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Sam Lessin on Social Media & Platforms

Sam Lessin's analysis of social media platforms, network effects, content moderation, and the evolution of social networks.

Essays

SWL Week in Review - M-M-Maximum Entertainment

Stop Pretending the AI labs are a special case in business… they are not. MORE OR LESS — Pro West Point, Short A16Z U — (the preview got heated)… this is the convo that drew all the ire… but look, when it comes to learning the skills that actually matter, I for one am very long military over whatev...


SWL Week in Review - M-M-Maximum Entertainment

MORE OR LESS — Hit The Brakes They'll Fly Right By — (max lessin has the preview)… If there is one thing that AI has been great at for years it is optimizing attention… and Dario once again proves that Anthropic is in the lead, with a ‘slow down’ memo / meme perfectly suited for the moment to maxim...


SWL Week in Review - Think of the Children!

MORE OR LESS — The Kids Are … Online (and the actual solution not political kitchen sinks!) + Over-Under on Cook’s Tenure at Apple (with some Nike analogy snark) — we obviously get into the public conversation about the Meta settlement… which is so nakedly political on every level and nothing more....


SWL Week in Review - Token Trading

MORE OR LESS — Stripe Buys an '$7B Apple Tree' - OpenRouter, OpenAI vs. Anthropic vs. Uber vs. Lyft without Network Effects & the AI Consumer Indifference vs. Hatred — the OG crew was back on More or Less this week and we got into Stripe paying $7.5B for OpenRouter... which is 7x what Instagram sold...


SWL Week in Review - Shipping the Shifting $500B of Risk to Pensioners

MORE OR LESS — WITH DENG, WOLFE, HOLT, BELSKY, and STANFORD A very special edition of More or Less… Dave, Brit, and Jess left me alone so I replaced them with Josh Wolfe (Founder, Lux Capital), Rachel Holt (Founder, Construct Capital; former Head of North America at Uber), Scott Belsky (Partner, A2...


SWL Week in Review - Never Compete

MORE OR LESS — Meta, China, X & Lilian Weng We get into it from the beach (and teslas)… and spend a lot of time on analogies in AI to Star Wars / mythology … we all know that AI founders want to believe they are Oppenheimer … or even better yet von Neumann (the Maniac is a great read btw)… but the ...


SWL Week in Review - Capitalist Multiverse

MORE OR LESS - The Stories We Buy (and Sell). Given the headlines of last week…. The story was about story. SpaceX has one… the S1 full of TAM and pictures was a success — people want to buy the ‘future’ / techno-optimism (and a bit of 140 characters along with them flying cars)… Anthropic has full...


SWL Week in Review - The Whole Point is You Can't Measure the ROI on AI

MORE OR LESS POD The SpaceX IPO cultural moment — Storing value in ‘stories’ vs. the broad-based ‘financial’ story, the real capabilities of agents, why startups should be making movie trailers not pitch decks - lack of ROI is the defensibility… "The narrative gap in AI is crazy.”, “Is Taylor Swift...


SWL Week in Review - Anthrospace

More or Less Pod — AnthroSpace We talk SpaceX S1, and 1.25B a month from Anthropic… also a bit about Dellworld, Tokenomics (AI not Crypto Lol), Goolge IO’s announcements … and some legal updates…. Also if Elon can sell his data-center capacity like that… are we long just anyone acquiring GPUs for t...


SWL Week in Review - WWE of Silicon Valley

More or Less — ‘Executive Chairman’ We riff on apple, Musk vs. Altman WWE ‘power fight’ (not a money fight)… UBI isn’t gonna solve much, cursor — Jensen’s ‘I didn’t wake up a loser’ stressy moment… my colonoscopy nurse hates AI, and more. HOT TAKES Narrative WWE Warfare When Story Matters More T...


SWL Week in Review - Build Your Own Apps

More or Less — Who Can Afford to Pay Taxes?! We talk all birds, and a bunch about how the decision to sell / hold these big IPOs with huge markups has more to do with relative valuation than price because of taxes! Also I spent most of the episode locked out of my SF office (I don’t have a key) — a...


