Figma IPO Recap, TBPN Market Recap, Ray Dalio Steps Down From Bridgewater, Coinbase Earnings Update, Reviewing The Mansion Section

31:52And so incredible for onboarding. So if you wanted to figure out basically the why behind anything, you could without bothering anybody or making them repeat the reasons or remember all the reasons. And then remember, we talked to Jeff at Stripe. He came on the show, and he was saying that, like, we're really glad we did that because now we have this incredible log of stuff that's already public within Stripe. And you can probably now query it and organize it. What are the key meetings that, like, drove this decision or this product? That's really interesting. Who are the people that push for this?

32:29Who are the people that, you know, had concerns about it? And so you can query. so I think they've done that and then he was also saying that they they can they now have I believe in uh like an AI agent that's proactive and will actually jump in and say based on what I know like you two are talking about this you probably want this extra context even though you didn't even ask me uh so that's very interesting anyway uh Bridgewater's been doing that for a very long time they call it radical transparency it was uh very controversial because it's it's such a bizarre way to run a company it's very different from most hedge funds um but it worked out and a A lot of people that have been at Bridgewater have certainly enjoyed it, even though it is kind of an acquired taste.

33:07But it certainly resulted in fantastic performance for the fund. In 2011, Dalio said succession at Bridgewater would be a 10-year process. We're now 14 years into this process. A little miscalculation there. It has been a protracted, messy affair, says the Wall Street Journal. The firm tried various numbers and combinations of CEOs. One of them later sued, then settled with the firm. Bridgewater chief executive near Bardia and Mike McGavick, co-chair of the firm's board, wrote in the letter to investors that the sale of Dalio's last shares was an ideal culmination of the ownership transition process.

33:46They said Dalio, the board, and employees would celebrate the firm's 50th anniversary together in Connecticut and New York. Bridgewater's assets under management have fallen in recent years to just$92 billion. Just a small... This is a small$92 billion fund. Still massive, but this is down from$168 billion in 2019. It's pretty massive. I mean, it is the world's biggest hedge fund, or one of, definitely in the top 10. And I remember a decade ago, these hedge funds were like, being in the$10 billion range would put you in the category of being the biggest, and they've all basically 10xed. Yeah. Fascinating.

34:26Anyway. Well, Coinbase earnings. End of an era. Coinbase earnings. Let's walk through it. But first, let me tell you about adquick.com. Out-of-home advertising made easy and measurable. Only adquick combines technology, out-of-home expertise, and data to enable efficient, seamless ad buying across the globe. We need to go see our billboards while we're here, John. We do. We still haven't seen them in person. I've seen so many photos, I feel like I've seen this. So Coinbase, in summary, they missed on top line but beat on bottom line. Revenue was estimated to be, what was it? 1.59 billion. And they posted just slightly below 1.4 billion.

35:14So Coinbase said its profits surged in the second quarter. So that's the bottom line beat. Fueled by gains in its investments, including crypto companies, Circle Internet Group. So they're making more money from Circle. And that's obviously higher margin. So that's driving a higher profit. So the crypto exchange. And the update since the journal is already out of date, Coinbase is down 15 % today. 15 % today. Wow. Still sitting at$82 billion. $82 billion. Coinbase Global, led by CEO Brian Armstrong, said it earned$1.4 billion or 5.14 per share in the second quarter compared with$36 million a year ago.

35:51That's a huge swing. That's the nature of this company. it's still not on this like you know just like you know clockwork clockwork profit so if you look at this chart here I don't know if you can see this story but it's like it's like very neutral profits and then just put up a billion dollars in profit and then very neutral profits and then and then like break even and then a billion break even and then so And naturally, the share price is just going to fluctuate wildly. Yes, yes, yes. Still almost a 10x from the bottom in 2022. So the company said the increase was driven in part by a pre-tax gain from its investment in stablecoin provider Circle Internet Group, which had a blockbuster stock market debut in June.

