has completely disappeared. No financial incentive in getting in the starter.

• 20:51Patrick Bet-David?

  Let's make that, let's give them the incentive.

• 20:53Speaker 05

  So that's, that's, so what happens is what normally happened back in 1970 or 1980 or 1990 before the housing crisis is that you started with a starter home. You built up equity and then you moved to the three, two and the four, three.

• 21:03Patrick Bet-David?

  Yeah.

• 21:03Speaker 05

  But if you don't have the ability to get a mortgage to get to the starter home, you're stuck renting for the rest of your life.

• 21:09Patrick Bet-David?

  Tom, how old were you the first time you bought a house?

• 21:11Tom Ellsworth?

  Um, I paid two, uh, I know exactly. I was 20, I was 24.

• 21:18Patrick Bet-David?

  24 years old, that's, by the way, that's normal.

• 21:22Tom Ellsworth?

  But I'll, I'll tell you what year it was, you know, it was 19, 1986, you know, because I was born in 62. And so that's how I was 24. I had just gotten out of college. I paid $205,000 for a home on Lopez Street, just off of Topanga Canyon, south of the billboard and Woodland Hills. You know that area, Pat, right?

• 21:43Patrick Bet-David?

  Of course.

• 21:43Tom Ellsworth?

  And those, and by the way, guess how big the house was?

• 21:45Patrick Bet-David?

  1400 square.

• 21:46Tom Ellsworth?

  Exactly right.

• 21:47Patrick Bet-David?

  Yeah.

• 21:48Tom Ellsworth?

  Because that, that's when that neighborhood was all built and the people had retired. I had to put windows in it. So I had to do some of that and that's what I did. But that's 1986.

• 21:58Patrick Bet-David?

  Okay. So do me a favor. Uh, can you ask the following question in chat? Ask, what is the average age of first time homeowners from 1970, 1980, 1990 to today? Watch this number here. Okay. Till today. It tells me, I just ran it, 1981, the average age of first time homeowner was 29. In 1991, for whatever reason, it dropped down to 28, then 32 in 2030, in 2010, 33, 35, 38. You know what that number is today? He just said it. 40 years old.

• 22:31Speaker 05

  Yeah. And eventually it'll be no one. Eventually it's just going to be a rental market.

• 22:35Patrick Bet-David?

  That's, that's, that's not good. You can't have that. You, you cannot have, that's a very big problem.

• 22:39Speaker 05

  I know.

• 22:39Tom Ellsworth?

  Well, we have to break a code and here's the code. We all celebrate when mom and dad retire and the equity of their house has gone up. They sell that, they put that in the bank. They have that along with maybe some small pension and their social security. And now we celebrate that mom and dad retired and won't be a burden on the rest of the family because they were responsible. So you celebrate. Break that on one hand, but now what happens to the house? That house is now unaffordable for the next generation to do the next trek. That's, to me, that's the issue. If housing is a long-term investable asset, which it is, because it's real estate and it's scarce, then you have to do one of two things. Keep building rings of the wheel farther and farther from the center of the old city

• 23:22Tom Ellsworth?

  and move businesses further and further from the center of the old city so the jobs are out there. So I don't have to live in Lancaster, Palmdale and drive an hour and a half to Burbank because I work in the motion picture. And people do that today. That's, we know people in LA, right? They live in Palmdale, they drive all the way out to Burbank.

• 23:40Patrick Bet-David?

  Palmdale blew up the last 40 years for that specific reason. You could buy a place in Palmdale, a 3-2 for $40,000 30 years ago. And now, what is the average home price in Palmdale? Can you pull up, what is the average home price in Palmdale, California? If you pull up, just what is the average home price in Palmdale, California today? Again, you could buy 3-2 30 years ago for $40,000 in Palmdale. It was a desert. Palmdale, I think, had a military base.

• 24:02Tom Ellsworth?

  Edwards Air Force Base. The skunk works.

• 24:05Patrick Bet-David?

  Yeah. And so now, if you look at Palmdale, uh, holy.

• 24:12Patrick Bet-David?

  Look at this. Look at this. The average median home was $70,000 to $80,000. Low end, you could buy a place for 40 grand. It's 520 now. So you can't even afford to buy a house in Palmdale.

• 24:23Tom Ellsworth?

  Pat, let's do this. Let's stay on this and do it. Wait, let's stay on and do it. Do the same thing for Sherman Oaks and Encino or Northridge. Get it? That's where people used to live.

• 24:34Patrick Bet-David?

  Do the same question, except run Encino.

• 24:36Tom Ellsworth?

  Right. And that's where people would live in Encino and go work in Burbank. Their children now are out here in Palmdale, driving all the way into Burbank and Glendale, where there's a lot of jobs, especially in media and entertainment. Now look, that's what happened to mom and dad's house. And the kids are living for a house, one-third that, 500, out in Palmdale.

• 24:59Patrick Bet-David?

  Further and further out. Well, they did. Until they actually live in Las Vegas. Then you move to all these other cities. Now, all of a sudden, you're buying a house for people that know California on Zizzix exit. If you don't know Zizzix exit. If you know Zizzix exit, you partied in Vegas a little too much. It's a very small elite group of people know that exit. But we can transition to the next story on what we have. The whole reality here is we we gotta find a way for people to have incentive to build smaller homes. Hopefully, we will. Let me get into the next story. Next story I want to get into is while we're on this conversation, Dave Ramsey and his organization did a survey. Surveying 10,167 wealthy Americans. The career that produced the most millionaires.

• 25:41Patrick Bet-David?

  The career that produced the most millionaires isn't what you think it is.

• 25:47Patrick Bet-David?

  Dave Ramsey told a 22 year old caller, Mark something, most new graduates never hear. We did the largest survey millionaires ever done on millionaires ever done. One of the things we researched was what occupation showed up the most amongst millionaires. Number one occupation among millionaires, engineer. We did the market calling in June 15 after landing his first electric engineer job in Lincoln, Nebraska, making $89,000 a year. Was asking about career advice. The verdict, the job title is a clue to behavior. Ramsey's claim is accurate, but easy to misread. Engineer was the most frequently occurring occupation in his national study of millionaires. Detailed than baby steps millionaires. The full stop five in order were engineer, accountant, teacher, business and sales. Let me say that one more time.

• 26:32Patrick Bet-David?

  The full top five in order. Engineer, one accountant, two teachers, three. Teachers, millionaires, teachers, three. Business, four, sales, five. And then you have attorneys that they wanted to put them in there in sixth place. Medical doctors did not even make it in the top five. Can you imagine you go become a medical doctor, you don't make it in the top five? The teacher entry is the giveaway. Teaching is not a high income field, yet it outranks medicine. That only makes sense once you accept the study's own conclusion. Roughly one third of millionaires surveyed never earned a six figure income in a. Single year consistent behavior did the heavy lifting. The mechanic underneath is boring and powerful, a high savings rate compounded for a long time.

• 27:16Patrick Bet-David?

  Marks eighty nine thousand dollar a year salary sits well above the thirty seven fifty three an hour average for total private workers in May twenty twenty six. Roughly double the twelve thirty five median weekly earnings for full time workers in Q one of twenty twenty six. The income gives them room, the behavior decides whether that room becomes wealth or evaporates into lifestyle. So Tom, when you read something like this, and at the end he says, um, twenty five percent of your take home pay or less on rent alone pushed them lower. Saying the least possible rent that you can get by is the best number, but twenty five percent is your max. What do you think about the study here with the top five?

• 27:50Tom Ellsworth?

  Well, he's looking at people who are millionaires today, so it took time to get there. So you kind of have to look at where they started. With the house. And yeah, they, yeah. Uh, I, exactly. So a teacher, you know, you could say, well, teachers have the summers off, maybe have a side hustle, maybe. Or just maybe some of these people I think are prudent living. And the other people on here I think are were was a like an engineer and accountant. Um, and sales, I think those were just good professions that allowed you to scale your income. But I think there's two things going on in the survey. I don't have any quarrel with the survey. But I think if you really pulled out the cross tabs, as we say during election year. What you would find is some people that that were very prudent in how they lived.

• 28:36Tom Ellsworth?

  And grew up at a time where that house equity, I bet you is a part of this. And then other people were in the professions that they were leveraged over time.

• 28:43Patrick Bet-David?

  Yeah, I, I, I agree with that. And by the way, is this the clip by Dave? If you want to play the clip, let's watch this clip together. Go for it. Real millionaires, ten freaking thousand of them, who they are, where they come from. And one of the many conclusions we drew from this was the top ten career fields.

• 29:02Patrick Bet-David?

  We found according to frequency within the study. So what career field did we find most often, second most often, and so on? The most often we found was engineer. The second was an accountant or CPA. I want to know what the top 10 is because I registered five. The third was teacher. The fourth was management. Yep. The fifth was attorney. So not even making the top five is medical doctor. By the way, there were six. Oh, medical doctors were six. Medical doctor made it six. Yeah, what do you, what do you think about this?

• 29:30Speaker 01

  I was, I was very surprised by this study to see teachers were in there. My mom's was a teacher, so.

• 29:35Patrick Bet-David?

  Is she a millionaire, by the way?

• 29:36Speaker 01

  Uh, no.

• 29:37Patrick Bet-David?

  But did she get close with her pension, with everything that she got? The 457, the TSA?

• 29:42Speaker 01

  Well, look.

• 29:42Patrick Bet-David?

  Tax-filtered annuities, all this stuff?

• 29:44Speaker 01

  My father is, you know, he's, he's successful. So, you know, my family are millionaires, uh, but it didn't come from the teaching.

• 29:51Patrick Bet-David?

  So she didn't rely, she?

• 29:53Speaker 01

  Didn't have to rely. Yeah, she could teach.

• 29:55Patrick Bet-David?

  Did she do 40 years? Did she teach?

• 29:56Speaker 01

  Yes.

• 29:57Patrick Bet-David?

  She did teach 40 years?

• 29:58Speaker 01

  Yeah.

• 29:58Patrick Bet-David?

  So even after 40 years, the pension wasn't over a mil, over a million bucks? Or you don't know?

• 30:02Speaker 01

  That I really don't know.

• 30:03Patrick Bet-David?

  So that, that would be the thing, though. So I, I, I was just at IMG at a soccer camp with, uh, the family. And one of the guys comes up to me. He owes me a video, by the way. He's got to send the game because it was a very good game, but, uh, he knows who he is. He comes to me, says, oh, my God, what's up? We start the conversation. Big guy. Looked like a linebacker. Son is a big boy, playing very good. And he says, hey, you know, I said, so what do you do for a living? And he says, nothing. I said, what do you mean you don't do anything? So I'm telling you nothing. I was in the Marines and the Army for 20 years. I just retired last year. I'm getting my pension and all I want to do for the rest of my life right now is spend time with my kids. I said, what job did you have in the military? He says, I was in military police. I said, seriously? So how old are you? He says, I'm 38. I said, you're 38, you gave the 20 years.

• 30:48Patrick Bet-David?

  Now, he says, Pat, I'm doing nothing. He says, at first, when I joined the military, you have no idea how much I wanted to get out, all this other stuff. Now I realize the value of having a pension plan that they give you an income for the rest of your life. And I get to choose if I want to work or not. So when you're making certain amount of money, like you're making 50 grand a year and you don't really pay attention to the pension? You realize the value of a pension because we get old like this. I can see how this could apply when you're putting the money over and over and over again, and that compounds.

• 31:16Speaker 01

  But you're telling me that doctors wouldn't have any type of?

• 31:20Speaker 05

  You know, plan for.

• 31:20Patrick Bet-David?

  It's funny you say that. The guy that was next to me, who my kids roomed with his two sons. From Houston, phenomenal guy. He's a doctor, his wife's a doctor. This guy's kind of a big deal of a doctor, so he's very wealthy. But he's going back to get an MBA today at forty-five, forty-six years old. Why is he going back to get an MBA? He says, I just realized, I need to know what's going on with money. I said, you know what's the problem as a financial advisor? We've sold a million insurance policies over the last twenty years in our insurance company, sixteen years, give or take. And every time you go sit with doctors, you know what the doctors typically would say? You know what's the biggest thing with doctors? Most people don't want to talk to doctors about finances because psychologically, you think they already know what to do with their money.

• 32:01Speaker 05

  Yes.

• 32:02Patrick Bet-David?

  And doctors know nothing. By the way, out of all the people I sat with financially, as a financial advisor, series seven, sixty-six, thirty-one, twenty-six, life and health. Doctors were in the shittiest situation financially because they had no clue what they were doing. And specifically because people were intimidated of talking to them because this guy went in NYU and this guy went to UC Irvine and he became a doctor and he knows what he's gonna. They have no idea what's going on with their finances. They just take that six hundred thousand dollar a year salary or the eight hundred thousand dollar a year salary or whatever income they're making. And they spend it all.

• 32:34Speaker 01

  That's a great point, and I want to drag doctors a little bit more. You know what I mean?

• 32:42Speaker 01

  All right, good. They get too much credit. I went to, I went to high school with a bunch of kids that became doctors. They're unbearable, all right?

• 32:48Speaker 05

  Yeah.

• 32:48Speaker 01

  And one of the things, if you think of all the factors, first of all, they can't handle money. The second thing is they, they have a lot of debt for a long time.

• 32:57Speaker 05

  That is true.

• 32:58Speaker 01

  Because, because becoming a doctor is very expensive, it's very long, you drag a lot of like further education. You have the first six years and then two more years for specialization. Supplies for running your own business are very expensive, licenses are very expensive. So, so it's, and then, and then if you see the first.

• 33:15Speaker 05

  Also expectations, right? A doctor feels they have to.

• 33:17Speaker 01

  They're huge.

• 33:18Speaker 05

  I mean, peer pressure and.

• 33:20Speaker 01

  So I'm not surprised they're at number six at all.

• 33:23Speaker 05

  Yeah, this whole, I'm sorry, the takeaway here is about personality, right? Accountants and, um, what was the first, engineers? Analytical, disciplined, patient, lack of impulsivity.

• 33:33Speaker 01

  System procedures.

• 33:35Patrick Bet-David?

  Do you relate to this?

• 33:36Speaker 05

  Absolutely. See, you know, saw it in the clients that I manage money for.

• 33:39Patrick Bet-David?

  You're a multimillionaire, so.

• 33:42Speaker 05

  Patience and perseverance are huge.

• 33:43Patrick Bet-David?

  You have done well financially, you've made good money for yourself. Okay, what traits, give me traits that are transferable to somebody else. Give me specific traits of somebody that accumulates wealth.

• 33:54Speaker 05

  The biggest mistake in, in building wealth is having a big down year. So that's usually impulsivity and, uh, risk-taking, that's a, uh, risk-taking that's not.

• 34:02Patrick Bet-David?

  Big down year.

• 34:03Speaker 05

  The big downturn.

• 34:04Patrick Bet-David?

  Great feedback, okay.

• 34:05Speaker 05

  So, the idea is slow and steady. If you're not gonna make a huge bet on something big, you know, bet everything on something that goes huge. You want slow and steady. And most people, a lot of people, I don't say most people, a lot of people don't have the personality to do that. But an accountant, an engineer, those are people who have the ability to make small, steady decisions and stick with their plans.

• 34:24Patrick Bet-David?

  That compound over time. Can you pull up Dow Jones? Can you pull up the Dow? And go to, go to 10 years. Patient to be a teacher. Go to Dow Jones, go, go to 10 years, go, go to, go to, um, no, no, you're right there, no, no, you're, you're right there. So just go on that, uh, chart and type in five years. Go to five years, right there says five years, right next to, not five days, five years, there you go. Okay, so, well, it doesn't go all the way back to COVID. Can you put max? Do me a favor, put max. And go down to COVID, which is right before, that, that drop right there, all the way to the bottom, see if you can catch it. One more, I don't know if you can catch it or not. It's a very short-term drop.

