Pod Insights The Prof G Pod with Scott Galloway Prof G Markets: The Demise of Chamath’s SPACs, Citrix’s Debt Deal, and Adobe’s Figma Acquisition About this episode This week on Prof G Markets, Scott shares his thoughts on Chamath Palihapitiya’s decision to close two of his SPACs. He then explains why Wall Street Banks are on the hook for $700 million after the leveraged buyout of Citrix, a software company. And in this week’s deep dive, we take a look at why Adobe would pay $20 billion for the design software company Figma in what may be the largest acquisition of a private technology company ever.
Chamath’s SPACS
Citrix’s LBO
Adobe’s Acquisition
Learn more about your ad choices. Visit podcastchoices.com/adchoices
Transcript Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.
0:01 Scott Galloway? Support for the show comes from Northwest Registered Agent. Your business identity is everything that makes your business legitimate and professional. With Northwest Registered Agent, you don't just form a business, you start a complete foundation built for privacy, credibility, and growth. That includes registered agent service, a business address, operating agreement, domain, website, professional email, phone number, and built-in privacy. In other words, your home address, personal email, and phone number stay private. Don't pay hundreds or thousands of dollars for what you can get from Northwest for free. Visit northwestregisteredagent.com/profgfree and start using free resources to build something amazing. Get more with Northwest Registered Agent at northwestregisteredagent.com/profgfree.
0:48 Speaker 01 Your heart can tell you a lot about your health. Apple Watch Series 12 measures your heart rate every five seconds with the most accurate heart rate sensing in wearable. So your vitals app, now with heart rate variability, can tell you when something is off. And your readiness score can let you know when to rest and when to push. Hear the story in every heartbeat with Apple Watch Series 12. The features described are for wellness purposes only and not for medical use. iPhone 11 or later required. Based on Apple conducted study of heart rate accuracy, August 2026. Visit apple.com/aplewatchseries12.
1:18 Scott Galloway? This week's number four. Adrift: America in 100 Charts is my fourth book in five years. Why do I write a book every 12 or 13 months? One, I'm desperate for your affirmation. I believe mental stimulation will keep you alive longer. And I am going through a midlife crisis and am incredibly insecure about my role in the world.
1:49 Scott Galloway? Welcome to Prof G Markets. Today, we're discussing Chamaz's failed SPACs, Citrix's, huh, that's easy, debt deal, and a deep dive on Adobe's Figma acquisition. Here with the news is Prof G Media Analyst Ed Elson. Ed, what is the good word?
2:06 Ed Elson? I'm here in LA in an Airbnb and I'm up bright and early, getting used to this new time difference.
2:11 Scott Galloway? That's right. That's what's called a new job. You get your ass up at eight. I'm up at four.
2:16 Ed Elson? That's right.
2:17 Scott Galloway? What, are you quiet quitting?
2:19 Ed Elson? Yeah, well, we have to make sure you get to your party.
2:22 Scott Galloway? Oh, by the way, I am going to a party tonight in black tie, which I hate. They said it's a benefit for Amazon. And I'm like, what the fuck? The last thing I'm gonna do is give money to an e-commerce company in Seattle that's worth a trillion dollars. No, no, no, Scott, Scott, calm down. It's a benefit for the Amazon. I'm like, oh, okay, that makes sense. So anyways, I'm going to a benefit. Supposedly, there's a river somewhere in South America called Amazon. That's how like into my own tech world I am. Anyways, enough about me. What's going on in the business world?
2:52 Ed Elson? All right, let's start with our weekly review of market vitals.
3:02 Ed Elson? The S and P 500 continued its late summer decline, slipping further on the Fed's latest interest rate hike. Higher interest rates buoyed the dollar, which continues to trade at a near two-decade high against the euro. Bitcoin was relatively stable, but Ethereum fell after SEC Chair Gary Gensler hinted the coin's new proof-of-stake model will subject it to SEC regulation. And the 10-year yield continued to rise with interest rates. Shifting to the headlines. As expected, the Federal Reserve delivered another 75-basis-point interest rate hike last week. But what was less expected is that the following day, central banks around the world also raised interest rates in what analysts are calling "Super Thursday."
