The Best One Yet
💰 “UFO” — SpaceX’s Unique Financial Offering. Allbirds’ fallbirds. Alex Cooper’s Reality Games. +Typos for titans
02 Apr 2026
Transcript generated automatically by AI and may contain errors.
Chapter 1: What is the main topic discussed in this episode?
This is Nick. This is Jack. It's Thursday, the new Friday, April 2nd, and today's pod is the best one yet. This is a T-Boy. The top three pop business news stories you need to know today. Yeti is dropping a quick FYI. Tomorrow is Good Friday. Stock markets closed. There may be separation of church and state, but there's no separation of church and stocks.
So Jack and I whipped up a special interview episode for you. Tomorrow, we have an interview with the godfather of stable coins. And if you don't know what a stable coin is, well, then the godfather will explain it to you. Stable coins are a big deal. You should know. Stable coins. But Jack, three fantastic stories for today's show. Love what we got. What's on the mix?
For our first story, Elon Musk's SpaceX just filed to IPO. It will be the biggest public offering in stock market history. But Jack and I call it the UFO because this is truly a unique financial offering. For our second story, Alex Cooper is launching a reality TV competition in a Utah ski town. Because reality TV has become Hollywood's number one profit puppy.
And our third and final story, Allbirds became Smallbirds. True. But now it's Fallbirds. Truer. Allbirds sold itself for 99% off yesterday. But Jack and I found one lesson that anyone trying to sell anything can take from this fall. It's an inconvenient truth. But yetis, before we hit that wonderful mix of stories. Like I said, no one else doing the mix. Love the mix, Jack.
There's a strange phenomenon sweeping the business world that was just scooped by the Wall Street Journal. Scooped or scoffed by the journal, Jack. Because the strange correlation is between your net worth and the amount of typos you make. That's right. It turns out the wealthier you are, the worse you're spelling. Tech titans, bank barons, successful CEOs, they misspell things the most.
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Chapter 2: What is SpaceX's Unique Financial Offering?
Get this, the bigger they are, the bigger the emmer. I mean the error. It's a problem. Exhibit A, when Jack Dorsey laid off like half the company last month... Yeah, Jack? His announcement was all in lowercase. Jack, you see what the CEO of Paramount misspelled? The first name of the CEO of Warner Brothers, the company he acquired. Apparently Jeff Bezos hates apostrophes.
He's never even used one. Now look, maybe it's a power move. They got too much profits to worry about proofreading. Or as Notorious B.I.G. taught us, mo' money, mo' typos kind of a situation.
Chapter 3: How is Alex Cooper redefining reality TV?
So there's a correlation. But is there a causation? Yetis, this ain't financial advice. This is career advice. If you want that promotion, email your boss in all caps. Or instead, email your boss, I love you, instead of thank you. Or instead, email your boss by accident calling him your ex-boss's name. Yeah. Well, that's a high-risk, high-reward play, right?
Chapter 4: What led to Allbirds' dramatic fall in valuation?
Don't call your boss your ex-boss. Either way, put three comms together. Boom, you're getting a promo. Jack, let's hit our three stories.
15 years before this song, two boys from the Northeast met in a dorm. They had an idea to cause a cultural storm. It's the best one yet, but the best is the norm. Jack Nick, that's it. I don't even think they need to practice. 50%, that's a fat tip. T-Boy City on your at list. If you know, you know, cause we ready to go. We can't wait no more, so just start the show.
First, a quick word from our sponsor. For our first story, SpaceX filed confidentially for what will be the biggest, the buzziest, the most ballistic literally IPO of all time. So here's what we know already about the new SpaceX stock you'll soon have the chance to buy. As long as you wait until Venus aligns with Jupiter. True story.
But besties, when we first saw this news, we were prepping today's pod. And honestly, we thought it was an April Fool's joke. We were honestly also surprised he didn't wait until April 20th to file for the IPO for the 420 jokes. But Elon didn't wait and it wasn't a joke.
Chapter 5: Why are typos linked to billionaire success?
