Meta Approves Class C Stock to Shield Zuckerberg Control From Tax Risk
TBPN
Mark Zuckerberg’s non-voting stock split allows him to liquidate billions for California’s proposed wealth tax without surrendering majority control of Meta or relocating to Florida.
Nikola founder Trevor Milton sparked online backlash after unveiling a private jet prototype that appeared propped up by a support post, later issuing defensive comments and claiming nearly $1 billion in advance orders. (0:02)
Meta announced a 1-to-1 Class C non-voting share dividend, functioning like a 2-for-1 forward stock split that allows Mark Zuckerberg to liquidate equity for taxes or philanthropy without diluting his voting control. (7:23)
Apple's iPhone Duo launched to heavy criticism over unoptimized third-party apps and native iOS UI glitches, drawing comparisons from John Gruber to an 'extraordinarily polished prototype.' (16:20)
Ben Thompson signed Stripe as a presenting sponsor for Stratechery, reflecting a broader trend of previously ad-free tech media embracing corporate sponsorships. (23:52)
Detailed notes
## Background
This episode was published on YouTube by the tech news channel TBPN on October 23, 2026. Diet TBPN is a 30-minute daily digest of TBPN's longer live show hosted by John Coogan and Jordi Hays, focusing on top Silicon Valley developments, founder drama, and tech business news.
## TL;DR
Hosts John Coogan and Jordi Hays unpack Nikola founder Trevor Milton's defensive social media meltdown over his propped-up private jet mockup before dissecting Meta's new non-voting Class C stock structure designed to preserve Mark Zuckerberg's voting control against potential California wealth taxes. They also scrutinize Apple's rocky iPhone Duo rollout, highlighting unoptimized third-party apps, letterboxing hypocrisy, and John Gruber's 'polished prototype' assessment. Finally, they celebrate Ben Thompson landing Stripe as a sponsor for Stratechery amid a podcast ad boom and riff on bizarre internet culture artifacts like a Mad Max utility truck and a wrist-mounted nicotine gum dispenser.
## Atmosphere & style
Fast-paced, satirical, and breezily analytical, the episode feels like an insider morning-after debrief between sharp Silicon Valley operators who relish poking fun at tech vanity. Coogan and Hays trade quips with easy rapport, pivoting effortlessly from technical teardowns of dual-class corporate equity to laughing at uncropped mobile screenshots and meme tropes. The overall vibe is playful and cynical yet genuinely engaged with consumer tech hardware and platform economics.
## Bulletin
- [00:02](https://www.youtube.com/watch?v=uhFbFULHovo&t=2s) Nikola founder Trevor Milton sparked online backlash after unveiling a private jet prototype that appeared propped up by a support post, later issuing defensive comments and claiming nearly $1 billion in advance orders.
- [07:23](https://www.youtube.com/watch?v=uhFbFULHovo&t=443s) Meta announced a 1-to-1 Class C non-voting share dividend, functioning like a 2-for-1 forward stock split that allows Mark Zuckerberg to liquidate equity for taxes or philanthropy without diluting his voting control.
- [16:20](https://www.youtube.com/watch?v=uhFbFULHovo&t=980s) Apple's iPhone Duo launched to heavy criticism over unoptimized third-party apps and native iOS UI glitches, drawing comparisons from John Gruber to an 'extraordinarily polished prototype.'
- [23:52](https://www.youtube.com/watch?v=uhFbFULHovo&t=1432s) Ben Thompson signed Stripe as a presenting sponsor for Stratechery, reflecting a broader trend of previously ad-free tech media embracing corporate sponsorships.
## Key takeaways
- [00:02](https://www.youtube.com/watch?v=uhFbFULHovo&t=2s) Trevor Milton's new jet venture faced immediate skepticism when convention footage revealed a physical post supporting the wing of the unpowered mockup display.
- [03:19](https://www.youtube.com/watch?v=uhFbFULHovo&t=199s) Milton escalated the public dispute by sharing an uncropped mobile screenshot instead of official master photos to contest claims about the aircraft's structural integrity.
- [07:23](https://www.youtube.com/watch?v=uhFbFULHovo&t=443s) Meta's Class C share proposal creates a zero-vote equity class designed for employee compensation, philanthropy, and market liquidity while keeping founder control intact.
- [07:23](https://www.youtube.com/watch?v=uhFbFULHovo&t=443s) The dual-class restructure mirrors Zuckerberg's shelved 2016 plan, which was previously blocked by Delaware shareholder litigation prior to trial in 2017.
- [09:10](https://www.youtube.com/watch?v=uhFbFULHovo&t=550s) Public equity investors generally focus on cash-flow earnings over minority governance rights, minimizing Wall Street pushback against non-voting shares.
- [12:03](https://www.youtube.com/watch?v=uhFbFULHovo&t=723s) California's proposed 5% billionaire wealth tax created pressure on Zuckerberg to establish Florida residency, risking his hands-on leadership at Menlo Park.
- [12:03](https://www.youtube.com/watch?v=uhFbFULHovo&t=723s) Issuing Class C shares enables Zuckerberg to liquidate holdings to pay substantial tax bills without surrendering majority voting power at Meta.
- [16:20](https://www.youtube.com/watch?v=uhFbFULHovo&t=980s) The iPhone Duo shipped with severe day-one UI issues, including unoptimized layouts in major platforms like YouTube and native iOS timer rendering bugs.
- [18:19](https://www.youtube.com/watch?v=uhFbFULHovo&t=1099s) Apple faced criticism for hypocrisy after mocking competitor folding screens for thick black letterbox bars during its keynote, only to ship identical bars on the iPhone Duo.
- [20:30](https://www.youtube.com/watch?v=uhFbFULHovo&t=1230s) John Gruber labeled the iPhone Duo an 'extraordinarily polished prototype,' continuing a pattern seen during the Apple Vision Pro rollout.
- [20:30](https://www.youtube.com/watch?v=uhFbFULHovo&t=1230s) Durability testing by Joanna Stern confirmed the iPhone Duo hinge survived 32,000 automated folds without mechanical failure, despite early user panic over peeling the matte display film.
- [20:30](https://www.youtube.com/watch?v=uhFbFULHovo&t=1230s) AI coding assistants are expected to accelerate third-party developer adoption by automating roughly 90% of the UI refactoring required for the Duo's dual-screen format.
- [23:52](https://www.youtube.com/watch?v=uhFbFULHovo&t=1432s) Stripe's sponsorship of Stratechery avoids classic public-company coverage conflicts because Stripe remains privately held.
- [23:52](https://www.youtube.com/watch?v=uhFbFULHovo&t=1432s) Tyler Cowen's launch of Interesting Times at The New York Times marks the entry of another historically ad-free media brand into corporate podcast advertising.
- [27:41](https://www.youtube.com/watch?v=uhFbFULHovo&t=1661s) When rare creative or commercial breakthroughs occur, teams must focus aggressively, eliminate side projects, and fully capitalize on the momentum.
Reviewing the previous day's broadcast, the hosts reflect on Tyler stepping in. While Tyler performed admirably, John Coogan notes that the deck was thoroughly stacked in his favor with an elite guest lineup that included Nikesh Arora, Aidan Gomez from Cohere, and other high-profile figures. Coogan argues that a true test for any aspiring co-host isn't navigating an easy-mode interview slate, but handling an awkward segment—like ranking a mansion tier list when Jordi Hays knows the homeowner and hesitates to speak candidly. As Coogan puts it: “You gotta you gotta put the screws to Jordy when he doesn't want to give his true take and get him to crash out.” While Hays managed to keep his cool on air, another prominent tech figure was completely losing his: Nikola founder Trevor Milton.
The controversy began after TBPN covered Milton’s new private jet venture and its recent public unveiling event. During the presentation, observers noticed that the prototype aircraft appeared to be propped up by a physical support post rather than resting entirely under its own structural integrity. Although the plane on display was merely an unpowered full-scale mockup rather than a functional airframe, the optics sparked mockery across social media. Milton quickly descended into the comments to defend the venture with unbridled fury, writing: “Haters are going to hate. We already have more than 50 on order by real buyers.” When skeptics replied that they would never purchase an aircraft from him, Milton retorted that the company wouldn’t sell them one anyway. Coogan jokingly reframes the drama, suggesting that Milton’s chaotic engineering reputation might actually create a contrarian luxury market for extreme thrill-seekers:
> “So, a plane that's a little little rough around the edges is going to bring you back down to earth. It's going to give you some thrill, some excitement, get your heart racing, and for a certain buyer, that's going to be very attractive.”
- Milton claimed the aircraft unveiling secured nearly $1 billion in orders following enthusiastic interest at the National Business Aviation Association (NBAA) convention.
- Responding to critical aviation media such as The VIP Seat, Milton lashed out at critics as “Tesla troll wannabes” whose hatred merely fuels his work.
---
[03:19](https://www.youtube.com/watch?v=uhFbFULHovo&t=199s) Trevor Milton’s Screenshot Meltdown and Flight Claims
The online skirmish escalated when Milton attempted to dispute photo evidence showing the jet supported by a prop post. Aviation creator Preston Holland had shared the image, prompting Milton to accuse him of misleading the public and demanding that critics “at least report honestly LMAO.” To prove his point, Milton attached what he claimed was the “real picture.” However, the execution was an internet comedy of errors: rather than selecting a clean master photograph from his camera roll, Milton appeared to have searched Google Images, pulled up a landscape photo, and taken an uncropped portrait screenshot on his mobile device. The resulting thumbnail was tiny, flanked by massive black bars, and openly exposed his personal phone status—including his battery percentage and the time of capture.
```mermaid
flowchart TD
accTitle: The Anatomy of Trevor Milton's Uncropped Rebuttal Post
accDescr: Diagram illustrating how Trevor Milton grabbed a low-resolution screenshot from the web instead of using an official master asset.
subgraph Source["Source Material"]
A["Original Landscape Photo<br/>(Google Images / Web)"]
end
subgraph Publication["Social Rebuttal"]
D["Tiny Shrunken Image posted to X / IG<br/>'See the real picture'"]
end
A --> B
C -.-> B
B --> D
```
Beyond the screenshot blunder, video footage from the convention confirmed that the physical post was indeed positioned under the wing during the presentation, debunking Milton's claims that reporters fabricated the scene. The confrontation spilled across platforms, where commenter Zach Dabbo compared Milton to a student who studies relentlessly yet continuously flunks the exam. Milton hit back with an emotional catalog of his career achievements:
> “Except I did and built the first ever production hydrogen and better electric semi-truck from the ground up that went from idea to prylouction 5 years before Tesla.”
Milton further boasted that he had founded six companies (three successful, three not), claimed he broke the light-jet world speed record as a pilot, and designed the most advanced private aircraft in existence. A quick fact-check, however, revealed that while Milton had been on board during the record-setting flight, he was merely a passenger rather than the pilot at the controls. The hosts jokingly suggest that Milton needs an intervention or a collaborative special with Nathan Fielder to examine his aviation exploits before he would ever be permitted in the TBPN studio.
---
[07:23](https://www.youtube.com/watch?v=uhFbFULHovo&t=443s) Meta’s Class C Stock Proposal and Dual-Class Governance
The hosts shift focus to corporate finance, breaking down Meta's sweeping corporate restructuring involving the introduction of non-voting Class C shares. Under the announced corporate action, Meta will issue a one-to-one Class C share dividend for every existing Class A or Class B share held by investors at the beginning of the coming year. Although mechanically functioning like a standard two-for-one forward stock split, the maneuver neither serves as an immediate capital raise nor inflates Mark Zuckerberg’s aggregate net worth or dilutes underlying economic stakes. Instead, it alters long-term corporate governance dynamics, giving rise to sharply conflicting media narratives between outlets like *The New York Times* and *Semafor*.
This proposal marks Zuckerberg’s second attempt to establish a non-voting share framework. In 2016, Facebook proposed an identical Class C structure to accommodate Zuckerberg's philanthropic pledges through the Chan Zuckerberg Initiative. At the time, Zuckerberg aimed to fund large-scale social impact initiatives, research institutes, and hospitals without sacrificing majority voting power at Facebook. Under the standard structure, selling down common or super-voting Class B shares would progressively erode his corporate control, leaving him vulnerable to activist pressure or board removal. By creating non-voting Class C shares, Zuckerberg could sell down his economic equity while preserving the super-voting Class B shares that guarantee his ironclad grip on the enterprise. However, shareholders revolted against the governance structure in 2016, filing a high-profile class-action lawsuit in Delaware that Facebook ultimately abandoned in September 2017 immediately prior to trial.
- **Class A Shares:** 1 vote per share, publicly traded on open markets.
- **Class B Shares:** 10 votes per share, super-voting rights largely concentrated with Mark Zuckerberg and early insiders.
- **Class C Shares:** 0 votes per share, designed strictly for liquid market trading, employee equity compensation, and philanthropic liquidations.
[09:10](https://www.youtube.com/watch?v=uhFbFULHovo&t=550s) Meta’s Class C Stock Proposal and Zuckerberg’s Voting Power
The hosts examine Mark Zuckerberg’s long-standing strategy to fund his philanthropic ambitions and manage liabilities without ceding voting control of Meta. Years ago, Zuckerberg shelved a previous non-voting stock split because the company’s skyrocketing equity gave him enough liquidity to meet his immediate needs: “The share price appreciation in Meta has allowed me to fund everything with the Chan Zuckerberg Initiative.” Deploying tens of billions of dollars across non-profit ventures eventually hits practical limits before administration becomes completely unwieldy. However, the underlying motivation never changed over the last decade: Zuckerberg needs the flexibility to sell shares, make massive charitable gifts, build out AI infrastructure, or cover tax bills using Meta’s economic value without forfeiting the founder control he has held for two decades.
