Tech Time Podcast 8 – Facebook Faces Class Action Suit and Every New Android Phone

Facebook Faces Class-Action Lawsuit Over Massive New Tech Hack

https://yro.slashdot.org/story/18/09/28/233249/facebook-faces-class-action-lawsuit-over-massive-new-hack

* hacker exploited a security flaw in a popular feature of Facebook to steal account credentials of as many as 50 million users.

* a class-action lawsuit has been filed on behalf of one California resident, Carla Echavarria, and one Virginia resident, Derick Walker. “Both allege that Facebook’s lack of proper security has exposed them and additional potential class members to a significantly increased chance of identity theft as a result of the breach,” reports The Verge.

* From the report:The lawsuit was filed today in U.S. District Court for the Northern District of California. The complaint alleges Facebook is guilty of unlawful business practices, deceit by concealment, negligence, and violations of California’s Customer Records Act.

* The plaintiffs want statutory damages and penalties awarded to them and other class members, as well as the providing of credit monitoring services, punitive damages, and the coverage of attorneys’ fees and expenses.

FBI Forced Suspect To Unlock His iPhone X Through Face ID
https://apple.slashdot.org/story/18/10/01/1438241/fbi-forced-suspect-to-unlock-his-iphone-x-through-face-id

* In what may be a world first, the FBI has forced a suspect to unlock his iPhone X using Apple’s Face ID feature.

* Agents in Columbus, Ohio entered the home of 28-year-old Grant Michalski, who was suspected of child abuse, according to court documents spotted by Forbes.

* With a search warrant in hand, they forced him to put his face on front of the device to unlock it. They were then able to freely search for his photos, chats and any other potential evidence. The FBI started investigating Michalski after discovering his ad on Craigslist titled “taboo.”

Swiss Chalet, Harvey’s, other big chains hit by ‘malware outbreak’
Recipes Unlimited – owns many large canadian restaurants (1,400 locations; Swiss Chalet, Harveys, Milestones, Montanas, East Side Mario’s…) were hit with malwear on Friday.
* The restuarants cannot accept credit or debit (cash only).
Many restaurants are closed a few have remained open but with limited services.
* Can/will malware cause bigger issues in the future?

Here’s every new Android phone being announced in October — it’s going to be a busy month
Oct 3 – LG V40 THINQ, NYC & Seoul Korea.
Small notch and Boom Box speaker.
Oct 4 – Nokia 7.1 Plus, London
Oct 9 – Google Pixel 3, XL & mystery phone? NYC
Oct 10 – Razer Phone 2, Hollywood
Made for gaming.
Oct 11 – Samsung Mystery Phone
4 cameras?
Oct 16 – Huawei Mate 20 & Mate 20 Pro
Water drop notch; In-display fingerprint sensor, triple camera setup.
Oct 17 – OnePlus 6T
Water drop notch, in-display fingerprint sensor, T-Mobile
Google reportedly pays Apple $9 billion per year to stay the default search engine in Safari on iOS
Rod Hall @ Business Insider estimates $9B for 2018 and up to $12B for 2019.
Is this worth it?
Siri already uses Bing when it searches the web.
How would Apple users feel if they get Bing results? Is Google still King?

Some iPhone XS Owners Await Charging Issue Fix in iOS 12
* Some shiny new XS and XS Max phones won’t charge when the screen is off. It only resumes when the screen is tapped awake.
* People have woken up to an uncharged phone after having their phones plugged in all night. This could be bad for people who depend on their phones and don’t have a place to charge.
Some think this could be a simple fix with an IOS update.

Tesla Settles with SEC – Stocks Rebound
https://money.cnn.com/2018/10/01/technology/business/tesla-stock/index.html
https://money.cnn.com/2018/09/27/news/companies/elon-musk-sec-tesla/index.html
https://www.thisisinsider.com/sec-says-elon-musks-420-price-point-was-a-weed-reference-2018-9
Background – Aug 7 Musk tweeted, “Am considering taking Tesla private at $420. Funding secured.” Sent the stock soaring 11%.
SEC claimed the funding was not secured, nor was there any talk with anyone about a $420 price. Claim the 420 was a weed reference to impress his girlfriend.
Tesla Stock then dropped 11% and another 14% last friday.
Tesla settled with SEC.
Fined $20m, two new independent board members, Must to step down as Chairman of the Board but stays on as CEO. Doesn’t have to admit wrong doing.
Stock Prices soared 17% almost wiping out any loss from Friday.
Current stock price is $306.5; stock before tweet was $342. 10% less.

