WEBVTT - An Eye-Opening Exploration of Billionaire Bill Gates

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. This is Bloomberg Business

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<v Speaker 1>Week with Carol Messer and Tim Stenebeck on Bloomberg Radio.

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<v Speaker 2>What are the words you think of when you hear

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<v Speaker 2>the name Bill Gates, tech, visionary, innovator, philanthropist. I don't know.

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<v Speaker 2>Maybe some people would think vaccine, microchip implants.

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<v Speaker 3>Yeah, truly, supporter of nuclear energy.

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<v Speaker 2>Yeah, that's one too few. It's a phrase. Yeah. How

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<v Speaker 2>about billionaire nerd savior and king also works. That's the

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<v Speaker 2>title of a new book by Ada Das, South Asia,

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<v Speaker 2>correspondent for The New York Times. It focuses on the

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<v Speaker 2>life of what many would consider a pretty complicated and

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<v Speaker 2>extremely accomplished individual.

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<v Speaker 3>Got it nailed? Joins us now from New York.

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<v Speaker 4>The full title of our book, by the way, is

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<v Speaker 4>as you just said, Billionaire Nerd Savior, King, Bill Gates

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<v Speaker 4>and his Quest to Shape Our World.

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<v Speaker 3>It is out today. Prita.

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<v Speaker 4>It is so nice to have you here on Blueberg

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<v Speaker 4>Business Week. I always think about a book like this,

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<v Speaker 4>someone very well known. We talk about Bill Gates a

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<v Speaker 4>lot here at Bloomberg.

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<v Speaker 3>Why did you write this book?

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<v Speaker 4>What was it about Gates beyond being one of the

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<v Speaker 4>world's richest and most recognizable. Was there one specific event or.

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<v Speaker 3>Just why did you do it?

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<v Speaker 1>Yeah?

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<v Speaker 5>Thanks Carrol. Two stories.

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<v Speaker 6>One is that when in twenty fourteen, when I was

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<v Speaker 6>at the Wall Street Journal, I came across Bill Gates's

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<v Speaker 6>fortune and the investment firm that manages it. Now very

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<v Speaker 6>few people knew about it. It's called Cascade, and the

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<v Speaker 6>way his money was invested, from the Four Seasons hotel

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<v Speaker 6>to farmland to all kinds of assets made it really

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<v Speaker 6>interesting because it was like an investment firm but belonging

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<v Speaker 6>to one man. And so in twenty twenty one, move

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<v Speaker 6>to The Times, and then I got pulled into the

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<v Speaker 6>reporting when the divorce of Bill and Melinda happened, because

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<v Speaker 6>I had this context for their fortune, and so that

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<v Speaker 6>then got me thinking about who is this man? You know,

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<v Speaker 6>we'd always thought, as you said, you know, we'd always

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<v Speaker 6>thought of him in all these different ways, but you know,

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<v Speaker 6>who is he behind all of these kind of images.

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<v Speaker 6>So in twenty twenty one that was my ahamament. I

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<v Speaker 6>thought it's worth investigating the persona and the man.

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<v Speaker 2>Well, there's a lot to unpack here because it's four

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<v Speaker 2>decades in public life and He's done a lot, not

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<v Speaker 2>just when it comes to building Microsoft, but also of

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<v Speaker 2>course philanthropy. I loved the excerpt of the book in

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<v Speaker 2>the New York Times just a few days ago about

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<v Speaker 2>his evolving relationship with Warren Buffett. Can you talk a

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<v Speaker 2>little bit about that and how you reported not just

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<v Speaker 2>that part of the book, but also who you spoke

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<v Speaker 2>to to paint this portrait of this complicated person.

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<v Speaker 5>I mean, I can't divulge my sources.

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<v Speaker 4>But.

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<v Speaker 3>You can. You can if you want. You know, Warren,

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<v Speaker 3>did Warren talk to you?

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<v Speaker 6>Warren spoke on the record. You know he is in fact,

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<v Speaker 6>you know, I used to cover Again, a lot of

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<v Speaker 6>this goes back to the Journal when I was a reporter.

