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cover of episode E62: Elizabeth Holmes verdict, fraud origins & takeaways, navigating "The Great Markdown" & more

E62: Elizabeth Holmes verdict, fraud origins & takeaways, navigating "The Great Markdown" & more

2022/1/8
logo of podcast All-In with Chamath, Jason, Sacks & Friedberg

All-In with Chamath, Jason, Sacks & Friedberg
AI Deep Dive AI Chapters Transcript
People
C
Chamath Palihapitiya
以深刻的投资见解和社会资本主义理念而闻名的风险投资家和企业家。
D
David Friedberg
美国企业家、商人和天使投资者，创立并领导了The Climate Corporation和The Production Board。
D
David Sacks
一位在房地产法和技术政策领域都有影响力的律师和学者。
Topics
Chamath Palihapitiya：伊丽莎白·霍姆斯案的核心问题在于她对公司现状的虚假陈述，以及媒体报道在其中扮演的角色。媒体的积极报道强化了她的行为，最终导致了她的失败。同时，他也分析了技术可行性问题，指出单滴血检测数百种指标在当时的技术条件下是难以实现的。他认为，媒体的报道既促成了Theranos的成功，也最终导致了它的垮台。 David Sacks：他认为，创始人可以对愿景进行宏大承诺，但必须准确描述公司现状，不能对交易、产品能力撒谎。伊丽莎白·霍姆斯对公司现状的虚假陈述是其越过红线的行为。他还强调了媒体在事件中的作用，指出媒体的报道既可以帮助公司获得成功，也可以导致公司的失败。 David Friedberg：他从法律角度分析了该案，认为伊丽莎白·霍姆斯被判有罪的关键在于她对投资者的欺骗行为。他认为，在硅谷，失败是可以被接受的，但欺骗投资者是不可接受的。 Chamath Palihapitiya: 伊丽莎白·霍姆斯的故事越讲越夸张，获得了越来越好的反响，这种行为得到了强化，并不断扩大。媒体对她的积极报道，也为她的融资和招募员工提供了帮助，但最终也导致了她的失败。 David Sacks: 他认为，创始人可以对愿景进行宏大承诺，但必须准确描述公司现状，不能对交易、产品能力撒谎。伊丽莎白·霍姆斯对公司现状的虚假陈述是其越过红线的行为。他还强调了媒体在事件中的作用，指出媒体的报道既可以帮助公司获得成功，也可以导致公司的失败。 David Friedberg: 他分析了目前的技术水平下，单滴血检测数百种指标在物理上存在限制，并指出Theranos的失败也反映了投资者缺乏尽职调查。

Deep Dive

Chapters
Elizabeth Holmes is found guilty on four counts of fraud, facing up to 20 years in prison for each count. The hosts discuss the origins of the fraud, including misrepresentations about partnerships and technology capabilities, and how the media hype contributed to the narrative.
  • Elizabeth Holmes was found guilty on four counts of fraud, facing up to 20 years in prison for each count.
  • Holmes misrepresented partnerships with companies like Pfizer and the US military.
  • The media's portrayal of Holmes as the next Steve Jobs fueled the hype and contributed to the fraud.

Shownotes Transcript

0:00 Bestie intro and poker recap

3:14 Elizabeth Holmes verdict, origins of the fraud, breakdown of the Theranos promise

17:51 Lessons for founders and investors from the Theranos debacle, bad behavior a sign of the top

26:09 Implications of "The Great Markdown" on public and private markets, confusing FED decisions

45:56 Advice for founders on navigating a downturn

1:00:01 a16z's new mega funds; should they go public? How does that change partner dynamics?

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https://twitter.com/chamath)

https://linktr.ee/calacanis)

https://twitter.com/DavidSacks)

https://twitter.com/friedberg)

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https://linktr.ee/allinpodcast)

Intro Music Credit:

https://rb.gy/tppkzl)

https://twitter.com/yung_spielburg)

Intro Video Credit:

https://twitter.com/TheZachEffect)

Referenced in the show:

https://www.wsj.com/articles/the-elizabeth-holmes-verdict-theranos-founder-is-guilty-on-four-of-11-charges-in-fraud-trial-11641255705)

https://www.bbc.com/news/technology-58469882)

https://www.nytimes.com/2022/01/04/technology/elizabeth-holmes-verdict.html)

https://www.wsj.com/articles/the-theranos-fraud-elizabeth-holmes-convicted-trial-blood-testing-start-up-11641330471)

https://www.businessinsider.com/bill-maris-explains-why-gv-didnt-invest-in-theranos-2015-10)

https://www.skadden.com/insights/publications/2021/06/insights-the-delaware-edition/delaware-courts-expand-plaintiffs-rights)

https://www.cnbc.com/2022/01/05/fed-minutes-december-2021.html)

https://fred.stlouisfed.org/series/T10YIE)

http://www.paulgraham.com/aord.html)

https://www.socialcapital.com/annual-letters/2019)

https://medium.com/craft-ventures/the-burn-multiple-51a7e43cb200)

https://www.statista.com/statistics/266206/googles-annual-global-revenue)

https://techcrunch.com/2022/01/07/andreessen-horowitz-raises-9b-in-new-capital-for-venture-growth-bio-funds)