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The New American Tycoons - The Rise of the Billionaires | TYCOONS | FD F...
The New American Tycoons - The Rise of the Billionaires | TYCOONS | FD Finance
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The New American Tycoons | TYCOONS | FD Finance
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These are the complex journeys of the billionaire tycoons--industrialists and entrepreneurs who yield just as much power as any elected leader. Musk, Gates, Ma, and more. These are the superpowers’ super-rich
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Transcript
0:00
[Music]
0:08
tycoons are in many ways the lifeblood of society they're the most competitive
0:14
people you will ever find inside the secret world of the mega
0:20
Rich are some of the most powerful people on the planet this time the United
0:28
States new billionaires are being created really almost on a daily basis how do these tycoons make their fortunes
0:35
they are calculated risk-takers willing to put everything out there they're willing to lose
0:40
everything how do they hang on to them these people have so much money because
0:47
they haven't had to pay taxes and how are they shaping the future of America and the world money is
0:54
a form of of political power and right now that power is entirely in private hands and that's very very very
1:00
[Music]
1:07
[Music] dangerous
1:14
America the richest country on Earth this is the land of the Tycoon we
1:22
now have over 700 billionaires in America tycoons from social media to
1:28
manufacturing definitely defined the way that we work and all that we do these
1:33
men and women all began with a Relentless desire to do something new and extraordinary every time there's a
1:40
technological Revolution it throws up massive new amounts of wealth riding the wave of tech Innovation is at the heart
1:46
of the American Tycoon story they are calculated risk-takers they're willing to put everything out there they're
1:53
willing to lose everything but they do it in a way that's targeted to get to a
1:58
vision an idea
2:04
and the richest man in America and the world is constantly in pursuit of new
2:11
[Music] ideas no one in the history of Forbes tracking billionaires has been worth as
2:17
much as Elon Musk Elon Musk risks everything each
2:23
time he starts a new project Elon Musk says he could only do
2:28
this in the United States most other societies don't have that much wealth and they don't put that wealth into the
2:34
risk-takers Tesla is now the most valuable car company in the world worth around a trillion dollar it kickstarted
2:41
the electric vehicle Revolution their idea of an electric car is something that doesn't look good
2:47
isn't fast doesn't have high performance we wanted to break the mold Tesla makes less than a million
2:53
cars a year and yet it's worth more than the world's nine largest car companies put together
2:59
I think what we've done here is For the First Time created an electric car that you actually want to
3:05
buy but Tesla could so easily have been a different story instead of making musk the world's
3:12
richest man he could have lost everything risk taking is like the
3:17
Promethean fire you can get close and use some of it but you can't use too much of it Elon Musk has had moments
3:25
when it was on the precipice of disaster everywhere you look look the
3:30
color is red and no one it seems can stop the bleeding in 2008 the financial crisis
3:38
meant the global economy was on the brink of collapse Mayhem Carnage a
3:43
bloodbath call it what you want but what we saw on global stock markets today was
3:48
Ill disguised Panic it became impossible for startup Tesla to raise Capital Elon
3:55
Musk was broke the most sensible thing would have been to sell so musk tweets
4:01
that Tesla is only 3 days from bankruptcy that uh he doesn't own a house and that he has to borrow money
4:08
just to keep the company afloat that's how close they were to disaster musk took a huge risk and
4:15
secured a $40 million loan and put it all into
4:22
Tesla it's extremely unusual for somebody to uh put their money on the
4:27
line risk bankruptcy and make these projects work he uh had the courage to
4:33
do that really introducing the first true
4:39
Mass Market electric vehicle to the American Market is a Triumph that Detroit couldn't pull off and now
4:45
Detroit is following suit there's a bit of a revenge of the nerd going on here
4:51
with uh the amount of wealth that he has [Music]
4:57
created Elon Musk grew up in South Africa which was to shape his desire to
5:03
succeed at all costs Elon Musk has rather interesting background his mother
5:09
often said that she didn't know what was wrong with him as a child he later revealed to us that he had asperges and
5:16
he was bullied at one point some uh some of the school kids pushed him down the
5:22
stairs and he ended up uh with a fair amount of injuries I think part of his ego is
5:29
based on the way he was treated as a child he has a lot to prove his ex-wife Justine had an
5:36
incredibly difficult time with Elon she said that he was the most obsessive person that she'd ever met and Li off
5:44
with the Falcon knif and what musk did next was Obsession on a whole new
5:53
level he's built this space company that was started off as kind of a seemed like a side hustle you know this extra thing
5:59
he was doing that has become a major contractor a major player human space flight is the
6:05
reason that SpaceX was created and we're incredibly honored to partner uh with
6:10
with NASA again it was touch and go whether he'd lose
6:22
everything he had uh three failed launches and one rocket left to uh try
6:30
to show that he could uh uh get them into space and Supply the Space
6:36
Station 2 1 Z and launch of the SpaceX
6:44
Falcon 9 rocket as NASA turns to the private sector to resupply the
6:49
International Space Station and the fourth one succeeded and was
6:55
really uh defining moment [Applause]
7:09
you want to do projects that are inspiring and that make people excited about the future musks out of the box
7:15
thinking has come under Fire though his plan to rescue trapped children from a flooded cave in Thailand with a mini sub
7:22
built from rocket Parts was a PR disaster and his ideas for the future of
7:28
car travel have run into into problems some of his ideas it's not
7:33
certain how realistic they are uh the boring project to create tunnels
7:38
underground that cars could zoom through at at incredible speeds would take an
7:43
enormous amount of work and I think a lot of people are not sure how feasible that really
7:51
is musk's plan to send 1 million people to Mars by 2050 is also viewed with deep
7:57
skepticism the ideas that drive tycoons to wealth
8:02
can also be the ideas that drive them to disaster we should expect that uh he
8:08
might remain a tycoon but that he's spreading himself too thin and making too many risky bets at the same time but
8:16
whatever the future holds Elon Musk is just the latest in a long line of American tycoons who've Stak their all
8:23
on the potential rewards of a new technology
8:30
to fully understand the role tycoons have played in the country's history you have to return to the 19th century to
8:36
the pioneers of us [Music] capitalism the Robert Barons were a
8:43
group of men who ran the industrialization of the United States in those days there weren't many rules
