All-In with Chamath, Jason, Sacks & Friedberg
All-In x Kill Tony: A Hilarious Holiday Special
24 Dec 2025
Chapter 1: What makes this holiday special podcast episode unique?
Honestly, I think this is like the most fun Christmas party we've had. Ever.
Chapter 2: How does Tony Hinchcliffe roast the Besties?
Ever. And probably the most fun event we've ever had is because of Tony here. Please welcome the one, the only, Tony Hinchcliffe. What the fuck's up, you goddamn nerds? Tony, any chance we could play Kill Tony tonight? You guys want to play Kill Tony here? Yeah! Are you guys prepared for this? You know how it works? We know how it works. I don't know if we're prepared.
I wasn't expecting to have to do this tonight, but I think I just found a new golden ticket winner. Ladies and gentlemen, please give it up for your besties.
Chapter 3: What is the success story behind Kill Tony?
We'll welcome everybody to the second annual All In Holiday Party. Yes, thank you for coming. This is gonna be an incredible lineup. We've got, God, so many great moments for you tonight. Unfortunately, unfortunately Chamath couldn't make it tonight. I know, I know, it's hard, it's hard. But we have a pretty great replacement that you're gonna love. And yeah, Freiburg, tell them what's coming.
Hold on, let me get my script. Wow, so professional. Do the sponsor shout out. Oh yeah, let me do the sponsor shout out so you don't do it and we lose them. I would like to thank Google Cloud for their incredible servers. Yes, thank you, Google Cloud. Circle for stablecoins. OKEx, thanks for all the love. Grok, SonicFlights. Iren has got an incredible lounge. Thanks again for all of our sponsors.
Give them a big round of applause. We're going to have a great night.
Chapter 4: What happens when The Besties play Kill Tony?
Man, the casino, everything is here. Tonight we are gonna have the legendary Bestie Awards. We have some roasting, and we are all gonna play Kill Tony. What? We're gonna play Kill Tony? We are gonna play Kill Tony. Oh, thanks for letting me know. How many here are big fans of Kill Tony? That's incredible. Well, then, let's just bring out the one... Chamath's replacement.
Chamath's permanent replacement on the program. The three of us voted him off the island. Please welcome the one, the only, Tony Hinchcliffe. Yeah!
Chapter 5: What are the highlights of the 2025 Bestie Awards?
Oh, my God. Look at this. Star power. Fuck yeah. Thank you, sir. Thank you, sir. What the fuck's up, you goddamn nerds? How about a hand for the all-in podcast Christmas party? We're here in San Francisco. Make some noise. Do you guys live here in San Francisco? What a shithole. It's actually worse than a shithole.
You could actually use a shithole here to put the shit into that's on the streets. A shithole would be an actual upgrade. It used to be so beautiful here. You guys remember? Remember the intro to Full House? That house is still full because 23 Somalians live in it now. Put your phones away, you assholes. You can watch this on video form later, you fucking dorks.
Everybody wants their own exclusive. I'm gonna make it tonight. My YouTube channel's gonna get extra hits. California, more homeless people than any other state. People are struggling, and you assholes paid 500 bucks to watch billionaires talk to each other. God bless America. Look, billionaires don't have it easy.
Do you have any idea how hard it is for a billionaire to pretend like they like their kids? I had to research these guys, and it was the most exhausting thing I've ever done. Absolute dorks. But then I watched Mountainhead on the plane, and then Big Bang Theory, and Succession, and then Brokeback Mountain. And I think I figured it out.
As many of you know, these gentlemen started the All In podcast at the beginning of the COVID pandemic. It saw massive success very quickly, which makes sense. People were isolated and looking for relatable content. And what's more relatable than four venture capitalists playing high-stakes poker? Their combined net worth of the four hosts is over $3 billion.
You guys realize you don't have to do a podcast, right? J. Cal does. Whenever anyone is asked what they would do if they had a billion dollars, I've never heard the answer, attend weekly Zoom calls. I do love the current landscape of podcasts, though. Like, how is my show even considered on the same playing field as what you guys do? It's crazy, right?
You can listen to four experts educated on economics and technology, and within seconds you can switch over to my show and listen to an Elon Musk impersonator roasting an aspiring comedian with cerebral palsy. These guys are all actual friends with Elon Musk. They told me that backstage, and then they told me their names.
