Ethical Billionaire Destroys CNBC Clowns

Ethical Billionaire Destroys CNBC Clowns


I have something just really important for
you today, but it also happens to be entertaining and I think [inaudible] most of you are going to enjoy this. There’s
a company called Salesforce. We’ve used this company off and on to manage our ad sales
process. It’s a CRM, a customer relationship management tool, and it doesn’t even really
matter what that is, but their CEO is a guy named Mark Benioff and he’s a smart guy. He
has some really progressive ideas, at least in the context of someone who runs a huge
corporation and happens to be a multibillionaire, reportedly worth more than six point $4 billion.
About two thirds of that in Salesforce company stock. He has a narrative about capitalism,
about the role of big business that is pretty different from what a lot of other big corporate
CEOs have and he’s been talking for a while now about a new capitalism, a more social
capitalism, capitalism without going off the rails, so to speak, a capitalism that accounts
for the wellbeing, not just of the shareholders as is often the case, but also of stakeholders
which include all employees, customers, the environment. Capitalism for social change rather than capitalism
for preventing social change. And he was interviewed on CNBC by the usual suspects, including this
guy named Jim Cramer, who’s known in the investment world and he turned their world visibly upside
down and they didn’t know what to do with him. So we’re going to look at some clips.
This is a 12 minute interview in total, which you can find online. I’m going to play a few
clips for you. And throughout this you might notice there will be times where the camera
is a wide shot. And you’ll notice Jim Cramer just looking exasperated with Mark Benioff,
who’s not going to be bullied by the sort of vulture capitalist mentality into saying
anything other than what Mark Benioff believes. And he happens to believe many of the right
things. And you’ll see Jim Cramer going on him about are we really going to break up
big tech, which Elizabeth Warren has been suggesting. And Mark Benioff says, yeah, yeah
we should. Last night I heard capitalism under attack
as I never heard it before. And it made me think that if it’s dead, there are two visions.
There’s your vision, which is to resurrect it and make business the greatest Pratt platform,
social change, and there’s another vision which is that the government has to step in
because the billionaires are screwed up so badly. Tell us how to get that. Not that blow.
They’re probably right actually, but we do. We need a new capitalism. We need a capitalism
that’s more fair, more equitable, more sustainable capitalism, capitalism that values not just all shareholders but also
all stake holders and if we can put those things together, I think it can be a new capitalism
to be very exciting for everybody. I I do worry Mark that in the, in the vacuum,
in the vacuum of what you’re talking about, what I heard last night about big tech having
to be broken up simply because it’s got tremendous power, not even at the power’s being used
unwisely, but where are you when it comes down to breaking up Facebook, waking up Amazon,
breaking up alphabet. Aren’t these great American companies that hire a lot of people? Well, you know how I feel gym. Facebook is
the new cigarettes. It’s addictive. Bad for you, Jim. Thereafter, your kids set’s not
fanned off, changed the political ads that are going on. There’s, you know, not a commitment
to trust and truth and now they’re co-mingling the data of all of their acquisitions. Facebook
probably should be broken up because they’re using these assets in a way to further manipulate
even more people. I think that there needs to be change. It hasn’t happened fast enough. Absolutely correct. He’s a huge beneficiary
of the system that we have, but he’s saying plain and simple that the system still has
to be changed and Kramer pushes back because he just doesn’t, I mean he doesn’t like it.
He can’t believe that a multibillionaire, a huge corporate CEO is saying this stuff
and Mark Benioff here to the disbelief of the people on the panel explaining that Salesforce
has returned great value to investors. Investors in Salesforce have done really well financially,
but that they’re also providing a return to stakeholders and focusing on the environment
and more. Mark, you’ve been talking for some time now
about, and that’s the new capitalism gym, which is that, look, we have to actually value
all stakeholders. We are. Look at all shit. We’ll share with the earlier [inaudible] are
important and we’ve had a great shareholder return at Salesforce. I heard you earlier
mentioned at 3500% since I was first year right there, right there in 2004 if you bought
our stock, well that’s a 3500% return, but I had a great stakeholder return too. During
that same period, we’ve given over $300 million for grants, 4 million hours of volunteerism,
40,000 nonprofits and NGOs for free running on our service, and we’re a net zero company,
be fully renewable by 2025 that’s our stakeholder return. We issue a stakeholder report, so
we have a shareholder return and a shareholder report. We have a stakeholder return, a stakeholder
report, and I think that’s something the sec can do by the way. They could put, you know
I mentioned that in my op ed. What a concept, right? I mean blowing their
minds. You can see that these people, they’re looking at each other, they’re smirking, they’re
rolling their eyes. They can’t believe that a company that makes money also treats the
planet in a more responsible way and it treats stakeholders as an important part of the considerations
that are made when you make business decisions. Now, disclaimer, time. I’m not saying Mark
Benioff is perfect. I’m not saying Salesforce is the perfect company and there are no negative
externalities to what Salesforce does there well may be, but the way in which these simple
socially democratic ideas are coming from a multibillionaire CEO and triggering Jim
Kramer is just delightful. Watch Kramer in this next clip, if you’re watching, if you’re