Tesla Reports an Upturn in Production

Tesla produced 80k cars in 3rd quarter (53k of them were Model 3s).
Tesla’s goal was to produce 5k model 3’s a week (4,417).

Tesla uses Brand Loyalty to Deliver Record Number of Model 3’s
Tesla has achieved its goal of manufacturing 5,000 Model 3’s a week.
Now 5th fastest selling vehicle only beat by cheaper Camry, Corolla & Civic
Now in Logistic Delivery Hell
Volunteer Model 3 owners helped deliver and orientate thousands of new Model 3 owners on the Weekend to deliver almost 12k cars (8k model 3s) for quarter end (can only count a sale when the car is in the owners hands).
Free labour on delivery and orientation.
Excitement and advice from a current owner.
Tesla is now manufacturing Semi Trailers to ship the Model 3 as there is a shortage.

Half the World Is Now Middle Class Or Wealthier, Says Brookings Institution

https://news.slashdot.org/story/18/10/02/052252/half-the-world-is-now-middle-class-or-wealthier-says-brookings-institution?utm_source=rss1.0mainlinkanon&utm_medium=feed
Something of enormous global significance is happening almost without notice. For the first time since agriculture-based civilization began 10,000 years ago, the majority of humankind is no longer poor or vulnerable to falling into poverty. By our calculations, as of this month, just over 50 percent of the world’s population, or some 3.8 billion people, live in households with enough discretionary expenditure to be considered “middle class” or “rich.” About the same number of people are living in households that are poor or vulnerable to poverty. So September 2018 marks a global tipping point. After this, for the first time ever, the poor and vulnerable will no longer be a majority in the world. Barring some unfortunate global economic setback, this marks the start of a new era of a middle-class majority.

Contact us: techtimeshowpc@gmail.com

Twitter: @techtimeshowpc

Show Transcript:

[Music]
welcome back to podcast number eight I’m
tech time I wanted to go over today what
we’re gonna talk about Facebook is
facing a huge class-action lawsuit over
a massive new hack the FBI forced a
suspect to unlock his iPhone X through
face ID swished la Harvey’s another big
chains hit by malware outbreak here’s an
every new Android phone beginning in
October that’s going to be announced so
we’re going to talk about each one of
those it looks like Google is paying
Apple nine billion dollars per year to
stay as their default search engine and
some iPhone 10s owners are having some
charging issues so that’s what we’re
talking about today are you doing over
there Matt I’m doing really good you
also forgot the big news of the week
which is Tesla we’re gonna talk about
the the settlement with Elon Musk and
SEC so we’ll try to cover that too I’m
looking forward to it and Hunter we can
go you know what it was pretty good I’m
trying to remember oh man it was really
busy I was up in Fort McMurray and I was
dealing with her condo board and didn’t
get home until like late Saturday night
so you know busy doing community service
how about you then for those of you that
don’t know Matt’s condo burned down in
the great fire of 2017 yes Fort McMurray
and so now he’s still paying a mortgage
but there’s no condo is that right it’s
you know there’s a there’s a lot of
victims and you know it’s it’s I don’t
want to draw parallels to the terrible
tragedies that happened with the
Hurricanes like the ones that devastated
were Tirico but just like the initial
response or reports saying what the the
damage is done from the Hurricanes the
number of fatalities it’s the same as it
grows exponentially over time as the
effects kind of snowball and domino you
know
I think it went from 37 people or
fatalities from puerto rico’s hurricane
to now thousands well for MacMurray
thankfully there were no fatalities but
the financial devastation is continuing
to roll on and it’s because peoples
insurance deserve running out it’s been
two and a half years and a lot of people
are foreclosing and that’s kind of the
unexpected results from these terrible
tragedies you think you have insurance
and you do it just turns out to not be
sufficient for that level of of a
tragedy and wildfires so you know things
I’m learning but that’s not what this
podcast is about get insurance everybody
and make sure you’ve got lots of it
don’t let your condo burned down well
this weekend I went to a bachelor party
and we played this ridiculous game about
farting have you heard of it it’s like
you know like a board game kind of like
Settlers of Catan but yeah you get
points for farting and it was disgusting
the Yetta isn’t like pull my finger all
the way but Settlers of Catan but hardly
anything about technology there let’s
get into our first story probably just
horse farting dad is there’s this big
risk there’s very big risk just like the
risk Facebook when they got a
class-action lawsuit against them I
guess they had a hack and 50 50 million
users were exposed so some people in
California were pretty angry about this
we went ahead and filed a lawsuit over
it
did you hear much about this man you
know what I did hear a little bit about
it but I don’t know many of the details
tell me a little bit about that
like you said 50 million users users and
it has something to do with the popular
future and allowed a hacker to steal
account information from 50 million
people now if you think about how many
people actually are on Facebook
I mean billions I literally have a
billion users a month that are active so
it’s a small small pool of people but
you know it could have been you it could
have been me it was apparently one of
these people in California that realized
that their information had been
compromised and you know I think we
forget how much we trust these companies
that are giving us free online things
like Facebook with our private
information that’s right our
conversations with loved ones or
business partners they’ve got all of
that in the messenger or on your walls
so there’s quite a bit of information
that can be compromised well you know
what they say when you’re not buying a
commodity you become the commodity and
if I remember right from when I was
reading about the story earlier it was
tied into the future the feature on
Facebook where you want to view your
profile so I believe they said if you
had clicked on the view my profile to
see what it looks like to other people
within the last year you’re one of those
50 million users that got hacked
how interesting well it’ll be their
stock went down quite a bit a few days
ago and it was exposed the stock really
hasn’t been doing that well in this past
month really a lot of ups and downs but
it’s hovering around 165 this week which
really isn’t that great for a tech
company compared to how they had been
doing in the past I mean they started
out at like $17 a few years ago so I
remember you bought some of that stock
here you still holding it nope increased
so also this week the FBI for the first
time forced someone to unlock their
phone with face ID this is controversial
because before people were screaming and
hollering about unlocking a phone with
your fingerprints and whether or not
that was right for the police to do and
it’s even easier for them to get a
picture of you or just to flash your
phone towards your face and should that
be allowed what do you think about that
man
well you know I guess it depends on the
state and the promise that they’re in I
I know that different states have
different rules on being able to access
your personal information I don’t know
if you actually need a subpoena or a