```mermaid
flowchart TD
accTitle: Meta Share Structure and Control Mechanism
accDescr: Diagram showing how Meta Class A, Class B, and proposed Class C shares distribute voting power versus economic value.
subgraph MetaShareClasses["Meta Share Classes"]
direction TB
ClassB["Class B Shares<br/>(10 votes per share)<br/>Held by Mark Zuckerberg"]
ClassA["Class A Shares<br/>(1 vote per share)<br/>Publicly traded"]
ClassC["Proposed Class C Shares<br/>(0 votes per share)<br/>Pure economic stake"]
end
ClassB -->|"Retains >50% majority"| Control["Full Founder Control"]
ClassC -->|"Sold or donated"| Funding["Taxes, Philanthropy & AI Capex"]
```
The hosts discuss a recent *New York Times* report revealing high-stakes negotiations between Zuckerberg and Meta's board of directors. During a dinner on September 9th, Zuckerberg reportedly delivered an ultimatum: approve the creation of non-voting Class C shares, or he would publicly list his Palo Alto home for sale. While the hosts joke that listing his house was a veiled threat to tank local real estate values for board members who own nearby properties, the true leverage was symbolic. Questioning whether Zuckerberg is trying to have his cake and eat it too, the hosts conclude that Wall Street will not resist:
> “Realistically, the buyers of this are only interested in the financials. They don't care about the votes. So, it doesn't really matter.”
- Class B shares hold 10 votes each, Class A shares hold 1 vote, and the incoming Class C shares carry 0 votes.
- Public market investors prioritize financial return and economic upside rather than minority governance rights, rendering zero-vote equity widely acceptable.
- In Silicon Valley venture deals, pricing premiums are routinely paid for preferred stock, information rights, and board seats, but large public cap tables trade strictly on earnings power.
---
[12:03](https://www.youtube.com/watch?v=uhFbFULHovo&t=723s) The California Billionaire Tax and Founder Mode Dynamics
The discussion shifts to California's proposed wealth tax, which would impose an aggressive one-time 5% levy on billionaires. Leaving California to establish residency in Florida by 2026 is a completely rational defense mechanism, even if the proposed tax includes retroactive provisions that force a protracted court battle. The hosts observe that Google's co-founders executed a nearly identical maneuver—splitting their shares, maintaining ultimate voting control, and relocating to Florida—without facing severe public scrutiny because Sundar Pichai serves as the public face of Alphabet.
```mermaid
flowchart LR
accTitle: The Florida Dilemma vs Headquarters Presence
accDescr: Map of the trade-off Mark Zuckerberg faces between moving to Florida for tax purposes or staying in Menlo Park to run the company on site.
subgraph TaxAvoidance["Florida Residency"]
FL["Reside in Florida<br/>(183+ days/year)"]
Avoid["Dodge 5% CA Wealth Tax"]
Remote["Forced Remote Management"]
FL --> Avoid
FL --> Remote
end
subgraph OnSiteLeadership["California Presence"]
CA["Menlo Park HQ<br/>(TBD Labs, MSL, Muse)"]
InPerson["Hands-on Founder Mode"]
Dilution["Forced to sell voting shares to pay tax"]
CA --> InPerson
CA --> Dilution
end
```
The core tension for Meta lies in physical presence and leadership style. *The New York Times* framed the board's apprehension around the optics of Zuckerberg moving out of California, fearing it would send a demoralizing signal to rank-and-file employees. To maintain non-resident tax status, Zuckerberg would be forced to spend at least 183 days outside California, drastically limiting his physical presence at Meta’s Menlo Park headquarters where teams are building frontier AI projects like MSL and Muse. While traditional executives might welcome a remote lifestyle, Zuckerberg operates in full "founder mode":
> “Look, if it's between being in the arena in the Menlo office a ton and losing control because of this tax, I'm choosing Florida.”
With the board approving the Class C stock distribution, that dilemma dissolves. If California hits him with a 5% tax, Zuckerberg can simply liquidate non-voting shares to pay the bill while keeping his majority voting stake and remaining physically anchored in the office. The hosts defend Meta’s aggressive posture, comparing it favorably to past critiques of Google, which hoarded over $100 billion in cash and focused on stock buybacks rather than risk-tolerant expansion. Meta’s massive AI capital expenditure demonstrates a willingness to break eggs to build the next frontier of tech.
---
[16:20](https://www.youtube.com/watch?v=uhFbFULHovo&t=980s) The iPhone Duo Launch and Day-One App Optimization Failures
Turning to consumer hardware, the hosts highlight the rollout of Apple's ambitious new dual-screen foldable hardware, the iPhone Duo. Early screenshots reveal that major third-party applications remain completely unoptimized for the new screen layout. The YouTube app, for instance, crudely stretches the interface across the display while leaving an awkward, unformatted black bar along the right margin.
The hosts note the irony of Apple shipping its most consequential hardware leap in years without securing day-one UI compliance from tier-one app developers:
> “No, it actually is the biggest update to the iPhone in since the original iPhone.”
The hosts contrast this botched software support with the launch of the Apple Vision Pro. For the Vision Pro, platform developers intentionally boycotted the headset's App Store to protest Apple's 30% take rate, refusing to bail out an unproven, niche form factor. The iPhone Duo, however, is a direct evolution of the most successful consumer product in history. Reporting from Mark Gurman indicates that major developers had access to iPhone Duo developer hardware and emulators for roughly a month prior to the launch, leaving the host to wonder whether the rushed, unoptimized software is the fault of indifferent tech giants or Apple’s restrictive developer timelines.
[18:19](https://www.youtube.com/watch?v=uhFbFULHovo&t=1099s) iPhone Duo’s Botched Software and Apple’s Black Bar Hypocrisy
The conversation opens with a blunt assessment of Apple’s botched rollout for the iPhone Duo. While third-party apps are clearly struggling to adapt to the new dual-screen form factor, the hosts argue that the ultimate accountability rests entirely on Cupertino. As one host emphasizes: “So, I think it comes down the buck stops with Apple, but overall it's just like such a embarrassing launch for Apple.” Instead of a seamless flagship experience, over a billion people watching the launch cycle are seeing a clunky, compromised device where even native iOS software fails to function properly. As an example of sloppy quality control, they point out a bug in the native timer app where a 15-minute timer fails to render correctly at certain angles, cutting off the text so only one digit is visible—a simple UI blunder that could have been avoided by displaying “15m” instead of “15 min.”
The missteps have given Android commentators ample fodder to gloat. TechDroider and other tech publications quickly pointed out the glaring hypocrisy in Apple’s marketing. During its launch keynote, Apple openly mocked rival folding phones, claiming that vertical scrolling on existing foldables felt compromised and that watching widescreen video forced users to tolerate oversized, screen-shrinking black letterbox bars. Yet on day one, the iPhone Duo launched with the exact same oversized black bars and awkward layout issues, prompting immediate backlash from tech enthusiasts who called out fans and influencers for suddenly defending compromises Apple had just ridiculed.
- Apple’s native iOS software is shipping unoptimized for the Duo hardware, including rendering glitches on standard system timers.
- Android outlets like TechDroider highlighted that Apple mocked rival foldables on stage for vertical scrolling flaws and massive black bars, only to ship the exact same limitations on the iPhone Duo.
- The hosts note that while software patches will arrive over the coming weeks, the high-profile glitches represent an avoidable, unforced PR error.
[20:30](https://www.youtube.com/watch?v=uhFbFULHovo&t=1230s) Gruber’s “Polished Prototype” Critique, Durability Tests, and AI App Updates
The criticism deepens as the hosts review prominent tech commentary on the device. John Gruber of *Daring Fireball* (humorously dubbed “the Grubinator”) delivered a stinging assessment of the iPhone Duo, stating that using the device felt like handling an extraordinarily polished prototype rather than a finished product he would actually want to buy and carry every day. Coming on the heels of the Apple Vision Pro—which faced nearly identical criticism for feeling more like a developer development kit than a mainstream consumer product—the review cuts deep. One host laments Apple's slipping quality bar: “No, getting the it's a good prototype review is just like not Apple's standard, right?”
Despite the software woes, the hosts highlight that the physical hardware still has an undeniably addictive quality. Reacting to a viral video of Patrick mastering a one-handed flip of the Duo, they joke that the hardware satisfies the exact same primal fidget impulse as a fidget spinner. The physical tactile snap is so satisfying that they joke Apple could essentially brick the device, leave a single page of text to read a personal mantra, and people would still love flipping it open. On the durability front, early panic over display damage was sparked when users mistakenly tried peeling off the protective matte display layer. Meanwhile, *The Wall Street Journal*’s Joanna Stern put the Duo through a grueling mechanical stress test using a custom rig that folded the phone 32,000 times, reporting that the hinge and screen held up remarkably well aside from a slightly more pronounced center crease.
```mermaid
flowchart TD
accTitle: Third-Party App Adaptation Bottleneck on iPhone Duo
accDescr: Diagram showing how AI coding agents accelerate third-party app updates for the iPhone Duo's dual-screen form factor.
subgraph Problem["Developer Bottleneck"]
A["1% Userbase on iPhone Duo"] --> B["Low ROI to Manually Rewrite Views in Xcode"]
B --> C["Delayed Layout Updates & Broken UIs"]
end
subgraph Solution["AI-Assisted Remediation"]
D["AI Coding Agents (Xcode / Swift / Obj-C)"] --> E["Automates ~90% of UI Re-architecting"]
E --> F["Rapid App Optimization Patches"]
end
Problem -->|"Accelerated by"| Solution
```
- John Gruber (*Daring Fireball*) characterized the Duo as an “extraordinarily polished prototype” rather than a finished daily driver, echoing early reactions to the Apple Vision Pro.
- Hardware durability appears solid under testing: Joanna Stern ran the iPhone Duo through an automated machine fold test 32,000 times with no catastrophic screen failures, though the center crease became somewhat more noticeable.
- Early user confusion led some to peel off the built-in matte display film, damaging the screen underneath.
- While small app developers may hesitate to manually rewrite view layouts in Swift or Objective-C for just 1% of their userbase, the hosts predict AI coding agents will handle roughly 90% of the UI refactoring, accelerating third-party updates.
[23:52](https://www.youtube.com/watch?v=uhFbFULHovo&t=1432s) Ben Thompson Lands Stripe Sponsorship and the Tech Podcast Ad Boom
The conversation pivots to media business news with the announcement that Ben Thompson’s *Stratechery* has partnered with Stripe as a presenting sponsor. The hosts celebrate this as a landmark deal in independent tech media, noting that Thompson famously built the subscription infrastructure of his entire business on Stripe from day one. Furthermore, because Stripe remains a private fintech giant that may never pursue a traditional IPO, Thompson avoids the potential editorial conflict of having to regularly analyze quarterly earnings reports for his primary sponsor.
The hosts treat this development as a meta-victory for their own stated media agenda. As one host jokingly proclaims: “We got to pat ourselves in the back here. take a little victory lap because uh when we started this show, we said uh our goal was to get every tech podcast to have advertising and we're pretty close to done.” They survey the remaining holdouts in intellectual tech podcasting, pointing out Tyler Cowen’s *Conversations with Tyler*, which has historically carried almost zero commercial ad load aside from occasional promotions for live events. However, with Cowen launching *Interesting Times with Tyler Cowen* under *The New York Times* banner—an established corporate advertising machine—they note that even Cowen's content is finally opening up to brand sponsorships, joining the ranks of *Stratechery*, *All-In*, and *TBPN*.
- Ben Thompson signed Stripe as a presenting sponsor for *Stratechery*, a fitting partnership given his long history of running his business on Stripe’s payment rails.
- Because Stripe remains private, Thompson avoids the direct editorial conflict of covering public earnings reports for his title sponsor.
- Tyler Cowen’s famously ad-free *Conversations with Tyler* model is shifting as Cowen launches *Interesting Times* at *The New York Times*, bringing high-end audio advertising to his listener base.
[26:00](https://www.youtube.com/watch?v=uhFbFULHovo&t=1560s) Eliezer Yudkowsky’s Apocalypse Rig, the Nicotine Gum Watch, and Lightning in a Bottle
To close the episode, the hosts run through a series of absurd internet artifacts. They react to a clip of a heavily armored, post-apocalyptic custom truck outfitted with massive side chains, rugged plates, and an aggressive diesel engine that looks like an old ambulance or dump truck rebuilt for *Mad Max*. They jokingly declare the vehicle to be AI safety researcher Eliezer Yudkowsky’s ultimate daily driver for surviving the collapse of the electrical grid.
They also pitch an oddball hardware concept to alternative nicotine brand Lucy: the "Gum Watch." Highlighting an actual novelty wrist-mounted dispenser made by Crazy Planet, the hosts note that while the market is flooded with tactical EDC cans and pocket tins for nicotine pouches and gum, mounting a dispenser directly to the wrist like a wristwatch is untapped genius. Finally, they close the broadcast on a viral motivational internet meme, exclaiming: “just put the lightning in the bottle, bro.”
- The hosts spotlight a heavily armored, chain-draped custom utility vehicle, jokingly calling it Eliezer Yudkowsky’s post-apocalyptic commuter vehicle for when the power grid goes down.
- A product pitch is made to nicotine company Lucy to license or copy the Crazy Planet "Gum Watch," an analog wristwatch housing designed to dispense nicotine pouches or gum directly from the wearer's wrist.
[27:41](https://www.youtube.com/watch?v=uhFbFULHovo&t=1661s) Doubling Down on Lightning in a Bottle and Closing Calls to Action
The hosts reflect on the importance of recognizing and exploiting rare moments of breakthrough success, riffing on the internet phrase “just put the fries in the bag” and applying it to capturing lightning in a bottle. When that kind of rare momentum strikes, there is no time to hedge bets or spread attention across multiple side pursuits. As one host summarizes the strategy: “Maximize maximize the the ROI on whatever you did that was described as lightning in a bottle. It's rare. So, when it hits, you got to go. You got to burn all the all the other ships and focus.” The other host agrees that it is an essential lesson in business and creative work alike.
