Slate Money

This week: OpenAI completed a $122 billion investment round. Felix Salmon, Elizabeth Spiers, and Emily Peck discuss what this deal says about the private and public markets and try to wrap their heads around the astronomical valuations of OpenAI and SpaceX. Then, Maryland-based spice company, McCormick, announced it will merge with Unilever’s food division to create a new spice and sauce mega-company. The hosts discuss the unusual case of a smaller company absorbing a larger one, and why Unilever's stock is currently plummeting. Finally, the hosts break down the WNBA's landmark collective bargaining agreement and why Nobel laureate Claudia Goldin was the MVP of the negotiation. In the Slate Plus episode: The largest single home sale on record. This episode is member-exclusive. Listen to it now by subscribing to Slate Plus. By joining, not only will you unlock weekly bonus episodes of Slate Money—you’ll also access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli Hosted on Acast. See acast.com/privacy for more information.

In this Money Talks: Journalist Bridget Armstrong joins Emily Peck to discuss this moment of reckoning for the iconic reality show America’s Next Top Model and what she learned in reporting for her podcast Curse of: America’s Next Top Model. They explore how Top Model’s central promise—a fast track to a career in the fashion industry—was ultimately an illusion used to make great television at the expense of the contestants. Join Slate Plus to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli. Hosted on Acast. See acast.com/privacy for more information.

This week: Just minutes before Trump posted about talks with Iran, oil markets saw a flurry of activity. Conspiracy theories followed. Felix Salmon, Elizabeth Spiers, and Emily Peck dissect the suspicious timing of those trades and the possibility of insider trading within the Trump administration. Then, the hosts react to the surprising ruling on Meta and social media addiction. And: OpenAI’s sudden decision to shut down its consumer-facing video generation platform, Sora. In the Slate Plus episode: The treasury market rom-com Want to hear that discussion and hear more Slate Money? Join Slate Plus to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli. Hosted on Acast. See acast.com/privacy for more information.

Welcome to a very special Money On Film miniseries! Over three episodes, Slate Money’s Felix Salmon and Slate culture writer Nadira Goffe revisit three films at the intersection of culture and finance. On this episode, Nadira and Felix take a trip to a bathhouse for spirits in 2001’s Spirited Away. Directed by Hayao Miyazaki, the film follows a girl named Chihiro, who becomes trapped in the spirit world and must save her parents, encountering soot sprites, river spirits, a giant baby, and many more wonderful and terrifying beings along the way. The film is a masterpiece of storytelling and technical animation, but as Felix explains, it also works as a highly developed metaphor for capital and the Japanese economy at the close of the millennium: the bathhouse stands in for a stable but exploitative economic system, beset by outside capital forces, with workers stripped of their names and identities. This is the final episode of the Money On Film miniseries. Thanks for listening! Hosted on Acast. See acast.com/privacy for more information.

Welcome to a very special Money On Film miniseries! Over three episodes, Slate Money’s Felix Salmon and Slate culture writer Nadira Goffe revisit three films at the intersection of culture and finance. On this episode, Felix and Nadira discuss dating and money in Celine Song’s 2025 romantic comedy Materialists, which centers on a love triangle between a millionaire matchmaker (Dakota Johnson), a hunky financier (Pedro Pascal), and an old flame and out-of-work actor (Chris Evans). While not particularly romantic or comedic, the film raises questions about the role money plays in modern dating, how we select partners based on financial viability, and whether romance itself might be a bit overrated. Next time on Money On Film: Spirited Away. See you then! Hosted on Acast. See acast.com/privacy for more information.

This week: The war in Iran has caused a dramatic spike in global oil prices. Felix Salmon, Elizabeth Spiers, and Emily Peck discuss the international repercussions of the oil shortage and how central banks are responding. And: With the dust settling on the Paramount-Warner Brothers deal (including a $700 million payout to David Zaslav for some reason), the biggest loser in the megamerger might be HBO. The hosts discuss how billionaire dealmaking and rebrand fatigue is hurting the network's reputation for edgy, prestige TV. And later: Reuters published a very long story “revealing” Banksy’s real name—which, Felix will tell you, has been public knowledge since 2008. So what was the point? In the Slate Plus episode: Claude is not an accountant. Want to hear that discussion and hear more Slate Money? Join Slate Plus to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli. Hosted on Acast. See acast.com/privacy for more information.

