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SEAN: TWITTER INVESTORS BLOCKING
THE RE-ELECTION OF A CLOSE ALLY
TO ELON MUSK TODAY IN ITS ANNUAL
SHAREHOLDER MEETING ASMUSING’S
MULTIBILLION DOLLAR DEAL REMAINS
ON THE BACK BURNER.
PLUS, FORMER CEO JACK DORSEY
ACCUSED OF BACK STABBING THE
COMPANY FOR ENABLING MUSK’S
BUYOUT SO EASILY.
JOINING US NOW, VIVEK RAMASWAMY,
EXECUTIVE CHAIRMAN AND AUTHOR OF
"WOKE INC.."
VIVEK, GOOD TO SEE YOU.
LET’S TALK ABOUT TWITTER, RIGHT?
WE’VE ALL WATCHED THIS DRAMA
UNFOLD IN THE SENSE THAT ELON
MUSK IS GOING TO BUY IT FOR $44
BILLION, THEN HE SAYS THERE’S
MORE THAN 5% OF THESE SPAM, YOU
KNOW, FAKE ACCOUNTS ON TWITTER
SO, THEREFORE, YOU KNOW, MAY NOT
BUY IT.
WHAT’S GOING ON WITH THE MUSK
PURCHASE OF TWITTER?
>> SO HOOK, I HOPE THAT ELON
REMAINS COMMITTED TO ACTUALLY
BUYING THIS COMPANY AND SEEING
THE DEAL THROUGH.
I WAS PERSONALLY SKEPTICAL THAT
THE MANAGERIAL CLASS AT TWITTER
WAS ACTUALLY GOING TO ALLOW HIM
TO DO IT.
NOW THEY APPEAR TO HAVE DONE IT,
HE APPEARS TO BE RENEGOTIATING
THE PRICE WHICH I THINK MAY BE
UNDERSTANDABLE IN SOME
CIRCUMSTANCES.
THE MARKETS HAVE TANK THED, HE
COULD GET A BETTER PRICE BY
USING THIS AS A NEGOTIATION
TACTIC.
BUT I THINK IF WE’RE TO CALL A
SPADE A SPADE, I THINK HE’S
NEGOTIATING BYFECTIVELY SAYING
THAT THE BOT PROBLEM, HIS STATED
MOTIVATION FOR ACQUIRING THE
COMPANY UPON ANNOUNCING THE
DEFINITIVE AGREEMENT TO ACQUIRE
THE COMPANY IS NOW HIS STATED
REASON FOR POTENTIALLY BACKING
OUT OF THE DEAL, LOOK, I THINK
THAT COULD BE HARDBALL
NEGOTIATING.
BUT I DO THINK HIS INTENTION IS
TO GO THROUGH WITH THE DEAL.
I THINK WHAT’S MORE INTERESTING
IS WHAT HIS PLAN IS FOR FIXING
THE COMPANY SHOULD THE DEAL GO
THROUGH.
AND THIS IS WHAT I HOPE THAT
JACK DORSEY ALSO SEES AND PART
OF WHY HE WANTED TO SEE THIS
DEAL COME TOGETHER, AND I
THOUGHT THAT WAS AN INTERESTING
STORY, THE SHAREHOLDER MEETING
THAT TWITTER JUST HAD.
SEAN: IT’S FASCINATING TO WATCH
THIS WHOLE THING PLAY OUT, THE
JACK DORSEY SIDE AS WELL.
I WANT TO MOVE TO ANOTHER ISSUE
BECAUSE THERE’S A LOT OF TALK
TODAY WITH MONEY MANAGERS AND
THEY’RE PUSHING THE STAKEHOLDER
CAPITALISM AS OPPOSED TO, LIKE,
SHAREHOLDER CAPITALISM, RIGHT?
THEY’RE LOOKING AT THE
STAKEHOLDER, NOT THOSE WHO OWN
THE COMPANIES.
AND, AGAIN, SOME OF THE LARGEST
COMPANIES, BlackROCK FOR ONE
OF THEM, PUSHED THIS PHILOSOPHY
ON TO CORPORATE BOARDS.
ACTUALLY, IT’S THE PHILOSOPHY OF
FOLKS WHO GIVE THEIR MONEY TO
BlackROCK TO INVEST FOR THEM.
HOW DO YOU SEE IN THE PLAYING
OUT?
>> YOU NAILED THAT, SEAN.
THIS IS A GAP BETWEEN THE
INTENTIONS OF PEOPLE WHO GIVE
THEIR MONEY TO THE WORLD’S
LARGEST ASSET MANAGERS LIKE
BlackROCK AND VANGUARD AND
STATE STREET, AND THE VOTING
BEHAVIOR AND THE SOCIAL ADVOCACY
BEHAVIOR OF THOSE COMPANIES IN
CORPORATE AMERICA’S BOARDROOMS.
AND WHAT’S HAPPENING TODAY IS
THIS ASSET MANAGEMENT CARTEL,
REALLY AN IDEOLOGICAL CARTEL IN
THE ASSET MANAGEMENT INDUSTRY,
IS USING THE MONEY OF EVERYDAY
CITIZENS TO ADVANCE VALUES IN
THE BOARDROOMS OF CORPORATE
AMERICA THAT MOST OF THOSE
CITIZENS ACTUALLY DISAGREE WITH.
