WEBVTT - Alexis Ohanian Bonus Podcast 0:00:00.120 --> 0:00:03.960 This is Bloomberg Business Week with Carol Messer and Tim 0:00:04.000 --> 0:00:06.440 Stenebeck on Bloomberg Radio. 0:00:06.920 --> 0:00:09.080 Alexis, thanks so much for being with us, Thanks. 0:00:08.880 --> 0:00:10.840 For having me. How are you. I'm doing well? Yeah, 0:00:10.840 --> 0:00:11.319 doing well. 0:00:11.360 --> 0:00:14.640 I'm coming off the high of this business a women's 0:00:14.680 --> 0:00:15.360 sports summit. 0:00:15.600 --> 0:00:17.280 It's been a good, good forty eight hours. 0:00:17.360 --> 0:00:19.000 Well, this is what I want to ask you. You tweeted, 0:00:19.000 --> 0:00:19.919 I think just a few days. 0:00:19.920 --> 0:00:20.639 I love sports. 0:00:21.000 --> 0:00:22.040 Have you always loved sports? 0:00:22.200 --> 0:00:22.599 Always? 0:00:22.720 --> 0:00:25.400 I did not always love women's sports though, To be clear, 0:00:25.440 --> 0:00:28.240 I'm not. I jumped on this bandwagon really when I 0:00:28.680 --> 0:00:30.560 met my wife. That was the first time I even 0:00:30.600 --> 0:00:34.120 ever watched tennis as a sport. Yeah, but then really 0:00:34.200 --> 0:00:36.839 went whole hog in twenty nineteen, so I'm new to it. 0:00:37.000 --> 0:00:39.280 Well, talk to us about Angel City in terms of 0:00:39.320 --> 0:00:40.680 how it came on your radar. I mean there's a 0:00:40.720 --> 0:00:43.800 lot of well known actresses. Mia Ham's involved, There's a 0:00:44.000 --> 0:00:45.559 lot of incredible women behind it. 0:00:45.800 --> 0:00:46.360 What was it? 0:00:46.720 --> 0:00:48.519 I don't know the conversations you had within that said 0:00:48.560 --> 0:00:49.360 I want to be a part of this. 0:00:49.720 --> 0:00:52.720 Well, so back in twenty nineteen and I dug up 0:00:52.720 --> 0:00:56.840 these old tweets, it was March. I was just you know, 0:00:56.880 --> 0:00:59.920 reading the news the US women's national team was fin 0:01:00.240 --> 0:01:03.040 for pay equity, and I started looking at the numbers 0:01:03.520 --> 0:01:09.080 and I realized women's sports, and chiefly soccer, was being 0:01:09.200 --> 0:01:13.680 so so undervalued. And again I only just come with 0:01:13.720 --> 0:01:18.039 this as a businessman, as an investor, and you know, 0:01:18.319 --> 0:01:21.319 seeing the amount of attention that team was able to capture, 0:01:21.520 --> 0:01:24.720 seeing the number of follows their biggest stars had on 0:01:24.760 --> 0:01:28.000 social media, right, this is these are facts over feelings. 0:01:28.040 --> 0:01:31.440 This is just the democratic nature of social media, which 0:01:31.480 --> 0:01:35.760 says you are someone I want to pay attention to, 0:01:36.080 --> 0:01:40.400 I will click follow. Showed that these women were incredibly popular. 0:01:40.840 --> 0:01:44.160 They were individually capable of generating, you know, millions of 0:01:44.160 --> 0:01:48.480 dollars in brand deals. And yet the league, the NWSL, 0:01:48.920 --> 0:01:52.000 was still kind of a mess. I didn't even know 0:01:52.040 --> 0:01:53.800 it existed. I think a lot of sports fans didn't. 0:01:53.800 --> 0:01:57.600 It was showing its matches on Lifetime Lifetime. No offense 0:01:57.600 --> 0:01:59.840 to Lifetime, but come on, you're not watching sports on Lifetime. 0:02:00.640 --> 0:02:04.360 And at the time a team had sold for like 0:02:04.400 --> 0:02:06.880 three million dollars and it was the same team that 0:02:06.920 --> 0:02:10.080 Megan Rappino played on. And you don't have the smartest 0:02:10.120 --> 0:02:12.560 guy in the room to realize Megan Rapino can generate 0:02:12.639 --> 0:02:16.240 at least a few million dollars a year in brand deals, 0:02:16.240 --> 0:02:19.280 and really she is worth at least that much and 0:02:19.320 --> 0:02:23.720 soon money her entire team is only worth three millions. 