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22:23And so that is a strategy that's good. That's going to be a nice, robust market. And we expect with our technology to be the leader in that because we're doing broadband from space. You mentioned your work with the U.S. government over the last two years. Can you expand on that a little bit. What exactly are you doing for the U.S. government? Yeah, so it's probably worth taking a step back. You know, we currently operate the five largest satellites in low Earth orbit commercially. You know, that low Earth orbit for the layman is, you know, that's what the space station is. It's much closer to the planet.

22:52It's that that lag you experience when you have a geosynchronous satellite. Leo solves all that. So we have the largest satellites deployed in low Earth orbit. The one we're shipping to the launch pad in two weeks is three times the size, over 2 ,400 square feet. So this is a unique technology that was developed to talk to the small phone and to do it well and to navigate crowded cellular airwaves. But it also has other applications. So with our U.S. government business, we see up to 10 different use cases, both communications and non-communications, that can support the U.S. government mission for defense.

23:27And importantly, one of the ones we're testing in orbit today, and we've been doing it for over a year, has really strategic and valuable implications, including potentially for the Golden Dome project. You also mentioned the notion that it's not just texting and being able to make calls. This is broadband delivered from a satellite to wherever you are in the world. That's the idea here. What is the experience using the phone in that environment and how could that be different or similar than using a 5G LTE network? What are the speeds we're talking here? That's right. And so from the beginning, and again, this is why we've been partnered with the network operators.

24:05They've been in the room with us testing and developing this tech for five plus years. And what it means is we're integrated on the back end. You remember, everyone's got a vision in their mind of calls in the old days where someone would be connecting the call and doing this. Well, that technology still exists in the world. It's just done with servers and with software. And so we're deeply integrated on that side of the business so that the phone just works. And so this is a native cellular broadband experience. The user doesn't know that there's a difference unless we want them to. And they can do text, calling, native calling, video, streaming, and they can do all these applications.

24:39And it feels just like you're using your phone on an LTE and 5G network. So how fast? Like, what are we talking megabits per second here, up and down? So we've tested over 20 megabits per second to the cell in the past couple of years with our satellites in orbit. With the, you know, there was mention of a spectrum deal a moment ago. We did our own spectrum transaction earlier this year, a very similar type of spectrum, which is about 40 plus megahertz in the United States. And with 40 megahertz, we can deliver 120 megabits to the cell on the ground. Now, how you manage all the network traffic and how do you go to market is a critical decision we make with our partners around the world, including in the United States.

25:19but there's only one way to get broadband capabilities from space and that's with a big satellite and we have the biggest. On the connection side of things we're wondering too about the experience of being inside and outside. Anyone who's used like a Garmin head unit for example on a bike knows that you have to use it outside to get the cell signal. Can this coverage go inside buildings? That's right we can do one wall in. So some of the success factors for that are the fact that again we have a big satellite and we also use low band spectrum. That's part of our partnership with AT &T and Verizon is combining some low band spectrum that they have from decades ago.

25:53And so the low band spectrum propagation characteristics are the best. And as you go into mid band, even then it's still pretty good. So we can do about one wall in, which means a building means a car means a plane.

26:05Carol Massar:Ah, okay. That's what we were. Cause I think there were some folks like kind of messaging. What is he talking about? Hey, you mentioned that you guys have picked up spectrum 40 megahertz. Um, do you want to buy any more if some comes up for auction? Well, in the space world, there's two big bands of spectrum that matter. It's called L and S. We just purchased long-term access to the L band in the United States and Canada earlier this year. And that gives us a big chunk of spectrum, the biggest available and the most valuable wireless market in the world, which is the US. We also purchased an international filing that allows us to go around the world and pick up other pieces of spectrum for space.

26:45So we're pretty happy with our spectrum position now for those two moves. This, again, is consistent with our historical strategy of sharing cellular spectrum with the operators, but it gives us more lanes of traffic and the ability to do better services to more subscribers. So we like our strategy in both of those two bands that matter.

