Transcript
Yeah. Live from Matt mcgard. He's fifth bathroom. Featuring a jewel-encrusted toilet brush. It's a tawdry Tuesday, edition of business pants. Joined us Never by lurking, Emma. She's not here. She's not here, man. She's lurking somewhere and a Meandering moscati you really are Meander. Let me ask you something. Yeah. How did you know that I had five bathrooms? All right, let's go. I'm a dollop of cream. And today's half chewed bag. Full of donut holes called, April, 5th, 2022, more musky, Twitter sadness, a greenwashing game and some extremely nerdy. Facebook oversight board data. Let's get going. Come on, let's do it. Whoa. Okay that has a deadline. Let's do this. Yeah, I want to update everyone on the Twitter stuff because in our world it's extremely important and new ones I suppose. Here we go. So I was up today and there's already an SEC filing Twitter will appoint Elon Musk as a A director to the board with the term expiring in 2024 because they don't actually have annual elections at Twitter. God forbid. Yes. Actually little known fact that there are. Yeah, it's a class structure. There you go. Here's a tidbit though proofing. Me wrong in an earlier text. I had with math that nobody else sees but us he is being limited his stock ownership. I've never seen this before. Actually, his stock ownership is being capped at 14.9% if he's on the board. So if he's on the board, it can't go over that. I've never seen that. Have you seen that? I've never seen that, but that's, that's a nice fun, little nugget. So he's got to leave the board to own the company. I don't know, Prague Jack Dorsey, they're already kissing his butt. I didn't think I didn't actually know if they kissed his butt immediately or, I don't know. But there, there are full on in musk, but kissing mode saying, basically that he's gonna bring a lot of Genius ideas, but Anyway, I'll move on from that. I'm not going to. I'm not gonna put the quote though, for parag through conversations with Elon in recent weeks. Okay. Well, not No, it's not a sudden thing. So let's get to that. So, Elon Musk once again is breaking SEC rules. I thank God. Once again. So this is how it actually supposed to work. When you when you get a passive stake of more than 5%, I don't know if it has to be passing around, doesn't matter. You must be disclosed within 10 calendar days, okay? That's the SEC rule. That's a requirement must disclose it in 21 days. Whoops, let's close and really this is no reason why it took him 21 days other than the fact that he was having conversations with Prague and Jack and figuring stuff out. So, a little bit here, a find the fines for late disclosures have been about 100,000 dollars, which if you do all the math, And compare it to the US household median and all that crap. That comes to three three cents for your American household. You have three cents. It's a three cent find for once again, brazenly just breaking SEC rules. I don't. He is the, I mean, I guess he either, he is the officially, the Will Smith of the Of the corporate world or Will Smith is the Elon Musk just like no, there's no accountability that's all I'm trying to say none. The worst part about that is if they find him ten times, what they would usually find someone, it is the US household equivalent of 30 cents that would be point. Oh, three percent, it's stupid is fine, come on. Okay, so the steak is passive, but who cares cares? What does that even mean? It is passive. Does it take I've ever seen? He's on the board? Yeah, I mean, get over yourself. That's, that's ridiculous. And just to remind you that this is important. A day after the 10-day period. Lapse musk was on Twitter, asking poll questions like free speeches. Essential to a function democracy. Do you believe Twitter, Wrigley adhes to this principal? And he went on to say the consequences of this poll will be important. Please, he's already in a power position. I don't know again, I I just don't get it. How is this? Not in some way like a minor league version of like stock manipulation in some level? Is it virus League version of it? I don't even know like but who was our, I'm curious like, who was buying stock during this period. It must have been some object dorsey's, like, drinking buddies, or who knows? I don't know. I this is like Dan Schneider with holding revenue from the Socialist, billionaire owners in the NFL. This is the major is League version of manipulating the thing. Except I don't think Elon Musk would ever call one of his teams to commanders. That's true. He's smarter than that terrible name. Finally, I found this on the Twitter sphere. It sounds like in January 2022, some conservative pundit named Dinesh. Just Susa, you know this guy I do. Yeah, yeah. He he tweeted out something that must Actually responds, he's saying interesting ideas. Here's what the Nash tweeted out in January 2022, tweets are fighting Elon Musk but you can dramatically change the political and cultural landscape this way number one by and take over a major social media platform. Again, to which musk replied interesting idea. So there you go. That's how you would. That's how you get Elon, you take a move. I like that the Tweet about say like saving like stopping world hunger did not get interesting ideas. It got a prove it to me tweet forever to me but you can change the political and cultural landscape by buying social media platform. Oh interesting. Yeah, I know I was kind of like oddly giddy about this yesterday because it's so much more specific pillar for us a business pants. But me, as a human being, I was feeling really