All-In E164: Zuck's Senate apology, Elon's comp package voided, crony capitalism, Reddit IPO, drone attack

Senate Testimony on Child Safety

• Zuckerberg testified alongside CEOs of TikTok, Discord, X and Snap regarding online child safety
• In a dramatic moment, Senator Josh Hawley made Zuckerberg turn around and apologize to families of victims in the audience
• Sacks argued this was political theater and a "kangaroo court", warning that Section 230 changes could lead to increased censorship
• Chamath predicted a narrow amendment to Section 230 would pass removing liability protections, comparing potential lawsuits to tobacco industry settlements

Elon Musk's Tesla Compensation Package Voided

• Delaware judge voided Elon's $55.8B Tesla compensation package from 2018
• Package was approved by 73% of shareholders but judge ruled board process was unfair and shareholders weren't properly informed
• Besties strongly criticized the ruling, noting:
  • Package only paid out if Tesla achieved massive growth targets that seemed impossible at the time
  • Compared to GM's CEO Mary Barra who made ~$200M while stock remained flat
• Discussion evolved into criticism of "crony capitalism" vs "risk capitalism"

Reddit IPO Plans

• Reddit planning March IPO targeting $5B valuation, down from $10B in 2021
• Currently generates ~$800M in revenue from 400M monthly active users ($2 ARPU)
• Key considerations discussed:
  • Potential for monetization improvement
  • Value of data for AI training
  • Content moderation challenges
  • Possible strategic acquirers

Drone Attack Response

• Attack killed 3 US troops at Syria-Jordan border
• Some Republican senators called for strikes on Iran
• Besties criticized:
  • Military industrial complex's failure to defend against simple drone attacks
  • Calls for escalation against Iran
  • Lack of innovation in defense technology due to regulatory capture

The episode highlights ongoing tensions between innovation/risk-taking and established institutional interests across multiple domains - from social media regulation to executive compensation to military procurement.