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Electrolites for taste. This is Recode Media with Peter Kofkin. That is me. I'm part of the Vox Media Podcast Network. I'm here at Vox Media headquarters in New York City, and I'm here with Jeff Green, who is the CEO of the Trade Desk. Hello, Jeff. Hi, how's it going? It's going well. We were saying we have not talked for a long time.

We used to talk more frequently.

It's been about five years maybe.

Jeff was someone who used to explain how ad tech worked to me. That's right. And at some point I threw my hands up and said, this is too complex. I was going to say, I think I scared you off and made you say, I don't want to learn about this anymore. I think I'm the dummy, though, because in the meantime, you went ahead and you were starting a business, I think last time we talked, the trade desk. Since then, you've taken it public. That's right. And even though a lot of people probably aren't familiar with it, if you're in ad tech, if you're buying and selling digital ads, you probably know about it. If you're a Wall Street investor, you apparently love this thing. That's right. Roughly, our stock has gone up. I mean, we IPOed at $18 a share, and we now traded about $130 a share. I think I saw $117 this morning. Yeah, it's bounced around a little bit in the recent months. Yeah. Something popped up in my feet earlier this summer. It said, something, something, Jeff Green, ad tech billionaire. I said, wait, that's Jeff Green, really? I looked it up. I did the math. I think you're maybe merely worth $800 million. Oh, that depends on the stock price on any day. But wow, I really should have paid closer attention to what you're doing. Yeah, no comments on that. All right.

It's in the proxy.

You can go ahead and do the math yourself.

What I wanted you to do to us besides not talk about your personal wealth was give us a state of

the state of the digital ad business.

I think anyone who's listening to this podcast understands that Google and Facebook own the

lion's share of that market.

...