The discussion then pivots to the end-of-show housekeeping and calls to action, complete with some playful ribbing directed at their colleague Tyler for fumbling the pitch the day before. The hosts emphasize that listeners should leave five-star ratings rather than passive follows, declaring: “Leave us five stars on Apple Podcast and Spotify. Tyler got that wildly wrong yesterday. He said, 'Follow us on Apple Podcast.' We don't ask for follows around here. We ask for five star reviews.” They jokingly add that anyone harboring thoughts of giving the show four stars should simply keep that opinion to themselves. Finally, they instruct viewers to visit tbpn.com for the daily newsletter, noting that they make sure to give audience members exact directions rather than making them guess, before signing off with a reminder that their next live broadcast streams Friday at 11:00 AM Pacific.
- **The Focus Rule**: When lightning in a bottle hits, eliminate distractions, burn alternative options, and maximize the return on the winning concept.
- **Audience Instructions**: Leave five-star reviews on Spotify and Apple Podcasts—not just follows—and keep any sub-five-star opinions private.
- **Newsletter and Schedule**: Subscribe at tbpn.com and tune in live on Friday at 11:00 a.m. PT.
## Mentioned
TBPN, John Coogan, Jordi Hays, Tyler, Nikesh Arora, Aidan Gomez, Cohere, Trevor Milton, Nikola, National Business Aviation Association, The VIP Seat, Tesla, Preston Holland, Zach Dabbo, Nathan Fielder, Meta, Mark Zuckerberg, Chan Zuckerberg Initiative, The New York Times, Semafor, Google, Alphabet, Sundar Pichai, MSL, Muse, Apple, iPhone Duo, YouTube, Apple Vision Pro, Mark Gurman, TechDroider, John Gruber, Daring Fireball, Joanna Stern, The Wall Street Journal, Xcode, Swift, Objective-C, Ben Thompson, Stratechery, Stripe, Tyler Cowen, Conversations with Tyler, Interesting Times with Tyler Cowen, All-In, Eliezer Yudkowsky, Lucy, Crazy Planet, Spotify
## Video description
Sign up for TBPN’s daily newsletter at TBPN.com
Diet TBPN delivers the best of today’s TBPN episode in 30 minutes. TBPN is a live tech talk show hosted by John Coogan and Jordi Hays, streaming weekdays 11–2 PT on X and YouTube, with each episode posted to podcast platforms right after.
Described by The New York Times as “Silicon Valley’s newest obsession,” the show has recently featured Mark Zuckerberg, Sam Altman, Mark Cuban, and Satya Nadella.
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Chapters:
00:00 Trevor Milton Fires Back at Diet TBPN + His Jet Launch
03:19 Trevor Milton’s Screenshot Meltdown + The Jet Photo Controversy
07:23 Meta’s New Class C Stock + Zuckerberg’s Voting Power
12:03 Zuck’s California Billionaire Tax Problem + The Florida Dilemma
16:20 iPhone Duo Backlash + Why Apps Aren’t Ready
20:30 Apple’s “Polished Prototype” Problem + iPhone Duo Durability Tests
23:52 Ben Thompson Lands Stripe Sponsorship + The Podcast Ad Boom
26:00 Mad Max Truck, Gum Watch + Lightning in a Bottle
TBPN reviews Meta's strategic introduction of non-voting Class C shares to preserve Mark Zuckerberg's governance control alongside the software shortcomings marring Apple's iPhone Duo rollout. The hosts also examine recent public relations missteps by Nikola founder Trevor Milton and expanding commercial sponsorships in independent tech media.
Meta’s Non-Voting Stock Preserves Founder Governance (7:23)
Meta announced a corporate restructuring that issues a one-to-one dividend of non-voting Class C shares for every existing Class A or Class B share. Mechanically functioning like a standard two-for-one forward stock split, the move neither raises immediate capital nor alters Zuckerberg's net worth. Instead, it allows him to liquidate economic equity for philanthropy, artificial intelligence capital expenditure, or tax obligations without diminishing his super-voting Class B shares, which carry 10 votes each compared to Class A's 1 vote and Class C's 0 votes. A similar 2016 effort was abandoned following shareholder litigation in Delaware.
The restructuring directly addresses California's proposed 5% wealth tax on billionaires. Rather than establishing Florida residency to avoid the tax—which would require spending at least 183 days outside California and managing Meta's Menlo Park AI initiatives remotely—Zuckerberg can sell non-voting Class C shares to cover potential tax liabilities while retaining full operational and voting control in California.
iPhone Duo Software Failures Undermine Launch Experience (16:20)
Apple's iPhone Duo foldable hardware launched with notable day-one software deficiencies across both first-party and third-party applications. Developers were granted access to emulators and test hardware roughly a month prior to release, yet major applications like YouTube displayed awkward black margins. Even native iOS apps exhibited unforced UI bugs, such as display timers cutting off text when rendered at specific angles. Android commentators highlighted the irony of Apple shipping massive black bars after keynotes mocked rival foldables for similar compromises.
Prominent tech critic John Gruber of Daring Fireball characterized the device as an "extraordinarily polished prototype" rather than an everyday driver, drawing parallels to the Apple Vision Pro's reception. While early durability reports were reassuring—The Wall Street Journal's Joanna Stern ran the hinge through 32,000 folds without structural failure—confusion led some users to damage displays by peeling off the matte protective layer. The hosts anticipate AI coding agents will accelerate third-party developer updates to resolve remaining UI bugs.
Trevor Milton Debuts Mockup Jet Amid Social Backlash (0:02)
Nikola founder Trevor Milton sparked widespread criticism after unveiling a prototype private jet at the National Business Aviation Association convention, where observers noted the unpowered mockup was physically propped up by a support post. Milton engaged in heated social media exchanges with aviation creators, dismissing skeptics as trolls and asserting that the venture had already secured 50 orders worth nearly $1 billion.
Milton's efforts to refute visual evidence faltered when he shared an uncropped mobile screenshot of a web image with visible phone UI elements rather than an official photograph, while convention video confirmed the support post was present. Further scrutiny revealed that while Milton claimed credit for breaking a light-jet world speed record as a pilot, he was actually a passenger during the flight.
Tech Media Monetization Shifts Toward Commercial Sponsorships (23:52)
Independent tech analyst Ben Thompson secured Stripe as the presenting sponsor for Stratechery. The arrangement aligns naturally with Thompson's payment stack while sidestepping direct editorial conflicts over earnings coverage, as Stripe remains a private company. Meanwhile, Tyler Cowen's launch of Interesting Times with The New York Times indicates that historically ad-free tech and intellectual podcasts are increasingly integrating standard corporate sponsorships.
The broadcast highlights how tech leaders navigate structural control and public perception, from Zuckerberg insulating his governance against tax policy to Apple confronting execution gaps when rolling out new hardware paradigms.
精炼阅读摘要
TBPN 深入探讨了科技界的几起争议与重大转型，包括 Trevor Milton 充满破绽的私人飞机原型机发布与社交媒体回击、Meta 拟推无投票权 C 类股以巩固扎克伯格控制权并应对潜在税负的治理博弈，以及苹果首款折叠设备 iPhone Duo 因软件适配混乱而遭致的未成熟产品批评。
Trevor Milton 飞机原型机争议与不实陈述 (0:02)
Nikola 创始人 Trevor Milton 推进的私人飞机项目在公开亮相后遭遇行业普遍嘲讽。现场观察人士指出，参展原型机依靠物理支撑杆固定机翼结构，而非依靠机身自身结构支撑。尽管该展示机仅为无动力的全尺寸模型，Milton 仍在社交媒体上情绪激动地反驳，声称该机型在全美公务航空协会（NBAA）展会后已获得真实买家超过 50 架、总值近 10 亿美元的订单，并将质疑者斥为“特斯拉水军”。
争端升级后，Milton 试图发布“真实照片”反驳创作者 Preston Holland，却误发了一张带有手机电量和浏览界面的未裁剪低分辨率网页搜索截图，成为舆论笑柄。现场视频证实机翼下方确实设有物理支架。此外，Milton 宣称自己曾创办 6 家公司并作为飞行员打破了轻型喷气机世界速度记录，但事实核查显示他在该次破纪录飞行中仅为乘客，并非操纵驾驶舱的飞行员。
Meta 拟发 C 类股以维持扎克伯格绝对控制权 (7:23)
Meta 宣布了一项重大股权架构调整，计划向所有 A 类和 B 类股东按一比一比例派发无投票权的 C 类股票股利。该方案在机制上等同于一次一拆二的正向拆股，既不构成即时资本募集，也不会直接膨胀马克·扎克伯格的整体净资产或稀释其经济利益。其核心意图在于建立分立的经济权益与表决权机制，允许扎克伯格在减持套现的同时，牢牢守住持股比例对应的超级投票权。
目前 Meta 架构中，公开交易的 A 类股每股拥有 1 票，由扎克伯格和早期内部人士持有的 B 类股每股拥有 10 票，而新增的 C 类股则不设投票权。扎克伯格曾在 2016 年尝试引入相同架构以资助其慈善事业，但当时因特拉华州股东发起集体诉讼而被迫在 2017 年庭审前放弃。节目认为，由于二级市场公开投资者主要聚焦财务回报与盈利能力而非少数派治理权，华尔街此次对零投票权股权的抵触情绪将大幅降低。
加州富豪税威胁与门洛帕克创始人模式权衡 (12:03)
本轮股票分拆被视为应对加州拟议针对亿万富翁征收 5% 一次性财富税的防御策略。《纽约时报》披露，扎克伯格在董事会晚宴上曾以出售其帕洛阿尔托房产相威胁，施压董事会批准 C 类股计划。若效仿谷歌创始人迁往佛罗里达避税，扎克伯格每年必须在加州以外居住满 183 天，这将迫使他脱离门洛帕克总部，无法亲临现场以“创始人模式”主导包括 MSL 和 Muse 在内的前沿 AI 项目研发。
董事会批准 C 类股票发行后，这一两难困境得以化解。如果加州财富税最终落地，扎克伯格可以直接变现无投票权的 C 类股票以支付数十亿美元的税款账单，而无需出售超级投票权股份导致失去公司控制权，从而能够常驻加州总部推进大规模 AI 资本开支。
iPhone Duo 首发软件适配受挫与原型性质疑 (16:20)
苹果推出的双屏折叠设备 iPhone Duo 遭遇了严重的软件适配滑铁卢。上市首日，包括 YouTube 在内的重要第三方应用均未适配新屏幕形态，出现界面粗暴拉伸且侧边残留巨大无用黑边的情况，甚至 iOS 原生计时器也出现了文字排版截断的渲染错误。尽管 Mark Gurman 报道指出主流开发者在发售前约一个月就已拿到开发硬件与模拟器，首发软件的严重脱节仍将核心责任指向苹果自身质检的松懈。
科技评论圈对苹果展开了猛烈批评。Android 媒体指出苹果在发布会上公开讥讽竞品折叠屏垂直滚动体验糟糕、宽屏视频存在巨大黑边，结果 iPhone Duo 首发却重现了完全相同的黑边妥协。《Daring Fireball》的 John Gruber 更直言该设备感觉像是一款“极度精致的原型机”，而非适合日常携带的成熟消费品，重现了此前 Apple Vision Pro 类似开发者测试机的舆论评价。
折叠屏耐用性测试与独立科技媒体赞助趋势 (20:30)
在硬件耐用性方面，部分早期用户因误剥屏幕表面哑光保护膜而损坏屏幕，但《华尔街日报》Joanna Stern 的自动化压力测试显示，经过 32,000 次机械折叠后，除中央折痕稍显明显外，铰链与屏幕并未发生灾难性硬件损坏。针对占用户基数 1% 的小众硬件适配问题，节目预测开发者利用 AI 编程代理可以自动完成约 90% 的视图架构重构，从而加速补丁迭代。
在科技媒体商业化领域，Ben Thompson 创办的《Stratechery》宣布由金融科技巨头 Stripe 担任总赞助商。由于 Stripe 仍为私有企业，Thompson 免于分析上市公司财报的潜在利益冲突。节目指出，随着 Tyler Cowen 携手《纽约时报》推出新播客引入赞助，科技头部独立播客正迎来全面的广告商业化潮；而在创意与商业领域，一旦抓住罕见的突破性势头，核心策略就是破釜沉舟集中资源以实现回报最大化。
本期节目集中展现了科技巨头在硬件产品换代、双层股权治理以及公众舆论博弈中的多重摩擦。Meta 通过巧妙的股权设计为扎克伯格的资本开支与税务风险构筑了护城河，而苹果则因首发软件与营销承诺的脱节付出了口碑代价；这些现象表明，即便行业巨头拥有强大的产品与财务杠杆，如何在技术创新与公众信任之间维持平衡依然是长期的核心课题。
Detailed notes — zh
## Background
本期视频由科技商业播客频道 TBPN 于 2026 年 10 月 23 日发布在 YouTube 平台上。节目作为《Diet TBPN》每日 30 分钟精华版，由 John Coogan 和 Jordi Hays 主持，主要盘点当天科技圈的核心动态，涵盖 Meta 拟设 C 类股票、iPhone Duo 首发争议以及行业趣闻。
## TL;DR
节目首先调侃了 Nikola 前创始人 Trevor Milton 在新私人飞机发布引发机翼支撑立柱质疑后，在社交媒体上粗糙截图回怼网友的破防现场；接着深入剖析了 Meta 计划增发无投票权 C 类股的深层原因，解读马克·扎克伯格如何在面对加州潜在富豪税与庞大 AI 资本支出时，通过不稀释投票权来牢牢守住对公司的绝对掌控；随后两位主持人猛烈抨击了苹果全新双屏设备 iPhone Duo 的灾难级首发，直指第三方生态与官方原生系统软件均未准备妥当；最后探讨了科技分析师 Ben Thompson 拿下 Stripe 赞助等播客商业化趋势，并在分享“废土风卡车”与“口香糖手表”等网络热梗中幽默收尾。
## Atmosphere & style
整期节目节奏紧凑、妙趣横生，洋溢着典型硅谷圈内人犀利毒舌却又极具洞察力的闲聊风格。两位主持人配合默契、捧逗俱全，在拆解商业内幕与公司治理时专业敏锐，在调侃科技圈荒谬现象（如截屏带电量、单手甩折叠屏当指尖陀螺）时则火力全开、充满感染力。收听体验就像是坐在两位资深科技哥们身边，一边喝着咖啡一边毫无保留地吃遍硅谷最新最生猛的猛料与八卦。
## Bulletin
- [07:23](https://www.youtube.com/watch?v=uhFbFULHovo&t=443s) Meta 计划明年初按 1:1 比例向现有股东派发无投票权的 C 类股，变相实现 1 拆 2 拆股，旨在让扎克伯格在套现、缴税或为 AI 扩张融资时不稀释绝对控制权。
- [12:03](https://www.youtube.com/watch?v=uhFbFULHovo&t=723s) 扎克伯格曾以出售帕洛阿尔托豪宅威胁董事会通过无投票权股份决议，核心诉求在于避免因应对加州 5% 潜在富豪税而被迫移居佛罗里达脱离一线研发。
- [18:19](https://www.youtube.com/watch?v=uhFbFULHovo&t=1099s) 苹果新双屏设备 iPhone Duo 首发遭遇软件生态与系统交互危机，YouTube 等核心应用黑边严重，计时器等原生组件更出现未适配导致的字符截断。
- [03:19](https://www.youtube.com/watch?v=uhFbFULHovo&t=199s) Nikola 创始人 Trevor Milton 在其新私人飞机模型因支撑立柱被质疑后破防回击，声称手握超 50 架订单，却因发布未裁剪的低清带电量截图沦为笑柄。
## Key takeaways
- [00:02](https://www.youtube.com/watch?v=uhFbFULHovo&t=2s) Trevor Milton 新私人飞机发布会展出的全尺寸模型因机翼下方有额外立柱支撑，引发外界对其工程落地能力的广泛质疑。
- [03:19](https://www.youtube.com/watch?v=uhFbFULHovo&t=199s) Trevor Milton 试图通过社交网络发图自证清白，却直接发布了保留手机电量与时间的横屏未裁剪截图，遭遇全网群嘲。
- [07:23](https://www.youtube.com/watch?v=uhFbFULHovo&t=443s) Meta 增设无投票权 C 类股票实质是扎克伯格维持双重股权统治的延续，复刻了 2016 年因股东诉讼而被迫撤回的方案。
- [09:10](https://www.youtube.com/watch?v=uhFbFULHovo&t=550s) 二级市场更关注 Meta 的财务收益而非治理表决权，因此无投票权的 C 类股即便存在轻微折价也预计能顺利被华尔街消化。
- [12:03](https://www.youtube.com/watch?v=uhFbFULHovo&t=723s) 加州拟推行的 5% 单次富豪税成为扎克伯格推行 C 类股的重要诱因，使其无需通过抛售高投票权股票或移居佛州来规避控制权稀释。
- [12:03](https://www.youtube.com/watch?v=uhFbFULHovo&t=723s) 与佩奇和布林等退居二线的创始人不同，扎克伯格坚持以现场“创始人模式”管理门洛帕克总部，无法接受常驻佛州以满足税务居民门槛。
- [16:20](https://www.youtube.com/watch?v=uhFbFULHovo&t=980s) iPhone Duo 首发暴露出严重的生态适配脱节，YouTube、Instagram 和 Spotify 等顶级大厂应用在发售首日均出现粗暴拉伸与严重黑边。
- [18:19](https://www.youtube.com/watch?v=uhFbFULHovo&t=1099s) 苹果原生 iOS 系统在 iPhone Duo 上的计时器等基础组件发生文字排版截断，被科技媒体批评为苹果自找的非受迫性产品灾难。
- [20:30](https://www.youtube.com/watch?v=uhFbFULHovo&t=1230s) 科技评论界将 iPhone Duo 评为“打磨极佳的原型机而非成熟商品”，延续了此前 Apple Vision Pro 面临的产品定位困境。
- [20:30](https://www.youtube.com/watch?v=uhFbFULHovo&t=1230s) 尽管系统软件存在明显缺陷，iPhone Duo 单手开合带来的机械清脆声和解压把玩属性依然展示出极强的硬件玩具吸引力。
- [20:30](https://www.youtube.com/watch?v=uhFbFULHovo&t=1230s) 在 AI 编程工具辅助下，开发者无需在 Xcode 中纯手工重构界面布局，预计第三方应用对新双屏设备的适配速度将大幅加快。
- [23:52](https://www.youtube.com/watch?v=uhFbFULHovo&t=1432s) Ben Thompson 的科技分析媒体 Stratechery 获得 Stripe 冠名赞助，因其底层订阅基于 Stripe 且后者未上市，形成了零利益冲突的理想商业合作。
- [27:41](https://www.youtube.com/watch?v=uhFbFULHovo&t=1661s) 面对商业与创作中千载难逢的“瓶中闪电”破局机遇，团队应立刻破釜沉舟加倍下注，集中全部资源追求投资回报率的最大化。
## Detailed walkthrough
### [00:02](https://www.youtube.com/watch?v=uhFbFULHovo&t=2s) Trevor Milton 怒怼节目评论与新私人飞机争议
节目录制伊始，主持人回顾了前一天的节目，调侃代班主持 Tyler 虽然表现不错，但也是因为嘉宾阵容极其豪华（包括 Nikesh Arora、Flapping Airplanes 的 Aidan Smith、Ocular 以及 Lora 的 Max 等人）。随后话题迅速转向了 Nikola 前创始人 Trevor Milton 的破防现场。此前节目报道并讨论了 Trevor Milton 新创办的私人飞机公司及新机型发布会。当时展示的飞机是一架全尺寸模型（mockup），其机翼下方甚至有一根支撑立柱（post），引发了网络关于这架飞机到底能不能真正靠轮子立住的质疑。节目视频发布后，Trevor Milton 本人直接空降评论区猛烈回击。
Trevor Milton 在 TBPN 的视频评论区留言坚称：“Haters are going to hate. We already have more than 50 on order by real buyers.”（黑子尽管黑。我们已经从真正的买家那里拿到了 50 多架订单。）并宣称这可能是迄今为止最成功的新机发布会，称网友的嘲讽只会让他们加倍努力，直言自己“无偿霸占了黑子的大脑”（Living rent-free in your head）。不仅如此，当有人在评论区表示“绝对不会买 Trevor Milton 的飞机”时，他反唇相讥称“我们根本不会卖给你”。对此，主持人打趣道，这架粗糙且充满争议的飞机其实填补了富豪极限运动的空白——毕竟攀登珠峰、跳伞已经不够刺激，有钱人需要一架带点不确定性的飞机来找回心跳的感觉，完全可以“在别人恐惧时贪婪”。
- Trevor Milton 声称新机型已有超过 50 架真实订单，潜在订单总额接近 10 亿美元。
- 航空媒体 The VIP Seat（由 Preston Holland 运营）在现场发文批评发布会质量极差，随即遭到 Trevor Milton 在 X（前推特）与 Instagram 上的跨平台围剿。
### [03:19](https://www.youtube.com/watch?v=uhFbFULHovo&t=199s) 顶级发帖操作：未裁剪截图与造假指控
Trevor Milton 在 Instagram 等平台上与航空自媒体展开对攻，指责对方展示的机翼带立柱的照片是“故意误导全世界”。他声称 NBAA（美国公务航空协会）现场成千上万的人都在疯狂夸赞这款飞机，怒斥批评者是“想当特斯拉水军的键盘侠”。为了证明机翼没有立柱支撑，Trevor Milton 亲自发了一张现场飞机的“实拍图”，但这一发帖方式却成了主持人的绝佳笑料。
主持人指出，作为创始人，手机相册里理应有高清原图，然而 Trevor Milton 似乎直接在 Google 图片上搜了一张横版照片，随后在手机竖屏模式下直接截图，并且完全不做任何裁剪——顶部的电量指示、截图时间一览无余，导致实际飞机照片被压缩得极小。这种“顶级业余发帖手法”（elite posting）引发全场爆笑。更荒谬的是，视频原片证实展台上的飞机确实由一根金属立柱支撑着机翼，除非批评者动用了 Cinema 4D、Houdini 或 After Effects 等好莱坞级 3D 特效软件恶意往飞机下面 P 了一根柱子，否则 Trevor 所谓的“造假”根本站不住脚。
```mermaid
flowchart TD
accTitle: Trevor Milton 发帖反驳流程
accDescr: 展示 Trevor Milton 如何因现场机翼支撑立柱的批评而进行不当发帖回应
subgraph Controversy["发布会现场争议"]
A["展示全尺寸飞机模型"] --> B["现场实拍显示机翼下方有立柱支撑"]
B --> C["媒体与网友发帖质疑工程完成度"]
end
subgraph Meltdown["Trevor Milton 破防反击"]
C --> D["怒斥批评者为特斯拉水军并指控照片误导"]
D --> E["在 Google 图片搜索横屏飞机照"]
E --> F["直接竖屏截屏保留电量与时间且不裁剪"]
F --> G["发布微小缩略图被全网群嘲"]
end
```
网友 Zach Dabbo 在评论区讽刺 Trevor 就像“学校里天天用功复习却永远考不及格的小孩”，Trevor 随即发长文反击，宣称自己“早于特斯拉 5 年白手起家造出首款量产氢能与纯电重卡”，并吹嘘自己“创办了 6 家公司（3 家成功、3 家失败），作为飞行员打破过轻型喷气机世界速度纪录”。然而事实核查表明，在那场破纪录飞行中，Trevor 充其量只是机上的乘客，根本不是操纵摇杆的飞行员。主持人开玩笑说，Trevor 应该去跟喜剧演员 Nathan Fielder 合作拍节目，上 TBPN 之前得先让节目组跟他同居观察两周。
- Trevor Milton 宣称打破轻型喷气机世界速度纪录，但实际记录显示他并未担任执飞飞行员。
- 在反驳推文中，Trevor 将单词“production”（量产）拼错成了“prylouction”，再次沦为社交媒体笑梗。
### [07:23](https://www.youtube.com/watch?v=uhFbFULHovo&t=443s) Meta 推出 C 类无投票权股票与扎克伯格的掌控力
节目的第二大重磅话题转向了科技巨头 Meta。Meta 宣布将引入全新的 C 类股票（Class C stock），计划在明年初按照每持有 1 股现有的 A 类或 B 类股票发放 1 股 C 类股票的比例进行派发。此举实质上等同于一次 1 拆 2 的拆股（two-for-one stock split）。主持人强调，这并不是一次融资，不会让马克·扎克伯格直接变富，也没有稀释现有股东的股权比例，但却会引发一系列复杂的连锁反应。关于此举的动机，《纽约时报》与 Semafor 给出了完全相反的叙事框架。
```mermaid
flowchart LR
accTitle: Meta 双重股权架构调整机制
accDescr: 展示 Meta 现有双重股权结构向引入无投票权 C 类股的演变
subgraph Existing["现有股权结构"]
A["A 类股: 1 股 1 票<br>(公开交易)"]
B["B 类股: 1 股 10 票<br>(扎克伯格持有超级投票权)"]
end
subgraph Split["拆股派发计划"]
A -->|1:1 派发| C["C 类股: 0 投票权<br>(完全不稀释投票控制权)"]
B -->|1:1 派发| C
end
```
这种操作并不是 Meta 第一次尝试。早在 2016 年（公司尚称 Facebook 时），管理层就曾提议创设无投票权的 C 类股票。当时扎克伯格的公开理由是，他与妻子成立了“陈-扎克伯格倡议”（Chan Zuckerberg Initiative），计划将绝大部分财富捐给慈善事业用于兴建医院与科研；但他同时又希望牢牢保住对 Facebook 的绝对控制权，避免因减持套现而被董事会解雇或丧失决策权。当时由于股东集体诉讼，特拉华州法庭原定开庭审理该案，最终 Facebook 在 2017 年 9 月开庭前夕撤回了该提议。如今这一方案再度被搬上台面，背后牵扯出更为微妙的利益权衡与公司治理争端。
- 计划方案：明年初每持有 1 股 A 类或 B 类股票，即可获得 1 股无投票权的 C 类股票。
- 历史回顾：Facebook 曾在 2016 年提出几乎完全相同的 C 类股计划，后因遭遇特拉华州股东诉讼阻力，于 2017 年 9 月主动撤回。
### [09:10](https://www.youtube.com/watch?v=uhFbFULHovo&t=550s) Meta 增设 C 类股与扎克伯格的控制权算盘
主持人探讨了马克·扎克伯格（Mark Zuckerberg）长期以来的核心诉求：如何在变现、捐赠或纳税的同时，牢牢守住对 Meta 的绝对控制权。扎克伯格过去曾表示 Meta 股价的大幅上涨让他无需抛售过多股票就能为 Chan Zuckerberg Initiative 提供资金，但面对庞大的非营利项目与潜在财务负担，资金配置变得愈发庞杂。过去十年间，无论是巨额税单、慈善捐赠还是如今巨额的 AI 算力军备竞赛，扎克伯格始终面临相同的核心挑战。
《纽约时报》（The New York Times）的一篇报道将此事完全归因于税务博弈，透露扎克伯格从 7 月起便与 Meta 董事会进行谈判，并在 9 月 9 日的晚宴上给出了强硬的最后通牒：如果董事会不同意敲定增设无投票权股份的协议，他就会公开挂牌出售位于帕洛阿尔托（Palo Alto）的豪宅。主持人调侃称这是一种隐蔽的威胁——或许董事会成员也都在当地拥有豪宅，一旦扎克伯格挂牌抛售，可能会拉低附近的高端房价。针对扎克伯格是否企图“鱼与熊掌兼得”，主持人直言：
> “I think he is actually. I think that's exactly what's happening.”
不过主持人认为资本市场并不在乎扎克伯格这种双重算计，并会欣然接受无投票权股票的出现。Meta 的股权结构中，扎克伯格持有每股拥有 10 票表决权的 B 类股，而公开市场流通的 A 类股为每股 1 票，新发行的 C 类股则是每股 0 票。由于投资者原本就绝无可能拿到超过 50% 的投票权，因此投票权对于买家而言早已无足轻重。在硅谷，创业公司经常以高估值向投资人出售带有董事会席位、优先权与知情权的股份，而二级市场对 Meta 这种巨头的诉求极其单纯，仅仅在于追求纯粹的财务回报，哪怕 0 票权的 C 类股价格稍有折价，依然会有大批资金抢购。
- **A 类普通股**：每股 1 票投票权，普通公开投资者持有。
- **B 类超级表决权股**：每股 10 票投票权，由扎克伯格持有以锁定绝对控制权。
- **全新 C 类股**：每股 0 票投票权，仅代表经济权益，专用于变现、缴税或战略融资而不摊薄投票权。
```mermaid
flowchart TD
accTitle: Meta 股权结构与控制权分配
accDescr: 展示 Meta 现存股票分类及其对应的投票权与资金用途
subgraph VotingShare["有表决权股份"]
ClassB["B 类股（每股 10 票）<br>扎克伯格持有，维持 >50% 控制权"]
ClassA["A 类股（每股 1 票）<br>普通二级市场流通"]
end
subgraph NonVotingShare["无表决权股份"]
ClassC["C 类股（每股 0 票）<br>全新增发经济权益股"]
end
扎克伯格诉求["扎克伯格三大资金需求<br>加州富豪税 / 慈善捐款 / AI 资本支出"] --> ClassC
ClassC -->|"套现/质押但不稀释控制权"| 资本市场["华尔街与二级市场投资者<br>（仅关注财务回报）"]
```
### [12:03](https://www.youtube.com/watch?v=uhFbFULHovo&t=723s) 加州富豪税危机、佛罗里达搬迁与“创始人模式”
加州拟议的富豪税（Billionaire Tax）是扎克伯格行事的另一大现实动机。如果这项针对超高净值人群征收单次 5% 的法案通过，甚至可能具有追溯效力，因此在 2026 年前迁出加州并主张其他州居民身份完全合乎理性。此前谷歌（Google）联合创始人拉里·佩奇（Larry Page）和谢尔盖·布林（Sergey Brin）也进行过类似的股票拆分，维持投票权的同时搬往佛罗里达避税，但因桑达尔·皮查伊（Sundar Pichai）在前台担任 CEO，并未引发舆论风暴。然而《纽约时报》的报道指出，董事会不希望扎克伯格卖掉帕洛阿尔托的住宅，是担心这会向员工释放极具破坏性的负面信号。
随后主持人深入讨论了扎克伯格的身心状态与管理方式：作为极少数依然以绝对“创始人模式”（founder mode）掌舵超大规模科技帝国的领导者，他绝不会甘心当一个远程办公的 CEO，天天待在佛州远离位于门洛帕克（Menlo Park）的总部和 MSL、Muse 等前沿核心技术团队。早前报道称扎克伯格面临的纠结在于，如果为了避税每年必须在佛罗里达州居住满 186 天以上，他就无法长时间在现场亲自监督研发，但他又坚决不愿因交税变现而丧失控制权：
> “Look, if it's between being in the arena in the in the Menlo office a ton and losing control because of this tax, I'm choosing Florida 305.”
如今增发 C 类股彻底化解了这一矛盾。扎克伯格即便面临 5% 的高额税单，也可以直接抛售无投票权的经济权益股份，从而继续常驻门洛帕克园区。与此同时，增发新股用于推进 AI 基础设施建设同样具有战略必要性。相较于过去手握 1000 亿美元现金却不敢激进扩张、只能靠股票回购回馈股东的停滞期谷歌，如今的 Meta 敢于承担争议并大举投入资本支出，积极去追逐前沿机遇，这是卓越科技领袖应有的魄力。
- **加州富豪税影响**：拟征收一次性 5% 税率，可能具有法律追溯期，迫使富豪寻求迁址应对。
- **佛州居民居住门槛**：每年需在佛罗里达州合法居留至少 186 天以上，方可正式设立税务居民身份以摆脱加州所得税。
- **创始人现场管理**：扎克伯格偏好在门洛帕克现场深度参与前沿模型与硬件开发，无法接受长期远程办公。
### [16:20](https://www.youtube.com/watch?v=uhFbFULHovo&t=980s) iPhone Duo 发售翻车：第三方生态准备不足
话题转向最新硬件产品 iPhone Duo 的发售情况。主持人指出，任何想在 iPhone Duo 上正常运行应用的开发者，目前都得赶紧打开 Figma 重新设计界面，因为首批运行截图显示大量知名应用根本没有针对这款折叠屏/双屏设备进行优化适配。例如 YouTube 应用在展开后的屏幕上排版非常生硬，画面被机械拉伸的同时，右侧还会出现一条突兀刺眼的黑边，体验相当糟糕。
两位主持人对于苹果（Apple）为何会在缺乏主流应用准备的情况下草率发售新机感到极其震惊。与当年 Apple Vision Pro 推出时整个科技生态集体抵触、不愿为 30% 苹果税给新平台抬轿子的局面截然不同，iPhone Duo 并非全新的实验性操作系统，而是有史以来最赚钱、最成功的消费电子产品——iPhone 家族的直接演进与硬件重大升级。它理应享有最强烈的开发者配合度，然而像 YouTube、Instagram 和 Spotify 这样不可或缺的头部超级应用，在正式发售日居然都没有交付完成度达标的界面。
> “No, it actually is the biggest update to the iPhone since the original iPhone.”
据彭博社记者马克·古尔曼（Mark Gurman）透露，核心大厂的应用开发团队大约提前一个月就拿到了真机硬件及相关模拟器进行适配。因此这种界面粗糙的惨状背后既有科技巨头自身拖延优化的责任，更有苹果在软硬件协同管理和开发者支持周期上的失误。苹果在未能确保核心数字生态准备就绪的情况下就强行将一款革命性硬件推向市场，直接暴露出其新形态产品发布流程中的断档。
### [18:19](https://www.youtube.com/watch?v=uhFbFULHovo&t=1099s) iPhone Duo 首发翻车与软件适配灾难
两位主持人深入探讨了苹果新推出的双屏/折叠屏设备 iPhone Duo 的糟糕首发表现。他们直言，无论第三方开发者有没有准备好，最终的责任都必须由苹果来扛，因为这是苹果卖给消费者的硬件，而消费者正在经历极其糟糕的用户体验：“So, I think it comes down the buck stops with Apple, but overall it's just like such a embarrassing launch for Apple.” 整个首发被形容为一场“尴尬的翻车现场”（completely botched），甚至连苹果自家的原生 iOS 软件都出现了让人匪夷所思的低级失误。例如，在特定屏幕角度下运行计时器时，界面渲染错误，导致用户只能看到数字的一部分。主持人吐槽道：“This is Apple software call quality in 2026. This is supposed to be a 15minute timer.” 他们认为苹果本该做得更好，比如简单显示为“15m”而不是非要写“15 min”导致排版被截断。
外界舆论对此也是一片嘲讽。Android 科技媒体 TechDroid 更是抓住机会痛击苹果的“双标”行为：在当年的发布会上，苹果曾公开嘲笑其他折叠屏手机，声称纵向滚动体验受损、看电影时会有巨大的黑边让实际显示区域极小；然而现在 iPhone Duo 同样满屏黑边，部分果粉和网红博主却在强行辩护。主持人感叹，如今有数以亿计的用户在社交网络上看到了 iPhone Duo 笨拙、卡顿的实际演示，这堪称苹果自找的“巨大非受迫性失误”（massive unforced error）。
```mermaid
flowchart TD
accTitle: iPhone Duo 软件体验崩溃路径
accDescr: 展示从原生与第三方软件未适配，导致界面截断和黑边，最终引发舆论反弹的过程。
subgraph SW["软件适配缺失"]
A["原生系统未优化<br/>(计时器文字截断)"]
B["第三方应用未适配<br/>(出现巨大黑边)"]
end
subgraph UserExp["用户与舆论体验"]
C["首发日常体验笨拙<br/>(Clunky Experience)"]
D["媒体与评测人吐槽<br/>(反噬发布会宣传)"]
end
A --> C
B --> C
C --> D
```
- 计时器排版 Bug：在特定视角下由于未做响应式排版缩放，15 分钟计时器文字溢出，无法正常显示完整数字。
- 黑边争议：苹果发布会曾公开抨击竞品折叠屏在观看视频时黑边过大，但 iPhone Duo 首发时第三方 App 同样充斥着巨大的黑边。
---
### [20:30](https://www.youtube.com/watch?v=uhFbFULHovo&t=1230s) “打磨得极好的原型机”与硬件翻转的魔性快感
针对业界的评测反馈，知名科技博主 John Gruber（在节目中被调侃为“Grubinator”）在 Daring Fireball 上的评价直击痛点：“The Grubinator was saying that it feels like he's gotten to use an extraordinarily polished prototype, but not a finished product that he'd want to buy and carry.” 主持人指出，苹果在 Apple Vision Pro 之后紧接着又在 iPhone Duo 上拿到这种“它是一台优秀的原型机，但不是成熟商品”的评价，对于苹果的标准来说简直是不可接受的倒退。华尔街日报的 Joanna Stern 甚至让人制作了一台自动化测试机器，对设备进行了多达 32,000 次的连续翻折测试，虽然硬件结构本身扛住了考验，折痕随使用加深后也没那么致命，但首批果粉尝鲜者的新鲜感正在迅速消退。
不过，节目中也展示了另外一种极其反差的使用场景：有推主 Patrick 发视频展示了他练成的“单手甩合”（one-handed flip）。在视频中，他单手帅气地把设备甩开、合上，伴随着极其清脆解压的咔哒声。主持人被这一幕逗乐，调侃道：“It's a fidget spinner. It's got the same dynamic as a fidget spinner. This is going to be a hit.” 他们笑称就算系统开不了机、哪怕设备直接变砖，只要留一块屏幕显示日常座右铭，单凭这种像指尖陀螺一样解压的把玩感，就能让人爱不释手。此外，针对有人甚至手撕屏幕表面的磨砂保护膜导致损坏，主持人无语吐槽：“Don't pull the matte film off... I ripped the product apart and it didn't work as expected. That makes no sense.” 谈到未来修复速度时，主持人认为在当今拥有 AI 辅助编程的时代，小团队开发者无需在 Xcode 里一行行重写 Swift 或 Objective-C 视图，交给 AI Agent 就能完成 90% 的布局重构，因此第三方生态的适配应该会比以往快得多。
---
### [23:52](https://www.youtube.com/watch?v=uhFbFULHovo&t=1432s) Ben Thompson 拿下 Stripe 赞助与科技播客广告潮
话题随后转到了知名科技分析师 Ben Thompson（Stratechery 创始人）。Ben Thompson 宣布获得了支付巨头 Stripe 的冠名赞助。主持人对这一合作赞不绝口，认为这是商业契合度的极致体现：首先，Ben Thompson 从做付费通讯的第一天起，整个底层商业订阅就是搭建在 Stripe 之上的；其次，Stripe 虽然规模巨大、极度成功，但极有可能永远不会上市，这意味着 Ben Thompson 永远不需要在 Stratechery 上为了追踪财报而对其进行季度业绩分析，从而完全避开了利益冲突。
两位主持人还趁机自我标榜了一番。他们开玩笑说，TBPN 开播的第一天就立下了一个宏伟目标——让全天下的科技播客都接上赞助广告，现在这个时代终于降临了：“When we started this show, we said our goal was to get every tech podcast to have advertising and we're pretty close to done.” 盘点一圈后，他们发现如今只剩下 Tyler Cowen 的《Conversations with Tyler》还几乎不带商业口播（偶尔只推广自己的线下活动）。不过有传闻 Tyler Cowen 可能会去《纽约时报》接手 Ross Douthat 原来的播客节目《Interesting Times》，而纽时正是一台不折不扣的“广告巨兽”，届时听众终于也能在 Tyler Cowen 的内容里听到广告了。两位主持人顺势开始推销自家的 TBPN：“We got plenty of ad space. Yeah, lock in.”
---
### [26:00](https://www.youtube.com/watch?v=uhFbFULHovo&t=1560s) 疯马卡车、口香糖手表与今日金句
在节目的尾声，两位主持人分享了一组荒诞而有趣的日常网络切片：
1. **废土风卡车（Mad Max Truck）**：网络上流传出一段极其拉风的硬核改装车视频，主持人一度调侃这简直是知名 AI 忧患论学者 Eliezer Yudkowsky 的“末日座驾”。该车外观神似用旧救护车或翻斗卡车拼装改装出来的战车，车侧挂满了铁链，声浪巨大，充满了《疯狂的麦克斯》（Mad Max）既视感。主持人惊叹不已，直呼希望把车主请来做客，并打趣道：“When the grid goes down. This is what you're going to want to be driving.”
