E172: SBF gets 25 years, Trump's meme stock, RFK Jr picks VP, Biden's 2025 budget & more

**Chamath Palihapitiya** (0:00)
Nat and I have goals when I play poker. She always leaves me with the following.
Play well, check. Have fun, check. Do not eat late at night, never a check. Not a chance.

**David Friedberg** (0:13)
As soon as we finish dinner, within 20 minutes, back at the poker table, Chamath's like, may I have my Haagen-Dazs now? May I have my second Haagen-Dazs now?
Hellmuth, you are buying the melts tonight. Hellmuth is literally on the melts. Hellmuth, fire up the cheeseburger melts, Hellmuth.

**SPEAKER_2** (0:28)
Did you see?

**Chamath Palihapitiya** (0:29)
Friedberg, you should have seen last week. Hellmuth at the dinner table, Sean made some incredible, I thought, like fresh sorbet of some fruit or whatever. He at the dinner table ordered from DoorDash, double stuff Oreos, some Nutter butters, some cherry beets.

**SPEAKER_2** (0:46)
Nutter butters.

**Chamath Palihapitiya** (0:47)
They arrived when we left dinner and got back to the poker room.
It was so disgusting. Then the next day, my whole household, everybody, Nat, the kids are like, what are these things? They were like holding up these Nutter butters. They were looking at them like they've never seen Nutter butters.

**Jason Calacanis** (1:02)
The best part about Phil Homemute's DoorDash addiction is that like at least once a month, Chamath would be like, somebody ordered like four entrees, like pastas and two desserts to my house, and I didn't order it. And it feels like, oh, that's me on the group chat. That's me.

**SPEAKER_2** (1:22)
Because he doesn't take the time to change his address back to his house. And then you see the naked truth of what he's ordering.

**Jason Calacanis** (1:47)
One person who's not going to be eating well is SBF. He was just sentenced. Breaking News Thursdays continues here at the All-In Podcast, Episode 172
But SBF was just sentenced with me again today on the pod. Of course, the dictator chairman, Chamath Palihapitiya, Sultan of Science David Friedberg, and the Rain Man, yeah, David Sacks. I'm Jason Calacanis. Welcome back to the number one podcast in the world. Episode 172 of the All-In Podcast, your favorite.
SBF just sentenced 25 years.

**David Sacks** (2:23)
You're always over-hyping.

**Jason Calacanis** (2:25)
Always. Hype man, that's always what I do.
I'm a hype man.

**SPEAKER_2** (2:29)
I'm like flavor flay of this organization.

**Jason Calacanis** (2:33)
SBF, Sam Bankman Fried of FTX was found guilty, as you know, a couple of months ago in November, and he just got sentenced to 25 years. In total, FTX customers lost $8 billion, investors lost $1.7 billion, and lenders lost $1.3 billion.

**Chamath Palihapitiya** (2:51)
Is that without parole? When is he eligible for parole?

**Jason Calacanis** (2:57)
That is a good question. Doesn't say what the parole could be. The prosecutors had said...

**David Friedberg** (3:03)
There's no possibility of parole in federal criminal cases.

**Jason Calacanis** (3:05)
Yeah. So federal prosecutors saw it 40 to 50 years. So the judge went a little bit light, I guess, and gave half. In his sentencing, Judge Lewis Kaplan said SBF had lied throughout the trial and showed no remorse.
Quote, he knew it was wrong. He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught, but he is not going to admit a thing, as is his right. In related news, FTX is also selling the majority of its stake in Anthropic for $884 million to Mubadala, one of the sovereign wealth funds from the UAE, and other investors, including Jane Street, where SBF worked for a hot minute, the Ford Foundation, Fidelity, and some other investors.
From CNBC, lawyers representing the bankruptcy estate told the judge in Delaware last month that they expect to fully repay customers and creditors with legitimate claims in the FTX case. That doesn't take into account equity holder. So it looks like that one investment could save a lot of people their deposits.

**David Friedberg** (4:08)
I saw an analysis recently that showed that they were going to be in a surplus. So investors were going to get money back and all the depositors were going to get their full 100% back.

**Jason Calacanis** (4:18)
I don't know how much Bitcoin or other coins they owned, but if they didn't sell that Bitcoin at 30 or 40 and it's at 60 or 70 now, yeah, that would be material, right?

**David Sacks** (4:28)
The crazy thing is that SBF was not, it turns out, a terrible investor. He made a seed investment in a Thropic that's worth billions now. He made a seed investment in Solana that I think is worth billions now, especially now that Solana has recovered.
I think that Solana was hard with the brush of being a Sam coin because SBF invested in it, but as it turns out, as far as we know, it's a completely legitimate developer project. Sam was an investor, but not a participant, and you look at the price of it, it's now rallied to something like an $80 billion market cap.