27:02Carol Massar:All right. We've got to run. So appreciate this deep dive. I hope you'll come back. Keep us abreast of what you guys are working on and how things are going. Scott, thanks. Have a great rest of the week and weekend. And Scott Wisniewski, he's president of AST Space Mobile, joining us here. Stay with us. More from Bloomberg Businessweek Daily coming up after this.

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29:52Advanced cleaning features with a massive dryer that gets everything dried the first time? Yes, please. Sounds like another perfect match from the Grand team. ShopBrandAppliance.com You're listening to the Bloomberg Business Week Daily Podcast. Catch us live weekday afternoons from 2 to 5 Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg Business App. Or watch us live on YouTube. Well, if you haven't heard of Beast Industries, maybe you've heard of the company's namesake founder, Mr. Beast. No, that's not the name that he was given at birth.

30:27Carol Massar:No, it was not. Jimmy Donaldson, I believe it was. Jimmy Donaldson. YouTube is the most popular place to watch videos in the world, and Donaldson is its biggest star. His main channel has more than 430 million subscribers. It's more than the population of all but two countries. The empire, not just YouTube videos that get hundreds of millions of views. It's chocolate, snacks, a thriller being co-written with James Patterson, a reality show on Amazon, and more. Lucas Shaw profiles Mr. Beast for the current issue of Bloomberg Businessweek magazine. It's the cover story of the screen time issue. Lucas is Bloomberg News, managing editor for media and entertainment.

31:01He's also the author of the Screen Time newsletter. Check out the current issue of the magazine. You can read it on the Bloomberg Terminal and at Bloomberg.com slash Businessweek. Lucas joins us from our L.A. Bureau. Lucas, for the uninitiated, who is Mr. Beast? He is a 20-something YouTube mogul. He's a six foot five kid from Greenville, North Carolina, a community college dropout who has been obsessed with YouTube since he was 12 years old, 10 years old. really a student of virality, who starting five, six years ago to get a lot of attention to his videos and now has sort of grown to a size and scale that we've never seen on YouTube for any company, for any channel, and is also trying to be, I think, the first YouTuber to turn that attention and that audience he has into kind of a multi-pronged media business.

31:59Carol Massar:All right. So, Lucas, Tim and I would love to have 430 million subscribers. We, too, would love to be a YouTube star. We're kind of a YouTube star within our niche. I just want to say we are on YouTube, but I mean, come on, how the heck did he do this? You know, it's, it's often hard to say. I've profiled a lot of the most popular YouTube channels over the years. And I think that their stories tend to share some commonality where like they're at a certain point people start to be interested in what they're doing and then the algorithm takes over and they just keep getting bigger and bigger and bigger i mean what makes his videos distinct or unique is he sort of he he mashes together a lot of genres that have already been popular in reality television so his videos are you know they're a little bit survivor they'll you know they'll strand people in a particular situation um for a long period of time they're a little bit of fear factor in that they're, you know, they're, they're chained together or they like, it's not just you're on a deserted island.

33:05It's like you're on, you have to survive in a supermarket for a hundred days and like figure out how to survive there and all, and you can leave early and get some of the money, but not all of the money. Or when I was visiting his, uh, his facilities in North Carolina, they were shooting a video where they had two exes chained together in a room. And over the course of 30 days, the chain got smaller and smaller. So they were closer and closer together. and there were opportunities for sort of one to take some money and screw over the other one but because they had this emotional history and there's clearly a little bit of residual feelings they didn't want to do that um so it's it's psychological it's kind of crazy and it works really well with young people like the the cadence of his speaking and the videos they're not frankly not something that i would always want to sit down and watch for a long period of time but like boys in particular, 12 to 24, cannot get enough of it.