8:50
constraining what they could do called the robber barons because of
8:57
their ruthless Behavior they made their wealth from the new technology of the Industrial
9:02
[Music] Age the richest of them all was John de
9:08
Rockefeller who made his fortune from oil John de Rockefeller was present at
9:15
the creation of the oil business and he rode that horse to become the biggest
9:21
richest man in in the world in its time rockefeller's uh Fortune was bigger than
9:27
Bezos bigger than Musk it was enormous in today's money he is the Tycoon who
9:33
was the closest Contender to being a trillionaire in 1915 John D Rockefeller
9:38
could have paid off the national debt of the United States and still have been the richest man in the
9:46
world but like many US tycoons Rockefeller started out with
9:51
nothing his father was a um a ner well was someone who was always was always
9:57
hustling but not necessarily doing in the most um legal of ways many
10:02
billionaires are individuals who grew up on the wrong side of the tracks and that motivation is what leads them to
10:09
actually become people who transform the system and make a lot of money for themselves in the
10:16
process going from Rags to Riches is the essence of what's called The American Dream the American dream to me means the
10:25
the ability to become wealthy it provides the hope that drives people to
10:31
work hard you work your way up from nothing you don't come from money you don't come from family and the idea that
10:37
if you hustle enough you can do anything and one family from Arkansas defined the
10:43
American [Music]
10:50
dream The Waltons are the richest family on Earth thanks to their stake in the retail chain
10:56
Walmart founder Sam Walton's three surviving children have consistently been in the top 20 of Forbes rich list
11:04
and Alice Walton his youngest child is worth $65 billion alone Alice Walton is
11:11
the richest woman in the United States she inherited most of her money but she also invested her money she remains
11:19
involved in in many of the Walmart businesses Sam Walton became the richest
11:24
man in America in 1985 a position he held for 4 years [Music]
11:31
Sam Walton is the true rags to Rich's story mostly it's a matter of of believing in our people working with our
11:37
people and really trying to do everything we can to for their best interest and they in turn come back and
11:43
take care of our customers and take care of ourselves Walmart now has around 11,000
11:49
stores worldwide and is the largest retailer across the globe this retail giant started with a
11:56
small shop in Arkansas and once again he made his fortune by using new
12:02
technology was one of the first people who used computers um to track his
12:10
inventory that allowed Walmarts to become so extremely successful was a very tight control of inventory so they
12:17
would buy it at the last minute sell it as quickly as possible keep the goods moving once Walmart became a a giant
12:24
they were able to push their um suppliers and force their suppliers to sell it at you know lower prices he used
12:32
glossy commercials to attract families Walmart everyday low prices means everything every day everyday low prices
12:39
really mean something at Walmart every single item in the store every day passing all savings on to Consumers to
12:45
make Walmart the cheapest place to shop was always Walton's aim he also reinvested profits allowing
12:53
the company to grow quickly so Sam Walton became a cult figure people saw
12:59
saw Sam Walton as the embodiment of the American dream and everyone in the company said Mr Walton you've got to
13:06
perform we did it now you do it but when Sam Walton died in 1992 some
13:13
saw it as a turning point Walmart became more of a big empty
13:21
Corporation after Sam Walton's passing instead of helping their communities it came to look like Walmart was just
13:27
making money from their communities Walmart also attracted criticism for its
13:32
working practices so they tried in a first sense to make themselves more Community friendly they also tried to
13:39
address a number of very damaging exposes about the mistreatment of their labor the low wages they paid aware of
13:47
this growing criticism in 2008 Walmart decided to Rebrand and give themselves a
13:53
more caring image they Tred to raise their wages and do things to make
13:58
Walmart a healthier happier place for people to work and they wanted to tell
14:04
that story the growth of Walmart keeps the Walton family the richest in the world
14:10
but their domination of the retail sector still provokes controversy
14:16
fundamentally when a Walmart comes to a Town Main Street dies who's going to
14:22
compete with Walmart
14:29
[Music] the story of Walmart shows that size isn't
14:34
everything tycoons getting too big and too powerful has been the Great American dilemma since the time of robber
14:42
bearing how to balance business success with the greater
14:48
good at its height in the early 20th century Rockefeller Standard Oil controlled 90% of America's Oil Business
14:57
monopolies meant that a few people were getting wealthy from it not the vast majority of Americans and so they're not
15:03
living the American dream because companies had gotten too big and too powerful it's clear that something needs
15:09
to be done to create some rules of the road the sermon antitrust act back in
15:15
1890 allowed the government to dismantle monopolies this included the breakup of
15:21
rockefeller's Standard Oil [Music]
15:31
governments continued to regulate tycoons throughout the 20th century but in 1981 a new president
15:39
decided to change everything and set the tycoons free I Ronald Reagan do solemnly
15:45
swear that I will Faithfully execute the office of President of the United States so help me
15:52
God Reagan thought things were being over regulated and that was stifling um
15:58
economic opportunity and profit making in the 1980s Reagan undertook to repeal
16:04
many of the limitations on wealth creation and business entrepreneurship in the United States in this present
16:11
crisis government is not the solution to our problem government is the
16:26
problem Reagan cut taxes and regulated markets hoping the wealth created would
16:32
improve everyone's standard of living Reaganomics did create an updated
16:37
version of the American dream Reagan's policies actually
16:43
increased inequality in the US however over 16 million jobs were
16:49
created and the booming economy made Americans feel good about themselves again they were ready to buy houses TVs
16:57
fridges cars and fast
17:03
food oh the 80s were great for billionaires one of the truly great eras
17:08
of prosperity in American history it was a vision that Americans enthusiastically
17:19
embraced Reagan's policies also paved the way for a new type of Tycoon one who didn't actually make
17:27
anything instead he made his fortune by investing in other people's
17:37
companies Warren Buffett is an example of this new breed of Tycoon who becomes immensely wealthy not by building things
17:44
but by investing in Things by buying stakes in undervalued companies Buffett
17:49
for a Time became the richest man in the world Buffett is very good at reading kind of what sectors of this new market
17:56
this service economy post-industrial economy and of what's going to grow and what's going to be profitable thanks to
