Acquired Podcast

We sit down with Steve Ballmer, the legendary former Microsoft CEO and owner of the LA Clippers, for an epic conversation covering his 34 years at Microsoft. Steve listened to our Microsoft episodes and had some thoughts to share — and boy, did he deliver. Steve takes us point-by-point through the original IBM DOS deal that started everything, how he built Microsoft's enterprise business from scratch, and offers his candid reflections on missing mobile and search. We also cover the story behind “developers, developers, developers”, the complexities of his relationship with Bill Gates (including a year where they didn't speak), and why he ultimately decided to step down as CEO. Plus, we learn why Steve has held onto his Microsoft stock through it all — giving him arguably the best investment track record in the world over the last 10 years with his net worth growing from $20B to $130B since leaving. And of course, we couldn't resist also talking about his other passion: the Clippers and Intuit Dome. Hit play and get ready to experience the patented Steve Ballmer energy and fun on full display!

Sponsors:

Many thanks to our fantastic Summer ‘25 Season partners:

• J.P. Morgan Payments
• Statsig
• Vercel
• Anthropic

Links:

• Join us July 15 at Radio City!

More Acquired:

• Get email updates with hints on next episode and follow-ups from recent episodes
• Join the Slack
• Subscribe to ACQ2
• Check out the latest swag in the ACQ Merch Store!

‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

A few weeks ago, we told you that Acquired is doing something in New York City on July 15 with our good friends at J.P. Morgan Payments. Well, the big announcement is finally here: We are doing our 2025 Live Show…  at Radio City Music Hall!

Radio City is of course the iconic New York City theater that hosts the Rockettes and the Tony Awards, and has hosted the Grammys, the MTV VMAs, and the NFL Draft. And it’s also a storied part of Rockefeller Center, as chronicled on our Standard Oil episodes. We can't think of anything more "Acquired".

If you want to be part of the ticket pre-sale, you can sign up at acquired.fm/nyc. While Radio City is the world's largest indoor theater (with room for 6,000 Acquired fans), more than 6,000 folks came to last year's Chase Center show! So get cracking on figuring out which friends and co-workers you want to go with (seats are assigned), and get your hotel + plane tickets booked! Tickets will be available in $100 and $200 tiers.

This is — without a doubt — the biggest undertaking we've ever done here at Acquired. In true Broadway fashion, we’re keeping the show details under wraps… but trust us, it'll be an evening of surprise and delight. If your idea of fun is the world’s greatest business and technology nerds gathering together for a night on the big stage, this is for you. Oh, and a huge thank you to all our friends at J.P. Morgan for making this possible.

We can't wait to see you there!

Sign up for ticket pre-sale: https://acquired.fm/nyc

What if we told you that the most important company in US healthcare was run from a farm in rural Wisconsin? And that farm contained the world’s largest subterranean auditorium, as well as Disneyland—style replicas of Hogwarts and the Emerald City? What if we told you that the person who started, runs and owns this establishment has legally ensured that it will never be sold, never go public and never acquire another company? And that this person, Judy Faulkner, is also likely the wealthiest and most successful self-made woman in history?

Welcome to the story of Epic Systems, the software company that underpins the majority of the American healthcare system today. Epic isn’t “just” an electronic medical record (the category it’s usually lumped into), or an online patient portal (which is how most of the US population interacts with it via its MyChart application). It’s more akin to a central nervous system for hospitals and health clinics. Almost everything in a hospital — from patient interactions to billing, staffing, scheduling, prescriptions and even research — happens on Epic’s platform, and over 90% of American medical schools’ graduating doctors, nurses and health administrative staff are trained on it during their educations. Tune in as we dive into the almost-unbelievable story of how this epic company came to be!

Sponsors:

Many thanks to our fantastic Spring ‘25 Season partners:

• J.P. Morgan Payments
• Fundrise
• ServiceNow
• Crusoe

Links:

• Save the date, July 15 in NYC!
• Epic’s Verona campus
• Worldly Partners’ Multi-Decade Epic Systems Study
• Episode sources

Carve Outs:

• Ken Block in San Francisco
• Nintendo Switch 2
• Knives Out
• Brat by Charli xcx
• Music To Refine To: A Remix Companion to Severance by ODESZA

More Acquired:

• Get email updates with hints on next episode and follow-ups from recent episodes
• Join the Slack
• Subscribe to ACQ2
• Check out the latest swag in the ACQ Merch Store!

‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

When you saw this episode pop up in your feed, you either jumped for joy and hit play immediately (in which case you’re not reading this), or you said “Huh. That’s a surprising episode.” Well, if you’re in group two, boy do we have a treat for you!

IPL is the fastest-growing, most dynamic and most disruptive force in the sports industry today… and this may come as a shock to many Americans, but it might just be on track to surpass the NFL as the world’s most valuable sports league. The IPL is currently valued at $16B, with a TV rights deal that’s higher in per-match dollars than the NBA and the English Premier League. And all this for a league that’s right now just 10 teams who collectively only play 74 total games per season… and oh yeah, the whole thing is only 17 years old! Tune in for an absolutely amazing story, filled with genius, drama (Rupert Murdoch! Disney! Bollywood!) and a perfect encapsulation of the rise of modern India.

Sponsors:

Many thanks to our fantastic Spring ‘25 Season partners:

• J.P. Morgan Payments
• ServiceNow
• Fundrise
• Crusoe

Links:

• Save the date, July 15 in NYC!
• Ed Cowan’s Business Breakdowns of IPL
• Worldly Partners’ Multi-Decade IPL Study
• Episode sources

Carve Outs:

• Severance
• Stratechery

More Acquired:

• Get email updates with hints on next episode and follow-ups from recent episodes
• Join the Slack
• Subscribe to ACQ2
• Check out the latest swag in the ACQ Merch Store!

‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.