3:46 Ed Elson? That includes countries ranging from the UK to Indonesia to South Africa. Here in the US, the Fed's rate increase was the fifth this year, and it likely won't be the last. As hikes continue, US unemployment could rise to 4.4% by the end of 2023. That's a sharp enough increase to renew fears of recession. Germany is spending about $8 billion to nationalize and rescue its largest gas importer, Uniper. The country still faces a winter without natural gas from Russia, which traditionally provided more than half of its supply. And Meta argued in an antitrust hearing that it no longer counts as big tech. The company's lawyers pointed to its stock, which is down more than 50% year-to-date,
4:29 Ed Elson? as evidence that it has serious competition and is not, in fact, a monopoly. Do you think that is a fair argument, Scott?
4:37 Scott Galloway? The number one reason the stock is down is growth has slowed. The number two reason is that people are starting to recognize that this $10 to $20 billion bet on the metaverse is a giant thought and that the Oculus will go down in history as one of the greatest tech hardware failures and Mark Zuckerberg's fever dreams of a legless metaverse where he would control your gaming, your education, your business. This thing is a giant mulligan, if you will, but that has nothing to do with whether the company is anti-competitive or not. There are monopolies that are worth a lot less than $300 billion that are broken up. This is still a monopoly in social media. The better argument, I think, would have been we're no longer as dominant. The TikTok is coming in and kind of cleaning our clock, if you will. That would be a better argument.
5:21 Scott Galloway? I still think the company should be forced to spin Instagram, that they control too much data and it's hard to leave those platforms. But the whole we're worth less doesn't make any sense. Does that mean if they go back above $500 billion, we should break them up? So I don't think it's a good, a good argument.
5:59 Ed Elson? Chamath Palihapitiya, the billionaire tech investor known as the king of SPACs, is shutting down two of his SPACs after failing to find viable target companies. Those two SPACs are collectively worth $1.6 billion and that money will be returned to investors. Now, just a quick primer on SPACs for our listeners. SPAC is shorthand for special purpose acquisition company. It's an alternative method of going public in which a shell company lists shares with the public and then acquires a private company at a later date. This is why SPACs are often referred to as blank check companies. You can purchase shares before you even know what the operating company will be. So, back to Chamath. Chamath has raised 10 of these blank check companies.
6:43 Ed Elson? Many of them already acquired companies such as Virgin Galactic, SoFi and Clover Health. But recently, the SPAC market has frozen over. Last year, SPACs raised $163 billion and this year they've raised 13 billion or a 12th of that. Chamath still has two other SPACs open that are actively looking for deals. But the SPAC king's retreat suggests the blank check boom may be over.
7:09 Scott Galloway? So, it's not over. It's just taking a slumber and it may never return to the highs of the popularity it enjoyed during this kind of mania, if you will. SPACs have been around a while. They kind of come and go out of favor. And a bunch of moons lined up here to result in what was unprecedented kind of SPACnum, if you will. One, there was huge retail appetite and never underestimate the market's ability to produce a product when a consumer has cash in hand. It's just, you know, when it starts raining in New York, all of a sudden vendors pop up to sell umbrellas on every corner, which I don't know. I'm like, where do they come from? Anyways, you had a massive number of retail investors who thought, I want in on the growth innovation economy.
7:48 Scott Galloway? And you had a lot of investment banks who were kind of had no bandwidth or felt that a lot of these kind of SPAC candidates weren't ready for prime time. And they didn't want to market or sell their shares into their institutional client base. They looked at these pre-revenue companies that were small, burning tons of cash that were sort of built on a, you know, a wing and a prayer and said, no, you're not ready. And so you have this vehicle that says, well, we're going to bypass certain filing and disclosure requirements. Just add water and boom, we have a publicly traded company and we go acquire another company. And it's kind of a blue line path to getting a company public that may not have kind of cleared or met the criteria of a Goldman or JP Morgan. And what do you know, the companies that failed?
8:32 Scott Galloway? To get through or clear the hurdles of investment banks ended up not being, on average, very good companies, very sustainable companies. And the king of this vehicle to find companies and sate this consumer demand was Chamath. The uncomfortable question this raises is that when an individual uses a vehicle and every one of his stocks, he was on CNBC, what felt like every 24 hours pumping.
8:54 Speaker 04 You need companies like SoFi, you need companies like Open Door, like Clover and others.
8:58 Scott Galloway? And then soon after, or even the same day, he was selling. Is this starting to feel very much like the ultimate pump and dump? Where SPACs at the end of the day have just been vehicles for the transfer of wealth from retail investors to Chamath, Palihpataia, and some other SPAC sponsors.
9:14 Ed Elson? Chamath often evangelized SPACs as a way to democratize access to high-growth companies. It was a favorite line of his on CNBC.
