Whoa:

Venture capitalists Ron Conway and Chamath Palihapitiya got caught up in a shouting match toward the end of one session on inequality at The Next Big Thing Conference in Sausalito, Calif., today.

In an answer to what he would do if he were Mayor Ed Lee, Palihapitiya said he’d resign. That was the last straw for Conway, who’d been waving his hand for comment for the last 10 minutes of the session.

Conway launched into Palihapitiya, calling him out on employee equity and for ridiculing Marc Benioff, defending his charitable contributions to the city. “They’re working to make it a better city and so is Mayor Ed Lee, and it is going to get better, not worse,” yelled Conway.

Palihapitiya countered him, saying there were a lot of frustrated people getting pushed out of housing in the city and added in his belief in a subsidized housing tax.

Conway then reiterated what Palihapitiya had said earlier about Google. “You ridiculed Google for not being generous enough. They’re paying $8 million dollars for the kids…Google’s participating in San Francisco. You don’t know what you are talking about.”

“He was so arrogant,” Conway said after, speaking of Palihapitiya. “Somebody had to say it. It was obvious.”

What a fascinating two minutes: