Big Tech Earnings, College Admissions Controversies, and UFOs

24:27Yeah. They have very different needs at the table. It'll be interesting to see how they deal with each other, which is, I keep saying that. Netflix is a whole different country compared to Disney, compared to the tech companies. There's three different countries working here, and the tech companies can sit it out, too, and copy. And they have the money, also, and the stuff. Let's compare and contrast it to the UPS drive. The UPS drivers, what did they want? Okay, so the writers want the studios to not use AI, and they want at least a certain number of writers in the room. This is what the UPS union asked for.

25:04They asked for an additional$2.50 per hour and air conditioning. Okay, and the day UPS was going to go on strike, everyone that uses UPS was going to feel it, as was the general economy, 23 % of packages. and UPS that day they went on strike doesn't increase their cash hoard. They literally started losing tens of millions of dollars a day. Let me explain what happened there. UPS and Teamsters have reached a preliminary deal. It's narrowly avoiding a potential strike. It still could happen. The deal is worth$30 billion and includes raises for full and part-time workers, heat safety protections, which I think are critical and ends mandatory overtime on days off for over 300 ,000 employees represented by the union.

25:49Workers have to ratify the tentative deal in August. And if the vote fails, it could happen. But they came to a conclusion rather quickly. And it's because they had financial pressure, EPS did. And I think the teams just probably knew a good deal when they saw it, you know, a decent deal for their membership. I don't want to use the word that Bob Iger said there being unrealistic or unreasonable. I would argue that the leadership at the unions and also to a certain extent the studios, especially the ones that think they have a shared interest with Netflix and negotiating table, but they're being naive.

26:22If the UPS drivers, if the Teamsters had made the same demands or requests that the riders are making right now, it would have been the following. And this is how ridiculous it is, some of their requests. They would have said, you can never use autonomous driving for our UPS trucks. They never even brought that up. That's an existential threat to UPS or the Teamsters. But they realized no one has ever been able to get that, so they didn't even ask for it. And - That's a really good point. What if they had said, it sounds outrageous, but it's what the riders are asking for. What if the Teamsters had said, in every truck, there has to be two drivers?

26:58That is literally what the riders are asking for. They want a minimum number of riders in every rider's room. Well, no, it would be more like there were two drivers and UPS wanted to cut one because the rooms have been fuller. You know what I mean? It's a little slightly shifted that they want to take away one driver. The Teamsters wanted air conditioning and another$2.50 an hour. That's what they, those were their demands. And mandatory overtime. And they have leverage. You're right. You're right. That's a very good point of comparison. Snap and Spotify, as you noted, Snap sales dropped for a second straight quarter, even though it rolled out its AI chat bot this quarter called MyAI.

27:34And 150 million users have sent over 10 billion messages in it. People are using it again. They had some problems, but they're working on them. As for Spotify, it was the company's strongest ever quarter for user growth, but the streaming giant reported losses following podcast cuts and higher royalty payouts. And a recent price hike didn't help the stock price, which I think they're adding a dollar to it, I think, which fell over 14 % immediately following the news. You're right. Things are sorting themselves out. Both very good products, by the way. It seems to me that they're going to be bought.

28:06I don't know. I thought about that when I watched this. Because excellent products. Both companies have excellent products. Look, revenue declined 4%, where everyone else is growing their revenue. Their losses did decline. So the U.S. advertising market is expected to grow 6%, which is actually pretty good, versus a 9 % growth seen in 2022. And highlights from the call, daily active users reach 400 million, which is up 14%, which is pretty impressive, which means they're getting lower ad rates. The stock's down. Well, the stock was way down today, but it's about 10 bucks. By the way, we're launching PropG AI, my own bot, so people can ask my bot questions.

28:49I'm sure like you, I get questions every day, really thoughtful, long emails that I can't respond to. So we're trying to create a bot, and we've been experimenting with ChatGPT and Llama to see the differences between the two, and it's been really fascinating. Anyways, look, I think Snap is a great company. It's the only company that's not, or only kind of company that's sort of grouped in with these folks that, quite frankly, just no matter how much young people love it, it is kind of the communications vehicle of choice among young people, which arguably are some of the most valuable people to advertisers.

29:22that consistently innovate. I think they're subscale, and I'm wondering if we could come up with a very interesting tie-up between Snap and Disney. And Disney could do a few things. One, it could use Snap as a distribution channel for their content into those 400 million users. Or they could take, as they said, they wanted to spin off FX and ABC, and I forget who the other network is they own. ESPN, they want an investor. Well, what if they really started shoving content through? What if they made Snap kind of the premier distribution vehicle as opposed to cable television? Well, they did try that.