2. **口香糖手表（Gum Watch）**：主持人向知名尼古丁含片品牌 Lucy 隔空喊话提建议，展示了一款来自 Crazy Planet 的真实奇葩产品——“口香糖手表”。以前大家见过各种各样装尼古丁袋、尼古丁口香糖的盒子，但把弹丸式口香糖直接嵌在手表表盘里戴在手腕上，主持人认为这种随手一抠就能吃的脑洞设计绝对有成为爆款的潜质。
3. **今日结语**：节目最后以一张网络热梗图收尾——“Just put the lightning in the bottle, bro.” 主持人以此激励观众：“Just do it. Stop making excuses.”（别找借口了，直接把不可能变成奇迹吧）。
### [27:41](https://www.youtube.com/watch?v=uhFbFULHovo&t=1661s) 抓住千载难逢的机遇与节目收尾
节目在轻松幽默的氛围中走向尾声。主持人们将网络流行梗“把薯条放进袋子里”（Just put the fries in the bag）与“瓶中捕捉闪电”（lightning in a bottle，意指抓住了千载难逢的绝佳机遇）串联在一起进行调侃。他们认真地探讨了商业与内容创作中的破局之道：当一个人或一个团队真正撞上这种可遇而不可求的大机遇时，唯一的选择就是立刻加倍下注，毫不犹豫地全力以赴。主持人总结道：“When you've caught lightning in a bottle, it's time to time to double down. Maximize maximize the the ROI on whatever you did that was described as lightning in a bottle. It's rare. So, when it hits, you got to go. You got to burn all the all the other ships and focus.”（当你抓住千载难逢的机遇时，就该加倍下注了。最大化利用被称作‘瓶中闪电’的任何事情的投资回报率。这太罕见了，所以一旦碰上，你就必须全力出击，破釜沉舟，高度专注。）
随后，主持人开始对观众和听众进行收尾呼吁（call to action），并趁机打趣了团队成员 Tyler 前一天的口误。Tyler 之前竟然只是让大家“在 Apple Podcasts 上关注”，而主持人强调他们从不只是求关注，而是指名道姓要五星好评：“We don't ask for follows around here. We ask for five star reviews. If you're thinking this is a four-star show, don't tell us. Keep it to yourself.”（我们这里不求关注，我们求的是五星好评。如果你觉得这只是个四星节目，别告诉我们，自己憋在心里就好。）最后，他们提醒大家登录 tbpn.com 订阅每日新闻通讯，并预告了下一期直播将在周五太平洋时间上午 11:00 准时播出，在向观众表达感谢与爱意后正式结束本期节目。
- **抓住机遇策略**：一旦识别到具有爆发潜力的“瓶中闪电”事件，必须破釜沉舟（burn all the other ships），集中所有资源实现 ROI 最大化。
- **播客评分诉求**：明确要求听众在 Apple Podcasts 和 Spotify 上打出五星好评，幽默地表示不接受任何四星评价。
- **订阅与直播安排**：引导观众访问官方网站 tbpn.com 订阅通讯，并锁定周五上午 11:00（太平洋时间）的日常直播。
## Mentioned
TBPN, John Coogan, Jordi Hays, Tyler, Trevor Milton, Nikola, The VIP Seat, Preston Holland, NBAA, Zach Dabbo, Nathan Fielder, Meta, Mark Zuckerberg, Chan Zuckerberg Initiative, The New York Times, Semafor, Google, Larry Page, Sergey Brin, Sundar Pichai, Apple, iPhone Duo, Apple Vision Pro, Figma, YouTube, Instagram, Spotify, Mark Gurman, TechDroid, John Gruber, Daring Fireball, Joanna Stern, The Wall Street Journal, Patrick, Ben Thompson, Stratechery, Stripe, Tyler Cowen, Conversations with Tyler, Ross Douthat, Interesting Times, Eliezer Yudkowsky, Mad Max, Lucy, Crazy Planet
## Video description
Sign up for TBPN’s daily newsletter at TBPN.com
Diet TBPN delivers the best of today’s TBPN episode in 30 minutes. TBPN is a live tech talk show hosted by John Coogan and Jordi Hays, streaming weekdays 11–2 PT on X and YouTube, with each episode posted to podcast platforms right after.
Described by The New York Times as “Silicon Valley’s newest obsession,” the show has recently featured Mark Zuckerberg, Sam Altman, Mark Cuban, and Satya Nadella.
TBPN is made possible by:
Ramp - https://ramp.com
Public - https://public.com
Cisco - https://www.cisco.com
Console - https://www.console.com
CrowdStrike - https://www.crowdstrike.com
Figma - https://www.figma.com
MongoDB - https://www.mongodb.com
NYSE - https://www.nyse.com
Railway - https://railway.com
Shopify - https://www.shopify.com/
Follow TBPN:
https://TBPN.com
https://x.com/tbpn
https://open.spotify.com/show/2L6WMqY3GUPCGBD0dX6p00?si=674252d53acf4231
https://podcasts.apple.com/us/podcast/technology-brothers/id1772360235
https://www.youtube.com/@TBPNLive
Chapters:
00:00 Trevor Milton Fires Back at Diet TBPN + His Jet Launch
03:19 Trevor Milton’s Screenshot Meltdown + The Jet Photo Controversy
07:23 Meta’s New Class C Stock + Zuckerberg’s Voting Power
12:03 Zuck’s California Billionaire Tax Problem + The Florida Dilemma
16:20 iPhone Duo Backlash + Why Apps Aren’t Ready
20:30 Apple’s “Polished Prototype” Problem + iPhone Duo Durability Tests
23:52 Ben Thompson Lands Stripe Sponsorship + The Podcast Ad Boom
26:00 Mad Max Truck, Gum Watch + Lightning in a Bottle
[Source](https://www.youtube.com/watch?v=uhFbFULHovo)
Original transcript
[0:02] Yeah, the the the show yesterday was
[0:03] good. Tyler did a good job, but I think
[0:05] he had the deck stacked in his favor.
[0:07] You had a stacked lineup. You got Nesh
[0:08] Aurora on, Aiden Smith from Flapping
[0:11] Airplanes, Oculiar, Max from Lora. It
[0:15] was easy mode for Tyler. I want to see
[0:17] Tyler do a show with just Jordy tier
[0:20] list of a mansion where Jordy doesn't
[0:23] want to say his true opinion because he
[0:24] knows the guy that owns the house.
[0:26] That's what makes a great co-host. If
[0:29] you wanna if you want to elevate from
[0:30] subhost to co-host, I think that's what
[0:33] you got to do. You gotta you gotta put
[0:34] the screws to Jordy when he doesn't want
[0:36] to give his true take and get him to
[0:38] crash out. That's what I want to see.
[0:40] But no, fantastic job.
[0:41] >> Yeah. You didn't you didn't get me to
[0:42] crash out.
[0:43] >> No, no, no.
[0:43] >> But you know who did crash out? Beat
[0:45] him. You know who did crash out?
[0:46] >> Who? Who?
[0:47] >> Trevor Milton.
[0:48] >> Trevor Milton.
[0:48] >> Crashed out in the uh
[0:50] >> Well, you crashed out.
[0:51] >> I crashed out and he responded.
[0:54] >> Yeah. So, um, we had a, uh, we we talked
[0:59] about Trevor Milton's new jet company.
[1:00] >> He had a, uh, an announcement, a launch,
[1:03] an event
[1:04] plane
[1:06] >> on its wheels or potentially
[1:10] the debate over that.
[1:11] >> The plane was a uh, like a a full scale
[1:15] mockup. It was not meant to be
[1:17] >> Yeah.
[1:18] >> a real plane.
[1:18] >> They have a real plane separately. This
[1:20] is the this is a a a build of the new
[1:23] plane. Yes. Yeah. Yes. Okay.
[1:25] >> Um and anyway, so we posted the video
[1:27] and what did Trevor What did Trevor
[1:29] actually say?
[1:30] >> He was firing off in the comments.
[1:33] >> He responded to our video saying,
[1:34] "Haters are going to hate. We already
[1:36] have more than 50 on order
[1:39] by real buyers."
[1:40] >> Not bad.
[1:41] >> Uh it might be the most successful jet
[1:43] launch to date. Keep on talking smack.
[1:45] It makes us work harder and we love the
[1:47] trolling hate. Living rentree in your
[1:50] head.
[1:52] Um, he was also going back and forth
[1:54] with some other people.
[1:55] >> Yeah, he was
[1:56] >> in the comments. Uh, a lot of people
[1:58] were saying definitely not buying a
[2:01] plane from Trevor Milton and he
[2:03] responded, "We wouldn't sell you one."
[2:05] Uh,
[2:05] >> and I go the other way. I think I think
[2:07] finally a plane exists for the
[2:09] thrillseker. It, you know, flying
[2:12] private such a luxury, but we know that
[2:15] once you get to a certain level of
[2:16] wealth, you got to put it all on the
[2:18] line. You got to climb Mount Everest.
[2:19] You got to be risking it all on the
[2:21] track, skydiving. You got to be into
[2:22] extreme sports. So, a plane that's a
[2:25] little little rough around the edges is
[2:26] going to bring you back down to earth.
[2:28] It's going to give you some thrill, some
[2:31] excitement, get your heart racing, and
[2:33] for a certain buyer, that's going to be
[2:35] very attractive. So, I think that's
[2:37] actually probably a risk to the upside
[2:39] in this case.
[2:40] >> So, when others are fearful,
[2:42] >> you got to be greedy when others are
[2:43] fearful on these planes. Okay. Okay.
[2:46] Another media company, the VIP seat,
[2:48] said we were there for the unveil,
[2:50] posted about how poor the presentation
[2:52] was. And he started attacking everyone
[2:54] on X and came over to Instagram.
[2:57] >> You're the only clown who would be dumb
[2:59] enough to allege that literally the
[3:01] entire NBAA has been raving us about us
[3:04] by the thousand and landed almost a
[3:06] billion
[3:08] >> in orders. Uh, what else did he say? A
[3:11] billion in orders. Keep posting your
[3:13] Tesla, you Tesla troll wannabe comments
[3:15] and we'll keep building an incredible
[3:16] plane that you only wish you could fly.
[3:18] Your hate fuels us. Living rentree in
[3:20] your head. Um, so he's living rentree in
[3:24] a lot of heads. Um, the plane was
[3:26] supported by a post and again this was a
[3:29] this was a mockup. Um,
[3:32] >> but when uh Trevor Melton responded to
[3:35] the picture of the post and said,
[3:36] "You're literally misleading the world.
[3:38] See the real picture. at least report
[3:41] honestly LMAO and he posted a picture a
[3:44] different picture of the plane
[3:45] >> different picture of the plane but most
[3:47] importantly understand the aesthetics of
[3:49] what he just did. This is a lead posting
[3:51] because he should have photos of this
[3:53] plane saved to his camera roll. He
[3:55] didn't. He went to what appears to be
[3:58] Google images or something. Found a
[4:00] horizontal a landscape picture of the
[4:03] plane. Took a screenshot of it in
[4:05] portrait mode to make the image of the
[4:07] plane extremely small. didn't crop it
[4:10] out so you can see his battery level and
[4:12] his and the time at which he took this
[4:14] screenshot. That is just a level of of
[4:17] ank posting that you very rarely see on
[4:19] the internet these days. Most people
[4:21] even if they go for the screenshot,
[4:22] they'll do the courtesy crop before they
[4:25] share the screenshot. And maybe they
[4:27] won't crop out the the perfect crop.
[4:30] >> Yeah. Occasionally some of the chrome,
[4:32] some of the extra buttons might get in
[4:33] there. A little watermark might sneak
[4:35] in, but you're still doing the person
[4:36] the courtesy of cropping it down so they
[4:38] can see the the image basically full
[4:40] screen if they want. He didn't do that.
[4:42] He drops the portrait screenshot of a
[4:44] landscape photo. That's elite posting. I
[4:47] I don't know how else to describe it.
[4:49] >> I was somewhat confused because the
[4:52] picture was posted by Preston Holland.
[4:54] Uh and he said, "You're literally
[4:56] misleading the world. See the real
[4:58] picture. At least report honestly."
[5:00] LMAO. And I was very confused by this
[5:02] because it seemed like he was implying
[5:04] that that wasn't how they presented the
[5:07] plane, but I went and checked and saw
[5:09] actual video of the plane in the post.
[5:11] >> And so he seems to be alleging that this
[5:14] poster, the VIP seat/preston is
[5:17] misleading the world when in fact that
[5:19] is just a real picture of the
[5:21] presentation. The wing had a post. It
[5:23] could be a conspiracy where someone went
[5:25] to the presentation, took a video of the
[5:27] plane without the post, took that video,
[5:29] loaded it into After Effects, Cinema 4D,
[5:31] Houdini, an advanced 3D modeling
[5:34] software, modeled a post, composited
[5:36] that into the video, and then uploaded
[5:38] the final product after blending it in.
[5:40] Perfect.
[5:40] >> We got eyewitness reports. Um, Zach
[5:44] Dabbo says, "Trevor is like the kid in
[5:46] school who always tries, studies all the
[5:48] time, and just never passes the test."
[5:50] >> And Trevor says, "Except I did." and
[5:53] built the first ever you did pass the
[5:55] test. Um except I did and built the
[5:57] first ever production hydrogen and
[5:58] better electric semi-truck from the
[6:00] ground up that went from idea to
[6:02] prylouction 5 years before Tesla.
[6:04] >> Yeah, the prylouction. That is another
[6:06] elite misspell.
[6:08] >> Pryuction five years before Tesla built
[6:10] six companies, three successful and
[6:12] three not. Broke the world speed record
[6:13] for light jets as a pilot. That's sick.
[6:16] >> That that's fact.
[6:18] >> We got to fact check that. But if that's
[6:19] true
[6:20] >> and launched the most advanced jet in
[6:22] the world, incredible history and
[6:24] achievements. What have you done? And
[6:25] Zach just replies, "You're chop, dunk."
[6:28] >> Which I thought was
[6:30] >> a little funny and a little rude. Trevor
[6:32] can come on the show, but I really think
[6:34] that he should spend time with Nathan
[6:36] Fielder.
[6:37] >> Oh, yes.
[6:38] >> It needs to become fly cuz Nathan's a
[6:41] pilot. Nathan can fly it.
[6:42] >> It's literally the perfect
[6:43] >> It's the perfect uh You can see
[6:45] everything too. Oh, hopefully. Trevor,
[6:47] you're welcome on the show, but
[6:49] >> but we do have to live with you for 2
[6:50] weeks before you come on the show.
[6:52] >> So, uh, for the record setting flight, I
[6:54] think he was he was on board,
[6:56] >> but he was not the pilot.
[6:57] >> Wait, what? He said he's the pilot,
[6:59] >> dude. This guy is like constantly
[7:01] >> That's the little fib.
[7:03] >> I'm not going to say he's lying, but
[7:04] he's he's veering towards fibbing at
[7:06] least on a couple occasions just in this
[7:08] one Instagram thread.
[7:10] >> Stretching the truth a little bit. I
[7:12] want to see him behind the sticks if
[7:14] he's
[7:14] >> Yeah. Stretching the record. stretching
[7:16] the truth twice.
[7:17] >> How much can you actually set how much
[7:19] can you actually push a plane section
[7:20] when you're the pilot? Can you can you
[7:22] just like floor it and go a little bit
[7:24] faster than you should? Is that an
[7:26] option?
