Netflix’s Next Move, Zuck’s $170B Florida Mansion, the Billionaire Tax Push | Diet TBPN

Summary

TBPN Diet Episode – March 4, 2026

Episode Title: Netflix’s Next Move, Zuck’s $170B Florida Mansion, the Billionaire Tax Push | Diet TBPN
Hosts: John Coogan & Jordi Hays
Guest Contributors: Tyler, Jacob, Lucy
Duration: ~30 minutes

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Episode Overview

This episode of Diet TBPN focuses on the seismic shifts in the media and tech landscape, spotlighting Netflix’s recent strategic moves, the high-stakes merger of major Hollywood studios, Mark Zuckerberg’s eye-popping Florida mansion purchase, and the heated debate around introducing a national billionaire wealth tax in the U.S. The hosts break down the financial, regulatory, and cultural implications, sharing whip-smart banter throughout.

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Key Discussion Points & Insights

1. Netflix and the Warner Bros. Discovery-Paramount-Skydance Saga

[00:10 – 13:15]

• Changing tides for Netflix and theaters:
  • Ted Sarandos, Netflix CEO, famously “trash talked” movie theaters for years, but his tone shifted immediately once in deal talks for Warner Bros. (Tyler, 00:28)
• Financial backdrop:
  • Netflix stock is up 22% following a lucrative breakup fee of $2.8 billion after dropping out of the Warner Bros. bidding war.
  • The final deal: David Ellison (Paramount/Skydance) raised his offer to $31 per share for Warner Bros. Discovery, with $79B total debt projected for the combined entity (Tyler, 02:26–03:30).
• Operating leverage and content spend:
  • Netflix’s past approach was to spend revenue dollar-for-dollar on content, which shifted post-2019 with ad model success and plateaued spending. This marks a move towards genuine profitability (Tyler, 04:09).
  • “For almost from 2002 to 2018...Netflix was like, ‘we made $100 million, let’s make $100 million worth of content’...That changed.” (Tyler, 04:23)
• Content licensing stakes:
  • Paramount-Discovery's high leverage may force deals with Netflix despite them being competitors in streaming.
  • Regulators are likely to mandate continued third-party licensing to prevent anti-competitive hoarding (Jacob, 07:16).
• Most valuable content won’t go exclusive:
  • “There’s basically no world where Netflix gets the first streaming rights to like tent poles.” (Tyler, 07:45)
• Analogy:
  • Ellison’s big bet compared to buying a house with a huge mortgage and renting out a room (to Netflix) to cover costs. (Jacob & Tyler, 08:36+)

Notable Quote:

• “But you got a roommate. And the roommate’s Netflix, and they’re paying the rent to you.” (Tyler, 08:42)

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2. The Ellison Worldview: Betting on Legacy Hollywood and AI

[10:02 – 11:57]

• Larry Ellison’s dual bets:
  • On one hand, “AGI-pilled” (deeply believes in AI’s transformative power); on the other, his son David’s $111B play for legacy IP suggests conviction in the enduring value of classic Hollywood franchises even amid AI disruption.
• Barbell View:
  • “No amount of compute will let you just create a superhero that kids will dress up as at Halloween.” (Tyler, 10:45)
• Integration with hyper-personalization:
  • Potential for AI-powered individualized content experiences built atop classic IP (Jacob, 11:41).

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3. Tech & AI Industry Snapshots

[13:37 – 19:12]

• Cursor AI’s Enterprise Growth:
  • Coding assistant Cursor hits $2B ARR, even as “timeline turns against them” in hype cycles (Jacob, 15:25).
• Diffusion of AI tools:
  • Many companies still require “handholding” to adopt AI; forward-deployed engineers are key to actual workflow change (Tyler, 18:16).

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4. Mark Zuckerberg’s $170M Miami Mansion & The Wealth Tax Exodus

[19:12 – 21:29]

• Zuck’s move explained:
  • Zuckerberg purchased a record-breaking mansion in Miami, partly motivated by California’s looming wealth tax—only to now face a potential national tax push.
  • “By moving to Florida, I’m effectively saving myself $11 billion. I can spend that, right?” (Tyler, 19:46)
• Mansion details:
  • 9 bedrooms, 30,000 sqft, dock, swimming pool, 1500-gallon aquarium, secret passage—plus an in-house hair salon for Zuck’s ever-evolving style.