SWL Week in Review - AI Is Not a Labor Crisis. It Is a Meaning Crisis.

AI Is Not a Labor Crisis. It Is a Meaning Crisis. "Civilizations are not mainly threatened by discomfort; they are threatened by superfluity" People are worried about all sorts of things when it comes to AI… killer robots / AGI deciding to dispose of humanity (on purpose or by accident), a modern ...


SWL Week in Review - Bot or Not

More or Less : Ladies Edition Dave and I went skiing… so the ladies invited some other non-sam-dave people on the podcast. Henrik and Ben on something called ?“donkeycorns”? … will watch it on the flight home because airplane wifi is actually starting to work (and yes, I 100% will pay more and choo...


SWL Week in Review - Master of Bots

More or Less - GTC & Claws Dave and Jess go on and on about GTC … shocker I didn’t go, but if Jensen wants to stop by the poorhouse and sauna for 3 hours he is more than welcome! Dave and I get into a pretty interesting discussion IMHO on ‘is Openclaw an OS’… what does an OS even mean / what is the...


SWL Week in Review - A Commodity Without Monopoly Power

More or Less — Dark Pools and Commodified Intelligence There is no question that developer demand more tokens… but do consumers? For what really? Is there any real margin in generic martix multiplication or is the market for ‘intelligence’ just the cost of power … and brutal competition in a world ...


From the Podcast

Like, all... The thing that was valuable in early, in Dave's era of platform, was feed distribution. It was a trade. I give you distribution, you let me do this and give me data, and that was a trade that worked. Every iteration of after that, leading up to when I ultimately had to be silly one who had to say, "Fine, we're done," and really shut things down a lot on platform, the problem is you couldn't find a value exchange that worked. It was supposed to be like, "Oh, you give us data." There was never a clear business case for why Facebook Connect worked.

— Sam Lessin, More or Less Ep 170

Oh, I thought you were gonna say something different, which I have a half-written essay on, is that actually the, the fact that Facebook Connect ultimately didn't work and Open Graph failed and had to be shut down is the same story, where, like, there's not enough value trade for the brands.

— Sam Lessin, More or Less Ep 170

Because everything, it's just an API. These things can read APIs and documentation. It doesn't matter whether it's MCP or not. It's just ways for machines to talk to machines, right? And so for me, it's when people are like, "Oh, we have new standards, da, da, da," it's actually a very simple thing. It's like either your machine or a service you have has an API in some way, shape, or form, which Dave was pointing out a year ago, even if you don't publish it, I can reverse engineer it now, right? Either it is accessible to other machines, in which case it will be used by other machines, or it is not, in which case you can have something that is protected. And so the entire thing, like these standards and protocols, is all bullshit. What is interesting, though, is, like, I don't know about you guys, I've already noticed from Muse, for instance, Facebook's thing, that certain workflows that used to work have already been turned off, right? Because servers are like-

— Sam Lessin, More or Less Ep 170

It's an awesome book, and it's an important one to internalize, I think it talk about what Silicon Valley's business model is and, and kind of where we are. The basic point of the book is that if you go all the way back to like the time of the Greeks and before, the idea of true zero, right, was like highly fought. And so like the, the first historical vignette is the Pythagoreans who wanted to kind of introduce the idea of true nothingness. This is like kind of like creation ex nihilo from the Bible. How do you like create something from nothing? These are very deep philosophical problems, and the West hated it because it's really hard to reason about, and it's really hard to talk about consistent growth and like the things we're good at. Same thing with like infinity, like infinity is a weird concept. Because of that, the zero came from India. The West fought it like hell. The only reason it exists in Western culture is it is just too useful, like you need zero. Like the traders made it happen. The church fought it like holy hell to like keep it out of Western culture. But like fast-forward, if you think about like our markets and the way we build businesses, and we think about competition and compounding and all those sorts of things, they're great at like most normal modeling in numbers that we're familiar with, what we can argue about and multiply, da da da. The second you introduce a zero or an infinity anywhere in the chain, you break everything because the tail, which is infinity or zero, dominates the whole story, right? And what's really interesting, I think, is in some ways, if you look at the story that we've seen in the last many years in Silicon Valley, the tendency towards infinity, which you saw the, the geometric returns on Google and Facebook and oh my God, the world is infinitely large and we can dominate the whole thing, started this. Things like Bitcoin, which is like, oh my God, if everyone believes, then belief is self-perpetuating and it can be in- infinitely valuable, right? And it can only be zero. Then you see like GameStop and like this whole series of things. I think there is this... In fact, in some ways, like the tails infected the entire narrative of Silicon Valley, right? And so that's why we get to the today's-