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<v Speaker 6>You know, I used to write about Warren Buffett and

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<v Speaker 6>Berkshire Hathaway. So the relationship of the two men was

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<v Speaker 6>also equally interesting. The first time I saw them at

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<v Speaker 6>the Berkshire Hathway meeting, just kind of walking around, you know,

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<v Speaker 6>talking to shareholders, and it just struck me as kind

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<v Speaker 6>of a you know, a very casual but very intimate friendship.

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<v Speaker 6>And then I began looking at it and seeing that

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<v Speaker 6>you know, they've talked about each has talked about the

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<v Speaker 6>other and sort of the magic of their friendship over

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<v Speaker 6>the decades, and you know, Bill Gates definitely has kind

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<v Speaker 6>of advertised that piece of it.

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<v Speaker 5>It's almost like part of his brand. Every year, nearly

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<v Speaker 5>every on.

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<v Speaker 6>Gates notes his blog, he posts something like a goofy

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<v Speaker 6>video or post dedicated to Buffett, and so that was

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<v Speaker 6>really interesting to me. But in recent years, I think

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<v Speaker 6>once Buffett decided that he wasn't he had always said

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<v Speaker 6>that he wasn't going to give his money to anyone.

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<v Speaker 6>He hadn't decided who he was going to give his

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<v Speaker 6>money to after his death, but there was always like

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<v Speaker 6>an assumption that the Gates Foundation stood to get all

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<v Speaker 6>of the money. And when he eventually decided who was

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<v Speaker 6>going to get that money after he died, it was

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<v Speaker 6>not going to be the Gates Foundation, And so I

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<v Speaker 6>think there was a little bit of tension there that

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<v Speaker 6>I tried to capture in that piece that The Times ran,

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<v Speaker 6>and it was you know, I think they have very

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<v Speaker 6>different lifestyles. Buffett, as I'm sure you guys know, is

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<v Speaker 6>a kind of more folksy, simple sort of person, very Midwestern,

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<v Speaker 6>and then Gates has more of the traditional trap things

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<v Speaker 6>of a billionaire, So it was interesting to see their

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<v Speaker 6>divergent paths but also examine the basis of their friendship.

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<v Speaker 4>You know, you said earlier about you know, you wanted

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<v Speaker 4>to kind of dig into the persona and the man.

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<v Speaker 3>Are they that different?

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<v Speaker 5>Yeah, that's that's a really interesting question.

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<v Speaker 6>I think that plays into a lot of what we

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<v Speaker 6>in the media, how we and what we write and

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<v Speaker 6>what we choose to write feeds into the image of

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<v Speaker 6>a person who's in the in you know, the public eye,

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<v Speaker 6>in the sense that you interact with someone, you see

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<v Speaker 6>him or her in a closed setting, you get more

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<v Speaker 6>of a sense of who they are based on interactions,

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<v Speaker 6>based on your sources. You start creating this image of

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<v Speaker 6>a person in the media. So it's true the persona

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<v Speaker 6>is based on many fundamental elements of who the person is,

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<v Speaker 6>but then it also takes on its own life. And

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<v Speaker 6>then if you're a billionaire or you have like a

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<v Speaker 6>lot of resources that you can dedicate to that, then

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<v Speaker 6>I think you're basically sustaining, nurturing, minimizing, you know, enhancing

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<v Speaker 6>certain aspects of that image to really.

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<v Speaker 5>Suit your needs and ends. And this isn't.

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<v Speaker 6>Necessarily nefarious, but it's just what image making can do.

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<v Speaker 6>And so I think there are elements of a person's

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<v Speaker 6>internal personality or like in close settings, and then how

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<v Speaker 6>that gets, how that feeds into a persona and how

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<v Speaker 6>then people kind of keep manufacturing and finessing it, which

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<v Speaker 6>to me was really interesting.

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<v Speaker 4>Budgates, did you like him as you did this process?

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<v Speaker 6>Well, he didn't grant me an interview, so that you know,

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<v Speaker 6>I couldn't tell.

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<v Speaker 5>You any more than that.

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<v Speaker 4>But but you talk to a lot of people about him,

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<v Speaker 4>and we can get for a picture of someone maybe

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<v Speaker 4>clearer than the narrative that's out there publicly.

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<v Speaker 5>Absolutely.

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<v Speaker 6>I think what was most interesting to me is that

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<v Speaker 6>the essential person has not changed. Right.

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<v Speaker 5>He's mellowed obviously over the decades.