depressed about. This is really terrifying. This is not really. This is because really all the social media platforms left with any kind of influence. We have the Facebook Instagram World which we know was run by a dictator a Dropout named Zack. We have tiktok Which is controlled by the Chinese government. We don't really know what the hell is going on over there. And now we're gonna have Twitter. Being you know, taking over solely by this madman, like what's left? But no left. I think you're burying the lead. Yeah, if you are an investor or an active or say, you want to change, what is the terrible nature of social media if you want to do something? Well, or right, what are your options? Your options are a state-run tiktok a state-run meta Facebook, a state-run Snapchat, or the only one that actually allowed for the alternative to democracy to exist? Yeah, that's why you've got a flood of effective activists in Twitter. that here is Twitter proves that it works to have alternative democracy because they allow people to actually influence it. That's true and prove how terrible it is to have alternative democracy when you have billionaires who are invested in it. Yeah. Who knew he was coming down? The road are, that's all I got the worst. Let's play The Green watch game in. Well, I love it. I like it. When you take the music, do it. Yeah, we definitively answer the question. Are we being greenwashed? Yeah. Is it real? Is it real? Okay. I don't know what's going first excited. Yeah. First up, you might only contestant. So here's ready. First up the finance king version of green washer not Jamie. Dimon released his annual letter and boy is it? The opposite of folksy, Buffett and Wookie Larry think letters. It's not that at all the top three words from the letter were actually. And this is a full word cloud version, number one people and then need. And finally Banks, Really those those are real like that's the Letter's actually never were afraid. So those words were never in afraid. No. No. Where in that? R people need bags. Ironically. But it's got to be the most subliminal version of the top three words they've ever seen pepper throughout proving that we don't need crypto. Right. This is say people need crypto. These Banks. I like this. I like this Jamie. Hey, we need Banks, but here's your line to decide if diamond is greenwashing or not. Are you ready for it? Yes. Quote. Our commitment to sustainability is informed by energy. Reality's green. Washer not Go. David doesn't know that sounds. Nah, it sounds real to me like the real. I mean, he gets to define the reality, but he's basically saying that he's gonna do whatever the hell he wants, right? That is correct. The answer is not. There's nothing truer than a bank. CEO letter that says I love people need Banks and they are the largest financier of oil and gas saying. Let's do climate just let's do it like slowly or you know like a lot of money right now. Just you need a bank and we're a bank and this is fine. Hey, correct. Congratulations. Point to Damien for getting that one. Correct. And our next Headline writer version of greenwash or not. The headline version is out of the New York Times. Here's the headline stopping climate change is doable but time is short you and panel Warren's green, wash or not. Wait. Why would they be it? Okay, why would that be a green wash if it's based on data? I think it's not a green. Wash know I'm confused. I'm gonna say no. Oh, why washed look. The report actually says that we have to reduce emissions by nearly 45% in the next eight years 45% in eight years. So every 20 50 pledge, you see, you should literally drop your pants and take a shet on it because it's totally pointless. We need 45% in the next eight years, but the headline says doable. Doable really well, they don't, they don't want to tell you like give up now, like, do they? I mean, the good news is 74% of companies that have actually set a carbon Target. Did it by 2030? Okay, so that's good. That's good news, right? Except that does leave 26% with 2015 targets and they aren't even targeting 100%. Reductions, they're targeting like 30% reductions 40%. These are the worst. Doable distinctly sounds like a lie. Yeah. Um, when it when it happens because, you know, we're gonna light ourselves on fire and idiots. I got number for you, and I think that we we're far, we I wonder what our number is, but they should do a study on us. But the according to Media Matters, only 1% of network news coverage is devoted to the issue of climate change. Congratulations Network. 22 hours, 22 total hours out of the whole year. If only Elon Musk could just buy a network News Channel and make it, say whatever he wanted. Then we'd have 20 one hours of coverage of climate change. Oh God. All right, in our next one. Yeah, the Holocaust blanket version of green washer. Not, here's the gem, I found. Starbucks stock Falls as interim. CEO Howard Schultz, suspends share, BuyBacks shows offered that's right Schultz offered approximately zero shareholder Holocaust. Planket said this quote, this decision will allow us to invest more profit into our people and our stores. The only way to create long-term value for all stakeholders, I like this. Green washer not dealing look from our. I'm gonna take it by the rule book I'm playing by the rules from our perspective. We we would typically applaud a CEO who suspends share BuyBacks and right to refund that money into stakeholder Ness. Yeah, I'm gonna say, that's not a green wash. That's just straight good stakeholder CEO, dude. Oh, damn it. Schultz, let my remind