Transcript
Hello, live from wherever the hell. Damian is right now. It's a role is full Tuesday edition of business fans joined as always, by the lurker and the madman. Whoa, I'm a wet squirrel names. In today's wet Home, Depot Leaf bag called April 12th 2022. Twitter celebrates and 8ka. Emma plays a game, Matt. What's Matt doing today? What are you making fun of today? You're making fun of a CEO from PF. Chang, I am going no I'm not making fun of the CEO as much as I'm making fun of business. Insiders hard-hitting journalism. I said it for this. I'm ready for this. I just noticed some comparably.com that the PF Chang's CEO gets a 58 out of 100. Rated D people don't like him. Sorry not me. I didn't make the world. Let's do this. Come on. All right. All right, so here's my must Twitter update because I didn't have the internet for two days. I don't know if you guys covered this. Did you cover it? Some why don't you Enlightenment, your thoughts? Because we've all been waiting here it is. The elusive 8K Amendment. This is this story is called when the 8K becomes the 8K slash a, it's a boy in five short days, we went from the company will appoint Mr, musk to the company's board of directors, to Mr. Musk inform the company that he is not joining the board. It's actually already in the proxy too, which we'll get to later so which means we all. So went from parag saying, I'm excited to share that were pointing Elon. It's gonna make a stronger in the long term to elon's appointment Elon shared the same morning that he would not be joining the board. I believe this is for the best so I don't know. Everything's for the best. Look, he started the best way, both ways, right? Yeah. Everything's the best. That's a good one parag. So what gives you guys to weigh in here? Because I don't really know the answer. Maybe Elon didn't like his ownership being capped at 14.9%. That's a continuously of his board seat. So Twitter made Twitter domination is coming. You think? Mm-hmm. I think it's a, he's gonna either buy it or sell it for funds. I think it's all for fun. How about this one? Elon did not like that. He would be appointed to the board subject to a customary. Background check and a completion of the company's D&L questionnaire, its director and officer questionnaire. I would like to get my hands. I would like to get my hands on both of those. What exactly was in the background? Check was it like, do you smoke weed? Do you rage tweet? Do you call hero divers? Pedo guys. And what exactly was in the questionnaire, was it? Do you rage tweet at hero divers, while high are you an annoying piss ant? Troll? Did you suck on SNL? Have you only been married to people whose careers are defined by frivolous pop? Culturally things like a Canadian fantasy author? And English TV actress or Canadian pop singer. What a Canadians? Really. Is that? How about this one? Maybe he didn't want to be a fiduciary, you know, to act in the best interest of shareholders. You think that's it. Here we go. Maybe Elon just wanted his freedom back. Here's what former SEC. Chair Jay. Clayton said when you go to the on the board your degrees of freedom as an investor or substantially restricted and it restricts your freedom to operate. Could that be it? I don't know, it just seemed like you're painting some sort of big picture. How about this one? Maybe he just didn't want to stop tweeting stupid, Twitter shit because that one would have right? Yeah, he needs to take that up with the SEC. That's not a Twitter problem. Actually could be a Twitter problem. Could be a titter problem is really what? This one. Maybe Elon did not want to serve on a board with Egon. Yeah, maybe that's actually true. There's a quote, that's not being reported. I'll report here and it is the world is not big enough for an Elan and an Egon. I'm sorry. Who can I attribute? That was that? Yes, that's true. There's a man on the board of Twitter called Egon Durban. Something we covered here so that that plausibility makes sense to me. And finally maybe this simple one maybe Elon did not want to serve on a board with two people, Prague agrawal and Dr. Fay fay Lee who did not drop out of their doctorate program. After two days they actually stayed maybe he's just feeling overwhelmed by their expertise. Maybe that's just Dude. Yeah, it probably. Is that more than anything? Although Elon did at one point admit in an interview that he was scared of Google and the entire Board of Twitter is basically Google. So Maybe, maybe it was like it was, it was easier to sort of sit in the back of the bus and yell at the bus driver. Then it was to actually, you think try to drive the bus, you think there was an actual, was there? A pre-board board meeting? Do you think? They actually all showed up as adults and tried to get along and it just didn't work out? No. You think it? Never you think it never even happened. Okay, this because Emma seems to have the idea as Matt, you look confused. Do you think that parag and the Twitter peeps