0:02:23.840 --> 0:02:27.680 Someone was epically messing up, and so I started tweeting, 0:02:27.760 --> 0:02:29.480 and I just said, I was like, look, this is 0:02:29.520 --> 0:02:31.520 a huge opportunity. I want to buy a team. Who 0:02:31.520 --> 0:02:33.480 do I talk to? I want to start a team? 0:02:33.480 --> 0:02:36.600 Who do I talk to? And you know, Twitter showed 0:02:36.639 --> 0:02:40.000 up in a big way. The diehard women soccer fans 0:02:40.040 --> 0:02:41.960 were like, all right, you know, don't just talk about it, 0:02:42.000 --> 0:02:42.560 be about it. 0:02:42.720 --> 0:02:45.200 And then there were also trolls who were like, you're going. 0:02:45.160 --> 0:02:47.359 To waste all your money. This is stupid. No one 0:02:47.360 --> 0:02:50.200 cares what womin's sports. So I started talking to existing owners. 0:02:50.440 --> 0:02:52.640 I realized pretty quickly I didn't want to inherit someone 0:02:52.639 --> 0:02:56.440 else's team. I needed a blank slate. And because I 0:02:56.560 --> 0:03:00.800 was so proactively honestly tweeting about it, one of the 0:03:00.840 --> 0:03:05.480 owners of La FC, the men's club in la introduced 0:03:05.480 --> 0:03:09.560 me to Kara Julian Natt created, who at the end 0:03:09.600 --> 0:03:13.920 of I think twenty nineteen, were out to market and 0:03:13.919 --> 0:03:17.280 couldn't find anyone who wanted to invest, and so I said, well, 0:03:17.320 --> 0:03:22.520 look I'm doing this and getting connected to them. You know, 0:03:22.560 --> 0:03:25.639 they shared a similar vision and you. 0:03:25.600 --> 0:03:27.680 Know I wrote the check off and running. 0:03:28.000 --> 0:03:31.120 That's yeah, it was. It was kismet. And I think tweeting, 0:03:31.160 --> 0:03:32.560 I mean seriously, and it's it's. 0:03:32.560 --> 0:03:35.000 This shows like it can work. It's like incredible and 0:03:35.000 --> 0:03:35.720 connecting people. 0:03:35.840 --> 0:03:37.840 Yes, and look, I'm also the kind of person who 0:03:38.000 --> 0:03:40.880 likes being early and right. So I love calling my 0:03:40.920 --> 0:03:44.000 shots on Twitter because I love having those receipts later 0:03:44.120 --> 0:03:48.120 when everyone's like history, right, Yeah, bring the receipts, baby. 0:03:48.320 --> 0:03:50.440 Well okay, god, I feel like there's a million places 0:03:50.520 --> 0:03:52.400 I could go. Well does that show to you? Okay, 0:03:52.480 --> 0:03:54.120 I'm going to take a sidebar here, go for it. 0:03:54.160 --> 0:03:57.280 So social media Twitter, Yeah, TikTok. There's a lot of 0:03:57.320 --> 0:04:01.120 things that are on you know, everybody's radar about usefulness, 0:04:01.160 --> 0:04:03.560 the problems that are created, you know, Elina, Twitter is 0:04:03.560 --> 0:04:05.920 a whole other story. What's your take on social media? 0:04:05.920 --> 0:04:06.880 Has it run its course? 0:04:07.760 --> 0:04:08.600 Uh? 0:04:08.960 --> 0:04:10.880 We and I love a lot? 0:04:10.920 --> 0:04:12.080 Wow? 0:04:12.160 --> 0:04:15.600 Yes, Okay, Look, it has transformed the world. There have 0:04:15.720 --> 0:04:18.040 been good outcomes, there have been bad outcomes. 0:04:18.160 --> 0:04:18.280 Right. 0:04:18.320 --> 0:04:21.360 I very publicly left read it in protest a few 0:04:21.400 --> 0:04:24.880 years ago, and I was thrilled they did in response. 