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Nitasha Tiku

03/07/14 03:22PM

Filed to: Eric Schmidt

On stage at SXSW, Wired's Steven Levy asked Eric Schmidt whether companies like WhatsApp lead to more inequality. Here's Schmidt's response: "Let us celebrate capitalism," he said, opening his arms. "$19 billion for 50 people? Good for them."

jonutah Nitasha Tiku 03/07/14 03:47PM

I believe in rewarding hard work. I believe in rewarding risk. But what I don't believe in is the mindset that there is never enough. That even if you have billions of dollars you still should receive millions more for what you do or do not do. There is absolutely no point in rewarding the ultra rich with more riches other than to stroke their ego. As friend who works with these people said "its all about ego and whose bonus is bigger." And its the values of ego and gluttony that we promote as country that I think has us in bad shape.

La Mantequilla Esta Hablando jonutah 03/07/14 05:05PM

What the hell are you talking about?

Nitasha Tiku La Mantequilla Esta Hablando 03/07/14 08:53PM

I'm confused too. I think this is just about whether an app can demonstrate that kind of value in five weeks. I say this as someone who VERY obsessively checks Secret. But I am so boreddddddddd of Snapchat now and that one was popular with non-tech users first. I think fast growth or strong initial engagement may not be enough data points after 5 weeks, but that is why I am a risk-averse/non-venture capitalist.

toothpetard Nitasha Tiku 03/07/14 03:48PM

It's now exemplary capitalist to strip the system of the money that makes it go.

snats toothpetard 03/07/14 04:04PM

Bingo. In theory, capitalism should distribute capital proportionately based on the productivity of an industry. Silicon Valley is chucking money around completely disconnected from value.

toothpetard snats 03/07/14 04:10PM

I would have edited to capitalism but apparently that function is no longer with us.