just listening, I encourage you to find the full interview online while David Faber takes
a turn asking some questions of Mark Benioff. Jim Cramer looks perplexed as Mark Benioff
explains, Hey, there are actually CEOs all over the world being more thoughtful about
how we run our businesses. What are the metrics? How do you measure this
given it is growing in importance. We hear about it all the time now from real money,
not just sort of a, you know, a broad sense that there’s interest in it, but people actually
who want to put dollars behind them. Well, my peers certainly do. When I talked to the
largest CEOs in the world yesterday, I was in Munich, Germany with one of the largest
company in Germany with their CEO. They have a major program into place just as we do just
as many others do. I was in London on Monday. I see the same thing throughout Europe. It’s
probably happening faster there. The United nations sustainable development goals are
the 17 core initiatives that are laid out by the UN of how we’re trying to improve the
state of the world and companies should have to report how they’re doing against those
goals that that just makes complete sense to me. If we’re not all into improving the state
of the world, then what are we all into? Did you believe the business round table when
they changed their statement or do you think as some do that it was really more than just
kind of talked to get on the right side of the politics of it? The business round table
has said now exactly the same thing. The purpose of the corporation is to value stakeholders
as important as shareholders that the traditional Milton Friedman concept that that it’s only
about the shareholder, that the CEO’s only job is to maximize shareholder return is dead. Wow. Oversight regulation working together.
Milton Friedman’s teachings are obsolete. It’s not only about maximizing shareholder
value. Socialism, no, this is not socialism. This is social democracy. It’s social capitalism.
Mark Benioff doesn’t say big corporations shouldn’t exist. Mark Benioff doesn’t say
billionaires like him shouldn’t exist. He is saying that we can do capitalism in a different
way, still make money, but consider all stakeholders. Consider the environment. This is CNBC. Mind
you, this is a billionaire tech CEO and you’ll see the wide shot again. Show Jim Kramer who
was just laughing to himself. He can’t believe this is happening on CNBC. He’s here. We need to value all stakeholders and all
shareholders. Now, when I say stakeholders, what do I mean? I mean our employees, our
customers, our partners, you know, but I also mean like I’m in from San Francisco. We have
a horrible homeless problem there. The homeless are a stakeholder for me. That’s why I was
fighting for proposition C, a tax on ourself because we have to get to, we have to deal
with the homeless situation in San Francisco as the largest employer in San Francisco.
I’m not focused on that if they aren’t one of my key stakeholders than what is, that was the question I had because at tech
crunch you said if your orientation is just about making money, you’re not going to hang
out for very long. As a CEO or founder of the company. My question was, if you don’t,
then what you, your board fires you, your sales drop, you know you can’t hire anybody.
What is the consequence of running a foul of that? Well, you can see that in my industry, which
is for CEOs who do not take this approach, they are really at risk and they can be extremely
vulnerable, especially during economic times that become turbulent, stunning, right? Who could have imagined?
You could be a corporate, a CEO or a big corporation and care about other people. Then Benioff
brings up climate change, which is just like, it’s lost on these folks and you’ll see them
all smirk at each other. What am I doing wrong? I need to be thinking
about the public schools, the homeless. Oh, and I also need to be thinking about not just
profit, but planet. I need to be thinking about the planet. What are my emissions? You
know, that is part of the new world we’re in. That gets back to David’s question on
what about the sustainable development goals in the UN? That is the connectivity. That’s
the map. We can lay it out. Then we can measure. If we can measure it, we can have impact.
That’s our one that we all know that we understand how to do that. Jim, I know has to finish,
but there’s some shareholders right now or listening to you who probably like what are
you talking about? You seem to be abandoning what I would want, which is just you focus
on improving the profitability of this company. You worry that you freak some of these people
out and what do they say to you when they hear that if they’re not onboard with your
view, this is how to improve the profitability of a company. This is how to make a great
company. This is how to have a company that customers want to do business with, that attracts
employees, that develops partnerships, that integrates local communities, that saves the
planet. This is about having a great company and look at our company. Look at our financial
return since we went public right here in 2004 look at how we rank against everyone
else over the last same 15 year period. I’m sure that you’ll see we’re in the very top
echelon and I’ll tell you how we did it. We valued stakeholders as much as shareholders. Consider that you improve the company by caring
about the world in which the company exists. By caring about the people who could be employees
or potential employees, customers of the company, just people who exist on this planet. Shocking,
right? And half of what makes this great is the content of what Mark Benioff is saying.
The other half is just how triggered Jim Cramer is and his incredulous reactions to what is
being said. Really great stuff. And you know, I mean, listen, I, as I say, don’t idolize
politicians, don’t idolize big corporate CEOs. He’s still the CEO of a huge corporation that
I’m sure does things that we would all disagree with. But this was just a delightful wake
up call and taking it right to the horse’s mouth. Check out the full interview online.
It’s only about 12 or 13 minutes. Let me know what you think about it.

100 Comments on "Ethical Billionaire Destroys CNBC Clowns"


  1. i loved this . but all must realize it is not saving the planet ..it is sustaining our life on it .. if the human race pollutes the planet to the point we can no longer survive ..we die off…. but the planet will heal .. and another dominant species will emerge over thousands of years ..and maybe that is not a bad thing … so far humans have basically failed …………well unless you think greed is an accomplishment… i do not

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  2. The chief cockroach of CNBC and his panel of cockroaches are doomed to extinction. The old model of corporate dealings will not survive the post Trump world.

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  3. "Consider that you improve the company by caring about the world ijn which the company exists" — Beautiful.

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  4. Marc Benioff: "Capitalism isn't incompatible with treating your workers and the planet right."

    Jim Cramer: NANI?

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  5. I remember Jim Cramer crying on the Daily Show for his part in the 2008 housing collapse. Good to see he's still a smug piece of ish.

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  6. I still remember this asshole Cramer crying and imploring people to buy Lehman Brothers in 2008, claiming that it was a bargain when it was obvious that Lehman was going down. He has a stake in Lehman obviously! The guy is a tool and market manipulator. He has inside information and manipulates at will the market. I can't believe that things like this are allowed in America! He benefits handsomely from the bailouts, so did the hundreds of thousands of millionaires and billionaires. They kept their money and status! The 2008 bailout was the biggest wealth confiscation and REDISTRIBUTION the world has ever seen! They scream "communism and socialism" when the average American wants a fair share of the wealth tha they participate in the creation, but when it comes to their own wealth and status, they tell us "too big to fail" and we just obliged, like little sheep that we are! Where is that fawking "invisible hand, laissez-faire, no government oversight or regulation, freedom of enterprise?" 2008 would have been the perfect reset of all the wrongs that capitalism was and still is till these days. Yet little bush and nobama came to the rescue of these profiteers like little lackeys that they are! Yet, would any of us think that the elite would let this happen to them?

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  7. SalesForce CEO has clearly revealed he is intune with the 21st century, modern ethical capitalism, and what Gen Z wants. This is a smart company and probably worth far more than its valued. I'll be applying for a job as a software engineer.

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  8. 3500% return.

    If shareholders are questioning this guy's leadership, this guy's ideas, and have a problem with shareholder return, then they need to get out of this company as soon as possible, And go and invest in the dinosaurs in the economy because those old companies with the old ways of thinking are sure doing better than his company is. ROFLMAO

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  9. This is the way all corporations should be acting. They are part of society and should do what they can to improve it otherwise society will collapse and all corporate entities will collapse with them. There is nothing wrong with Democratic Socialism or Social Capitalism they both want to improve society as a whole foe everyone not just the rich and powerful.

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  10. What a hilarious pipe dream. There is no such thing as an “ethical” capitalism. Sure, you can make your company easily look leagues ahead of the competition just by outwardly appearing to give a shit, but that’s only because the standard default position under capitalism is to explicitly NOT give a shit about ANYTHING beyond profits. And ultimately, this is true of Salesforce as well – they’re just pursuing a slightly different angle, and one that only works because there is no one else occupying that space. And even if every single company in the world took this same approach, not a whole lot would actually change. There will still be worker exploitation, there will still be massive wealth inequality, as these are not bugs in the system, they are features. It will only serve as a stopgap delaying the inevitable collapse of capitalism.

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  11. I've always felt that the US version of capitalism, being Rampant and only held back by constraints that it is fundimentally against, is by nature toxic to the over all welfare of society as it relies on a model of relentless exploitation and false hope.

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  12. This narrative is completely backwards, Jim and Marc are friends and Jim has a dozen interviews with him where he agrees with his new vision of capitalism, hes just playing devils advocate for the morning show interview. Watch the full interview and the many other interviews where Jim is excited about his new vision of capitalism and business responsibility. Jim clearly favors ESG investing (environmental and social governance)

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  13. Alphabet, Facebook, and Amazon are perfect examples of companies misusing their power. Funny how Cramer uses them as examples of companies that have not done anything bad with their power. I guess you have to be that clueless to hold the position he holds?

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  14. He is talking about what is already happening. This is what will be expected in the very near future. And, he is correct in that this is how you maximize profits. The other side is preaching burn it all now for quick profits, not maximum profits, just quick profits. The popular culture of business in the last few decades has been an aberration from the traditional business philosophies. I think it is obvious that it is not good for the business or its environment to operate that way so of course we have to go back to real, logical, methods for businesses. It had to happen sooner or later as the other way is just not sustainable and will always lead to failure.

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  15. is there a list of companies like CRM that operates similarly? these are the companies I would invest in

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  16. Cramer must own FB or have been telling people to buy it! LOL
    Hey FB, try paying for the data you are collecting and selling.
    Hell, try paying a dividend!

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  17. I believe in Capitalism and keeping business private. But I do agree with Corporate Social Responsibility. The problem I think is that it needs to be mandatory at very low levels. So that people can invest in Companies who go the extra mile. I think some of it should be voluntary and not enforced.

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  18. I just heard an idea and I'm spreading it. Direct voting on laws. It's been done before but it's how we she vote on everything. With this brilliant idea we bypass corruption. We can pass laws we want and get rid of alot of laws and policies we don't want with nation wide voting. The mechanisms are already in place for this to happen. We need to make it a law and we will put the power in our hands more directly.

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  19. Only in the US the rich think money is more important then democracy.
    What this guy says is very normal in Europe because there they realize that you only can be fully successful if you treat your workers and their environment well.
    When you pay them fair wages etc. there are even companies that give all their workers an bonus at the end off the year in the form off an 13th month.
    They treat their workers like humans and not like tools. They get to talk. Bring in ideas and much more.
    In the US companies could be more successful if they change their attitude. Your workers are the most important part off your business.

