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Odd Lots

Chamath Palihapitiya Says A Reckoning Is Coming For Big Tech

Odd Lots

Bloomberg

Business News, News, News Commentary, Business, Investing

4.52K Ratings

🗓️ 18 June 2020

⏱️ 47 minutes

🧾️ Download transcript

Summary

Chamath Palihapitiya is the CEO of Social Capital, the Chairman of Virgin Galactic and a partial owner of the Golden State Warriors basketball team. He’s also been an outspoken critic of the way the crisis and economic recovery have been handled. In April, he famously railed against the airline bailouts in a CNBC clip that went viral. On today’s podcast, he talks to us about how he would have handled the bailout differently, and why he sees a reckoning coming for powerful tech companies in the near future.

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Transcript

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0:00.0

There's so much news happening around the world that we're somehow supposed to stay on top of.

0:05.5

That's why we launched The Big Take. It's a daily podcast from Bloomberg and I Heart

0:11.4

Radio that turns down the volume a bit to give you some space to think.

0:16.5

I'm Wes Kossova.

0:18.0

Each weekday I dig into one important story and talk about why it matters.

0:23.7

Listen to the big take on the I Heart Radio app,

0:26.6

Apple Podcasts, or wherever you listen. Hello and welcome to another episode of the Odd Lots Podcast. I'm Tracy Allaway. So, Tracey, I don't know, you're just waking up in Hong Kong, but we had a little bit of market volatility today. Do you see that?

0:54.7

You know what? I woke up to an alert on my phone, something. It's never good. Have you ever noticed

1:00.4

whenever you get those alerts on your phone it's never anything good it's always

1:04.2

something bad but yes something about stocks falling yes there's never been a good push

1:09.1

although that's safe to say but it is June 11th. We just had this market volatility nonetheless even with the volatility there is this sense that people have and maybe it'll change by the time people are listening to this episode is that they sort of the most intense periods of the

1:27.1

crisis at least you know it's not as intense as it was back in early April or late March.

1:34.0

Yeah absolutely I think that's true.

1:35.0

And certainly earlier this week we did get another alert which was...

1:39.0

So I guess sometimes you do get good alerts, but the alert was the SMP 500 regains all its losses

1:45.5

for the year and basically went back to the highs that it was seeing before the coronavirus.

1:50.4

So we do have a sense, and I think a lot of people will attribute it to either the Federal Reserve or some of the fiscal stimulus measures by the government that these have combined to at least save the stock market if not the real economy.

2:05.0

Right, it's still very t-b-db-d on all that.

2:09.0

One of the things, and you and I have talked about this, Tracy, is that in the middle of a crisis, one of the things that makes crises interesting is that new ideas can emerge.

2:17.8

And so often when things are growing, people don't want to rock the boat.

2:21.4

But in the middle, the acute phase of a crisis it always

2:24.3

feels as though there's openings for sort of new ideas, new approaches and a sort of

...

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