UBI, Owning Your Data, & Donating $1 Billion| Jack Dorsey on Yang Speaks

Check out the Yang Speaks Podcast Page

Key Takeaways

  • “Google has a better sense of what we prefer than we do and Google certainly has a better sense of what we prefer than our partners do” Jack Dorsey
    • Meditation can help us better understands ourselves and teach us why we do what we do
      • “I think meditation is one of those tools that can at least make us aware of the choices that we’re making”
  • Jack believes people should own their data
    • “I think the blockchain presents a new opportunity for us  to create identity wallets for people and then you get to choose what services get to read from it” – Jack Dorsey
  • Algorithms are making more decisions for people and we need to understand the logic behind them
    • “We’re offloading more and more of our decisions to these algorithms” – Jack Dorsey
  • Universal Basic Income (UBI) will help people survive while they learn new skills and transition into this new world
    • “A lot of entry-level programming jobs will just not be as relevant anymore. So every single field is going to be touched by automation.” Jack Dorsey

Intro

  • Jack Dorsey (@Jack) is the CEO of Twitter and Square, and cofounder of both
    • For more Jack, check out the Podcast Notes from his latest appearance on The Joe Rogan Experience as well as the Podcast Notes from his appearance on Sam Harris’ Making Sense podcast
  • Host: Andrew Yang (@AndrewYang

Books Mentioned

Thoughts on Meditation 

  • “I think mindfulness and meditation for me is a practice of honing your skills of observation and making sure that we are present and aware of everything that we’re doing and that we’re not blindly reacting to it” – Jack Dorsey
  • Jack prefers working on his phone instead of a laptop. Why? On his phone he can only use one app at a time which helps him focus on the task at hand.
  • “Google has a better sense of what we prefer than we do and Google certainly has a better sense of what we prefer than our partners do” Jack Dorsey
    • Meditation can help us better understands ourselves and teach us why we do what we do
      • “I think meditation is one of those tools that can at least make us aware of the choices that we’re making”

The Importance of Data

  • Jack believes people should own their data
    • “I think the blockchain presents a new opportunity for us  to create identity wallets for people and then you get to choose what services get to read from it” – Jack Dorsey
      • The companies best positioned to do this are hardware companies because they are the ones who make the actual device 
  • Algorithms are making more decisions for people and we need to understand the logic behind them
    • “We’re offloading more and more of our decisions to these algorithms” – Jack Dorsey
  • It’s difficult to build an AI-focused startup right now because you need massive amounts of data which are owned only by a handful of companies
    • There’s a massive amount of public data (traffic patterns, weather, etc.)  but for some reason, governments don’t share it, that needs to change 

Trust & Connection

  • How do you gain trust?
    • Transparency
    • Accountability
    • Reliability
  • Governments, tech companies, and media brands, all need to work to gain trust from people 
  • “I live by the principle of everything is connected so if someone is in pain, I’m in pain ultimately over time and I want make sure I’m doing whatever I can in my lifetime to help them” – Jack Dorsey
    • Don’t just say you’re grateful, show it by giving back to others

Universal Basic Income (UBI)

  • Jack was an advocate of UBI even before Andrew Yang shared his plans for it 
    • Jack saw that tech was removing common jobs such as cashiers and that more and more jobs will be replaced by tech or automated away
      • Even programming jobs will be replaced
        • “A lot of entry-level programming jobs will just not be as relevant anymore. So every single field is going to be touched by automation.” Jack Dorsey
  • UBI will help people survive while they learn new skills and transition into this new world
  • This pandemic has accelerated the adoption of technology
    • “We’re seeing 10 years of progress or change in 10 weeks”Andrew Yang
  • A lot of small business had to lay off all of their employees because of the pandemic
    • This is bad news since the small business economy is over 51% of almost every national economy around the world

Charity Work

  • Jack is giving away $1 billion or 28% of his net worth (the total is now $1.5 billion because the price of his shares went up)
    • You can find out how much money and to which organizations Jack is donating to here
      • Jack wanted to be transparent with the funds and where they were going, and also plans to learn from his donations and share lessons along the way
  •  Jack has donated $86 million to organizations so far
    • The 3 main areas Jack is donating to are: COVID response, girls health, and education, and universal basic income experimentation
  • “I want to give up all of my money in my lifetime”Jack Dorsey
    • Jack loves seeing the positive impact his money has on the world
Yang Speaks : , ,
Notes By Alex Wiec

More Notes on these topics

Top Insights and Tactics From

31 Best Podcasts of All Time

FREE when you join over 12,000 subscribers to the
Podcast Notes newsletter

No Thanks