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<v Speaker 6>We all do, but his essential personality the way he's

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<v Speaker 6>obviously supremely smart, but he can sometimes be abrasive, he

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<v Speaker 6>can be impatient with employees. He enjoys, you know, working

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<v Speaker 6>in a combative culture. And that was the case of Microsoft,

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<v Speaker 6>and that is also the case of the Gates Foundation,

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<v Speaker 6>except that what happens is that Microsoft rewarded that sort

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<v Speaker 6>of competitive, you know culture, whereas the Gates Foundation. I

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<v Speaker 6>think people come from very different backgrounds, So it sat

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<v Speaker 6>uncomfortably inside the Gates Foundation. But it struck me as

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<v Speaker 6>really interesting that he was essentially the same person, but

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<v Speaker 6>he had also changed his image over the decades, you know,

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<v Speaker 6>to find that continuity, the consistency in so many ways,

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<v Speaker 6>but to then place it against how we looked at

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<v Speaker 6>him as a nerd, sort of ruthless monopolist.

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<v Speaker 5>This is, you know, philanthropist.

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<v Speaker 3>Rockefeller, like Robert Baron kind of thing.

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<v Speaker 5>Because you write about its absolutely.

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<v Speaker 2>What was the anti trust? Was the anti trust issue

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<v Speaker 2>at Microsoft? Was that a pivotal turning point for him

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<v Speaker 2>or when do you think this metamorphosis or transformation began?

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<v Speaker 5>Yeah, it did.

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<v Speaker 6>I think he had always said that he was going

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<v Speaker 6>to give the bulk of his fortune to philanthropy. I

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<v Speaker 6>think the time hadn't been decided. And you have to

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<v Speaker 6>remember that in the nineteen nineties there was only Microsoft.

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<v Speaker 6>Now we think about Google and Amazon and Facebook and

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<v Speaker 6>a lot of companies that are facing similar antitrust scrutiny.

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<v Speaker 6>But in the nineteen nineties, the late the second half

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<v Speaker 6>of the nineties, Microsoft was it. It was the company.

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<v Speaker 6>It captured everyone's imagination. But also, and as a result

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<v Speaker 6>of that. I think Gates' performance, even though we didn't

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<v Speaker 6>have social media then and we didn't have viral moments,

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<v Speaker 6>Gates's performance riveted and people realized that this was a

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<v Speaker 6>man who just who would become a distraction for Microsoft.

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<v Speaker 6>So I think it made sense for him to then

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<v Speaker 6>step step down from the CEO role in two thousand

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<v Speaker 6>and Also, he was tired.

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<v Speaker 5>I think he just he said a.

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<v Speaker 6>Source of mind told me that he was tired, didn't

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<v Speaker 6>nowhere else to go, and he just also felt that

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<v Speaker 6>Microsoft was a shiny example of American innovation and why

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<v Speaker 6>was the government going against him? And so I think

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<v Speaker 6>there was there was a lot of confusion and a

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<v Speaker 6>lot of pain. And then he turned to philanthropy because

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<v Speaker 6>it was there. It was something he had always intended

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<v Speaker 6>to do, and he found that he really liked it.

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<v Speaker 6>And then it was go big or go home, because

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<v Speaker 6>that's that's what Gates, that's who Gates is. He started Microsoft,

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<v Speaker 6>changed the personal computing world, and now he's changed philanthropy

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<v Speaker 6>with this Mammoth Foundation.

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<v Speaker 2>Hey, you mentioned anti trust. There's a headline crossing the

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<v Speaker 2>Bloomberg terminal right now. Kind of perfect timing on your part,

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<v Speaker 2>I should say US anti trust enforcers are reviewing Google

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<v Speaker 2>remedy options and a rare bid to break up Alphabet's

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<v Speaker 2>Google is one of the options being considered by the

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<v Speaker 2>Justice Department after a landmark court ruling found that the

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<v Speaker 2>company monopolized the online search market. According to people with

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<v Speaker 2>knowledge of the deliberations, do.

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<v Speaker 3>You want to point out?

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<v Speaker 4>Shares of Alphabet or down about one point three percent

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<v Speaker 4>in the aftermarket. The move would be Washington's first push

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<v Speaker 4>to dismantle a company for illegal monopolization since own sex

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<v Speaker 4>unsuccessful efforts to break up Microsoft.