pushed him out? You think they pulled the plug or anything? Elon pulled his own plug? No, no. You think he pulled his own clothes. Okay. So you get really was, you think Prague was lying the second time. The first time when he said it. This is the best. He really did want a lean on the board, Elon know. So here's what they recognized. Yeah, bringing him into the board man that he could give him a standstill agreement which means he couldn't accrue more shares that they would actually get to control Elon Musk. Another good thing for Twitter, Whatever he wanted, right? Like he be stuck. Um, being a fiduciary Elon. Alized this, when some lawyers are probably sitting down writing the standstill agreement saying, like here's what the rules are gonna be. He gets like a care package in the mail that says, welcome to the Twitter board. Here's all the policies that we have that you're gonna have to follow. Here's your questionnaire. We're super excited to bring you on board and he's looking at all this stuff and he's being like what I thought it was just like, I was gonna like, join and have fun. And he's got his personal lawyer saying, hey, by the way, because you didn't disclose your steak and you had to amend a 13 D from a 13 G. Like now, you're not a passive investor. That means all of those people who lost money in that period. You didn't like tell people that what kind of invest you were gonna sue you and you're gonna have probably have to pay them. Yes. Care about that. I think Elon was like, all of this sounds like way more work sucks. It's this legitimately sucks. When all I wanted to do was take the W out of the word Twitter. And have an edit. But what we're saying is that he's the kind of guy who makes decisions when he's really high and when he comes down, he's like, what did I just do? That's what you're saying. Go on record, that's what you're saying, but Elon Musk. He's, he was in this because he's a billionaire and can do whatever he feels like. And then someone later is, like, by the way, there are consequences to some things sometimes, the story. Yeah. All right. Moving on. Consequences. I'm gonna give you some hard-hitting, journalism. This story popped in her feet today from Business Insider. This is what you pay for business inside her is a subscription model. Okay. People Here's the headline. I'm the CEO of restaurant, Pia restaurant, chain PF Changs. I start my day at 6 a.m. and don't schedule meetings before 8. Here's what my morning routine is like, yes. This is what people come for. I do you know the CEO of PF? Changs is a man named damola adamolekun. I'm going to say it wrong. He looks like a very nice smart, man. This is what business is inside their thought. You need to know. It was very important. That demola is deep wisdom on, how to start your day gets out, so strap in ready. He started. He starts his day at 6 a.m. when he wakes up and he reviews yesterday's financials in his home office, then he goes into the office, this isn't Scottsdale Arizona, the headquarters he goes in by 7:30 a.m. to sit down with the CFO who's also there by 7:30, And do the days planning, it's an Open Door meeting. This is means it's very casual. He said, anybody can kind of like come and go 7:30 a.m. if you just happen to be at the office, a PF Chang's headquarters, just come on in other way. Can we just stop again? We stop again. Yeah, the Chinese restaurant is headquartered in Scottsdale. Arizona, I don't feel well no population. Yes, that's eating Chinese food. When it's like 120 degrees out, I would not enjoy that experience. Yes, I can't you even in the desert. Okay. Yeah. The desert Chinese foods famous. He has a firm rule. No meetings are scheduled before. 8 a.m. that's a firm rule except for the meeting. Wait, what about the open door meeting? Except for the 7:38 a.m.? No, he just had he didn't. He didn't. Wow, that wasn't a meeting. It wasn't scheduled, right? And I also have to mention that rule also, Doesn't apply for his meeting with his executive assistant, who he meets with before, 8 a.m. to figure out what it means look like starting at 8 a.m. so it's two. Oh sorry, two different. He actually has two meetings before 8 every day. Yeah and that's the whole article. Hey, he doesn't have more of a day that that was just what he does before. 