E20: Robinhood wrap up, Insiders vs. Outsiders, California's failing report card & how to fix it

**Jason Calacanis** (0:00)
I'm going all in with your beak with your beak with your beak I'm going all in to let your winter slide Rain Man, David Sacks I'm going all in and it's said we open sourced it to the fans and they've just gone crazy with it I'm going all in Alright everybody, welcome. It is the podcast you've been waiting for, the All-In Pod Emergency Episode 20, the number 11 podcast in the world, number one in tech number 11 overall, Joe Rogan, Sway, Pivot, NPR, Rachel Maddow, Left in the Dust Welcome to the number 11 podcast in the world Can You Believe It? Besties with Us The Queen of K&Y himself, David Friedberg, Rain Man, David Sacks Hot Off, The Banger by Young Spielberg Closing up Episode 19 and of course The Dictator, Chamath Palihapitiya How we doing boys?

**Chamath Palihapitiya** (1:09)
Lovely. How are you Shika?
Lovely.

**Jason Calacanis** (1:12)
Friedberg?

**David Friedberg** (1:13)
Lovely. Lovely. It's a lovely Tuesday emergency pod.
And Sacks Nice to be with you guys.

**Jason Calacanis** (1:20)
Retired from Kraft Ventures to pursue his dream of being a Fox News host. How's that going for Sacks now that you've got full media blitz?

**David Sacks** (1:30)
Well, yeah, I've been invited. I was on Bloomberg. I've been invited on CNBC tomorrow. I might even be on Fox on Thursday.
So everybody, maybe Tucker. Everybody wants a piece of the besties. Everybody wants a piece.

**Jason Calacanis** (1:44)
Unbelievable. We were pariahs in our own industry and now we've transcended tech and taken our rightful position. I got invited on CNN, which is crazy.

**Chamath Palihapitiya** (1:55)
On what show?

**Jason Calacanis** (1:56)
The guy with the British accent. He kind of does the...

**Chamath Palihapitiya** (2:00)
Piers Morgan?

**Jason Calacanis** (2:01)
No, there's another guy who does CNN International and they were doing like a whole thing.

**Chamath Palihapitiya** (2:05)
Oh, that guy. Yeah, yeah, yeah.

**Jason Calacanis** (2:06)
You know, the guy with the glasses.

**Chamath Palihapitiya** (2:07)
He's funny.

**Jason Calacanis** (2:08)
He's pretty funny. Yeah, I didn't do it. I really do not want to speak for Robinhood, but we do need to pick up where we left off in episode 19, which a lot of people were wondering.
Chamath, are we still friends? Are we still besties?

**Chamath Palihapitiya** (2:26)
We are. But I do want to say one thing.
Jason and I talked this weekend and he said something to me which I actually thought about a lot, which is that, hey Chamath, when you get that emotional, you know, I think the point of what you're saying gets lost.
And I had a lot of time to think about that. So one, I wanted to say, J Cal, if anything I said, you know, hurt your feelings, I want to say I'm sorry. I think you are the most incredibly loyal person and that, you know, spans friendship to being an investor too. So I just wanted to say I'm sorry to you. And to be quite honest with you, when I listened to a couple of my comments, I was like, wow, you know, I was a little emotional and I think it didn't need to be that super extreme. I think, you know, the thing that it touches for me is like, I forget sometimes maybe where I'm at today and I go back to where I was 20 years ago or how I felt as a 16-year-old and I channel that a little bit. So anyways, Jake, I just want to say I love you with all my heart and I'm sorry.

**Jason Calacanis** (3:28)
I love you too, Chamath. And you know, it did get a little bit personal and we're all passionate about, you know, our positions and, you know, it was a little difficult for me because I'm trying to give my guys, my team, or Robinhood the benefit of the doubt. And it wasn't an easy week, obviously, to do that. But just to recap here, Sunday Vlad was on Clubhouse with Elon Musk, our pal, who almost blew up Clubhouse. And there were so many people trying to get into that room and I think it tops out at 5,000 on Clubhouse that people were holding their phones up to their YouTube accounts. I think that's probably how most of us listened to it was the YouTube. People were just syndicating it live to YouTube. But Elon did a tremendous job interviewing Vlad, which leads to a really interesting topic, David, about subjects just routing around the press and going directly. I mean, Elon is now the best interviewer in the business.
And he basically said, listen, did you have a gun to your head? And I think it was pretty much that. According to the reports that have come out, the Depository and Trust and Clearing Corporation, which is Wall Street's main clearinghouse for stock trades, demanded $3 billion in additional collateral from Robinhood, which they said was an order of magnitude more than usually required.