36:46total revenue rose to 1.5 billion from 1.4 billion a year ago, but fell short of Wall Street's expectations. Analysts were expecting 1.559 billion in revenue for the quarter. On a quarter by quarter basis, revenue fell 26 % from over 2 billion in the first quarter, which the company attributed in part to lower market volatility. So if you remember Q1, the liberation day, Bitcoin was all over the place and there were talks of the sovereign wealth fund in the United States. There was so much crypto news back and forth, back and forth. That was all driving volatility and that was driving volume on Coinbase and obviously revenue for Coinbase.

37:25Transaction revenue declined from$764 million to$764 million from $781 million a year ago. The slide was caused by a slump in spot crypto trading activities during the three months that ended june 30th total trading volume rose to 237 billion in the second quarter from 226 billion a year ago to drive its next leg of growth coinbase said it aims to become the everything exchange and focus on tokenization or the con or the conversion of trading financial of traditional financial and real world assets into tradable tokens on chain the company also has been working to diversify its business and recently partnered with jp morgan chase and pnc bank to facilitate the buying and selling of cryptocurrencies by their clients.

38:11I think a lot of that is on the back of a couple acquisitions that they made for custody. There's, I mean, Coinbase at this point goes all the way from, you know, a, like a consumer, you know, like just general user who just downloads the app, wants to buy a couple dollars of Bitcoin, all the way up to the largest institutions in the world at this point. We're really, really widespread of the client base, but I think that's part of the strategy. Meanwhile, Coinbase has been capitalizing on momentum under President Trump's crypto-friendly positions, with Bitcoin trading near its peak of more than$120 ,000.

38:47Shares have jumped 52 % this year, cementing it as one of the largest publicly traded crypto companies, with a market cap of more than$90 billion, although it is, of course, down today, and Bitcoin is at$115. Yeah, outside of the numbers, the thing that stood out was Brian's messaging around. He says it here on Coinbase is becoming the everything exchange. All assets will inevitably move on chain. So we want to have everything you want to trade in one place. Incoming our DEX integration, which will allow users to access millions of assets and expansion of our derivatives offerings. He says next are tokenized equities and more.

39:29So So again, we covered this before, but it feels very much like Coinbase and Robinhood are converging towards to ultimately. Super Bowl. A FinTech Super Bowl. FinTech Super Bowl. We don't like the war analogies. That's too negative. Yeah. I like the sports analogies. The NBA finals. The NBA finals of FinTech. Yeah. Truly. It's funny because when both those companies started around the same time, I believe Andreessen Horowitz invested in both of them. Yeah. And I mean, I went through, I was in the same YC batch loosely with Brian Armstrong and Coinbase. And then I remember talking to Chris Dixon at a dinner and he was like, hey, like, you know, you're young.

40:11Like, what apps are you using? And the one app that was on my phone that was like an up and coming startup was Robinhood. He was like, why are you investing in public equities? And I was like, I own some Tesla stock. And remember Mickey from Ribbit is also early in Coinbase and Robinhood. Right. So all is converging. Yeah. Mickey is just wearing the NFL hat. Like the, I just support all FinTech. He's like, you know, picking a team. Yeah. Yeah. It was the Rob Lowe, I believe is the meme. Rob Lowe in the NFL hat. You've seen this? Yeah. Yeah. It's great. Anyway, let me tell you about Adio.com. Customer relationship magic.

40:48Adio is the AI native CRM that builds, scales, and grows your company to the next level. Let's go through the mansion section. Find me some posts on the timeline. Let's give a little bit of coverage of updates on the Figma IPO. Of course, there was a funny post in here from Jawan. Okay. Jawan apparently got an offer back in 2019. Okay. Ooh. That's 3C territory. And he was going to get a base of$165K a year and$300 ,000 in Figma RSUs. 300 ,000 shares. And I guess by his calculation, it would have turned into 30 million. But the important thing, Jawan is now getting the ability to spend his time automating finance.

