WEBVTT - Reddit Co-Founder Ohanian on Social Media Evolution

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<v Speaker 1>Well, Alexis o'hanian. He co founded Read It. He's a

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<v Speaker 1>serial entrepreneur. He's got a VC firm, the seven seven

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<v Speaker 1>six Fund, He's got a foundation with a similar name.

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<v Speaker 1>He's also all in on sports, co founder and leading

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<v Speaker 1>investor at the Angel City Football Club, the women's soccer

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<v Speaker 1>team based in LA We had a long ranging conversation

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<v Speaker 1>earlier today. But sports that's where we began, you tweeted,

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<v Speaker 1>I think just a few days. I love sports. Have

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<v Speaker 1>you always loved sports?

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<v Speaker 2>Always? I did not always love women's sports, though, to

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<v Speaker 2>be clear, I'm not. I jumped on this bandwagon really

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<v Speaker 2>when I met my wife. That was the first time

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<v Speaker 2>I even ever watched tennis as a sport. Yeah, but

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<v Speaker 2>then really went whole hog in twenty nineteen, so I'm

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<v Speaker 2>new to it.

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<v Speaker 1>Well, talk to us about Angel City in terms of

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<v Speaker 1>how it came on your radar. I mean, there's a

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<v Speaker 1>lot of well known actresses. Mia Ham's involved. There's a

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<v Speaker 1>lot of incredible women behind it. What was it, I

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<v Speaker 1>don't know the conversations you had with him that said

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<v Speaker 1>I want to be a part of this.

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<v Speaker 2>Well, so back in twenty nineteen and I dug up

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<v Speaker 2>these old tweets. It was March. I was just, you know,

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<v Speaker 2>reading the news the US women's national team was fighting

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<v Speaker 2>for pay equity, and I started looking at the numbers

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<v Speaker 2>and I realized women's sports, and chiefly soccer, was being

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<v Speaker 2>so so undervalued. And again I only just come of

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<v Speaker 2>this as a businessman, as an investor, and you know,

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<v Speaker 2>seeing the amount of attention that team was able to capture,

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<v Speaker 2>seeing the number of follows their biggest stars had on

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<v Speaker 2>social media, right, this is these are facts over feelings.

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<v Speaker 2>This is just the democratic nature of social media, which

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<v Speaker 2>says you are someone I want to pay attention to,

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<v Speaker 2>I will click follow. Showed that these women were incredibly popular.

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<v Speaker 2>They were individually capable of generating, you know, millions of

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<v Speaker 2>dollars in brand deals. And yet the league, the NWSL,

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<v Speaker 2>was still kind of a mess. I didn't even know

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<v Speaker 2>it existed. I think a lot of sports fans didn't.

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<v Speaker 2>It was showing its match is on lifetime Lifetime. No

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<v Speaker 2>offense to Lifetime, but come on, you're not watching sports

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<v Speaker 2>on Lifetime. And at the time a team had sold

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<v Speaker 2>for like three million dollars and it was the same

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<v Speaker 2>team that Megan Rappino played on, and you don't have

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<v Speaker 2>think the smartest guy in the room to realize Megan

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<v Speaker 2>Rapino can generate at least a few million dollars a

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<v Speaker 2>year in brand deals, and she is worth at least

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<v Speaker 2>that much and soon money her entire team is only

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<v Speaker 2>worth three millions. Someone was epically messing up, and so

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<v Speaker 2>I started tweeting, and I just said, I was like, look,

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<v Speaker 2>this is a huge opportunity. I want to buy a team.

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<v Speaker 2>Who do I talk to? I want to start a team?