33:54He's got a big team, as you write, working on this. As you mentioned, you visited the headquarters. The company's worth$5.2 billion. I was shocked at that figure, but I was even more shocked to see that it's just hemorrhaging money. Three years in a row, more than$110 million lost last year. How? Why? Because they spend so much on their videos. You know, some of it is just the mistakes and exuberance of a startup. They construct these very elaborate videos. The average cost of one of their YouTube videos went from$300 ,000 in 2020 to more than$3 million last year. And there's only so, even as popular as he is, because the ad rates on YouTube are pretty low, there's only so much you can make from one video for YouTube, which is one of the reasons he wanted to go make a show for Amazon, which spent even more than that.

34:47And by the way, he still managed to lose money on it. And so the process that they're working on now is trying to bring some of the traditional kind of approaches to entertainment that help you save money so that their YouTube videos don't lose as much, right? It used to be like, okay, we want to involve a Lamborghini. We're going to buy it from our local dealership and we're going to destroy it. And we're not going to have a wholesale rate with the local dealership to help us save money because we know we're going to want more Lambos in the future. Or like, we're going to use a school, we're going to build it up and tear it down, not thinking, well, maybe a school is a set that you'll use multiple times in the year, and instead of having to rebuild it every six months, you just have one.

35:27And look, his offices or his studio is now on 100 acres, so he's got a lot of land to play with.

35:34Carol Massar:All right, so enter the parent in the room. Tell us about Jeff Hausenbold, who he is, he's been brought in, can he fix this, What is he going to do to fix this and make it profitable? Yeah, he's a Silicon Valley guy, has worked at eBay, among other companies in the Bay Area, was an investor on behalf of SoftBank for a while, has relationships with companies like Uber and DoorDash. And until recently, I mean, he would still say the Bay Area is his place of residence, but he basically lives on a plane these days. You know, I think he is bringing in a lot more of professional leadership and management.

36:13There's sort of an executive team at the corporate level that they didn't have before. To me, the big question is, can he get Jimmy Donaldson, Mr. Beast, to trust him to make the changes that need to be made? And can they do that without sacrificing whatever the secret sauce is? My understanding of how that organization typically works is like they can say all they want about there being a new CEO and someone else in charge. But ultimately, it's Jimmy's name on the door. He owns more than half the company. He makes the final say. And so he's got to get comfortable with some of the new ways of doing things that can make it a more functional operation.

36:50He told me that he is, but the proof is usually in the pudding and in the practice. You spent a good bit of time reporting this out. what is Mr. Beast like? What is Mr. Beast's mom like? His, look, his mom is Sue. I spent, I'm not going to exaggerate. I probably spent 20, 25 minutes with her. She seemed very nice. She loves her son. You know, she feels a little bit like the last boss in a video game or the bodyguard who's sort of like looking after her son's best interest. You know, when Mr. Beast had Jeff Hasenbold come and visit, and little did Jeff know that Jimmy was in a lot of ways sort of auditioning him for a job.

37:37After he left, Jimmy asked Jeff to come back and spend some time with his mom, clearly seeing that as sort of the last check. See, I like this guy. Does my mom like him? If my mom likes him, we'll hire him. You know, I think that Jimmy is probably a pretty tough boss and a tough person to work for. But the things that make him demanding and the fact that he does not turn off, he's always working. But I'm not going to see that firsthand as a reporter. I'm going to get a little bit of the sanitized version, but I can hear that from some of the people who've worked with him over the years.

38:05Carol Massar:Well, and she's glad he's not selling knives anymore, right? Very glad that he's not selling knives anymore. And look, she wasn't always a believer in this YouTube thing. She wanted him to go to college. She wanted him to take a more traditional path. But obviously, when your son starts making millions of dollars a year, you're OK with what he's doing. Yeah. And for that Knives reference, you're just going to have to read the story. I'm just going to say. Hey, before we let you go and before we talk about screen time next week, which we are super excited about, just a little bit on what it takes to be a content creator today.