9:22 Speaker 04 There's a massive inequality gap in the United States. There's trillions of dollars sitting inside of 401Ks. They need to be allocated into things that can be fast-growing so that normal, ordinary Americans can generate savings for their future retirement, for their homes, for their ability to pay for college. And the way that you do it is you have to have a simple on-ramp to the public markets. A SPAC represents that. And what it does in creating that on-ramp is also give retail folks a chance to participate.
9:52 Ed Elson? Do you think that's a fair argument?
9:54 Scott Galloway? The reality is, over the last 24 months, that access to these companies has been a great way to become not wealthy. And that is almost across the entire ecosystem. I don't care if you're talking about cryptocurrencies or SPACs. Yeah, it's a great rap. It's more egalitarian and you have access to what the big boys want. Well, guess what? The big boys, JP Morgan, Goldman Sachs, don't want anywhere near these things. Since January 2021, Virgin Galactic is down 79%. I think Virgin Galactic is going to zero. Open Door, another one of Chamath's SPACs, is down 84%. Talk about a company that's vulnerable. When if the market, the real estate markets, continue to be wobbly and start to decline, Open Door could get caught with a lot of inventory. That could be very scary, very fast.
10:38 Scott Galloway? And Clover Health, it's down 87%. All of these companies have resulted in massive destruction in shareholder value or wealth of retail investors. And the idea that like crypto, it's just some great egalitarian opportunity and you get access to all these great companies. No, you didn't. You got access to shitty companies that made no sense.
11:17 Ed Elson? Wall Street banks lost $700 million on a debt package they provided for the buyout of Citrix Systems, a cloud computing company. Now, in January, two large private equity firms, Vista and Elliott, struck a deal to acquire Citrix. The deal made headlines because it was one of the largest buyouts in years, $16.5 billion. It was also highly leveraged, $15 billion of that was financed with debt. Vista and Elliott arranged for the banks to provide the loans, and the banks expected to sell that debt in April or May. But at the time, demand was very low, so they delayed to July, and again to August. And now here we are in September, and they've cut their
11:58 Ed Elson? losses and sold the debt at a significant discount, hence the $700 million loss. So, Scott, there are a lot of moving parts here, but can you take us through the mechanics of how a deal like this works?
12:11 Scott Galloway? So briefly, in a leveraged buyout, the private equity firm finds the company, borrows money from the bank to finance the acquisition, and then offloads the debt obligations to the company. The bank then sells that debt as bonds in the secondary market. So the PE firm owns the company with very little of their own cash in the deal. They used debt to finance the deal. The PE firm will raise debt, or they'll get commitments from an investment bank to offer them, you know, $15 or $13 of the $16.5 billion for the acquisition of Citrix, based on the cash flows of Citrix. But they borrow the money based on the notion that when this deal closes, they will have the cash flows and the IP and the underlying assets of the company to secure the debt. Now, I think what happened
12:53 Scott Galloway? here is that they come to certain terms, including an interest rate, and then when interest rates skyrocket, their ability to actually go out and place this debt when the deal closes, they have to offer richer terms to investors because interest rates have moved markedly, which means that they The commitment they made to finance at a certain interest rate, all of a sudden, they have to live up to that commitment, but they have to go offer investors much greater interest rates, which results in a loss. This is the technical term for underwriting. When you're underwriting a deal, you're actually taking responsibility for providing the financing. And there's some risk, there's some underwriter risk between the time you actually go to the market or make the commitment to do the financing and when you actually have to go out and execute the financing.
13:37 Ed Elson? Yeah, so the banks were initially offering the Citrix bonds with around an eight and a half percent yield. But now they're getting priced with a yield as high as nine and a half percent. You mentioned that this is largely a function of interest rates. Does it say anything about Citrix as a company? Or is that irrelevant here?
13:57 Scott Galloway? No, this is macro, not micro. This has, I don't think, anything to do with Citrix. Its cash flows haven't changed, I don't believe. Its competitive position in the marketplace is unchanged. The difference here is that interest rates have gone up. And to finance this type of company, investors demand a higher yield. They demand more in return for giving their money to finance a company like Citrix. And high yield bond sales volumes are down 80% this year. Citrix is emblematic of the larger dynamic. As one lender put it, Citrix is the canary for investor demand. In other words, investors feel like I don't need to go into the high yield market because I can find higher interest rates on safer, less speculative things.
14:36 Ed Elson? Do you think that maybe this is a signal that there's something wrong with the bond market right now? Is the market becoming dysfunctional?