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<v Speaker 2>Who do I talk to? And you know, Twitter showed

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<v Speaker 2>up in a big way. The diehard women soccer fans

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<v Speaker 2>were like, all right, you know, don't just talk about it,

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<v Speaker 2>be about it. And then there were also trolls who

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<v Speaker 2>were like, you're going to waste all your money. This

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<v Speaker 2>is stupid. No one cares what women's sports. So I

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<v Speaker 2>started talking to existing owners. I realized pretty quickly I

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<v Speaker 2>didn't want to inherit someone else's team. I needed a

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<v Speaker 2>blank slate. And because I was so proactively honestly tweeting

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<v Speaker 2>about it, one of the owners of La FC, the

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<v Speaker 2>men's club in la introduced me to Kara Julian Natt

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<v Speaker 2>created who at the end of I think twenty nineteen

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<v Speaker 2>were out to market and couldn't find anyone who wanted

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<v Speaker 2>to invest, and so I said, well, look I'm doing

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<v Speaker 2>this and getting connected to them. You know, they shared

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<v Speaker 2>a similar vision and you know I wrote the check

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<v Speaker 2>off and running that's yeah, it was. It was kismet

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<v Speaker 2>and I think tweeting, I mean seriously, and it's it's

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<v Speaker 2>this show.

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<v Speaker 1>Is like it can work. It's like incredible and connecting people.

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<v Speaker 2>Yes, and look, I'm also the kind of person who

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<v Speaker 2>likes being early and right. So I love calling my

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<v Speaker 2>shots on Twitter because I love having those receipts later

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<v Speaker 2>when everyone's like history, right, Yeah, bring the receipts baby.

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<v Speaker 1>Well okay, god, I feel like there's a million places

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<v Speaker 1>I could go. Well does that show?

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<v Speaker 2>Do you?

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<v Speaker 1>Okay, I'm going to take a sidebar here, go for it.

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<v Speaker 1>So social media, Twitter, TikTok. There's a lot of things

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<v Speaker 1>that are on you know, everybody's radar about usefulness, the

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<v Speaker 1>problems that are created, you know, elin and Twitter is

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<v Speaker 1>a whole other story. What's your take on social media?

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<v Speaker 1>Has it run its course?

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<v Speaker 2>Uh?

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<v Speaker 1>We and I love a lot?

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<v Speaker 2>Wow? Yes, okay, Look, it has transformed the world. There

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<v Speaker 2>have been good outcomes. There have been bad outcomes, right,

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<v Speaker 2>I very publicly left read it in protest a few

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<v Speaker 2>years ago, and and I was thrilled. They didn't response.

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<v Speaker 2>You know, they did finally ban hate communities, They did

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<v Speaker 2>replace me with a black directory. They made changes as

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<v Speaker 2>a result of my resignation that I was so happy

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<v Speaker 2>with at the end of the day. But I realized,

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<v Speaker 2>for me, I think social media is very much going

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<v Speaker 2>to occupy a space that our children's generation will look

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<v Speaker 2>back on with a raised eyebrow. I mean, that's a

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<v Speaker 2>big part of the reason I left. I got a

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<v Speaker 2>she was three at the time. Now she's five and

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<v Speaker 2>a half, a daughter who I think is gonna grow

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<v Speaker 2>up with a very different experience on social media. And

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<v Speaker 2>so I think part of that is cultural. You're seeing

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<v Speaker 2>a generation of young people and their parents who are

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<v Speaker 2>like yo, Actually, maybe this was pretty terrible for you know,

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<v Speaker 2>going through adolescents where everyone has a little like button

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<v Speaker 2>and follower account floating above their heads, right, you know,

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<v Speaker 2>adolescents measure. It's hard enough to go through that time,

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<v Speaker 2>and then you now productize and weaponize it. Probably not

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<v Speaker 2>great long term. So I think you can already see

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<v Speaker 2>the culture shifting, right, you can already see this generation

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<v Speaker 2>looking to other platforms. I'm not an investor. You know

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<v Speaker 2>the ascent in companies like be Real that are more

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<v Speaker 2>about not living on your phone chasing hearts, but just

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<v Speaker 2>sharing with people you actually care about, like what's going

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<v Speaker 2>on in your life. I think you're gonna see that

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<v Speaker 2>cultural shift, and you're gonna see more technology. So I

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<v Speaker 2>social media is not going anywhere, but it will evolve

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<v Speaker 2>in the way that we use it, for sure.

