E50: Crypto investing deep dive, Facebook's whistleblower fallout, Chappelle's new special & more

**Jason Calacanis** (0:00)
Our daughter's head has dropped because our doctor, she felt the head, and she was like, yeah, it's-

**David Sacks** (0:06)
Chamath, whose head has gotten bigger, yours or your daughter's?

**Jason Calacanis** (0:13)
What do you mean? Don't quit your day job, Sacks. Yeah, Sacks.

**David Sacks** (0:16)
That didn't quite land.

**Jason Calacanis** (0:17)
That didn't land.

**David Friedberg** (0:19)
He's throwing out material. Total flow.

**Jason Calacanis** (0:23)
We are not in rhythm. You know why? It's Mercury retrograde. Our 50th episode is going to suck because of this. Here we go.
All right, the Facebook whistleblower hearings occurred and Facebook.
No, but we were sure. Hey, everybody. Hey, everybody. Three, two.

**David Friedberg** (0:58)
Hey, everybody.

**Jason Calacanis** (0:58)
Welcome to another episode of the All-In podcast. Episode 50 We made it to 50
Nobody expected us to make it.

**David Friedberg** (1:06)
Here we are.

**Jason Calacanis** (1:07)
We've made it. And everybody is thrilled to be here with you. And thank you for the support over the first 50 episodes. One episode closer to getting canceled.
One episode closer. Man, how great would it be to be canceled and never have to work again?

**David Friedberg** (1:21)
Oh, that would be wonderful.

**Jason Calacanis** (1:23)
Okay, so Francis Haugen revealed herself on Sunday night on 60 Minutes and then appeared before the set on Tuesday. Wait, don't we get our own personal intros or no? We're done with that.

**David Friedberg** (1:36)
Hey, you're unbelievable.

**Jason Calacanis** (1:37)
Mercury retrograde. Mercury retrograde. Is Mercury retrograde?

**David Sacks** (1:42)
Doesn't the audience know us by now after 50 episodes?

**Jason Calacanis** (1:44)
Everybody loves the intro.

**David Sacks** (1:45)
Do we really have to put them?

**Jason Calacanis** (1:46)
All right, with us again this week is the Rain Man himself, David Sacks and the Queen of Quinoa, David Friedberg. I love the intro. Of course, the dictator Chamath Palihapitiya and I'm your boy, J Cal. Sacks, I got to say, I think your AUM is positively correlated with the bags under your eyes.

**David Sacks** (2:09)
If you mean it's getting bigger, you're correct.

**Jason Calacanis** (2:12)
They're heavy. They're heavy. They're heavy, dragging you down. That's where you're hiding all that Solana in your fucking under your eyes.
You better clear that Solana position. What's your lockup? 24 months?
Fuck no, he's trying to sell it to me on text message. We're negotiating discounts. I just had the fact.

**David Sacks** (2:30)
You're fucking the whole thing up.

**David Friedberg** (2:32)
Bro, you don't think to keep.

**David Sacks** (2:35)
I'm hodling.

**Jason Calacanis** (2:36)
You think I buy hundreds of millions of dollars of anything without a discount? Everything is a discount.
Everything's discounted. You want to clear that position in an LLC?

**David Sacks** (2:44)
Are you saying I got a billion dollars of Solana?

**Jason Calacanis** (2:46)
No, bro, I'm saying I have one, but I brought it at a discount.

**David Sacks** (2:49)
But you're holding, correct?

**Jason Calacanis** (2:51)
Ish.
Yeah, me too. At what point is the appreciation in an asset that you've invested in early something you need to at least clear a position of and lock in a win?
What's enough? 100X, 500X? You got to at some point bank a win, right? Well, I think you have to put things in a bucket of like, is it an investment or is it something that represents an idea that you love so much? If it's the latter, you should never sell. If it's the former, yeah, you got to manage risk.

**David Friedberg** (3:24)
Or rather, is it a trade or is it something you want to own?

**David Sacks** (3:28)
By the way, let me just clean this up because Solana was not a direct investment for us. What we did is we invested in a crypto venture firm called MultiCoin Capital. This is back in 2017
We realized crypto was becoming a full-time job for us as a total rabbit hole.
We were like, we don't have time to figure out this 24-7 trading stuff, but we met Kyle and Tushar, who were these two young guys. We met them through Vinny Lingham, actually. They were creating MultiCoin Capital and we actually invested. We gave them a million bucks at a 20 cap to help set up their firm. Then we invested in their, they had both a venture fund and a hedge fund. They were the first money into Solana. That fund, I mean, it's like a 100X fund. It's just like bonkers.

**David Friedberg** (4:15)
Crazy.

**David Sacks** (4:17)
As a result of that, we are indirect beneficiaries of this huge increase in Solana. It will end up being about a billion dollars of, I think, Solana for us in terms of returns. But the MultiCoin guys determined the trading decisions on that.