What’s the Deal With Billy Evans? A Spoiler-Filled Guide to ‘You Can See Everything’

Key takeaways

The documentary reveals that Billy Evans was filming a project about a blood-testing startup, which was much further along than Rob Copeland initially believed.
Rob Copeland was surprised to find that Evans was charming and willing to share details, but much of what he told was misleading or exaggerated.
The film intensifies the portrayal of Holmes and Evans's relationship, suggesting it was deeply genuine, yet possibly also strategic for career and image purposes.
Evans appears to potentially run Holmes's social media accounts from prison, raising questions about her ongoing influence and control.
The episode highlights ongoing Silicon Valley patterns of backing controversial entrepreneurs, such as 'troll' investments in discredited founders.
Elon Musk’s corporate strategy involves merging companies like SpaceX and Tesla to consolidate power and accelerate innovation.
Joel Kaplan’s departure from Meta signifies a potential political shift in social media’s leadership and its implications.
Despite Holmes’s criminal conviction, public fascination with her and her story persists, driven partly by media portrayals and her own efforts to shape her narrative.
The speakers emphasize that Holmes’s refusal to accept responsibility and her strategic deceit mark her as a deliberate fraud, not simply a misguided innovator.

Summary

Introduction to the Episode and Focus on Billy Evans

The episode opens with a discussion of the new documentary 'You Can See Everything,' which centers on Elizabeth Holmes and introduces Billy Evans, Holmes's romantic and business partner. The hosts note that the documentary portrays Evans as the dominant figure of the story, more than Holmes herself, which surprises many viewers. This prompts a deeper exploration of Evans's character, relationship dynamics, and the mysterious blood-testing startup he is involved in, which echoes Theranos' scandal.

Rob Copeland on Billy Evans and His Startup

Rob Copeland, a New York Times finance reporter, recounts how he initially doubted Evans's claim of running a blood-testing startup called Hemanthus, which was said to focus on pet blood tests at a lower regulatory threshold. Surprisingly, Evans was charming and eager to share details, including exhibit evidence suggesting a lower regulation threshold—though investigation revealed this was misleading. Rob explains that Evans's startup raised around $3 million, a small sum for blood-testing tech, and expressed skepticism about its viability as a real company. Rob also discusses Evans's on-camera openness about Holmes's involvement, which was not evident during their interviews, indicating that Evans was filming a documentary about his own project.

The Film's Portrayal of Holmes and Evans' Relationship

The discussion shifts to Holmes's character and her relationship with Evans, comparing it to her past relationship with Sunny Balwani. The film suggests Holmes and Evans were deeply connected, and Evans portrays her as someone who believes her own reality. The hosts analyze Evans's letter to Holmes's sentencing court, which depicts her as a zealot rather than a schemer. They debate Evans's motives, with some believing he's attracted to the attention and notoriety, using Holmes's story for personal gain, and others seeing a genuine if flawed, love. The nature of their relationship is seen as complex, with Evans potentially leveraging the situation for opportunities in film, finance, and influence.

Holmes’s Social Media and Film Revelations

The episode covers discoveries made through the documentary, such as Billy Evans allegedly running Elizabeth Holmes's Twitter account, posting supportive or enigmatic messages. The hosts analyze whether these tweets are from Holmes or Evans, suggesting that Evans might be orchestrating her online persona while she’s in prison, where it's implied she might have access to a phone. They discuss the implications of Holmes’s social media activity and its role in shaping her image and ongoing influence, despite her convictions.

Broader Reflections on Holmes, Evans, and Silicon Valley

The conversation broadens to the cultural and financial context around Elizabeth Holmes and similar figures. Rob comments on how Silicon Valley interests in backing controversial founders persist, citing examples like Trevor Milton of Nikola or recent ‘troll’ investments. Erin Griffith reflects on Elon Musk's ongoing empire consolidation strategies, including the possible SpaceX-Tesla merger, linking these corporate maneuvers to larger themes of power and control. The episode concludes with discussions on Facebook’s leadership change, Joel Kaplan’s departure, and the political and social landscape influencing these tech giants.

Show notes

This week, we focus on Billy Evans, the breakout character of the documentary “You Can See Everything,” and his Theranos-esque new blood-testing start-up. Rob Copeland, a New York Times finance reporter, and Erin Griffith, a tech reporter, join Max Read to discuss what Evans is like when the cameras are off, whether his start-up is a real company and how Silicon Valley is reacting to the film. Then, we break down CoreWeave’s debt, a possible SpaceX-Tesla merger and Joel Kaplan’s Meta exit. Finally, a returning guest: John Carreyrou joins us to answer listener questions about Elizabeth Holmes.

Guests:

Erin Griffith, a technology reporter at The New York Times
Rob Copeland, a finance reporter at The New York Times
John Carreyrou, an investigative reporter at The New York Times and author of “Bad Blood”

Additional Reading:

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