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<v Speaker 1>I'm curious how your daughter and your wife influence you

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<v Speaker 1>in terms of you know, equities, equality, women. Your daughter

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<v Speaker 1>as an investor, yes, I made sure so I the

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<v Speaker 1>owner of a professional sports team.

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<v Speaker 2>That's right. I set aside a few bucks to personally invest.

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<v Speaker 2>I mean it was via her trust. She doesn't know this,

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<v Speaker 2>by the way, so hopefully she's not listening to the podcasts.

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<v Speaker 2>I mean, she's five and a half. I'm not to hear.

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<v Speaker 2>But yeah, it was important, right. I wanted her not

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<v Speaker 2>just to be the youngest center in pro sports, which

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<v Speaker 2>is kind of cool. Yeah, but you know, like any parent,

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<v Speaker 2>you want to create, you want to give your children

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<v Speaker 2>something and a legacy. And frankly, also I wanted to

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<v Speaker 2>give her what she was doing. So it was because

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<v Speaker 2>of Olympia that really galvanized this in many ways because

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<v Speaker 2>during the final the Women's World Cup that year, we

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<v Speaker 2>were all watching at the home we were staying in Wimbledon,

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<v Speaker 2>and I'd gotten Olympia in alex morgan Jersey and She's

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<v Speaker 2>running around kicking her ball, and I'd commented to my wife,

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<v Speaker 2>like any proud dad, it wouldn't it be nice one

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<v Speaker 2>day if she played on the wom's national team, wouldn't

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<v Speaker 2>it be cool? And without missing a beat, Serena says,

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<v Speaker 2>not until they pay her what she's worth, and I said, okay,

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<v Speaker 2>challenge accept it, like all right. And so so you

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<v Speaker 2>know this, this little three year old was part of

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<v Speaker 2>the reason why I finally was like, no, I really

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<v Speaker 2>this needs to happen, and so the least I could

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<v Speaker 2>do is give her her due. And so yeah, look,

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<v Speaker 2>I'm very aware of the fact that I am a

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<v Speaker 2>now wealthy but a white dude who occupies space his

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<v Speaker 2>entire life very differently than my wife has and my

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<v Speaker 2>daughter will, and so it has given me perspective. But

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<v Speaker 2>I want to stress it is nothing about the moves

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<v Speaker 2>I make or the things I do are charitable? What

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<v Speaker 2>do you mean?

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<v Speaker 1>What is she thinking because you're an investor?

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<v Speaker 2>What I mean is none of this is None of

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<v Speaker 2>this is because of charity. This is what I believe

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<v Speaker 2>is going to lead to the most effective outcome long term.

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<v Speaker 2>One of the I really believe, and this is something

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<v Speaker 2>I talk about with my team all the time at

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<v Speaker 2>seven seven six and with CEOs that I counsel now,

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<v Speaker 2>is I really believe the long term greedy mindset is

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<v Speaker 2>just a very different way of thinking about building businesses,

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<v Speaker 2>being more intentional about everything from the way you build

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<v Speaker 2>teams to the way you deploy capital to the partners

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<v Speaker 2>that you decide to have. And I actually, like, I

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<v Speaker 2>worry the one thing I don't want people to hear

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<v Speaker 2>is like, oh, well, this dude has you know, a

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<v Speaker 2>black wife, a black daughter, and now he cares about

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<v Speaker 2>these things, right, Because I don't think you should need

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<v Speaker 2>to have those things in order to care. You shouldn't

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<v Speaker 2>need to have a daughter to care about women's sports.

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<v Speaker 1>But if you didn't, do you think, oh, you'd have

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<v Speaker 1>gotten to this point.

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<v Speaker 2>Probably a lot slower, if at all. So no, I can't.

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<v Speaker 2>So yes, it absolutely played a huge role in helping

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<v Speaker 2>build my perspective in the same way. You know, it's

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<v Speaker 2>a kind of education. You know, I didn't go to

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<v Speaker 2>Harvard Business School, clearly, but my you know, I had

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<v Speaker 2>a different kind of very formative education that's come from

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<v Speaker 2>being in a relationship and then a marriage to someone

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<v Speaker 2>like my wife, and having the lived experience of a daughter.

