Feb 23, 2024 · 52m · more-or-less
#35: 2024 IPO Dreams, Apple's Sports Game and Reddit's Biz Gamble · More or Less Podcast
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In this episode of the More or Less podcast, hosts Jessica Lessin, Sam Lessin, Dave Morin, and Brit Morin analyze key developments across tech, including Reddit and Klarna's pre-IPO challenges, Apple's sports entry, and OpenAI's Sora. Through sharp industry critique and personal banter, the panel examines how modern tech platforms navigate monetization, corporate governance, and the growing influence of personal branding.
How this conversation actually went
Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. The hosts hold 99.3% of the talking time here. How this is scored →
speaking balance: gold is the hosts, purple is the guest (3 minute bins)
Sam flatly rejects Dave's speculative premise that OpenAI withheld Sora to protect the election, calling it pure marketing spin and urging Dave not to buy into the narrative.
Hardest push from the hosts ▶ 23:45 Jessica stops the panel from trivializing the Klarna coupJessica forcefully tells the panel they are overthinking the situation and instructs them to listen before butting in again, refusing to let them reduce the Klarna conflict to a minor political mistake.
Biggest teaching moment ▶ 46:45 Sam outlines investing directly in personal brandsSam educates the group on Slow Ventures' contrarian model of bypassing standard C-corporation structures to purchase equity directly in holding companies for individual influencers.
The host holds their own ▶ 11:19 Jessica cites proprietary data on Reddit financialsJessica grounds the speculative discussion with concrete reporting from The Information's IPO tracker, detailing Reddit's eight hundred million in revenue and Caplight's secondary market valuation.
the scores for every segment, with the reasoning behind each
| Chapter | Topic | The hosts as informed peer | Guest teaching | Guest disagreement | The hosts pushing back | Why |
|---|---|---|---|---|---|---|
| More or Less Animated Theme Sequence | 2 | 1 | 1 | 1 | The opening consists of the animated theme song followed by playful small talk about Sam recording from a laundry room and brief housekeeping introductions to the hosts venture firms. | |
| Reddit IPO Prospects, Monetization, and OpenAI Deal | 6 | 4 | 4 | 4 | The hosts debate Reddit's upcoming IPO prospects. Jessica brings hard figures from The Information's IPO tracker and Caplight secondary data, while Sam skeptically points out Reddit's reliance on porn and unproven ad architecture compared to TikTok. | |
| Meta, WhatsApp, and the Debate Over Private Group Moderation | 5 | 3 | 4 | 3 | Jessica explains The Information's scoop regarding Meta cutting WhatsApp fact-checking budgets. Sam forcefully argues against any content moderation in private messaging as a violation of fundamental human rights, while Jessica clarifies the user-flagging mechanism. | |
| Klarna Boardroom Battle and Pre-IPO Dynamics | 7 | 3 | 5 | 6 | Jessica details the boardroom battle at Klarna involving Sequoia and Mike Moritz. When Sam and Dave dismiss it as an isolated blunder, Jessica directly tells them they are overthinking it and orders them to wait before butting in, framing it as part of a wider pattern of late-stage investor tensions. | |
| Apple Sports App and the Surge in Sports Betting | 5 | 5 | 3 | 4 | Dave explains the strategic reasoning behind Apple launching a dedicated sports app with live betting odds. When Sam stereotypes sports bettors as primarily low-income, both Jessica and Dave push back, describing sports wagering as an extension of fantasy sports fandom. | |
| Brit's Early Exit and VC Excuses | 3 | 3 | 2 | 2 | Brit departs early to take a call with an entrepreneur while teasing her co-hosts for being tardy. The remaining group moves into Pop Culture Corner, discussing American Fiction and Beyonce's crossover into country music in a relaxed conversational tone. | |
| OpenAI's Sora and the Power of Personal Branding | 5 | 5 | 5 | 4 | The panel discusses OpenAI's rollout of Sora. Sam bluntly dismisses Dave's hypothesis that Sora was held back for election safety, characterizing it as purely a marketing tactic, before outlining Slow Ventures' strategy of investing directly into individual creator brands. |