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5. The National Billionaire Wealth Tax Debate

[22:55 – 24:40]

• Sanders & Ro Khanna’s proposal:
  • Push for a 5% annual tax on billionaire’s unrealized gains—potentially “decimating the base” and causing capital flight (Jacob, 23:25).
• Skepticism from the hosts:
  • No successful international case studies cited; major players would likely move money or themselves out of the U.S.
• Don’t expect smooth sailing:
  • “As Chris Withins says: The wealthy are wealthy because they fight to preserve their wealth.” (Tyler, 24:16)

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6. Lighter Moments & Silicon Valley Culture

[24:41 – End]

• Random drops:
  • A Norwegian researcher self-tests a “Havana Syndrome” EMF device—with predictably bad results.
  • Discussion of hedging luxury watch prices using Kalshi, “market-neutral Submariner” jokes (27:39).
• Fast food CEOs battle:
  • Viral clip of McDonald’s CEO Chris Kempczinski trying (reluctantly) his own burger (“That’s a big bite for a Big Arch!”), followed by Burger King’s CEO upstaging him with a more enthusiastic chomp (29:26).
• Quote on CEO authenticity:
  • “He just kind of...But eating on camera is so hard. If you just start housing that thing, there’s going to be a whole different set of backlash.” (Jacob & Tyler, 29:41)

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Notable Quotes & Memorable Moments

• On Netflix’s fortunes:
  “You see a guy pull up in a fit like that, you’re like, this is going to moon. I got to get in. I’m going turbo long.” (Tyler, 01:14)
• “Buying a house, getting a roommate” analogy:
  “But you got a roommate. And the roommate’s Netflix, and they’re paying the rent to you.” (Tyler, 08:42)
• AI vs. legacy IP:
  “No matter how much compute you have, you won’t just be able to create a superhero that kids will dress up as at Halloween.” (Tyler, 10:45)
• On wealth taxation:
  “As Chris Withins says: The wealthy are wealthy because they fight to preserve their wealth...every single year afterwards the remaining billionaires leave or hide their assets.” (Tyler, 24:16)
• Fast food CEO face-off:
  “He just kind of...But eating on camera is so hard. If you just start housing that thing, there’s going to be a whole different set of backlash.” (Jacob, 29:41)

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Timestamps for Key Segments

• 00:10 – 08:46: Netflix, Warner Bros. Discovery-Paramount deal, and the content licensing chess game
• 10:02 – 11:57: Ellison family worldview: AI and legacy Hollywood IP
• 13:37 – 19:12: Cursor AI’s growth, hype cycle, and AI tool diffusion in real enterprises
• 19:12 – 21:29: Mark Zuckerberg’s $170M Florida mansion and the wealth tax motivators
• 22:55 – 24:40: National billionaire wealth tax debate: policy, skepticism, and possible effects
• 24:41 – End: Viral news, fast food CEO battle, and Silicon Valley culture detours

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Summary

This Diet TBPN episode delivers sharp analysis and lively discussion on the latest blockbuster developments in media, tech, and billionaire culture—highlighting Netflix’s evolving content strategy, the complexities of mega-media mergers, and the real-world consequences of shifting tax policies for the super-rich. Enhanced by memorable analogies, viral video reactions, and tangents into Silicon Valley’s frontiers, the show manages to balance wit, skepticism, and technical know-how—making it a must-hear for anyone tracking the intersection of technology, business, and society.

Transcript

[Tyler]

Film is the process of capturing images digitally or using celluloid. Do you know about celluloid?

[Jacob]

No.

[Tyler]

This is right, right, right. The filmmakers in the back know. So you used to. Used to need a specific chemical process. You'd probably be very hands off on this process. But you used to create a strip of film, thin, clear, and you put some chemicals on it, and then when light hits it, if a lot of light hits it, it makes it black. And. And then that's the negative. And then they flip that around by shining light through it to then expose the final picture. And then you get a beautiful movie that you get to watch at the cinema. Interesting to know how Netflix will change their tune on theaters. So Ted Sarandos has been basically trash talking movie theaters for a long time, being like, netflix is the future, tech is the future. He hasn't been super rude or anything, but he's been like, it's not really key to our strategy. Then as soon as he was in the deal for Warner Brothers, he was like, yeah, the theater is amazing. It's not going anywhere.

[Jacob]

Netflix is up 22%.

[Tyler]

Oh, yeah, the stock. The shareholders hated the idea. They hated the idea.

[Jacob]

Love, yeah. Marketing enemy to overpay for a handful a basket of legacy assets.