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<v Speaker 1>But some would say much richer and much more real.

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<v Speaker 2>Understand I think so oh one hundred percent, So I

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<v Speaker 2>think so yes, I can't deny how formative it's been.

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<v Speaker 2>But I just want to stress that it's not Do

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<v Speaker 2>not take away from this that that has to be

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<v Speaker 2>the reason why it's exciting. Women's sports is not exciting

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<v Speaker 2>just because because a bunch of dudes have daughters and

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<v Speaker 2>now feel like, oh we got to support this. No, like,

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<v Speaker 2>women's sports is exciting because it is a massive business

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<v Speaker 2>opportunity that men and women, even dudes who don't have daughters,

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<v Speaker 2>are going to be excited to pay attention to.

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<v Speaker 1>Since I have you, I'm going to get in trouble.

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<v Speaker 1>Fin don't actually if your question, sorry, well we did

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<v Speaker 1>social media. I know you talked about this with our

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<v Speaker 1>TV cogs. Yeah, artificial intelligence. You knew I was going

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<v Speaker 1>to ask. Sorry, sure, that's fine, I'm using what's more

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<v Speaker 1>interesting right now? Well, okay, so what has better investment

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<v Speaker 1>opportunities AI?

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<v Speaker 2>But interestingly enough, if we assume let's go down, let's

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<v Speaker 2>I just think in ten year terms a gift and

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<v Speaker 2>a curse. But so ten years down the road, AI

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<v Speaker 2>continues to ascend. Like you can now spin up anything.

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<v Speaker 2>I mean, it's the ability to generate let's say, content

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<v Speaker 2>is trivial. Right, we could sit here, you could have

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<v Speaker 2>you could say you want a birth day song sung

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<v Speaker 2>by Beyonce naming you and your favorite puppy, and like

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<v Speaker 2>you could customize everything and mention like I don't know

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<v Speaker 2>pizza because you love pizza?

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<v Speaker 1>Cool? Is that valuable?

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<v Speaker 2>I think so? And so you need to figure out that.

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<v Speaker 2>You need to figure out the dollars so that artists

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<v Speaker 2>get paid and all that stuff's going to get sort

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<v Speaker 2>of stim But okay, imagine content is everywhere and anyone

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<v Speaker 2>can create all the content they want. It actually now

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<v Speaker 2>comes full circle back to why having a decentralized global

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<v Speaker 2>ledger is so important because with a blockchain, you can

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<v Speaker 2>now prove the prominence and authenticity of the original the

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<v Speaker 2>day one content and so weirdly, I think in the

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<v Speaker 2>long term the proliferation of a actually makes a strong

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<v Speaker 2>case for the blockchain because.

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<v Speaker 1>Blockchain, But what about crypto. You've invested in crypto, how

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<v Speaker 1>do you feel about that at this point after the

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<v Speaker 1>carnage of the lasts.

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<v Speaker 2>So I seeded coinbase in twenty twelve. I have been

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<v Speaker 2>through every winter, and every winter I put on my

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<v Speaker 2>parka and I go talk to people building and they build.

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<v Speaker 2>And it's actually the best time to be investing in

0:12:13.800 --> 0:12:17.040
<v Speaker 2>crypto because every cycle, the winter is the best time

0:12:17.080 --> 0:12:20.560
<v Speaker 2>to be doing my job because when you're early, you know,

0:12:20.760 --> 0:12:22.839
<v Speaker 2>this is when the noise is gone. This is when

0:12:22.880 --> 0:12:25.800
<v Speaker 2>the builders are building things people actually want. They're not

0:12:25.880 --> 0:12:28.959
<v Speaker 2>worrying about what the ETH price is today. They're just building.

0:12:29.000 --> 0:12:32.520
<v Speaker 2>They're shipping software, investing yes, absolutely.

0:12:32.000 --> 0:12:33.200
<v Speaker 1>And AI are you investing?