I THINK IT IS THE LARGEST SCALE
FIDUCIARY BREACH OF THE 21ST
CENTURY, AND I AM GLAD THAT
PEOPLE ARE STARTING TO WAKE UP
TO IT.
THE PROBLEM, SEAN, IS THAT THERE
AREN’T THAT MANY ALTERNATIVES IN
THE MARKETPLACE.
THAT’S WHY I HAD THE MOTIVATION
TO START STRIVE, BUT I DO THINK
MORE COMPETITORS ARE NEEDED.
THERE’S A CHANGE IN THE TIDE
THOUGH AS PEOPLE BEGIN TO WAKE
UP AND UNDERSTAND THE WAY THEIR
CAPITAL HAS BEEN WEAPONIZED TO
ADVANCE THESE SOCIAL AND
POLITICAL AGENDAS.
I THINK PEOPLE ARE GOING TO WAKE
WITH UP AND DEMAND CHANGE.
>>
SEAN: WHEN I WAS IN CONGRESS, I
WOULD WORK ON THE PROXY ADVISORY
FIRMS THAT OUR LEFT-WING GROUPS
THAT PUSH THIS WOKE AGENDA GIVE
RECOMMENDATIONS ON HOW TO VOTE
SHARES.
AS I LOOK AT OUR VIEWERS HERE,
THEY WOULD SAY, WELL, I WANT
SOMEONE TO INVEST MY MONEY FOR
ME TO MAXIMIZE MY RETURN ON MY
DOLLAR.
I DON’T GIVE A DARN ABOUT YOUR
WOKE POLICIES, BUT YOU HAVE FINK
AT BlackROCK AND OTHERS WHO
PUSH THESE POLICIES, LEFT-WING
POLICIES USING YOUR MONEY TO DO
IT.
AND SO OFTEN, VIVEK, WE TALK
THE, WELL, WHERE ELSE DO I GO?
WHAT ELSE DO I DO?
I LOVE THAT YOU’RE SAYING, YOU
KNOW WHAT?
WE’RE GOING TO CREATE A
DIFFERENT FUND THAT LOOKS AT
RETURN ON YOUR DOLLAR.
>> YEAH, LOOK, STRIVE IS AN
ASSET MANAGEMENT FIRM.
IT’S NOT EVEN A FUND.
IT’S DESIGNED TO COMPETE WITH
BlackROCK, BUT MORE GENERALLY
ON THE ISSUE, SEAN, ONE OF THE
THINGS THAT FIRMS LIKE
BlackROCK DO IS THEY PLAY
JEWISH JILT SO.
YOU KNOW -- JIU-JITSU.
WE TALKED ABOUT STAKEHOLDER
CAPITALISM FOR YEARS, WHAT WE
REALLY MEANT WAS THAT WAS JUST A
SHAREHOLDER CAPITALISM.
THAT’S ABOUT SHAREHOLDERS
MAXIMIZING VALUE OVER THE LONG
RUN.
COME ON, GUYS, WE WEREN’T
TALKING ABOUT STAKEHOLDERS.
SO NOW THEY’RE TRYING TO PUT THE
TOOTHPASTE BACK IN THE TUBE.
IT’S THIS FORM OF DISHONESTY
WITH ARE WHERE THEY --
SEAN: A LIE.
>> OF COURSE IT IS.
THEY CHOOSE TO ADVANCE THIS
PLAIT CALL -- POLITICAL AGENDA
BUT SAY IT’S JUST ABOUT
MAXIMIZING SHAREHOLDER VALUE.
IF SOMEONE’S GOING TO BE
DISHONEST WITH YOU ABOUT WHAT
THEY SAY, THAT’S NOT NECESSARILY
THE KIND OF FIRM THAT YOU
PROBABLY WANT MANAGING YOUR
MONEY.
AND MY OWN VIEW, SEAN, IS THERE
ARE SOME MINORITY OF PEOPLE WHO
MAY SAY THAT THEY WANT A A LOWER
RATE OF RETURN IN SERVICE OF
ADVANCING A POLITICAL IDEOLOGY,
AN ESG AGENDA, AND THAT’S FINE.
THAT’S THEIR RIGHT AND FIRMS
SHOULD EXIST TO BE ABLE TO SAVE
THOSE CLIENTS.
MOST PEOPLE DON’T FEEL THAT WAY,
AND ALL PEOPLE ARE TRAPPED IN A
CARTEL THAT USES THEM TO
EFFECTIVELY MANAGE -- TO ENFORCE
THIS ONE AGENDA.
THAT’S THE PROBLEM.
SEAN: VIVEK, I APPRECIATE YOU
BRINGING THIS TO LIGHT AND
SAYING, YOU KNOW WHAT?
I’M GOING TO GIVE FOLKS ANOTHER
OPPORTUNITY, ANOTHER CHOICE,
WE’RE GOING TO PUSH ANOTHER
IDEOLOGY AND A NEW COMPANY,
WHICH IS STRIVE.