29:59Snap did try to do that discovery. You remember, it didn't quite work out. Maybe it was just too early. Or what if they ran original characters and snippets before all their movies came out on Snap? And not only that, Snap has the nicest brand in social. It's the least toxic. And who does Disney appeal to? It appeals to young people. Young people, yeah. It's interesting. What about Spotify? What about Spotify? The tie-up of Spotify I always thought about, but they're not going to do it, and I've actually talked to some people on Netflix about it, is that if you had Netflix and Spotify, you'd have the largest subscription media company in the world.

30:34That is correct. That's always been my thought. But the problem is Spotify isn't profitable, and Netflix has hit profitability. I don't think they'd want to take that dent. I don't think it's going to happen. Snap is$17 billion. Disney is 157. So call it about a 10 % dilution, maybe 15%. Yeah. And Bob Byrger's not in the buying mood right now. He's got too many other things on his plan. They're shedding. Well, they have 10 billion in cash. He needs to do something. Yeah. He's shedding. You're right. But people are still giving a hard time overpaying for Fox. But yeah, I agree. Let's go on a quick break.

31:05When we come back, college admission standards are under the microscope. We'll take a listener mail question about the future of EV charging and what that has to do with Elon Musk's ex.

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33:39welcome back scott i want to let everyone know that we are all over social media now you can follow us on instagram threads and yes even the dreaded tiktok you can find us at pivot podcast official all one word check it out from your burner phone though for tiktok but whatever you want we have some nice little videos going on we're gonna we're starting we're dipping our dipping our big toes you look good you look better than me despite being much much older Okay. Erin, I'm not much older than you. I'm not much older than you. It's like, what, a three-year age difference? How old are you? Anyway, to our next big story, the Education Department is conducting a civil rights investigation into Harvard's legacy admissions policy.

34:17This comes on the heels of the Supreme Court decision last month that effectively ended affirmative action. A new study out earlier this week from a group of economists at Harvard found that being rich on its own is its own form of affirmative action, which, you know, thank you. We knew that. And by rich, I specifically mean applicants whose parents earn more than$611 ,000 a year. Essentially, if you had to choose between poor people and rich people, rich people, legacy people got in. This isn't just about Harvard, obviously. Let's read some quick figures from court papers in this case. Harvard gave preference, recruited athletes, legacies, relatives of donors and children of faculty and staff.

34:53They got preference. Those applicants make up less than 5 % of the total pool, but around 30 % of admissions. Huh. Interesting. Guess what else? About 68 percent of those applicants are white. What do you think about that? And Harvard and other universities defend legacy admissions as creating a sense of community. Yeah, rich people like to hang out with rich people and more importantly, ensuring donations. That's really where the money is. The endowment of Harvard is now the biggest endowment in the country, hovering around 50 billion dollars. That's a big deal for legacy, getting legacy admissions.

35:28Two Democrats, Senator Jeff Markley and Congressman Jamal Bowman, said they plan to reintroduce legislation and bar preferential treatment for legacy applicants. Harvard says it's reviewing aspects of the Supreme Court decision. But other schools are joining the bandwagon of ending legacy admissions. Wesleyan joined Amherst, MIT, Johns Hopkins, and the University of California. Ohio universities are taking a look at their admissions policies as black student enrollment has dropped or remained flat at most of the 13 public universities there. So there's a lot happening. But let's discuss legacy.

36:02It's so gamed. I don't know what else to say just so they can get money for their big, giant endowments. That's my feeling. Go ahead, Scott. You know more about this than I do. So I've been thinking a lot about this. And there's a bunch of things here, and they're all sort of related. The first is the Supreme Court's decision to make race-based affirmative action illegal. And I got a lot of pushback for this. I agree with that. And today, the academic achievement gap is double between rich and poor as it is between black and white. This year at Harvard, the freshman class is 51 % non-white. And here's the bottom line.

36:34A poor white kid has a tougher time getting into college than a rich non-white. And affirmative action is hugely important. And we need to talk about where Americans can come together. and that is you need to acknowledge that there is still systemic racism in the united states but the question is how do you best address how do you best accomplish what most americans believe and that is a lot of kids who no fault of their own face additional obstacles and government is here to give them a hand up it's through affirmative action that is based on money that is based on economics and quite frankly again my alma mater is leading the way the University of California did away with race-based affirmative action in 1997, and they went to what was called an adversity score.

