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This Week in Startups

Bytedance bans 996 + Multicoin Capital’s Kyle Samani: The 100x fund | E1317

This Week in Startups

Jason Calacanis

Technology

4.21.4K Ratings

🗓️ 2 November 2021

⏱️ 75 minutes

🧾️ Download transcript

Summary

First Jason briefly covers TikTok owner Bytedance's restriction on overtime working hours (2:14). Then Multicoin Capital partner Kyle Samani joins (11:07) to discuss how they evaluate products, why they prefer to invest in tokens over equity, the Solana blockchain (19:17), Helium (57:05), Decentralized Autonomous Organizations (DAOs) and much more.

Transcript

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0:00.0

All right, we got a great show for you today. Kyle Samani from Multicoin Capital is on the program.

0:05.6

They made a massive bet on a crypto project called Solana and that has become one of the greatest

0:11.7

investments in the history. At least at this point, I don't know if they're liquid on it,

0:16.5

in the history of all investing in the world because they bought Solana, which has now become an

0:21.9

Ethereum competitor, co-existor. And this guy has got really strong feelings about Bitcoin and a

0:28.0

bunch of other crypto projects. He's a very honest guest. He's done incredible, incredible in

0:33.7

crypto investing. We really double-click on a lot of important issues. You're going to love this

0:38.4

as an interview. And he's got strong opinions. But first, we're going to talk about the end of

0:43.6

996 at Byte Dance, the makers of TikTok. As you know, 996 is the model for 9am to 9pm,

0:51.6

six days a week, basically the working style at Chinese tech and finance companies, which

0:56.8

was modeled after how we used to work in the 70s, 80s and 90s here in America. But we kind of

1:03.3

deprecated that a bit. Well, now Byte Dance has mandated that employees only work from 10am to 7pm,

1:09.6

Monday through Friday, no more weekend work. They have to ask for permission to do overtime.

1:13.7

So weird stuff going on in China. And we're going to drill down, double-click and go deep on it,

1:18.9

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1:26.4

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1:32.4

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1:38.7

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1:45.3

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1:54.9

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2:01.3

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2:08.2

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...

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