18:03
deregulation and a booming economy Buffett made his first billions in the80s instead of following the stock
18:10
market he studied Financial reports from his office in Omaha looking for undervalued businesses I've never had a
18:17
computer in there I've never had a calculator in there and uh and I've never had a stock tricker in
18:22
there he once spent a billion dollars buying Coke shares which then quadrupled in value over 4 years years Warren
18:29
Buffett epitomizes the 1980s because from his little office in Omaha Nebraska
18:35
he's now able to move Capital around without limitations before the ' 80s it wasn't
18:41
possible to move money that way I'm having the time of my life I mean I get to do every day exactly what I like to
18:47
do with people who I love and who seem to like me pretty well and and it
18:52
doesn't get any better than that he now has thousands of followers for whom he invests money they call him the Oracle
19:00
of Omaha despite his huge wealth his lifestyle remains modest in the extreme
19:06
Warren Buffett is interesting because he kind of bursts onto the scene at a time when the images of wealth are often
19:14
flashy and you know fur coats dripping with jewels and and B Buffett's not that at all he is a folky
19:21
midwesterner from Nebraska um lives you know not someone who flashes his wealth
19:28
Buffett still still lives in the same house he bought more than 60 years ago how would I improve my life by having 10
19:34
houses around the globe I mean if I'd wanted to become you know a superintendent of housing or something
19:39
of the sort you know I could have gone into that as a profession but I do not want to manage 10 houses and I really don't even want somebody else doing it
19:45
for me and I don't know why the hell I'd be happier nothing really changed in the Buffett household as Warren Buffett got
19:51
richer his kids found out that they were wealthy because um they read about him
19:59
in Forbes Magazine now as well as advocating for higher taxes on the rich he's also sworn
20:06
to give away most of his fortune before he [Music]
20:21
dies the 1980s was also the beginning of a new technological Revolution the
20:27
digital age it's saw the birth of the tech Tycoon just as in the 19th century
20:33
entirely new Industries and sectors grew and you have the arrival of the
20:38
commercially available personal computer computers make possible things
20:43
that before were not possible and that includes the accumulation of enormous fortunes
20:51
[Music]
20:58
Bill Gates saw the Boom in home computers but his genius was not to build them but to write the
21:05
software Microsoft is the second most valuable company in the world and is worth around $2
21:13
trillion Gates understood how technology would change our lives foreseeing the
21:18
impact of smartphones before most of us were even using a computer uh virtually
21:24
uh everyone in 10 to 15 years time will be able to carry around a wallet PC you
21:30
can have thousands of pictures of your children if you like uh easy to call up
21:35
uh you'll be able to receive messages news bulletins in fact the machine over time will learn what you're interested
21:42
in an individual like Bill Gates is someone who sees a future before it's
21:47
occurred their ideas help them to imagine a different kind of world and they're investing and taking risks to
21:53
try to get to that world Gates wrote his first software program at the age of 13
21:59
he's a nerdy brainy guy so even growing up he was a bookworm they had a rule At
22:07
The Gates house no bill no more books at the dinner table he's sort of one of
22:12
these child genius type of type of
22:17
kids he dropped out of Harvard in 1975 to set up Microsoft Gates was creating a
22:24
company that was selling something that previously had been given away for free Gates had a very different vision and he
22:31
was right software was a business Gates Big Break came in 1980
22:37
when IBM chose Microsoft software for their computers because it was userfriendly Bill Gates software made it
22:44
possible for you and me to understand how to operate our computers Microsoft did a deal with IBM that also allowed
22:52
them to sell the same software to other computer companies putting them ahead of the competition he didn't always have
22:59
the best software on the market there were other programs that were better but he knew how to get them out there like
23:07
Rockefeller before him who ran 90% of America's Oil Business at its height 90%
23:13
of the world's PCS were running Windows making Bill Gates America's youngest
23:18
billionaire at the age of 31 one of the characteristic that Bill
23:23
Gates has in common with a lot of other tycoons is he's intensely competitive
23:28
part of Microsoft's success comes from that real intense take no prisoners we're going to you know we want to win
23:36
um we're not here to make friends and it also is something that contributes to their getting in trouble with the
23:42
Department of Justice by 1998 when Bill Gates was the
23:48
richest man in the world worth $51 billion Microsoft was being accused of
23:54
illegally creating a monopoly in the same way the robber barons were in the 19th century how many of you use a PC
24:02
without Microsoft's operating system gentlemen that's a monopoly
24:08
because he bundled his own web browser Internet Explorer with Windows software he was accused of crushing his
24:15
Rivals Silicon Valley companies referred to Microsoft as the Death Star and you
24:20
know saw it as this sort of enemy of everything that was right and good the antitrust controversy was most certainly
24:28
the Great obstacle in Bill Gates's Microsoft Journey his attitude under
24:33
questioning was a PR disaster and did you actually read what was in there
24:39
Gates is a very difficult person to get along with he has a tendency to try to
24:44
uh denigrate people that he's uh debating with you're saying to me that
24:50
there's more in there and you're just reading me part of he did not take seriously the arguments of those who
24:56
believed Microsoft was too big who belied it was too predatory who believed it was stifling Innovation so you ask me
25:04
about it without reading me the whole thing he came to represent the example of the spoiled narcissistic leader not
25:11
the Innovative entrepreneur this Court ruling finds the
25:16
company guilty of acting as a monopoly and stifling competition Microsoft was
25:21
ordered to split in two but on appeal the decision was reversed Gates has
25:27
since said he was not naive back then and that he made some mistakes even though Microsoft itself was not broken
25:33
up in the way Standard Oil was um the the gold was now tarnished after the
25:40
antitrust proceedings Apple was cool Microsoft
25:47
wasn't after the trial Bill Gates devoted increasingly more time to charity work through the Bill and
25:53
Melinda Gates Foundation after the lawsuit just like Rockefeller and Carnegie Bill Gates went
26:00
into philanthropy to deploy their great wealth for a greater good and so the gates started engaging in some smaller
26:07
scale philanthropy in the late 90s and then in the early 2000s founded their Foundation which was became immediately
26:14
the largest in the world and the goal is by 2040 uh to eliminate this disease so
26:20
the scientists here are part of an incredible exciting undertaking uh that will make malaria history to date the