37:21And that is they recognize a lot of people, a lot of non-whites face adversity, and they talk about it in their applications, and they give them an adversity score. But they don't allow legacy admissions. Do you know they don't even allow letters of recommendation anymore? But here is the bigger, even bigger problem, the even bigger problem. All of these arguments that divide us and anger us are a giant misdirect. And the reason why he has such emotional arguments is because college is still a fantastic ticket to a better life, especially an elite college degree. It is the premier luxury brand globally.

37:53And me and my colleagues are so drunk on arrogance and self-aggrandizement that we have decided, despite sitting on the endowments that are the size of a Latin American GDP, to not expand freshman seats. The solution here is simple. We need more white kids. We need more non-white kids. We need more trans kids. We need more women. We definitely need a lot more young men. And it should be because if a school has a$52 billion endowment and isn't growing its freshman class faster than population growth, it is no longer a nonprofit. It is no longer a public servant, and it should be taxed as such. And let me tie this into Biden's student debt relief program, which I think was terrible legislation.

38:36It was attacking the tumor, but it wasn't attacking the underlying cancer, and that is exponentially increasing college costs. If they'd taken$500 billion of that and said to our 500 greatest public universities, we'll give you on average size adjusted$1 billion a year in exchange for three things. One, you're going to grow your freshman seat 6 % a year for the next 10 years, and we'll pay for the infrastructure and technology such as you can accomplish that. And all this bullshit about space constraint with online learning, the fact that there's no students during the summer on these campuses at night, they could easily expand 6 % a year, and we, the government, will pay for it too.

39:12Two, you're going to reduce your cost through that additional scale 2 % a year. That's not a lot, 2 % a year. And you're going to have 20 % of your graduates and your students be pursuing non-traditional four-year liberal arts, vocational certificates, specialty construction, cybersecurity. Where does that get us in 10 years with that$500 billion? It gets dramatically more apprentices and certificates, vocational certificates, such that there's more and broader on-ramps to a great middle-class lifestyle. I think you're going to run for Senate from Florida. I think we need to do this, Scott. This would be a good platform.

39:46We have more kids who aren't cut out for the traditional four-year degree who have an on-ramp into the middle class. So in addition to more vocational certification, what do we have? We have a net doubling of freshman seats in 10 years, and we have a net halving of cost. This is where we need to go. And it stops these arguments where we hate each other and start accusing each other of being racist. I agree. I agree with this. Everything you said is actually shockingly intelligent. But but but because I'm young, that's the young brain. That's the 50 year old brain. Not for long. Not for not in 10 years.

40:20What do you do about legacy admissions? The people just before you talk, the people that push the affirmative action thing are also now going after legacy. That guy that guy is now doing cases around. He doesn't like legacy either. They're going to have to get rid of legacy admissions. Correct. It seems like this is what no one wants to talk about because it's politically incorrect. Legacy admissions, legacy admissions should, should actually help non-legacies. Why is that? When I was in business school, there immediately was someone in our cohort. I went to the smallest business school. The Haas School of Business only had like 200 students.

40:56We only knew each other right away. And 80 of them were Japanese students and just kept to themselves. It was really strange. They just didn't hang out with us or anything. And that was back when Japan was like the economy that had beaten the world. And the way you can tell the ultimate signal of an economy booming is all of their kids end up in elite colleges. That is the ultimate luxury item. So it was a small group of people. We all knew each other. And there was one person who clearly wasn't qualified, clearly wasn't qualified to be there. And we were all tutoring this individual. It ends up this individual's parent, we figured this out fast, was a billionaire.

41:29And we said to the admissions director at dinner one day, we said, so-and-so is clearly not qualified. And the admissions director was, Yeah, but this person's father is a billionaire and they're going to give a lot of money and that will expand seats and give us the opportunity to let in more qualified kids. There's too many of them, though. Legacy admissions create community, create goodwill and result in more resources. The problem is these universities have not been using those resources to expand freshman seats. So there is no way, in my view, that you can say, all right, we're no longer going to help people based on race, but we're going to continue to let in legacy that are predominantly white because of a history of systemic racism that infected our schools.