• 35:05Patrick Bet-David?

  So, one day, this thing went all the way down to 19,000-ish, is what I remember, 19,000-ish. One of the guys that was working in my office, okay? Very wealthy, they'd done very, very well for themselves in their 60s. He decides to take everything out of the market. At the down. At the down. That's panic.

• 35:30Tom Ellsworth?

  Yeah, but that's what most retail people do.

• 35:31Patrick Bet-David?

  Talking about. Yeah. He takes everything out of the market. I'm like, dude, don't you can't afford this. He says, I think it's going to go even lower. I'm like, I, I, I'm telling you. Based on history of what happens to pandemic. Yes. People nine out of 10 pandemics recovered 100%. Mm hmm. Six months later, do you know what's the only pandemic that the market didn't recover for 12 months? It's, it's the epidemic. It's the only one is AIDS. AIDS recovered 12 months later. But everything else six months later, the market recovered. Well, you know how much this guy ended up losing? I don't even want to say the number. He lost millions on top of millions in his mid 60s to early 60s. In his mid to early 60s. It is such great feedback, Tom, for you with where you're at, right?

• 36:12Patrick Bet-David?

  It, when it comes down to this, I think about, you know, Dave Ramsey is the guy that's the millionaire next door. Many, many years ago, Dave Ramsey worked with a guy named Art Williams. So a lot of his philosophies comes. Specifically for man named Art Williams. Art ended up becoming a billionaire. He founded a company called A.L. Williams. That ended up becoming Prime America that was bought by Sandy Wow and Jamie Dimon. They bought it from him. I think at his peak, it was worth 1.6 billion dollars. This guy's given one of the greatest speeches any man's ever given. He's raised so many great young men that became successful. And he gets very little credit. Most people don't even know who this guy is, Art Williams, right? And the, the, the thing that he would talk about is long-term investing. Put the money and set it aside. There was an old book.

• 36:54Patrick Bet-David?

  That was titled, is it millionaire next door? Am I saying it correctly? Is it millionaire next door? Have you heard about this book? The millionaire next door.

• 37:00Tom Ellsworth?

  That's the name of the book.

• 37:01Patrick Bet-David?

  Yeah. Can you type in millionaire next door book right there?

• 37:04Tom Ellsworth?

  There it is.

• 37:04Patrick Bet-David?

  And, and you know what they did? They measured in this book. They said, let's find out what the average millionaire drives. Do you know what they found? That was the average millionaire. Toyota or Honda. It was an F-150 at that time. It was a truck. Mm hmm. The average millionaire had a truck. They, so the habits of what you buy, what you wear. How much you save, how you set the money aside. So if you're, if you, if you've never read the book millionaire next door, do yourself a favor right now. Go to Amazon, order this book. Who wrote? Thomas J. Stanley. It's a phenomenal, phenomenal book to read. Tom, I'll give you the final thoughts before we move on to the next story.

• 37:39Speaker 06

  Hey Spotify listeners. When you travel with American Airlines, you'll enjoy comfort and convenience at every altitude. Before takeoff, unwind in the Admirals Club Lounge with curated self-serve offerings of hearty bites and refreshments. In flight, stay connected with high-speed Wi-Fi. Sponsored by AT&T. Your journey is designed to feel easy from the moment you check in to the moment you arrive. No matter where you're going, American gets you there. Book now at aa.com.

• 38:05Speaker 07

  This episode is brought to you by Google Chrome. You think you know a browser, but Gemini and Chrome, that's new. It can help you with practically anything on the web, like restoring a vintage motorcycle from a 50-page restoration block or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses set up required. Compatibility and availability varies 18 plus.

• 38:31Speaker 02

  When everyone's finally together, what makes mornings even brighter? Keeping things deliciously simple. Whether you're pouring up a glass of morning refreshment or topping off festive drinks for a family brunch, Simply Orange brings that 100% fresh squeezed taste to every moment. Deliciously bright and delightfully easy, Simply Orange is made for all your seasonal gatherings. Simply Orange, say yes to simple.

• 39:01Speaker 06

  Gray roots entering the chat? Uninvited? Garnier's got you. Garnier Color Sensation Retouch covers up to 100% of grays in just 10 minutes. No ammonia, no mess, and the color lasts up to four weeks. It's as easy to apply as shampoo. Plus, it's vegan and cruelty-free. 10 minutes. Sensational color, sensational price. With those savings, your next girls' night is basically free. Find your perfect match at walmart.com or at a store near you.

• 39:31Speaker 06

  This episode is brought to you by Indeed. You're ready to level up your business, but the pressure To find the right person to make that happen is intense. Indeed sponsored jobs can help carry the load. It boosts your job post to help it reach quality talent fast. Cut through the chaos with Indeed sponsored jobs. Get a $75 sponsored job credit at indeed.com/podcast. Terms and conditions apply. Hiring now? Then this is a job for Indeed sponsored jobs.

• 40:00Tom Ellsworth?

  Long-term patience, you know, you go take a look at QQQ and SPY. Now, I'm not endorsing either one, but I'm saying you can look at the S and P 500 and then you can look at the NASDAQ 100, QQQ. And you just go take a look at it. And I did something on numbers scream last week, Pat. 72% of fund managers, professional fund managers cannot beat QQQ or SPY over a five-year period indexes.

• 40:28Patrick Bet-David?

  That's surprising to hear.

• 40:29Tom Ellsworth?

  The indexing, yeah.

• 40:31Patrick Bet-David?

  I wouldn't have guessed that, yes.

• 40:32Tom Ellsworth?

  The indexes always win. Now, that does mean the 28% of them do beat it. And you get your.

• 40:38Speaker 05

  You can't afford those.

• 40:39Tom Ellsworth?

  Yeah, you can't afford those guys.

• 40:41Speaker 05

  Those are the top.

• 40:42Tom Ellsworth?

  They want 2 and a half percent.

• 40:43Speaker 05

  They only take billionaires as clients.

• 40:44Tom Ellsworth?

  Long-term, long-term, steady responsibility usually wins.

• 40:49Patrick Bet-David?

  Yeah, I agree. The buy and hold patience when the stuff happens, if you can do that. My advisor called me, I said, when the market shit hit the fan, the war, all the stuff was happening. He says, hey, how you doing? I said, look, call me last. Call all your other clients that are panicking, call me last. He says, I've been in the business for 20 years. Call me at the end, let's have a call together. He called me, says, how you feeling? I said, nothing, it's just a bad day. I mean, I'm not in this for one month, but I tell you, some of the stuff that we bought with, you know, anyways, we'll get into it, ended up being very, very successful, short-term. But this is just the beginning. If you have the focus of long-term, you don't have much to worry about. We did a poll and this was the poll which was interesting. Our audience, when did you buy your first home? You ready? 20 to 30 years old, first bracket, 42%.

• 41:32Patrick Bet-David?

  42% of our audience bought their first home between 200 to 30. 24% bought at 31 to 40. 6% bought their first home above 41. 27% of the audience listening doesn't own a home right now. Okay, so that kind of gives you an idea. Our audience, 42% of our audience are homeowners. And our audience is all over the world. By the way, do you know our merch? Ran a report the other day. It's interesting what our audience is. How many countries do you think have ordered merch? On our vtmerch.com website? How many countries you think have ordered merch? How many countries, actual countries? I want you to guess. Have ordered a hat? Have ordered a shirt? Have ordered a shoe? How many countries? The reach of the podcast. 80? That's a lot.

• 42:16Patrick Bet-David?

  It's more than 80? 80 is a lot of countries. What do you think the number? Yeah, I was gonna say 400 at least. 116 countries. Whoa, that's significantly higher than that. 116 countries have bought merch? That we've shipped all over the world. Future looks bright. So our audience that you're looking at here is also not only US. This is, I think, Canada's number two, Australia's three. You got UK, Germany, you got all these other places that let, Netherlands is in our top seven. I had no idea people in Netherlands listen to this podcast. But hey, wherever you are, if you support the merch? I love it. I think next week I'll actually give the actual states that are in the top 20 ranking. But okay, sounds good. Let's go to the next story. Next story I want to get to is while we're on this thing here, let me see which one I want to get to next.

• 42:59Patrick Bet-David?

  Let's get into the story about, um, pa, pa, pa, pa, pa. Let's do billionaire tax. Let's go into the billionaire tax story, page 16. So billionaire tax in California looks like it's gonna make it on the ballot of what they want to do. Is that the billionaire tax as to the ballot? Yes. So when, when, when they first announced this, Tom, if you remember where we were at, we were in Aspen. Okay, when they first announced that they want to do this 5%, it was a massive debate back and forth. Well, the billionaire tax officially heads to November 3rd ballot. This is zero hedge. The controversial union-backed billionaire tax in California is officially headed to the November 3rd ballot. Secretary of State Shirley Weber and The California billionaire tax exceeded a number of signatures they needed to qualify.

• 43:43Patrick Bet-David?

  The initiative aims to impose a one-time 5% wealth tax on Golden State billionaires to generate $100 billion in revenue, as if Newsom knows what to do with the money that he gets anyways. The tax would apply to assets like art, stocks and bonds. That money would be used to help backfill reductions in federal funding to K-12 health services provided by Medi-Cal and aid from the Supplemental Nutrition Assistant Program, known as the California Program in California. According to previous reporting by Senator Score, Representative from the advocacy group Billionaire Tax Now and the Union Backing the Tax Service Employees International Union, a bunch of different organizations here that are for it.

• 44:24Patrick Bet-David?

  If you want a budget deficit in perpetuity past this, said Senator Tony Strickland, Republican Huntington Beach. What happens is, these folks are now going to Florida and everywhere else, and not only are they leaving, but they are the ones investing in a lot of these jobs. Those jobs now are fleeing California, and we're going to lose them dramatically moving forward. Tom, thoughts?

• 44:50Tom Ellsworth?

  Well, guess what? California strikes again. Before we talk about this, I take you back. I have graduated school, I've graduated college, and it's 1984, and they're gonna have a lottery in California, and I went back and I found it, Pat. Let me read it to you. Passages of the lottery will provide discretionary funding for our schools.

• 45:12Patrick Bet-David?

  What?

• 45:13Tom Ellsworth?

  What did you just read? This billionaire tax will provide for our schools. The bullet that the Democrats fire whenever they want to do this, it's for the children, except the ones that we aborted nine months ago. Now, what's really interesting about all this is that this is coming, and this is gonna go, and this is another example of they are not willing to look at spending, they will promise everything to everybody, they'll promise a free lunch, they effectively buy votes, you know, like the way that they went out last week and said, "Well, if we were to take one..." 1.7 trillion from Elon Musk. We could give 7,500 to every person. You, you, you, you and you. Oh, really? You're not buying votes?

• 45:58Tom Ellsworth?

  You're not kind of painting those pictures? So I think this is going. You'll notice that now even Zero Hedge was talking about this. It's being called the union-backed bill. And I believe it's because Gavin Newsom and other politicians are running from it. When is the last time we've heard Gavin Newsom actually say something super supportive about this? He has gone from enthusiast to measured and from measured to silent. That's what he has done because he realized what's going on. They've rolled the snowball downhill and it's about to roll on top of them. I'm talking about the Dems and the unions that put this out there.

• 46:38Patrick Bet-David?

  Have you seen this clip with Rokana calling out Newsom? Like, there's almost something going on there with...

• 46:42Tom Ellsworth?

  I'm...

• 46:43Patrick Bet-David?

  Did you see this?

• 46:44Tom Ellsworth?

  That's what I'm saying.

• 46:45Patrick Bet-David?

  Okay, can you play this clip? Play this clip real quick.

• 46:47Tom Ellsworth?

  And they both might be on stage someday. The largest healthcare workers' union is pushing one-time 5% wealth tax on people who have more than $1 billion worth of assets in order to keep millions of people from losing their healthcare coverage. You have been an outspoken proponent of this. Governor Gavin Newsom, also a Democrat, has been an outspoken opponent of this. What do you make of his opposition to this?

• 47:09Patrick Bet-David?

  I don't get the governor's decision from an economic, moral, or political perspective. And this is not an attack on him, but it's just from a matter of philosophy, why would you want to side with 250 billionaires in California? What a great way to corner him. Over the working-class economy. What a great move. And the only reason, in my view, to not be taxing them is because you care about these 250 people's contributions to the political system. And by the way, so you know who's... Who do you think's gonna probably cave in this? Rokana or Newsom? Look what he just said. Why are you protecting these 250 billionaires? The average person watches this. How does the average person react to something?

• 47:51Speaker 05

  Yeah, he's all of a sudden, he's... Protecting billionaires, of course.

• 47:53Patrick Bet-David?

  What people don't know is, do you know what Ro Khanna's worth? Can you pull up Ro Khanna's net worth?

• 47:57Speaker 05

  Two hundred million.

• 47:57Patrick Bet-David?

  I cannot believe I'm defending Newsom. Can you pull up Ro Khanna's net worth versus Newsom?

• 48:01Tom Ellsworth?

  And if you can find a chart over the last ten years.

• 48:04Patrick Bet-David?

  Just go to Ro Khanna's net worth, last ten years.

• 48:07Tom Ellsworth?

  It's gone up.

• 48:08Patrick Bet-David?

  If you look at Ro Khanna's net worth, if I'm not mistaken, the guys were two hundred and thirty million dollar-ish. Uh, uh, compare Ro Khanna's net worth to Gavin Newsom. Uh, Ro Khanna's net worth tied to Gavin Newsom. So, wh- when you see something like this, um, when you see something like this with the taxes that's passing going into California, and you see what happened yesterday to New York City with Mamdani. Mamdani's three, three people that he endorses, they all won. And by the way, these are, if you think Mamdani's an extremist, these guys were like extremists on a whole different level. You see some of the stuff that they said in the past, you wouldn't even believe it on, on some stuff that's being said about them, right there. Yeah, Ro Khanna, common public estimates, twenty-five to thirty million dollars. Open Secrets based analysis have places median net worth at two hundred and thirty-two million.

• 48:53Patrick Bet-David?

  And by the way, if you guys follow Open Secrets, they do a very, very good job identifying these types of things. So, we give them credibility for two thirty-two, and Newsom's worth twenty to thirty million. Don't get me wrong, these guys are buddy, buddy off camera. They probably go out dinner at the same places. But I think Ro Khanna is trying to make a run for office, and I think he wants to run for president, and he's liking what's going on with Mamdani. He keeps saying good things about Mamdani. Something's going on there, but if this wealth tax goes, Humberto, families like yours, billionaire families, Chile, right? If this goes, if this goes, if we were thinking about Google people that left, oh, they left California. Some of the guys are sitting there saying there's no way this is gonna pass. What do you think's the likelihood of this passing? It's only two hundred and fifty people that are gonna be voting against it.

• 49:37Tom Ellsworth?

  It's over, they've rolled the snowball downhill.

• 49:40Patrick Bet-David?

  Do you realize what happened?

• 49:41Tom Ellsworth?

  If it's on the ballot, it's done.

• 49:43Patrick Bet-David?

  Oh my god, what states would take the two fifty?

• 49:46Speaker 01

  Pat, the precedent this will set is unbelievable. This is an actual wealth tax, all right? This is not an income tax, this is, this is a wealth tax.

• 49:55Tom Ellsworth?

  It's a one-time asset seizure.

• 49:56Speaker 01

  It's a one-time asset.