41:40Yes. And certainly didn't pick a bad company to join. He's doing great. Gary Tan says, if you stick around in tech and you're good, sooner or later you start collecting these stories. I think remember Gary designed the Palantir logo back in the day and I wonder if he held on yeah more Siki ran some numbers Siki Chen said there's 10x returners there's fund returners and there's Figma Figma alone returned 10x the entire fund of not one not two but three VC funds so he pulls up index ventures which made their initial investment out of a seed fund the it was a four million dollar investment or 3.9 million out of a 400 million dollar fund and it is a 1850 X multiple there there was the multiple of fund on that at the fun multiples 18x gray lock gray lockers did the series a is sitting on 11x fund they did the the series a out of a 600 million dollar fund kp which did the series b um uh is uh sitting on a 10x fund out of a 700 million dollar fund which is just wild and then sequoia uh will will have returned uh one and a half x on a two and a half billion dollar fund that's great so just from that one deal and yeah and gary uh chimes in says grand slam home run business yep yep it's not just a home run business it's a grand slam home run business this is good advice for all the vcs out there and just get one figma i noted this on the timeline yesterday but we are retiring the gong uh that we had at nicey yesterday it's a game hit gong uh by none other than dylan field so we still need to get him to uh sign it uh and date it of course but um pretty pretty pretty wild um delian says greatest capital markets on earth greatest country on earth and throws up not one but three american flags uh quoting signals uh signals posts he said nothing hits like an ipo in america it's the most iconic cultural moment that's relatively infrequent the most beautiful part about it is that not only here does a company going public trigger a national feedback loop of inspiration kids watch it builders feel it and the next gen catches fire nowhere else turns liquidity into legacy so uh such a funny posting style very very unique good job and uh yeah pretty pretty insane uh we also didn't really cover this yet but uh chat gpt is apparently now generating a billion a month in revenue.

44:39Yep. 12 billion in revenue. But it's projecting to burn 8 billion in 2025. Wait, that's... Oh, so they will... So they'll generate 12 billion in revenue and spend 20? It sounds like they're run rating. Run rating a billion. Run rating a billion. A month. So they're in 12 billion a year. And the other story here is that Anthropic is now at 4.5 billion in annualized revenue. DD's calling it... DD Das is calling it the fastest growing software company in history. Wow. And they just overtook OpenAI to become the market leader in LLM API cost. So he drops an analysis here. Well, if you want to use AI, use FinAI, the number one AI agent for customer service.

45:19Fin is the best performing AI agent delivering higher quality customer service and higher resolution rates. And another post here. So, of course, a couple of days ago, Mark Zuckerberg announced his vision for personalized super intelligence, personal super intelligence for everyone. Near says, I'm having flashbacks of 2023. And it's a post by Character AI that says we started Character AI to bring personalized super intelligence to everyone on Earth. So anyways, funny little throwback, funny little throwback there. And then in other news, one thing I wanted to highlight, FinTech Junkie. What's his?