14:45 Scott Galloway? No, I think this is just one of those instances. Investment banks get paid a lot of money to underwrite a deal. And part of that is because they assume some risk. And sometimes that risk pays off. Sometimes the market moves in their favor and sometimes it moves against them. But this is part of the game. They're called underwriters for a reason. They underwrite the deal, they take on certain risk. And the interest rate movement here is really, to a certain extent, it's unprecedented from a pricing standpoint because people remember what they remember. And that is, these bankers, the majority of which are under the age of 40, have never been around in an environment where interest rates can tick up 200 basis points in one or two quarters.
15:24 Ed Elson? We'll be right back after a quick break with a deep dive on Adobe's $20 billion acquisition of Figma.
15:36 Scott Galloway? Support for the show comes from NetSuite. They say every day your business is late to AI. You might fall two days behind. So how do you keep up with the competition when they're only moving faster? Enter NetSuite Next. You probably know NetSuite, the AI-powered business management suite that securely connects all your data. It's a unified suite that brings your financials, inventory, commerce, HR, and CRM into a single source of truth, trusted by over 44,000 customers. NetSuite Next is the next big leap in how business gets done because AI is built into everything you do. It automatically surfaces customer insights throughout your day. AI agents work alongside you to solve problems and handle routine work. And anytime you have questions about anything, you can ask, just like you're having a conversation with a colleague.
16:20 Scott Galloway? NetSuite is customized for a wide range of industries, so it supports the way your business truly works. Whether your company earns millions or even hundreds of millions, it's time for NetSuite Next, where your business meets AI. If your revenues are at least in the seven figures, get our free business guide, Aligning for the Agentic Era: How AI is Changing Everyday Work, at netsuite.com/prog. The guide is free to you at netsuite.com/prog. netsuite.com/prog.
16:53 Scott Galloway? Support for the show comes from Vanta. As AI adoption grows, so does your company's security risks and requirements. New frameworks, audits, and vendors keep piling on, but your team isn't getting any bigger. Most compliance tools promise automation, but you're really stuck doing all the work by hand, chasing screenshots, validating controls, and playing catch-up when audit season comes around again. Vanta works differently. The Agentic Trust Platform is built to scale with you, not slow you down. With over 1,400 automated tests across 400-plus integrations, Vanta collects evidence and monitors your controls year-round, cutting your audit prep by 82%. Plus, you can access the Vanta agent everywhere you work, whether your team is in Vanta every day or living in tools including Claude or Cursor. Want proof?
17:38 Scott Galloway? Over 16,000 fast-growing companies like Ramp, Rider, and Harvey save time and resources while scaling fast with Vanta. Learn more at vanta.com/prog and get $1,000 off. That's spelled V-A-N-T-A dot com slash prop G for $1,000 off.
18:04 Ed Elson? We're back with Prof G Markets. The biggest dollar story in tech this month was Adobe's $20 billion acquisition of Figma. Figma's bankers claim that it's the largest acquisition of a private technology company in history. And whatever its place in history, it's a massive price for a company with less than half a billion dollars in annual revenue. We wanted to know more about this blockbuster deal. So for a deep dive into that subject, here's Prof G Media's editor in chief, Jason Stavers. Jason, I guess I've got a pretty simple question to start here. What is Figma?
18:40 Speaker 05 Well, Ed, this week, I've learned that there's two kinds of people in the world. There are people who've never heard of Figma, and then there are the people who love Figma. There doesn't seem to be much middle ground. In simple terms, Figma is design software. Its main use is to make it easy for designers to prototype the look and feel of websites and apps. And crucially, it's built to allow easy collaboration with others. You can think of it as Google Docs, but for user interface design.
19:10 Ed Elson? That sounds pretty niche.
19:12 Speaker 05 It is, but it's also a very large niche. Consider just one of Figma's customers, Microsoft. The company makes dozens of apps, and its website is a sprawling array of pages with varying functionality. All of that has to be designed: buttons and text fields assembled, copy and images placed just right, and user experience plotted out for every possible interaction. Microsoft is so dependent on Figma to do that work, that an executive there was recently quoted, saying that the company's design tools were "like air and water for us." When your niche is providing air and water to Microsoft, you're on to something. And it's not just Microsoft. We live in a world of user interfaces, or UI.
19:57 Speaker 05 Our podcast players, our banking apps, the front page of our favorite news source. If software is eating the world, UI is the fork and knife. And Figma dominates this space. A survey last year found that 63% of user experience designers used Figma as their primary tool. The second place app had just 12% share.