38:33Does it take a line of chocolates? Does it take snacks? Does it take writing a novel with a bestselling author? What does it take? Well, it depends on what you want. There are plenty of successful podcasters or YouTube creators who do just that, right? They're happy. That is what they want to do. But Mr. Beast has ambitions of being an entrepreneur. He looks up to, when I first interviewed him five years ago, he had a picture of Steve Jobs behind him on the wall. He, you know, you go into, he's very fond of Elon Musk. These are people that he looks up to. And so he is now trying to use that audience he has to pursue those dreams.

39:11You know, I don't know, it's not like he grew up saying, I want to be a chocolatier. But he has like five, six, seven, eight different businesses that he's trying to spin up. I think he's somewhat unique in that regard. But we do live in an era where a lot of celebrities are trying to use the influence that they have to build these other businesses because it holds the opportunity of making tens or hundreds of millions of dollars more than they would just from their regular career. All right.

39:36Carol Massar:We've got to talk about screen time. This event, you put it together. You bring together incredible content creators from all walks of life. It's next week in Los Angeles, October 8th and 9th. And you've got some really big names coming. That's the goal every year. Yeah, year three. I mean, the two I'm probably most interested in are Jimmy Kimmel, just given all the news that he's been in lately, and David Ellison because he's sort of the new mogul in town right now. But very excited to talk to Ryan Coogler, the director of Sinners, really one of the most interesting movies released this year.

40:12excited to hear from music mogul Irving Azoff and Robert Kinsel. My colleagues will be interviewing both current LA mayor Karen Bass and the person she defeated at the most recent election, Rick Caruso. So we've got a good mix of a little bit of politics. We've got TV, we've got music, we've got some filmmakers, the creators of Nobody Wants This, one of my favorite new shows on Netflix. So it should be a good time. And Adam Masseri, the head of Instagram meta platform, somebody who's been at the company for years. Instagram, of course, has an outsized influence when it comes to your world. How do you think about the melding of technology and sort of what we think about as traditional tech or new tech and also los angeles hollywood content creation and old tech well look i i always like to tell my boss even though he doesn't like to hear it that two of the biggest tech companies are actually media companies meta and google make pretty much or meta and alphabet make pretty much all of their money monetizing attention they they and that is the definition of a media company uh instagram and youtube are two of the biggest video platforms in the world.

41:10We had YouTube CEO Neil Mohan year one. And so obviously very excited to have the head of Instagram here year three. And I think people sleep on how big video is on Instagram these days. It's probably now the thing that people spend most of their time on Instagram doing.

41:23Carol Massar:Hey, no pressure. I just can't wait to see your first question to Jimmy Kimmel. I'm just going to put that out there. Great stuff. We cannot wait to be there with you. Next Wednesday night. You got to go there for day one. Wednesday night and then all day Thursday. Yeah. Unbelievable stuff. Lucas, thank you so much. Be well, and we'll see you next week. Lucas Shaw, of course, Bloomberg News Managing Editor, Media and Entertainment, the author of the Screen Time newsletter. He is also the author of the cover story of the new issue of Bloomberg Businessweek, so be sure to check it out and join us.

41:52Carol Massar:We'll be there broadcasting from 1 to 5 p.m. Wall Street time. And if you want to go, maybe there are still tickets. Check it out, bloomberglive.com slash screen time. also highlights here on Bloomberg TV and radio and on TV Go on the terminal. This is Bloomberg. Stay with us. More from Bloomberg Businessweek Daily coming up after this.

42:33Just describe what you want to do in plain English, like if the VIX hits 25, buy a put option on the S &P 500. Or if my cash balance goes above$20 ,000, move the excess into my direct index. You approve the workflow and your agent handles the rest. Monitoring the market, watching for your conditions and executing your strategies exactly as defined. An investing platform driven by your intent, not just your clicks. You can also get full read and write access to your account via the public API. Go to public.com slash market and fund your account in five minutes or less. That's public.com slash market.

