Acquired LIVE from Chase Center – September 30, 2024

Podcast Information:

• Title: Acquired
• Hosts: Ben Gilbert and David Rosen
• Description: Every company has a story. Learn the playbooks that built the world’s greatest companies—and how you can apply them as a founder, operator, or investor.
• Episode: Acquired LIVE from Chase Center
• Release Date: September 30, 2024

Introduction and Opening Remarks

The episode kicks off with a humorous exchange between hosts Ben Gilbert and David Rosen about a missing thumb drive containing the "Who Got the Truth" MP3 for the sound crew. This lighthearted banter sets the stage for an engaging live session filled with high-profile guests and special surprises.

Surprise Guest: Jamie Dimon

Timestamp: [02:27 - 03:19]

Ben and David welcome Jamie Dimon, Chairman and CEO of JPMorgan Chase, as a surprise guest. Dimon expresses his excitement about the partnership between JPMorgan Payments and Acquired, highlighting the significance of storytelling and education about major companies. He remarks:

"Jamie Dimon: 'I'm Jamie Dimon, chairman and CEO of JPMorgan Chase, and I'm happy to kick off the show tonight.'" ([02:57])

Acknowledging the Partnership and Teamwork

Timestamp: [04:02 - 04:37]

David Rosen extends heartfelt thanks to the JP Morgan Payments team, particularly Dustin Sedgwick, the CMO, and his outstanding marketing team comprising Hannah, Nick, Vinny, Amy, and Carly. Ben Gilbert humorously notes that their usual recording process from their studios is a stark contrast to the live event's scale.

Welcoming Daniel Ek, CEO of Spotify

Timestamp: [09:09 - 12:39]

The hosts introduce Daniel Ek from Stockholm, CEO and founder of Spotify. Jamie Dimon shares impressive statistics about Acquired's growth on Spotify, noting:

"Jensen Huang: 'On Spotify alone, you guys have now done over 5 million hours, and it tripled in the last year. Pretty remarkable, right?'" ([12:39])

Ben and David discuss Acquired's organic growth strategy, emphasizing the power of word-of-mouth and consistent content production without paid marketing. Ek highlights the global expansion of Acquired, with significant listener growth in regions like Mexico, Hong Kong, Israel, and Singapore.

Acknowledging Global Reach and Success

Timestamp: [12:39 - 15:41]

Jamie Dimon praises Acquired's global footprint, mentioning:

"Jamie Dimon: 'Acquired is global. So look at some of this stuff. Like you have Mexico Growing five times. Hong Kong, Israel, Singapore—Acquired is global.'" ([15:41])

The discussion underscores how Acquired has managed to attract a diverse, worldwide audience by delivering valuable storytelling on company histories and strategies.

Interview with Emily Chang: Revisiting Past Episodes

Timestamp: [44:30 - 65:34]

Emily Chang from Bloomberg joins the live event to critically review some of Acquired's past episodes. The segment delves into Acquired's initial grading of YouTube, LinkedIn, SpaceX, and Taylor Swift, reflecting on the hosts' early predictions versus current realities.

YouTube Acquisition Revisited

Emily challenges Ben and David on their initial C-grade for YouTube, highlighting YouTube's exponential growth and strategic value within Google. Ben acknowledges their misjudgment, noting:

"Ben Gilbert: 'We were misguided. We completely had no idea that YouTube would grow into the strategic powerhouse it is today.'" ([47:25])

LinkedIn Acquisition Insights

The hosts reassess their A-grade for LinkedIn post-acquisition by Microsoft, recognizing LinkedIn's substantial revenue growth and strategic integration into Microsoft's ecosystem.

SpaceX's Starlink Success

Ben and David commend SpaceX for surpassing their initial expectations with Starlink, transforming it into a billion-dollar, profitable endeavor with millions of subscribers. They acknowledge:

"David Rosen: 'The Starlink execution is just more remarkable than I think 99% of people would have guessed.'" ([57:54])

Taylor Swift as an Enterprise

A lively debate ensues over Taylor Swift's business acumen, with the hosts arguing that her streaming revenues, concert tours, and strategic partnerships position her as a highly profitable enterprise.

"Ben Gilbert: 'So what if we're at peak Taylor?'

David Rosen: 'For my own safety, I'm going to say we are not at peak Taylor.'" ([63:15])

Emily concludes by suggesting a future episode dedicated to Taylor Swift, recognizing the depth of her business strategies and market impact.

Showcasing JP Morgan Payments Executives

Timestamp: [66:22 - 70:02]

Max Nikkurchin and Umar Farooq, Global Co-Heads of JP Morgan Payments, take the stage to provide an overview of their business. They highlight JP Morgan Payments' vast global presence, processing approximately $10 trillion daily across 160 countries. Max emphasizes their role as a backbone for various businesses, from local coffee shops to multinational corporations.

"Max Nikkurchin: 'We help companies receive money, hold money, send money, safeguard money against fraud, and take the insights from all of this to grow their business.'" ([67:09])

Addressing a Viral Misinterpretation: Jensen Huang's Correction

Timestamp: [70:14 - 73:09]

Jensen Huang from Nvidia addresses a viral clip that misrepresented his earlier statements about "Who Got the Truth." He clarifies his original intent, emphasizing the challenges and resilience required in entrepreneurship.