0:04:25.279 --> 0:04:28.160 You know, they did finally ban hate communities, They did 0:04:28.200 --> 0:04:31.920 replace me with a black directory. They made changes as 0:04:31.960 --> 0:04:34.920 a result of my resignation that I was so happy 0:04:34.960 --> 0:04:37.040 with at the end of the day. But I realized, 0:04:37.920 --> 0:04:41.800 for me, I think social media is very much going 0:04:41.839 --> 0:04:47.760 to occupy a space that our children's generation will look 0:04:47.800 --> 0:04:50.040 back on with a raised eyebrow. I mean, that's a 0:04:50.040 --> 0:04:51.520 big part of the reason I left. I got a 0:04:52.200 --> 0:04:53.680 she was three at the time. Now she's five and 0:04:53.720 --> 0:04:57.880 a half, a daughter who I think is going to 0:04:57.920 --> 0:05:01.479 grow up with a very different experience on social media. 0:05:01.520 --> 0:05:04.320 And so I think part of that is cultural. You're 0:05:04.320 --> 0:05:06.760 seeing a generation of young people and their parents who 0:05:06.800 --> 0:05:09.600 are like yo. Actually, maybe this was pretty terrible for 0:05:10.000 --> 0:05:13.279 you know, going through adolescents where everyone has a little 0:05:13.360 --> 0:05:16.000 like button and follower account floating above their heads, right, 0:05:16.080 --> 0:05:16.240 you know. 0:05:16.240 --> 0:05:17.400 Adolescents measure. 0:05:18.120 --> 0:05:21.040 It's hard enough to go through that time, and then 0:05:21.080 --> 0:05:23.080 you now productize and weaponize it. 0:05:23.640 --> 0:05:24.960 Probably not great long term. 0:05:25.080 --> 0:05:26.680 So I think you can already see the culture shifting, right, 0:05:26.680 --> 0:05:31.120 You can already see this generation looking to other platforms. 0:05:31.480 --> 0:05:34.200 I'm not an investor. You know, the ascent in companies like. 0:05:34.160 --> 0:05:37.600 Be Real that are more about not living on your 0:05:37.600 --> 0:05:40.279 phone chasing hearts, but just sharing with people you actually 0:05:40.360 --> 0:05:42.480 care about, like what's going on in your life. I 0:05:42.520 --> 0:05:44.320 think you're gonna see that cultural shift and you're gonna 0:05:44.320 --> 0:05:47.239 see more technology. So I social media's not going anywhere, 0:05:47.480 --> 0:05:49.680 but it will evolve in the way that we use it. 0:05:49.680 --> 0:05:50.080 For sure. 0:05:50.160 --> 0:05:52.800 I'm curious how your daughter and your wife influence you 0:05:53.040 --> 0:06:01.560 in terms of you know, equities, equality women. Your daughter 0:06:01.640 --> 0:06:02.719 is an investor. 0:06:02.680 --> 0:06:04.200 Yes, I made sure so. 0:06:04.440 --> 0:06:06.800 I the owner of a professional sports team. 0:06:06.839 --> 0:06:07.320 That's right. 0:06:07.640 --> 0:06:10.760 I set aside a few bucks to personally invest. I 0:06:10.760 --> 0:06:12.599 mean it was via her trust. She doesn't know this, 0:06:12.640 --> 0:06:15.960 by the way, so hopefully she's not listening to the podcast. 0:06:14.839 --> 0:06:15.080 Sorry. 0:06:17.000 --> 0:06:18.360 I mean, she has five and a half when to wear. 0:06:18.400 --> 0:06:21.080 But it was important, right. I wanted her not just 0:06:21.160 --> 0:06:22.680 to be the youngest center in pro sports, which is 0:06:22.760 --> 0:06:23.159 kind of cool. 0:06:23.360 --> 0:06:25.640 Yeah, but you know, like any. 0:06:25.480 --> 0:06:28.760 Parent, you want to create, you want to give your 0:06:28.920 --> 0:06:32.600 children something and a legacy, and frankly, also I wanted 0:06:32.600 --> 0:06:35.040 to give her what she was doing. So it was 0:06:35.160 --> 0:06:38.720 because of Olympia. That really galvanized this in many ways 0:06:38.800 --> 0:06:41.840 because during the final the Women's World Cup that year, 0:06:41.960 --> 0:06:44.360 we were all watching at the home we were staying 0:06:44.400 --> 0:06:46.839 in in Wimbledon, and I'd gotten Olympia and alex Morgan 0:06:46.920 --> 0:06:49.240 jersey and She's running around kicking her ball, and I'd 0:06:49.279 --> 0:06:51.880 commented to my wife, like any proud dad, it wouldn't 0:06:51.880 --> 0:06:53.400 it be nice one day if she played on the 0:06:53.440 --> 0:06:54.200 Ones national team? 0:06:54.200 --> 0:06:54.920 Wouldn't that be cool? 0:06:55.080 --> 0:06:57.680 And without missing a beat, Serena says, not until they 0:06:57.720 --> 0:07:01.080 pay her what she's worth. And I said, okay, challenge accepted, 0:07:01.320 --> 0:07:05.080 like all right, And so so you know this, this 0:07:05.440 --> 0:07:09.880 little three year old was part of the reason why 0:07:10.240 --> 0:07:12.880 I finally was like, no, I really this needs to happen. 