43:11Paid for by Public Investing. Brokered services by Open to the Public Investing, Inc., Member FINRA, and SIPC. Advisory services by Public Advisors, LLC, SEC Registered Advisor. Complete disclosures available at public.com slash disclosures. If your best finance people are doing expense reports, chasing receipts, or spending time on month-end clothes, it's time to get Brex AF, a gentic finance that eliminates that work before it starts. Learn more at brex.com slash AF. Aging is real, and so are the benefits of adding vital proteins, collagen, peptides to your daily routine. Because around the age of 30, your body needs backup to keep your collagen up to help support healthy hair, skin, nails, bones, and joints.

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44:26They recommended Electrolux and we love it. Advanced cleaning features with a massive dryer that gets everything dried the first time? Yes, please. Sounds like another perfect match from the Grand team. Shop GrandAppliance.com You're listening to the Bloomberg Business Week Daily Podcast. Catch us live weekday afternoons from 2 to 5 Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg Business app. Or watch us live on YouTube.

44:56Carol Massar:All right, TikTok, everybody. Just under 20 minutes to go before we wrap up the trade on this Thursday. You just heard Alexis and Bill breaking down the major market averages. And we've been bouncing around a little bit. And we saw kind of a middle of market, a little bit lower earlier in the session. But we are just up about four points on the S &P 500. Dow Jones Industrial Average, a gain of about 80 points. And the NASDAQ 100, Outperformer, as we've been saying, on a percentage basis, up about just shy of four-tenths of a percent, a gain of 90 points. So we'll see whether or not we get some records.

45:29Carol Massar:We've been talking about some record moves here on these major averages. After what's been a year where we've seen the major averages, especially as of late, hit a lot of all-time highs. Yeah. Right? Yeah. It's been a little, I don't know. It's just strange to me that, well, I guess it's kind of what Jan Van Eck told us earlier this week, that the government shutdown is not really something that he thinks will have a significant impact on markets. It's not going to affect fiscal policy significantly or monetary policy. The Fed is working. I think Molly reminded us of that yesterday. Yeah, exactly.

46:08Carol Massar:And I think if it becomes a long shutdown and then we start to get into some issues. Let's see what our guest has to say. Adrienne Mackey is founder and managing partner of Strategic Wealth Capital. The firm has about$230 million in assets under management. She works with high net worth and ultra high net worth individuals. Good to have you with us this afternoon. We were interested in talking to you for a lot of reasons. We love having you join us, but you work with a lot of folks. Our understanding is who are in technology or have worked for some of the high flying tech companies, the high net worth and ultra high net worth individuals.

46:41We have a story about OpenAI reaching a new valuation today,$500 billion, topping Elon Musk's SpaceX. Are you seeing some of that money come into your firm now that these employees are allowed to sell shares on the secondary market? We're seeing actually. So that's one of the firms. There are also some other firms where our clients are seeing, and also tech companies, IPOs likely coming over the next couple of quarters. So we're definitely gearing up towards a lot of tax planning, especially with a lot of changes in the tax bill, and we're just preparing for that. So yes, I mean, that's loosening up a lot of funds, for sure.

47:23So how do you plan with these individuals? Let's say the vast majority of their net worth is tied up in a private company valuation that has just soared in recent years. How do you manage that or de-risk that capital? The first thing, and this is going to sound, this is sort of like a plumber trying to explain kind of where the pipes go and all of it. So it's a little technical, but we always start, it's like running a business when you work with a family. The first thing we start with is what is their burn rate? What do they need? So for so many of our clients, it's funny. They're saying, my net worth is 10 million, 20 million.

47:55How is it I don't feel like I have any money? Well, often, I mean, their stock's locked up. It's not liquid. But then they also have quite, quite big taxes. I mean, our clients are New York City, San Francisco on top of it. So the first thing we do is we determine, OK, what is it you need for housing, funding schools, the basics? We basically back out and we say this is the amount we cannot have at risk. This is your burn rate. This is an emergency amount in addition. And then we figure out, OK, this is what we can take extreme risk with, which is often what they have in lockups after an IPO. And then in the middle, we have very traditional, which are very strong.