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<v Speaker 3>We were just talking about that. That was, of course,

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<v Speaker 3>two decades ago. Less of your.

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<v Speaker 4>Options include forcing Google to share more data with competitors

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<v Speaker 4>and measures to prevent it from gaining an unfair advantage

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<v Speaker 4>in AI products. This is according to the people who

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<v Speaker 4>asked not to be identified discussing private conversations. Again, Shares

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<v Speaker 4>of Alphabet down about one point five percent in the aftermarket.

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<v Speaker 4>I want to get back to We're talking with Anna

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<v Speaker 4>Prita Das. She is a South Asia correspondent for The

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<v Speaker 4>New York Times. Her new book, as we said, is

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<v Speaker 4>about Bill Gates in Your Nerd Savior, King Bill Gates

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<v Speaker 4>and his quest to shape our world.

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<v Speaker 3>Just get about a.

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<v Speaker 4>Minute and a half and then we'll come back and

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<v Speaker 4>talk some more. Did you find a lot of surprises

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<v Speaker 4>in this process in terms of new things you learned

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<v Speaker 4>about Bill Gates?

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<v Speaker 6>Yeah, I mean, I think one of the things, Carol

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<v Speaker 6>is we didn't really understand and I think that I

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<v Speaker 6>think the entire world aid doesn't quite understand why he

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<v Speaker 6>met with Jeffrey Epstein so many times. And the question

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<v Speaker 6>for me that's been the most interesting to explore is

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<v Speaker 6>that if your gates are if you're a billionaire, you

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<v Speaker 6>have armies of people whose job it is to sustain

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<v Speaker 6>and polish and nurture your image.

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<v Speaker 5>Right.

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<v Speaker 6>Building Bill's brand is something I examined in the book,

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<v Speaker 6>and yet you have despite having all these people, even

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<v Speaker 6>a basic Google search right would reveal that Epstein by

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<v Speaker 6>was a convicted sex offender and someone who perhaps wasn't

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<v Speaker 6>the best kind of person from an optics standpoint for

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<v Speaker 6>a billionaire with what Gates was trying to do to interact.

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<v Speaker 6>So that was surprising to me. It was a failure

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<v Speaker 6>lapse of judgment that I wouldn't expect. But it also

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<v Speaker 6>ties back to the personality that.

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<v Speaker 4>Gates is We'll continue on this because I do agree

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<v Speaker 4>that this is an interesting aspect of certainly his story

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<v Speaker 4>that is still being told, but that you cover so much.

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<v Speaker 4>We were to come back with Prita Dos her new book,

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<v Speaker 4>Billionaire Nerd Savior King. You are listening and watching Bloomberg

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<v Speaker 4>Business Week right here on Bloomberg Radio.

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<v Speaker 2>I want to get right back to Onoprida Dos. She's

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<v Speaker 2>South Asia correspondent for The New York Times, her new book,

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<v Speaker 2>Billionaire Nerd Savior King. Bill Gates in his Quest to

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<v Speaker 2>Shape Our World. You were talking about Jeffrey Epstein just

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<v Speaker 2>moments ago and the relationship that Bill Gates had with

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<v Speaker 2>Jeffrey Epstein. And I got to tell you the parts

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<v Speaker 2>in your book that focus on and I've gotten ad

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<v Speaker 2>a lot of media attention over the last couple of weeks.

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<v Speaker 2>Just explain what you learned about his relationship with Jeffrey

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<v Speaker 2>Epstein and why they found themselves having a relationship.

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<v Speaker 5>Yeah, So what happened.

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<v Speaker 6>My best reconstruction, based on my reporting and documents, is

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<v Speaker 6>that in twenty ten, you had the Giving Pledge, which

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<v Speaker 6>was this effort essentially a get out of the vote

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<v Speaker 6>campaign by Gates Warren, Buffett and Milan of French Gates

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<v Speaker 6>to get other billionaires to commit to pledge to commit

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<v Speaker 6>half or more of their fortunes to charity. And at

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<v Speaker 6>that time a lot of billionaires were very interested in

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<v Speaker 6>finding a way to put their money to use. Having

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<v Speaker 6>the money is almost easier than figuring out how to

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<v Speaker 6>give it away wisely, and so the Gates Foundation was

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<v Speaker 6>very much set up to use billions of dollars and

