Pivot Australia vs. Facebook and the GameStop hearings
Feb 19, 2021
The hosts dive into Australia's clash with Facebook over a proposed law requiring payment for news, sparking a lively debate on big tech accountability. They explore the GameStop hearings, analyzing Robinhood's controversial role and the need for better ethical investing practices. There's humor as they reflect on the absurdities surrounding social media controversies. The conversation also touches on the urgent need for financial education for youth and the psychological effects of volatile investing, particularly in crypto.
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Scott's Public Investment
- Scott Galloway invested in Public early on, at a $100 million valuation.
- The company is now valued at $1 billion after Tiger Global invested $200 million.
Australia vs. Big Tech
- Australia's proposed law, pushed by Rupert Murdoch, requires tech companies to pay news publishers for content.
- This law highlights the differing relationships between news and platforms like Google vs. Facebook.
Google vs. Facebook Business Models
- Google needs credible news for search results, so paying publishers benefits them.
- Facebook prioritizes engagement over credibility, making news less central to their business model.