46:06I feel bad that I don't remember his real name, but clearly he's running as FinTech Junkie end-to-end now. But FinTech Junkie was a founding partner, co-founder of QED Investors. uh fintech uh invest investment group uh backed a bunch of companies i think they were i think they led like two two rounds in wander and they're in a bunch of great stuff um he's introducing 37 maru uh and taking a step back from qed now he's going to so at a high level 37 maru is a small batch idea factory with one simple approach identify profound problems develop well thought out solutions find amazing founders to partner with and then obsessively build together so uh venture venture studio is is my read on it this is my chance to collaborate with the many remarkable people i've grown to know and respect in the vc world as well as the opportunity to partner with a few hunger eager founders capital f founders to build special businesses together 37 mar isn't an incubator or an accelerator it's a way for me to throw my time and resources at a very small number of ideas and roll up my sleeves as an operator once again um it is uh got to put him in the truth zone here a little bit because this this does seem like the definition of a of a venture studio so to say it's not a it's not an incubator um uh and he says i don't plan on doing it alone every idea will require a co-founder every idea will require require hiring amazing people to work with yeah um and uh what's the name again 37 maru is it maru maru you think that's is that a reference to move 37 and the kobayashi maru from star trek it must be it must be here's kobayashi maru kobayashi maru is this like it's like the final exam that you have to take at starfleet or something i don't really remember um uh in the simulation it's a training simulation used by starfleet academy to test cadets character decision making and how they handle a no-win scenario part it's a legendary part of star trek lore and then move 37 from the lisa doll deep mind match yeah but then there's also 37 signals and i don't know where jason came up with 37 how he picked that because he named back on 37 signals before move 37 so it's clearly not a reference to deep mind um maybe move 37 is a reference to 37 signals they're like we saw dhh's valkyrie and we're embedding we're sending messages we saw his remote work setup yes yes yes and we want that the super intelligence wants that yes yes yes and i can only communicate with you via numbers via so the the the super intelligence locked in alpha go yeah it's like i need to send a signal that don't exist put me in the car and take me around the track i need to fill the g-forces um well 37 mario's uh investment themes algorithmic isolation uh which he's saying personalized content algorithms are fracturing our shared cultural experiences leaving us with less common ground than ever before uh the algorithm algorithms powering our daily digital diet have become remarkably sophisticated at learning our preferences and serving us exactly what we want to see um i'm not going to read through all of this but uh he basically is referencing back in the day radio tv everybody was kind of like consuming a lot of the same media and you can strike up a conversation with anyone about last night's episode or this week's hit song um i do feel like i i gotta you know my immediate thought is is when a tweet deeply resonates with me yep most most of our friends i feel like have already seen it oh yeah i thought it was funny like some effect of like even if a group of people don't follow the same person like if you have like again like a common ground with somebody already then the content will be served to you but anyways he wants to um uh fresh tools and experiences that focus on shared content and group activities uh music's missing layer uh says the music industry offers consumers inexpensive passive streaming services and expensive engaging live events leaving a vast opportunity for new products to emerge in the middle uh the access paradox zero commission trading apps have democratized market access but created a generation of untrained investors gambling with sophisticated with sophisticated financial products they don't understand i think some people like that they don't it makes it more exciting um and uh he let's see here understand the internals he wants to Creative new approaches are needed to support ongoing waves of participants focusing on innovative tools, intuitive safeguards, and adaptive resources rather than conventional teaching.

51:00Have you ever heard of dice control? Have you ever heard of this theory? So at the craps table, you know how you have to like throw the dice? Yeah. And there's like, you can't just be like, I threw it like that. You have to throw it across the table. It has to bounce, hit the back, and the back has like this spiky foam that makes the dice go in random directions. Yeah. So in theory, it's like impossible to be like, I'm intentionally good at throwing snake eyes or I'm intentionally good at throwing, you know, seven in theory. But dice control is a thesis that some people believe that you can actually control the dice.

51:34You can actually become so precise at throwing the dice that you're like, okay, I know that if I throw it, that the perfect, perfect arc, it will bounce once, do a 360, bounce another time do it do a 720 and then land exactly where i want i need back to back to back 720s exactly exactly exactly exactly so people there are people that believe this and i and i guess in theory you just need three 10x in a row john and i'm a billionaire yeah yeah and uh yeah i i'm thinking of the financial markets equivalent of that now well 37 maru's last theme is financial nihilism So he simultaneously wants to.

52:14Blackpilled here. What's going on? Well, no, I like it. Like on one hand is like new approaches that help people that are new participants in financial markets. And then the other side is just like life's a casino. Sure, sure, sure. And he says a new theory is needed to help restore society's confidence in the achievability of realistic financial goals. So this is more focused on helping people get out of being blackpilled and towards ownership. I mean, I think that the Gerstner accounts that Trump is rolling out are an example of that. But that's a public solution versus private market. Has anyone built a casino on top of that yet where you can wrap the Gerstner accounts and trade forward contracts against your Gerstner account?

53:01in the highest leverage casino possible. Miss Rachel meets Robin Hood and is just teaching four-year-olds to use options. I do like that he's coming out with some strong theses about how he wants the world to look and then executing on that. I'm thinking of other folks who have done that, like Trey Stevens with the Soul Reader, the face Kindle. He's like, I like to read, I want portability, but I don't want the infinite dopamine machine to read. I don't want to read on the infinite dopamine machine. So I'm making a pair of e-ink glasses that let me read in essentially isolation. Palmer Luckey, same thing with Chromatic and Mod Retro, thinking about I want the world to embrace this nostalgic legacy technology.