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<v Speaker 6>Gates was in the middle of this massive push toward

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<v Speaker 6>polio eradication. He'd been the foundation, been working with other entities,

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<v Speaker 6>and it was one of those times when Gates wanted

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<v Speaker 6>to raise a lot of money. So Epstein kind of

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<v Speaker 6>being in these circles of influence and power, he's someone

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<v Speaker 6>who kind of collects, you know, collected bits and pieces

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<v Speaker 6>of information, used leverage wherever he could, and realized that

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<v Speaker 6>there might be an opportunity for him to pitch something

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<v Speaker 6>called donor advised fund, and he wrote in JP Morgan

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<v Speaker 6>and Jim Morgan had like other another relationship with the

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<v Speaker 6>Gates Foundation. So he looked at all of this, he

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<v Speaker 6>began pitching this idea for a donor advised fund. He

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<v Speaker 6>reached out to people who he knew at the Gates Foundation,

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<v Speaker 6>who you know, had an overlap with Gates of course,

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<v Speaker 6>and began seeking an introduction. Now Gates took that introduction.

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<v Speaker 5>There was there.

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<v Speaker 6>He came and visited Epstein at his house the time,

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<v Speaker 6>and then there was another meeting where there was a

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<v Speaker 6>presentation Epstein had slides and everything. So that until then

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<v Speaker 6>perhaps all well and good, But after that, the fact

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<v Speaker 6>that he kept meeting with Epstein several times ostensibly to

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<v Speaker 6>discuss philanthropy, and Gates has always said that he hasn't

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<v Speaker 6>That was the only reason then that he was sorry

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<v Speaker 6>for the lapse in judgment.

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<v Speaker 5>But it still.

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<v Speaker 6>Is a question for for Gates, essentially because he is

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<v Speaker 6>perhaps the only person who would know why he kept

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<v Speaker 6>going back and meeting with Epstein. There are people who

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<v Speaker 6>say that Gates was enamored.

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<v Speaker 5>Of Epstein's lifestyle.

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<v Speaker 6>He did write to some employees and the Gates Foundation

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<v Speaker 6>after saying that you know, he does have an adventurous,

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<v Speaker 6>different lifestyle, but it's not for me. I'm not putting

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<v Speaker 6>words into Gates's mouth, but that was essentially the point

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<v Speaker 6>of what he was saying, and so clearly there was

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<v Speaker 6>maybe amusement maybe surprise, maybe anticipation.

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<v Speaker 5>It's hard to say.

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<v Speaker 6>But again, coming back to the point I was making earlier,

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<v Speaker 6>it is a surprising lapse in judgment for the people

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<v Speaker 6>who work for him, but for Gates himself it's actually

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<v Speaker 6>not that surprising, given that he does have a certain

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<v Speaker 6>naivete when it comes to personal relationships.

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<v Speaker 3>Now, you said you didn't get to talk to Bill

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<v Speaker 3>Gates right for the book.

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<v Speaker 5>No, I didn't. He turned down my request for an interview.

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<v Speaker 4>Did he Were you able to ask him any questions

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<v Speaker 4>like write and get responses or no, nothing at all.

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<v Speaker 5>No.

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<v Speaker 6>So what happened was that it was interesting because I

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<v Speaker 6>sent them detailed fact checking lists, both at Gates Ventures,

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<v Speaker 6>which is a private firm, and the Gates Foundation back

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<v Speaker 6>in January or February, months months before. They stalled in

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<v Speaker 6>stonewalled and didn't acknowledge my emails, and at the end

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<v Speaker 6>when I said you have to give me a comment,

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<v Speaker 6>they said it was hearsay. And then just weeks before

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<v Speaker 6>we went to publication, they got back on some of

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<v Speaker 6>the Epstein related points and they refuted and said that

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<v Speaker 6>they could present documented evidence, and I asked for that,

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<v Speaker 6>and they didn't provide anything. And the book went to print,

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<v Speaker 6>and then the Daily Mail, of all the Daily Mail

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<v Speaker 6>and the New York Post put out these tidbits from

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<v Speaker 6>my book, and they were overblown and not entirely accurate,

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<v Speaker 6>but the Gates found. But then Gates is private firm

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<v Speaker 6>then put out a statement saying that it was all

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<v Speaker 6>wild allegations and that they presented me with documented evidence

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<v Speaker 6>that I chose to ignore, which is not true.