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  20. No, the big tech should not be broken up as that wouldn't fix the problem. If we did break up them they would compete for a short time then the winner would win and become the new facebook. No, the politicians just need to man the fucking up and REGULATE them, as they for some unimaginable reason don't seem to be even trying to do right now.

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  21. Marc Benioff may be more ethical than other capitalists, but he's still a capitalist. His argument still demands that caring about stakeholders/the environment is justified by brand improvement, which leads to higher profits.

    He is making an argument that caring about the environment leads to higher profits because of customer awareness of this. But what if they aren't aware? What if there's an option for your industry that may sacrifice environmental concerns in pursuit of an even better profit path? What if you can operate in secret and the public won't know about the bad things you're doing?

    What does capitalism have to say then? "Fuck everything except money."

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  22. I can't believe that you are taking this guy seriously, David. The cost of him going on TV and saying this is next to nothing, and might even be a cheaper option than running a PR campaign. All it serves to do is distract people from the fact that the amount of effort the elites are putting into solving normal peoples problems is minimal. When the rubber meets the road Benioff is a hard-nosed businessman, and he will always prioritize his own interests over the "stakeholders". That is why Cramer et al are so flabbergasted. They know that Benioff is bullshitting the little people, and that he is just as big of a capitalist as the rest of them, but what are they gonna do? Call him out on it? Fat chance.

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  23. It's pretty simple, a company that only focuses on share holders will ignore long term improvement for the short term gain.

    If you want a company that truly performs for the shareholder, you need to improve the footing of the company and make decisions that work for your consumers, potential consumers, the environment and your employees. Because they are the foundation of the company, building on the top without a good foundation will cause it all to collapse.

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  24. I like this billionaire he talks the obvious sense that other corporates dont like. As for the prrsenters its ok for tgem driving home to their lovely family. Nice house. Nice car. American dream. Well thats all it is for vast majority of Americans.

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  25. Amazing. I think if we see more of this kind of behavior from American CEOs there could be a shift. I know in Japanese culture to be a company man is a big deal. Workers really pull for their company and the companies are very invested in their employees. In America everyone is trying to become a millionaire by sabotaging their coworkers, throwing their employees under the bus and generally being evil. No wonder we hate corporations, no wonder we hate the workplace. There's no good will in our style of capitalism. It's like some hellish D&D dimension.

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  26. Cramer and Benioff are actually good friends if you looked further into it. He also did a further 15 minute interview with him afterward and largely agreed with him and talked about Benioff has inspired him. Jim's also been a long-time shareholder of CRM in his charitable trust because he believes in Benioff and his vision. He's not squirming because of Benioff, he just always squirms haha. Additionally, David Faber is one of the best and most reliable finance reporters in the world. Clowns, these men are not. They are just asking questions challenging Benioff and offer him enough space to answer, which we can all appreciate, whether or not we agree with what he says.

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  27. I have been following Salesforce stock and Marc Benioff for about a decade. My opinion: Benioff is a super salesman. Really, really, really great salesman. The actual company he has created, Salesforce, is mediocre and its value way overinflated. It's a lot easier to be so-called ethical when Wall Street has pumped up the value of your stock way beyond what the company actually earns. The company doesn't have to earn money. Benioff can just sell stock. We will find out soon enough how fraudulent Silicon Valley and many of these unicorn businesses are. Uber, WeWork, Lyft, and many more are losing billions of dollars but have a stock value in the stratosphere. I don't think Benioff can teach us anything about ethical capitalism, but he can sell ice cubes to the eskimos and sand to the bedouins.

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  28. Benioff gets it. When you're a billionaire of a company that large, you have a huge social responsibility. The problem is, usually the position selects for greedy personalities who lack an amount of average human empathy. Note, I have a sizeable position in CRM. I'm happy to hear their CEO say this, I certainly am not 'freaked' out like these CNBC plutocratic shills.

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  29. This stakeholder stewardship has been taught in business textbooks for at least 10 years when I was in college. This is not a Benioff idea.

