♪ he's been dubbed the venture capital. not just for his signature shirt , but for his brash way of doing business. along with early bets on who were in instagram, nine years ago he also wrote a $25,000 check to buy a piece of twitter. that amassed so many shares, he was the biggest outside investor at the time of the ipo. he made news by outlining his view for twitter. with billionaire just

before he announced he was coming down. thank you for being here. i hope you don't mind me calling you brash. >> i think that is accurate. released ayou just statement about what twitter can people stop what is twitter's future? >> at seleka term paper. i've been invested in twitter since the first time anyone could invest in it. i've been a user since 2006. i've been obsessed. it is a huge part of my business. more than a billion people have tried it and not suck around. it needs to be easier. what's been the reaction from twitter? moderator: have you heard from deck? moderator>> no.

we are not pals. thelked to other people in company. it was a well-received post. done right, it sets them up for success. street in the direction of how to evaluate a company. you shouldn't be out headhunting aceto -- a ceo. will ask the question whether he should be ceo anymore? twitter do? >> tweeting feels lonely. you need to make it a better job patrice people to find that t e they want. it is time for a hard. the endless stream of hearts and periscope make you feel good. it makes you feel in knowledge, heard, valued.

for most people, they don't do it. moderator: he said twitter is the best way to connect to was is happening in your will. i'm confident that that is what it is. everyone at the company is confident that that what twitter is. is that enough you? >> mission statements and taglines leave people feeling apprehended and directionless. as they complex product that has to appeal to a myriad of different audiences who use it for a myriad of reasons. you have a room in your house painted aqua. is that true? >> yes we have a twitter colored room. is it good to me. moderator: why now? >> i think we have a team that is ready to execute the stop. he has his squad. moderator: why do it publicly?

i want to take a shot at telling it externally. an audience that was important to me with the people who are working at the company. not just senior management, but people who were working there a long time. if the company delivers on it, everyone wins. moderator: why should they listen to? >> i don't know. i have a track record that worked out the well. kickstarter,am, twitter, these are things that i would like to think one or two of them were lucky. it is probably not an accident, though. at the same time, yet the trust your own intuition as a person. an interesting challenge in silicon valley is that people who are new users don't have a voice. that is a challenge for all of these companies. if dick executes on this

graph, that is the ceo of the company. moderator: have you talked to the founders? >> yes. many of those things would things that are not necessarily my original ideas. we discussed while he was that he believed are worth doing. my ideas are what twitter should be now. they had so much turnover and insert picture -- and infrastructure. they are playing catch-up. moderator: is google buying twitter at real estate? >> yes. moderator: but speculation has been going on for years. there who saysdy we have to be independent forever. no one owns 50% of the stock. known to block that deal. so google would like

to buy twitter? >> yes. let twitterould not go to google without putting up a fuss. he looks at twitter into so much potential. people i know who are close to him say his perception that twitter is not doing everything it could has not changed. he would love the opportunity to own it and to improve some of those things. then you have saw shot from microsoft. he is a user. he watched it. was sasha who came from microsoft that negotiated the deal. those of the people -- i think

alibaba might be interested too. moderator: you think they would all buy twitter? >> they would all benefit strategically. into thoset companies without blowing out a competing with something else that they have. moderator: what apple? >> out of the daycare enough. it's not in their bones. they go in a different direction. as much aboute the social element. i don't think twitter should sell to them. they have literally unlimited potential to get to a few hundred million more people. if they do that, the stock will be trading in the 30's, but in the 70's or 90's. that's why i'm not campaigning publicly or privately that it should be sold. i don't see anyone on the board that would block that sale. when the founders to running the

company, people to further their judgment. they are allowed to be weirder. because it doesn't have the the founder,ing they don't give the benefit of the doubt by default. moderator: what of things don't happen? >> than the company will go sideways along with the stock. people will be caught for management head. it will be hard to land the talented people that work in. excelling as an result, they should belong to a company that can do better with it. moderator: give a preference? >> no. when facebook could acquire twitter, they went to a meeting with zuckerberg. when they came out, they called us for advice. we were in hawaii. we were on speakerphone trying to listen to the facebook offer

and decided whether not to take it. we just chewed over the terms. those guys knew it would be huge. they have always been a couple of steps ahead of us. moderator: do you want something more? to be a board member? >> > no. i don't want a job job. i like what i do for a living. b capital consists of three people. the three of us. we don't have office space. my coo works in healdsburg out of the back of a winery that she runs. my partner in l.a. moves out of airplanes. we do it all ourselves. i don't really have an assistant. moderator: how big it over the? >> ♪ that is limitless.

moderator: what is the myth and

what is the reality of you? >> i had no business being a venture investor. i know it is quitting my job at google. google is getting big. i'm not good at being bureaucratic. the to do meetings together. i knew this guy was going places. he will be the ceo of google someday. it was obvious back in the day that he could do that. moderator: what if it about how he is leading google right now? >> we would sit in the same , weings, he is brilliant both have great ideas, but he could actually navigate a strong company and i can't. i could not. elon. similar to i'm tough to work with. i demand everything to be

exactly right. parents, askh my lance was expected. it wasn't demanded. we would do it right the first time. moderator: you've been portrayed as a guy who go to meetings uninvited and get sucked on. people the wrong way. how did you about that? >> it was accurate. i was protected on high. "cleanly into the hierarchy. that said, it didn't fit into the hierarchy. moderator: what you think about the moon shots? youobody here would tell self driving cars is a small idea and would not pan out. that could be worth more than google is today. if you change the world forever.

robotics could change everything. when they jumped the ball is stuff that is incremental. it is a bummer that youtube is a more socially commenting. they have used their market cap to go and buy cooler stuff. zuckerberg knows how to execute on that stuff quickly. he was there on top of instagram and knew how to close the deal. moderator: do you think kevin sold to early? with 300 or away $400 million. that is worth 600 or $800 million today. you tell me that you wouldn't trade everything you have now for 300 to $800 million. i'm sure he could have had more. but he could have had zero, too. he has the best of all worlds. he made a ton of money after he sold the company.

he is being left alone to continue to execute on what has wanted to do. kevin has an amazing life. he is dj clubs in vegas. dressever seen anyone better, he drinks the best bourbon, and he goes to fashion week in paris. everyone falls all over him. i don't feel bad for kevin one bit. moderator: what about snapchat? >> snapchat is very real. they came up to me after the event i did and said we are big fans. i said i don't get it. did you pass onator snapchat? >> i passed on dropbox. i passed on airbnb. i focus on the negative case that i miss all the positive. i think someone is going to get raped or murdered while they are

staying at someone else's house and the blood will be on your hands. i literally said that to them. moderator: you didn't pass on uber? >> i was lucky to be one of the first. inventiveey have used tactics. moderator: how to big -- how big can they be? >> i think that is limitless. they are nailing the food business right now. fedex? r: picking on >> they are delivering packages in hong kong. i didn't invest in ship because i think that is something deeper will do. -- uber will do.

i think kevin's ability to execute on that is unlimited. travis was the unofficial mayor in kentucky. you are very close. >> travis has a personality like mine. we both have very strong opinions. if i'm involving a your business, i will share my opinions with you. there will be strong opinions. likely interface. we have a different way of doing it. i can rub people the wrong way. it can be mutual. stocked to own more eager -- uber stock. travis then like that. that scratch the service of more tension that was ari there. moderator: have you tried mending the fence? >> i think working together professionally is the best way for us to get along. how can i be helpful? what can i do? moderator: what's the craziest

thing that happened in the jam test? tub for aed in a hot long time. normal people can't do that. listed doesn't survive this.

moderator: what you think is going on right now in silicon valley? >> deca-corn. you know the culture of secrecy we had in silicon valley. you don't tell people anything. is the dangers? >> yes. investors doing super well. all starting and attract more attention and more poses. with that attention comes sloppy discipline and a ton of money. days.about the early 12 companies.

everyone ran live code. there were 15 of us in the room investing. we could ask questions and walk up and try it. the deal didn't get done that day. today, 80 companies in the class. 450 investors. no live code. three minutes. deals are done before that date. it is desperation on a lot of investors to be part of the game. there probably not a good company. you taking away money from companies that should be using that money. they are taking talent away from companies they could use that talent. that taking investors and advisors away. there's a lot of waste happening in the valley right now. some of these evaluations are bananas. y rigged game.ngl

i don't think the global economy it will support the market being open. i think by the end of the year the market closes down. anything with a quality lower than it over? moderator: you think by the end of the year? >> by the end of the year the market eases up. and i think there will be some pain out here for the companies themselves. moderator: what happens to all of these unicorns and deck accords? >> naive investors with no discipline. no diligence. left.nvesting in it rumors with 40 or 50, and they must be worth two. if you look at this thing, if not can be straight. lift doesn't survive. it goes away. moderator: you think it's gone? >> it doesn't survive this.

uber is a better company. better brand, better pickup time, better quality of service. i'm a huge investor. i would never buy lift shares. i don't think it will compete. moderator: so i kind is made a big mistake? >> yes. moderator: zero downturn? >> yes. it is inevitable. the funds won't see it back. moderator: are we in a bubble and would pop? >> yes. a lot of these companies will go away. there the impacts on real estate. will be like the year 2000 when you can get a u-haul here?

no, i think this is the epicenter of innovation. it is out of whack right now. moderator: what's the biggest bomb in silicon valley? >> does nobody normal left here. regular people have been priced out. live here can't anymore. neither can the musicians. doctors can afford the city. that is messed up. the biggest palm here is that -- the biggest problem here is that the kids don't need to get jobs. they have never waited tables are parked cars. we would generation of software engineers working of his companies who have very little compassion. they have a completely limited worldview. i want to see more people get the hell out of here and be around real people every now and then. we don't have anyone here that represents the voice of a normal. they aren't even our neighbors anymore. moderator: thank you for joining

us. >> right on. ♪

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