WEBVTT - Uber CEO Khosrowshahi on Earnings, the Outlook for 'Everything' Apps & Venture Capital Investing 0:00:01.520 --> 0:00:04.600 From Marhart where Innovation, Money and power. 0:00:04.400 --> 0:00:09.160 Collie in Silicon Valley NBN. This is Bloomberg Technology with 0:00:09.280 --> 0:00:11.160 Caroline Hyde and Ed Ludlow. 0:00:25.480 --> 0:00:29.080 Ed Ludlow here in San Francisco. Caroline Hyde is off today. 0:00:29.160 --> 0:00:32.120 This is Bloomberg Technology coming up on the program. Full 0:00:32.159 --> 0:00:36.080 earnings coverage ahead as Uber reports a surprise operating profit 0:00:36.120 --> 0:00:39.600 but misses on revenue estimates. We sit down with CEO 0:00:39.880 --> 0:00:43.160 Dara Koshra Shahi. Plus we'll look at competition in social 0:00:43.200 --> 0:00:46.680 media as Elon Musk's X tries to become an everything app. 0:00:46.680 --> 0:00:49.760 We'll discuss with the CEO of stock Twits. And we're 0:00:49.760 --> 0:00:52.400 going to read on private markets in the state Eventure 0:00:52.400 --> 0:00:56.640 Capital with our VC spotlight Dina Lux Dina Shakir sorry 0:00:56.880 --> 0:01:00.280 of Lux Capital joining us quick check on the markets. 0:01:00.320 --> 0:01:04.399 This is the technology corners of your equity markets. Now, 0:01:04.480 --> 0:01:07.400 is that why one hundred softer buy two tens of percent? 0:01:07.440 --> 0:01:09.440 We're kind of treading water at the moment when it 0:01:09.480 --> 0:01:11.800 comes to the tech sector. Think about that two percent 0:01:11.840 --> 0:01:14.600 gain we had on the NATS that one hundred last week. 0:01:14.680 --> 0:01:18.440 Some weaker earnings are driving the narrative underperformance in the 0:01:18.560 --> 0:01:21.640 US listed shares of Chinese technology names then as that 0:01:21.680 --> 0:01:24.800 Goden Dragon Index down one point seven percent as we 0:01:24.880 --> 0:01:27.920 continue to gauge what's going on in the Chinese economy, 0:01:27.959 --> 0:01:30.600 particularly as well from the regulatory standpoint and the Chinese 0:01:30.640 --> 0:01:33.280 government's attitude towards some of those. 0:01:33.319 --> 0:01:34.440 Chinese tech players. 0:01:34.600 --> 0:01:37.920 And again Bitcoin now actually below twenty nine thousand US 0:01:37.959 --> 0:01:40.320 dollars part token it's traded for the last ten days 0:01:40.400 --> 0:01:43.320 or so in this kind of narrow range between twenty 0:01:43.400 --> 0:01:46.959 nine twenty nine thousand, five hundred US dollars part tooken. 0:01:47.120 --> 0:01:51.560 No real news catalyst or news flow driving what's happening 0:01:51.680 --> 0:01:52.880 in that cryptocurrency. 0:01:52.880 --> 0:01:55.920 One of our favorite risk assets in the earning. 0:01:55.600 --> 0:01:57.600 Story in the single name movers, there's just one that 0:01:57.640 --> 0:02:00.440 we're looking at, and that is Uber. For the first 0:02:00.440 --> 0:02:03.600 time an operating profit on a gap basis. This is 0:02:03.600 --> 0:02:05.920 something that the world's been waiting for when it comes 0:02:05.920 --> 0:02:08.440 to Uber, the question would they ever be profitable? They are, 0:02:08.800 --> 0:02:11.440 Even so, the stockdown almost six percent, on track for 0:02:11.440 --> 0:02:13.919 its biggest decline since October. 0:02:14.160 --> 0:02:15.160 The concern from. 0:02:15.040 --> 0:02:17.880 The street seems to be about growth, but the numbers 0:02:17.880 --> 0:02:20.040 in the court are just gone were good. Let's get 0:02:20.080 --> 0:02:23.360 more on Uber's results and bringing Bloombos Jackie Davloss out 0:02:23.360 --> 0:02:27.040 of DC covering everything, gig economy, everything in the apps. 0:02:27.400 --> 0:02:29.280 Give me the main numbers with Uber because. 