— Sam Lessin, More or Less Ep 170

Although it's a recent phenomenon, right? Because like even as far as ten, 15 years ago, the businesses that Silicon Valley generated were like unbelievably capitalistic. You know what I mean? Like it wasn't about like moving heavy dollars. Like that's kind of a recent Bitcoin style. There's a series of things. I, I honestly think a lot of like what's gone on has been people learning the wrong lessons from like Bitcoin and religion effectively in this era, right? Where if you think about like this dynamic, it's like you had the era of Google and Facebook, which everyone got wrong from like a storytelling perspective, largely because like, well, how big could they possibly... Even I got this wrong. Like I was like, what is the thing that is more than a hundred billion dollar company? That's unfathomably large in historical context. And so people got, "Oh my God, things can be huge." Then Bitcoin, which again, I was early on, you know, Dave, you were too, and like then Ripple and Solana and like all this stuff taught people the lesson of like effectively the aver-- which I love this line, 'cause it's true, which is the average of zero to infinity is infinity, which is like-

— Sam Lessin, More or Less Ep 170

Well, people are saying maybe four of inflation, four real. Like, there, there's some, like, people are arguing with the numbers. But, like, let's... It's a big number. It's a number much bigger than we've ever had in recent history. So DC needs it. The country in that way needs it, right? Silicon Valley's having a fucking party. And then New York weirdly really needs it too because New York is, like, this is, like, a huge financial engine for New York. Unlike historical tech situations where, look, you can't make that much money on Facebook or Google if you're in New York because they don't need that much money. It's, like, not your business. Now you need s- everything. Every insurance product, everyone's freaking having a party. And so the problem is when you say not, well, what happens if they don't work out? I'd flip it around and say, right now, if you did not have an AI story, we would be in, like, terribly dire straits.

— Sam Lessin, More or Less Ep 169

Look, I'm just repeating what I see on Twitter, but there was like a, you know, the revenue was hooking up, and then, like, basically as token prices have dropped, their revenue, shockingly, just kind of flat lines. And again, like, in a world where we're playing infinity or zero games, which is the whole world right now, flat is very scary, 'cause flat can go up or down.

— Sam Lessin, More or Less Ep 169

No, it's just obvious, but it's just a game. I posted about this the other day, which is like, look, there have been three eras of how tech deals with, like, messaging and marketing. Era one, I think we'll call it the Bill Gates era, where, like, you get called before the stand and you're super indignant about it, you're super pissed off, and you look terrible. It ends up being a disaster. Like, it really hurt Microsoft, right? It, like, kind of broke its spirit when the world said, "You're doing something bad." They said-- And, like, it was just the, the indignation. Era two was, like, the Google and Facebook era, where everyone looked at what Bill Gates did and they're like, "Well, that was a mistake, so we're gonna fight this." The fight back has actually worked better than at least what Bill Gates did, right? In terms of being like, "Okay-

— Sam Lessin, More or Less Ep 167

... on the kids stuff, they get to blame... I mean, the, the stuff like the, like, age verification stuff would be so easy for them to do, but somehow it's Facebook's problem. Like, they're pretty good at pushing off blame to others.