• 49:58Speaker 05

  Also, how are the billionaires?

• 49:59Tom Ellsworth?

  Confiscation.

• 50:00Speaker 01

  And we're, we're talking about California.

• 50:01Patrick Bet-David?

  Karl Marx is celebrating in his grave saying, my book, it's doing its job.

• 50:05Speaker 01

  California.

• 50:06Speaker 05

  That's why they're doing California.

• 50:07Speaker 01

  I have a question on this. Well, how do, like, let's, so let's say they're tied up in assets and they-

• 50:11Tom Ellsworth?

  have to pay the five percent. Where does the money come from?

• 50:14Patrick Bet-David?

  You have to sell.

• 50:15Tom Ellsworth?

  They're obligated to sell.

• 50:17Patrick Bet-David?

  You have to sell. You have to sell. So you got a, so you got a billion dollars. These people think like if you're worth a billion dollars, it's a billion dollars in cash. If you're worth a billion dollars, how much cash you actually think you're sitting on?

• 50:27Tom Ellsworth?

  Very little, actually.

• 50:28Speaker 05

  Most of them are negative cash flow.

• 50:29Patrick Bet-David?

  What do you think the number is? Jeff, if a person's worth a billion dollars, Tom, if a person's worth a billion dollars, how much cash you think they're sitting on?

• 50:36Tom Ellsworth?

  I know the investment habits of billionaires and it would shock me if they had more than 50 million in cash.

• 50:42Patrick Bet-David?

  I agree. So check this out. Do you know what that is? Your billion dollars, you're sitting on less than 50 million dollars of cash. You're taxed 5% on your wealth.

• 50:50Tom Ellsworth?

  250 million.

• 50:51Patrick Bet-David?

  If, if that 50 million's gone with cash.

• 50:54Tom Ellsworth?

  Yes.

• 50:55Patrick Bet-David?

  So if you now have a hun, if you have, if you, if you live in the state of California, you need to come up with 50 million. You need to sell a hundred million dollars worth of new stocks or properties or art or bonds. To get half of it to pay taxes to the state and then to take the other 50 million. Did you understand what just happened?

• 51:13Tom Ellsworth?

  It's crazy.

• 51:13Patrick Bet-David?

  So it's not a 5% tax, it's a 10% tax.

• 51:16Tom Ellsworth?

  Yes, because you're paying tax on your capital when you, when you pull out. You're paying capital gains tax. 16% to the state of California capital gains, 23% to the federal government. And now you're sitting on 40, now you're sitting on 48%, they take five out of that, you're holding 41. Well, because it is, you're right. It's not a tax. It's a, it's a, it's a, it's confiscation. So you still have to pay tax before the confiscation.

• 51:38Speaker 01

  The spirit of the tax is unbelievable. I don't know how this is passing. I don't know how nobody's talking about this.

• 51:43Tom Ellsworth?

  That's the bigger issue.

• 51:43Speaker 01

  That's a big issue because this passes in California, they're going to try to do it somewhere else. A little bit more like in disguise, a little smaller, but they're, they're gonna use this tool somewhere else.

• 51:52Speaker 05

  If they get it in California, this is going to be openly embraced in states like New York and Illinois.

• 51:55Tom Ellsworth?

  But people will run. People will run before it comes into effect.

• 51:59Speaker 05

  But if enough states do it, um, by the way, a lot of this is, a lot of this is symbolic anyway. It's not really about the taxes. It's about, you know, they call it the Overton window. It's shifting the Overton window to what is now acceptable. It's now acceptable to demonize people who are successful and billionaires. That's the main message here. It's not about the taxes. It's about, it's 250 billion. We hate these 250 billionaires. They've stolen from you. They've stolen your life.

• 52:22Tom Ellsworth?

  Playing that game for a very long time.

• 52:24Speaker 05

  It has taken a darker turn lately.

• 52:26Tom Ellsworth?

  Yes, it's taken a turn from rhetoric into action, which is where it's very scary.

• 52:30Patrick Bet-David?

  They'll start off with billionaires. Then they'll go to 100 million plus.

• 52:34Speaker 05

  Yep.

• 52:34Patrick Bet-David?

  And they'll stop at 100 million. You know why they'll stop at 100 million? Because most politicians.

• 52:37Speaker 05

  Because they're all just under that level.

• 52:40Tom Ellsworth?

  Right where they're safe.

• 52:41Speaker 05

  Did you see, did you see?

• 52:42Tom Ellsworth?

  Or they'll have a.

• 52:42Speaker 05

  It was, I think it was a tweet from Grover Norquist, you know, the tax guy. He tweeted, I think it was Ro Cannon, said, I will help you fill out the tax forms to donate 5% of your 200 million. You first, basically was the.

• 52:54Patrick Bet-David?

  Was there a video?

• 52:55Speaker 05

  There was, I think it was, it was on Twitter.

• 52:57Patrick Bet-David?

  What's this, what's this clip here? Is this it? It was a tweet that's saying if you, um.

• 53:03Speaker 05

  I will help you fill out, and this is the guy who thinks that nobody should ever pay any taxes. Grover Norquist from the, I think it's the tax foundation. He said, I will help you fill out the tax form to donate your 5%. You start it.

• 53:13Tom Ellsworth?

  A lot of liberals don't understand also that when they say, oh, if we just took Elon Musk's money and SpaceX's money, we could give everyone this amount. They don't realize that the next year, there would be no money. That, you would have no more Elon Musk. You would have no more SpaceX.

• 53:28Speaker 05

  Well, there is no money. It's a business.

• 53:29Tom Ellsworth?

  That's exactly what Elizabeth Warren did a week ago, remember? What she said, if we took this, we could pay for childcare for everybody in the USA. And I posted that and I said, if you took everything from Elon Musk, you could only fund the federal government for 91 days. Yes. And it would, and if you took that, it would not cover the difference between tax receipts and government spending this year. Okay, well, who are the trillionaires in line next year? To steal all their money and then.

• 53:55Speaker 05

  Yeah, but it's not money. It's SpaceX is a business.

• 53:57Tom Ellsworth?

  You're right.

• 53:58Speaker 05

  You're not taxing money. Again, that's, it's the misconception.

• 54:00Patrick Bet-David?

  Double dumb. Double dumb, but it's coming to a city near you and you know who's going to pay price for it? California. So here's a question. Of the 250 billionaires that they have, how many do you think will leave on the 5% deal? Well, what do you, what do you think the over under is, Tom? Of the 250 billionaires that California has, okay? How many, I think the number's more 223, Ro Cannon said 250. But let's just use the number 250. How many billionaires you think will leave the state of California?

• 54:25Tom Ellsworth?

  I, I believe 50 of them will.

• 54:27Patrick Bet-David?

  50 to 20%.

• 54:28Tom Ellsworth?

  Correct.

• 54:29Patrick Bet-David?

  So the other guys will stay there.

• 54:30Tom Ellsworth?

  Well, or they'll. They'll start taking other measures.

• 54:35Patrick Bet-David?

  Such as they're listening, Tom. You may want to give them some insight.

• 54:39Tom Ellsworth?

  So you've, it hasn't passed the ballot yet, number one. It's going to be on the ballot this year.

• 54:45Patrick Bet-David?

  Who wouldn't vote for this?

• 54:47Tom Ellsworth?

  Then it has to get implemented. So depending on what deadline you put on it, and I don't think you can do things like this retroactively. Now, we're going to go back to your grandfather, his own too. I don't think you can retroactive. So I think you have a window now to move your ownership of assets. And I think some, some people will attempt to do that.

• 55:06Patrick Bet-David?

  Yeah.

• 55:06Tom Ellsworth?

  You know, can you move it to a Cayman trust? Can you do things? Because they can't go back in time and say, unless, yeah, they, they can't go back.

• 55:15Speaker 05

  They can try.

• 55:16Tom Ellsworth?

  They can try, but.

• 55:17Speaker 05

  I know, I mean, they'll tie, that would tie everything up in courts forever. But yes, it's, you can't go backwards and.

• 55:23Patrick Bet-David?

  All right, let's go to the next story.

• 55:24Tom Ellsworth?

  Retroactive starting point?

• 55:25Patrick Bet-David?

  Let's go to the next story. Let's go to the next story. Daily Wire has been getting stomped on by everybody left and right the last 30, 60, 90 days. They're losing people. People are quitting. They're doing this. They're doing that. And then yesterday's story comes out that Daily Wire, under pressure, seeks strategic investors, targets IPO. I think they raised $100 million yesterday at a valuation of $2 billion, if I'm not mistaken. And the numbers came out, if you want to go a little bit lower on these numbers, showing the fact that they have, yeah, let me just read this. In talks to take at least $100 million investment, initial public offering in a few years, the company, which was founded by Ben Shapiro in 2015, has been in talks with Highmount Capital to lead a funding round that would be, you value the

• 56:06Patrick Bet-David?

  company at, I'm sorry, $750 million, according to documents reviewed by Semaphore. The Daily Wire, which is trying to take on New York Times from the right, privately disclosed that it notched $48 million in EBITDA last year, but it just failed to grow its subscriber base and to keep ones in. It has pink and documents show go a little bit lower. The banker said, the company banker said it has fielded buyout offers above $1 billion, but the Daily Wire founders prefer to take minority, align investment to grow the business, according to the documents. Those bankers said a $2 billion IPO could be achievable within 18 months. So $750 million valuation, and then they go to $2 billion when they go public. The company parted ways with Jeremy Boring. We just had him on a couple of weeks ago. We had a great conversation. So Elon, where are you at with this?

• 56:50Patrick Bet-David?

  Is this it, by the way, subscribership? Let's just look at this real quick. Revenue has slowed or contracted. This is subscriptions. In 2021, they grew 151%. In 2022, they went up 80%. 2023, 8%. 2024, 10%. 25, down. 26, they're down 16%. Advertising, up 22. 22, down 17. Down 3, down 5, up 14. Is there any other data that you want to show outside of that? And what is this? They do our subscribership from 257 in 2020 to 558. I think that 558 to a million, that's I, what is a woman of a Which was huge. Which was massive. Matt Walsh to a million, million, 2, million, 20, 260,000.

• 57:29Patrick Bet-David?

  852, 771. Some would say 771 is still a solid number to have today. Elon, your thoughts on this?

• 57:38Speaker 06

  Hey Spotify listeners, when you travel with American Airlines, you'll enjoy comfort and convenience at every altitude. Before takeoff, unwind in the Admiral's Club Lounge with curated self-serve offerings of hearty bites and refreshments. In flight, stay connected with high-speed Wi-Fi, sponsored by AT&T. Your journey is designed to feel easy from the moment you check in to the moment you arrive. No matter where you're going, American gets you there. Book now at aa.com.

• 58:04Speaker 07

  This episode is brought to you by Google Chrome. You think you know a browser, but Gemini and Chrome, that's new. It can help you with practically anything on the web, like restoring a vintage motorcycle from a 50-page restoration block, or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses set up required. Compatibility and availability varies. 18 plus.

• 58:30Speaker 02

  When everyone's finally together, what makes mornings even brighter? Keeping things deliciously simple. Whether you're pouring up a glass of morning refreshment or topping off festive drinks for a family brunch, Simply Orange brings that 100% fresh squeezed taste to every moment. Deliciously bright and delightfully easy, Simply Orange is made for all your seasonal gatherings. Simply Orange, say yes to simple.

• 59:00Speaker 06

  Gray roots entering the chat, uninvited? Garnier's got you. Garnier Color Sensation Root Retouch covers up to 100% of grays in just 10 minutes. No ammonia, no mess, and the color lasts up to four weeks. It's as easy to apply as shampoo. Plus, it's vegan and cruelty free. 10 minutes. Sensational color, sensational price. With those savings, your next girls' night is basically free. Find your perfect match at walmart.com or at a store near you.

• 59:30Speaker 07

  This episode is brought to you by Indeed. You're ready to level up your business, but the pressure to find the right person to make that happen is intense. Indeed Sponsored Jobs can help carry the load. It boosts your job post to help it reach quality talent fast. Cut through the chaos with Indeed Sponsored Jobs. Get a $75 sponsored job credit at indeed.com/podcast. Terms and conditions apply. Hiring now? Then this is a job for Indeed Sponsored Jobs.

• 59:59Speaker 05

  Story.

• 59:59Tom Ellsworth?

  One thing that Daily Wire did, which is very smart, is it always focused heavily on its subscription model. I think the trend is what matters. We don't yet know if it's going to continue trending down. I think when you look there, you see they go from 1.26 million to 852,000 to 771,000. There's clearly a decline from their peak, which is worrisome. But again, they have a very strong business because they've always put resources behind the subscription model. I do think there's trends to things. I think Daily Wire has lost a lot of its kind of, you know, that flair that it used to have. I think now they're starting to get to a foundational base. So if that can stay steady, I don't know how they're going to grow it from there. That's, that's my concern with Daily Wire. I don't imagine that this is suddenly going to trend upward.

• 1:00:40Tom Ellsworth?

  So if you're trying to value a company, listen, 50 million on EBITDA on a subscription-based model, what are you going to give? What kind of valuation do you give on a company like that with expectations that you give 5X on?

• 1:00:51Patrick Bet-David?

  First of all, 50 billion on EBITDA is respectable.

• 1:00:54Tom Ellsworth?

  It's incredible. That's what I'm saying. It's amazing.

• 1:00:56Patrick Bet-David?

  $50 million EBITDA?

• 1:00:57Tom Ellsworth?

  No, I'm saying-

• 1:00:57Patrick Bet-David?

  Investors are looking, this is what I would do if I had Daily Wire. So, so we were approached at one point by $20 billion out of fund to do roll up and buy five of them, and they had interest of me running the- Entire roll up at the top and Tom, we had extensive, when was this by the way? The conversations that we had?

• 1:01:13Tom Ellsworth?

  I think it was exactly two years ago at Four Seasons on the beach on the conference room.

• 1:01:18Patrick Bet-David?

  Yeah, something like that. When we had these meetings, this was, yeah, something like that.

• 1:01:21Tom Ellsworth?

  I think exactly two years ago.

• 1:01:22Patrick Bet-David?

  But I'm talking about the other fun guys that came here that we sat down in the kitchen and we had the conversations. You know who I'm talking about upstairs? That's who I'm talking about. And I think that was like 12 months ago or nine months ago, something like that. But let me tell you what's gonna happen. What they need is a real operator. That's what they need. They need a real operator. If they get a real operator that's willing to come and operate this, not advertising, not interested. All I'm saying is if they get a real operator that comes in and is willing to operate this, has the experience, knows how to handle being under fire, and they come up with some good ideas. Remember, this story is gonna lead into the next one of Google putting the money into A24. So there is that possibility. The markets are looking for something like that.

• 1:02:04Patrick Bet-David?

  The market would like a second option to Fox as a competitor, specifically for conservatives. But if they don't bring the right people and they're gonna have a challenge there. Humberto, your thoughts?

• 1:02:13Speaker 01

  Can I disagree a little bit? We saw, I mean, you see people, I was driving down the street the other day and I saw a guy driving a Tesla, alright? He's driving the car and he has a sticker on the back. It's like, "I bought this before Elon was there", alright? The guy, the Daily Wire relies on Ben Shapiro as the head of the company. So Elon can say things and can sell other things at the same time. When you are selling what you're saying, it's very difficult to keep the company afloat. You know what I mean? If you, Tom, you will remember the BuzzFeed IPO case, like I think they went public through SPAC and it was an absolute disaster. So it plummeted. So keeping this content outfit, especially when you're in the political space, I wouldn't put my money on it.