26:27
foundation has given away over $50 billion Bill Gates has also recruited
26:32
fellow billionaire Warren Buffett and others to make a pledge to give away their wealth as
26:39
well as a philanthropist he's really had this second act that's very different whose Foundation has done extraordinary
26:46
work at scale kind of this massive these massive interventions in global
26:51
Health Bill Gates philanthropy is an example of how many tycoons are extending their reach into other areas
26:58
of American Life they're becoming public figures in a way that exceeds their
27:05
previous reputation as just business people in the 2020 presidential election
27:13
an unprecedented three tycoons ran for
27:19
office I think Americans of 1910 would have had great reluctance to you know
27:25
let John D Rockefeller run for president um and I think that there should be the
27:30
same trepidation about the billionaire dominance of politics
27:36
now but it's not just running for election it's influencing policy as well
27:42
Oil Barons Charles and his brother David KO who died in 2019 are perhaps the
27:47
biggest examples of billionaires using their wealth behind the scenes they have funded some of the most
27:54
conservative politicians in the country so coke money uh is still very much
28:00
attached to taking resources out of the ground uh that often have a negative environmental consequence and so he has
28:07
a very strong interest in limiting any government interference in the
28:12
activities that produce these environmental consequences they've spent hundreds and hundreds of millions of
28:18
dollars supporting candidates who spread lies that climate change is a
28:24
conspiracy these two brothers are trying to by America You could argue that the
28:30
Koch brothers have been two of the most influential political actors in the world in the last 20 to 30 Years yet
28:37
neither of them has ever held an elected
28:43
office the influence over American life also comes thanks to favorable us tax
28:49
laws which have enabled tycoons to build their immense fortunes so a new report reveals the 25
28:56
richest Americans including Jeff BAS Michael Bloomberg Elon Musk they paid relatively little and sometimes nothing
29:03
in federal income taxes between 2014 and 2018 both Bloomberg and Bezos have
29:09
endorsed the call for a corporate tax rise One Way tycoons legally avoid
29:16
income tax is by owning shares in their company instead of taking a salary in 2018 Elon Musk paid no income
29:25
tax after the ensuing outcry he pulled his Twitter followers and chose to pay
29:30
$1 billion in 2021 the American tax system is a
29:36
grotesque thing right now it's amended about 4,000 times a year and of those
29:43
4,000 amendments almost all of them are little favors to
29:48
people congressmen need campaign funds they have a mutual backs scratching
29:53
Society I mean you help me get reelected and I'll help you solve that tax problem
30:02
in 2021 55 of the largest companies in America paid no federal corporate tax
30:09
others have been criticized for not paying enough among them is one company whose
30:14
founder sits just off the top of the rich
30:21
list Amazon now ships 15 million Parcels a day and has 1 1/2 million employees
30:27
across the world [Music] the company dominates online retail and
30:32
this is all thanks to Jeff Bezos obsession with customer service people ask me are your customers loyal to you
30:39
and I always say absolutely right up until the second that somebody else offers them a better
30:45
service and I really believe that Bezos understood from the start that online shopping gave customers much more choice
30:52
but also more power online the balance of power shifts away from the merchant toward the customer it's because
30:59
customers have great information online they can price compare very easily all sorts of things like that also the
31:05
customers can tell each other what they find out so they can use the internet as a
31:10
megaphone 30 years ago Bezos was a banker in New
31:16
York he saw the number of people using the internet then a brand new technology
31:21
grow over 2,000% in a year he realized it was a chance to make his fortune the
31:28
biggest sacrifice which Jeff Bezos took um was of course leaving his career on
31:33
Wall Street he had been incredibly successful in finance by going into this online space which was relatively
31:40
unknown at the time he was taken a massive [Music]
31:54
gamble so the billionaires who really make it big they're the ones who take
32:01
advantage of a new technology and connect their ideas to that
32:09
technology and so he drops out of the Wall Street Rat Race instead moves
32:14
across the country to Seattle because it's got a good stock of software Engineers because Microsoft is in
32:21
Seattle he rented a house and set up in the garage with a door for his desktop
32:26
he wanted to be be seen as you know a uh a Frugal barebones startup that wasn't
32:33
going to waste money in just two months sales at Amazon reached $20,000 per week
32:40
the personal qualities that make a tycoon a tycoon is and thinking very big and thinking very long term Jeff Bezos
32:48
is a great example of that the plan from the beginning was to grow big quick by
32:53
investing everything back into the business his other great insight was that a successful company in the late
33:00
20th century was not a company that made a lot of money but a company that had a lot of Revenue investors would be
33:06
investing in growth that's what they want oh if you look at our us books business
33:13
it was profitable in the month of December of 1998 and that was a critical mistake uh because the management team
33:20
of the company should have been able to figure out and that was me by the way should have been able to figure out that
33:27
the ways to invest that
33:33
money Amazon's success has had a huge impact on Main Streets across the world
33:39
but from the early days when Bezos was mainly selling books he's been
33:44
Unapologetic complaining is not a strategy Amazon is not happening to book selling the future is happening to book
33:52
selling it's not just bookshops now with around 12 million products sold by
33:58
Amazon all areas of the retail sector are under [Music]
34:04
threat Amazon have very aggressively gone into more and more sectors this of
34:10
course isn't a sign of the future at all it's a sign of Jeff bezos's Ambitions
34:17
and also his continuous drive for
34:22
[Music] growth like most tycoons Bezos has kept
34:27
kept his family life private that is until 2019 when he
34:33
divorced his wife McKenzie she is now the fourth richest woman in the world and he's living a
34:40
more celebrity lifestyle he now lives a much more Hollywood oriented lifestyle brought
34:46
about an extraordinarily expensive home in La his new girl friend Lauren Sanchez
34:53
was a model before becoming an entertainment reporter and news anchor he now has yachts in St Barts where he
35:00
hosts models and celebrities you can find him jetting all over the world he's
35:05
constantly found in designer clothing with his new girlfriend and generally living what is called a more Jet Set
35:12
billionaire lifestyle many have said that they believe that Bezos might be having a
35:18
midlife crisis something's definitely going on with beel
35:28
[Music] money take it to the I just lety got a lot of Zer