53:52I think there were things that were done very well. So I'm going to go in and marshal resources and to actually go and build that company that otherwise would just not exist. Because it's not a natural path that the business community or the capital markets would go and fund. So he has to marshal it himself. Well, also important, I finally remembered FinTech Junkie's name, which is Frank Rotman. Oh, no way. So we should have him on the show. I've always appreciated his writing over the years. Yeah, yeah, yeah. We'll reach out, Frank. Fantastic. Well, let me tell you about Bezel. Getbezel.com. Bezel is the top marketplace in the world for authenticated luxury watches.

54:26Thank you. and uh speaking of the luxury world maybe we should wait before we go into that i just have one more one more story that dropped okay tell me this week by uh andrew ross sorkin contributed to it uh we got to hang with andrew last night absolute legend uh absolute legend uh he talking to him yeah it was a pleasure his day is like very inverted from ours he's clearly he's clearly much better at this he had uh yeah no there's levels there's levels to this he showed there's levels levels to this so we do the show for us it sits in the middle of every single weekday yeah that makes it very hard to have any type of deep work oh yeah it's crazy we're doing it on hard mode andrew last night goes yeah i think about it it's like i do television on my way to work because he does he he works he's live like six to nine yeah uh eastern and uh anyways yeah Very cool.

55:21But he contributed to this piece in Dealbook, new exclusive, OpenAI secures another giant funding deal. The venture capital round values the chat GPT maker at$300 billion and underscores the fierceness of the AI money race. We've been hearing rumors about$350 ,000. $300 ,000 seems like potentially an absolute steal. So OpenAI's latest mega round, while Wall Street has been focused on how tech giants are spending on artificial intelligence, Since the most prominent name in the field, OpenAI has been racking up big money. DealBook is the first to report on the huge numbers and what the round means for the company behind ChatGPT in an increasingly heated AI race.

55:59OpenAI has raised$8.3 billion at a$300 billion valuation months ahead of schedule as part of its plans to secure$40 billion in funding this year. $40 billion. Yeah. And again, I believe that. Yeah, the whole you know, a lot of the deals with Masa were getting like announced with like clearly like Masa needed some lead time to pull the capital together. Obviously, he's very bullish on the company. So back in March, OpenAI announced ambitious funding plans with SoftBank committing to provide 30 billion dollars by year end. So Moss is just racing, you know, dialing, probably flying all around the world to help put this money together.

56:41Might might end up being one of the biggest SPVs of all time in the private in the venture in the venture context. It's hard to think of. You have to print out the SPV document and hang it on the wall. And again, they're burning eight, like roughly eight billion this year. So they do need the cash. A wave of new investors participated in the new round, including private equity giants Blackstone and TPG and the mutual fund manager T. Rowe Price. So really going after the big dogs. Other participants include Fidelity Management, Founders Fund, Sequoia Capital, Andreessen Horowitz, KOTU Management, Altimeter Capital, D1 Capital, Tiger Global, and Drive Capital.

57:20Just a few of our buddies. Just a few of former guests of the show. So Blackstone and TPG aren't major investors and AI model makers, but they were seen by OpenAI as particularly valuable since they can promote the adoption of ChatGPT among their portfolio and companies, including those in health care, financial services and industrials. The round was five times oversubscribed and left some early investors in OpenAI frustrated by the smaller allocations they got as a company prioritized bringing on new strategic backers. The lead investor was Dragoneer Investment Group, which committed$2.8 billion.

57:53You got the size going there? I do. There we go. An astonishing check from a single venture capital firm that may be one of the largest ever written. The investment cast a spotlight on Dragoneer, which made successful early bets on companies like Airbnb, Spotify, and Uber, but has largely stayed behind the scenes in SV. Mark Stad, Dragoneer's founder, is now taking a very public claim on what many in Silicon Valley see as the defining tech platform of the next decade. the investment represents about 10 of the firm's funds which i'm just reading is aum yeah uh open ai's business continues to surge dealbook hears that the company's annual recurring revenue has soared to 13 billion up from 10 billion in june and is projected to surpass 20 billion uh by end of the year so uh it is funny when you know you just see people uh i think we talked about this on the show last week um all the all the stuff around you know gpt psychosis felt like you know massive comms crisis brewing uh but we said at the time numbers are still going to go up right like the usage is just astonishing uh the number of businesses business users who pay for chat gpt has reached five million up from three million just a few months ago the new funding round comes amid OpenAI's delicate negotiations with Microsoft.