• 1:02:57Speaker 01

  You know what I mean? No disrespect, I respect Daily Wire. I think they do a tremendous job. I think their business model works for them, but is it enough to go public? I don't know, Pat. Well, I think there's two, okay, sorry, I'm just gonna finish this with this. There's two problems. Number one, Ben Shapiro is heavily connected

• 1:03:12Patrick Bet-David?

  To the value of the company. So you have an individual who if they for any reason goes. How much of it you think? What percentage you think is? From what I know from people, I would, he's responsible for the overwhelming majority of the subscription. Ben Shapiro stops creating content next three years, what happens? The Daily Wire goes, it's, it's, it's decimated. You think so? Absolutely. I don't think so. I 100% believe that. I, I don't, I think that a percentage will be decimated. I think a percentage will be decimated. I don't, I don't know if it'll be, I don't know if it's going to be out period. And by the way, that is the challenge today. When I had Jeremy Boring here two weeks ago, it's a different era to be an operator and a talent. But we're in that era. Yeah.

• 1:03:52Patrick Bet-David?

  Like, you know, a lot of guys back in the days, Ted Turner was not an, was not a talent. Ted Turner was a what? Just an operator. He was a guy on the backend. And so you didn't hear his opinion. You were hearing the news and he and his book, if you've ever read the book, They Call Me Ted, which I think, I think Shapiro needs to read if he hasn't already. When you read that book, you'll see how different it was, the way they built it. I do think they have a chance. But we'll see. They have a lot of enemies and a lot of times when you have enemies, you know, who's going to get tested? The individual is going to get tested. The part that you got to respect about what they're doing here is the following. I like that they're just wanting to take minority positions. I like that it's only minority positions because when you're taking minority positions, what are you saying to the market?

• 1:04:36Speaker 05

  We're going to survive.

• 1:04:37Patrick Bet-David?

  We believe. That it's going to succeed, yes. If they came in and they're like, no, hey, you know. Get us out, we want out. That's a different story. Snyder, your thoughts?

• 1:04:47Speaker 05

  I, that's exactly where I was going to go. The fact that they're only soliciting minority, minority investors tells me that they think that there's a pathway forward here. They just need some liquidity to get through the rough patch and that maybe there's some growth someplace else. But I also agree with you guys. It is top heavy, extremely top heavy. Who else do you know from the Daily Wire? I mean, Matt Walsh.

• 1:05:06Patrick Bet-David?

  Yeah, but. Michael Knowles.

• 1:05:07Speaker 05

  Michael Knowles, yeah, but.

• 1:05:08Patrick Bet-David?

  Those two are good. Not comparatively to.

• 1:05:10Speaker 05

  Right, exactly. So.

• 1:05:11Patrick Bet-David?

  Nowhere near. In terms of this, like if, if you look at the amount of views that Ben Shapiro commands and commanded, in terms of even Matt Walsh. and and Michael Knowles's views exists as a byproduct of Ben Shapiro. I don't think you realize the impact and the following that Ben Shapiro has it. What case study would you give to this Tom? Compared to a case study, Mr. Beast, who just brought up the former CEO, is it SoftBank? Who not SoftBank? It was, who is Mr. Beast's brand CEO? Can you go pull that up to see Mr. Beast's company's new CEO? He brought the new CEO. Um, yeah, that guy right there, Jeffrey Hausenhold, who came former tech executive venture capitalists, previous CEO of Shutterfly,

• 1:05:53Patrick Bet-David?

  was brought on board to help scale Mr. Beast's business. By the way, last year they did 400 million. This 2025, they did 882 million. Yesterday Forbes put on a list, the top 40 biggest content creator earners. Do you know how much Mr. Beast made last year? Did you guys see the number? Can you pull that up? Forbes top content creator earners, Mr. Beast made 300 million dollars. That's bonkers. From creating content. He was number one on that list. No, that's not true. That's 2025. He was number one on that list right there. There you go. He was number one on that list. Go to number one, go a little bit lower so we can see the ranking. Zoom in a little bit if you could to see Mr. Beast at 300 million.

• 1:06:34Patrick Bet-David?

  He ended up first at 300 million dollars. Anyways, it's all over the place. If you look for it, you'll find it. So, but to me is, what Mr. Beast did is they went and got a real CEO. If Daily Wire is gonna do anything, they need to spend the money and get a real CEO. They're, so when Jeremy Boring stepped down, they brought another guy named Caleb, who's one of the three partners, co-founders of Daily Wire. And then the current CEO, I believe, is there, uh, that's the guy, Mike Richards, who's the Jeopardy guy that just came in. I don't know how good this guy is. Maybe he is a good guy, but you need a real operator CEO to come in and get things done. Tom, final thoughts to you before we move on.

• 1:07:09Tom Ellsworth?

  So this is what I look at. People look at the value, $2 billion valuation. Oh my gosh. You know, the nominal, let's see, 50 million in EBITDA, nominal values in digital media are 15. I checked that on Dealbook this morning. And then for high growth, Pat, top 20% high growth, you know what the range is? 20 to 35x.

• 1:07:30Patrick Bet-David?

  Wow, that's crazy.

• 1:07:31Tom Ellsworth?

  So that's the, but that's, you know who that is.

• 1:07:33Patrick Bet-David?

  High growth. They're on it, they're on trending down. That's the problem.

• 1:07:36Tom Ellsworth?

  So, guess what? When you see that the multiples in market do not add up to the deal here, and I hear the word minority, I said, oh, guess what they did? They got a hundred million dollars from somebody on a venture-based valuation, which is the kind of valuations, thank you Jeff for nodding, it's the kind of valuations that we were seeing in perplexity, and we were seeing in Anthropic last Christmas, where they go, 200, 200 billion, 250 billion, 500 million, remember those valuations? Those are venture. So they went out and they did a venture round. This won't make sense on a PE basis, because it's not. The economics are, if you want to come in, it's a 2 billion valuation.

• 1:08:18Tom Ellsworth?

  Yeah, with 50 in EBITDA, that sounds like 40x, but this is venture value. Pat, would you like a minority position or would you not? Well, actually, I'd like a minority position. That's my terms. Are you still driving it? Yes, I'm just gonna keep driving it. Okay, I'll go in. I'll, I'll, I'll do 100 on 2B.

• 1:08:35Patrick Bet-David?

  Okay, so why don't we do this? Let's play a game. Let's play a game. Yeah, right here. Go, go to the top of it, Mr. Beast. Uh, at the top, leads Forbes 226 creator list with 300 million dollars in earnings. Okay, so 100% of Mr. Beast's brand is tied to who? To Mr. Beast. Okay, 100%. What percentage of Daily Wire thing is tied to Ben Shapiro? Percentage, percentage.

• 1:08:57Tom Ellsworth?

  60.

• 1:08:58Patrick Bet-David?

  I would have put it higher. I would have put it at 70. I'm at 50. You're at 60. We're about the same place. You're putting at 80? 75. Where are you at with it? 80% is in, okay. So what do you think happens to Daily Wire in five years?

• 1:09:11Patrick Bet-David?

  Go. What do you think? What do you think happens to Daily Wire? Let's play prediction game. With current trending, I think they get to a lower foundational base. Their subscriber count doesn't keep expanding.

• 1:09:20Speaker 01

  I think if they figure out their production, then they'll they'll at least have a model that works there. I think they screwed up heavily there.

• 1:09:26Tom Ellsworth?

  I'll get I'll give you a case study. ABC prepares for Oprah to be leaving for her own network and has to make Dr. Phil and Dr. Oz into bigger into bigger assets. Whether and and if I'm on the board with that hundred million, I'm going to be like, okay, let's assume Ben loses his popularity over the next five years. And it's just maybe small Ben, like what happened to Howard Stern. Let's say something like that happens. What are we doing with the rest of these brand assets that we have? Michael knows, you know, or you know, do you do you have another idea, Mr. Walsh, another content thing? And I would be encouraging that.

• 1:10:05Tom Ellsworth?

  Just like ABC made a screaming hit out of Dr. Phil and out of Dr. Oz, and then Oprah left and took her show somewhere else. Is it going to equal Ben Shapiro and the drive he has? I don't think so, but that's what I think. That's the bet they're making. The bet they're making is that in five years, they can recover some of the subscription, go to conservatism and build the assets that are here. That's very plainly on the table.

• 1:10:29Patrick Bet-David?

  What's your prediction, Tom?

• 1:10:31Tom Ellsworth?

  My prediction? I think they're going to be able to pull it off because.

• 1:10:34Patrick Bet-David?

  Where are they at in five years? That still is not an answer. In five years, where do you think they'll be in five years?

• 1:10:38Speaker 01

  I I don't think they're going to be around.

• 1:10:40Patrick Bet-David?

  You don't think they'll be around in five years?

• 1:10:41Speaker 01

  That's an extreme.

• 1:10:42Patrick Bet-David?

  So you're saying they won't be around? Why won't they be around in five years?

• 1:10:45Speaker 01

  Um, the thing is that, and if I had to put money on Mr. Beast's IPO or the Daily Wire IPO.

• 1:10:51Patrick Bet-David?

  They're not in the same league.

• 1:10:52Speaker 01

  I will put on.

• 1:10:53Patrick Bet-David?

  No, no, they're not in the same league.

• 1:10:54Speaker 01

  Why Pat the formula, all right? Commenting on political news is a well that is running is running is running dry lately. You know what I mean? It's on the decline. So I'm not saying like, it's a warning, like if they don't invest in thinking about a formula that can take them to the next level, they're not going to be around. So I think the future.

• 1:11:14Tom Ellsworth?

  That's what their shows are. That's what their shows and movies are.

• 1:11:16Speaker 05

  They tried to move away and it didn't work, right?

• 1:11:18Tom Ellsworth?

  Yeah.

• 1:11:19Patrick Bet-David?

  You're saying five years they'll be out. What are you saying in five years?

• 1:11:21Speaker 05

  Five years, it's either they're going to be done or they're going to be extremely successful because they caught lightning in a bottle. It's almost like a binary.

• 1:11:28Patrick Bet-David?

  Five billion valuation. It's one of those two.

• 1:11:30Speaker 05

  I think.

• 1:11:30Patrick Bet-David?

  Okay, all right, then we'll see what happens. So.

• 1:11:31Speaker 01

  Just think about. I think they just have a. smaller base and and they

• 1:11:34Tom Ellsworth?

  kind of shrivel

• 1:11:35Patrick Bet-David?

  all right, let me go to the next story. Next story I want to get into is Google invest in A24. A24 is the one that you're starting to see in a lot of different places and they did back rooms and backroom was obviously incredibly successful. So this story came out about Google wants to put seventy five million dollars into a film company. Wait, what? Google? Yeah, they're going into it. Do you know what seventy five million is to Google? Is what five dollars is to the average person, just so you know.

• 1:11:59Tom Ellsworth?

  They spent that much on coffee filters.

• 1:12:01Patrick Bet-David?

  Exactly. And and by the way, as much as people think that's a joke, that's not a joke. They literally seventy five million to them is what five dollars is to the average person, maybe fifty dollars. Is to the average person. It's like, yeah, let me just try it out and see what happens. So let me read this to you. Google is investing in independent A24. Uh, as part of a new AI research partnership between the two companies, the giant has given him seventy five million dollars into the recent hits back rooms and Marty Supreme, according to people familiar with the matter though, Alphabet unit, Google is a major player in online entertainment through YouTube. The deal marks the first time it has taken a stake in a studio. Google's DeepMind AI unit and A24 are aiming to create new tools for movie production and distribution.

• 1:12:43Patrick Bet-David?

  Disney signed a partnership with OpenAI last year that abruptly ended with the tech company shut down its Sora video tool in March. Netflix recently acquired AI startup founded by Ben Affleck that can tweak scenes without reshoots, but by by and large mainstream Hollywood has done little with AI thus far. Scott Belsky, an A24 partner who oversees his technology and innovation works said this is because developers have pushed AI as a way to make movies faster and cheaper, which doesn't appeal to filmmakers. We think there are better uses that preserve creative control and support risk taking. And new tools won't look anything like the prompted generation type of AI that people feel uncomfortable with. Their multi-year non-exclusive deal

• 1:13:26Patrick Bet-David?

  doesn't give Google access to A24 data, including its film and television library. Elon, why is this so important?

• 1:13:32Speaker 01

  So number one, I think

• 1:13:33Speaker 07

  It just really, it's a smart move from Google to go to A24 because A24 is very respected as filmmakers. They're a company that makes really unique, high-quality artistic films. So bringing AI into that sector is really, really smart. That's a good way to do it. I also think we're starting to, very, very quickly, you know, they're saying that AI is not a huge part of Hollywood yet. This year was the first year where you're really starting to see the major integration of AI into film. There's multiple studios that have dedicated, big studios that have dedicated exclusive AI projects. There were two film festivals this year, Sundance, I believe, and TIFF, I believe it might have been, had full AI films. So Google going into this space to normalize the use of AI in film is a very smart move, doing it through A24, in my opinion.

• 1:14:18Speaker 07

  And I think that AI is going to be heavily normalized in the next three years in AI. We're going to start seeing a lot of projects that are almost made entirely in AI. But even just as a supplemental tool, it has tremendous value. Will it erase some jobs? A hundred percent. Obviously, we know that's coming. But it does do an incredible job at certain things when it comes to filmmaking.

• 1:14:38Tom Ellsworth?

  You have to look at the background of the people that are speaking when you're in Silicon Valley. And Scott Belsky wrote a book, it's actually on your shelf, bright yellow book called The Messy Middle.

• 1:14:48Speaker 07

  Yep.

• 1:14:49Tom Ellsworth?

  And he wrote that when he was at Adobe. And at Adobe, he was working on building all kinds of tools for all kinds of uses. That is the DNA structure of Scott, who is a partner at A24. So when I hear that voice talking, and I know his preset mind on building tools and making tools better, I believe that this is an investment. Thrive Capital also made an investment in A24. So I believe what we are seeing here is what's going to come out of here is not a studio in what we think. I think they are a studio, but I think you're going to see tools and you're going to see a lot of things coming out of it.

• 1:15:30Tom Ellsworth?

  As opposed to what I, first reaction was, I dove into it because I said 75 million, that won't even fund a small biopic about two, you know, freedom-loving entrepreneurs that create a search company.

• 1:15:43Tom Ellsworth?

  You know, you can't make that movie for seventy five.

• 1:15:45Patrick Bet-David?

  That movie was made, it's called Intern, and it was a horrible movie.

• 1:15:49Tom Ellsworth?

  Exactly. So, but you see my point? So I'm like, this isn't about a movie, this isn't about content. And then I hear the voice of Scott Belsky, who is a tools guy, and also founded Behance, and I say to myself, guess what? I think this is all about tools, because I see the Google money and I see the Thrive Capital money about a year ago.

• 1:16:07Patrick Bet-David?

  Snyder.

• 1:16:07Speaker 05

  Proof of concept. They've proved the concept, that this is not only doable, it's also sellable. That's really what everybody's been waiting for. So Google backing this is basically saying, okay, we've seen enough, we see the future here, we see potential. So we're gonna put a little bit of money in it and see where it can go. Why wouldn't Hollywood embrace the technology? Why wouldn't they? But what's interesting is you said seventy five million doesn't make you a movie. There was, what we are seeing with AI is that seven million now makes you a movie that used to cost a hundred million. This also will inevitably, down the road, give a lot more power to independent filmmakers. Where you used to need, you know, a three hundred million dollar budget to make a good film, you're now gonna see really, really high quality films made from people in their homes as a group of people. I have friends who are recording stuff on iPhones and AI can

• 1:16:51Speaker 05

  change the entire environment, change the costume, do the lighting, do everything, but they're still allowing creative input. So as long as we don't lose that aspect, where we don't destroy creativity entirely, I think people don't realize just how far you're gonna be able to go with very little money. It unlocks creativity, in the same way that social media and YouTube unlock creativity for news and for, you know, podcasts and things like that. So that's what AI can potentially do. And if you're a studio, and it's so expensive maintaining a roster of filmmakers who have high, big names and big budget, why wouldn't you say, I'm gonna use AI with somebody who's proven, I'm gonna get ten people who have the potential to be creative, load them up as much AI tech as I possibly can, and see which one of them comes up with some gold. Why wouldn't you do that? That's what, it's from a business standpoint, it only makes sense. And from a content. from a creation standpoint, from a creativity standpoint.