35:37
on but some tycoons go beyond buying yachts and supercars with their unlimited spending
35:45
power newspaper Tycoon William Randolph Hurst the man on whom the classic film
35:51
Citizen Kane was based built his wildly extravagant Hurst Castle in California
35:57
it was packed with unusual antiques here's the original itself as the $50
36:02
million Hurst art collection goes on sale articles from 35 to
36:08
$200,000 15,000 objects in all spread over 80,000 ft of floor space the fruits
36:15
of 50 years of search for art Treasures eccentric business tycoon
36:21
Howard Hughes spent his billions building record-breaking aircraft builder of the monster Howard
36:27
Hugh stormy petrol of Aviation surveys the 320t wing of the Colossus whose
36:32
weight is 200 tons and whose length is 200
36:38
ft there are tycoons now with ambitions beyond the material world the
36:44
billionaire co-founder of PayPal Peter teal wants to live forever he plans to freeze his body
36:51
after death so he can be brought back to life when the technology exists
37:01
others don't just want to save themselves they want to save the planet
37:06
we have sent robotic probes now to every planet in the solar system and we know without any shadow of a doubt that Earth
37:13
is the best one this is the best
37:20
Planet Jeff Bezos and Elon Musk they certainly have a dream they want to explore space both men want to use space
37:29
to solve Earth's [Music]
37:36
problems Bezos plans to tackle climate change by moving heavy industry to the
37:41
Moon Elon Musk wants to secure the future of mankind by colonizing
37:48
Mars history fundamentally Bates in one of two directions either we um are a
37:53
multiplet species and out there exploring the stars or we are single planet species waiting around for some
38:00
eventual Extinction event we need those bold ideas and big thinking at the same
38:06
time the idea that colonizing Mars is the better answer than attending to the
38:13
problems on Earth is related to believing that technology can make
38:19
things better we can engineer our way out of a problem whether it be climate
38:24
change or social inequality or disinformation on the internet that there must be a better
38:31
fix sometimes the answer isn't always more technology these men are driven by a
38:39
sense that they are right that they know what others don't know and they don't see their own
38:44
shortcomings they don't see their own [Music]
38:52
limits this is especially true in the age of social media where the rapid develop velopment of new technology has
38:59
led to unintended consequences social media has changed
39:06
everything about modern society we now live our lives
39:16
[Music] online Facebook which also owns
39:22
Instagram and rebranded under the name meta has connected almost 3 billion people over a third of the world's
39:30
[Music] population I mean the mission of a company is to make the world more open
39:36
and connected because we believe that um you know everyone is going to have a much better experience when they're
39:41
doing different things with their friends the problem is is that it is a platform that has prioritized more
39:48
inflammatory content privileging the loudest voices in the room and that
39:53
contributes to polarization as head of the company in 2018
40:00
Zuckerberg was called before Congress to address mounting concerns I think it's time to ask
40:06
whether Facebook may have moved too fast and broken too many things Facebook has
40:11
grown so big so fast that much influence
40:16
comes with enormous social responsibility of which you have fail to
40:23
act he can't control the ills of society he can't control online harm but it's
40:29
clear now that we didn't do enough to prevent these tools from being used for harm as well and that goes for fake news
40:36
foreign interference in elections and hate speech as well as developers and data
40:41
privacy we didn't take a broad enough view of our responsibility and that was a big mistake and it was my mistake and
40:49
I'm sorry I started Facebook I run it and I'm responsible for what happens here
40:59
the overwhelming evidence is that uh Mark Zuckerberg sees the world only through Facebook's eyes that uh he
41:06
believes his company has the right to do what it does because it's popular uh he's shown very little evidence of
41:13
really taking seriously the concerns people have about hate speech uh about data
41:18
mining your every click and everything you do and everything you look at that is data and that data is being taken in
41:26
and being used to sell ads to advertisers but in doing that you are
41:31
you don't know how much privacy you're surrendering or how much they know about
41:38
you the rise of Facebook has been astonishing but it's Origins were very
41:46
modest in 2003 while still at Harvard Zuckerberg wrote the software for
41:52
Facebook in a week it was an immediate hit I remember in the first week alone
41:59
I'd come home from classes and see that 10% of students at Harvard were logged on at any one point in time and that was
42:06
just really cool so then by the second week we had all these people from other colleges around us like MIT and and
42:12
other colleges I'm in the neighborhood were were emailing in asking if we could release Facebook at their schools too he
42:20
dropped out of Harvard moved to Silicon Valley launched Facebook worldwide and
42:25
within a year hit 5 million users Mark Zuckerberg of course turned
42:30
down various offers um to sell his company the hardest one was really when
42:36
Yahoo offered us a billion dollars uh because that was the first really big offer and um you know at the time I knew
42:43
nothing about business right so I I knew nothing about what a company would be worth and I had to make this argument to
42:48
people that somehow this was going to be the right decision tycoons go against
42:54
the conventional wisdom they always want to get rich but it's it's the idea the passion that often separates the tycoons
43:01
from other business people when he floated Facebook on NASDAQ age 28 he had gone from a student
43:08
to being worth $20 billion in 7 years on this special day on behalf of
43:16
everyone at Facebook I just want to say to all the people out there who use Facebook and our products thank you but the
43:23
phenomenal growth of Facebook continued to bring a raft of UN intended consequences the problem now is that all
43:30
these platforms nearly all of them are so large that they're impossible to moderate they simply can't be this big
43:37
and have either human or computer-driven moderation that is effective Facebook is in a lot of
43:44
trouble right now I don't think the government will shut Facebook down but I think they will will intensively
43:50
regulate Facebook and break it up at the end of 2021 Facebook user numbers
43:55
dropped for the first time as users found fresh Alternatives Zuckerberg rebranded as
44:02
meta and announced Grand plans for a virtual reality metaverse hoping to lure
44:07
them back markets weren't convinced though and meta lost a quarter of its value in
44:13
just one day in early [Music]
44:22
2022 social media platforms have changed the way we interact riding the
44:27
smartphone Revolution platforms including Twitter Snapchat YouTube and
44:33
Tik Tok have accessed billions of users across the world social media has uh
44:39