[Tyler]

Yeah. There is another thesis on why Netflix stock has mooned. And it's. It's mostly around this concept that Ted Sarandos just stunned in a pair of jeans at the SAG Awards. So look at this. I mean, you see this. How can you not want to buy the stock? This is not financial advice. But you see a guy pull up in a fit like that, you're like, this is going to moon. I got to get in. I'm going turbo long. I'm top blasting. You're buying the dip. If it's dipping, you're top blasting and you're buying the dip. When you see a man pull up in $2.8 billion jeans, because that's the amount of money that Netflix got wired because of this deal. That was the breakup fee. There's a ton of debt going into this deal. Will I be able to watch the Sopranos on Netflix? Will I. Will I be able to watch the Dark Knight on Netflix? It's a complicated question because content licensing deals are not. They're not one size fits all. They're subject to windowing and certain markets. So if Netflix has really high penetration in Germany and HBO doesn't, it might make sense to license it there, but not elsewhere. But I just want to know broadly, what do we expect From Paramount, Skydance, Warner Bros. Discovery, cbs, cnn. Like, what is it?

[Jacob]

Tnp?

[Tyler]

I think they have Shark Week now, right? It's in Discovery. They got the Food Network, hgtv. You can watch the Property Brothers maybe on Netflix one day, who knows? But this is like the most extreme scenario. And we talked about a post where someone was like, oh, like, you know, masterful 3D chess. They got Netflix, got Paramount to overpay for this, and now they're gonna be so indebted because the deal got so big that they're just gonna have to come to US and license 100% of the catalog. I don't know if that's true. So I wanted to dig into it. Let's talk about it. So just to recap and set the table, David Ellison, who is the chairman and the CEO of Paramount Skydance, agreed to raise his offer for Warner brothers discovery to $31 a share. A lot of people, myself, somewhat included, thought that Netflix was at least going to counter a little bit, but they folded immediately. So the CO CEOs Ted Sarandos and Greg Peters, they didn't counter. And they said, you got it. Wire us the 2.8B. And they did. So the result is that David Ellison is handing over a $111 billion in exchange for Warner Bros. HBO, Max, CNN and the other cable networks. There was this whole political angle in D.C. about how interested would Trump be in the deal. And apparently as soon as he found out that Netflix was not interested in the cable TV assets, he became less interested in the deal. Cause I think he watches a lot of news, but he probably doesn't watch a lot of Batman reboots and doesn't really care what happens there. And so it's just like a different thing. It's like he's not turning on the latest DC cinematic univers. Be like, they're taking shots of me. But if he turns on CNN and they're taking shots at him, he's like, I care about that. Right? So in terms of the financial situation, they're levering up. They took our advice. When we started the show, we told everyone, rule number one is lever up. And they did. So Paramount is already levered. 10 billion to the gilt. Yeah, to the gilts. 10 billion of net debt, it's like 13 billion. But they have 3 billion in cash, so 10 billion in net debt free. 3 billion of adjusted EBITDA with which to service that debt. Reasonable, but still pretty high leverage. 3x Paramount will be adding 60 billion of debt. So all combined, the Company will have something like 70 billion of net debt, 79 billion of total debt, with roughly 12 billion of adjusted EBITDA. When you're operating north of 6x leverage, that leads to different decision making, higher discount rates, higher interest rates. It can shift the focus to near term cash. So Netflix is a logical counterparty here because it can pay, it has the cash, it has a lot of cash flow to pay for global rights at scale and has a long history of paying top dollar to deploy capital to known franchises. And also Netflix is in a particularly interesting financial position. So they've been an incredible case study for operating leverage. A true overnight success, something like 20 years, grinding up, grinding up the subscribers, grinding up the revenue, investing more and more in content. And if we can pull up the chart, you will see the small bar, the red bars are the revenue. And the little dots that have the numbers on them, which you can't really see, show how much they're investing in content. And so for a long time, for something like almost from 2002 to 2018, so 16 years, Netflix was like, we made 100 million, let's make $100 million worth of content. Let's buy $100 million worth of content. And then they were like, wait, we made a billion dollars? You're never going to guess what we're going to spend on content. Exactly $1 billion. And then they were like, okay, we made $10 billion, this is going to shock you, but we're spending $10 billion on content. And so they would just spend exactly what they made on content. But that changed. That changed in 2019, 2020 Covid, the amount of subscribers spiked, the amount of revenue spiked. Then they launched the ad model. Took them a while to figure that out, but eventually worked. And the business kept growing, the top line kept growing, but they ran out of stuff to buy, they ran out of stuff to make. And even though they were paying top dollar for all these different assets, they sort of held their content budget flat, their revenue went up. And that's of course, operating leverage. So profits, profits to pay for Warner Brothers Discovery assets potentially. And so they have the money to spend, but also their direct competitors in streaming with Paramount plus and HBO Max. And so there's a question about how friendly will they be if you license all the good HBO stuff, people will unsubscribe from hbo.

[Jacob]

Yeah. Or Paramount.

[Tyler]

Or Paramount. Yeah, exactly.

[Jacob]

It just makes the Paramount subscription offering less competitive.