0:07:13.440 --> 0:07:15.120 And so the least I could do is give her 0:07:15.480 --> 0:07:19.360 her due. And so yeah, look, I'm very aware of 0:07:19.400 --> 0:07:22.600 the fact that I am a now wealthy but but 0:07:22.720 --> 0:07:28.360 a white dude who occupies space his entire life very 0:07:28.480 --> 0:07:32.680 differently than my wife has and my daughter will. And 0:07:32.960 --> 0:07:36.480 so it has given me perspective. But I want to 0:07:36.560 --> 0:07:43.280 stress it is nothing about the moves I make or 0:07:43.360 --> 0:07:45.640 the things I do are. 0:07:47.120 --> 0:07:47.640 Charitable. 0:07:48.720 --> 0:07:51.360 What do you mean, what are you think because you're 0:07:51.360 --> 0:07:51.880 an investor. 0:07:52.040 --> 0:08:00.360 What I mean is none of this is none of 0:08:00.480 --> 0:08:06.920 this is because of charity. This is what I believe 0:08:07.440 --> 0:08:12.520 is going to lead to the most effective outcome long term. 0:08:13.160 --> 0:08:15.520 One of the I really believe, and. 0:08:15.600 --> 0:08:17.120 This is something I talk about with my team all 0:08:17.160 --> 0:08:19.400 the time at seven seven six and with CEOs that 0:08:19.480 --> 0:08:23.880 I counsel now is I really believe the long term 0:08:24.120 --> 0:08:29.440 greedy mindset is just a very different way of thinking 0:08:29.480 --> 0:08:33.199 about building businesses, being more intentional about everything from the 0:08:33.240 --> 0:08:35.360 way you build teams to the way you deploy capital 0:08:35.480 --> 0:08:35.720 to the. 0:08:36.320 --> 0:08:40.280 Partners that you decide to have. And I actually, like, 0:08:40.400 --> 0:08:41.920 I worry. 0:08:42.080 --> 0:08:44.080 The one thing I don't want people to hear is like, oh, well, 0:08:44.120 --> 0:08:47.040 this dude has you know, a black wife, a black daughter, 0:08:47.160 --> 0:08:50.120 and now he cares about these things, right, Because I 0:08:50.200 --> 0:08:53.360 don't think you should need to have those things in 0:08:53.520 --> 0:08:55.680 order to care. You shouldn't need to have a daughter 0:08:56.200 --> 0:08:57.600 to care about women's sports. 0:08:58.520 --> 0:09:01.760 But if you didn't, do you think, oh, they've gotten to. 0:09:01.800 --> 0:09:05.439 This point probably a lot slower, if at all. So no, 0:09:05.559 --> 0:09:05.880 I can't. 0:09:06.160 --> 0:09:09.920 So yes, it absolutely played a huge role in helping 0:09:09.960 --> 0:09:11.559 build my perspective. 0:09:13.080 --> 0:09:15.079 In the same way, you know, it's a kind of education. 0:09:16.720 --> 0:09:16.920 You know. 0:09:17.080 --> 0:09:20.520 I didn't go to Harvard Business School, clearly, but my 0:09:21.360 --> 0:09:24.160 you know, I had a different kind of very formative 0:09:24.280 --> 0:09:27.080 education that's come from being in a relationship and then 0:09:27.120 --> 0:09:29.640 a marriage to someone like my wife, and having the 0:09:29.760 --> 0:09:32.520 lived experience of a daughter. 0:09:33.160 --> 0:09:34.960 But some would say much richer and much more real. 0:09:36.040 --> 0:09:37.920 Understand I think so, oh one hundred percent. 