court order to be able to open
somebody’s phone it might be considered
the same in some states if not all of
the states is entering into somebody’s
home
now some people I know certain troopers
have the right to search vehicles and
perhaps cell phones because they’re on
your person can be part of that because
they can also search you as well so I
really don’t know enough about the law
of that the interesting thing about
forcing them to use the face ID face IDs
actually really quite secure on iPhones
because it uses that infrared system
where it shoots those thousands of
little dots all over your face it’s a
three-dimensional scam that it does
instead of just a picture so some of the
less secure ones like I believe oneplus
you somebody was able to hack it with a
picture
I think they’ve gotten better and more
secure but by no means are they as
secures face ID on the iPhone tens well
talking about security I remember when
the when it first came out the face ID
and somebody his mom just pointed it at
her face and even though it was her son
with the phone it unlocked it because
they have learned facial facial
structure I mean this is you know one in
a million kind of things so it is secure
but you know if you have a relative that
looks similar to you you might be out of
luck by going back to the implications
of the police using this in this case
this actually happened in Ohio yeah and
it looks like they had a search warrant
on handle and so that’s absolutely yeah
I don’t see any problem with that as
long as they’re following the laws of
the state and the and the federal laws
if they have a search warrant by all
means if they can open it you’re there
and there’s biometrics involved you
should
open it or else you will be seen as not
cooperating with the law and it could be
worse for you well it’s just interesting
right because if you instead chose to
have a numeric password you can just say
no I’m not going to give you the
password and they can’t force it out of
you what if you said I forgot yeah and
but if they hold it up see you would say
yeah they’re gonna open it up so if you
have things on your phone that you want
left secure whether it be bank records
or whatever
probably best to do a numeric number one
thing that is interesting is the more
numbers you have the more secure it is
and so really you shouldn’t have a floor
number password mine is about 15 number
they’re all random and it’s it’s not
that there’s anything you know unruly or
unsavory on my phone I just you know if
somebody pulls me over I don’t want them
to go through it so I feel like I have
the right to do that and I choose to opt
out of face ID and now my touch doesn’t
even work on my iPhone yeah you’re
telling me your fight your fingerprint
didn’t work you said that last week so
yeah I totally get where you’re coming
from I personally like the biometrics
because they’re fast um like my
fingerprint is fast and I think the in
the future the way things are going is
actually just might be DNA so they might
be like here lick your phone but as long
as it’s tasty so Swiss Chalet and
harvey’s and other big chains were hit
by a malware outbreak so for our
American users Swiss Chalet is a
delicious place that we don’t have here
that serves quarter chicken meals for
like under $10 yeah any Kenny Rogers
roasters yes still around I don’t know
they are but it’s delicious
I love Swiss and they have great gravy
and and you know people will try
anything to get their gravy to taste
like it but I was shocked there’s no
Swiss Chalet here in the States but what
happened to those chains I mean we have
Barbies here okay we call it Carl’s jr.
I think it’s the same company
honey I’m actually Carl’s jr. was part
of this list so it’s actually a bigger
company an umbrella corporation that
owns all these restaurants and it’s
called recipes unlimited and we don’t
know how the malware affected their
system but we do know that it happened
Friday some time and so Saturday or
maybe even Friday night people tried to
get into their favorites which LA or
Harvey’s and most of them are closed and
what I saw in the news there was like
big signs that were pressed up against
the the doors saying we’re closed our
head off has got hacked but this has
affected over 1,400 locations throughout
Canada that is huge that is a lot of
restaurants and a lot of towns that just
can’t feed those hungry people who want
to eat their chicken
well malware is really scary lately I’ve
noticed here more so they’re attacking
hospitals with electronic medical
records
now you’ve ever talked to a doctor
before they’re really leery about
talking about private patient
information it’s all protected under
something called HIPAA which is an
agreement that keeps people’s
information safe and so if you could
picture a doctor keeping it secret
imagine how terrible it would be if
millions of patients data their blood
sugar cholesterol levels whether or not
they’re HIV positive things like that if
that gets out that is really a big
compromise yeah that’s that’s really
quite scary I was actually listening to
a podcast the other day and I probably
should have researched the exact name
and which one it was that our listeners
could go listen to it but it was an
expert that was being interviewed on
hacking and he basically said that we’re
seeing more and more hacks we’re seeing
state sponsored hacks that’s a big part
of espionage these days we’re seeing a
lot of just ground grassroots hacking
you know like the kid in the basement
that’s 12 years old it’s trouble and you
know hacking is really gone from its
innocent roots and it’s quite
interesting the roots hacking is quite
innocent it was
kind of like look what I can do and I