[Tyler]

Totally, totally. There's potentially this idea that regulators might attach a condition to the deal or at least signal or Put pressure that the combined entity should maintain its, its tradition of licensing and selling content.

[Jacob]

Yeah. Lachlan third party yesterday said this is Fox CEO Lachlan Murdoch expects that regulators will impose a third party content licensing condition on Paramount in Warner Brothers discovery $110 billion merger. He said, we wish them the best of luck. We've seen this. Regardless of whether it was Netflix acquiring Warner Brothers Discovery or Paramount acquiring Warner Brothers Discovery, there will be conditions put on this transaction which would require a producer of that size to continue to sell their content at third party platforms. This was yesterday.

[Tyler]

I ballparked it at like maybe 70% chance that in the next two years there's some sort of meaningful content licensing deal between Paramount, Warner Brothers Discovery and Netflix. But I do think that there will be limited windows, some selection in markets where content is available and pretty much everything will be non exclusive. So the real key brand assets like the Sopranos and the DC Universe properties, those are much less likely to be, to be licensed. And there's basically no world where Netflix gets the first streaming rights to like tent poles. You want to maintain those. You want to give the super fans a reason to stay subscribed to begin a subscription on your now two streaming platforms. There is a lot of potential upside for the Ellison empire. I think of this like buying a house and then getting a roommate. Like you're levered up, you got a crazy mortgage.

[Jacob]

That's such a good example.

[Tyler]

Right?

[Jacob]

You buy living large, but.

[Tyler]

But you got a roommate.

[Jacob]

Yeah.

[Tyler]

And the roommates Netflix and they're paying the rent to you. You pay the mortgage and you kind

[Jacob]

of hate your roommate.

[Tyler]

You kind of hate your roommate. But, but you're long the real estate market. And then as you get promotions, as you get more cash flow, as you get more adjusted ebitda, you can pay your mortgage. And as you pay your mortgage down, you wind up with a really cool asset, which is this nice house that actually has the extra bedroom.

[Jacob]

They're like, look, we had a good run. I really love the way you would put dishes in the sink and not do them. I really love the way you would watch movies loud into the night and yell, but I think it's time, it's

[Tyler]

time for you to move out. And I'm gonna take the mortgage myself. I'm good for the full, the full bill every month. I'm good. But there are a lot of similarities, right, because what are you getting with Warner Brothers? You're getting a whole library of IP that's very valuable potentially for like 100 years. And so if you believe that intellectual property will have a very, very long lifetime lifespan and it's incredibly valuable, but you have to finance it with debt. You have to work really hard to pay the bills. In the short term, you could wind up with a really great asset, even if you have that roommate for the short term. The other interesting question was, what does this reveal about the Ellison family's worldview for the future? On the one end of the spectrum, you have Larry Ellison, who seems incredibly AGI pilled. He's going to crazy into AI data centers. You disagree with this?

[Lucy]

Well, I think. Remember, I think we did like the chart of.

[Tyler]

Yes, it was the most AGI versus AGI pilled.

[Lucy]

So he needs AGI, but he's not AGI.

[Tyler]

Why is he not AGI pilled? Oh, just because of his rhetoric and he just get him on dwarakash. Yeah, we'll see what he says. Maybe his timelines, like ASI next month, you know, who knows?

[Lucy]

Yeah, his.

[Tyler]

You need to sit down.

[Lucy]

Your family today is obviously very AGI pilled.

[Tyler]

Does he have a Mac Mini? That's the real question. Funding data centers is generally aligned with a future where AI is an important technology.

[Lucy]

Levering up massively, right?

[Tyler]

Yes, Levering up.

[Lucy]

He believes that AI is going to be big, right?

[Tyler]

Yes, yeah, exactly. He believes AI is going to be big. But then he also believes, or in concert with David, his son believes that AI will not destroy legacy Hollywood assets. No matter how many dollars you have, no matter how much compute you have, no matter how many generations you can use the latest video model, you will not just to be able to create a superhero that kids will dress up as at Halloween. And I think that's true. And I believe both of these. You don't. You're going to be dressing up as Slot Man. Next. Next.

[Jacob]

Slot Man.

[Tyler]

Next.

[Jacob]

Look, it's Slot Man.

[Tyler]

You're going to be like, oh, you don't know this superhero that. I prompted myself and no one knows but me. It's a. It's a highly. Don't you know the Internet's highly personalized now.

[Lucy]

But you can dress up as like a superhero who has like these black ears and like looks very similar to Batman, but it's not.

[Tyler]

Not the non IP infringing Batman.

[Lucy]

I think the.

[Jacob]

Yeah, literally describing Slot Man.

[Tyler]

Yeah, Slot Man. You're going to dress up as the knockoff Slot Man. So maybe that's not your worldview, Tyler, but it's clearly the worldview of the Ellison family because they believe in this Barbell effect.