— Sam Lessin, More or Less Ep 164

It's not a biased point. It's very simple. If society had the balls, right, at a national level to say, "We as a society, as a democracy, don't want social media, people to, kids to use more than one hour of social media a day," if we could actually pass that and believe that as a society, then fine. That's the same thing for all the players. This is, like, the equivalent of saying, "Hey, if you're Budweiser, because Budweiser, we don't like Budweiser, or Budweiser's the biggest target or has the biggest checkbook, you can't let your beer be more than 3% alcohol, but everyone else can have 6 or 8% alcohol." What do you think the teens are gonna buy? They're gonna buy the 6 or 8% alcohol. It's just, like, selective bias.

— Sam Lessin, More or Less Ep 164

That's what they've grafted to. They said, "Well, we're an internet company, and internet companies that are working grow like this." But it was-- that was a very, very different age. I mean, companies that could control their growth. Now, look, Facebook had a period when it stalled out and had to be restarted and whatever. Like, it's not perfect. But I think the real issue here is when people are like, "Well, the ARR this year is this, and we're gonna hit this number," it's like no one has any idea, right? And the fact that you can accelerate and then decelerate and then re-accelerate, these are things that are acting like early stage companies still trying to find ignition. But they're just so big and went so quickly that they were having these IPO-style conversations about things that aren't. Now, how does it all play out? I mean, like, look Anything where, like, you can accelerate and decelerate and miss is a huge problem for the whole industry, right? 'Cause it just means that, like, we don't know, right? And that doesn't mean you still don't buy it or, like, you know, you do the Kushner barbell thing, buy some sports teams that you pay att-

— Sam Lessin, More or Less Ep 163

Look, I did CNBC earlier today on this topic, and here's the basic way I would look at it. The real story here is the variance quarter to quarter and year to year on how you project these things is God knows what, right? It's, like, an enormous variance, right? And the problem is that's a problem for everyone. Like, people wanna pattern match Anthropic and OpenAI to the rollout of the internet and Google and Facebook.

— Sam Lessin, More or Less Ep 163

Here's the funny thing. So I now have my Sam bot infrastructure, has the ability to run Twitter ads for me. So I messaged it. I was like, "Hey, I had all these guests on. Pull some good quotes from them and, like, just spend 500 bucks and promote it on Twitter." And it's really funny because my totally automated pipeline for doing this did a very good job, but it actually confused the Scotts, right? So it basically put the picture in a thing of Scott Belsky, and then had a quote, uh, from Scott Stanford. So you're not alone.

— Sam Lessin, More or Less Ep 163

I'm with you. I have my own takes on where the leverage and I can deploy on this stuff is. I do think I'm with you ideologically. I do think it's one of the tr- problems of a Twitter or fun podcast with your friends who are all venture capitalists in different places is we can all fervently agree with each other and feel really good about it. Yeah. You guys, this was really fun. I appreciate you all joining. I hope you had fun doing it. Super fun. This was great. Thank you for hosting. So thank you all.

— Sam Lessin, More or Less Ep 162

I think, first of all, it's kind of funny 'cause by historical standards then it was an incredibly meteoric rise. Facebook's valuation grew unbelievably slowly compared to the labs, right? And there were obviously generations. Like, I would argue I was... Peter, you were kinda generation one and a half maybe. I was generation two at Facebook. There's now been generation three and generation four. But there's not 20 generations, right? There was, like, a s- a set of people who worked for 40 years, did great work, and then passed the torch, and that's happened, like, a few times. And actually, the core leadership team at Facebook has been unbelievably stable now for, like, a decade, right? Like, which is a very different dynamic.

