Sam Altman

Yeah. Well, I mean, I think he got the UFC out of Fear Factor and being a UFC fighter and a comedian. And there's like a famous story where like, Dana White was pursuing him. And he was like, I don't know. And then Dana White's like, I'll send a plane for you. You can bring your friends. He's like, okay, fine, I'll do it. He did it for free.

And then Dana White pursued him heavily to become the voice of the UFC. And yeah, obviously, it's grown tremendously. And it's worth billions of dollars. Okay.

And then Dana White pursued him heavily to become the voice of the UFC. And yeah, obviously, it's grown tremendously. And it's worth billions of dollars. Okay.

All right. OpenAI, as we were just joking in the opening segment, is trying to convert into a for-profit benefit corporation. That's a B Corp. It just means, we'll explain B Corp later.

All right. OpenAI, as we were just joking in the opening segment, is trying to convert into a for-profit benefit corporation. That's a B Corp. It just means, we'll explain B Corp later.

A benefit corporation is a C-Corporation variant that is not a non-profit, but the board of directors, Sachs, is required not only to be a fiduciary for all shareholders, but also for the stated mission of the company. That's my understanding of a B-Corp, am I right? Freeberg?

A benefit corporation is a C-Corporation variant that is not a non-profit, but the board of directors, Sachs, is required not only to be a fiduciary for all shareholders, but also for the stated mission of the company. That's my understanding of a B-Corp, am I right? Freeberg?

And it's a way to, I guess, signal to investors, the market employees that you care about something more than just profit. So famous, most famous B Corp, I think is Tom's. Is that the shoe company, Tom's? That's a famous B Corp. Somebody will look it up here.

And it's a way to, I guess, signal to investors, the market employees that you care about something more than just profit. So famous, most famous B Corp, I think is Tom's. Is that the shoe company, Tom's? That's a famous B Corp. Somebody will look it up here.

Patagonia. Yeah, that falls into that category. So for profit with a mission. Reuters has cited anonymous sources close to the company, that the plan is still being hashed out with lawyers and shareholders and the timeline isn't certain. But what's being discussed is that the nonprofit will continue to exist as a minority shareholder in the new company.

Patagonia. Yeah, that falls into that category. So for profit with a mission. Reuters has cited anonymous sources close to the company, that the plan is still being hashed out with lawyers and shareholders and the timeline isn't certain. But what's being discussed is that the nonprofit will continue to exist as a minority shareholder in the new company.

How much of a minority shareholder, I guess, is the devil's in the detail there. Do they own 1% or 49%? The very much discussed Friedberg 100x profit cap for investors will be removed That means investors like Vinod, friend of the pod, and Reid Hoffman, also friend of the pod, could see a 100x turn into 1,000x or more.

How much of a minority shareholder, I guess, is the devil's in the detail there. Do they own 1% or 49%? The very much discussed Friedberg 100x profit cap for investors will be removed That means investors like Vinod, friend of the pod, and Reid Hoffman, also friend of the pod, could see a 100x turn into 1,000x or more.

According to the Bloomberg report, Sam Waltman's going to get his equity finally 7%. That would put him at around $10.5 billion, if this is all true. And OpenAI could be valued as high as $150 billion. We'll get into all the shenanigans. But let's start with your question, Freeberg. And since you asked it, I'm going to boomerang it back to you. Make the bull case for $150 billion valuation.

According to the Bloomberg report, Sam Waltman's going to get his equity finally 7%. That would put him at around $10.5 billion, if this is all true. And OpenAI could be valued as high as $150 billion. We'll get into all the shenanigans. But let's start with your question, Freeberg. And since you asked it, I'm going to boomerang it back to you. Make the bull case for $150 billion valuation.

SACS. Here's a chart of open areas revenue growth that has been piecemeal together from various sources at various times. But you'll see here they are reportedly as of June of 2024, on a $3.4 billion run rate for this year, after hitting $2 billion in 23, $1.3 billion in October of 23. And then back in 2022, it's reported they only had $28 million in revenue.

SACS. Here's a chart of open areas revenue growth that has been piecemeal together from various sources at various times. But you'll see here they are reportedly as of June of 2024, on a $3.4 billion run rate for this year, after hitting $2 billion in 23, $1.3 billion in October of 23. And then back in 2022, it's reported they only had $28 million in revenue.

So this is a pretty big streak here in terms of revenue growth. I would put it at 50 times top line revenue, $150 billion valuation. You want to give us the bear case, maybe, or the bull case?

So this is a pretty big streak here in terms of revenue growth. I would put it at 50 times top line revenue, $150 billion valuation. You want to give us the bear case, maybe, or the bull case?

Okay, Chamath, do us a favor here. If there is a bear case, what is it?