• 1:17:35Patrick Bet-David?

  Yeah, let me get to the next story. So we're talking Daily Wire and if the market were to say who the Daily Wire, Ben Shapiro's enemy is, it would be Tucker Carlson. Tucker Carlson comes out and says there's no chance he'll support the Republican Party. I think he said this a couple of days ago. If you got the clip, go ahead and play it. I'd support the Republican Party. There's no chance I would support the Republican Party. Not going to support the Democratic Party. I don't know what I'm going to do. But at this point, you know, how could you support, how could I or any American voter support a political party that's not loyal to the United States that puts the interests of a foreign country above those of its own citizens? Like, that's, that's, you know, it's not possible to vote for people like that, and I'm not going to. And I think I voted Republican my entire life.

• 1:18:18Patrick Bet-David?

  I worked at Fox News, CNN, MSNBC. I've been a consistent defender for 35 years of the Republican Party. I mean, very consistent defender. But there's no defending this because it's immoral and it's exactly the opposite of what a political party in a democracy is charged with doing, which is representing its own voters, its own citizens, its own nation. And they're not doing that. So, no. He says that. And I think a clip yesterday goes with him and Alex Jones when asked about J.D. Vance, and here's what Tucker had to say, I think 24 hours later. Well, will you support J.D. Vance? I think he's great compared to Rubio.

• 1:18:57Speaker 06

  Hey Spotify listeners, when you travel with American Airlines, you'll enjoy comfort and convenience at every altitude. Before takeoff, unwind in the Admiral's Club Lounge with curated self-serve offerings of hearty bites and refreshments. In flight, stay connected with high-speed Wi-Fi, sponsored by AT&T. Your journey is designed to feel easy from the moment you check in to the moment you arrive. No matter where you're going, American gets you there. Book now at AA.com.

• 1:19:50Speaker 02

  Everyone's finally together. What makes mornings even brighter? Keeping things deliciously simple. Whether you're pouring up a glass of morning refreshment or topping off festive drinks for a family brunch, Simply Orange brings that 100% fresh squeezed taste to every moment. Deliciously bright and delightfully easy. Simply Orange is made for all your seasonal gatherings. Simply Orange. Say yes to simple.

• 1:20:20Speaker 02

  Gray roots entering the chat, uninvited? Garnier's got you. Garnier Color Sensation Root Retouch covers up to 100% of grays in just 10 minutes. No ammonia, no mess, and the color lasts up to four weeks. It's as easy to apply as shampoo. Plus, it's vegan and cruelty free. 10 minutes, sensational color, sensational price. With those savings, your next girls' night is basically free. Find your perfect match at walmart.com or at a store near you.

• 1:20:50Speaker 02

  This episode is brought to you by Indeed. You're ready to level up your business, but the pressure to find the right person to make that happen is intense. Indeed sponsored jobs can help carry the load.

• 1:21:01Patrick Bet-David?

  It boosts your job post to help it reach quality talent fast. Cut through the chaos with Indeed sponsored jobs. Get a $75 sponsored job credit at indeed.com/podcast. Terms and conditions apply. Hiring now? Then this is a job for Indeed sponsored jobs.

• 1:21:21Patrick Bet-David?

  Obviously, he's great compared to Rubio. Obviously. Look, I'll support the best person. I always have liked J.D. Vance enormously. I think he's really smart. He's in an impossible situation. I think he's doing his best. I strongly disapprove of, obviously, as I've said 100 times, of this Warren of what Oh, I love how Trump and others have been blaming Vance when he's volunteering to go stop it. When internally it's confirmed, he tried to stop it just like you. Elon, what do you have with this, with Tucker? With Tucker going from Republican, not Republican, I won't vote J.D. Vance. What do you think he's doing? I'm gonna have to control myself on my thoughts on Tucker Carlson today.

• 1:21:56Tom Ellsworth?

  Uh, number one, him jumping up to 10% on polymarket is scary. I don't trust anything Tucker Carlson says, and I think when he says, you know, I don't know who I'm gonna vote for, but I know I'm not voting Republican, I won't vote for Democrats, he's telling you to let the Democrats win. Because if you're a Republican and you don't vote Republican, you're essentially giving a vote to Democrats. Uh, and I think that's the goal of this new coalition, to destabilize, uh, I think, and it's also just an insane premise. Number one, to create this, this false narrative that somehow you can't vote Republican because they're secretly loyal to Israel or to a foreign country, therefore you have to destroy all your foundational beliefs and allow the Democrats to win because of this great conspiracy.

• 1:22:36Tom Ellsworth?

  The guy doesn't talk about the trillion dollars coming in from Qatar, he doesn't talk about the Air Force One Qatari flight over our, our White House on July 4th, he doesn't talk about, he said Iran would be better with nuclear missiles, he, and the Middle East would be safer with nuclear missiles in Iran. He had his, this is the moment, I'm just gonna end with this, I'm not gonna go through the vast list of him promoting Sharia law, all the, the weird McDonald's video in Russia where he was talking about how tasty McDonald's is in Russia, all the propaganda. Look at their beautiful subway terminal. Yeah, and how cheap their groceries are, I mean, it's like straight up propaganda out of like, if you were to make a video, but the moment I really lost respect for Tucker Carlson despite all of this, is when he had Nick Fuentes on,

• 1:23:17Tom Ellsworth?

  forget the Hitler stuff, forget the Stalin stuff, he claims to love Charlie Kirk and be, and had, he was very close with Charlie Kirk. Yet he has a guy there who said the most disgusting things about Charlie Kirk's organization and Charlie Kirk himself, and he didn't once really call him out in that interview. And if I, I just, if I was there with someone who said the most disgusting things about my friend who was assassinated, and they were in front of me and I'm interviewing them, and I can't even call them out about that, what kind of integrity do I have? So this guy has no integrity, he shifts his opinion on anything based on whatever narrative he's trying to push, and uh, I really don't have a lot of, and I, you know, it's sad, I was interviewed by him, I looked up to him in the past, and to just see the massive.

• 1:23:55Patrick Bet-David?

  You were interviewed by him?

• 1:23:56Tom Ellsworth?

  Yeah, I got, he, he's the one who gave me the Patriot Award.

• 1:23:59Patrick Bet-David?

  Oh, really?

• 1:23:59Tom Ellsworth?

  My Fox Patriot Award.

• 1:24:00Patrick Bet-David?

  How long ago was that?

• 1:24:02Tom Ellsworth?

  2022.

• 1:24:02Patrick Bet-David?

  Really?

• 1:24:03Tom Ellsworth?

  Yeah.

• 1:24:03Patrick Bet-David?

  Wow, so from there to here now.

• 1:24:05Tom Ellsworth?

  It's such a shit.

• 1:24:06Patrick Bet-David?

  What do you think changed though, Humberto? How about yourself? You have with this?

• 1:24:10Speaker 01

  Um, look, I, I, I think the carrot and stick strategy, uh, I, I heard Dave Smith talking about this yesterday. And I think he was, he, he's sticking to his gun. Dave Smith sticking to his gun. He's not gonna support, uh, cause he felt cheated after supporting Donald Trump. He's gonna support them the next election and he's clear on that. He's gonna let them lose. And that's his lane. What Tucker is doing is like, I'm not supporting them. And then 24 hours later, he goes and, and supports JD Vance on, on, you know, on the same, same day. Personally, having worked in politics before, I think when parties in general, and not talking about talking perfect, when, when parties are not faced with carrot stick strategies, like when they have unconditional support, any party,

• 1:24:53Speaker 01

  like could be something you agree with, disagree with, when they have unconditional support and they don't, they don't get the stick from their voters, things get out of whack. And the worst situations I've seen in South America working in politics is when people start playing team sports and they always support the same party, no matter what they do. Democrats do it like, uh, vote blue, no matter who. Republicans do it. I think, uh, America needs to find a place in the middle, a place of understanding. And, and, and I don't think this is a way to do it, but I think there's conversations that need to be conversations, like stop this attacks from one side to the other side. This guy is this, this guy is that. I think people need to sit down and.

• 1:25:32Patrick Bet-David?

  What do you think Tucker believes in?

• 1:25:35Speaker 01

  I think he believes in, it's, it's very hard to tell.

• 1:25:39Patrick Bet-David?

  Well, that's pretty bad. I mean, you, you, but again, what do you think Tucker believes in?

• 1:25:44Speaker 01

  I, I think he's a Christian. Uh, I think, uh, he's generally conservative at heart. I think he's, he, his ideas, you know, like they, they lean more towards this America first trend, like Marjorie Taylor Greene, Thomas Massey, he leans very liberal turn in some things, very conservative in some other things. And he dwells with socialism, not socialism, but, but with, with things that are not free market and some things, you know?

• 1:26:11Patrick Bet-David?

  Where, where are you all with this?

• 1:26:13Speaker 05

  I, I, look, if, if, what you were saying is absolutely true. We don't want one party states that are, you know, everybody's just. and blue vote blue no matter who so there's always it's always good when there's disagreements within a particular party or political particular political persuasion however if Tucker was saying I can't support the Republican Party because you know I once supported the Iraq war this is a theme that he's come back to time and time again he regrets supporting the Iraq war and so if he says you know I can't support Republicans nowadays because they're doing to Iran what I think they did to Iraq and that's wrong that would be morally defensible but then he pivots always to Israel

• 1:26:46Tom Ellsworth?

  it's an obsession

• 1:26:47Speaker 05

  right and that's what gets me is if he was honest and saying look this is like the Iraq war I don't like this all the wrong all the mistakes that Bush made Trump started that would be one thing that would be criticism would be genuine it would be honest but pivoting to Israel I mean making it always about Israel that's the thing that gets me because I first of all I don't think Trump is this has anything to do with Israel or at least not much to do with Israel I think this is all about China to begin with so making this all about Israel just raises all kinds of red flag

• 1:27:14Tom Ellsworth?

  you know it's a perfect example you he said you said Tucker Carlson's a Christian right how much time has Tucker Carlson talked about the hundreds of millions of Christians persecuted across the Middle East and Africa but he will talk all day about Christians persecuted in Israel it's like an it's literally

• 1:27:29Speaker 01

  I'm going by general vibes here I don't know the guy I didn't get

• 1:27:31Tom Ellsworth?

  no but I'm just saying that there there's there's such a so if you're gonna be logically consistent and ethically consistent you can't spend a hundred hours a week talking about Christians persecuted in Gaza Christians persecuted in the West Bank and then ignore literally hundreds of millions of Christians persecuted in the Middle East and Africa and never mention it he came across and he said that what was happening in Nigeria is not necessarily targeting of Christians it could be tribal he's made all kinds of defenses of Sharia law there's just such an extreme shift in his narrative and

• 1:28:00Speaker 01

  I see what you're saying and last Friday Topad he lost me all right we had the deal ready everything was good I'm pro peace I'm openly pro peace the deal was done it's being signed you see the video he's still bitter about it all right are we are we pro peace here or are we just just just blaming Israel for everything

• 1:28:18Patrick Bet-David?

  and by the way when he said when he said he is voted Republican his entire life I think he's a registered Democrat from 2006 to 2022 I don't know if you know that or not

• 1:28:28Tom Ellsworth?

  oh I didn't know that

• 1:28:29Patrick Bet-David?

  yeah he's a registered Democrat can you can you verify that I think he was a registered Democrat from 06 to 2020

• 1:28:38Patrick Bet-David?

  In DC, I could be wrong, fact check me, I'm very comfortable if I'm wrong or not, it doesn't have any impact on my life. Also, he was a registered Democrat.

• 1:28:46Speaker 01

  Nothing he says is true, you notice that?

• 1:28:48Patrick Bet-David?

  But wait a minute, was he really a registered Democrat?

• 1:28:50Speaker 05

  Just inconsistent.

• 1:28:51Patrick Bet-David?

  Let me read this, yes, Tucker Carlson was a registered Democrat, shouldn't Carson address in some multiple interviews, he said he was registered Democrat because of Washington DC's overwhelming Democratic meaningful local elections in the Democratic primary, he argued that registering as a Democrat allowed him to vote in mayoral public and so he said he sincerely despises the Democratic Party and claimed he often voted for the establishment candidates to slow progressives, registered Democrats, all right, there you go, so Tom, your final thoughts on this?

• 1:29:15Tom Ellsworth?

  Yeah, he's been a moving target. And much the same way that Rokana, Rokana was on this podcast, and on certain things, I found him to be an agreeable guy. I don't recognize what I'm seeing from Rokana right now, and you may say, well, he's getting ready to run for office, that's what he's doing, and he's following the wind on his little sailboat that's being blown by Mandami and the social and, you know, the liberal socialists that are on that line. Okay, but I don't really get it, and I don't really recognize the Rokana I first met. In the same way, I don't really recognize Tucker from what I saw, I saw him leave that, we went up there, you did a great interview with him up in Maine, we

• 1:29:57Tom Ellsworth?

  visited with him and his team, and the things I'm seeing now, I don't really recognize. You know, I could see that underneath it, he's like, well, look, underneath it, I got this feeling about Israel, this, this, this, this, and this. But then the awkwardness with Qatar and describing his purchase and the things that are there, I don't know what to think, were you really a libertarian, centrist, almost even a little socialist down underneath, is that what's showing up?

• 1:30:25Speaker 05

  There's no breakthrough trail, right, Tom?

• 1:30:27Tom Ellsworth?

  I don't really...

• 1:30:28Patrick Bet-David?

  Tom, five things, very simple for me, with every personality, concerns?

• 1:30:33Patrick Bet-David?

  What are his motives? Okay, assumptions, fears and asks. What do you know about what his motives are? What are his motives? So let's go through possibility of motives of every individual.

• 1:30:46Tom Ellsworth?

  Very clearly to, in a very objective way to limit the relationship between Israel and the United States. That's his primary motive.

• 1:30:54Patrick Bet-David?

  So let's say that's one motive. What are the motives you think he has? Is there a possibility of running for office one day? Since he's seen 10%? So I think, I've been saying this since 2022. I said Tucker's gonna run for president since 2022. And I said he's gonna want to get into it. I don't know how he's gonna do it, the alliances he creates. I don't know where that's gonna go. The original alliance was with Musk and Trump is the original alliance. And that kind of fell out. I don't know if even Musk is now Tucker Carlson. Cause Musk, for the first 50 interviews Tucker did, he would retweet and put interesting. Haven't seen that for a while.

• 1:31:24Tom Ellsworth?

  Yeah.

• 1:31:24Patrick Bet-David?

  I see a lot of Musk retweeting Gadsad. You know, and I don't see a lot of retweets of Tucker Carlson anymore lately. So I don't know. I don't know who the alliance is going to be. Maybe it is still there, maybe it's not. Is it business? I know the chewing thing that he does, they just did a commercial with Conor McGregor. I actually like that. Because to me, the most honest motive is what? Capitalism.