— Sam Lessin, More or Less Ep 162

Tweets

I am pretty sure I would rather buy coinbase at $16B vs. twitter at $44B

May 11, 2022 · 2525 likes · link

Twitter opened in 2013 at 41.65 a share - inflation adjusted that is 51.22 today dollars (about)... going private at 54.20 -- that was a hell of a lot of work and time for $2.98

April 27, 2022 · 1092 likes · link

Is @elonmusk's relationship with twitter that different than tesla in his own mind? sure he owns more of tesla (17% vs 9%) but not dramatically. in both cases he comes in non-founder investor, & then leads by making a bunch of product oriented claims on the internet ;)

April 10, 2022 · 1029 likes · link

Facebook now has 3B MAU. There are ~4.5B internet users, 750M are in China, so ~80% of everyone else globally now users FB monthly 🤯

April 30, 2020 · 743 likes · link

Investors who post on twitter open calls for 'i am in {place} who should I meet' or 'i am interested in {theme} who should I talk to' are LAME

March 22, 2022 · 339 likes · link

No, It Isn’t Cool to Have a Punk as Your Twitter Profile… https://t.co/4wu95cFGSN

September 04, 2021 · 306 likes · link

Part of me feels like Elon is just executing an elaborate Kabuki play to sell tesla stock at a huge valuation. first the 'poll' for 10%, now 8b to buy twitter - I don't blame him at all - but clear special challenge of cult leadership is managing selling.

April 29, 2022 · 273 likes · link

The Summer 2022 VC Twitter Meme of “You Should Have 36 Months of Runway” kinda simplistic / misses the point (if not outright manipulative). https://t.co/wFlPTAdlRO

July 07, 2022 · 269 likes · link

With twitter revenue confirmed down 40%... the logical acquirer is SNAP (where before it was the other way around) What a hilarious end to a hilarious company that would be. https://t.co/QfJCaSuopP

January 18, 2023 · 236 likes · link

@benln easy - just join facebook in 2007 at the $100M round and your $50K grant would be worth a billion! :)

August 04, 2025 · 216 likes · link

Has anyone done the analysis of what SpaceX, OpenAI, and Anthropic going public does to the California budget...? Lots of employees in the state -- if 10K people are making $30M (as some suggest, etc.).... Facebook IPO changed the picture and that was peanuts!

May 21, 2026 · 194 likes · link

So Jack Leaves Twitter... Twitter immediately commits to content moderation and Square immediately rebrands as a crypto-style .xyz -- in 2021 this makes 100% sense, i know where i would want to spend time ...

December 01, 2021 · 187 likes · link

At both Bain and Facebook I slept in the office plenty of times (and was hardly the only one, one person i won't name did it at Facebook for months secretly...) -- we def didn't get beds and pillows... https://t.co/g87GDOjiKt

February 28, 2023 · 161 likes · link

It almost feels like VCs & Journalists on twitter have figured out the old reality TV (and WWF) trick of staging fights to mutually drive their personal brands. https://t.co/mW8q6LpzEK

July 03, 2020 · 156 likes · link

authenticity on social media... https://t.co/3ZwpZGJV6a

February 01, 2025 · 151 likes · link

@bradrobertson the difference is that everyone understands social media to be untrustworthy, we need institutions like the NYT to represent a higher standard of trust, because if they are just social media as well, we are in a world of pain as a democracy

November 07, 2023 · 127 likes · link

Lol -- apparently @rajgokal, the co-founder of Solana just got twitter suspended for responding 'directly' to my 'GM' tweet... well that got completely out of hand fast... ;) https://t.co/ZlV4nC03f7

November 08, 2021 · 120 likes · link

... the difference (which he might or might not see) in the case of tesla his pt barnum act actually was pretty valuable to the company, since tesla's job for last decade was to raise enough money thru belief to not die (just like spaceX) - twitter is in a different spot.

April 10, 2022 · 109 likes · link

@bijan @ev The kinda amazing part is that from a market-cap perspective 500MM of FB stock in 2008 is about equal to twitter's current valuation!

May 29, 2020 · 93 likes · link

I will give you this, skimming techmeme -- Elon running twitter 3 days in is at least pretty fun. I really like this return to top-down product instinct first social network decision making of the '00s vs. micro-test-and-learn everything of the '10s. we will see if they deliver!

October 31, 2022 · 83 likes · link