Welcome to a very special Money On Film miniseries! Over three episodes, Slate Money’s Felix Salmon and Slate culture writer Nadira Goffe revisit three films at the intersection of culture and finance. On this episode, we’re headed to Wall Street to watch a Felix Salmon favorite: Margin Call, the 2011 thriller-drama starring a long list of famous people, including Jeremy Irons, Paul Bettany, Stanley Tucci, Demi Moore, and yes, Kevin Spacey. Directed by J. C. Chandor, the film takes place at an investment bank on the brink of the Great Financial Crisis, as financiers struggle to maintain their balance sheets against the greatest villain of the aughts: mortgage-backed securities. Coming up on Money On Film: the 2025 rom-com Materialists, followed by the animated masterpiece Spirited Away from 2001. See you next time! Hosted on Acast. See acast.com/privacy for more information.

In this Money Talks: UVA law professor Mitu Gulati joins Felix Salmon and Emily Peck to explain how an over-reliance on boilerplate language in contracts—that apparently never gets updated or even read—is leaving all of us vulnerable to legal traps. Join Slate Plus to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli and Cheyna Roth. Hosted on Acast. See acast.com/privacy for more information.

This week: We summoned technologist and journalist Paul Ford to answer all our questions about A.I. As he explains to Felix Salmon, Elizabeth Spiers, and Emily Peck, A.I. is a hyperobject that touches everything in unknowable ways. They get into “vibe coding,” how it could change the game for small businesses and large corporations alike, and other concerns—like A.I.-powered wars. Hosted on Acast. See acast.com/privacy for more information.

This week: The U.S. started a war in Iran. Felix Salmon, Elizabeth Spiers, and Emily Peck break down why the war is bumping the US dollar and threatening the UAE’s image as a safe haven, with a notable lack of “oil-shock.” Then, the hosts get into why Pete Hegseth’s Department of War is clashing with Anthropic, as modern warfare becomes increasingly reliant on AI. And finally, McDonald’s CEO Chris Kempczinski went viral for taking a very small bite of a very big burger. So, Emily dares to eat a Big Arch—the whole thing—and the hosts talk about how this kind of PR cannot be bought. In the Slate Plus episode: Daylight Saving Forever. Want to hear that discussion and hear more Slate Money? Join Slate Plus to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli and Justin Wright. Hosted on Acast. See acast.com/privacy for more information.

In this Money Talks: Emily Peck is joined by Slate’s Editor in Chief Hillary Frey and former Slate Money host Anna Szymanski of Reuters to break down this season of the HBO financial drama ‘Industry’. They'll get into the psychodrama of Kit Harrington’s Henry Muck, the thrilling parallels to real world stories, the tragic downfall of Eric Tao, and more. Join Slate Plus to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli and Cheyna Roth. Hosted on Acast. See acast.com/privacy for more information.

This week: We saw the fallout from the Supreme Court’s ruling that Trump’s tariffs were indeed unconstitutional. Felix Salmon, Elizabeth Spiers, and Emily Peck, weigh in on the decision and the ensuing confusion around what tariff refunds would actually look like. Then, in a surprise twist, Netflix has backed off the Warner Brothers deal, allowing Paramount to swoop in. The hosts explain what set the multi-billion dollar merger off course. And finally, they’ll get into what Blue Owl Capital did to spark a private credit panic. In the Slate Plus episode: A Retirement Solution for Everyone? Want to hear that discussion and hear more Slate Money? Join Slate Plus to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli and Cheyna Roth. Hosted on Acast. See acast.com/privacy for more information.

This week: Beloved NPR podcast Planet Money is now a book too! Author and Planet Money contributor Alex Mayyasi joins Felix Salmon, Elizabeth Spiers, and Emily Peck to give us a peek into the upcoming Planet Money: A Guide to the Economic Forces That Shape Your Life. Pulling from their favorite chapters of the book, the hosts get into how Argentina’s attempt to foster manufacturing mirrors Trump’s recent efforts, why the Argentinian Blackberry just didn’t cut it, the hidden forces of market design, the reverse-robin hood effect of high credit card fees and more. In the Slate Plus episode: Childcare and Baumol's Cost Disease Want to hear that discussion and hear more Slate Money? Join Slate Plus to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli and Cheyna Roth. Hosted on Acast. See acast.com/privacy for more information.