0:12:33.320 --> 0:12:35.720
<v Speaker 2>Yes? And So in another two three years will come

0:12:35.720 --> 0:12:38.520
<v Speaker 2>out of this cryptocycle. It'll probably be I think gaming

0:12:38.559 --> 0:12:40.199
<v Speaker 2>will be a big thrust of it. It'll be very

0:12:40.240 --> 0:12:43.840
<v Speaker 2>consumer facing as well as infrastructure, and it's not going

0:12:43.840 --> 0:12:45.320
<v Speaker 2>to use any of those words. You're never gonna hear

0:12:45.320 --> 0:12:47.400
<v Speaker 2>about NFTs, nor should You're never gonna hear about crypt

0:12:47.440 --> 0:12:49.160
<v Speaker 2>it's just going to be dope software that happens to

0:12:49.200 --> 0:12:50.320
<v Speaker 2>be on chain, all right.

0:12:50.360 --> 0:12:53.440
<v Speaker 1>That, of course was Alexis o'hanian, co founder I've Reddit,

0:12:54.480 --> 0:12:57.080
<v Speaker 1>founder of a VC firm, the seven seven sixth Fund.

0:12:57.480 --> 0:12:59.840
<v Speaker 1>He's also got a foundation, the seven seven six Foundation,

0:13:00.120 --> 0:13:02.680
<v Speaker 1>that aims to fight inequity, most recently giving about twenty

0:13:02.720 --> 0:13:04.920
<v Speaker 1>million to young people of the next decade. It's all

0:13:04.960 --> 0:13:07.000
<v Speaker 1>about working on climate. And then he's into sports, co

0:13:07.040 --> 0:13:10.000
<v Speaker 1>founder and leading investor at Angel City football Club. Eva

0:13:10.080 --> 0:13:14.920
<v Speaker 1>Longoria is invested in it. Jennifer Garner, I'm leaving out

0:13:15.040 --> 0:13:17.040
<v Speaker 1>Natalie Portmant. I mean, there's a lot of people who

0:13:17.080 --> 0:13:20.000
<v Speaker 1>are involved in it, but interesting and I thought it

0:13:20.040 --> 0:13:21.720
<v Speaker 1>was interesting when he had to say about blockchain. That

0:13:21.840 --> 0:13:23.960
<v Speaker 1>is something I understand a little bit more, I feel like,

0:13:23.960 --> 0:13:27.760
<v Speaker 1>and I can understand maybe the productivity by using it

0:13:27.880 --> 0:13:30.959
<v Speaker 1>or the usage of it, and crypto is still I

0:13:30.960 --> 0:13:31.960
<v Speaker 1>don't know some questions.

0:13:32.120 --> 0:13:35.680
<v Speaker 3>But it's great to get his perspective because he is

0:13:35.760 --> 0:13:38.520
<v Speaker 3>one of those I was born on the Internet people

0:13:38.880 --> 0:13:41.800
<v Speaker 3>co founding Reddit. I mean, he gets it, and I

0:13:41.840 --> 0:13:44.560
<v Speaker 3>feel like that leads a lot of credibility to his

0:13:44.640 --> 0:13:47.439
<v Speaker 3>commentary on things like the future of AI and crypto.

0:13:47.400 --> 0:13:50.080
<v Speaker 1>Right, exactly right, and looking at kind of where things

0:13:50.200 --> 0:13:52.720
<v Speaker 1>are going. And you know, if you google on him,

0:13:52.760 --> 0:13:55.960
<v Speaker 1>he's got some thoughts on TikTok and the social media space,

0:13:56.720 --> 0:13:58.280
<v Speaker 1>which I do feel like, you know, we're all going

0:13:58.280 --> 0:13:59.520
<v Speaker 1>through a little bit of I don't want to use

0:13:59.559 --> 0:14:04.000
<v Speaker 1>the word revel but rethinking you know, privacy issues, how

0:14:04.080 --> 0:14:06.240
<v Speaker 1>much time we use and some of the you know

0:14:06.760 --> 0:14:09.320
<v Speaker 1>concerns right, and then there's the good side of like

0:14:09.360 --> 0:14:11.640
<v Speaker 1>really connecting people in a really easy way.