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Transcript of Antonio Gracias’ Interview on All-In Live from Miami

The following is the full transcript of American billionaire investor Antonio Gracias’s interview on All-In Live from Miami on “DOGE updates, Voter fraud, Finding ‘Big Balls’” (May 21, 2025).

Listen to the audio version here:

The Complexity of Government Reform

INTERVIEWER: So, Antonio, we know you’re very busy because you decided, like a couple of our other friends, to take a second job working in our government for 100 or so days. You can give him a round of applause for that. You know, Trump is a unique individual in all the world. There’s maybe polarizing in some ways, but one thing that’s not polarizing is Doge. I think everybody wants to see waste fraud and abuse and controlled spending in government. Maybe there’s some questions about how fast it’s going. But we all know you and Elon like to go, you know, at a brisk pace. You laid back and you joined a little later in the process, like a stat. You joined maybe what, 15, 20 days ago?

ANTONIO GRACIAS: I’ve been there for eight weeks.

INTERVIEWER: Eight weeks, okay, so yeah, 60 days. And you went public with it maybe a couple weeks ago?

ANTONIO GRACIAS: Yeah, I wasn’t with Elon Musk for the first four weeks. So you didn’t know I was there.

Government Inefficiency Compared to Twitter

INTERVIEWER: So how bad is it? How messed up is our government? How insane are the processes? You’re a process guy. You know, we both worked on the Twitter acquisition and the transfer there and did all the zero based budgeting. I mean, maybe compare and contrast it to that. Which was maybe one of the most horrific corporate entities I’ve ever seen in my life and how that was being run.

ANTONIO GRACIAS: It was tough. But let me start by thanking you guys. Thank you for having me. I really appreciate it. It’s great to be down here to see everybody. And let me also say that it’s an honor to serve America. Like, whatever I am doing, I am grateful to be able to do it. I’m grateful to my partners for allowing me to do it and my clients for supporting it. And it truly is an honor to be there. There’s many great people in government trying to help. So let me start with that.

INTERVIEWER: It’s a sacrifice, right? You’re taking time out of your day job.

ANTONIO GRACIAS: It’s definitely a sacrifice. But really, I feel very grateful that I have the capacity and 30 years of training in operations that I can be useful. That feels very… I feel gratitude.

How bad is it? So if Twitter was like the JV League, this is like the NBA. It’s the most complex thing I’ve ever seen. I have in our office in D.C., I’ve mapped now as an example the entire system basically from the border to the benefits programs. It’s about a 40-foot board and it looks like a Basquiat. I mean, it’s an incredible like spaghetti gram of stuff. And I’ve never seen anything so complex in my life. So the answer to your question is it’s worse than I thought. Much, much worse than what we saw at Twitter. Now, X and America, Americans and all of you, we deserve better.

Waste, Fraud and Abuse in Government

INTERVIEWER: Okay, if we were to, and I’m sure Chamath has some questions and Friedberg, but if we were to look at $1 spent by our government, waste, fraud, abuse. How many pennies of the dollar is it? If you had to just based on what you’ve seen so far, a range.

ANTONIO GRACIAS: Here’s what I’d say. If you go into any company, any company you guys have ever seen that is not like super well run, it probably is like easy cut 15%. Easy, easy, easy. This is where the 15%, this is where the trillion dollar number came from. 15% of $7 trillion. I think if we had the political will, you’d easily get that 15%, no problem. Not without any problem at all. And without cutting the core entitlement programs.

So it’s definitely there. The question is, do people want to do it or not? And remember, every dollar we take, we are taking from an NGO or a beltway consultant. You know, it’s actually the people who are screaming about this because we’re taking money from them. And whatever you read in the news media, I gotta tell you, it isn’t true. I mean, the cuts, I think it’s 88% of the people that have left the government have taken packages. The packages are very lucrative. There’s nine months or so of severance and they’re voluntary.

And I’ll say the people that work in government, who are good, there’s lots of good people in the government that I have met and have pointed this at all this stuff. They deserve better. Okay? Imagine trying to be a civil servant. You want to do the right thing. You’re working there because you care about America and you’re in this like massive bureaucratic morass with all this stuff on top of you.

And man, I’ve seen OIG reports where people have reported to OIG, like sex trafficking, and they turn it in and nothing happens. Literally nothing happens. Okay? So that’s very frustrating. And they stick it out, they keep going, and they keep working hard for America.

So I think it’s not just about the cost cuts. It’s about the culture. Like the culture change of allowing good people who are in the government to understand that someone’s listening, that when they want to make improvement change or when they find fraud, waste and abuse, they can do it. And there’s an avenue now to do it. I think that’s actually going to be one of the most important, lasting things we leave is this idea that your voice matters in the government, that there are good people in the government and when they want to do the right thing, there’s a way to do it.

Return to Office Initiatives

INTERVIEWER: And you got people coming back to work in the office.

ANTONIO GRACIAS: Oh, I’ll tell you.