can make you computer laugh at you to
something that can now cost billions of
dollars now this one with the
restaurants I don’t think it’s gonna be
worth billions of dollars but what if
the government goes down we know people
have tried to hack the FBI and the
United States government servers and
they have been successful and we know
that some of the state-sponsored hacks
at least the ones that hit Canada
actually shut down the government of
Canada’s websites for a while so this
expert basically said look this is just
the beginning it’s gonna get worse and
he foresaw hacks that will shut down the
entire Internet now that just blows my
mind because the Internet is this vast
nebulous concept of interconnected
hardware software like how can you shut
that whole thing down but he was saying
we are going to see times in the future
when the whole internet will go down and
then what do we do you know I even read
an article today that our information
for Facebook is being sold in the dark
web for $3 a person although that’s
username and password for Facebook
profiles that are active and you know
that’s very lucrative for some people
because if you are able to get ahold of
people you can contact their friends
pretend to be them maybe you could
pretend to be a Prince of Nigeria I’m
surprised it’s only going for $3 a pop
but you know really be careful with your
passwords and this is just a good time
to remind our listeners to change your
password at least yearly I do yeah you
know I I still get a few fake friend
requests I probably maybe one a year but
I got one the other day and it said and
here’s some of your friends that are
friends of mine and I looked at it as
like no they’re not I think that could
be how their
using that $3 a person is there
pretending to be a friend of a friend
and that’s when you let them in and boom
they start grabbing information they
know where your kids go to school I mean
it’s scary stuff so now you you have a
list here of every Android phone that’s
being announced in October and there’s a
lot yeah you want to go over that with
us yeah let’s go through it so October
is the big phone month I mean we’ll get
some more coming up I believe in January
February when they have the big mobile
conference that usually happens in Spain
yeah Barcelona yeah I’ve been watching a
lot of Netflix out of Barcelona Tiffany
drew love to see is good recommended
nobody paid me to say that so here we go
we’ll start with tomorrow October 3rd
LGD four teeth in queue is going to be
released in both New York City in Seoul
Korea at the same time interesting thing
about this phone it’s got a small
teardrop notch we talked a little bit
about that on the oneplus 60 that’s
coming out as well but it’s also gonna
have a boombox speaker so I kind of look
forward to see what that is
speakers on cellphones aren’t known for
being awesome but they’ve definitely
improved
October 4th the next day the Nokia 7.1
plus will be announced in London October
9th that’s the big Google announcement
the one that we’ve been talking about
all the conspiracy theories and
everything going on looking forward to
it yeah me too actually even though we
debunked the theory of the the pixel
ultra we do know that there will be more
than two variants now we know that
there’s the pixel 3 and the pixel 3 XL
that’s coming out but most likely the
other variants will be international
versions and then versions for the
United States but you know stay tuned we
may have a surprise there there will
also be other things like the the pixel
books will be announced and maybe some
more information on Google home and some
new features that they’re doing so I’m
really looking forward to that
October 10th the razor phone 2 is gonna
be announced in Hollywood and then um to
go down you should and if you remember
the first razor phone it was made for
gaming
and all the reviews that hey this is a
big chunky foam but if you want a game
on this thing this is the best phone for
gaming and then we’ve got October 11th
this is another one that’s interesting
to me I’m definitely gonna log into it
in it’s the Samsung mystery phone so
they sent out some announcements and
they’ve got that picture of forward like
it’s called a galaxy 4 or something like
that and and four cameras and so they’re
wondering is it gonna be three on the
back one on the front or is it gonna be
two on the front two on the back but you
may be folded in half the photo you know
um I hope we get an update on that I’m
not expecting to see an actual
announcement on Samsung’s foldable phone
but would it be cool if they had a
working prototype and showed us the
working prototype it doesn’t have to
come out this year but it would be
awesome if they showed us something so
that would be awesome
October 16th the huawei mate 20 and the
May 20 Pro are gonna come out and they
actually look really neat this is I’m a
big one-plus fan and I’ve been excited
for the 16 and but this one’s got the
water drop notch it’s got an in display
fingerprint sensor and it will come with
a triple camera setup I really like a
triple camera set up on the p20 Pro that
I was playing around with the low-light
is amazing and you can have a triple
zoom it’s the only phone camera that I
see that has a triple zoom so that was
awesome then on October 17th is the
oneplus 60 I’m definitely gonna log into
that I’m a big fan gotta admit it and
we’re gonna have once again water-drop
notch in display fingerprint sensor and
the neat thing about that is it’s going
to be released on t-mobile that’s
absolutely essential that they they get
a partner in the United States and it
was it Huawei or Xiaomi that was trying