42:09So you, again, have to go to where the University of California has gone and said, sorry, guys, unless you can show that that additional goodwill that results in additional funds that translates to more seats for everybody, including non-whites, no legacy admissions. Legacy admissions actually, if handled correctly, would be good for everybody because they create more community and more money. But the problem is they're not using that more money for more seats. They hoard it. I like your first idea better, the government using that money to do that rather than for loan forgiveness or whatever.

42:44Well, how can you tell to the two-thirds of Americans that didn't go to college to bail out student loans? The only way you can, under executive action, require$500 billion is if it's an investment. And the other thing I hate about the student loan thing is it lets universities off the hook. The other thing we need, Cara, is that 10, 20, 50 percent of bad student debt has to be assigned to the university that issued it. And what does that do? That says to a financial aid department at NYU or at SMU says, you know what? We apologize, but we're not going to loan you$200 ,000 to get a philosophy degree because we're worried you're not going to be able to pay it back.

43:20And you want to talk about a war on the young, a war on the young. You don't believe that we in the U.S. do everything we can to fuck young people. What is the only debt that is not dischargeable in bankruptcy? Student loan debt. One of the wonderful things about America is we're about a second chance. You get to start over, head west young man or young woman. And if you really fuck up and you get divorced and you're crushed by debt, you can declare bankruptcy. Companies can declare bankruptcy. It's a wonderful attribute of America. Except the people who deserve a second chance more than anyone in our nation, young people, don't get it.

43:57They can't discharge student debt. But we need to make universities, put them on the hook for bad student debt. Put them on the hook. Yep. Then they'd be better at giving them out. Yep. You're right. All right. This is a lot. Everybody will see what's happening. Just give me a very quick, and I mean pithy, prediction on whether legacy admissions will be overturned across the country. I don't know if it'll legally be overturned because I don't know if you can legislate that. I don't know the legal ins and outs. But unless a university can show they're using that goodwill and that additional revenues to dramatically expand seats for everybody.

44:32And I have a bias here. I am a product of affirmative action. I applied to UCLA when it had a 76 % admissions rate, and I didn't get in. I was one of the 24 % that got rejected. Wow. I had mediocre grades. Wow. I'm being very honest here. I had mediocre grades, and I'm about to virtue signal in a second and flex. I had mediocre grades, but I didn't test well. And I was installing shelving, and I came home, and I'm like, This is it. I said to my mom, I was with my mom. She's like, well, can we do something? Can we appeal? And I found out there was an appeal process. And my appeal process was pretty straightforward.

45:08It was in the truth has a nice ring to it. I said, I'm installing shelving. I'm going to be installing shelving the rest of my life. UCLA is the only option for me because I don't have the money to live on campus anywhere. My mom is a secretary. We make$40 ,000. Like, this is it for me. I was just very transparent. And I remember that the director of admissions or one of the directors called me and said, you're not qualified, but you're a son of California and you face some tough times. We're going to let you in and change my life. And guess what? This year, and this is the flex, I'm giving$14 million to the University of California.

45:43No organization can predict greatness at the age of 18. So here's what government's supposed to do. It's supposed to give as many 18-year-olds as possible a shot. Anyway. That's a tale. I didn't know that. What? Hello. We need to have a party at University of California. Adversity-based affirmative action is a great thing. It should be based on income. And UC is doing it exactly right. They don't give a shit. If a senator writes you a letter of rec, they don't give a shit. They want to know your household income. They give favor to people low income. They know letters of rec. They've been to that game.

46:22And they're not doing race-based affirmative action. They're getting there through other ways. They're looking at adversity. Interesting. Anyway, Scott, I didn't know that about you. I find things new every day. That's very generous of you. But at the same time, they deserve it because they gave you – although I have some shelves I need hanging, if you don't mind. My point here is letting it at that point, what seems like mediocre 17-year-olds, making a bunch of bets across what seem like mediocre 17-year-olds, you never know. You never know. I wouldn't have guessed it. anyway let's give it to a listener question you've got you've got i can't believe i'm gonna be a mailman you've got mail um this question comes in via email came in right as the news broke that seven automakers are banding together to build a charging network to rival tesla's now bmw gm honda and mercedes are among them um here's with amish asks tesla's sudden proposal to share its charging infrastructure and self-driving tech raises concerns for me it seems plausible may soon be charged via the X app.