SpaceX filed with the SEC to list their shares publicly for the first time, this being an IPO. Now we should point out, Elon hates the SEC.
He's not a fan.
And he hates the rules that come with being a CEO of a publicly traded company. What kind of stuff, Jack? Well, CEOs of publicly traded companies can't say things that are untrue about the company. Yeah. And they can't tweet them either. So the SEC has naturally sued Elon for both those things. But Elon needs $75 billion, no big deal, to put data centers into space, no big deal.
So Elon is plugging his nose and IPOing SpaceX this summer. Our guess, he's going to downsize the issuance amount to $69 billion. Why would he do that? For the lols. But since it's confidential, besties, Jack and I can't jump in T-boy style to the S1 IPO document that bears it all. But when that paperwork does come, it'll be the first S1 ever with a poop emoji, we're pretty sure.
Yes, it will, and we'll be covering it when we have it. But we can tell you now that the company, SpaceX, includes a rocket launch monopoly and a very profitable space internet business. Plus, Jack, it includes an incredibly unprofitable social network and an AI company, X and XAI.
And we do know a lot more about SpaceX based on the leaks from PFWTMs, people familiar with the matter, who have been reporting it to financial journalists for the last few years. We know enough to tell you that this will be the biggest, most important, and most unusual IPO of all time. Because it's literally based on constellations.
To sprinkle on some context, the richest man in the world wants his second IPO to be the biggest in Wall Street history. Elon's reportedly trying to sell 75 billion bucks of brand new SpaceX stock on the NASDAQ stock exchange. And he's going to offer 30% of the 100 million new SpaceX shares to retail investors.
Now, Jack, since you and I spent a few years working on Wall Street, can you sprinkle on some bank and context here, please? When most companies IPO, they offer regular investors 10% max of the issuance. They save the rest for the Wall Street insiders. But Elon loves his retail army, so he's hooking them up with three times more than the normal IPO.
Jack, let's bring some more context into this thing. $75 billion in stock raised, not the size of the company, just the amount of stock raised. That is an unbelievably large amount for an IPO. It is two and a half times bigger than the previous biggest IPO ever from Saudi Aramco. Get this bestie, 75 bill, that would be bigger than all the IPOs in eight of the last 10 years. That is insane.
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Chapter 6: What makes SpaceX's IPO different from others?
On the other hand, in streaming, reality TV has exploded in a way no other genre has. Love Island USA was the number one new original show in 2025. And it wasn't the only one. Mormon Wives smashed Hulu streaming records, beating the Kardashians. And five of the top six shows streaming on Peacock right now, I just checked, they're reality shows. That's right. We brought the receipts.
So Alex Cooper, the modern day Howard Stern, Ryan Seacrest love baby- is ordering up all of it. It's reality TV squared.
Yeah.
People are escaping reality by watching reality TV, which is ironically not real.
It's all scripted.
Oh, and by the way, for the streamers on the supply side, reality is Hollywood's very real profit puppy. We've talked about this before. Reality TV has no CGI, no A-list stars, no script writers. They're dramatically lower costs than scripted TV is. But what we haven't told you is the level of those costs.
Because according to the Writers Guild of America, the average scripted TV show costs $2 to $3 million to make per an episode. But the average reality TV episode costs $100,000 to make. Jack, did you see what the profit margin is on American Idol? 77%, which is better than Apple's iPhone, the most profitable product of all time. That's reality TV, and that's a true story.
By the way, Summer House scandal? The Kravici-Kramer house is Team Sierra, no question. And we won't be commenting any further on that. So Jack, what's the takeaway for our buddies over in reality TV? Reality TV isn't one episode a week anymore. It's 24-7, 365, and you participate. Yeah, do you know the Summer House scandal going on right now?
Like, if you don't know, it's two long-term cast members who cheated on two other long-term cast members with each other. It was confirmed this week in a cryptic Instagram story that disappeared 24 hours later. So now we're all racing to watch last season's Summer House to search for signs of all that infidelity. Nick, I went back to season eight. I think I saw Messy West... Wink at Amanda.
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