8 a.m. you're comfortable. We're here to shit on Business Insider. It's not our job. How dare you can you feel the wisdom? Look this is inside her. If you want some fluffy articles, like there's war, there's plague this famine, this cronyism this stonks and memes and inflation. All these things are happening in the world. But if this is what it's going to be, what we put out, you want some fluff. Here's the fluffiest fluff I can generate for you. I am. Yeah. Hang on. I'm so sorry. I thought I could let it go by but I can I can't let it go. The PF, Chang, CEO starts his day at 6, a.m. not by, like having a coffee pooping, like, brushing his teeth, doing whatever, he reviews, his financials. If I ever find myself in a position where I need to review Financial exam, I just don't know what I would do with myself. Someone would need to come get me. This is your world order pooping or reviewing financials. This is how you see that binary? That's it. That's what the world is. I write here is the fluff for Business Insider. I am the CEO of Fleet free float and I'm gonna walk you through what a real CEOs morning. Looks like first I never schedule meetings before 7 a.m. because 7 a.m. is the time when I'm frantically running between my kids rooms, to make sure they wake up before school second. And I don't never wake up. I like to sit down over the Wall Street Journal, and look at the dais economic Trends. I don't believe that or I would, if I wasn't burning scrambled eggs because my four year old took a dump in the morning and needs helping her butt. So, he said instead, I asked the kids, if they forgot any homework that we can do while, we're eating rather than reading the Wall Street Journal. Heard yeah. 8 a.m. is when I like to start meetings. But usually one of my children is melting down before they get ready for the bus because they are not wearing pants or their jackets. Stop fitting them somewhere or they brush your teeth with petroleum jelly because the tubes look very similar to toothpaste, I don't know, it's just something meltdown is happening right now. forth by 9 a.m. the kids, are on the bus, they're in the school, the little ones a preschool, I sit down for my first meeting of the day and it's usually with Ari who tells me about her husband's dinner habits, or one of our Consulting clients who needs help wiping their butt that's day. Looks like one up me Zuck. Come on, let's do it. I don't like that. Don't you disparaging our clients, your disparaging business, insiders. All we have in our life, those two things. All right, let me wrap up. Sad day, let me Twitter this morning for financials. Twitter drop is proxy today. Here, I want everyone to know what this company is against and what the company does not stand for. I know it's very excited by Twitter by Twitter's very excited by Elon joining the board and they're very excited by by Elon not joining the board. We know this right? Yeah. Not against that. Either way they love both ends of that. Both of that binary. Here's what they definitely stand against and I'm saying this mostly from his benefit, they are against the shareholder proposal. That is asking for the risks on the use of concealment Clauses in the context of harassment discrimination and other unlawful acts, they are against a shareholder, proposal asking the company to nominee a director who has a high level of human or civil rights experience. They are against A proposal asking for an audit, analyzing the company's impacts and civil rights non-discrimination they are against proposal asking for an electoral spending report. They are against a proposal asking for a report on lobbying activities. They are they don't stand for that shit. Okay, get it out of here against that stuff. Here's what they here's what they do stand for. They do stand for 130 to 1 CEOs, they do stand for a CEO who makes over 30 million dollars. They do still stand for a CFO, Chief legal officer and chief customer officer, who make an average of about 17 million dollars. And I just wanted to point this out before we wrap up. There's Something Fishy going on with Chief legal officer. Jaya Gaddy. Okay, her personal security cars were 397,000 dollars 397, 309 dollars, but the CEOs were only 64,000. What's Happening Here. Why did she need someone security? I just want to point out. Yeah. If you could maybe do a little work beforehand, it's bad, not bad. You pronounced Twitter employs, her sister for 369,999. What's going on? What's with all these threes and Nine's with the guy sisters? Come on somebody. Help me out. What's happening at Twitter? It's melting down. This is what really analytics look like. Okay. How Damon do you happen to know how long she has been with Twitter? Tell me. I don't know who the sister. No, I'm asking you. Oh, Yeah, I will let me know I have it somewhere. He knows that it'll just take him a second to say, I'm just let me access my brain really slowly. Here's my thing, is that Prague is relatively new? Yes, He doesn't necessarily know all the secrets that the chief legal officer knows. So my thought is potentially that she is at this point in time and more valuable asset then, perhaps giving her. Why couldn't they promote her? She why can't? Once again, another Chief legal officer, who was a woman, Why can't? I can't achieve Legal Office to be a CEO. I don't know why don't you become CEOs, but the women are always, they're either Chief legal officers or their Chief Human Resources, officers, they're always women and they never get promoted to CEO. What's the deal, people? That's one of the things Twitter is again. Come on, truly. All right, let's wrap this up, shall we? Because I'm so Meandering today. Yeah. So