All-In with Chamath, Jason, Sacks & Friedberg

Snapshot · All-In with Chamath, Jason, Sacks & Friedberg

Dan Loeb: The Lost Art of Short Selling, and Why Stock Picking is Back

Explore episode Jun 5, 2026

Where this was said

Criminal justice reform and the Ross Ulbricht pardon

At 24:05 · chapter starts 22:15

The episode's most surprising segment unfolds as Loeb walks through his involvement in the Ross Ulbricht pardon. He frames Ulbricht as sitting in the third category of his criminal justice taxonomy: not falsely convicted, but bearing a wildly disproportionate sentence — double life plus 40 years — for a crime that, while real, never included proven murder-for-hire charges. Introduced to the case through Reva Tez, a contact from Intel and friend of Olaf Carlsen-Wii, Loeb recognised the only path to freedom was a presidential pardon. He approached Charlie Kirk, who adopted the cause wholeheartedly and made it his sole personal ask of President Trump. A last-minute scare on the last day of Trump's 45th term — the Justice Department threatened to 'go after' Trump if he commuted the sentence — caused the commutation to be withdrawn. But four years later, Kirk pressed the case again, Trump followed through on a campaign promise to the crypto and libertarian communities, and Ulbricht received a full pardon. The twist that Loeb discovered just days before this recording: David Warrington, now White House Counsel, had been Ulbricht's personal attorney for a decade. Today, Ulbricht is married, expecting a child, and living freely. Loeb closes by describing his continuing work on individual cases through an organisation called Aleph, and his parallel fight against antisemitism.

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