to get released on either Verizon or
t-mobile last year and it got shut down
by the government for security issues
because the company was mostly owned by
the Chinese government and so the fact
that oneplus can come in and get an
America partner that’s huge that’s great
these are a lot of excellent phones
coming out
another thing I wanted to talk about is
how some of the companies make so much
money off of your phone did you know
that Google is going to pay Apple nine
billion dollars per year B billion to
stay as their default search engine in
Safari on iOS and so if you didn’t
realize it when you go search in the
upper right hand corner on Safari just
type something in there you’re making
Google a lot of money and yeah I mean
once again where the commodity so
Facebook where the commodity google
where the commodity they love us
googling because the more that we Google
the more they learn about us and they
the more they learn about what we want
to buy and what we want to know about
and and obviously that’s worth nine
billion dollars for Google to pay Apple
I mean well I’m glad they do it yeah
because I prefer Google search results
over Bing or Yahoo I don’t know about
you but it’s just I’m so used to it now
yeah well speaking of being did you know
that if you use Siri on your iPhone it
actually does the search query through
being instead of Google I find that odd
but yeah it does it uses Bing now my
personal experience with being it isn’t
as good or as targeted as Google now
maybe it’s just that I’m used to Google
and I’m used to the way it presents it
to me but being seems to be a little bit
more new centric but I just I haven’t
enjoyed being as much so what do you
think Dan would it do you prefer Google
Bing Yahoo have you even tried yet who
in the last decade so as far as people
at work love being for their homepage
they’ve had these beautiful pictures
that come up and you type in and they
just love seeing that as their home
screen and they’ll have their you know
email hooked into it and it’s yeses but
as far as the search results go I feel
like it’s the experience is just a
little bit cluttered for me I prefer
Google I mean it’s just a white screen
with some blue letters it’s been the
same for the last ten years it’s easy to
look at yeah I actually do a lot of
things in Yahoo
I do their stocks I do their money their
finance I really like their newest page
I like the way it’s organized but I
don’t search with the I who because I
feel like the relevancy of things I’m
searching for aren’t quite up to par
with Google and but it just could be
because I’m used to that so what do you
think would happen if Google stopped
paying Apple 9 billion in fact they’re
forecasting 12 billion for 2019 and we
should make it clear for our listeners
that this was an estimate there is no
specific report that says I saw this
check get cut and written this is an
estimate that somebody made broad haul
at Business Insider put together and
it’s probably pretty close but what do
you think would happen Deeping Apple
would create their own search engine I
mean they obviously I’m the money for it
but they’re so far behind the queue or
do you think they would just default to
Google because it is the best or they go
to B they tried to do like a Facebook
thing on iTunes a few years ago I forget
the name of it but it totally crashed
and tanked I even set up a user account
for it and it was awful they’ve tried in
the past to do things that they’re not
very good at it’s just not their bread
and butter I think they would pick me
personally I don’t think they try to
reinvent the wheel again even if it did
save them money I think you’re right and
I guarantee you Microsoft would pay them
maybe they’d be rolling in it and they I
guarantee you they’d use that 9 billion
dollars it’s part of their budget for
2019 so yeah Apple might want to use
part of that budget to fix the iPhone
10s because I hear it’s not charging for
some users I was reading online that
some people had plugged it in at night
and you know even with their alarm clock
set and in the morning their phones were
dead they woke up late for work and
because the phone didn’t charge at all
and now the articles that I read said
that as long as the screen was lit it
was charging but as soon as the screen
turned off and stopped charging that’s
no good
it’s actually your year but remember how
expensive these iPhone 10s is and yeah
they’re super expensive so to be able to
plug it in and think you’re gonna have a
full charge in the morning I mean some
people are road warriors or they
constantly are on the move you’re you
take transit to work I mean where are
you gonna plug it in so that can be
really bad for you now a lot of this
information came from trying to remember
his last name but his name is Lou our
listeners maybe we’ll put a link in the
doobly-doo down below here if you if you
watch it on youtube or or in the nose to
our podcast but he was known for
bendgate
and he’s a video blogger on YouTube out
of Toronto and I really like his style
but he does take a hard anti Apple line
because it made him money and I think he
honestly likes Android better but he
found this issue and since he started
blogging about it more and more people
especially on reddit has said no that
happens to my phone as well so and then
they thought it was just with the ten
and or the 10s and the 10s max and then
they realized some of the older phones
as well have this issue so they think
it’s an issue with the latest iOS
version and hopefully a patch can fix it
for everybody and well I think we’re
avoiding the biggest news of the week
yet Tesla is settling with the sec their
stocks rebounded do you remember when it