meanderer today. um, luckily for you I am Strict as anything. We're going in a straight line. We're talking about numbers today. People, it is. It was time. Yes. And this quiz doesn't have a name per usual, but this time it is because I couldn't come up with a good enough name that would make Matt and Damien laugh. And I also couldn't come up with a pun stupid enough, that would make them roll their eyes at me. So, this is nameless. I like how stupid stuff. I know you do but I couldn't come up with one good enough or stupid enough. So I'm at the stupid Crossroads of Titleist quiz. Anyway, move on I'm going to read a headline that is centered around a statistic with a percentage of some sort. I'm going to exclude the percentage from the headline and Matt Damon are going to have to. Guess what? That percentage is based on the context from the PHD program. I just need to tell you that before. So oh yeah. How many days did you last? I only made it. I well, technically, I made it less than 0 days because I never got accepted so. Okay. Well, that's perfect. Okay, I can't go ahead. Start the game. All right. I suppose this game could be called percentage map lives but that kind of sucks too. So that's just play. Yeah, not doing It. I told you. All right. Headline number one, one. Charge Creator fees up to blank percent to sell virtual Wares in its metaverse. Blank percent. Yeah, how much do you think that meta is going to charge people to sell their virtual wear up to blank percent? I mean my first guess was 50 best, seems high. No no no no no no no no no no no, no, it's gonna be five five percent. No no it's gonna be high. No sorry 6.5. No no it's clickbait. I feel like this is clickbait. I'm gonna say, 305 30 Damien you should have stuck with your original answer because it is 47.5. Yeah. I didn't know behind. Yeah, come on. No, it would. It's true. I just don't, I mean, that's kind of outrageous. Know, almost half of what your product costs, but I suppose it's all virtual, so it's all fake anyway. It's fake products. Fake reality 30 trillion dollars myself, All right. Next one. All right. Next one. Number two. Um, serious injuries that Amazon Warehouse Rose blank percent in the year. Since Amazon pledged to become Earth's safest place to work Earth. I look first of all, can we focus on that pledge? Earth's safest place to work. Yeah, that's quite a pleasure. Hypothetically earth's best place to write. Well, quite a pledge. I mean, look, it already had a leg up. It's not like a coal, mine in like central Africa. So already, we're, we're starting the starting point is already more safe than some of the least safe places to work. So it shouldn't be as hard as it sounds. And yet, I'm gonna go with 24%. that's seems high to me, I only say 15 was the number that popped in my head. That is correct. That it is 15%. Oh, that was Pure Luck. You're not allowed to boo him, just have access to the media board. The weird thing is that I was I kept thinking when I saw earth safe, this place to work. I was thinking of a nice like Nursery School in Scottsdale Arizona, wouldn't be safer. I actually I like I like to juxtapose it to as opposed to Mars's safer place to work like they like specifying Earth, seems Like the interesting part to me, we don't want to exclude anything. We don't want to take any chances inclusion. We're about inclusion here. All right, next one. Blank. Percent of interns. View remote. Work. Get Tivoli, study, fine. I mean, that's do we care. What interns think? I don't care. but I know it's going to be high because I think that would be a sucky way to be an intern because yeah, it's you don't get to learn the company culture. Yeah, you don't, you don't figure out like that. You hate Larry the guy with the stapler. Yeah. So, more than half, I'm gonna say like two thirds. All right. Yeah. I was gonna go with 66%, but I will now go with 72%. Shut off my chime. It is so it is 70% of what you might be good at it. I know our ruining the game, but I think it's all right. Let's see if you can. Screw this one up, shall we? and finally, number four, Russians on Forbes billionaires list, have lost on average blank percent of their wealth. Over the past year. Well, I want this to be like they've they've gotten richer that would be the yeah, negative. It's not it's gonna be like, 10%. I don't know. I don't know this. Mmm, 10. I'm gonna go with 37% I, I can't give that one to you. It is 27% of their. Oh, okay. If that rule applies, the 97 would also be good. You know, those kind of things are too, like fuzzy mad. I don't really, they could, they lost 20% of their wealth, according to Forbes, but Forbes doesn't know the stuff that they stashed over here and they hit over here and they, it was over here, it was inside her, it wasn't according to business inside her. That's all that matters. That was business pants. I'm Adam Scotty stammen, Ross mlking, we're free float media, if you like this. Come back, come back and listen some more goodbye.