59:19Remember that OpenAI is seeking to become a for-profit company, which of course Microsoft needs to sign off on, which is still its biggest investor and partner. Yeah, remember a couple, was it a couple years ago or maybe even just a couple months ago, people were like, oh, the foundation model labs are cooked, all the value will accrue to the application layer and then open ai is just like cool like what if we got an application installed on everyone's phone and then charge them 200 a month for it like could do you think we could make a million a month five million b2b yeah paying b2b users yeah like they're dominating in the application layer yeah absolutely and uh all of this you know the the uh negotiation with microsoft as well as some of this new capital like a lot of the new people coming in you traditionally you know some of the largest asset managers in the world uh it does feel like there's a the the path to ipo is is starting to become uh quite a bit more clear yeah well uh we know that they use linear you got it on linear linear.app meet the system for modern software development linear is a purpose-built tool for planning and building products uh in other open ai news one So Dylan, when we interviewed Dylan yesterday, he was highlighting how design is a competitive advantage and that's the edge.

1:00:41And there's no better example than linear. It's just been, again, one of those companies that has to have incredible product and incredible product experiences in design because they're helping people design and build products. and just a perfect example where they came into a crowded category and it's really one of those like Jiro dreams of sushi businesses where again they weren't the first tool in their category there's companies with billions of dollars in revenue and they just focus so you know intensely on making a delightful product. In other OpenAI news they are doing Stargate Europe. OpenAI is joining forces with two European companies to set up a data center in Norway, dubbed Stargate Norway.

1:01:27The project is expected to house 100 ,000 NVIDIA GPUs. By the end of next year, OpenAI is partnering with AI infrastructure company NScale Global and industrial group Aker to set up a facility in Kvandal, just outside Narvik in northern Norway. The company is jockeying for the position in the AI Eraser seeking to expand data center infrastructure to meet the energy needs to power the technology. And if you're looking to travel the world, get on Wander, find your happy place. Book of Wander with inspiring views, hotel-grade amenities, dreamy beds, top-tier cleaning, and 24-7 concierge service. And so, yeah, there was that article a while back that was saying, like, Stargate isn't going well.

1:02:11They've scaled it back. and it's like it just keeps i keep abstracting it into like a well what is stargate is if stargate is just build a lot of data centers like we can build data centers it is possible uh the question is like can you build more than can you build 500 billion dollars worth of data centers extremely quickly and the answer is probably no but if you shoot for the moon you land in the stars and that's kind of what's happening where uh it seems like stargate will have a lot of really really big facilities all over the place and like that will be uh like a compounding advantage and a continuing uh a continuing project for everyone involved uh and so some of the folks in the group softbank oracle uh and mgx are equity funders in stargate uh and they committed a hundred billion initially with plans to invest up to 500 billion over the next four years um so in other news the mansion section has dropped.

1:03:08It's Friday. It's one of our favorite sections. Let's see, is this in focus? No. We will pull that up in just a second. So tech founder Eugene Nonco has paid$51 million for an oceanfront home in Delray Beach, the highest recorded home sale in the city. Eugene, co-founder of the software company Media Alpha. Have you ever heard of this company, Jordi? Media Alpha. His wife, Olga Nanko, bought the home from iCare mogul Massimo Musa, property record show. Musa had taken the home off the market and initially listed it for$60 ,000 back in 2021. The Nankos declined to comment. No one's commenting, but the home is very interesting.

1:03:52Musa and his ex-wife, Carrie Whitego, paid around$9 million for the Delray Beach land in 2002 and spent around five years building the home. The property has a nine bedroom, roughly 22 ,000 square foot main house, as well as a guest house. The estate's amenities also include a gym, a roughly 1 ,000 bottle wine cellar. Not too helpful for me. I guess I could put a bunch of Diet Coke there. But this is where it gets interesting. Guess how many movie theaters this house has i mean since you're asking hi three two damn it has a formal movie theater for guests and another movie theater just for kids it's like it's good i don't want the popcorn in the seats i want to force the kids to watch whatever the parents want to watch exactly versa exactly although it's somewhat i mean you know people are going to critique this and say like it should be a family experience you know shared experience lost social time oh yeah yeah controversial but yeah uh you know many people are in the market for two bed two bath get a nine bed two movie theater a thousand bottle wine cellar uh seems like a fun house um musa co-founded several companies including the in the eye care industry including my eye lab and the lasik vision Institute, which he sold this house because he wanted to downsize.