47:22Had car manufacturers collectively invested in alternatives like Electrify America, could they have maintained independence and avoided potential curveballs from Elon Musk in the future? Love to hear your thoughts. Amish, first time, long time from Oklahoma. I'm going to take this because I was charging my car last night here. I have an electric car here in California as a rental. And I was thinking, why are we going to let Elon run the frigging electric system? He's going to have us by the balls just like he did with Starlink. like, why aren't these car makers doing something? And of course, I don't know if there needs to be two competing types of car networks, but there needs to be like, it should be like a gas pump.

48:00It should work on every car, whatever, if you're using Exxon or whoever. And I do not want to be forced to use the X app to pay for charging. And that would be terrible if he dominated that. So I think this is a good thing. And I was literally thinking about it because this was not, this was EVgo, I think. And it had all the chargers on it. It had the Tesla charger, it had a fast charger, it had a number two and a number one charger. It was interesting. And it was a very small amount of money to do it. And it took me 20 minutes. I went into the supermarket and shopped. And by the time I got back, I was 80 % charged, which was great.

48:3530 minutes maybe. But I was shopping. I was doing something else while I was doing it. This has to happen. There has to be a competition to Tesla's chargers. And he was way ahead of the game by doing it. I give him that credit for that. But boy, does there need to be an alternative. Scott? Yeah, I think you're exactly right. Competition is an amazing thing. We're building this bot and we're using, we're testing both ChatGPT and we're testing Llama. And you know that both of them are going to have to keep their costs low and keep adding more and more features. One charging station brought to you by Elon Musk, That just does not have a good ring to it.

49:15Yep. I think this is exactly what has to happen. And they have to compete and they have to do it right. Because, I mean, I don't think he would hold on to that for very long, for a long, long time, especially because he might become abusive. But what happened with Starlink is a very good example. This stuff is not as expensive as all that. And these carmakers should absolutely, this is a critical investment, not just for the carmakers, but for the government to help them do it. It's like building gas stations. Gas stations should be converted into charging, and there should be innovation in charging so that it's fast, so that you go to a movie and you charge your car.

49:52There's a lot of time the cars are sitting. I'm thinking a lot about it this week because I have this electric car, and at home I have a charger, as you do, I think, at your house, in Florida at least. And it's really important to be able to not worry about distance. And as batteries get better, certainly it'll get to 500 miles, except as you don't even think about it very much. for most trips you have, but this is critical that they don't, they're not at Elon's beck and call on this. And again, I give them credit for being out early. So we'll see, we'll see. Again, I will not download, I not pay$8 in order to charge my car and I don't want that to be the situation that happens.

50:30So we'll see. If you've got a question of your own and would like it answered, send it our way. Go to nymag.com slash pivot to submit a question for the show or call 855-51-PIVOT. All right, Scott, one more quick break. We'll be back for predictions.

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51:43That's O-D-O-O dot com.

51:52Support for the show comes from Odoo. Running a business is hard enough, and you don't need to make it harder with a dozen different apps that don't talk to each other. One for sales, another for inventory, a separate one for accounting. Before you know it, you find yourself drowning in software and processes instead of focusing on what matters, growing your business. This is where Odoo comes in. It's the only business software you'll ever need. Odoo is an all-in-one, fully integrated platform that handles everything. That means CRM accounting, inventory, e-commerce, HR, and more. No more app overload.

52:20No more juggling logins. Just one seamless system that makes work easier. And the best part is that Odoo replaces multiple expensive platforms for a fraction of the cost. It's built to grow with your business, whether you're just starting out or you're already scaling up. Plus, it's easy to use, customizable, and designed to streamline every process. It's time to put the clutter aside and focus on what really matters, running your business. Thousands of businesses have made the switch, so why not you? Try Odoo for free at odoo.com. That's O-D-O-O dot com.

52:58Okay, Scott, let's hear a prediction. Let's hear a prediction. I referenced it earlier in the show. I think something happens with Snap. I think it's such a great product. It has the least awful brand in social, even the nicest brand. It has 400 million of what are some of the most attractive consumers to advertisers in the world, and that is young people who probably over-index a little bit wealthier, who brands love because young people are stupid and they'll spend six bucks on coffee and 160 bucks on tennis shoes. They love high margin products and signaling because they're about to enter their mating years.

53:33But the company's subscale and its ad tech has never been able to compete. And as a result, it has a$17 billion market cap, which is obviously real, but it's nothing in that world. And I think you have a set of players that would love to have those 400 million users. And then you have a set of legacy players, and the one that strikes me, Disney from a brand fit, need, after they get through the cost cutting, need something to inspire growth. And as more people don't access Disney content through traditional cable, this would give them a new channel of what would probably by then be about a half a billion people of the most attractive consumers to advertising.