[Jacob]

You know, another way to look at it is like, you could get this hyper personalization, but it could be around existing ip. So you get to watch a personalized version of Batman content that's targeted just for you individually. But the kids are still dressing up Batman.

[Tyler]

And we've already seen a glimpse of this with video games. There are video games that leverage existing intellectual property, but allow you to customize your character in some way, put more skill points into intelligence and cast spells versus strength and use a sword, right? Like, you can have your own experience if you play. I mean, even like the Arkham Batman series, it's pretty linear, but you can play it more aggressively, you can play it more stealthily. And that allows you to experience something that is unifying. And we can discuss, okay, you played the same game as me, you understand the same character as me, but we had a different experience. And I think AI accelerates that and makes it more valuable, not less. This is the ninth or tenth time that Warner Brothers has changed hands since it became an independent Movie Studio in 1923. There's some of those acquisitions that have been like divestitures or reorganizations within other companies. But I do think that David Ellison is going to go the long distance with this. I think with a little careful financial management and probably some few. A few content licensing deals like this might be the last one. He's been working in in Hollywood since he was a kid and has been very dedicated to this particular industry for a very long time. And so I don't think he's going anywhere.

[Jacob]

And if you are inspired by the whole Netflix Warner Brothers saga, you should head over to the Goodwill in downtown Brooklyn. Tom from Vanity Fair says for 14.99, you can Zaslav Max. This spring, they're selling a nice Port Authority puffer vest from Warner Brothers Discovery. That is a good pickup.

[Tyler]

Zaslav is a deals guy. Hall of famer for sure.

[Jacob]

According to the Washington Post, there was a researcher skeptical of Havana Syndrome. So he tested a secret weapon on himself. In 2024, Norwegian researchers, skeptical that pulsed energy weapons could do damage to human brains, built a device and tested it on himself. It didn't go well. Built it, tested it.

[Tyler]

Working in secrecy. Working in strict secrecy, a government scientist in Norway built a machine capable of emitting powerful pulses of microwave energy. And in an effort to prove such devices are harmless to humans, in 2024, he tested on himself, and he suffered neurological symptoms similar to those of Havana syndrome. The unexplained malady that has struck Hundreds of US spies and diplomats around the world.

[Jacob]

Yeah, we don't know how to make scientists like this anymore. Glad they're still out there.

[Tyler]

Extremely bullish for the tinfoil hat industry because I believe that the actual underlying basis for the idea of a tinfoil hat. Of course we use it somewhat sarcastically here when we're discussing hypothetical conspiracy theories, but the tinfoil hat is supposed to eliminate microwave radiation and various EMF pulses. And so if you're worried about getting Havana syndrome, maybe pick up an EMF proof tinfoil hat.

[Jacob]

Thomas Maxwell says we have to stop this. I'm not eating a quote. Jacob. Eat a Jacob. I haven't seen this one before. It's 20 grams of grass fed protein, no seed oils, nothing artificial. Sweetened with organic honey. Definitely resonated. 24,000 people agree. Tyler, you should. You should do a taste test of all the different protein bars. All the bars named after just regular dudes. David Bar, the Jacob bar. There's probably more. You got to get on it.

[Tyler]

Lucy named after a person. It was a whole trend for a while.

[Jacob]

Cursor would like a word. Yeah, this was great. They. They came out yesterday. They had heard the FUD on the timeline around Cursor. They came out yesterday and Bloomberg got some of their data. Their annual revenue topped 2 billion in February according to a source. A figure that underscores the fast growth of the coding assistant. Sasha summed it up well. He said Cursor sees the timeline turning against them. Quietly give Bloomberg a 2 billion-ARR press release. No post from the company or founders. Haters squash True Comms masterclass. Michael Trul actually did come out this morning and says we believe Cursor discovered a novel solution to problem six of the first Proof Challenge, a set of math research problems that approximate the work of Stanford, mit, Berkeley. Cursor solution yield stronger results than the official human written solution. Notably, we use the same harness that we built a browser from scratch a few weeks ago. It ran fully autonomously without nudging or hints for four days. This suggests that our technique for scaling agent coordination might generalize beyond coding. Very, very cool to see the progress from them and clearly doing something right in the enterprise.

[Tyler]

Right.

[Jacob]

Just because everything that you see on the timeline is so many enthusiasts.