[7:26] >> Can you go up high and then go down and
[7:29] put the engines on max and just like
[7:31] it's dangerous, but you can actually
[7:32] break the speed of sound in in a Gulf
[7:34] Stream if you try if you're if you're
[7:35] risk. Is that possible? I don't know.
[7:37] >> No idea.
[7:38] >> We'll find out because we're going to
[7:39] make Tyler do it. Uh Meta is introducing
[7:42] new class C stock. The plan is to
[7:44] distribute one class C share for every
[7:47] existing A or B share at the start of
[7:50] the next year. So, it's basically a two
[7:51] for one stock split. Uh it's not a
[7:54] fundraising opportunity. Doesn't make
[7:55] Zuckerberg richer and it doesn't dilute
[7:57] anyone's ownership percentage, but it
[7:59] does have a bunch of interesting
[8:01] knock-on effects. Uh and basically,
[8:03] there's two wildly different narratives.
[8:04] I sent you both of these posts and I was
[8:06] like, it's the same story, but the New
[8:08] York Times and Semaphore have completely
[8:09] different rationale for what's going on.
[8:11] So, I wanted to get to the bottom of it.
[8:12] Uh so this is not the first time uh
[8:15] they've proposed this class C stock. It
[8:17] happened in 2016. Uh Meta, which was
[8:19] then called Facebook, of course, uh
[8:21] proposed creating non- voting class C
[8:23] shares. The the reasoning back then was
[8:26] that Mark Zuckerberg said, "Hey, I'm
[8:28] doing the Chan Zuckerberg initiative.
[8:30] I'm giving away a lot of my money. I'm
[8:31] doing a lot of philanthropy. I want to
[8:33] do both. I want to be able to run Meta
[8:36] as the sole decision maker with the
[8:38] super voting stock and be able to not be
[8:41] fireable and be able to have control
[8:42] over the company that I founded. And I
[8:44] want the super voting, but I also want
[8:46] to be able to sell down my economic
[8:47] position or donate it to Chan
[8:49] Zuckerberg. They can sell it to fund uh
[8:51] philanthropic initiatives, build
[8:53] hospitals, do a bunch of great stuff.
[8:54] And so um he tried to do this, actually
[8:58] got challenged by shareholders. Uh there
[9:01] was a Delaware trial that was scheduled,
[9:02] but Facebook withdrew the proposal in
[9:05] September of 2017 before that trial. And
[9:08] after the trial, Zuck was like, "I don't
[9:10] even need to sell because my stock's
[9:12] ripping." He actually said this. He
[9:13] said, "The the share price appreciation
[9:16] in Meta has allowed me to uh to fund
[9:20] everything with the Chan Zuckerberg
[9:22] initiative," which is probably true
[9:23] because at a certain point you're just
[9:25] like, "Oh, what? I have to deploy $50
[9:27] billion in nonprofits. like there's only
[9:30] so many projects you can do before stuff
[9:32] gets unwieldly. Uh and so he was
[9:34] probably in a pretty good place, but it
[9:35] was still an interesting motivation and
[9:37] uh and and didn't go through. Uh then so
[9:40] the the goal the overarching goal hasn't
[9:43] really changed in the last decade. Um
[9:44] the goal is to allow Zuckerberg to sell
[9:47] or donate or pay taxes with the economic
[9:49] portion of his meta stake without losing
[9:52] control over the company that he founded
[9:53] two decades ago. Uh so in the
[9:56] intervening years things have come up
[9:58] tax bills, philanthropic opportunities,
[10:00] AI buildouts and Zuck needs to manage
[10:02] his control against these issues as they
[10:04] arise. Uh and so the NT tells the story
[10:07] as basically entirely taxreated which is
[10:10] interesting because there's obviously a
[10:12] lot of different things going on. So the
[10:13] New York Times said uh Mr. Zuckerberg
[10:15] has been negotiated with met with Meta's
[10:17] board since July over dinner with board
[10:19] members on September 9th. He effectively
[10:21] gave them an ultimatum. if a deal wasn't
[10:23] struck, he would sell his home in
[10:25] PaloAlto and the listing would be
[10:27] public. And so I assume what he was
[10:29] doing here was like all the other Met
[10:31] Meta board members have huge homes in
[10:33] PaloAlto and if he sells his, it's going
[10:34] to tank their real estate prices. So
[10:36] he's saying I'm I'm going to I'm
[10:40] assume that that that that was the that
[10:42] was the veiled threat. Um
[10:43] >> do you think he's trying to have his
[10:44] cake and eat it too?
[10:46] >> I think he is actually. I think that's
[10:48] exactly what's happening.
[10:49] >> I I think this might serve multiple
[10:51] purposes. Yes, but the market will
[10:55] probably say, "Yeah, go ahead. Have some
[10:58] cake. Eat it, too." I I I don't think
[11:00] they'll I don't think they'll care
[11:01] because for a long time, you bought
[11:04] metaclass A shares. So, he has class B,
[11:06] which have 10 voting uh 10 votes per
[11:08] share. Uh you bought class A shares,
[11:10] which have one vote per share. Now,
[11:11] you're going to get class C that has
[11:13] zero votes per share. Never mattered
[11:15] because you were never going to get more
[11:17] than 50%. uh the the the votes never
[11:20] really uh like they never really show uh
[11:23] uh sold meaningful voting stock and so
[11:27] when Meta goes to the market investors
[11:29] just say what is the economic
[11:31] opportunity what is the economic return
[11:32] and so in theory you you can go to the
[11:35] market with something that's uh
[11:36] preferred plus a board seat we do this
[11:38] all the time in Silicon Valley we say
[11:40] yeah we're selling 20% of the company
[11:41] you get a board seat you get information
[11:43] rights you get praa you get a million
[11:45] things uh it's it's so much value and
[11:48] we're only going to charge you $100
[11:50] million for that or whatever a startup's
[11:52] selling for. Meta will do the same
[11:53] thing. Sure, the shares might be
[11:55] slightly less valuable because they have
[11:56] zero votes instead of one vote.
[11:58] Realistically, the buyers of this are
[12:00] only interested in the financials. They
[12:02] don't care about the votes. So, it
[12:03] doesn't really matter. Um,
[12:04] >> so what's your takeaway? You think he
[12:05] wants to scratch two itches at once?
[12:08] >> Uh, yeah. I mean, he I I I do think he
[12:11] cares about the billionaire tax and I do
[12:13] think that it's completely rational to
[12:15] get out of California before it hits.
[12:16] And I'm surprised that this is even a
[12:18] discussion. I thought that the reason he
[12:20] bought that Florida home was that he was
[12:22] going to claim residency outside of
[12:23] California as of 2026. It seems like
[12:26] this was mostly going over throughout
[12:28] the year, but if the tax passed, it
[12:30] would be retroactive. He would still be
[12:32] on the hook for it, but at least he
[12:33] could challenge it in court. But it's
[12:35] funny because it seems like bad when it
[12:37] >> would be litigated and then during that
[12:40] time he would leave. And so that you
[12:41] would have this like worst case scenario
[12:44] that one time 5% versus The interesting
[12:47] thing is that like the Google
[12:48] co-founders have done the exact same
[12:49] thing. They've done a stock split and
[12:51] they've uh maintained control, voting
[12:53] control while relocating to Florida uh
[12:55] avoiding the billionaire tax
[12:56] potentially. But um no one really cares
[12:59] because Sundar is the face of the
[13:00] company. Uh the interesting thing is
[13:02] like the board the way the New York
[13:04] Times frames it is like the board wanted
[13:06] Zuck not to sell his Palo Alto home
[13:09] because it would be a negative signal to
[13:11] the employees.
[13:13] Not the fake reason I was joking about.
[13:15] No, no, no.
[13:16] >> What are you laughing at?
[13:17] >> I'm just laughing at Trey. He wants both
[13:19] birds in the bush to be in his hand.
[13:23] >> Yes. Um, but but as let's say you're a
[13:26] board member, do you care if Mark
[13:29] Zuckerberg
[13:31] can't spend more than 180 days a year in
[13:34] the headquarters where all the
[13:36] researchers are, where where they're
[13:37] building MSL, where they're, you know,
[13:39] building Muse. Does he need to be on
[13:41] site?
[13:42] I think I think he has to just want to
[13:45] be like he is he's the only not the only
[13:49] one of a very very small group of people
[13:51] running a company at that scale that is
[13:53] like truly in founder mode. Yeah. No
[13:55] founder no elite founder that I've ever
[13:57] met says yeah I love working remotely. I
[14:00] love being away from my team for half
[14:02] the year.
[14:02] >> And he probably travels a ton.
[14:03] >> So it's much more like the board is
[14:05] probably like
[14:07] >> kind of do whatever you want. Yeah. Like
[14:09] live wherever you want. But you can
[14:11] imagine he's the one being like, I want
[14:13] to be in the office as many days as
[14:16] possible with the team.
[14:17] >> That was not the NYT report. The NYT
[14:19] report was that he wants to avoid
[14:21] getting diluted past 50%, losing control
[14:23] of the company because he has to spend
[14:26] 186 days a year in Florida and can't be
[14:29] on site in Menllo that often and would
[14:32] have to be more remote. And he's like,
[14:34] "Look, if it's between being in the
[14:37] arena in the in the Menllo office a ton
[14:40] and losing control because of this tax,
[14:43] I'm choosing I'm choosing Florida
[14:46] >> 305."
[14:46] >> Yeah,
[14:47] >> Mr. Worldwide.
[14:48] >> He's being Mr. Worldwide potentially. Uh
[14:50] that was at least the that was at least
[14:52] the debate, the way it was put to the
[14:53] board, and now it's a non-issue because
[14:55] they are going to issue the class C
[14:57] stock. So, uh, I if he does get hit with
[14:59] a 5% tax, he'll sell the economic stake,
[15:02] not the controlling stake, and he'll be
[15:03] able to stay, uh, in TBD Labs in in the
[15:07] in the building. I don't know why you're
[15:08] watching, but uh, it's interesting
[15:11] because both of these both of these
[15:12] rationes are completely justifiable from
[15:15] like the PT lens of framing, which is
[15:17] like, of course, leave California if
[15:19] they're going to tax you and you can
[15:20] just go to Florida. And then also like
[15:22] of course issue a bunch of equity if you
[15:24] have a really uh if there's a new
[15:26] technology that you can actually invest
[15:27] against
[15:28] >> make an omelette without breaking a few
[15:29] eggs.
[15:30] >> Yes.
[15:33] >> Yes. Without issuing some new equity.
[15:34] But this was the critique of Google.
[15:36] They have a hundred billion dollars in
[15:37] cash. They don't they don't spend it.
[15:39] They're just returning it to investors.
[15:40] The they are stagnated. They're out of
[15:43] ideas. Now we're in the era of there's
[15:45] tons of new ideas. There's tons of new
[15:47] new new ways to deploy capital at a high
[15:50] rate of return. Uh go and invest.
[15:53] There's a debate over Meta's ROI on AI
[15:55] capex. But like at least the company is
[15:58] thinking like let's go big. Let's not be
[16:01] the stagnation company. Let's not just
[16:03] buy back our stock and pay out cash to
[16:05] to shareholders. Let's go pursue the
[16:07] next great thing. Let's go try and do
[16:09] something bold. And so both of these
[16:12] stories are framed at least a lot of
[16:14] people are oh it's bad. But I see them
[16:16] both as like, yeah, totally rational and
[16:18] very good for a leader to be doing that
[16:19] in tech. Uh, you know who's got to
[16:21] download Figma, set up an account.
[16:24] Anyone with an iPhone app who wants it
[16:26] to run on the iPhone Duo. You've seen
[16:28] these screenshots of all the apps that
[16:30] are not uh optimized for the Duo yet.
[16:33] Uh, the YouTube app is looking kind of
[16:36] rough. They they did stretch out the
[16:38] screen, but it still has this bar, this
[16:40] black bar on the right side. It's a new
[16:42] design challenge. uh very doable. But
[16:46] yeah,
[16:47] >> as Apple,
[16:48] >> how do you release a device without
[16:50] having
[16:51] >> especially in the era of of AI agents?
[16:54] >> All no, not even that.
[16:56] >> You're launching this device. It's the
[16:57] biggest update to the iPhone since the
[17:00] iPhone got lighter, faster, stronger,
[17:02] blah blah blah.
[17:03] >> Yeah, it actually is new.
[17:04] >> No, it actually is the biggest update to
[17:05] the iPhone in
[17:07] >> since the original iPhone. Yeah.
[17:09] >> Right.
[17:09] >> Yeah. and you don't bother to make sure
[17:12] that YouTube and Instagram and Spotify
[17:15] have
[17:17] >> Do you think it's the opposite? Do
[17:18] because what happened with the Apple
[17:19] Vision Pro was uh Apple said we have
[17:22] this amazing new VR device. Developers
[17:24] are going to be able to build apps for
[17:26] it. Uh there's a there's a developer
[17:29] program where you can get the software a
[17:30] little bit early, optimize things. And
[17:33] basically every tech company was like no
[17:36] like we are not jumping on your new
[17:38] ecosystem. go kick rocks because they
[17:41] were like, "You're going to take 30%. We
[17:43] don't want to do you the favor. You're
[17:45] going to have to suffer." Completely
[17:46] different.
[17:47] >> Just an extension of the iPhone.
[17:49] >> Yeah. An update to the iPhone, the most
[17:51] popular
[17:52] >> consumer the the the number one hit
[17:55] product in the history of consumer hit
[17:57] products.
[17:57] >> So, why do you think it happened? Do you
[17:58] think that you think that the developers
[18:00] of the YouTube iOS team didn't get
[18:02] devices early enough or they didn't get
[18:04] software preview?
[18:05] >> Germinator said that people had had
[18:07] access to the device for about a month.
[18:08] the device and
[18:09] >> if you're a big developer. So, so
[18:11] >> and maybe an emulator too.