0:09:38.000 --> 0:09:40.480 So I think so yes. I can't deny how formative 0:09:40.480 --> 0:09:42.600 it's been. But I just want to stress that it's 0:09:42.720 --> 0:09:49.040 not Do not take away from this that that has 0:09:49.160 --> 0:09:53.280 to be the reason why it's exciting. Women's sports is 0:09:53.320 --> 0:09:56.400 not exciting just because a bunch of dudes have daughters 0:09:56.480 --> 0:09:58.480 and now feel like, oh we got to support this. No, 0:09:58.880 --> 0:10:03.480 Like women's or is exciting because it is a massive 0:10:03.520 --> 0:10:06.520 business opportunity that men and women, even dudes who don't 0:10:06.600 --> 0:10:10.480 have daughters, are going to be excited to pay attention to. No. 0:10:10.600 --> 0:10:12.719 I agree with you, and I mean your audiences, the 0:10:12.800 --> 0:10:15.280 people coming to the matches, like you see it gross. 0:10:15.880 --> 0:10:19.600 We have look in our first year, Angels City FC 0:10:20.400 --> 0:10:24.680 has more season ticket holders than the LA Galaxy, which 0:10:24.760 --> 0:10:26.960 is a men's club that has been around for twenty 0:10:27.040 --> 0:10:29.559 six years, and they're a great club, but in one 0:10:29.640 --> 0:10:30.760 year we got more. 0:10:30.640 --> 0:10:33.400 Season ticket holders in them. So again that's not that 0:10:33.520 --> 0:10:35.280 those aren't. That is just data. 0:10:35.400 --> 0:10:38.439 That's not like, oh, women's sports should be more supportive. No, no, no, 0:10:38.800 --> 0:10:39.640 that's just the data. 0:10:41.440 --> 0:10:41.719 They're not. 0:10:42.480 --> 0:10:47.240 And one of our challenges is a salary cap, which 0:10:47.320 --> 0:10:49.400 separately I bring up at every Board of Governors meeting. 0:10:49.920 --> 0:10:52.120 It's a salary cap that's not high enough. We've raised it, 0:10:52.400 --> 0:10:54.120 which is good. It's it's on its way up, but it's. 0:10:54.040 --> 0:10:56.040 Not nearly high enough. So we're actually limited by the 0:10:56.160 --> 0:10:59.040 league on how much we can commentate our players. And 0:10:59.520 --> 0:11:02.079 part of this speaks to the bigger problem, which is 0:11:03.040 --> 0:11:06.160 this is a legacy of underinvestment in the women's game. 0:11:06.320 --> 0:11:10.920 All right, we're still carrying the water from decades of underinvesting. 0:11:11.040 --> 0:11:12.880 When the league is only ten years old. It's barely 0:11:12.960 --> 0:11:16.240 survived in those ten leagues ten years. And when you 0:11:16.360 --> 0:11:18.559 look at the one alternative, and this is this is 0:11:18.640 --> 0:11:21.520 the really unfair advantage having a front row seat to 0:11:21.760 --> 0:11:25.559 my wife's experience. Like I said, I literally never watched tennis. 0:11:25.559 --> 0:11:27.559 I thought tennis was like a boring country club. 0:11:27.400 --> 0:11:28.720 Hobby, incredible to watch. 0:11:28.720 --> 0:11:32.640 I've watched. So I had never watched tennis before my hous. 0:11:32.679 --> 0:11:34.839 American football was the only sport that mattered. That's what 0:11:34.960 --> 0:11:37.160 I played, that's what I watched. That was the only thing. 0:11:38.040 --> 0:11:40.720 And so then I finally get this education about tennis. 0:11:40.960 --> 0:11:44.920 A little late, but back in twenty fifteen. And one 0:11:45.120 --> 0:11:50.200 love the sport. It's an amazing sport. Two I realized, Okay, 0:11:50.559 --> 0:11:53.079 here is a precedent, right thanks to Billy Jean King, 0:11:53.640 --> 0:11:56.560 thanks to a couple girls from Compton. Women are paid 0:11:56.640 --> 0:12:01.679 the same as men and large, let's use the US 0:12:01.720 --> 0:12:06.439 Open as example, are marketed and reported on equally as men. 0:12:07.040 --> 0:12:10.200 So should it surprise anyone that, again, you just look 0:12:10.240 --> 0:12:13.480 at the data. Even if there isn't a William's sister 0:12:13.600 --> 0:12:19.040 in the final US Open, the women outperformed the men. 0:12:19.200 --> 0:12:21.439 More people watched. Go look at the last run the numbers. 