[Tyler]

One of my buddies is Kyle Russell. I worked with him like a decade ago. He's at a company called Valen and he posted so Valen, they make SaaS for mortgage services. He says it's very boring but we're basically getting them all to FL from legacy software and are rate limited by biz ops people being able to onboard them. So we're going to try instead to think about it in terms of what tokens do we need to extract from the org in order to deploy fast. So he's in this like AI deployment lead role and he went I think pretty viral. Saying this morning one person of his team said, hey, can you unsub me from cursor? And somebody says done. And then a bunch of people said same, same, like I don't need it. I'm like, I'm happy with another program. And Kyle said, today we announced we're removing 90 cursor seats because they haven't had any use in two weeks. And it is like it's flipped from like the, the most cutting edge thing to like it's clearly very sticky because you see, you see the ARR numbers that this like ultra frontier coolest, hottest thing is getting some like fud. And then Sasha broke this down where he was like the timeline's turning, turning against him. So you have to provide some evidence that like you're not cooked because like the timeline is very much like, oh well, like you're not the hottest thing anymore. You're not the coolest little thing for like the people that are on the

[Jacob]

most frontier, up from 1 billion in Q4, which is, which is just insane.

[Tyler]

Yeah. And so, yeah, I mean I think like there's just something about goes back to diffusion. We were, I was debating this with Tyler last night about, you know, how much of, how much of AI adoption is just actually getting the forward deployed engineer in actually getting people to change their workflows onboarding. Like there are, there are certain people that will just bounce from the most frontier thing. Oh, this model is better. I'm on Codex, I'm on Claude, I'm on Codex, I'm on cloud back and forth. But for a lot of companies, they need a little bit more handholding. And so there's a whole massive chunk of the economy that can be transformed by developing great products and then actually getting them in the hands of businesses. Well, in sum, good news. Mark Zuckerberg has purchased a mansion in Miami for $170 million. This was such big news that we had to pull it forward from the mansion section on Friday to talk about today. But there is a little bit of a black pill here. We can go into it.

[Jacob]

So of course Mark got this because of California's wealth tax, which feels like if it goes through, he would still be subject to at least a one time. Yes, Payment, you know, which, which would get litigated. Of course. What we need now is a picture of him in his backyard recreating the Ben Affleck smoking meme.

[Tyler]

We. Why?

[Jacob]

Because there's this new national wealth tax that Ronna and Bernie Sanders are pushing. So he's like, he just, he just moved. He just got this new place across the country. Yeah. Probably overpaid to, to a degree.

[Tyler]

People are just going to be like, actually I live in international waters full time. I don't live on, I don't live in America. I don't live in any country actually. Yeah, I live in space. I live, I live on the International Space station or something. $170 million sounds staggering by a 5% tax on Mark Zuckerberg's wealth over $11 billion. That should have been his shopping budget because in dude math, if you save money, you just have a free license to spend it. So you're like, by moving to Florida, I'm effectively saving myself 11 billion. I can spend that. Right? Isn't that how that works?

[Jacob]

Exactly.

[Tyler]

Meta Chief executive Mark Zuckerberg and his wife Priscilla chan have paid $170 million for an under construction mansion on Miami sought after Indian Creek Island. The deal closed Monday. The purchase set a record in one of the country's most expensive to date. The current US record is held by billionaire Ken Griffin. He spent $238 million for an apartment. That is a crazy amount of money for an apartment, but I guess it's in a good building.

[Jacob]

This is a lot of apartments.

[Tyler]

The Florida record was set last year when a waterfront compound in Naples traded for 225 million. I feel like this isn't counting Ken Griffin's compound that he's building. Because he's built.

[Jacob]

Yeah, because it's multiple properties he's bought.

[Tyler]

Multip.

[Jacob]

Okay, here's where it gets crazy. Sellers are Dr. Aaron Rollins, a cosmetic surgeon to the star and his wife, real estate agent Maureen Rowlands. The Rollins is paid more than 30 million for the roughly 2 acre site in 2020.

[Tyler]

Wow.

[Lucy]

Flip.

[Tyler]

And not, I mean, real estate agent. Don't want to go up against them. They know what they're doing.

[Jacob]

Plans called for a nine bedroom home measuring about 30,000 square feet with a dock and a swimming pool.

[Tyler]

Yeah.

[Jacob]

Amenities were to include gym, hair salon and massage room as well as a 1500 gallon aquarium and library with a secret passageway.

[Tyler]

Zuck does need a hair salon in his house. Cause he's always changing his hairstyle. Sometimes he's got the Caesar going. He's got the fro going.

[Jacob]

So this is the Gen Z.

[Tyler]

This is elite for him. Who knows what'll go next. Maybe he'll have long flowing locks like Fabio. Credit where credit is due. China really nailed the Bond villain aesthetic with their Antarctic research base. Qinling. Qinling.

[Jacob]

Okay. These are just renders though.