you is interim CEO. That's like being the interim, head coach of the one in eight, Detroit, Lions. Yeah, sure. He's the founder right and he's been CEO before. But the last time he was the interim CEO. He actually is post-financial Crisis, he laid off thousands of employees, and shuttered stores, and then invested all that money in opening stores in China. Blankets for everyone baby. Blankets for everyone. The in reality, is this like a way of obfuscating his anti-union Push by saying, hi. We're gonna, I'm really just playing a game off the unions. Yeah. But again, on surface level, it's good, and for my perspective, but yeah, I've been, I got literally talking directly to ESG people and the Optics of his employees being like, Oh, look, shareholders aren't getting all the all the money we are getting some too. Yes. Yes. Are you ready for the last green wash or not? Always, Big news out of Mark, Zuckerberg Supreme Court the oversight board. You ready for this news? Yes, nothing happened. That's right. The 20 person guest Light, Team managed to accomplish 23 decisions in the last year, the last decision was on February 1st of this year and involved. A single post originally posted in 2019. Oh, just for reference. Yeah, just reference the actual US Supreme Court averages 76 cases. Is that right here? That's nine. Justices that think about that think. How complicated those cases are there are 20 people on the oversight board. There's nine justices in the Supreme Court. The nine justices to do 76 cases a year only 23 decisions in the last year for the oversight board. So Is the oversight board a greenwash or not? Damian, well, I know you're messing with me here because clearly it is, but that would be the easy answer. So what are you trying to get out here? I mean, I think it look, it's in line with The Madness of this of his dictatorship. I it's it's it's window dressing. It's you know, so I is it a green one? I don't, I I mean, of course it is, but I know I'm gonna get this wrong. I'm gonna say yes, why come on? Why it is not a green wash because you would have had to believe that it was real to begin possible. There was never ever a pretense at this was real. Yeah what's funny is that the 2000 the board on the oversight board and then there's all some trustees they, these are like the most serious people you'll ever find the world. Finding serious. This isn't like the son of a banker or like Kimball musk or you know, these are serious academic and and 20 incredibly serious people. Yeah. So serious. They do not have time to deal with 2020 posts on Facebook. Speaking of the oversight board. Yeah, round us out with some stats. We have time, we have time. All right. Let's do a few. Let's do a few. I have a little bit of populist data here on this board. First of all, they, they got going with a bang, they had 12 in the first five months, but then only 11 in the in the next 10 months. What this? So, what the hell is getting on the oversight board is getting bored? I know, I think what happened was the Trump decision, the Trump banned decision, broke their spirit and they were, like, what is the point of this? We are nothing. Hey, 87% of the decisions are based on Facebook 13% on Instagram. Nothing on WhatsApp. There's no no violence on WhatsApp. I don't understand. Decisions. Only one was based in the United States. How's that possible? Only one? They all be in Florida. Shouldn't everything from Florida. There are seven relevant Community standards this. So I'm this is about the topic so they group them in the seven main topics. 83% of the ones that choose are primarily about topics about very bad Ike violence. Stuff like bullying and harassment cruel and sensitive dangerous, individual blah blah, words, it's Hellscape, it's a hellscape. It's really the worst place in the entire universe. Thank God. We're moving it. All the virtual now. But I was thinking maybe Facebook got, maybe the board. Got some constructive criticism from Zach because both cases in 2022, were decidedly less violent. And more sexy one was on regulated goods and one was an adult nudity in sexual activity. That's that sounds good, but it's good. I think, I think that Facebook needs a better text on him this because when I look more closely at that one, it's actually about sexual violence against minors. Oh not. Let's good. Yeah. And to wrap up the show. I want to remind everyone because you just mentioned the Supreme Court Supreme Court Justices. Make about 280,000 dollars. Yeah. According to the New Yorker, the oversight board makes at least in the six figures, okay? Of course, they don't Facebook won't tell you what's going on. I looked all around. They're not disclosing anything. I think you'd think this would be the one thing that would have a high level of disclosure. Now, but according to New Yorker, they get six figure salaries for putting in about 15 hours a week of work, okay? What are they doing for the 15th? The justices pushing at 76 cases done here and just for comparison, the content moderators who analyzed objectionable, or illegal material like racist posts or graphic images of child abuse. They get about 29,000 dollars a year. Oh, all right. Well, that makes sense. But make you feel better. They don't get any of the Facebook benefits because they don't actually work for meta or Facebook, thank God. So that's a guy that was businessman for April. The 5th of 2022, we are gaming, Wallace and Matti. I'm a works in the eclipse fear somewhere. We'll be back tomorrow with a woke Wednesday edition of business pants. We'll talk to you then goodbye.