Strange and dazzling things are happening in tech and media—many in just the last seven days. But they aren’t getting much coverage in the news. So let’s dig in. I’ll start with a happy story—one that’s close to home. New details emerge about Substack.Last year I found myself across the table from Substack CEO Chris Best—and I hoped he would satisfy my curiosity on one matter. So I asked:
Then I added:
Chris didn’t answer immediately. He thought it over for a moment, then responded: “I prefer not to say.” In this soft-spoken way, Mr. Best showed his wisdom. Although he works hard to empower journalists, he’s smart enough to know to watch his words around those pesky folks. We’re as leaky as sieves, and only half as reliable. But the New York Times reported yesterday that Elon Musk did attempt to buy Substack last year. Musk also hinted that he would merge it into Twitter and let Best run the combined companies. The Times also reports that Best rejected this offer. And he didn’t even fret about it. It was a “short-lived discussion,” according to the Times’ three sources. That proves that Chris not only has wisdom, but also possesses integrity and strong core values. When he says that he supports indie writers, he really means it. If Musk’s plan had been accepted, Chris would have enjoyed a huge payday in the transaction, and also might have found himself running the most powerful media force in the world right now. But he didn’t hesitate to walk away from that. I want to commend Chris and the entire Substack team. They not only talk the talk, but walk the walk—which is rare in the media world right now. Or in any world right now. In related news, the Times reports that Substackers now have four million paid subscriptions—a marked increase from the 3 million subscribers announced earlier this year. More than 30 Substack publishers now earn more than a million dollars per annum. Based on the available figures, alt media guru Simon Owens estimates that Substack is now generating around $336 million per year for creators—but only keeps ten percent of that for itself. This is obviously great news for indie creators. But this is also very positive for the entire culture. But Substack still hasn’t achieved profitability. I suspect that it will do so soon. But we all need to give support—financially, if possible, through our paid subscriptions, but at least attitudinally and emotionally. (Don’t underestimate the value of emotional support. All of us who operate on this platform draw on it for our motivation and enthusiasm.) The world needs alternative voices and the Substack platform is the most trustworthy place for them to operate at this juncture in history. So I applaud these recent developments as a Substack writer and shareholder, but also just as a human being living in turbulent times. And speaking of turbulence… If you want to support my work, consider taking out a premium subscription—for just $6 per month (even less if you sign up for a year).When the accountants all resign at the same time, you should pay attention.Tech stocks are skyrocketing, especially Nvidia and other companies participating in the AI boom. But in the last few days, smart analysts have started to smell hidden rot coming from inside these AI success stories. I like to dig into the numbers, and I keep seeing warning signs everywhere—especially right now. Let’s start with Nvidia, the darling of Wall Street. That company is using mark-to-market accounting similar to what Enron practiced before its collapse—which created the “illusion of higher current profits.” ... Keep reading with a 7-day free trialSubscribe to The Honest Broker to keep reading this post and get 7 days of free access to the full post archives. A subscription gets you:
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Strange and Dazzling Things Are Happening Right Now
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