[18:12] >> It's like on one hand on one hand it's
[18:15] the fault of of the big companies,
[18:17] >> but on the other hand, I think Apple has
[18:19] to like take the responsibility for it
[18:21] because it's your product that you're
[18:22] selling to customers and they're having
[18:24] a bad experience.
[18:25] >> Yeah.
[18:25] >> So, I think it comes down the buck stops
[18:27] with Apple,
[18:28] >> but overall it's just like such a
[18:31] >> embarrassing launch for Apple. Um,
[18:34] people have even been poking at the the
[18:36] like iOS like issues with the actual
[18:40] >> the actual software
[18:41] >> like native native software is not
[18:43] optimized yet.
[18:44] >> Is not great. Like you know you have a
[18:46] if you're running a timer with a certain
[18:48] angle you can only see one of the
[18:49] numbers weird. So, the whole thing was
[18:51] just completely botched and it's super
[18:54] embarrassing because now a billion
[18:56] people have seen like, hey, if you buy
[18:58] the iPhone Duo, it's going to be this
[19:00] like clunky
[19:01] >> experience and all this stuff will get
[19:03] fixed in the next couple weeks, but
[19:06] >> massive unforced error.
[19:08] >> We have a take here from uh uh
[19:10] >> I don't even this doesn't what it comes
[19:12] down to. It doesn't reflect badly on
[19:14] like Spotify.
[19:16] >> Okay. I thought Spotify was the one that
[19:18] was optimized correctly. Spotify every
[19:21] single one of them looks bad.
[19:22] >> People are people are uh
[19:23] >> it doesn't look that bad for all the
[19:24] different app
[19:26] >> and they're also dunking on Apple like
[19:28] uh this is from tech Droidider which I
[19:30] assume is an Android publication so
[19:32] they're bound to take a victory lap here
[19:34] but they say uh Apple literally mocked
[19:37] other foldables at its launch event
[19:38] saying vertical scrolling feels
[19:40] compromised and watching movies means
[19:42] dealing with oversized black bars that
[19:44] make the screen much smaller. Now look
[19:46] at Apple doing the same thing and
[19:48] suddenly Apple fans and some influencers
[19:50] are defending it. Lmo the hypocrisy is
[19:52] unreal. Uh but I mean it is a good point
[19:55] like uh to release something that drops
[19:57] black bars on uh on day one is uh is a
[20:01] rough rough market. Yeah.
[20:04] >> That I was referencing.
[20:06] >> Yeah.
[20:06] >> This is Apple software call quality in
[20:09] 2026. This is supposed to be a 15minute
[20:11] timer.
[20:12] >> Oh, and it's not rendering properly.
[20:14] That's very odd. So again, it's like,
[20:16] >> well, is it scrolling? Oh, I guess even
[20:19] if it's scrolling, that's like a weird
[20:20] feature,
[20:21] >> but yeah,
[20:22] >> just do 15m instead of 15 min.
[20:24] >> Apple's just better than this.
[20:26] >> Yeah,
[20:26] >> I'm not going to do better.
[20:28] >> You know, I don't think it's on the new
[20:30] >> Yeah.
[20:31] >> I mean, the the the Grubinator, John
[20:34] Gruber over at Daring Fireball said that
[20:37] >> you mean
[20:38] >> what? The Grubberator.
[20:40] No, it's the Grubinator.
[20:42] >> The Germinator and the Grubinator.
[20:43] >> Grubinator. The Grubinator was saying
[20:45] that uh it feels like he's gotten used
[20:48] to an extraordin he's gotten to use an
[20:50] extraordinarily polished prototype, but
[20:53] not a finished product that he'd want to
[20:55] buy and carry. Uh which is not a good
[20:58] review
[20:58] >> just to go backto back with the Vision
[21:01] Pro and the Duo getting just appalling
[21:05] reviews.
[21:06] >> Come on.
[21:08] >> No, getting the getting the It's a good
[21:10] prototype, right?
[21:12] >> Yeah. getting the it's a good prototype
[21:14] review is just like not Apple's
[21:16] standard, right?
[21:17] >> I don't know. Patrick apparently having
[21:19] fun. He says he's perfected the
[21:21] one-handed flip. And I think this might
[21:23] Oh, that's a good video. Apple is no
[21:25] longer better than this. They should be,
[21:27] but they're not. My disappointment is
[21:29] immeasurable.
[21:30] >> Yeah. But but watch Patrick flip this
[21:31] thing around. Tell me this isn't fun.
[21:34] This is great. Look. Okay. Flips it
[21:35] around. Flips it with one hand. Boom.
[21:37] Slaps it open. That's fun. That's great.
[21:40] You want to do that? Yeah. Click. That's
[21:42] going to be satisfying. It's a fidget
[21:44] spinner. It's got the same dynamic as a
[21:46] fidget spinner. This is going to be a
[21:48] hit.
[21:49] >> Doesn't matter. The software doesn't
[21:50] need to run. Just Just brick it. Give me
[21:53] something just to play with.
[21:55] >> Put just brick it and just put one one
[21:58] page of text on there that I can just
[22:00] read. My mantra. And then that's good
[22:02] enough. I don't know. Uh, unbelievable.
[22:05] The iPhone Duo display has been hiding a
[22:08] shocking secret. Somebody finally dailed
[22:10] dared to peel off the matte film
[22:12] covering the iPhone Duo's display. What
[22:14] they discovered is something with the
[22:15] film. It looks surprisingly unear. Don't
[22:18] pull Don't pull the Don't pull the matte
[22:20] film off.
[22:22] >> Yeah, the matte I ripped the product
[22:24] apart and it didn't work as expected.
[22:26] That makes no sense. Anyway, um yeah,
[22:29] people are, you know, the polish is not
[22:31] quite there. Uh Joanna Stern's been
[22:33] testing the product. Uh she's folded it.
[22:36] Oh, she built a device or had a part had
[22:38] a friend build a device that would fold
[22:40] it 32,000 times over and over and over
[22:43] again and it seemed like it it held up
[22:46] pretty well. So, I don't know. Take him
[22:48] doesn't like it though. He says
[22:49] halfbaked. Read this review before
[22:51] ordering. The initial enthusiasm on the
[22:53] neat opening duo animation has faded
[22:55] hard. It may all but disappear after the
[22:59] first wave of Apple fan early adopters.
[23:01] This is a very bad iPhone experience. I
[23:04] don't know. I think the software gets
[23:05] patched pretty quickly. these the these
[23:07] things uh these things move pretty
[23:09] quickly and I feel like they should move
[23:10] very quickly in the age of AI coding
[23:13] like if you're a small app developer and
[23:16] you're like ah like yeah 1% of my
[23:18] audience is using the iPhone Duo do I
[23:20] really want to open up Xcode and sit
[23:22] there and rewrite all the views and get
[23:25] an Objective C or Swift and and and
[23:28] actually hammer out of uh you know a
[23:30] layout that looks good if you can point
[23:32] an AI agent at this and get it to get
[23:35] you 90% of the way there, maybe you'll
[23:37] do it a little bit faster. So, I would
[23:39] expect some acceleration towards the
[23:41] software being good and functional very
[23:43] quickly. Um, but it does look like after
[23:46] a bunch of folds, you can see the crease
[23:47] a little bit more. I don't think people
[23:49] really care. I don't know. The crease
[23:50] doesn't seem like that big of a deal.
[23:52] Anyway, uh, Ben Thompson has, I think,
[23:54] yet to review the iPhone 2. I'm sure
[23:56] he'll discuss it. He's talked about a
[23:57] little bit, but he's also presented by
[23:59] Stripe now. That's huge news. I think we
[24:02] put up a card for it. Uh very very great
[24:04] to see the techary partnering with a
[24:08] fintech company. Great partnership
[24:10] because uh Stripe is obviously a very
[24:12] successful company but not the the
[24:15] hottest most dramatic oh you got to
[24:17] track earnings. Who knows maybe they'll
[24:19] never IPO so Ben will never be called
[24:21] upon to cover Stripe earnings because
[24:24] they will never be reporting public
[24:26] numbers to be analyzed. uh but also uh a
[24:30] long lineage of working with Ben because
[24:32] he built his entire business on Stripe
[24:34] and so uh very very excited to see that
[24:37] uh and excited to to hear some ads and
[24:39] strategy finally. This has been our
[24:41] mission.
[24:42] >> This is our moment.
[24:43] >> We the first episode
[24:44] >> as much as this has been and Stripe's
[24:45] moment, it's also our moment.
[24:47] >> Yeah, it really is. We got to pat
[24:49] ourselves in the back here. take a
[24:50] little victory lap because uh when we
[24:52] started this show, we said uh our goal
[24:54] was to get every tech podcast to have
[24:56] advertising and we're pretty close to
[24:58] done. One step closer.
[24:59] >> Pretty pretty close to done. I don't
[25:01] know. Is there anyone that's missing? I
[25:03] think Tyler Cow and Conversations with
[25:04] Tyler although
[25:06] >> Tyler Cow and Conversations with Tyler
[25:08] fantastic show little on the ad load
[25:11] personally. I don't think I've heard an
[25:13] ad in there ever. Occasionally promote
[25:14] live shows and uh specific events that
[25:17] are happening. I don't really count
[25:18] those. I want money in his pocket for
[25:20] those ad reads. Um, but he's he's maybe
[25:23] moving over. It feels like he's moving
[25:25] over to the New York Times hosting, uh,
[25:27] Ross Dowit's old show, Interesting
[25:29] Times, with Tyler Cowan. Now, New York
[25:31] Times, that's an advertising monster.
[25:34] So, uh, that's some good news in the
[25:36] world of advertising. You're going to be
[25:37] able to buy ads on a Tyler Cowan product
[25:40] for the first time. You can buy ads on a
[25:42] Ben Thompson product. You can buy ads on
[25:44] an All-In product, of course, TBPN
[25:46] product. We got plenty of ad space.
[25:48] Yeah, lock in.
[25:49] >> Um,
[25:50] >> anyway, uh, anything else that we want
[25:52] to talk about? There were a couple other
[25:53] stuff. There were a couple other things
[25:54] going on.
[25:55] >> Let's end here. Yes. Uh,
[25:58] >> this is kind of the dream daily.
[26:01] >> This is the This is Eleazar Ukowsky's
[26:04] car. We finally saw it. This is what
[26:06] he's
[26:07] >> Can we get some sound? Cuz this thing
[26:08] sounds amazing.
[26:09] >> Please, someone please be my ops. Is
[26:11] this real or is this AI? I can't even
[26:13] tell.
[26:14] >> No, this guy, I think, actually builds a
[26:16] bunch of insane vehicles. We got to get
[26:18] them on the show immediately.
[26:19] >> Really, really cool. Mad Max C7.
[26:23] It's a good
[26:26] >> Look at that.
[26:27] >> I like the chains on the side. That's a
[26:29] really nice touch.
[26:30] >> Is this like a moving truck or not a
[26:32] moving truck? Like a an old um
[26:34] >> looks like an old ambulance or
[26:36] something. Yeah. Yeah. Dump truck or
[26:38] something. But
[26:38] >> but this is the car of the future,
[26:40] everyone. This is going to be how you
[26:41] get to
[26:42] >> when the grid goes down. This is what
[26:44] you're going to want to be driving. Get
[26:46] this vehicle. Lock it in. Get this get
[26:50] this uh get this going. Uh anyway.
[26:55] >> Anyways,
[26:55] >> anything else you want to talk about
[26:56] today?
[26:57] >> Oh, one more one product sug suggestion
[27:00] for uh Lucy. I wanted you to build I
[27:03] wanted you guys to make this.
[27:05] >> Okay.
[27:05] >> The gum watch.
[27:07] >> Oh, this is good. I hadn't thought about
[27:09] this.
[27:09] >> This is This is a hitter.
[27:10] >> The gum watch. This is a real This is a
[27:13] real product
[27:14] >> called Crazy Planet. This would be a
[27:16] good drop from them. I I'm gonna send
[27:18] this over to the team. Crazy Planet. I'm
[27:21] surprised. I've seen a lot of like pouch
[27:23] holders, different different ways to
[27:25] hold your your nicotine pouches, your
[27:27] nicotine gum, but uh in the watch is
[27:30] >> having it on the wrist.
[27:31] >> Having the wrist is good. I think I
[27:33] think you'd that'd be a hit with you.
[27:35] >> Uh and the final post of the day, just
[27:37] put the lightning in the bottle, bro.
[27:39] >> Just do it. Stop making excuses.
[27:41] >> Just put the fries in the bag and then
[27:43] put the lightning in the bottle. you
[27:45] caught lightning in a bottle. When
[27:46] you've caught lightning in a bottle,
[27:48] it's time to time to double down.
[27:50] Maximize maximize the the ROI on
[27:53] whatever you did that was described as
[27:55] lightning in a bottle. It's rare. So,
[27:57] when it hits, you got to go. You got to
[27:59] burn all the all the other ships and
[28:01] focus.
[28:02] >> Good lesson. Good lesson.
[28:04] >> Anyway,
[28:04] >> that's right.
[28:04] >> Leave us five stars on Apple Podcast and
[28:06] Spotify. Tyler got that wildly wrong
[28:08] yesterday. He said, "Follow us on Apple
[28:10] Podcast." We don't ask for follows
[28:12] around here. We ask for five star
[28:14] reviews. If you're thinking this is a
[28:16] four-star show, don't tell us. Keep it
[28:18] to yourself.
[28:19] >> Keep it to yourself, please.
[28:20] >> Keep it to yourself. Also, sign up for
[28:22] our newsletter at tbpn.com. Don't just
[28:25] sign up for our newsletter. We don't
[28:26] leave the viewer to figure out where to
[28:28] sign up. We tell them exactly where to
[28:29] sign up. It's on tbp.com. And I also
[28:32] remind the viewer that we will be live
[28:34] the next day. We will see you Friday at
[28:37] 11:00 a.m. Pacific. So, tune in then.
[28:40] >> Flashback. Can't wait
[28:41] >> for watching us today. Goodbye.
[28:43] >> We love you.