totally crashed
oh man the cedar waters gonna happen
with Elon Musk talk to us about that
drama all right so let’s go through the
drama so it all started August 7
actually started before then when he
accused a guy of the tired gave rescue
as being a pedophile but we’re gonna
skip that we’ve already talked about it
so on August 7 you on must put out a
tweet this is I quote what he said and
considering taking Tesla private at
420 dollars funding secured so this is
big news because he’s basically saying
okay we’re gonna take it off the market
it’s gonna be a nine billion dollar buy
actually it probably is even more than
nine billion but I think that’s what I
heard and who had that money right
funding secured what does that mean well
as soon as he sent out that tweet within
a few hours like in the in the morning
when the markets open it had soared
eleven percent that’s crazy
eleven percent so the people who got
really upset about this or the short
sellers and I believe we talked about it
a little bit an earlier in one of our
podcasts but then the Securities
Commission came along and they said hey
it is funding secured do you have proof
the funding is secured you can’t just
send out tweets like this that aren’t
true and then get this huge bump in your
stock price and so when they looked into
it investigated into it it turns out
that funding wasn’t secured Elon Musk
claimed that the country the Kingdom of
Saudi Arabia was gonna invest and then
he had a few others lined up but really
there was nothing solid nobody had said
that they were gonna lay that kind of
money down so the SEC sent a claim and
one of the claims and I found this
fascinating is they claimed that Elon
Musk chose 420 dollars or 420 as a
reference to pot oh yeah remember he’s
dating this much younger than like half
his age
singer last name Grimes and she’s big
into pot she actually tweeted so this
goes back to another news report that we
did earlier where it was the whole tweet
back and forth with a zillion banks as
well and I guess she was tweeting sort
of friend Azealia and she said well Elon
figured that in a bio you get a 20% bump
to the stock price and it came up to
$419 and so he just rounded it up to 420
as a joke because he knew I’d like it
well the SEC is like there is nothing
Joe
thing about this at all you can’t be a
very public figure who is not only the
CEO but also the chairman of the board
and make claims like this so the
settlement did you read what he settled
for somebody how much well he took a
fine at 20 million okay this is okay
I’ll pay you twenty million dollars
chump change for a billionaire they have
to have two independent board members
and Elon Musk must step down as the
chairman of the board for no less than
three years now you might think that’s
bad I mean their stocks were plummeting
when the SEC sued them and they dropped
hard on Friday and but the he in this
deal he does stay on as the CEO of Tesla
so in other words all the people who
were scared that they were gonna lose
the super powers of Elon Musk still get
him as a CEO they just don’t get him as
the all-powerful chairman of the board
as well and I think this is better for
everybody I think it puts some checks
and balances in place I think that Elon
is crazy tweeting will be taken less
seriously now because he doesn’t control
both the board and the company so I
think in all this will be good and the
stock market agreed so the stock price
soared another 17% which basically wiped
out the the crash that happened last
Friday at 14% now just to give everybody
an idea of the seesaw and teeter-totter
since August 7th they’re still down so
the current stock price when I looked at
this morning was 306 dollars and 50
cents I think it’s dropped some more
since then so they had this huge spike
and then some people are like wait a
minute wait a minute wait a minute let’s
let’s bring it down so I think if
someone around 303 304 but when the
tweet happened in August it was 342
dollars so we’re talking it’s still down
ten percent from its highs that it was
flying with the 420 tweet oh wow that’s
huge
I heard good news though that they’re
really ramping it up with their
production of the model 3 so that’s good
it is and and I think that’s part of the
reason why the stock price didn’t take a
harder hit so Elon Musk had a goal for
the third quarter to have 5,000 model
threes produced every week he didn’t
quite achieve it but he came pretty
close and for a company that constantly
misses its target I think this was
pretty good for a third quarter and I
and I think investors agreed so he got
53,000 model threes delivered and a
total of 80,000 cars all in the third
quarter and it came out to 4400 cars per
week but we do know that the last week
for sure he hit that 5,000 mark and it
looks like he’s going to continue to
hold it if not increase now what was
fascinating about this is in order to
count these cars as sold they have to be
delivered so it’s one thing to be able
to make 5,000 cars a week now you got to
deliver 5,000 cars a week and Elon Musk
actually said he’s gone from production
hell to logistics hell and you know he
used his superpowers again he used him
this weekend did you hear what he did
was he trying to get his own customers
to deliver them that’s exactly what he
did with Elon Musk superpowers he got
his customers so excited and amped up he
said I need your help to deliver and
orientate new customers on the model 3
and people signed up and lined up so if
you needed it delivered to your house
there would be another model 3 owner
would show up at your house in your
brand new model 3 would they get paid or
no this is totally volunteer so think