• 1:31:44Tom Ellsworth?

  Money, yeah.

• 1:31:45Patrick Bet-David?

  Money. If you got something you're building, that's good. I like that a person has, you know, I like that Mehdi Hassan is now running a small media company. I like that the guy that I talked to yesterday, Steve Keen from Australia, that we got into a biggest fight. The first 30 minutes of this interview, super uncomfortable. The audience is gonna love it. It was super, super uncomfortable with the guy I talked to yesterday. Economist from Australia, right? Steve Keen. And you know, I said a couple of things about Karl Marx and he lost his shit. It's great for TV. It'll come out soon. But you wanna know what his motives are? Money, great. Politics? I don't know. You know, motives of defending what his father believed in? And maybe he left him something as a CIA that, hey, Israel is really the bad guy. And if your father tells you that, the loyalty is to your father. Who knows?

• 1:32:30Patrick Bet-David?

  Who knows? But the reality of it is, I think Daily Wire and, you know, the Republicans, while they're fighting like this with each other and you got all these kids that are also confused. Everybody's like, what the hell is going on? Democrats behind closed doors are like, dude, let's go. Mumdani picked up three more. A senate seat, do you know one of the girls that beat a four or five term senator? A democratic senator that they bumped her out? Do you know Mumdani winning? How big of a deal this is for Democrats? Because Democrats are now sitting there asking the following question. They're like, holy shit, how the hell do I get the moderate right to vote for me? How do I get the moderate right? We're losing people to socialism. If we go full on socialism, do we gain? Do we win any major elections?

• 1:33:14Patrick Bet-David?

  And on the other side, Trump's trying to get this voter ID thing passed by, what's his name? That that's working with him, the guy that Thune, is his name Thune? John Thune, am I saying it correctly? Because he thinks Republicans will never win an election again if they lose the voter ID. Trump does. There's a lot of things going on, but this right here. Brad Lander, New York District 10 abolished ICE, forgive all student loans, almost $2 trillion. $2 trillion of worth, expand the Supreme Court. Mumdani gets a clean sweep and a bad night for Joakim Jeffries. A big question for the Democrat Party heading into midterms. What are they gonna be doing? And by the way, some of the videos, if you hear what these two girls have to say, you will lose your mind on what these people have to say. So politically, it'll be interesting, but that's kind of where Tucker's at. Let me get to the next story here.

• 1:33:59Patrick Bet-David?

  Next one is maybe the most important story, folks, out of everything we talked about. You gotta protect your trash cans moving forward. Can you imagine with everything that's going on? A lady with this, I mean, you almost can't believe it. This lady right here dumps the trash. Play the clip, please. Dumps the trash just to walk away with the trash can. I saw this video a few times on X. I didn't even know what the hell was going on. I'm like, what is, why is this such a big deal? Okay, so I skip past it. Woman who emptied Nick's trash can on street, then stole it, fired from JP Morgan Chase. She was a DI executive. What? Yes, this lady right here, that's gonna be her resume for the rest of her life.

• 1:34:43Patrick Bet-David?

  Every time she goes through a job interview, they're gonna say, why did you get fired from JP Morgan Chase? Well, because of political differences, because of racial, whatever discrimin-

• 1:34:53Patrick Bet-David?

  Nation because of, you know, they, because I'm gay, because I'm lesbian, because I'm, she's gonna make all these stories up. But the reality of it is, who is interested in hiring somebody like this that's going to the public stealing trash cans? And their job was DEI. Okay. Can you imagine that? So this lady's name is what I want to, I want to give her proper credit. What is her name? So she gets, uh, Angie Baez, forty years old, was promoted to executive director of community and industry engagement for card and connected commerce at JP Morgan Chase more than a year ago. According to her LinkedIn profile, she previously served as the executive director for diversity, equity and inclusion at New York best based review website, the Infatuation,

• 1:35:34Patrick Bet-David?

  which Chase acquired as part of the broader push into lifestyle and experimental, experimental content. You know, she previously, and then sources say in her bio on the Infatuation website, Baez described as someone whose dedication to making a positive impact shines through in every aspect of her work. How do you view this story? I mean, what is this all about?

• 1:35:54Speaker 01

  This is the dumbest thing I heard in my, you know, how much, how much an executive makes, idea executive makes?

• 1:36:00Patrick Bet-David?

  Couple hundred thousand dollars here.

• 1:36:01Speaker 01

  Between two hundred and fifty to four hundred and fifty thousand dollars. All right. You just need, you just need to keep quiet and not seal trash cans. That's all you need to do.

• 1:36:09Tom Ellsworth?

  Angie's gonna be fine. The reason why Angie's gonna be fine is because there are thousands of nonprofit organizations in New York City that are gonna say, I want to hire her. She's exactly what I'm looking for. Plus she's kind of famous as a Nick trash lady. So Angie's gonna be fine.

• 1:36:23Patrick Bet-David?

  Tom, um, should we hire her? Are you saying like, are you thinking? We bring her as DEI or value tainment? You'll get a ton of views.

• 1:36:33Tom Ellsworth?

  You know what? This, this is, this is basically, your life is public everywhere. And if you want to be a numbskull, a knucklehead, and those are the only words I'll use. I won't use anything that you could accuse me of any other thing. I'm just gonna say, that is such a knucklehead move. You wanted a Nick souvenir. You saw it. You dumped out the trash on the streets of New York, which a pile of trash on the street of New York under the Madami administration is called normal. That's Tuesday. It just kind of sits. Sir, but this, this, you've permanently done it. Can you see what Jamie Dimon was thinking? Why, why does she work for us? I don't understand. We're bringing this. Sir, we, we bought a website to help us with DEI. It was called the Infatuation, I think it was called, sir.

• 1:37:18Tom Ellsworth?

  Wait, we, we bought that shit? Yeah, we did. She came with it? Yep. Alright, we're done here. But can you just see, honestly, sitting back?

• 1:37:25Patrick Bet-David?

  She just launched a queer and bi, bi POC owned talent agency. So if anybody out there from our audience that's watching, that wants to be part of a talent agency and you're queer. Or bi. You just launched a bi POC. What does that mean? I don't know. What does bi POC?

• 1:37:43Speaker 01

  Person of color.

• 1:37:45Patrick Bet-David?

  So what does bi POC mean? Like two colors?

• 1:37:47Speaker 01

  Bisexual person of color.

• 1:37:49Patrick Bet-David?

  Is that seriously, is that, you're joking?

• 1:37:51Tom Ellsworth?

  Indigenous.

• 1:37:52Patrick Bet-David?

  Isn't the? Bisexual person of color? No, I think, I think.

• 1:37:55Speaker 05

  Black, indigenous, and people of color.

• 1:37:57Patrick Bet-David?

  No, no, no. Black, indigenous, and people of color. So I qualify for that. Right? People of color. I mean, listen. We are kinda colorful here. We should join her agency. Oh my god. Who are you represented by, Elon? I am represented by. Angie Bensley. Listen, I don't wanna spend a lot of time on this story. We'll just get past it and go to the next story. Next story I wanna get into is the Russell Crowe Gladiator 2. Gladiator 1, I watched it from forty three minutes on. Every quarter I have to watch that movie. There's something very special about that movie. Gladiator 2 comes out horrible. I sat through it. I was, it's just too much. It was, it breaks my heart because Denzel was in it and I'm supportive of anything that Denzel does. But here's what Russell Crowe had to say about Gladiator 2, which by the way, he wasn't even in it.

• 1:38:43Patrick Bet-David?

  Nothing. Nothing, there was nothing. Can you imagine the emotional, the way it ends? The scene. Show your face Gladiator. He turns around. How dare you turn your back against me Gladiator. Turns around. Who are you? And it's, you know, the, the famous line that he says, you know which ones I'm talking about. Here is Russell Crowe talking about Gladiator 2. Go for it.

• 1:39:10Speaker 07

  Avenging the death of his wife and his child.

• 1:39:14Speaker 07

  There cannot be a moment on that journey where he stops and has sex with somebody. Doesn't make any sense because then that destroys the journey. And they fought me and they like, you know, sending, sending letters about it and everything. And I just stuck to my guns. Luckily for me, Ridley, even though he would have loved to lie there, sex scene with me, Connie Mills, he agreed with me back then that that was the moral core of the film. So for them, the second movie to destroy that moral center.

• 1:39:58Speaker 07

  Very interesting because the second movie barely took the same box office that the first movie took. But that's 20 years later and when you apply how much of a change there's been on the value of a dollar. They failed and they failed because they didn't understand why it was successful. It was successful because it had a moral core and he's a thief.

• 1:40:24Patrick Bet-David?

  He's getting choked up. Yeah.

• 1:40:26Speaker 06

  Hey Spotify listeners, when you travel with American Airlines, you'll enjoy comfort and convenience at every altitude. Before takeoff, unwind in the Admiral's Club Lounge with curated self-serve offerings of hearty bites and refreshments. In flight, stay connected with high-speed wifi, sponsored by AT&T. Your journey is designed to feel easy from the moment you check in to the moment you arrive. No matter where you're going, American gets you there. Book now at aa.com.

• 1:40:53Speaker 00

  This episode is brought to you by Google Chrome. You think you know a browser, but Gemini and Chrome, that's new. It can help you with practically anything on the web, like restoring a vintage motorcycle from a 50-page restoration block or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses. Setup required. Compatibility and availability varies. 18 plus.

• 1:41:19Speaker 02

  What's the secret to being a great host this season? Keeping things deliciously simple, like mixing Simply Cranberry into a festive drink as guests arrive, or serving up a warm mug of Simply Apple on a chilly night. That means less time behind the scenes and more time in the moment with everyone. Crafted with real fruit, Simply juices and fruit drinks make any holiday drink effortless, inviting, and completely delicious. Simply, say yes to simple.

• 1:41:49Speaker 06

  Gray roots entering the chat? Uninvited? Garnier's got you. Garnier Color Sensation Root Retouch covers up to 100% of grays in just 10 minutes. No ammonia, no mess, and the color lasts up to four weeks? It's as easy to apply as shampoo. Plus, it's vegan and cruelty-free. 10 minutes, sensational color, sensational price. With those savings, your next girls' night is basically free. Find your perfect match at walmart.com or at a store near you.

• 1:42:18Speaker 06

  This episode is brought to you by Indeed. You're ready to level up your business, but the pressure to find the right person to make that happen is intense. Indeed Sponsored Jobs can help carry the load. It boosts your job post to help it reach quality talent fast. Cut through the chaos with Indeed Sponsored Jobs. Get a $75 sponsored job credit at indeed.com/podcast. Terms and conditions apply. Hiring now? Then this is a job for Indeed Sponsored Jobs.

• 1:42:48Speaker 07

  Most people like that. You know? On the surface, they'll go for entertainment or whatever, but in truth, if they're gonna love something and keep it with them forever...

• 1:42:58Patrick Bet-David?

  Wow.

• 1:42:59Speaker 07

  ...in the way that that...

• 1:43:00Patrick Bet-David?

  What?

• 1:43:00Speaker 07

  ...tonight. Anywhere you... I'll be able to find you someone in the world that film 26 years later is on primetime television and it's available on streaming services. Why? Because their love for that thing is because of its moral cause.

• 1:43:16Patrick Bet-David?

  You can pause it right there. What a freaking powerful breakdown, Ilan.

• 1:43:22Speaker 00

  Well, I mean, look, look at how when you talked about Gladiator, the emotional connection you have to, and that's what he's, he's touching on. He's touching on...

• 1:43:28Tom Ellsworth?

  Something much deeper than the film. He's touching on a directionality of things in general. Which is as much as Hollywood Hollywood may try and engineer films that push a certain narrative or foundational beliefs or desire tend to come back to these ancient archetypes that are repeated throughout all of history over and over and over. And that's why he's emotional about it because he created something that connects to that.

• 1:43:48Patrick Bet-David?

  Powerful.

• 1:43:49Tom Ellsworth?

  And people don't want to watch a movie where someone's fighting. They want to watch a movie where someone is fighting for something. And if you corrupt it, then they're not only not going to be interested, they're going to be offended by it. And no matter what people try and do to us, look at the heroes that we still put in Marvel films. Look at these movies that still do extremely well. They all have

• 1:44:06Speaker 05

  Even anti-heroes.

• 1:44:07Tom Ellsworth?

  Yes, 100%. They have to stand for something and that thing can never be corrupted. Because once it is, they stand for nothing. And part of us is always seeking that, especially men. Men nowadays are seeking for purpose, identity, value, and we look to films as our archetypes for how we're gonna feel about those things. So Gladiator and these older Hollywood films really did touch on that.

• 1:44:27Patrick Bet-David?

  I tell you, I don't normally say this. This is very hard for me to say this. Gladiator 2 is one of the worst movies I've seen in my life. It's horrible. That's how bad it is. And the reason why it's horrible. If there was never a Gladiator 1, maybe I would have ranked it higher. But because there was a Gladiator 1, and Gladiator 1, exactly the way he put it together, was about a moral compass of a man. Protecting his wife and his kids and his family, that pride. And you take me from that level of tension to just how sloppy the second one was?

• 1:44:58Tom Ellsworth?

  Yeah.

• 1:44:59Patrick Bet-David?

  It is so disappointing to see. I'm so glad he broke it down. Because I, you know, the entire time I'm sitting there wondering, what does Russell think about this movie? All I thought about is, what does Russell Crowe think about Gladiator 2? That's all I kept asking myself. It was that horrible of a movie.

• 1:45:14Speaker 01

  I love Gladiator so much that I couldn't watch the second movie. Because I, and this is not me, like a lot of the market feels like this. Everything that they touch, they've ruined. If you look at the streaming numbers, I think it's 3 to 1 catalog to new release. On on streaming movies. And I think 75% of catalog, like old music compared to new releases, Pat. The thing is like, I I saw the movie coming. I love that movie. I probably watch it once a year. I couldn't do it to the original movie. Like cheating on your wife, or I I don't know, stealing something from the store.

• 1:45:45Tom Ellsworth?

  Interestingly enough, that's what he's talking about.

• 1:45:48Speaker 05

  Very meta.

• 1:45:50Patrick Bet-David?

  Tom, thoughts?

• 1:45:51Tom Ellsworth?

  So, the great art of Hollywood, and you and I lived out there, grew up out there around great storytellers, and I knew so many people that were just great storytellers and they couldn't get their project forward because of the industry that is Hollywood. I once read an article about what Ben Affleck had to go through to get Argo done, which was a passion project of his, and it was a beautiful story. It was done so well, the rescue of the hostages and things, but even Ben Affleck with his juice couldn't get it done because the machine that was Hollywood says, "No, we're doing this and this and this in front of it." And you have to get, you can get a movie done out of your own pocket.

• 1:46:35Tom Ellsworth?

  You just can't get distribution, and distribution is everything, and right along with distribution, you have to almost double the movie budget and to put that much marketing. So if you spend 50 making a movie, you gotta put 50 on marketing and get distribution, and you can't do it. And when they lose the core, because what do they stay in? They get, Hollywood gets stuck in ruts. They'll do sequel upon sequel upon sequel, even if all the test audience screening in the sequel says there's a problem with it, they're betting on the sequel, and they're going down, "Who's the next character in Marvel? It's a guy called the Silver Sponge." Okay, then we're going through, then we're doing it next, you know? It doesn't matter, and it's just they've lost the storytelling, and that's what I think.

