Billionaire Claims ‘Go Woke, Go Broke’ Philosophy as Cause of NYC and Other Cities’ Decline

This discussion unfolds amid controversies involving major corporations like Anheuser-Busch and Target, which have encountered backlash for their backing of the LGBTQ+ community.

Formerly hailed as the “SPAC King,” he faced backlash for his remarks on human rights abuses in China and is facing a lawsuit that alleges he misled investors.

The article revealed that six southern states had, for the first time in history, outpaced the northeast corridor of Washington-New York-Boston in contributing to the U.S. gross domestic product.

As X users, including fellow billionaire Mark Cuban, shared their perspectives, let’s explore what the data reveals about the actual situation.

Concurrently, the corridor spanning Washington, New York, and Boston experienced a decline of $60 billion in income during the same time frame.

Additionally, residents are drawn to the South by the appeal of “warmer weather, lower taxes, looser regulation, and cheaper housing,” as highlighted by Bloomberg (via Yahoo! Finance).

On X, he engaged his followers with a query: “[Are] the major differences between these two groups only ideology? Or is it something else like genetics, health, etc. etc. that I’m not understanding?”

On his All-In Podcast, he stated, “Nobody cares about the Uyghurs.” Following these remarks, the Warriors’ public relations team distanced the franchise from Palihapitiya, emphasizing that his views do not reflect those of the team.

This blunt dismissal of the Uyghur issue led to significant backlash, with his co-host David Sacks attempting to moderate the discussion, but to little avail.

He also sought to clarify his stance on human rights, stating, “My belief is that human rights matter, whether in China, the United States, or elsewhere. Full stop.”

A lawsuit alleged that Palihapitiya and Clover Health misled investors, particularly about a Department of Justice probe and the true source of the company’s growth.

However, Reuters reports that his reputation has faced challenges amid broader market scepticism about SPACs. The Clover Health controversy, in particular, highlighted the potential risks and complexities involved in SPAC investments.

Clover Health settled this lawsuit in 2023.

Responding to Palihapitiya’s challenge, Cuban, a self-described independent, asked, “Can you name one woke company that has gone broke?”

However, Cuban remained dissatisfied, stating, “A list of STARTUPS failing is weak and you know it Chamath.”

“This includes many non-startups and is for 2002 only, but other years are linked … I’m sure some of these will also meet the mark,” wrote Palihapitiya.

The chart illustrated Disney’s 2.4% year-to-date increase and iHeartMedia’s 41.6% year-to-date decline. “The cool thing about [the] obvious is that there is always data,” Cuban wrote on X.

“I think this about social media being so performative,” Cuban wrote. “Come up with something that gets people amped up, and leverage it as far as it will take you.”

Cuban emphasized that being “woke” is good for business, citing the example of major U.S. companies that support LGBTQ issues.

In response, Kevin O’Leary, Cuban’s fellow Shark Tank judge, criticized the marketing move on Fox News, calling it “bad business.” He linked the decline in Bud Light sales to its marketing decisions.

Michigan Live reported that Cuban argued that short-term fluctuations in market cap or sales do not detract from the long-term value of being inclusive and supportive of diverse communities. Cuban sees this approach as not only ethically sound but also strategically beneficial for businesses.

Conservative commentators like Ben Shapiro and former Trump advisor Stephen Miller voiced their opposition to such practices, advocating for continued boycotts of companies they perceive as overly “woke.” 

He believes in mirroring the diversity of a company’s customer base within its workforce and aligning with their values. Cuban’s business ventures, including owning the Dallas Mavericks and co-founding Cost Plus Drugs, reflect this inclusive and socially aware philosophy, as highlighted by Forbes. 

While Palihapitiya faced controversy over his comments on international human rights issues, Cuban has been vocal about the importance of inclusive and socially responsible business practices. Both billionaires, through their actions and statements, influence public discourse on key social and economic issues.