According to New York University Stern School of Business professor Scott Galloway, Americans concerned about Donald Trump’s violent immigration crackdown have a powerful way to fight the administration, one that “has been hiding in plain sight.”
The host of “The Prof G Pod” sat down with MS NOW’s Stephanie Ruhle on Tuesday’s “The 11th Hour” to discuss his new campaign, “Resist and Unsubscribe,” which calls on Americans to participate in a monthlong economic strike targeting the “companies driving the markets and enabling our president.”
The boycott urges Americans to flex their economic muscles by opting out of popular subscription-based services, such as ones from Amazon, Apple and Google.
As Galloway explained, a small number of subscription-based companies currently make up a large percentage of the S&P. “If you really want to hurt or send a message to the president, he listens to markets,” he said, adding: “So how do you do that? Have to go after the soft tissue.”
Galloway used OpenAI’s ChatGPT to show the possible effect of a boycott.
“Say you have Anthropic and ChatGPT, and you decide to cancel ChatGPT: $20 a month, $240 [a year],” he explained, referring to a premium subscription. “OpenAI is raising money at an $800 billion market cap, $20 billion revenues — that’s 40 times revenues. So your $240 less of subscription revenues translates to approximately $10,000 in market capitalization.”
“The easiest way to send a strong signal to the markets and to the president is to go after the most fully valued companies whose CEOs have his ear and have enabled him.”
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