CNN
2 HN recommenders · recommended in 10 months, 2017–2023
4:19 · 230K views · Jul 17, 2012
A short CNN clip of Peter Thiel telling Google chairman Eric Schmidt that Google has huge cash reserves and does not know how to invest them. Thiel argues this signals a lack of innovation.
HN reaches for it whenever big tech cash hoarding, buybacks or stagnating innovation come up.
10 comments from Hacker News
It's not so much about tax rates and I haven't looked into it too deeply - although I'm sure the big companies hire the best accountants to use every loophole in existence. I am referring to this: [LINK] Companies should not be allowed to simply hang on to 250 billion dollars. Imagine what could be done in science, infrastructure, services etc if 10% of that money went towards those things. There's a great Peter Thiel clip about this that sums it up very well: this video
Is no one going to talk about the hypocrisy? Eric Schmidt isn't a beacon of sensible innovation pushing America forward. Peter Thiel called him out eight years ago [1] and I strongly encourage you to watch the 4 min clip. [1] - this video
It's interesting you bring up Thiel with regards to Google. I haven't ever seen anyone so willing to slam their top leadership directly and on television. this video It's not clear at all that Google will be safer from anti-trust investigation now that Thiel has political influence either: > “Peter has indicated that if he takes the P.I.A.B. position he intends to take a comprehensive look at the U.S. intelligence community’s information-technology architecture. He is super-concerned about Amazon and Google”—and Facebook, less so. “He feels they have become New Age global fascists in terms of how they’re controlling the media, how they’re controlling information flows to the public, even how they’re purging people from think tanks. He’s concerned about the monopolistic tendencies of [all three] companies and how they deny economic well-being to people they disagree with.” When I asked this source how likely it is that Thiel will assume the post, he answered, “He’s heavily leaning toward it. He feels there’s a lot of good he can do and it’s worth putting up with all the bullshit and scrutiny that will accompany his appointment.” [LINK]
Obligatory Peter Thiel statement on this (2012): this video > Google is no longer a technology company, and [...] it's basically [...] a search engine. The search technology was developed a decade ago, it's a bet that [...] no one else will come up with a better search technology so you invest in Google because you're betting against technological innovation in search, and it's like [...] a bank that generates enormous cash flows every year but you can't issue a dividend because the day you take that 30 billion and send it back to people you're admitting that you're no longer a technology company. Still relevant today.
Peter Thiel expressed the same sentiment against Google and friends, even calling them non-tech companies this video The counter point is that nearly every one of these incredibly successful businesses is doing this, and they can’t all be incapable. Money never sets the speed limit for these companies. Some amount of money in the bank is too much even for your grandest of plans. Once you have 10x that, what else do you do.