taken us beyond the world of newspapers and and radio where the more you circulated something the more you could
44:45
sell you could make millions now with social media you can instantly make perhaps billions because you can reach
44:52
more people more quickly at lower cost
44:58
Twitter founder Jack dorsy is worth $6.6 billion Snapchat Creator Evan Spiegel is
45:05
worth $7.8 billion as well as turning these entrepreneurs into hugely powerful
45:11
billionaires social media has also given unprecedented power to influencers who
45:17
know how to harness it to create their own fortunes
45:24
[Music] Kim Kardashian has risen from nowhere
45:31
using reality TV and social media to become one of the most famous influential and wealthy people on the
45:38
globe Kardashian was kind of famous for being famous she was a friend of early
45:43
reality TV star Paris Hilton and then this reality show
45:50
Keeping Up with the Kardashians really kind of put her and her family on the W The Wider map map of
45:57
popular [Music]
46:05
culture I can't even deal with my mom doing a keg stand like there are no
46:10
words the show Keeping Up with the Kardashians ran for 20 Seasons I need someone to make me laugh
46:17
where's kimim it followed the lives of mom Chris and stepdad Bruce Jenner along
46:23
with their kids [Music]
46:29
the celebrity at bought her allowed her to promote company's products and this is like one of the
46:34
stores that I love to come to and it just has like all different styles I come with my two my Yeah my two sisters
46:41
there's so many I get a mom mixed up and we always we have such different styles and we always find stuff at intermix
46:48
that fit all of our personalities yeah Kim Kardashian is someone who's leveraged social media to make her
46:53
fortune in really kind of clever ways that have been extremely influential where you establish a following you have
46:58
a certain level of celebrity and so you start selling things her next step was to start selling her own Brands using
47:05
honest demonstrations of her products on social media I always had so many products and I just wanted like a little
47:12
defined kit of all of my favorite products that could just be really easy I always do the tip of my nose cuz it
47:19
just shortens your nose and makes it look so cute many of the beauty trends that have
47:24
emerged in the last 10 years have come from Kardashian her followers are women who
47:30
want to be like her she's got u a beauty company kkw
47:35
Beauty with cosmetics and then um perhaps her most valuable um creation
47:42
has been this body Weare shapewear company called
47:47
skims the skims body wear company is now valued at $3.2 billion it's kind of like
47:53
an idea Factory she comes up with the idea she outs sources the manufacturing of somebody else she does the marketing
48:00
on her social media and there you have it next thing you know she's a
48:07
billionaire Kim Kardashian now has 280 million Instagram followers making her
48:13
one of the most influential people in the world of fashion and Beauty but running a business driven by a social
48:20
media star can be tough if it's hard to stay relevant I mean one of the things about being on social media being a
48:27
social media Stars you got to give your viewers something new and different to see and ogal about so I imagine she'll
48:34
keep Reinventing herself and creating new companies she's young she's only 41 years [Music]
48:45
[Music]
48:53
old the American dream was built on the back of Tycoon and their groundbreaking
49:00
[Music] ideas few Americans begrudge them their
49:08
success but in recent years the size of their fortunes has caused increasing concerned about wealth disparity the
49:15
public perception of billionaires has changed very drastically they were once seen as
49:22
figures of American Pride but now we know how much tax they pay and and how much they're putting back into the
49:28
economy we will see the level of wealth continue to flow to the billionaire
49:33
class we have long been a very unequal Society but two things have changed one
49:39
the disparities in wealth are so evident they're so obvious we see on social media and elsewhere how other people
49:46
live so it's in our face and even more important there's a concern about Mobility people will accept inequality
49:53
if they believe they have a chance this is the American dream right in American society today that's less and less
49:59
true the wealth gap between America's richest and poorest families more than doubled between 1989 and
50:07
2016 the challenge of Our Moment is that everyone sees a need for better regulation of wealth but the people who
50:14
are in a position to make policy decisions are very dependent on the wealthy and so they have a disincentive
50:21
to make those changes but I think it's going to require much broader political imagination um thinking rethinking this
50:28
sort of same question that that um American lawmakers grappled with in the early 20th century which is how do we
50:35
find a way to balance capitalism with the needs of a broader public whether governments find a
50:42
solution to the wealth Gap remains to be seen however there's no doubt tycoons
50:47
will continue to drive the American dream the United States still has
50:54
enormous opportunities enormous resources enormous talent and an
51:00
enormous will to get ahead and I think that'll see us through in fine
51:07
shape well there will be many many more tycoons in the future doing what tycoons
51:12
of the past have done taking new technology finding a new market for it and building their fortunes and fame
51:19
based on them and that's a healthy thing that's how Society changes and evolves
51:26
[Music]
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165 Comments
rongmaw lin
Add a comment...
@UltimateJellyG30
1 month ago
Putting Kim in this video is just insulting at this point
65
Reply
5 replies
@luckyskivvy6077
2 months ago
Breaking Standard Oil inadvertently increased Rockefeller's wealth. Its like how stock price explodes after a split. The new "cheaper" price attaches buyers and increases demand. The broken pieces exploded in value but as a collective remained Standard Oil.
56
Reply
2 replies
@user-yu8og2ur5h
2 weeks ago
Я поважаю людей, які працюють проти реклами проти гадів а тільки на себе.
4
Reply
@luckyskivvy6077
2 months ago
The American dream is a home, family, financial security, peace, and plenty of leisure time. How much of the American dream do billionaires get after working long hours and solving massive problems? SkipBezos and Zuckerberg... you'd spend decades grinding away.
21
Reply
@DennisSimplifies
2 weeks ago
Great content
3
Reply
@airflowautoparts3047
2 weeks ago
Unfortunately, Walmart’s higher ups, don’t care about their employees and their customers and looked at as cash cows
4
Reply
@bayokoebi9351
1 month ago
The Kardashians are the main recipe for disasters
9
Reply
1 reply
@Projectendless854
1 month ago
Becoming a millionaire seems easy you just need to find what to do then do it that easy but why is everyone not that wealth
14
Reply
1 reply
@tedrosmehari8812
1 month ago
The American Oligarchs
13
Reply
@patriciawolf8121
8 days ago
700 billionaires and this country is in debt????? WTH is wrong with this ? And probably none of them pay their fair share of taxes.
5
Reply
@AfiDeSouza-qf6nf
13 days ago
They have the Power of the brain when its comes to making money.