• 1:47:20Speaker 05

  Toy Story 5, do we really need a Toy Story 5? Is exactly what you're saying, is that Hollywood as, see what you said, Alan, something has changed. You know, the golden age of films, 70s, 80s, and certainly the 90s, and then what happened? Something changed in the 2000s. It stopped being about storytellers and talent and how to make a good movie that has an emotional center that people connect with, and it started becoming, "We need to push a message." Either we need to push a message, or we're gonna be lazy and just set up a franchise.

• 1:47:47Patrick Bet-David?

  It'll come back.

• 1:47:48Tom Ellsworth?

  It will come back.

• 1:47:49Speaker 05

  That's, that's, this connects to the 824 story.

• 1:47:51Patrick Bet-David?

  That's right, yeah.

• 1:47:52Speaker 05

  Because now we're seeing a rebirth of the industry with new creators.

• 1:47:55Patrick Bet-David?

  Listen, favorite memories of me and my dad? We would go to Winnetka Theater and we would sit there and watch a movie. It was amazing in Iran. We're in Iran. We would get movies, okay, in Iran because you couldn't get it. You're living under Khomeini and we would watch it translated in Farsi. So Rocky spoke to me in Farsi, Gremlins in Farsi, Goonies in Farsi. You would watch these movies, Pinocchio in Farsi, all of these things in Farsi. And you would just enjoy that moment with that individual, right? So let me, let me, I have to read this scene with, you know, the movie Gladiator where he says, "My name is Maximus Decimus Meridius, commander of the armies of the north,

• 1:48:35Patrick Bet-David?

  "general of Felix Legions, loyal servant to the true emperor Marcus Aurelius, "father to a murdered son, husband to a murdered wife, "and I will have my vengeance in this life or the next." Oh my God.

• 1:48:51Speaker 01

  It's crazy.

• 1:48:51Patrick Bet-David?

  It's crazy. The scene where he says, "I want to be free as well one day." The owner that is, and he says to him, "Win the crowd, win your freedom." All these small, death, the, the, the one line about death. I don't know if you remember the one line about death where he says, uh, "Death smiles at us all. "All a man can do is smile back." Can you imagine how great, these, these are just a beautiful set of lines in this movie. So anyways, maybe. The next scene was the second scene. For sure. Watching Gladiator time when we go, you know. Oh, oh, with Tom Zimmer, right? Is it Tom Zimmer? The one song? Yeah, it's great. It's great. Anyways, let's go to the next story I want to get to. So next story I want to get to, which is kind of interesting. I want to know what angle you guys are going to take with this.

• 1:49:36Patrick Bet-David?

  Is billionaires are fighting their heirs for control beyond the grave. This is a Bloomberg story. They're fighting their kids on what's going to happen with the money that they made. That's going to the kids or not going to the kids. They're having fights. So what does this mean? A growing number of billionaires are using trust not to just pass on wealth, but to control how their empires operate long after they're gone.

• 1:49:59Patrick Bet-David?

  What founders view as protection is often viewed by heirs as restriction. As family office advisor Kirby Rossplod puts it, what one generation might see as protection, the next generation experiences as restriction. The Pierre Castle case, the 99-year-old founder of a drinks empire worth roughly $10 billion, spent more than three decades constructing an elaborate succession structure. He consolidated ownership through Gibraltar, created a foundation in Liechtenstein, established a trust in Singapore. That is some technical shit right there. The goal was to minimize taxes, preserve the business, and prevent the future family conflict. Instead, the succession plan itself has become the source of conflict. The family is fighting the system.

• 1:50:40Patrick Bet-David?

  Earlier this year, Castle's daughter, Romi, and his nephew, Alan, attempted to remove the CEO chosen by Pierre Castle. The dispute has now reached Singapore Supreme Court. At the center of the fight is the question, who actually controls the empire? The family or the trust structure created to constrain the family? Number two, separating ownership from control. One of the key features of modern billionaire succession planning is the separation of economic ownership from decision-making power. Family members may receive dividend and inherit wealth while being denied meaningful control over the business itself. Number three, last but not least, the real fight is control. Romi Castle argues that CEO Gregory Clerk has accumulated excessive influence and is attempting to take control.

• 1:51:22Patrick Bet-David?

  The opposing side argues that the trust structure is functioning exactly as intended and that management should remain independent from family politics. Tom?

• 1:51:32Tom Ellsworth?

  You know, this is a headline because people, Bloomberg said, "The heirs control from beyond the grave," and they try to create clicks in a headline. But really, it's a very, very simple issue. The little greedy bastards in the next generation want to go grab the money and have fun.

• 1:51:48Patrick Bet-David?

  Yeah.

• 1:51:49Tom Ellsworth?

  And the previous generation built it, and he took a few steps here because of taxes that were legal, and we would say he's stretching. No, he's not. He did what was legal to create entities for tax purposes. It was legal. You don't want him to do it anymore. Take those off the books, those are no longer valid tax options, and he doesn't do it. But the real issue here is the spoiled brats of billionaires. And I can put two sides on this. One, they're giving into their human desires just to get the money from dad. But number two, if you raise kids that are going to be spoiled brats and you have a lot of money, you can expect this behavior. You need to raise kids that respect what's going on and understand how this game is going to be played.

• 1:52:31Tom Ellsworth?

  And you need to be the kind of father and the kind of, you know, scion of the family office that says, this is how we're going to do it. This is how it will be laid out. If you raise enabled spoiled brats, Pat, you can expect them after you're gone to go get lawyers and try to manipulate things and get there. But the story here that Bloomberg misses, and I'm not surprised that Bloomberg missed it, is that what about the family offices that somehow raised great kids? And the feelings and the desires and the impact points of the family scion was maintained. I believe in education. Long after I'm gone, I want the following things to happen, and this is the way we're going to do it. You know, that's, they're leaving out that part. Snyder.

• 1:53:16Speaker 05

  One sense you're kind of saying, I'm setting this up because I know I'm a terrible father.

• 1:53:23Speaker 05

  I don't trust my children to take over the family business, and maybe they know their kids well. But what Tom says is exactly right. But even if you do raise good children, there's still going to be conflict. You say, say you groom your son to be, or your daughter to be, to take over your family empire. They're going to have their own ideas anyway. There's always going to be a clash.

• 1:53:40Tom Ellsworth?

  The trust and the lawyer are the rudder.

• 1:53:42Speaker 05

  They should be. But you can also make the other argument that when you have an economic, a beneficial economic interest, but you don't have active control, you're just a passive investor, there's always going to be legal and natural tension there. So I think the thrust of the story is you're inviting trouble, but there is no good solution to this, other than to be a better father.

• 1:54:02Speaker 01

  Yeah, what's the alternative? The alternative is pretty much allowing everyone to fight over the money, destroy the business. How many generations?

• 1:54:07Speaker 05

  Let's be honest, they're going to, they're going to fight anyway.

• 1:54:09Speaker 01

  They're going to do it anyway, but you know, so how many generations? There's a study, it takes like three generations.

• 1:54:15Speaker 05

  Three to four.

• 1:54:15Speaker 01

  Yeah, so.

• 1:54:17Patrick Bet-David?

  It's proven.

• 1:54:17Tom Ellsworth?

  I think that's right.

• 1:54:18Patrick Bet-David?

  It's proven in studies.

• 1:54:19Tom Ellsworth?

  I thought we'll lose everything.

• 1:54:20Speaker 05

  I manage money for wealthy people.

• 1:54:21Patrick Bet-David?

  Vanderbilts only made it for two. Yeah, and I wouldn't be. Medici's did it right. Rockefeller's did it right. There's a few families that did it right. Medici's, I think they're on seventh or eighth generation. Uh, there's a lot of families that you look at on how they set them up. A lot of them have done it the right way. There's a book everybody who is concerned about this topic should buy. It's by a guy named Jonathan Kurtz. It's called Leave A Legacy, and he breaks down one of the studies that, uh, studies, uh, a study from Oxford that looked at families in UK that had a lot of wealth that the money kept for over a thousand, uh, years. For a thousand, that's a long time to keep within a family, right? And in America right now, if you have, uh, uh, slats that are set up in slats in some states, allow you to keep the wealth and pass it down for a thousand years. I think some of them are limited to a thousand.

• 1:55:06Patrick Bet-David?

  I think you need to look at this. I think this is a very serious decision that you need to make as an individual. It's funny because the Murdoch family, uh, when Succession the show came out, I don't know if you guys. I love that show. Succession the show, I've never seen it, but I. The Succession the show is based on a Murdoch family. And the family apparently sees the show and they're like, wait a minute, this is about our family. Holy shit, let's get it together. So there's a documentary that came out about the Murdoch family. Can you type in Murdoch family documentary, Fox News? It just came out a few months ago. If you've not seen it, yeah, the dynasty. Oh, I'm gonna have to watch. Oh, you've never seen it? No, and I love Succession. Dynasty of Murdochs, and it's full on showing everything that's going on and where they are now. What happened to the younger son? Cause typically in these types of families,

• 1:55:50Patrick Bet-David?

  you have different types of, uh, kids. One kid's gonna be the playboy. One kid's gonna be the stable, the guy that you can rely on and all this stuff. Then the girl, you have to worry who she marries. If you got boys and girls. So there's a lot of different elements to it. So I think if anybody wants to take this thing really seriously, order the book Leave A Legacy, watch the. Documentary, leave a legacy and last but not least, do go watch the movie Joe Black. In a movie Joe Black, if you, I don't know if you've seen the movie Joe Black, Meet Joe Black. Yeah, yeah. Brad Pitt and Anthony Hopkins, phenomenal. That girl in the movie at one point was, every guy wanted to be with the girl. I don't know what she's doing now. But in the movie Meet Joe Black, you know, Joe Black is death.

• 1:56:33Patrick Bet-David?

  So he comes to Anthony Hopkins. Anthony Hopkins is having chest pains and it's a very interesting scene. Somebody's at the front door, he comes and they have the conversation together. But if you watch the movie, he has two daughters. One of them loves her, he can't do anything wrong in her eyes. The other one is trying to be him to run the business, the legacy business. His right-hand guy that gets into business starts having so much influence over the company and the board that he flips the board against him. And there's a very good scene in this movie. So I do believe when I'm reading this story in this article about the fact that the kids are like, wait a minute, this CEO is getting a little bit too much power and is pinning us. I agree with them, that can't happen. And you have to be aware, you have to watch that, you have to see what's going on there.

• 1:57:17Patrick Bet-David?

  Because again, everybody has different motives. So for anybody that wants, this has been a part of our discussion for the last few years as a family. One recommendation I would give to any father and their family is openly talk about it. Openly talk about it. Get them involved. Ask them, what do you think should happen? Let them agree on it. Let them decide on some of this stuff. Not the whole thing. You're the shot caller. You decide, of course, if they're gonna be like, well, give us all the money now, bullshit. But allow them to be involved in some of the decision-making process with the ability to reason. And let them say, you came up with this decision. You guys voted on this. You guys wanted to set up this way. You guys made this decision together to make sure that, because the last thing you want as a father, I know you want to say something, I'll come to here in a minute.

• 1:58:01Patrick Bet-David?

  The last thing you want as a father, we had a lady, part of our family in Iran, her name was Shirin and her husband was a doctor and they made good money. One day, my mother told me one thing they did, which was very interesting. Their son, Ali, I think ended up becoming a doctor, a pretty successful one. And their daughter, I don't know what the daughter's name was, Shabnam, I don't know what her daughter's name was. Very good family. One of our favorite families, we used to like to hang out with. The father made a decision that the money that was going to the kids, he gave it to them while they were alive. And he says, everything we're keeping, we're gonna keep and we're gonna give to charity. But the money that you were gonna get after we died, we're giving it to you now. Why? Cause we don't want you to be counting the days of when we're dying. So I actually really like that setup as well.

• 1:58:43Patrick Bet-David?

  To say, look, don't be like, oh my mom dies, when my dad dies, when my dad dies, we're gonna get him. My dad, oh my god, when is he done? Did he die? So there's an element of like that business life settlement, which I never wanted to get into. Life settlement is a business that you're hoping for the clients. The sooner the client dies, the more money that you make. So it's a very technical and complicated thing. I can talk about this for hours. Because we've been dealing with the sumberto.

• 1:59:04Speaker 01

  I wanna have the other perspective. As a victim of the, of this, you know, my family, four, five generations ago. They were in charge of all the, before the Panama Canal was built. They were in charge of all the trade that went through the bottom of South America. Alright, we still have a museum there and a cemetery. But in three generations, they drunk, traveled and, and spent all the money.

• 1:59:27Patrick Bet-David?

  This happened to your family?

• 1:59:28Speaker 01

  This happened to my family. You know what I mean? Like you can still go-

• 1:59:31Patrick Bet-David?

  So you were supposed to get some of the money that comes to you.

• 1:59:33Speaker 01

  I, I don't even, the, the money was gone on the third generation. You know what I mean? But the museum-

• 1:59:38Patrick Bet-David?

  How strong was the family in Chile five generations ago? How, how popular were you guys?

• 1:59:42Speaker 01

  Probably, well, not that popular, we can take that off air, cause there's a few things, but, but they were a huge family. You know what I mean?

• 1:59:49Patrick Bet-David?

  Well known though, well known and respected.

• 1:59:50Speaker 01

  Very well known, like is the biggest family in the south of, of, of, of, of South America. And in three generations, cause they didn't put any rules on how-

• 1:59:59Patrick Bet-David?

  Very important.

• 2:00:00Speaker 01

  How the vision was said, how, how to spend the money. They didn't put any protections and three generations, it's gone.

• 2:00:05Patrick Bet-David?

  You see it affect, you see it affect average American families all the time even. Just after- I do think it's something that you have to be intentional about. I do think you have to, you know, take this very seriously. I do think you have to involve the kids. I do think you and the wife needs to talk early. Every one of these conversations that we have, like one of the things my wife and I, we argue about a lot of different things if we have arguments over things. You know what's the one thing we don't argue about and we haven't for over fourteen years? We've been together, shit, my anniversary's in two days. Oh my god.

• 2:00:35Speaker 01

  You were about to argue about something, Pat.

• 2:00:38Patrick Bet-David?

  Literally in two days, it'll be seventeen years. We've been together, right? If you ask my wife, how many financial arguments we've had? She would tell you, I don't think we've had any for 15 years. Everything got set up. So we eliminated a lot of the financial arguments early to say, here's where we are. As of right now, we could have a financial argument tonight over the gas prices or whatever we could have. But I'm just saying, if you set it up properly and accordingly, you can eliminate a lot of these future arguments. It's very important to do so. By the way, this kind of takes me back to the whole fathers, fatherhood webinar that we're doing July 1st. This is part of that. So if you haven't yet registered, go to VTwebinar.com, VTwebinar.com. Register for the webinar that will have a week from today. This is one of the things that we'll be talking about next week as well.

• 2:01:22Patrick Bet-David?

  All right, last but not least, let's go into one of these stories that we haven't covered yet. Uh, do we, I'll give you guys the opportunity. Do you want to do Ronaldo, social security or Lucid? Which one do you want to go into? I know Humberto wanted Lucid.

• 2:01:34Speaker 05

  We gotta do Lucid.

• 2:01:35Patrick Bet-David?

  Let's do Lucid. All right, let's go to Lucid. So Lucid is cutting 18% of their workforce. Why the EV maker is struggling? This is a barren story, barren story on this topic. So high-end electric vehicle maker Lucid is slashing staff for the second time this year. As part of its path towards profitability, the company said Monday morning in a filing with the Securities and Exchange Commission. The stock was down more than 4% on the news and has fallen more than 50% in 2026. While rivals Rivian and Tesla have also fallen by 20 and 9% respectively. Lucid decline has been far steeper.

• 2:02:14Patrick Bet-David?