Our friend Elon, of course, got some criticism from the left at the beginning of this year when he was accused of doing a Nazi salute. He said he didn't do a Nazi salute, but that it was a Roman salute. He could have just said it was an awkward wave, and people would have accepted that. I don't know if Roman salute is the best alternative.
He went with, behind the Nazis, the group who has killed the most Jews, including Jesus himself. That's like being accused of visiting Epstein's Island and having an alibi that you were touring Thailand with Bill Gates. Yeah. Can you guys tell Elon to use his rockets for something positive like immigration?
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Chapter 6: How does free speech in Europe impact comedians?
I didn't get the laugh I expected. That was supposed to be funny that I just was nice to David Sachs and then moved on. Oh, and to Sachs, the crypto czar, Michael Saylor asked me to say hello. And if you can do anything, anything at all, that would be great. I don't really know what he's talking about, but... A truly admirable feat.
I'm excited to watch J-Cal follow in your footsteps in 2028 as AOC's special advisor for plugging your own shit on air. David Friedberg. He has a segment on the show called Science Corner. Or as Sax calls it, or as Sax calls it, time to go. I didn't think it was possible to be the third wheel on a podcast with four guys. Nice. Oh, my God. Cracking yourself up.
David and David, I would like to personally thank you for both elevating the representation of African Americans among the billionaire class. You know, they say we have wealth inequality in this country. Well, turns out we fixed it. We just outsourced it to better Africans. Yeah, that's America. That's America, baby.
You see a kid from Johannesburg with a laptop, and he's a billionaire in 10 years. You see a brother from the South Side with a laptop, and he stole your laptop. It's true. The only black male on the podcast is whatever the Israeli government has on these guys. Black male. All right.
But seriously, to the all-in squad, thanks for all you do to promote healthy discourse and share perspectives across culture, tech, and politics. What you all have built is special and transcends partisanship. I'm honored to be here tonight, and I'm very proud to now call each of you my friends. Also, can I borrow some money? Thank you very much. Yes! Awesome. Oh, great. Oh, my God.
Man, that was easier than I thought. Wow. Yo. Well, that was fun. Tell me a little bit about the just unbelievable 12-year overnight success that has killed Tony. Yeah, I just built the show that I wanted to do. I always was very lucky early on at the Comedy Store to get to host the open mics there, which are three minute long sets.
on Sundays and Mondays with 40 comedians in a row doing three minutes, three minutes, three minutes, three minutes. And I would go up after each comedian did three minutes and make fun of them. And every once in a while afterwards, go up to them personally and say, hey, you know, if you took a breath sometimes or, you know, used pauses or sped up or got the mic close to your mouth, little advice.
here and there, and me and my friends would always have so much fun sitting in the back of the room watching these open mics and the things that we would whisper into each other's ears. I thought were so funny. We'd be in the back of the room. Sometimes we'd be the only people laughing at the open mic because of what we're saying to each other.
And I thought to myself during this time in which everyone was saying, Tony, you have to do a podcast. You got to do a podcast. Everyone has a podcast.
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Chapter 7: What are the biggest business winners and losers of the year?
You started out in LA. Can you just talk about not just the idea, but then what the process was like going from the idea to having yourself on stage with the future president at Madison Square Garden, giving this, what was that experience like and how hard was that iteration, that build and the struggle to get to where you got to? Oh, it was insane. I actually just mentioned this.
I was on Rogan this week with John Cena and it came up, but I had this moment a few weeks ago where I Venmoed a buddy because I thought that I owed him rent from 18 1ā2 years ago. I was sleeping. I was renting the couch in a living room with four comedians total. I was one of them.
One had a bedroom with a bathroom, another one had a bedroom with a bathroom, and me, and there was a little love seat. A guy was renting the love seat. And I had to pay $400 a month rent. And I literally, even though I was working all the hours from literally 11 a.m. on the phones to 7 p.m. at night, and then I would put on the Comedy Store t-shirt and work the door from 8 p.m.
till 2.30 in the morning and then do it again the next day. And because the comedy store didn't have, comedy hadn't had its second huge boom yet, which was a few years away, they would cut your hours at the comedy store. They just wouldn't, not only would you not get overtime, you wouldn't even get the hours that you actually did work or really anything at all.