about it you’ve got free labor when it
comes to delivery now I don’t know if
they control the orientation because I I
mean they’re probably pretty excited
look at this feature look at that
feature but they’re not yet experts I
mean they probably only had their model
threes for Apple
a month right so but still it’s amazing
that they were able to mobilize so many
people and use that brand loyalty and
that super power that musk has to get
people so excited about his product it
made me almost ready to use my thousand
dollar deposit and pay ridiculous money
to go get my model three I’m waiting for
the cheap one so you still have the
deposit in play I do have the deposit in
play I’m still waiting for the cheap one
and also good news for Canadians the
Canadian dollar spiked this last week
actually last couple of days because
NAFTA was finally agreed to they now
call it the US Mexico Canada agreement
oh yeah are you up to 80 cents yet close
we’re really close I think it’s like
seventy nine point five and you know if
we can get over 80 cents I think I’ll be
able to afford the cheaper model 3 but
um you know I’ve also got to take care
of this condo in Fort McMurray first but
speaking of being did you know that half
the world now is middle class or
wealthier I was just reading this
article on a technology website that I
follow and I thought it was fascinating
because you know you always hear about
these developing countries really
struggling but it sounds like according
to this article that people are finally
pulling out of the poverty spell for the
first time since agricultural based
civilization began ten thousand years
ago I thought that was pretty cool I
think that’s awesome you know I like
history I I really enjoy development of
economies and civilizations and and
what’s really neat about this is look at
what happened in the United States and
Canada and and I would even say Western
Europe we moved from an agrarian society
especially here in North America it was
very agricultural based and I would say
up to the 30s 40s and even 50s were
their cities absolutely big cities like
Los Angeles in New York City and in
Boston
Toronto I mean these were big cities
even 150 years ago but you look at how
many people in North America have moved
from farms into the city now look at
what’s happening around the rest of the
world so a China huge migration from
rural areas to urban and it’s really
hard for them to keep up with the number
of people’s but compare that to what was
happening in the United States in the
50s and 60s it’s the same kind of boom
as people are leaving the farm I mean
you and I dad left the farm in the late
60s when he decided to go to law school
and I think most people in Canada T
United States can say either a parent or
a grandparent left the farm well we’re
now seeing that in other parts of the
world including China and India which
are the two most populous countries in
the world and we’re seeing it in Africa
as well as they move to the massive
metropolis is like Lagos and this is a
movement that’s happening and it usually
brings greater wealth and pulls people
out of poverty as long as our agrarian
society can continue to feed us all and
I haven’t heard any concerns about that
not since the eighties when everybody
was into doom and gloom I think it’s a
good thing for the world I I think it’s
fascinating economics is really
interesting that there isn’t a limited
amount of money out there you know it’s
not like there’s you know how Bitcoin
has a set number of Bitcoin and you
can’t write any more than that I mean
you can make money out of nothing you
know it’s it’s fascinating that people
are pulling themselves out of poverty
and there’s not some set amount of money
out there that people are being
successful and thriving in all kinds of
economies what I love about it is the
whole interconnectedness of everything
no some people argue that that can be
bad too because it breeds homogeny where
you start
everybody starts looking and acting the
same and enjoying you know wearing blue
jeans and less
the country music not that I listened
well Swedish country music I admitted I
like a couple songs there last week but
it can breed a homogeny but at the same
time that interconnectedness is is
pulling the world up by the bootstraps
and the rest of the world can enjoy a
lot of the comforts and luxuries that
the West has enjoyed for so long and I
feel like it’s a bit of leveling the
field but it’s not a levelling of the
field as in the West is being drawn down
it’s the rest of the world that’s coming
up and and now look at what we’re gonna
be able to do as globalization improves
and we become more interconnected in
these growing economies I think it’s
just gonna be good for the rest of the
world well an interesting tie into
technology is as technology advances you
know what’s going to happen are we gonna
have more time on our hands to be
creative well we have more time to be
artistic is it going to be like Rome and
you know ancient Greece where they had
time to make these beautiful paintings
and statues are we going to spend more
time on on on the arts or are we going
to still focus on the stem you know
science math technology it’s interesting
to see those ships and to see how
society changes as people become more
middle-class and upper-class Amen
brother
well I think that’s about it for this
week it’s been fascinating you know we’d
love to hear from you and here on
YouTube I’m please subscribe and please
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podcast shoot us a tweet and we’d love
to hear that hear from you all right
we’ll talk to you next week

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