In this Money Talks: Felix Salmon is joined by journalist Mariana van Zeller, who has spent years reporting on black and gray markets around the world and has a new podcast, The Hidden Third, that delves into these powerful underground economies. They’ll get into what Mariana has seen embedded with criminal operators, from the surprisingly mundane to the darker side of working outside the system. Join Slate Plus to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli and Cheyna Roth. Hosted on Acast. See acast.com/privacy for more information.

This week: Alphabet announced a rare 100-year bond issuance. Felix Salmon, Elizabeth Spiers, and Emily Peck, explain the calculation the tech giant is making here and how the market responded to the move. Then, an analysis from the NY Fed has concluded that most of the burden of Trump’s tariff hikes is on US households and the hosts debate the possible pros – and obvious cons – of this sneaky tax hike. And then, Felix goes deep on one of his favorite topics: why knockoffs aren’t so bad. In the Slate Plus episode: What’s up with the new Ferrari design? Want to hear that discussion and hear more Slate Money? Join Slate Plus to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli and Cheyna Roth. Hosted on Acast. See acast.com/privacy for more information.

This week: Anthropic released an update that seems to have tipped the scales against Software as a Service companies, erasing billions in market value. Felix Salmon, Elizabeth Spiers, and Emily Peck, unpack why there was such a massive market response to such a small AI plugin, and what it says about the future of tech investment. Then, Disney has finally named a new CEO in Josh D’Amaro. The hosts get what it says about the future of the company that they chose the head Disney Experiences, including their super-profitable theme parks, instead of its Hollywood division. And then, a report has claimed users lose money on prediction markets faster than on traditional gambling apps which Kalshi claimed was an extortion tactic before walking back its statement. The hosts get into the differences between how users interact with the two kinds of apps and what the data says about losses on each. In the Slate Plus episode: Epstein and the business of luxury gifting. Want to hear that discussion and hear more Slate Money? Join Slate Plus to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli and Cheyna Roth. Hosted on Acast. See acast.com/privacy for more information.

In this Money Talks: Emily Peck is joined by Andrew Biggs, author of The Real Retirement Crisis, to talk about how the data contradicts the so-called "retirement crisis” in the US, what we misunderstand about the system, and what we should be thinking about when it comes to retirement savings. Join Slate Plus to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli and Cheyna Roth. Hosted on Acast. See acast.com/privacy for more information.

This week: Volatility in the Japanese bond market is threatening the global trade house of cards. Felix Salmon, Elizabeth Spiers, and Emily Peck, unpack the changes in Japan’s economy and why they have such a big worldwide impact. Then, they discuss the weakening US dollar and what Trump's fed chair nominee says about his administration. And finally, corporate messaging around social issues has all but gone away, but the recent horrors in Minnesota have somewhat turned that tide. The hosts get into what factors pushed CEOs to speak out against actions of ICE, if somewhat mildly, and what it might mean in terms of Big Tech’s support of Trump. In the Slate Plus episode: Can we defend…Elon Musk? Want to hear that discussion and hear more Slate Money? Join Slate Plus to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli and Cheyna Roth. Hosted on Acast. See acast.com/privacy for more information.

This week: World Economic Forum’s Annual Meeting in Davos is all over the news. Felix Salmon, Elizabeth Spiers, and Emily Peck, explain the moments that made headlines and why Davos feels so much more relevant this year. Then, Trump promised to address the affordability crisis at Davos but failed to say much. The hosts discuss what he did say, and how the ongoing crisis is being addressed overall. And finally, a new lawsuit claims that the AI screening tools that have taken over the job hunting landscape should be subject to the Fair Credit Reporting Act. The hosts get into what these tools do now and why this change could be beneficial. In the Slate Plus episode: Celebrities interviewing celebrities. It’s an epidemic. Want to hear that discussion and hear more Slate Money? Join Slate Plus to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli and Cheyna Roth. Hosted on Acast. See acast.com/privacy for more information.

In this Money Talks: Joe Salama, Chief Compliance Officer at Coinbase and anti-money laundering expert, joins Felix Salmon to give us a rundown on the current state of money laundering around the world. They’ll get into the ongoing battle between criminals and AML to stay one step ahead of the other, why money laundry is thriving in China right now, and how the rise of cryptocurrency factors into the whole thing. Join Slate Plus to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli and Cheyna Roth. Hosted on Acast. See acast.com/privacy for more information.