Can Social Media Be Redeemed? Feat. Early Facebooker-turned-Investor Bobby Goodlatte

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 5 August 2020

⏱️ 71 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today on the Brief: President Trump wants a cut of the TikTok deal Previewing this week’s COVID-19 vaccine trade Dave Portnoy breaks into bitcoin Our main conversation is with Bobby Goodlatte. Bobby is the founder of Form Capital, a new seed investment firm that focuses on supporting portfolio companies with value-add design. Bobby was an early employee at Facebook and has been an active angel investor since 2012, with investments that include Coinbase. In this conversation, he and NLW discuss: The early days of Facebook Why angel investors don’t like new angel investors to get involved How Silicon Valley reflects larger questions of equity valuations How social media has changed over the last decade Why politics is now “downstream from algorithms” Why there are still possibilities to build new social networks Why today’s social networks could make different decisions that would be better for the world. Find our guest online: Website: Form Capital Twitter: @rsg

Transcript

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0:00.0	There's a way to game these algorithms, and it's not a very hard game to play.
0:06.4	The kind of limit is really one's own moral scruples.
0:11.3	And kind of when you play games like that, then, you know, then the only people who are
0:15.4	going to do great in that environment are the folks who are kind of the least encumbered.
0:20.3	And so having to be honest all the time and having that as part of your moral code
0:25.5	is a hindrance in terms of achieving maximum engagement.
0:30.0	You know, it's fundamentally more engaging to tell a kind of out there narrative
0:35.8	than it is to have to stick to the truth.
0:39.6	Welcome back to The Breakdown with me, NLW.
0:43.8	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:49.7	The breakdown is sponsored by crypto.com, BitStamp, and Nexo.io, and produced and distributed by CoinDesk.
0:59.6	What's going on, guys? It is Tuesday, August 4th, and today's main conversation is with Bobby Goodlat.
1:07.1	Bobby was an early employee at Facebook. He has gone on to be a prolific angel investor and has just
1:13.3	started a new fund. And today we're talking about all of that plus a really important question.
1:19.6	Can social media be redeemed? First, however, let's do the brief.
1:25.3	First up on the brief, here's a crazy question.
1:27.5	Should the U.S. Treasury get a cut of the Microsoft TikTok deal?
1:32.4	So what happened?
1:33.9	President Trump said that he told Satya Nadella, the Microsoft CEO, that, quote,
1:38.6	a very substantial portion of that price is going to have to come into the Treasury of the United States, because
1:45.4	we're making it possible for this deal to happen. Effectively, Trump is saying that any deal
1:50.7	has to have a payoff to the U.S. government as well. There are, as you might imagine, some pretty
	...

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