2
Reply
@SalmanovGadzhimurad-pj9qq
10 days ago
Marina Bay Sands — интегрированный курорт с видом на залив Марина-Бей в центральном районе Сингапура. На момент своего открытия в 2010 году он был объявлен самым дорогим автономным казино в мире стоимостью в 8 миллиардов долларов, включая стоимость земли -мечта его было там побывать и отдохнуть
2
Reply
@aniekanakpanamasi4635
1 month ago
What about Google founders?
10
Reply
@airflowautoparts3047
2 weeks ago
Kim K looks better without makeup
4
Reply
@azukaorumgbe7856
3 weeks ago
The benefits of capitalism
3
Reply
@spybaz
2 months ago
The American Dream: Reward greed and victimize the poor
US Capitalism: Greed required; charity abhorred
18
Reply
2 replies
@sayedbilalsadat-me9uj
5 days ago
Great documentary! However, identifying the beneficial owner of a business is a global challenge and very difficult. The people we see are not the true owners; they're just employees. The real owners, who stay hidden, have built the business with their help. These hidden owners may not be visible to us, and their goal might be to control the world through these public figures.
2
Reply
1 reply
@RoseBeeGold
2 weeks ago
wow wow wow
3
Reply
@brittanyb5942
1 month ago
I wish y’all would stop praising Kim K!
4
Reply
@antonyfrancis3247
20 hours ago
Dreams are different from REALITY.
Reply
@monneyconde2676
1 month ago
i don't get it, everyone says try and fail its ok. but when elon tries and fails its like the worst thing that ever happened on earth by the critics
3
Reply
@AudaxLwekamwa-kt6eg
2 months ago
I've got to admit i enjoy and love ur stories #documentaries
Very smart
Good contents
Good story telling
Keep up the good work
10
Reply
3 replies
@karljensen893
3 weeks ago
Peter .. Elon .. and others are feathers .. trump is a hair that can be cleaned of easily .. feathers you pluck. A Hannibal lecture .
1
Reply
@SarLucky
1 month ago
do you bleam me for this song lyrics
2
Reply
@pavanhurkat
8 days ago
They forgot to add Google founders
1
Reply
@jhondelv8891
1 month ago
Correction money is political power.
3
Reply
@MF-kr4hf
1 month ago
Takin' Er' Money!!
2
Reply
@high_maintenance
1 month ago (edited)
This was great but you left out Ross Perot ️
2
Reply
@alext802
2 months ago
9:45 talk about boot licking lol
3
Reply
@official_python.oglife2154
1 month ago
51:08...... and one of them is me watching them blueprints, i can see them errors from legends
2
Reply
@user-yu8og2ur5h
2 weeks ago
Не знали, перевірити інформацію про всі інші просто
2
Reply
@daniellouis3453
12 hours ago
I have been working for a company for 20 years and I'm very poor
Reply
@besimkanapari8819
10 days ago
Meanwhile Saudi families laughing at this video
5
Reply
@vladracul40
2 months ago
That's Right - A VISION OF NEW IDEA AND THAT IDEA IS - TOTAL CONTROL OF EVERITHING EVEN THE LAW .
3
Reply
@johnpatrickoldfield534
10 days ago (edited)
Theres no ways profitable companies dont pay tax. The tax authorities would be all over them.
1
Reply
@parmanandmahabir.
12 days ago
The housing market must be de regulated to bring back our econoomy.
1
Reply
@trevortucker1
2 months ago
Steve Jobs?
5
Reply
@markcollins7765
1 month ago
Wow! I read many of the comments on this video. All I read are on point.i guess the bottom line is that Americans are sick and tired of being swindled. Lied to, financially rapid, look at a arrogant boss that doesn't make a GD thing! Really.
Many make a good take home salary while you're being paid a wage to barely get by.
I did not view the entire video as I posted this. But, I have to make note of at least 2 things. There was a movie in the eighties "who killed the electric car". The three major American car manufacturers ruined this man and his family.
Second point is that a few of these "tech billionaires" got their money via government support. You should have spoke to that fact. Oh, on another note.. may would have been nice to make a reference to eugenics with Bill Gates dad and link it to Africa philanthropy efforts.
4
Reply
@CHMichael
4 weeks ago (edited)
Are they trying to make the world a better place and did they pay their workers or is the money squeezed from desperate people. ... like Walmart.
22:55 letting out that bill didn't write what made him rich.
2
Reply
@MF-kr4hf
1 month ago
Horrible how we all have nothing so a few can have it all..
2
Reply
@sanethehappypill
2 months ago
Stock price wealth is a scam
9
Reply
1 reply
@airflowautoparts3047
2 weeks ago
This old thinking; however, in my opinion, when a small business becomes either a tech or retail giant, over time (decades), that giant loses touch from where it came from. Higher ups need to come back down to where it all started as a constant reminder of what it was like to be in the struggle and be a customer again
2
Reply
@Jacob_S13
1 month ago
Guy is having fun - "midlife crisis" xD
Srsly, bums are ridiculous nowadays
3
Reply
@hungo7720
3 weeks ago
Those immensely wealthy tycoons are driving the economic growth of the burgeoning US economy. They embrace a new era of technology and capital inflows.
2
Reply
@dmimz7691
2 months ago
I can’t believe people still go on FB.. that was so like 2000s .
6
Reply
2 replies
@Desperado070
2 months ago
Exactly that, everywhere around the whole you see the professionals owning most of the money.
In amurica all the clowns are rich, actually I feel bad for them.
4
Reply
@marklim5822
1 month ago
In the meantime, meta has ripped 6 times from the lowest in 2022
1
Reply
@francisvic6766
2 months ago
The end
3
Reply
@franciscopadilla1878
1 month ago (edited)
When are you guys going to give me my fair share or my credit for thinking of these things that Elon musk and bill gates did if you don't even let me work with my hands?!
3
Reply
@lewisstreet7266
1 month ago
The worst person among these tycoon monsters is Jeff Besos !,,
2
Reply
1 reply
@user-pi6ym2kj7w
1 month ago
What did Kim create
3
Reply
1 reply
@Gman979
1 month ago
Funny how you don't call them oligarchs. Wtf
2
Reply
@user-yu8og2ur5h
2 weeks ago
Це ви зробили все проти нас з коханим Гамданом Аль Мактум.
2
Reply
@pranavpatil2242
2 months ago
Could anyone help identify the background music played from 2:10 to 2:30?