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  30. Jim Cramer, a guy who admitted to manipulating markets as a Hedge Fund manager and once described the truth as the enemy of a hedge fund manager.. as if it were some meaningless obstacle to be overcome in the mindless quest for more money, at everyone else's expense.. of course he's laughing, he's so morally compromised he literally can't understand it. Any idiot can take control of a company and mortgage the future for profits today, people like Jim don't believe there's any other way.

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  31. YUP! Brake all of them up! They are not ethical and the way they got where they are, was not fare! The laws they all helped to make by influencing politicians by lobbing for laws in their favor are not paying any taxes? Disgusting!

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  32. I dont often agree with what David says on this channel but I will say this was a well done video. kudos David👊🏼

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  33. Andrew yangs got A lot of foot soldiers on the grid and they’re rich and powerful as well. Perhaps rich ceos and techies who really want to see real positive change in the name of capitalism. Even Elon supports Andrew and would prefer seeing a president yang in the White House than those politician cronies we always get for decades.

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  34. Just ten years ago simply saying Milton Friedman was wrong was career suicide in the businesses world. I’m speechless.

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  35. For some of yall who think bienoff just woke on andrew yang are wrong. you may not know but thats been his whole MO for last 20 years. He built thousands of affordable homes in san jose for low income tenants. 10 years ago He and his wife built UCSF Children’s Hospital for offering quasi free healthcare.

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  36. Radical right thinks keeping the planet clean and cleaning their asses is "communism". Lol

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  37. I agree with everything but breaking up facebook. Unless someone explained a way to do it that seemed fair for all sides. Haven't seen one yet that seemed more thought out than purely idealistic oversimplification.

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  38. Anyone saw the total douche move pulled by the network at the end where they show the live valuation of Salesforce stock? What did they want to show? A freefall? Tech investors are hardly your typical grandparent-fearful-of "immigrants and socialists coming to take our jobs" sort.

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  39. I love his message, but I got to say I'm amused by the ticker showing a 3% decline in share price during the interview.

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  40. I like what Marc Benioff has to say. Unfortunately, CNBC showed his company's stock literally dropping as he spoke. That's a tell on the typical world of investment. His message is clearly one they don't want to hear.

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  41. It's easy to be progressive when you're sitting in the Silicon Valley, selling software licenses. As for reactions from the suits, there are many valid reasons for them. Government is cancer, and a bigger government inexorably ends up being the arbiter of what makes good business whenever we make "progress". Having parents who cultivate a love for humanity makes a decent CEO, but legislating that sounds like dystopian sci-fi. Teach your children well.

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  42. Well, it's easy for Marc Benioff to virtue signal. He is in the service business, the only thing his company uses is electricity, and putting up a green face actually saves him money. Additionally oversight, regulation, stake holder reporting services for business and governments makes him a lot of additional money. I know everybody likes to believe this is a 'good' CEO with new modern green and social justice insights, don't let him mislead you. It's all about the money.

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  43. The CNBC asshats are the worst. Joe Kernan, who has done nothing in his life, is the worst one of them all. Watch ray dalio, the most successful hedge fund manager, talk about giving back. As Kernan gets triggered and advises him that giving back is stupid. Like we want to hear kernan’s point of view🤦‍♂️🤷🏼‍♂️.

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  44. This is the exception not norm for corporate point of view and strategy. Some may have in the "Plan" but never execute. Good for him

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  45. Great observation David, when trumptards attack socialism, tell them it’s a social democracy. They of course have no talking points and will become silent.

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  46. I'm really quite shocked, I honestly thought that people like Cramer don't exist. It's like a Disney caricature of a greedy capitalist. It's pretty surreal for me, who usually is a proponent of free market solutions.

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  47. How crazy to think that regular people just want to work for a company who cares about its employees and the environment??

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  48. If big corporations were ran more like a small town family business, the world would be a much better place. They care about their employees and their neighbors.

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  49. I loved salesforce at a few of my retail jobs, definitely recommend 🙂 esp now lol another great choice is Lightspeed esp if you are Canadian

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  50. caring about workers and providing them with good feels is a good way to get those at the top to their field to apply

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