[Tyler]

These are renders. This is what they're thinking about because

[Jacob]

if it was real, I'd be telling Tyler to get a boat immediately. Tyler was in Arizona over the weekend and sent us a very cool picture of him out at tsm.

[Tyler]

Give us a review. Did you feel the power? Did it feel like visiting Iraqis?

[Lucy]

I mean, yeah, it was like 91 degrees. Extremely hot. It is massive, massive facility. They're still building. Like there's like there were two kind of main sections. I couldn't actually tell like what parts they were. There were signs. There were a bunch of fabs. I think I took a picture next to like Fab 21 or something.

[Tyler]

Wow.

[Lucy]

But there's like, there's so much building going on and it's just like, it's basically north of Phoenix.

[Tyler]

Yeah.

[Lucy]

And so there's like 10 mile radius where it's just like basically just empty land. They're flattening the desert.

[Tyler]

Whoa.

[Lucy]

But yeah, very, very cool.

[Tyler]

Give shot.

[Lucy]

No, they didn't let us in. There's a like a ton of security around at every gate. I wanted to like go in and like take a tour or something.

[Tyler]

I want to get, I want to get a wafer that didn't make it through quality control and get some of the chip, the chip CEOs to sign the. Moving on.

[Lucy]

The.

[Tyler]

What is it? The billionaire tax has gone national. Bernie Sanders is proposing bringing it to the United States broadly at the federal level. Bad news for everyone who migrated to Miami or Florida because it is going to follow you wherever you go. Ro Khanna and Bernie Sanders are proposing a national wealth tax on billionaires going even further than California. They want 5% unrealized wealth tax to be annual every year. Every year that would be.

[Jacob]

And I've seen some people running, running the numbers on, on like, oh, if Jeff. If this tax had been in place since 1999, Jeff Bezos would still be worth 61 billion and he could still afford his 500 million dollar mega yacht just like not actually like processing all the negative externalities of something like this. So yeah, I just, I just got

[Tyler]

into like a, like a PE backed like shell pretty quickly because you lose control, right?

[Jacob]

Yeah, that or Amazon never even gets the level of investment that it got because of capital flight. I would be so much more sympathetic to Ro Khanna and Bernie Sanders on this if they had like here's five case studies where wealth taxes worked.

[Tyler]

Yeah.

[Jacob]

And like they can't come up with a single one.

[Tyler]

Yeah.

[Jacob]

And so it just feels like 50% over 10 years.

[Tyler]

That is a lot. But the implementation of this tax would ultimately create wealth flights. As Chris with withins. The wealthy are wealthy because they fight to preserve their wealth. So in year one the base is already decimated. Then every single year afterwards the remaining billionaires leave or hide their assets. Meanwhile the markets are all declining all this time because they see that America has been infiltrated by wealth destroying communists. Chris is not a fan.

[Jacob]

There's something like 8 trillion of billionaire wealth and 160 to 170 of middle class wealth. So that is the real prize pool. And again, hopefully, hopefully our lawmakers and voters process how ridiculous this is.

[Tyler]

Find another way and reject it. Write the balance sheet of the US government.

[Jacob]

Her the market is only down 0.08% year to date. Things must be really calm. Right?

[Tyler]

This is actually crazy. If you asked me where the market was and I hadn't looked. What is this from? What movie is this? Is this AI or something? This is a crazy scene I really like. This is a good meme template. I haven't used this before.

[Lucy]

Is it from Maze Runner?

[Tyler]

Oh, maybe Maze Runner. I don't know. Okay.

[Jacob]

Doomer says the past looks more like the future than than the present does. Let's pull up. What is this? PM's Phoenix and expandable van you can build for $2,000.

[Tyler]

This is sick. Most campers and vans these days that are roomy enough to live in are too large for comfortable driving. Conversely, the compact, fun, drivable rigs are usually too small to live in. And no matter what its size, the seller will probably want all the money you have now plus most of what you'll make in the next five years. This is a good copy.

[Jacob]

So this was in popular mechanics in 1978.

[Tyler]

This is a good daily. Someone should pick this.

[Jacob]

Built on a Volkswagen minibus chassis.

[Tyler]

I like that they restyled the front cab as well. Truck camper, back end looks pretty similar. But it still feels odd to take an electric vehicle into the wilderness. I don't know why, because it's not like you're bringing a bunch of. There's a gas station out in the middle of nowhere. But this would give me range anxiety. Even though I think that's Deeply fake at this point.

[Jacob]

New model alert.

[Tyler]

New model alert. What we got?

[Jacob]

Introducing Logan's. Introducing Gemini 3.1 flashlight. A huge step forward on the boundary of intelligence, beating 2.5 flash on many tasks. Tyler, you should try to do a speed check. OpenAI also came out this morning with 5.3 instant touting increased accuracy.