1:05:15Media Alpha, and I've never heard of this company, Media Alpha, but I wanted to dig into it. It says, in late 2024, Media Alpha was notified by the FTC, was prepared to file a complaint against the company for alleged deceptive marketing practices. As of April, Media Alpha said it was in active settlement discussions with the FTC. In June, the company announced that Eugene Nonco would step down as Media Alpha's CTO and become the chief architect. And so I guess he founded this company, uh, stepped into the CTO role instead of the CEO role, um, now is stepping down and still, uh, was able to purchase a$51 million home.

1:05:51So it has clearly done very well. Uh, the previous Delray beach record was set at 50.5 million. So just barely edging that out earlier this year, the area has seen a number of high end transactions recently. Um, and, uh, Another property. I mean, this home is truly palatial. It is. It is very loud opulent. The gold over the... Look, statues of philosophers. Philosophers? Oh, no, no, I haven't seen this. But the golden fireplace is really, really something. Anyway, another tech founder who I think we are actually... One thing, if we can really mine that asteroid that had however many... Yes, many more palatial homes coming.

1:06:35tons of gold, everybody is going to have a golden fireplace like this. So universal basic golden fireplace coming soon. So everybody can look forward to that. What was the Donald Trump thing? He had a golden toilet in the Trump Tower apartment that he had? I mean, everything was gold in that apartment, but also the... Oh, that's another thing. While we're at it, we've got to cover the White House is creating a new ballroom. Oh, yes. Pull that up really quickly. Let me tell you about public.com investing for those who take it seriously. You can lock in a 6 % yield that won't change if the Fed cuts rates and a diversified portfolio of investment grade and high yield bonds.

1:07:13Go to public.com. So tell me about the, I saw somebody was saying, oh, I thought it was 9 ,000 square feet, which would already be huge for a ballroom. Apparently it's 90 ,000 square feet. Is that correct? How big is this ballroom? Yeah. So the press secretary announced yesterday the construction of a new 90 ,000 square foot ballroom. 90 ,000 square feet. That is so huge. able to fit quite a lot of people in there. That should be where we do the next event with Emily. It seems like an ideal. I know some people that could probably get us access to that space. Obviously, we'll have to wait a few years, but construction is expected to begin in September.

1:07:54It sounds like this is being funded by donors. The press secretary says President Trump and other donors have generously committed to donating the funds necessary to build. I'm pretty sure a football field is around 50 ,000 square feet so it's twice, it's two football fields that's absolutely maybe Trump wants to be able to hold like a gladiator style he went to the all star game he really could you could probably do UFC there you could do Wrestlemania a typical football field is 57 ,000 square feet So we have bigger than that with some stands. America needed a presidential ballroom. Where is this going to be?

1:08:40In the White House? No. In Washington. Okay. Just somewhere in D.C. Because they can't possibly find a spare 90 ,000 square feet in the White House, right? That would make no sense. Yeah. Let's see. But what's exciting to me is like this space is like we should, it shouldn't be, hopefully this is not uh nobody sees this as hyper political well but the space looks uh absolutely beautiful and i think it's important to exercise the muscle of building beautiful things yes although it is it is somewhat ironic because uh trump was a little bit upset about the fed remodeling a bunch of stuff and spending a ton of money on a building oh this is being funded by donors okay okay so so no no impact on the taxpayer yeah okay got it makes sense a little bit more defensible we'll I'm sure somebody can figure out how it's going to impact the taxpayer.