1
Reply
2 replies
@lhet8266
2 months ago
Can somebody please tell the guy in green shirt to sit up straight and stop slouching
2
Reply
@airflowautoparts3047
2 weeks ago
Soooo, really… whom runs the country? The billionaires or government
2
Reply
@theordinarychannel9334
2 months ago
excellent piece but can somebody tell me what Ronald Reagan hasn't ruined for America ?
3
Reply
1 reply
@karljensen893
2 months ago
254 Bn for Musk .. doubt it .. Tesla he owns 10% and stock not doing real well. He has his hands in Uncle Sam,s pocket. X plenetive deleted.
9
Reply
4 replies
@Danaadiong
1 month ago
Thats what he say to me revenge of the nerds
1
Reply
@s_u__p
2 weeks ago
Who is the woman? Somebody enlighten me who's this billionaire woman is?
1
Reply
@mariasfich
13 hours ago
Darling, richest country in the world is Luxembourg.
Reply
@nikolamusk5754
1 day ago
The Barons of Greed
Reply
@user-yu8og2ur5h
2 weeks ago
Що головне, щоб не було викідів в порівнянні гази, щоб людина не дихати газами від автомобіля..
1
Reply
@wealthmakingg
1 month ago
I created this youtube channel as a side hustle to be a YouTube tycoon but I've just 7 subscribers
Reply
1 reply
@lshaps46
14 hours ago
How can she be put in the same group of people as Bill Gates and Jeff Bezos? This ruined the documentary's quality.
Reply
@sawsanzeyada4869
2 weeks ago
Tycoon hamza tycoon Mohamed tycoon amr
Tycoonshahd tycoon
Reply
@berkleystreetcapital3588
2 months ago
Jensen Huang?
2
Reply
1 reply
@ezekielalkhabeer7084
2 months ago
40:45
1
Reply
@SarLucky
1 month ago
Cos me l live Vailage
Reply
@user-yu8og2ur5h
2 weeks ago
Я ніколи не робив погане проти людей
1
Reply
@user-yu8og2ur5h
2 weeks ago
Він зробив автомобіль від гадів в себе. Такі люди розумні, проти гадів.
Reply
@user-yu8og2ur5h
2 weeks ago
Це звичайно не знали, що можна зробити все можливе для всіх країн світу
Reply
@johnkurtz3462
1 month ago
Toa trading
Reply
@ShyamuGotham-x4y
3 weeks ago
Reply
@odyssey37
1 month ago
Those who can't make it criticize those who did
2
Reply
@MartinaPaulinodelarosa
1 month ago
Libinng unted 50
Reply
@user-yu8og2ur5h
2 weeks ago
Я не раз казала що проти мене ніхто не буде красти під себе в
1
Reply
@user-zr9sv3zp4h
2 weeks ago
Y THE LIFE GAM VERY CAREFULLY AND GET RID OF ALL JEALOUSY PEOPLE LIKE WORMS ?
Reply
@user-yu8og2ur5h
2 weeks ago
А це правда.
Reply
@user-yu8og2ur5h
2 weeks ago
Я просто дивлячись бачу, хто на що робить для людей
Reply
@LUCCY308
1 month ago
0:52
Reply
@user-yu8og2ur5h
2 weeks ago
Я хочу сказати що я завжди за справедливість і талант, які крадуть інформацію проти людей
Reply
@user-yu8og2ur5h
2 weeks ago
Він зробив автомобіль без ніяких проблем і викидів
Reply
@user-yu8og2ur5h
2 weeks ago
А це правда
Reply
@bpt13242
2 months ago
So if Peter Thiel dies nd gets to da other side n realise it's more nicer there dn here,wtz he gonna do coz he "froze" his transport dis side.some people r overthinkers
Reply
@edwaldocamargo4387
1 month ago
Deus Deus piedade piedade piedade para essa gente muito muito boa ️
Reply
@daviempambani4745
1 month ago
It's pronounced "bay-zos" not "Bee-zos" someone tell her she drives me insane of how she pronounced Jeff's last name!
Reply
@AnastasianKainova
2 months ago
популярные и богатые одновременно ужасные люди
Reply
@user-yu8og2ur5h
2 weeks ago
А крадуни крали все під себе, коли я особисто опубліковано в мене
Reply
@user-yu8og2ur5h
2 weeks ago
А це я виставляю для всіх країн світу..я іра
Reply
@user-yu8og2ur5h
2 weeks ago
Я навпаки виставляю все для людей, які працюють проти нас в інтернеті
Reply
@user-yu8og2ur5h
2 weeks ago
Я вам казала що проти мене ніхто не буде красти під себе в мене, зрозуміло всім гадам в інтернеті
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@user-yu8og2ur5h
2 weeks ago
Маск молодець, він зробив таке, що ніхто не повинен перевищувати свої сили в інтернеті
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@R.K146
1 month ago
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@user-yu8og2ur5h
2 weeks ago
Дихання газами в любій країні світу..це є отруєння всіх людей, щоб ви знали..
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@user-yu8og2ur5h
2 weeks ago
Я не розумію, я вам відкриваю очі, а ви робите проти мене
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@user-yu8og2ur5h
2 weeks ago
Я просто дивлячись попереджаю вас ніхто не буде красти під себе в мене в
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@abbikola8719
1 month ago
Criminal idiology of exploration bn dominant players, seen same colour race and.....faces ??
Proverb, the Land whom has nothing, but feeding the land seems milk and honey, in hunger ️
*Quote for brain games among of we humans ️
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@lighthousesaunders7242
2 months ago
You misunderstands Musk completely. He was and is trying to change the world in a positive way. Starting a space is a very unlikely way of getting rich. Similarly, only two US car companies have never gone bankrupt. What Musk has done is undeniably remarkable in a way that doesn't apply to these other subjects.
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@kilogrammountain3453
1 month ago
Why putting kim kardashian she even not a smart like this legit billionaire
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@alvarogarzon3032
1 month ago
700 billionaires in the US, a country where homeless people are criminalized. The 'beauty' of plutocracy.
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@ElonMuskDailyLife
1 month ago
Elon Musk the Boss
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@EddieMakuwa
8 days ago
Best sound from South african MxX 🫡
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