I couldn't make the 400 a month rent. So anyway, a few weeks ago, I said to one of the other buddies that had a room, I go, hey, I think I owe... I still think I owe the main guy a few hundred bucks rent. He goes, you do? He mentioned it last time I saw him. And so I went to Venmo and I just Venmoed him a thousand bucks straight up. And in the caption, yeah, exactly.
In the caption, I go, rent money, 2007. But Tony, was there a period during that time when you were going to quit? Where you said, it's not working? No, these were my favorite times. In fact, after that, after the 400 rent, which, by the way, because I couldn't make the 400 rent, I got downgraded.
Not only was there someone else on the love seat, someone else moved in that could afford the 400 rent, so I paid 300 rent for a beanbag on the ground. And let me remind you, the bathrooms were in the other guy's bedroom, so you had to tiptoe, if you had to pee in the middle of the night, through somebody else's bedroom.
So it was after that, actually, after basically the first year was that, I decided to just start sleeping in the backseat of my car, behind the Comedy Store. where you weren't even allowed to park there. It's a tiny parking lot. So I would be up on one of the hills in the Hollywood Hills, and at 2.30 or 3 a.m.
when you're done, I would walk up a hill and get my car and drive it back into the empty Comedy Store parking lot, pull into the back. Juan Carlos... the maintenance man there that would show up at, like, 4 or 5 a.m. was nice enough to wait a few hours to try to let me get a few extra hours of sleep before he would start nailing shit and fixing everything.
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Chapter 8: What insights can be gained from the discussion on comedy and culture?
And I got to give a shout out to Gavin Newsom for vetoing it, all the things you want to say about Gavin. But he vetoed it, thank God. And this was this hate speech bill that you can't say speech that's deemed hate by the administrators in the government. But those bills are fine. And it made it all the way through in California, except Gavin vetoed it.
But those sorts of bills are showing up that were in the EU and throughout Europe. I mean, do we worry about that here in this country? Because I've always viewed comedy to be the most important test of free speech. And it really does define what we're being given permission to do.
It's so interesting because I work directly and I'm insanely in touch with these things on a weekly basis with YouTube, which... is, I do believe, the biggest streaming platform right now. And what's insane is that Netflix and Ted Sarandos literally is like, do whatever you want, go as hard as you want, push it to the limit, let's go. And meanwhile, YouTube, every week, something's different.
A black guy right now is only allowed to say the N-word. A black comedian can only say the N-word two or three times per minute. But they're not very clear. I mean, you don't even notice when these guys do it, by the way. It's obviously different than a white guy saying the N-word. That's about Freeberg's average. Right. It's not even funny, Tony. Don't laugh at his joke. Thank you, Tony.
We're in this together. But yes, the interesting thing is that you can say certain words on YouTube, but you can't say they have them ranked. And the rules change all the time. And you don't find out that the rules at YouTube have changed until... your producer goes, they just demonetized the episode.
And it's been out for an hour and a half, which is when everybody's going to see the episode, or the age restriction is a killer, because almost everyone that watches the show is over 18. However, who the hell wants to log in to their stuff? I mean, you dorks do, but real people don't want to. You know, they just like going to YouTube, typing in the show, and there it is.
It aired an hour ago, here we go. And then if it says age restriction, just to check to see if you're 18, which, what a fucking joke, because every kid can also access anything anyway. Yeah. And, um... We got age-restricted. Yeah, we got restricted content. COVID warnings. But I guess your point, Tony, is that there are gatekeepers that control the distribution channel, in this case, YouTube.
Without a doubt. And I'll say this, again, you know, without... I don't want to keep getting political, but there was a time there, towards the end of that last Biden administration, in which we were seeing things go the wrong way on... wrong way on almost a weekly basis. Like, why'd this one get demonetized? How did this one get demonetized?
Because we would have to, and you have to do a lot of digging because they are just robots over there until you finally get big enough to get a human contact at YouTube, which is like a big deal for... It was definitely going the wrong way and it felt like every week there's some new category of thought and expression that you couldn't say and they were banning new things.
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