54:11And Disney's unique IP plus that new distribution channel, to me, it just feels right as rain. Yep, I like it. I have another purchaser telling me what you think. Apple. They would love to be. Let me just say, Snap would love to be bought by Apple. Love it. That would be their number one choice. The problem is of all of them, Apple is the least acquisitive. I know, but young executive for Apple that they would like, who is classy and has the Steve Jobs-y and kind of, well, he has the style and creativity. He would fit with them and be part of, it would signal young, speaking of older people, most of the executives of Apple have been there for 109 years and they're great, but they're older and it would bring in a young person who has the same qualities, I guess, of Steve Jobs.

54:54Yeah, I'm super impressed with Snap. And this is why I don't like to meet with people is I end up liking them. But I like him a lot. I like Evan a lot. It's a super impressive company right now. It's subscale. The thing about Apple, though, is that Apple really doesn't like to make acquisitions. They've decided their culture is the most important component. They're the least acquisitive of all of them. but from a brand fit standpoint and does apple i i don't know i think disney i think disney is probably a more likely bet than apple but just to give you a sense of the numbers here say that uh apple paid a hundred percent premium and by the way evan spiegel gets to decide all of this because he has a dual class shareholder he controls it he owns 51 of the voting stock so he gets to decide but say tim cook called him and he wouldn't have to pay a hundred percent premium But Tim Cook could pay 100 % premium.

55:45And this is how out of control the valuations are. It would be a 1 % dilution because that would be a$34 billion acquisition. And Apple is now worth over$3 trillion. So literally, Apple could buy Snap and in two years decide we were wrong, shut it down, and it would have no impact on the stock price. I like that you like my idea. I just feel like Apple's the right place for it. But Disney would be interesting, another elegant solution there. and bringing in an executive like Evan and his team, which would be interesting, would invigorate both those companies if they were allowed to do what they need to do, right?

56:22If they were allowed, given. And I think a place like Apple, they'd have more landscape, that's all, to operate. Anyway, well, SAIT would be interesting. And Spotify, no, no, you don't think they're gonna get bought. He's so stubborn. I can't imagine him ever admitting that he needs help. I absolutely love Spotify. There is no other company that has been able to distill an entire medium down to one searchable app. I mean, what they've done is incredible. They've raised prices. They do have pricing power. They're taking the charges for their adventures in podcasting where they were overpaying, which didn't work out.

56:57The problem is the studios, the only way – they've basically become almost a co-op for the music labels. And that is they have to give most of their money away to the music labels. So I don't – Spotify probably, ideally, they need to do something. But here's the problem with dual-class shareholder companies. Daniel Ek is a billionaire. Evan Spiegel is a billionaire. Why do they need to do anything? Control is an addictive substance. And if you're already worth billions, whether you're worth$1.8 billion or$3.6 billion, you don't care. You're like, the control is more important to you. Well, in Evan's case, I think he would.

57:31I think he very much would sell. Yeah. I don't think he's got the same. I like Daniel, but he's got an ego on him much higher. And so. He seemed very humble to me. I had dinner or I. He likes being the CEO of Spotify. He likes it. It puts him on a level of all the other moguls. And so just being an executive at whatever Netflix is not the same thing. I think Evan would relish being owned by Apple or Disney. I think he would relish that. So if in the middle of dinner or in the middle of Daniel introducing everyone at Cannes, he just stopped for 15 seconds because he had some sort of cognitive problem, they wouldn't allow him to run a music service.

58:11But we allow these people to make loss. Oh, stop it. You're terrible. Terrible. You're terrible. Just say nothing nice. Do not dance on someone's grave. We need age limits. We need more young people in leadership positions. more young people, more women. Yes, I agree. Anyway, that's the show. We'll be back on Tuesday with more Pivot. When Scott turns 70, I'm going to have to put him on an ice floe and send him out. Anyway, read us out, Scott Galloway. Today's show was produced by Lara Naiman and Taylor Griffin. Ernie Indertot engineered this episode. Thanks also to Drew Burrows, Miel Silverio, and Gaddy McBain.

58:46Make sure you're subscribed to the show wherever you listen to podcasts. Thank you for listening to Pivot from New York Magazine and Vox Media. We'll be back next week for another breakdown of all things tech and business. Kara, have a great weekend.

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