0:12:21.440 --> 0:12:25.040 See what ESPN says the last US Open final more 0:12:25.280 --> 0:12:27.400 Americans watched the women. 0:12:27.559 --> 0:12:28.360 Than the men. 0:12:30.559 --> 0:12:33.680 And that's not because it feels good or it's socially 0:12:34.160 --> 0:12:37.960 just it's because it's just more interesting. So what if 0:12:38.280 --> 0:12:41.199 we had applied the same principles that we've applied to 0:12:41.440 --> 0:12:44.880 for instance, tennis at the US open across the board 0:12:45.360 --> 0:12:49.599 in these sports. Why like the saddest part of this 0:12:50.440 --> 0:12:53.440 is when we look back, we will not just see 0:12:53.480 --> 0:12:57.000 a legacy of sexism and a certain extent racism. We 0:12:57.160 --> 0:13:00.319 will see a legacy of business and competence. See a 0:13:00.360 --> 0:13:03.439 bunch of dudes, old white dudes. Let's be real, who 0:13:03.600 --> 0:13:07.080 missed on a huge business opportunity. The women of college 0:13:07.160 --> 0:13:12.400 basketball had to beg for a decent training facility a 0:13:12.400 --> 0:13:14.840 few years ago, remember that Cliplin virl I remember they 0:13:15.000 --> 0:13:19.679 could not get access to even using the branding of 0:13:19.760 --> 0:13:23.280 the NCUBLEA final four. That was just a few years ago, right, Yeah, 0:13:24.320 --> 0:13:27.839 this past March madness, we're just a month out from it. 0:13:28.600 --> 0:13:32.080 The only thing we were talking about in American sports 0:13:32.640 --> 0:13:36.880 were the women of college basketball, Angel Reese, Caitlin Clark. 0:13:37.720 --> 0:13:42.120 They dominated the zeitgeist. That's the attention is everything in sports. 0:13:42.400 --> 0:13:44.600 I don't even know who won the men's side. Also 0:13:44.640 --> 0:13:46.360 because UVA lost in the first round, which I don't 0:13:46.360 --> 0:13:46.960 want to talk about it. 0:13:47.280 --> 0:13:50.280 The women. The women dominated. 0:13:50.480 --> 0:13:53.760 So now you got to think, NC double A, what 0:13:53.920 --> 0:13:57.679 the hell were you missing for decades when you did 0:13:57.800 --> 0:14:00.560 not give these women a fraction of the support they deserved. 0:14:00.679 --> 0:14:03.920 It's how stupid were you? It's just business? 0:14:04.040 --> 0:14:06.560 You'repplomberg, where like you know, we follow the money. 0:14:06.880 --> 0:14:09.680 Yes, that's all I care about. Like you were, you're leaving. 0:14:09.800 --> 0:14:13.679 And now here's where it's getting awkward because now the 0:14:13.760 --> 0:14:15.679 numbers are in and now people got to be ruffling 0:14:15.920 --> 0:14:18.240 papers and getting a little nervous and sweaty because they're like, 0:14:18.360 --> 0:14:21.840 oh my god, we just barely started supporting the women 0:14:21.880 --> 0:14:25.280 of college basketball and and they're they're putting up bigger 0:14:25.360 --> 0:14:27.640 numbers than the men, Like people care more about these 0:14:27.720 --> 0:14:31.320 women than the men. It gets worse because now that 0:14:31.520 --> 0:14:35.520 nil exists again, the dollars. So we talked about the viewers, 0:14:35.560 --> 0:14:37.880 we talked about the culturals like geist women crushing it 0:14:38.000 --> 0:14:40.920 in this last college basketball tournament. Now the dollars, those 0:14:41.040 --> 0:14:44.320 nil dollars, those dollars are there because the women have 0:14:44.440 --> 0:14:47.960 followers on social media. Again it's a democratic platform where 0:14:47.960 --> 0:14:48.760 people say I'm. 0:14:48.640 --> 0:14:50.480 Going to follow and give you my attention. Now they're 0:14:50.480 --> 0:14:54.400 making millions. Okay, so hard conversation to have when you're 0:14:54.440 --> 0:14:55.080 not paying them. 0:14:55.800 --> 0:14:59.640 I you're you're preaching, you're preaching the choir. Since I 0:14:59.760 --> 0:15:01.480 have I'm going to get in trouble. Fin I ask 0:15:01.520 --> 0:15:04.640 you if your question Sorry, well we did souchial the media. 