  Lucid said it would cut 18% of its workforce, including employees and contractors for an estimated annual savings of 158 million a year. While the company declined to provide the exact number of affected workers. It reported 9,000 employees globally at the end of 2025, up from 6,800 at the end of 2024. Humberto, your thoughts on the story?

• 2:02:34Speaker 01

  Making cars is, making cars is hard, especially in mass production. You burn through money, like putting, putting cards together like nothing ever before. They had a lot of Saudi money in the start. Uh, they, they became an IPO. Everyone was very hot on this. I think I can be fact-checked, but I think the word evaluated over Ford, Pat. These guys were putting out 20,000 cars a year when the whole like EV bubble was going on. And their target was 60,000 units and I think they managed to hit 20,000 units and they started burning through money. They, and simple, I think they released a wrong car at the wrong time. What Americans want is a 60,000 ish dollar SUV where they can put the whole family.

• 2:03:19Speaker 01

  And they're offering a super luxury S-Class competitor that is 100,000. So, so I don't know, like it was a very hot product.

• 2:03:29Speaker 01

  And, and I think bad decisions, they have repercussions. That, that, that's the story here.

• 2:03:33Patrick Bet-David?

  They had a 1.35 billion dollar revenue. So it's not like this was a small little thing. Oh, they were.

• 2:03:38Speaker 01

  It was huge, Pat. It was huge.

• 2:03:39Patrick Bet-David?

  Can you pull up the cars to see what they look like? I actually want to know what it looks like. They're nice. They're nice looking cars, but they did have some mixed reviews. You know what this reminds me of? It reminds me of Fisker Karma. Do you guys remember the Karma? He owned a Fisker. The first, the first. The first, the beautiful car. Yeah, the second one was very nice.

• 2:03:56Tom Ellsworth?

  Fisker Karma, they sold the assets to General Motors at the garage sale. And then Fisker.

• 2:04:01Patrick Bet-David?

  Tom was an investor in Fisker. Tom was, Tom was one of the.

• 2:04:03Tom Ellsworth?

  Fisker 2.0.

• 2:04:04Patrick Bet-David?

  The second, yeah, the second round. You know, they're both beautiful cars. You can buy an original Fisker for like 25K right now. But you don't have anywhere to get the parts. There's no servicing and they use unique parts. Yeah. It was a beautiful, beautiful car when it first came out.

• 2:04:16Speaker 01

  And that's, that's a big deal, Pat, if you think about the economics of this. Since they're so software heavy and the parts are very complicated and maintenance is very complicated. It's not like a 1985 Ford F-150 that you can make parts in your, in your garage. Like you need constant service from this EV companies to make the car run. Batteries, they have a lot, you know, like they, they don't last forever. You need to replace them every certain amount of charges. You know what I mean?

• 2:04:45Tom Ellsworth?

  So Lucid is facing the modern era of EVs. Subsidies are expiring, so you have to actually pay for the car based on some sort of costs, not on a government subsidy. And thanks to President Trump, states that were forcing EV mandates are reeling those back. And by the way, they, in one of, I think, example number 61 of where Gavin Newsom has never used a spreadsheet, when he mandates everybody uses EVs and forgets to look at what is the total power output possibility over a 10-year period of the California electric grid and find out that one doesn't equal the other, and he says, I don't know what the problem is, we do deficits all the

• 2:05:27Tom Ellsworth?

  time in government. Yeah, well, you can't print electricity. And so Lucid finds itself with an aging and early entrant. Lucid finds itself with consumers not getting the discounts, Pat, and Lucid finds itself moving forward, so it's doing what everybody else did. Hey, they went back to PIF, Saudi PIF. You know what part of Lucid Saudi owns now with additionally the 550 million that they, in February of 2026? 57%. 57% of the company. It's a Saudi electric car company that happens to be public on the US stock exchange, and they're going, wait for it, Pat, electric robotaxis, because they could do volume and deploy them all

• 2:06:12Tom Ellsworth?

  around the world. And they're going to delay the coming out of the midsize. So guess what? Market factors are causing them to pivot. Will they be able to pivot to robotaxis and their midsize? Will Saudi Arabia be able to, to, you know, hold that 57% and see what goes on? Tune in tomorrow for the next exciting episode of EVs in Transition.

• 2:06:36Speaker 05

  Yeah, look, this is a simple story. Like you said, Tom, it's the, the business never showed up. Everybody had pie in the sky predictions about where EV adoption was going to be, and it just never happened. I mean, look at all the big carmakers, the legacy carmakers that made billions of dollars in investments in EV that this last year they've been writing off because the business just wasn't there. I had a friend who sold cars, used to sell Hondas, and he told me that every time a gas- Prices would go up, his business would be, everybody would be there. Everybody wanted a Honda when gases, gas was high. Then as soon as gas came back down, they all came in to sell their Hondas because they wanted to go back to their big pickup trucks. Like you said, people want, they don't want what EVs have today. So either Lucid is just too early and that the adoption curve is further out into the future, or there just is not a marketplace for EV.

• 2:07:20Speaker 05

  Other than what the cheap Chinese cars are gonna be.

• 2:07:22Speaker 00

  In awkward news, I just bought a Tesla. Just gonna throw that out there. I bought it last week.

• 2:07:26Speaker 01

  Beautiful car.

• 2:07:28Speaker 00

  The self-driving is incredible.

• 2:07:29Patrick Bet-David?

  We may buy a Tesla Cybertruck and wrap the hell out of it and make it like a company car for people to drive around to go out there because it just looks good when it's wrapped.

• 2:07:36Speaker 00

  Yeah, it's very cool wrap. But if you haven't experienced the full self-driving, it's nuts.

• 2:07:40Patrick Bet-David?

  I did the other day with Aaron Mont. We go in the car, we're at this, this place, this arcade place and I said, Aaron, you wanna, let's you and I just get away because this is a little bit too much for me. I'm hungry. So we leave, we go to our taco spot and we had very good lunch together. And he says, Pat, you gotta buy a Tesla. I said, what do you mean? He says, watch what it does. First time in my life. He says, he just presses it and it goes. Now, for my speed, it would drive me insane how careful it drives. But you know what it did? Without touching anything? It got to the restaurant, he did nothing. I could not believe what it did.

• 2:08:13Speaker 00

  You have Mad Max mode. It'll go 90 on the highway. There's Mad Max mode. Not only that, I don't even touch it.

• 2:08:18Patrick Bet-David?

  I would use the Mad Max mode.

• 2:08:19Speaker 00

  I'm always on Mad Max.

• 2:08:20Patrick Bet-David?

  I got you. I got you. And then it says, if you get a ticket, it's your fault.

• 2:08:24Speaker 01

  By the way, that will get you arrested in Florida.

• 2:08:26Speaker 00

  It will get me arrested?

• 2:08:27Patrick Bet-David?

  No, 100. Above 100 is a felony. You're going to jail. Above, I mean, listen. Nobody in their right mind would drive 185 miles in an SF90 on the freeway here on 95. Who would ever do such a thing? You don't ever do things like that. So be responsible, folks. Right? You gotta be very responsible when you're driving around in places like this.

• 2:08:46Tom Ellsworth?

  The blood of dead dinosaurs is good stuff.

• 2:08:48Patrick Bet-David?

  Yeah. Last but not least, I'm hitting this story no matter what. And I don't want to spend a lot of time on it, but just want to wrap up with this. Ronaldo scored two goals yesterday. Which is great because the Ronaldo fans desperately needed this. Mbappe scored four goals. Haaland scored four goals. Messi scored five goals. Ronaldo scored two goals. By the way, this is what's exciting. Do you realize if Portugal? Wins the World Cup. If Portugal wins the World Cup, you know what debate is coming back? Ronaldo versus Messi and it'll be so heated. But if Messi wins the World Cup, you know what happens? He'll be in a level of himself that no, like the every converse. Already people are saying even if Ronaldo wins, that debate doesn't exist because Messi is superior. Playmaker than Ronaldo is, but you know Ronaldo was loved.

• 2:09:31Patrick Bet-David?

  By a lot of people. Let me just read something to have a possibility and then we'll go to this interview. Sports gets exciting when there's animosity. It's exciting like what made San Antonio Spurs, you need some animosity, right? You need like some, some, some people that don't like each other. It's like, I cannot believe you're saying this. In the comment section right now, if you're team Messi or Ronaldo, post your comments below. You know, it gets pretty feisty and make your argument on why you think Ronaldo's better or Messi's better or Pelé's better or Maradona. Or anybody else, but let me read you something that's very exciting. You know, there's a 10 to 15% chance that US could face Iran. That's a good matchup.

• 2:10:13Patrick Bet-David?

  20 to 30% chance that there's going to be a France, Argentina rematch. That'll be their third time facing each other. You know, there's a 10 to 20% chance Portugal could face Argentina. Now that's a matchup. Whoever, if they'd match up against each other. Portugal bumps Argentina out, Argentina bumps Portugal out. Talk about the amount of stories that'll create, but here's Ronaldo after the match is asked. About Messi and watch his immediate reaction. Go forward.

• 2:10:39Speaker 05

  Ayer Lionel Messi marco dos goles.

• 2:10:47Patrick Bet-David?

  No desire to talk about it. So I think they're facing Colombia this Saturday, which should be a good game. Saturday 7:30 or something like that. So where are you at with this? Who, who do you think's gonna win it? What do you think about Ronaldo Messi?

• 2:10:58Speaker 05

  I have no idea. Yeah, I just go for Portugal because I love Portugal and I have a home in Portugal.

• 2:11:03Tom Ellsworth?

  I have a home in Portugal.

• 2:11:04Patrick Bet-David?

  So you have to kind of support it.

• 2:11:05Tom Ellsworth?

  I have.

• 2:11:06Patrick Bet-David?

  Well, we're making a shoe that's coming. I can't tell anybody. It's sneakers that is coming. And we're making them in Portugal and the shoes are ridiculous. They make the best tennis shoes in the world in Portugal, the best.

• 2:11:16Speaker 05

  They make incredible stuff.

• 2:11:17Patrick Bet-David?

  Yeah, Portugal. Humberto.

• 2:11:19Speaker 01

  You know, we talked about Wars and Tucker and Ben and this is gonna get me in trouble, right? This right here is gonna get me in trouble. Messi's never gonna be loved. People love Cristiano Ronaldo. They love him. Messi can get another World Cup. He can get 300 goals. He's never gonna be Maradona. Maradona was loved. They have shrines with him, with his face, T-shirts.

• 2:11:40Patrick Bet-David?

  Why do you think that is? Do you think because he's got Asperger's? Do you think it's because he's not a person? Look, Jake is pissed off already getting up.

• 2:11:46Tom Ellsworth?

  The hand of God.

• 2:11:47Patrick Bet-David?

  Yeah.

• 2:11:47Speaker 01

  But it doesn't matter how much he scored. The same thing goes with F1. You know, people used to love Schumacher. But it's not the same as Senna. You know, Senna is a...

• 2:11:56Patrick Bet-David?

  Loved.

• 2:11:57Speaker 01

  They loved him. You know what I mean?

• 2:11:58Patrick Bet-David?

  Let me tell you though, as much as Senna, I named my daughter after Senna. But Schumacher's, Schumacher, he's the greatest of all time.

• 2:12:05Speaker 01

  Was he as loved though?

• 2:12:06Patrick Bet-David?

  Was he? No, not at all. No, no, no.

• 2:12:09Speaker 01

  You have the comparison there.

• 2:12:10Patrick Bet-David?

  You know what?

• 2:12:11Tom Ellsworth?

  He was not, he was not loved like Senna. He was respected.

• 2:12:13Patrick Bet-David?

  You know what I will tell you? Schumacher was loved? When he got his 41st race, Tom showed this to me, 41st victory. And they asked him the question, the other guy who was racing again was another racing legend. He says, why don't you go away from him? Can't you see he's breaking down crying? I think that's when Schumacher became human, when he started crying after passing up Senna. Broke his... So where are you at? Do you have any opinion on this, Jeff?

• 2:12:32Tom Ellsworth?

  None. I do. I think it'd be very interesting if the Iranians are losing to the Americans and they start, and they start whispering to the Americans, "Take us hostage, please."

• 2:12:44Speaker 05

  Well, you know what? You do have to have a little bit of imperfection to be loved.

• 2:12:46Patrick Bet-David?

  I agree.

• 2:12:47Speaker 05

  That's an interesting point.

• 2:12:48Patrick Bet-David?

  I agree. You do. And Messi just, if Messi learned to speak English better and did more interviews and slightly more, you know, vulnerable, it would be a different story. That's just not him. It's not his personality.

• 2:13:01Speaker 05

  But maybe is it better to be loved and not be the best or be the best and not be loved?

• 2:13:05Patrick Bet-David?

  But then you know what that becomes? That becomes the movie The Rush. Remember Rush with James? James Hunt and Niki Lauda. Niki Lauda is a better racer, but James Hunt was loved. And James Hunt was loved multiple at a time. If you know the story, you know what I'm talking about. We'll finish on that. I thought it was with Chris Hemsworth for some reason. We'll finish on that. All right, so we got a lot of stuff that's going on with games. We'll do that and then Friday we'll be back at it with the home team again. Gang, if you haven't yet gone to VTwebinar.com, register fatherhood July 1st. Next week on the first 6pm, we'll see you guys there. God bless everybody. Take care. Bye bye, bye bye.

• 2:14:05Speaker 02

  When everyone's finally together, what makes mornings even brighter? Keeping things deliciously simple. Whether you're pouring up a glass of morning refreshment or topping off festive drinks for a family brunch, Simply Orange brings that 100% fresh squeezed taste to every moment. Deliciously bright and delightfully easy, Simply Orange is made for all your seasonal gatherings. Simply Orange, say yes to simple.

• 2:14:34Speaker 06

  Check home worries off your list and save up to $5,000 on repairs with Virginia Foundation Solutions. Wet basement, foundation cracks, uneven concrete? Leave those to us. Small problems can lead to bigger repairs when left unchecked. Virginia Foundation Solutions provides waterproofing, foundation repair and concrete leveling to help keep your home dry, stable and secure. You've got enough on your list. Let us handle the repairs. Schedule your free inspection with Virginia Foundation Solutions today.

• 2:15:04Speaker 02

  Mr. Monopoly here. Miss me? Monopoly is back at McDonald's with millions of prizes. A 2027 Jeep Cherokee, a Carnival Cruise vacation, gift cards from DoorDash and Best Buy. Feel free in the McDonald's app. Get your bag. No purchase necessary. 50 US and DC. Age 18 plus. See play at MCD.

• 2:15:25Speaker 05

  Traditional home security only alerts you after a break in, and that's too late. SimpliSafe is changing that. Stop, this is SimpliSafe. Police are on the way. We don't just alert, we help stop crime before it starts. Plans starting around a dollar a day. Right now, get 60% off your new system with professional monitoring at simplisafe.com/spotify. SimpliSafe, ahead of crime, in real time.

• 2:15:59Speaker 00

  Outdoor deterrence plans start at $49.99 a month. Visit simplisafe.com/licenses for alarm license information.

• 2:16:05Speaker 00

  Ryan Reynolds here for Mint Mobile. The message for everyone paying big wireless way too much. Please, for the love of everything good in this world, stop. With Mint, you can get premium wireless for just $15 a month. Of course, if you enjoy overpaying, no judgments, but that's weird. Okay, one judgment. Anyway, give it a try at mintmobile.com/switch.

• 2:16:26Speaker 06

  Upfront payment of $45 for three-month plan, equivalent to $15 per month required. Intro rate for three months only, then full price plan options available. Taxes and fees extra. See full terms at mintmobile.com.