20:19 Ed Elson? How has Figma achieved such a huge share?
20:21 Speaker 05 To better understand that, I spoke with our colleague Catherine Dillon. Catherine is the executive producer here at Prof G Media, and she's an associate arts professor at NYU Tisch, where she teaches user experience design. She explained how Figma's collaborative capabilities and ease of use have propelled it ahead of competitors like Adobe's XD.
20:41 Speaker 06 Figma is just so superior for a couple of reasons. The biggest difference was in Adobe XD, you design in one place and you share in another. So it isn't the fluid experience that it is in Figma. I think the key appeal and what's not getting enough attention about Figma is its incredibly simple UI, which I'm going to show you. So you're seeing my cursor, I assume?
21:06 Speaker 05 Yeah.
21:07 Speaker 06 If you look up top, you see this sort of hash.
21:08 Speaker 05 Figma's investment in collaboration extends to the product itself. It's been able to capitalize on and expand its user base by opening up to community-developed plugins. For users like Catherine, that's an important part of the product's appeal.
21:23 Speaker 06 I used to tell my students, you know, you need to learn this tool and that tool if you ever want to work in UX. The last couple of years, I've just said, just learn Figma and you'll be fine. You're qualified.
21:33 Speaker 05 Finally, what's enabled Figma's growth isn't just that it has a great product. For most of its users, it's also free. You only need a paying subscription if you're working with a larger team.
21:44 Ed Elson? So free is a great strategy for growth, but not profitability? And I believe it's a great product, but is it a great business?
21:53 Speaker 05 It's a crackerjack business. Even with its generous free membership tier, Figma's revenue growth has been historic. It only started charging customers in 2017, but it's expected to have over $400 million in annualized revenue by the end of this year. That's faster revenue growth than even Snowflake, which held the largest ever software IPO in 2020 and is today worth nearly $60 billion. And it's on par with Slack, which generated $400 million in revenue the year before it went public, also five years after its launch.
22:25 Ed Elson? Super impressive. But at $20 billion, Adobe is paying over 50 times revenue. And that implies a lot of growth yet to come. And even in Adobe's own investor deck promoting the deal, the company put Figma's Total Addressable Market, or TAM, at just $16.5 billion in 2025. Snowflake's S1 claimed it had an $81 billion TAM and Slack's TAM has been estimated at $60 billion. So how does it make sense to pay $20 billion for access to just a $16 billion market?
23:00 Speaker 05 Time will tell, but if the acquisition pays off, it'll likely be for two reasons. The first is the potential for Figma to grow beyond its nominal market. Figma's ease of use, its adaptability through community plugins and its low barriers to access since it's browser-based and free have allowed it to evolve from a tool for UI design into a general-purpose design platform. Users are turning to Figma instead of PowerPoint for presentations. There are popular plugins that turn Figma into a project management tool and that add data visualization capabilities. Figma itself has expanded its offerings with a popular digital whiteboarding capability called FigJam. This is nimble software with the potential to become an operating system for everything visual.
23:45 Speaker 05 And with the rise of no-code and low-code software design, it could be the front end for the entire app design process. The second justification for the high price is in the eye of the acquirer. Whatever Figma might have been worth on its own, this deal was driven by what it was worth to Adobe. Adobe has been one of software's quiet but phenomenal success stories over the past decade with a market cap substantially larger than Netflix.
24:12 Speaker 05 Adobe has knit together a bundle of formerly standalone software products into a highly profitable subscription bundle. But in doing so, it's also developed an adversarial relationship with its user base and a reputation for difficult to use cumbersome software. And it has struggled with the move to cloud-based services. Those challenges are all showing up in the company's core business. The day it announced the Figma deal, Adobe's stock fell over 20%. Now, the media attributed that to a view that Adobe had overpaid for Figma. But the same day, Adobe also announced lower-than-expected revenue guidance. The second quarter in a row, it's had to temper investor expectations.
24:54 Speaker 05 Figma's success and Adobe's failure to effectively compete with it in the UI design market has been an ill omen for Adobe. Adobe is in a difficult place, and the Figma acquisition suggests management realizes that.
25:08 Ed Elson? So where do things go from here?