[Tyler]

Is this in ChatGPT? Because I feel like I've had 5.3 in Codex but not in. But not. Oh, I got. Yeah, I have 5.3 instant in chatgpt.com now. Interesting.

[Jacob]

I do not yet.

[Tyler]

Very cool.

[Jacob]

Kalshi partner with Bezel.

[Tyler]

Oh yeah.

[Jacob]

To allow people to trade price movements of iconic watches. So we can pull up this video. This basically allows you to trade on what the. On the prices of Rolex is for the month of March. Basically is price going to move up or down? So Quaid over at Bezel has been telling us about this one.

[Tyler]

So you could, you could in theory buy a watch on Bezel and then take out a short position on Kalshee and have a market neutral submariner or something. Right? Because if the price goes up, you own.

[Jacob]

It's not just any watch, it's a market neutral stock.

[Tyler]

It's market neutral because if the market crashes, you make money on Kalshi but you lost money on the watch and you're neutral. You can hedge yourself now. That's very bizarre.

[Jacob]

Yeah, I saw somebody pushing back. Oh, you can. This is silly. You could just buy the watches and actually trade them. But obviously it's quite a bit more complicated.

[Tyler]

Well, you can't sell one that you don't have. Now you can short watches. I want to talk about fast food CEOs.

[Jacob]

Yeah. Let's pull up this video of McDonald's CEO.

[Tyler]

We never watched this all the way through. This is McDonald's. McDonald's CEO Chris Kempzinski. He went viral after seeming reluctant to eat his own burgers. He takes a tiny bite, looks uncomfortable and calls the food product. That's the.

[Chris Kempzinski]

With you've heard about it, the big arch. There it is, the big arch.

[Tyler]

This is pretty cool.

[Chris Kempzinski]

This is something that we have tested already on Hugo, Germany, Canada. I love this product. It is so good. I'm gonna do a tasting right now, but I'm gonna eat this for my lunch, just so you know.

[Tyler]

So here we go. First, if I can survive a single meal. God, that is good enough for you.

[Chris Kempzinski]

We've got a very unique kind of sesame poppy.

[Tyler]

This isn't bun. Public presentation.

[Chris Kempzinski]

Got two quarter pound patties. Delicious big arch Sauce.

[Tyler]

It's probably his first TikTok.

[Chris Kempzinski]

Oh, there's so much going on with this. First of all, let's try to get this thing. I don't even know how to attack it. Got so much to it. And there's also some crispy onions on here as well. I see those kind of coming out.

[Tyler]

He's stoked.

[Lucy]

All right.

[Tyler]

I met the CEO of McDonald's, the previous CEO at South by Southwest, in like 2013. That is so good.

[Chris Kempzinski]

That's a big bite for a big art.

[Tyler]

That's a huge burger.

[Chris Kempzinski]

Distinctively McDonald's.

[Jacob]

Undeniably not that big of a bite.

[Tyler]

Yeah, not that big of a bite.

[Jacob]

He just kind of.

[Tyler]

But eating on camera is so hard. If you just start housing that thing, there's going to be a whole different set of backlash.

[Jacob]

It definitely looked like his first ever bite of a burger.

[Tyler]

Yeah, it's not a strong performance. Lulu said layup opportunity for the number two ranked fast food chain CEO to film a brutal.

[Jacob]

And I think somebody did. We can pull up another video here.

[Tyler]

Someone did it.

[Jacob]

Someone's saying Japanese mega writers trying to write Americans. The CEO would perhaps compete over who would take the manliest bite of a burger. Now that's ridiculous. Surely America cannot be like that.

[Tyler]

Okay, watch this.

[Lucy]

Burger King.

[Tyler]

Oh, that's a real bite. That's a real bite. Yeah, I'm a Burger King guy now. He won me over very, very well. It's this guy. Seems like he, he, he can flip burgers. He can, he can take bites of burger.

[Jacob]

I saw another video of Chris, the McDonald's CEO, coming out on his personal Instagram saying he eats. He wanted to clarify that he does eat McDonald's three or four times a week. He said okay. So he is defending his honor.

[Tyler]

McDonald's is great.

[Jacob]

I love this product. Yeah, I love this product. That's what every, that's what every chef says, you know, after they, after they, you know, bring out a meal, they say, I love this product. I think you will too.

[Tyler]

He's a business guy. I don't have a problem with that. Refer to it as product go off. It's. I stand by it. I think it's great.

[Jacob]

Thank you for being with us. We will be back tomorrow 11am I cannot wait.

[Tyler]

I cannot wait.

[Jacob]

Can I wait?

[Tyler]

See ya.

[Jacob]

Do it.

[Tyler]

Goodbye.