0:15:05.520 --> 0:15:07.720 I know you talked about this with our TV cogs. Yeah, 0:15:08.240 --> 0:15:10.680 artificial intelligence. You knew I was going to ask. 0:15:10.800 --> 0:15:13.240 Sorry, Sure, that's fine, I'm using it every ding. 0:15:13.480 --> 0:15:14.560 What's more interesting right now? 0:15:14.720 --> 0:15:14.840 Well? 0:15:14.880 --> 0:15:17.600 Okay, so what has better investment opportunities AI? 0:15:18.080 --> 0:15:22.440 But interestingly enough, if we assume let's go down, let's 0:15:22.960 --> 0:15:25.200 I just think in ten year terms a gift and 0:15:25.240 --> 0:15:28.040 a curse. But so ten years down the road, AI 0:15:28.160 --> 0:15:32.160 continues to ascend. Like you can now spin up anything. 0:15:32.280 --> 0:15:35.920 I mean, it's the ability to generate. Let's say, content 0:15:36.120 --> 0:15:41.520 is trivial. Right, we could sit here, you could have you. 0:15:42.040 --> 0:15:47.080 You could say you want a birthday song sung by Beyonce, 0:15:48.080 --> 0:15:55.880 naming you and your favorite puppy, and like you could 0:15:55.880 --> 0:15:59.600 customize everything and mention like I don't know, pizza. 0:15:59.320 --> 0:16:00.920 Because you love But that's cool. 0:16:01.040 --> 0:16:01.920 Is that valuable? 0:16:02.480 --> 0:16:04.680 I think so? And so you need to figure out that. 0:16:05.080 --> 0:16:07.560 You need to figure out the dollars so that artists 0:16:07.600 --> 0:16:09.320 get paid and all that stuff's going to get sort 0:16:09.320 --> 0:16:09.840 of investment. 0:16:09.880 --> 0:16:12.400 But okay, imagine content is everywhere, and anyone can create 0:16:12.440 --> 0:16:13.240 all the content they want. 0:16:14.040 --> 0:16:17.200 It actually now comes full circle back to why having 0:16:17.840 --> 0:16:22.520 a decentralized global ledger is so important, because with a blockchain, 0:16:22.760 --> 0:16:26.440 you can now prove the prominence and authenticity of the original, 0:16:26.560 --> 0:16:29.760 the day one content, And so weirdly, I think in 0:16:29.840 --> 0:16:32.800 the long term, the proliferation of AI actually makes a 0:16:33.160 --> 0:16:36.560 strong case for the blockchain because blockchain. 0:16:36.600 --> 0:16:37.440 But what about crypto. 0:16:37.640 --> 0:16:40.000 You've invested in crypto, how do you feel about that 0:16:40.120 --> 0:16:43.200 at this point after the carnage of the last six. 0:16:43.080 --> 0:16:46.400 Tierson so I seeded coinbase in twenty twelve. I have 0:16:46.600 --> 0:16:50.360 been through every winter, and every winter I put on 0:16:50.520 --> 0:16:54.000 my parka and I go talk to people building and 0:16:54.160 --> 0:16:56.840 they build, and it's it's actually the best time to 0:16:56.960 --> 0:17:00.440 be investing in crypto because well, every cycle is the 0:17:00.480 --> 0:17:03.120 best time to be doing my job because when you're early, 0:17:04.080 --> 0:17:06.200 you know, this is when the noise is gone. This 0:17:06.359 --> 0:17:08.640 is when the builders are building things people actually want. 0:17:08.720 --> 0:17:11.520 They're not worrying about what the ETH price is today. 0:17:11.680 --> 0:17:16.200 They're just building, they're shipping. So you're investing, yes, absolutely. 0:17:15.760 --> 0:17:16.920 And AI are you investing? 