1:09:32Who knows? Hopefully it's built quickly. That would be my biggest hope. Anyway, should we move on to what's going on in Miami? We should. Miami area penthouse has sold. This is fun because it's a... So look up open evidence and pull up the cap table because I think you're going to want to dig into this company. We haven't had Daniel Nadler, the founder, on the show yet, but we got to talk to him because I've heard a lot of people talking about open evidence. So this spring, 42-year-old tech entrepreneur Daniel Nadler gave up his Miami rental apartment and moved into a beachfront hotel. We were talking about living in hotels recently and where you stand on that.

1:10:12The goal was to streamline his life and focus on building open evidence. His Google-backed medical AI company, which is now valued at$3.5 billion. Quote from him, I didn't want the overhead of dealing with houses and all the stuff that comes with houses, he said. If I could wake up at 4 a.m. and just order room service, this is so perfect. I love it. Then a friend pointed out that the hotel where he was staying, the Four Seasons, at the Surf Club in Surfside, Florida, also had condos for sale, which is hilarious that you're staying there and you don't realize that they're, it's like uh that's kind of an l on the four seasons for not upselling it's like you you have a guest here that's just stayed here for a month why don't you just tell them about the condo that's right over there but right at the show lives in a four seasons oh really uh i think uh mr john firentino doesn't he live in a oh i had no idea no uh residence uh so this week uh he he checked out of uh the hotel and moved over to the condos he paid 38.2 million dollars in cash for a fully furnished penthouse at the beachfront surf club much four seasons 38.2 million dollars for a 6 000 square foot five bedroom a penthouse with a rooftop pool uh the seller was tied to an entity um who bought the triplex for so three stories open evidence 30 million uh open evidence uh just a couple weeks ago uh raised a new round uh of 210 dollars 210 million dollars 210 dollars at a three three they raised two hundred and ten dollars so hit the size probably you probably could do that just raise two hundred and ten dollars and then just put that out there and people will misprint it and you'll get all the press you need uh led by gv and kp okay uh and valuing the company at three and a half billion so uh he i imagine uh was able to to pull enough liquidity and i believe this is one of those stories where the company's been going for a long time like pre ai boom and then now is a major beneficiary of the ai boom so it is started seed round was in 2021 2021 so that's still pre gpt3 like pre gpt4 right of course sequoia did the a of course in sequoia did the a in this year what oh wow so they were grinding for a couple years and then started uh taking off um nadler's new penthouse spans about 6 000 square feet with five bedrooms and roughly 2 ,000 square feet of terrace space.

1:12:43Nadler said, there's also a roof deck with an infinity pool facing the ocean. It actually feels almost like one of those Venetian palazos, but in the sky, he said. I like this guy. What a good turn of phrase. He sounds like he's not the guy to turn off his Zoom background on a call. He's just embracing reality. Yes, it's great. Well, any more notes here? And then I think we go. I wanted to pounce on it, he said. Whatever I paid, I think it'll be worth double that in five years. There was very little negotiation, Nadler said. He said that's what he wanted. And I said, okay. A Canada native, Nadler is founder of Kensho Technology.

1:13:24Okay, because I was wondering, how did he wind up with$40 million in cash to buy this penthouse? If he's still in the Series B, he could have done some crazy secondary. but that would be kind of a crazy deal. But he is a second time founder. In 2018, he sold Kensho Technologies for$550 million. So you walk into Sequoia for Series A for your second company, they're probably going to say yes. And that's what happened. So his decision to move into the Four Seasons was partially inspired by inventor Nikola Tesla's tenure at a New York hotel during the last years of his life. It sounds completely insane, but there's precedent, Adler said.

1:14:02He's like defending it. All right. We got to wrap this up. Thank you so much for watching. Really important news before we leave. Mira Marati has started following Growing Daniel. That's amazing. Congratulations to Growing Daniel. He's posted on Mira Marati so many times. It's wild that she's following him. I wouldn't be surprised if, you know, Thinky Machines buys his company. He's an AI founder. That would be amazing. He's a tier one poster. I just think he'd have a lot of fun there. I don't know. I whatever he chooses to do I fully support and we're looking forward to getting back to LA looking forward to get back to eight sleeps go to eightsleep.com that's our final ad read and thank you for watching we will talk to you on Monday have a good evening fantastic week have an incredible weekend we love you bye bye