How Shareholders Are Destroying The Tech Industry
Better Offline
Cool Zone Media and iHeartPodcasts
4.6 • 688 Ratings
🗓️ 12 July 2024
⏱️ 56 minutes
🧾️ Download transcript
Summary
The shareholder supremacy has eaten the tech industry, driving private and public companies to chase unprofitable, unsustainable ideas like generative AI as a means of expressing eternal growth to the markets. In this episode, Ed Zitron walks you through how this destructive mindset has created an entirely new kind of manager - one disconnected from labor and creation - and how the dark hand of shareholder supremacy is behind everything strange and bad in tech in the last few years
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Transcript
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| 0:00.0 | This is an IHeart podcast. |
| 0:02.5 | Guaranteed Human. |
| 0:06.7 | Quarzo Media. |
| 0:08.8 | Oh, hello. Fancy meeting you here. |
| 0:10.9 | I'm Ed Zittron and this is Better Offline. In the previous episode, I walk through how General Electric's Jack Welch created the disgraceful terms of modern capitalism. |
| 0:31.6 | A corporate mindset, where thousands of people are laid off to boost revenues when a company is making millions or billions of dollars in profits, and an era of growth at all-cost corporations that create |
| 0:42.3 | nothing but shareholder value, run by an entire class of managerial pencil pushers that only |
| 0:47.9 | really care about hitting analyst targets. In this episode, I'm going to show you how bad |
| 0:53.8 | that's been specifically for the tech industry. |
| 0:57.6 | As ever, please check out the episode details for an URL that has sources for everything I'm talking about in this and future episodes. |
| 1:05.6 | Sorry to repeat myself on that one, but it's really important, you know, I did not just make all of this up. |
| 1:11.8 | Anyway, a couple weeks back, OpenAI CTO, Miramarati, spoke for nearly an hour at Dartmouth |
| 1:18.3 | University, where she recently accepted an honorary, which by the way means fake, doctorate of |
| 1:23.2 | science, for, and I quote, pushing the frontiers of what neural networks can do. |
| 1:28.3 | This is, by the way, very funny. It's very funny indeed. |
| 1:33.3 | Because other than when she graduated with her Bachelor of Engineering from the Theas School of Engineering, |
| 1:38.3 | and for one year of her career, Miramarati has only ever been a manager, specifically a project manager, somebody who doesn't |
| 1:45.5 | write code or build software, but points at things and say is, yeah, we should do that. |
| 1:51.3 | After graduating, Miramorati worked briefly at a French aerospace company called Zodiac as an |
| 1:56.4 | advanced concepts engineer before joining Tesla in 2013 as a product manager, before moving to Leap Motion |
| 2:02.7 | from 2016 to 2018, where she was the VP of Product and Engineering. A deceiving title, again, |
| 2:08.5 | does not mean she actually wrote code for a company that also burned tens of millions of dollars |
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