0:17:17.080 --> 0:17:17.280 Yes? 0:17:17.800 --> 0:17:19.640 And so in another two three years will come out 0:17:19.640 --> 0:17:22.560 as criptocycle. It'll probably be I think gaming will be 0:17:22.600 --> 0:17:25.479 a big thrust of It'll be very consumer facing as 0:17:25.520 --> 0:17:28.040 well as infrastructure, and it's not going to use any 0:17:28.040 --> 0:17:29.879 of those words. You're never gonna hear about NFTs, nor 0:17:29.880 --> 0:17:31.520 should you never gonna hear about crypt It's just going 0:17:31.600 --> 0:17:32.760 to be dope software. 0:17:32.440 --> 0:17:33.440 That happens to be on Chaine. 0:17:33.440 --> 0:17:35.400 Alexis, you are such a mentor for everyone. I've seen 0:17:35.440 --> 0:17:38.920 Ted talks, I've watched some I make too much content. Well, 0:17:38.960 --> 0:17:40.679 you make a lot of content, but it's a good content. 0:17:40.760 --> 0:17:42.840 But you really inspire. And it's not just talk, its action, 0:17:43.040 --> 0:17:46.240 and you're doing it with your climate fellows. You're looking 0:17:46.520 --> 0:17:49.000 at ways to make the world more equal in so 0:17:49.119 --> 0:17:53.920 many different ways. Who who inspires you? I'm assuming your wife, 0:17:53.960 --> 0:17:57.119 I'm assuming your daughter, you above and beyond. Is it 0:17:57.440 --> 0:17:59.160 an individual, a company, a book? 0:18:01.000 --> 0:18:02.640 The worst answer I can give you it's my mom 0:18:02.720 --> 0:18:05.359 and dad, because I know that's not no one's going 0:18:05.400 --> 0:18:05.720 to be like. 0:18:06.600 --> 0:18:08.479 How can I learn more about them? I mean you can, 0:18:08.640 --> 0:18:10.960 but you know, but honestly, it's. 0:18:11.320 --> 0:18:13.720 But in the world that like me play in. 0:18:13.920 --> 0:18:17.920 I'll give you and then I'll tell you. 0:18:18.080 --> 0:18:22.320 Look, it's not really anyone in tech, which is probably 0:18:22.400 --> 0:18:24.120 part of my problem. It's part of why I think 0:18:24.160 --> 0:18:29.720 I'm so unpopular in Silicon Valley. I have never felt 0:18:29.760 --> 0:18:32.320 totally at home there, despite obviously having created Reddit and 0:18:32.359 --> 0:18:35.480 being a tech entrepreneur and investor in my whole life. 0:18:36.760 --> 0:18:38.720 When I think of folks who motive to be one 0:18:38.720 --> 0:18:41.400 of my favorite conversations happened like three or four years ago, 0:18:41.800 --> 0:18:44.840 five years ago now, jeezs with Melinda Gates and I 0:18:45.000 --> 0:18:46.679 was so, I still haven't met Bill. Bill is an 0:18:46.680 --> 0:18:47.400 avid redditor. 0:18:47.840 --> 0:18:48.359 Yeah not. 0:18:48.520 --> 0:18:52.120 I mean, I wouldn't turn it down, But like, meeting 0:18:52.200 --> 0:18:55.800 Melinda was who I really wanted to meet because she 0:18:56.480 --> 0:18:59.960 very obviously was setting out early philanthropic goals in her career, 0:19:00.119 --> 0:19:03.280 in her life. I think her ultimate legacy is going 0:19:03.320 --> 0:19:06.840 to be one that is just spectacular as a result 0:19:06.880 --> 0:19:09.040 of that. And so I talked to her early because 0:19:09.040 --> 0:19:11.480 I was like, Yo, I'm not ready yet. I've still 0:19:11.520 --> 0:19:13.080 got a few This was like five years ago, so 0:19:13.119 --> 0:19:15.240 I didn't have any liquidity events yet. But I was like, look, 0:19:15.280 --> 0:19:17.760 I want to start putting the pieces in place for this. 0:19:17.920 --> 0:19:20.080 How do I think about a foundation? Like what advice 0:19:20.119 --> 0:19:22.240 would you give to someone who's just starting to think 0:19:22.240 --> 0:19:24.919 through this? And it was an amazing meeting, and we've 0:19:24.920 --> 0:19:27.000 stayed in touch and she's been a great resource as 0:19:27.000 --> 0:19:30.280 I've started the seven to seven sixth Foundation, And I 0:19:30.480 --> 0:19:33.440 want you know, I'm at a point in my life 0:19:33.520 --> 0:19:36.320 where I went from creating a company where I cared 0:19:36.400 --> 0:19:39.119