"Jensen Huang: 'My point there is the super point of entrepreneurs, which is your superpowers are partly your ignorance that you don't know how hard it is.'" ([71:04])

This clarification ensures accurate representation of his views and fosters a deeper understanding of the entrepreneurial journey.

Main Event: Interview with Mark Zuckerberg

Timestamp: [73:56 - 143:27]

The highlight of the episode features an in-depth conversation with Mark Zuckerberg, CEO of Meta (formerly Facebook). The discussion navigates through Meta's evolution, strategic pivots, challenges, and future vision.

Rebranding to Meta

Mark discusses the rationale behind rebranding Facebook to Meta, focusing on the company's broader mission to build the future of human connection beyond traditional social media platforms.

"Mark Zuckerberg: 'I want to be able to build what I think are sort of the ideal experiences, not just what you're allowed to build on some platform that someone else built...'" ([76:50])

Open Source and Technological Foundation

Zuckerberg highlights Meta's commitment to open-source technologies, acknowledging their foundational role in the company's growth and infrastructure development.

"Mark Zuckerberg: 'I think almost all of the major technology companies at this point are primarily using open source stacks. So, yeah, I mean, I don't know. We wouldn't have been able to get built without open source.'" ([100:54])

Strategic Resilience and Adaptation

Reflecting on Meta's resilience, Zuckerberg shares insights into navigating technological shifts and market challenges, including the company's strategic investments in AI and AR/VR technologies.

"Mark Zuckerberg: 'I think that's one of the things that has been really fundamental. It's like we're able to kind of go from platform to platform and do these different things because we've invested and cared about the underlying technology.'" ([89:44])

Facing Challenges and Criticisms

Zuckerberg openly addresses Meta's challenges, including political scrutiny and public perception issues post-2016. He emphasizes the importance of differentiating between corporate responsibility and unfounded allegations.

"Mark Zuckerberg: 'I think that there's this view where when you're a company and someone says that there's an issue, ... it takes us a long time to dig out of that... But I think it was a 20-year mistake.'" ([119:15])

Advice to Founders

In the final segment, Zuckerberg offers advice to aspiring founders, urging them to pursue projects they are passionate about while remaining adaptable and open to learning.

"Mark Zuckerberg: 'I think there's something about maintaining flexibility that's helpful... You want to keep things lean and be able to do that.'" ([120:15])

Special Treat: Correction from Jensen Huang

Timestamp: [70:21 - 73:09]

Jensen Huang returns to clarify a misunderstanding from a previous episode, reinforcing the importance of perseverance and the nuanced nature of entrepreneurial challenges.

"Jensen Huang: 'The mountain of it. In the course of 31 years... my superpowers are partly your ignorance that you don't know how hard it is.'" ([71:04])

Conclusion and Gratitude

Timestamp: [143:26 - 143:43]

Ben Gilbert and David Rosen wrap up the live event by expressing profound gratitude to all guests, partners, and the dedicated team behind the production. They acknowledge the immense effort that went into organizing the event and celebrate the memorable interactions and insights shared throughout the evening.

"Ben Gilbert: 'Thank you to our wives. And of course, thank you to Jamie Dimon, JP Morgan Chase, JP Morgan Payments for making this whole evening possible.'" ([143:11])

Notable Quotes

• Mark Zuckerberg:
  “We are a technology company that is focused on human connection, not a specific type of app.”
  (Timestamp: [76:50])

• Jensen Huang:
  “Your superpowers are partly your ignorance that you don't know how hard it is.”
  (Timestamp: [71:04])

• Jamie Dimon:
  “It's word of mouth in a new way.”
  (Timestamp: [14:21])

Key Takeaways

1. Organic Growth and Global Reach: Acquired's partnership with Spotify has facilitated exponential growth, emphasizing the power of consistent, high-quality content and word-of-mouth marketing across diverse global markets.

2. Strategic Reassessment: Revisiting past podcast episodes revealed initial misjudgments, particularly regarding YouTube's potential and LinkedIn's post-acquisition success, underscoring the importance of adaptability in assessments.

3. Meta's Evolution: Mark Zuckerberg detailed Meta's strategic pivots, including rebranding and investments in AI and AR/VR technologies, highlighting the company's focus on building the future of human connection.

4. Open-Source Philosophy: Meta's reliance on open-source technologies has been pivotal in its technological advancements and infrastructure scalability, fostering innovation and industry-wide standardization.

5. Resilience Amid Challenges: Zuckerberg candidly discussed Meta's navigational strategies through political and economic upheavals, emphasizing the necessity of owning legitimate responsibilities while tactfully addressing unfounded criticisms.

6. Entrepreneurial Insights: The podcast offered valuable lessons on the importance of flexibility, maintaining a strong technological foundation, and the relentless pursuit of innovation as cornerstones of enduring business success.

Conclusion

"Acquired LIVE from Chase Center" provided an enriching experience, blending insightful interviews with industry titans like Jamie Dimon, Daniel Ek, Emily Chang, Jensen Huang, and Mark Zuckerberg. The episode delved deep into the mechanics of successful companies, the evolution of podcasting, strategic business pivots, and the challenges of leading a tech giant in a rapidly changing world. With memorable quotes and profound discussions, this episode serves as a valuable resource for founders, operators, and investors aiming to emulate the playbooks of the world's most successful companies.