48:34We have indexes and bond funds. So it's very much like running a business where it depends so much on what the clients need and when.

48:42Carol Massar:Are you a lot more busier, though, this year because of the number of IPOs, like the IPO market finally feeling like it's opened up? So do you have more clients related to initial public offerings that we've seen this year? So we're super busy this year. Well, for a lot of reasons. One is most of our clients, as you imagine, have very, very high incomes. They're in the top tax bracket, state and California. And we've had strong markets. So even so our clients who have new, relatively new public company stock, but also our clients who work for Fortune 50 companies and the stocks have been appreciating so much, it's the same exact problem, which is I have so much of my liquidity in one company.

49:31What are we going to do about it? And then the new tax bill, for what it's worth, opens up a lot of planning opportunities. So it's been trying to smartly manage that huge risk in a tax efficient way. It does open up a lot of possibilities. So we're doing a lot of donor advised funds. We're doing a lot of giving and foundations, gifting. So we're very, very busy because as those positions get larger and larger as a percentage of wealth, we have to address it.

50:00Carol Massar:So that, you know, it's kind of interesting because you always do see this. You know, we talk about the lockups, right? And when that's over and insiders and execs can sell shares. Or you also, you know, we'll see an executive selling shares and we'll always be told it's part of estate planning. But is that also a way for a client, you know, kind of reading between the tea leaves of saying, I don't want to be just exposed to my company. I believe in it. I work in it. But I don't want to be that exposed to it because, as we know, things can go wrong. Such a good question. So I was just in D.C. last week where I work with several board members and C-levels of a Fortune 50 company.

50:41And the hard part is our clients are often very visible. So just to your point, it's still a really big danger. I mean, these are families who have kids in college, kids in private school. They are on other nonprofit boards. I mean, they need funding. They're often in very expensive cities because that's where the headquarters are. So but they don't want to shock the markets by selling huge chunks. So and that's it's very important, right, for signaling. So 10B51 plans, for example, a couple of my clients, I'll have executive lockouts. And then in addition, when the company is going through a potential acquisition, they're in a special lockup.

51:22So a 10B5-1 plan, for example, is a plan that is pre-planned, the plan that's pre-planned, and it allows executives to sell a certain tranche. There's a specific window of dates, and it's public. So irrespective of what the market is doing, irrespective of earnings and news and et cetera, the clients that we sell. And that works very well because we're peeling off some of the riskiest stock. We can decide which tax tranches. So we do a lot of tax planning, underlaying it. And then it doesn't shock the markets because, first of all, a number of executives do this and then people can see ahead of time.

52:02And then it's not it's not a surprise, which is often what does cause concern for analysts. I remember speaking to you in the wake of the so-called liberation dead. You talked a little bit about the comments you were getting from clients, the calls you were getting from clients. We only have 30 seconds left, but what are the calls that you're fielding right now? How has the tone or the mood shifted? 30 seconds. So 30 seconds. One thing I loved was the piece you guys had a few days ago on consumer spending. In short, the thing that bothers me or that scares me the most because markets have still been strong is inflation.

52:36I mean, it's like a perfect storm of downer pressure on interest rates. I don't think it's warranted. It's what it is. Tariffs. Only some of the tariff costs have been built into goods we're spending. and it's going to be pushed off next year by these tax refunds. But the point is in six to 12 months, six, nine months, all of the stuff that the three of us are going to be buying, a lot of it's going to cost more as these things are built into it. And that will slow a lot of the earnings.

53:02Carol Massar:That's what I'm worried about. Looking forward to that. Adrienne, thank you so much. Adrienne Maki, she's founder and managing partner, Strategic Wealth Capital, joining us here on Bloomberg Businessweek Daily there in San Francisco. This is the Bloomberg Business Week Daily podcast, available on Apple, Spotify, and anywhere else you get your podcasts. Listen live weekday afternoons from 2 to 5 p.m. Eastern on Bloomberg.com, the iHeartRadio app, TuneIn, and the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg Terminal.

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