25:11 Speaker 05 Well, Figma users are concerned that Adobe is going to absorb Figma into its Creative Cloud subscription and abandon the characteristics that have made it so popular. There's a long history of that with software acquisitions, obviously. But there's an aspect of the deal that hasn't gotten as much attention as the top-line price. Adobe put up over $2 billion in stock towards employee retention, awards that will vest over four years. That's much more than you typically see. The team that built Figma is going to be around for a while. And so there's a version of the timeline in which Figma absorbs Adobe, serving as the low-cost, easy-to-use portal for Adobe's increasingly powerful but complex professional apps.
25:56 Speaker 05 As a separate company, Figma represented an existential threat to Adobe. As an acquisition, Figma may represent Adobe's future.
26:04 Ed Elson? Thanks, Jason. Scott, what are your thoughts?
26:07 Scott Galloway? Yeah, a couple of observations in a specific order. One, Adobe had to pay $20 billion for Figma twice. They paid $20 billion or have offered $20 billion, hoping that it closes. But when they announced it, their stock was off $20 or $25 billion. So this acquisition actually cost them about $45 billion. Now, having said that, One of the reasons that Adobe trades in incredible multiple is that they think long term. When they initially moved from selling one-off pieces of software for 1,200 or 1,300 dollars to 25 dollars a month, the stock got, I think, cut in half. But they saw it as being the right move and they were right. And I think the stock's up 15 or 20 fold since then. So this strikes me as a management team that doesn't scare easily.
26:50 Scott Galloway? The other observation is I think in five to 10 years, just as VCs ask, who is the tech guy or gal on your team? They're going to begin asking, who is the design person? It's no accident that the CEOs of Airbnb and Snap are design graduates. And the person who essentially runs our company, Catherine Dillon, that you referenced, is a creative. And we always invested early and often. I think if there's one place we over-invested, when I mean over-invested, we always prioritized it, was in design. I think Adobe and design-centered companies are going to do really well over the next decade. Okay, Ed, what's the team focused on for the week ahead?
27:27 Ed Elson? We're watching for revised GDP data on Thursday. Second quarter GDP was already revised to a 0.6% contraction, up from the 0.9% that was originally reported. We've also got earnings from Bed Bath & Beyond and Nike on Thursday. Bed Bath & Beyond is in the middle of closing stores and cutting its headcount. Meanwhile, Nike is dealing with bloated inventories and, of course, inflation. Do you have any predictions here, Scott?
27:54 Scott Galloway? I think inflation is going to decline as precipitously as it ascended. When effectively almost every currency globally is off 20% against the dollar, then eventually, because we're such an import economy in the US and 48% of global GDP is trade, you're going to see prices come way down, I believe. I think a lot of the muck is being kind of demucked in the supply chain. In addition, the strength of the dollar means that 88% of those Christmas gifts under your tree from China will be less expensive. And two, I think the recent gains by the Ukrainian forces pushing back on the Russians in the Ukraine, I think the market is going to perceive an end to the conflict and energy prices will decline. And then coupled with the one-two punch of declining prices because of the
28:37 Scott Galloway? strength of the dollar, my prediction is that inflation is going to fall dramatically within the next two to three months. That's all for this episode. Our producers are Claire Miller and Jason Stavers. Special thanks to Catherine Dillon, Ed Elson, and the PropG Media team. If you like what you heard, please follow, download, and subscribe. By the way, Markets is already outperforming our other PropG podcasts. This is one of the most successful launches in podcast history. PropG is now a top 30 podcast globally. Check our shit out. That's right. That's right. Disc to the code. Disco champagne and cocaine for everyone. Thank you for all of your support. Thank you for listening to PropG Markets
29:19 Scott Galloway? from the Vox Media Podcast Network. We will catch you next week.
29:38 Speaker 07 When you shop pickup at Kroger, you can expect the savings you love and fresh groceries selected just for you. Our associates are committed to getting every detail right, carefully handpicking your items, checking for quality and freshness, and packing your order with care. Because bringing you fresh, quality groceries is what we do best. And right now, enjoy $20 off your first online order of $75 or more. Restrictions apply. See site for details. Kroger. Fresh for everyone.
30:09 Speaker 08 They're running a Cover 2 defense. But you're running to get game day deals on Uber Eats. Keep everyone at tonight's watch party fed with deals from your go-to restaurants. Or stock up with deals on your favorite snacks and groceries. Whatever the occasion, get game day deals on Uber Eats all season long. It's not football without food. Uber Eats. Order now. Terms apply. Product availability varies by region. See app for details.
Previous Adrift: America in 100 Charts Next Office Hours: Raising the Minimum Wage, Seeking Venture Debt, and Getting on the Property Ladder Page updated September 30, 2026 · transcript and summary are machine-generated