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<v Speaker 2>Speaking of wild things that potentially could come up. I

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<v Speaker 2>was joking at the top when I said the microchip

0:17:53.840 --> 0:17:56.199
<v Speaker 2>vaccine stuff, but only half joking in the sense that

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<v Speaker 2>these are real conspiracy theories about Bill Gates. Can you

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<v Speaker 2>talk a little bit about where those come from and

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<v Speaker 2>the idea of this quote unquote Davos elite that wants

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<v Speaker 2>to control the world.

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<v Speaker 6>I think the fact that Gates was so prominent suddenly

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<v Speaker 6>in everywhere, he was suddenly everywhere. He was talking about vaccines,

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<v Speaker 6>he was sharing the stage with doctor Anthony Fauci, he

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<v Speaker 6>was advocating, he was kind of out there everywhere. He

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<v Speaker 6>couldn't miss him, which led a lot of people to wonder,

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<v Speaker 6>and I speak to I have one person in the

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<v Speaker 6>book who said, who made the point that you know,

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<v Speaker 6>I had always thought of Gates as the Microsoft co founder,

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<v Speaker 6>and suddenly, why is this guy talking about vaccines? And

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<v Speaker 6>so I think if you are grown to conspiracy theories,

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<v Speaker 6>I think that was kind of the first signed for

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<v Speaker 6>a lot of people that maybe Gates has some kind

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<v Speaker 6>of vested interest, and you know, conspiracy theories obviously.

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<v Speaker 5>Take on a life of their own.

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<v Speaker 6>And I think there was a study, and don't quote

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<v Speaker 6>me on this, but I think there's a study looking

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<v Speaker 6>at the feasibility of having some information, you know, implanted

0:19:06.560 --> 0:19:09.600
<v Speaker 6>into a person's under a person's skin, and it was

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<v Speaker 6>an mit feasibility study and nothing came of it, but

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<v Speaker 6>that led to this kind of big idea that somehow

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<v Speaker 6>Gates was trying to you know, implant chips and people

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<v Speaker 6>and kind of all manner of things.

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<v Speaker 5>Now I think for.

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<v Speaker 6>The vaccines, And you know, Gates was He's a rational guy.

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<v Speaker 6>He's driven by evidence and science and tech, and I

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<v Speaker 6>think he just didn't understand why there were people questioning

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<v Speaker 6>what seemed to him very obvious steps. He couldn't understand

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<v Speaker 6>being a personal target of the conspiracy theories.

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<v Speaker 4>We just have about forty five seconds left here. Your

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<v Speaker 4>title billionaire nerd Savior King, which is the most appropriate

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<v Speaker 4>as you finish your book in terms of which word

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<v Speaker 4>really you would most closely identify with him, As I said,

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<v Speaker 4>only got about forty.

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<v Speaker 5>Seconds today, it would be King.

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<v Speaker 6>He really kind of is on top of so many

0:20:07.160 --> 0:20:09.679
<v Speaker 6>you know, I would say Savior King. Perhaps the billionaire

0:20:10.040 --> 0:20:13.360
<v Speaker 6>is a fact, the nerd is a version of him

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<v Speaker 6>back in the day, but today he's kind of on

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<v Speaker 6>top of the world, sharing the stage with heads of state,

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<v Speaker 6>and he is a savior of people in the global

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<v Speaker 6>South with the Gates Foundation.

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<v Speaker 5>So I would say Savior King.

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<v Speaker 3>Very cool stuff.

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<v Speaker 4>Really enjoyed this and good luck with the book, and

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<v Speaker 4>I'm really glad that we could get time with you

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<v Speaker 4>and youre. Pritadas is South Asia correspondent for The New

0:20:38.200 --> 0:20:42.120
<v Speaker 4>York Times and her new book is Billionaire Nerds Savior King,

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<v Speaker 4>Bill Gates and His Quest to Shape Our World.

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<v Speaker 3>That book is out today. Looking forward to that and

0:20:47.320 --> 0:20:49.639
<v Speaker 3>that's no doubt about that. Probably going to hit our

0:20:49.680 --> 0:20:51.000
<v Speaker 3>weekend podcasting broadcast.

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<v Speaker 2>Yeah, I think that's safe to say.