0:02:29.080 --> 0:02:32.320 By all accounts, on every metric, whether it's a demand 0:02:32.360 --> 0:02:35.600 focus or a supply focused metric, Uber did well. 0:02:36.639 --> 0:02:40.080 Uber used to be known as the poster child for 0:02:40.160 --> 0:02:44.880 money losing unicorns in Silicon Valley, and this quarter really 0:02:44.880 --> 0:02:47.000 put a lid on that. You had net income of 0:02:47.040 --> 0:02:50.040 three hundred and ninety four million. It's not the first 0:02:50.080 --> 0:02:53.360 time that it's posted a net gain, but what's different 0:02:53.400 --> 0:02:56.240 this time, ed, is that a lot of that came 0:02:56.280 --> 0:02:59.919 from the underlying business, not just positive swings in its 0:03:00.040 --> 0:03:00.919 equity stakes. 0:03:01.120 --> 0:03:01.840 When you look. 0:03:01.760 --> 0:03:04.760 Under the hood, those were trip volumes and it's ride 0:03:04.760 --> 0:03:08.040 hailing business, which were at all time highs, finally recovering 0:03:08.080 --> 0:03:09.640 to those pre pandemic levels. 0:03:09.919 --> 0:03:11.600 You also had delivery. 0:03:11.400 --> 0:03:14.040 Demand at all time highs, people using the app to 0:03:14.120 --> 0:03:17.920 order takeout more often with bigger basket sizes. And then 0:03:17.960 --> 0:03:21.880 on top of that, you have other business lines like 0:03:22.000 --> 0:03:26.639 advertising subscriptions finally rising to a point where it's it's 0:03:26.680 --> 0:03:30.040 making a dent in how much demand the company is 0:03:30.080 --> 0:03:33.920 bringing into the app. Now like you said the street 0:03:34.040 --> 0:03:38.080 wasn't totally convinced that the numbers are there long term. 0:03:38.520 --> 0:03:43.480 You have positive bookings for this quarter they rose sixteen percent, 0:03:43.560 --> 0:03:46.040 but at the same time, there's a little skepticism that 0:03:46.080 --> 0:03:49.760 they can keep this run going, especially when macroeconomic headwinds 0:03:49.800 --> 0:03:51.560 are looking to be a little bit of a challenge 0:03:51.600 --> 0:03:52.680 for some other tech players. 0:03:53.280 --> 0:03:56.440 You know, the story very good summary by the way 0:03:56.560 --> 0:03:59.280 of the numbers, but the story is that people were 0:03:59.360 --> 0:04:02.600 willing to spend on ride hailing. They're willing to spend 0:04:02.640 --> 0:04:07.000 on food delivery despite a tougher economic environment. 0:04:07.280 --> 0:04:10.280 But the bar is so high now for Uber going forward, right. 0:04:10.560 --> 0:04:11.640 That's exactly right. 0:04:12.000 --> 0:04:14.800 You know, they've made steps. 0:04:14.440 --> 0:04:17.400 Over the past few years, and really difficult ones at that. 0:04:17.520 --> 0:04:19.880 If you remember where they were during the start of 0:04:19.920 --> 0:04:24.960 the pandemic, massive layoffs, they hived off unprofitable units. They've 0:04:25.000 --> 0:04:28.239 really been preparing the business for a business that isn't 0:04:28.240 --> 0:04:33.279 relying on artificially low pricing. And now you take a 0:04:33.320 --> 0:04:37.000 look at you know what it's growth drivers are going forward. 0:04:37.360 --> 0:04:39.960 It's going to rely on you know, is the app 0:04:40.200 --> 0:04:43.080 fun to be on for users? Is it useful not 0:04:43.200 --> 0:04:45.680 just for takeout and delivery but also what are some 0:04:45.720 --> 0:04:47.560 of the other ways that it can snag some of 0:04:47.560 --> 0:04:50.720 that attention. It's going into chartered buses, it has you know, 0:04:50.839 --> 0:04:54.320 uber Boat and Migano's grease for example, So it's really 0:04:54.360 --> 0:04:56.599 looking at any other ways it can tap growth. And 0:04:56.640 --> 0:04:59.039 it's been effective so far. But at the same time, 0:04:59.400 --> 0:05:02.680 you know that livery demand is starting to taper off 0:05:02.720 --> 0:05:06.320 a little bit. You have door Dash reporting tomorrow, and 0:05:06.720 --> 0:05:09.719 I think investors are looking to see just how resilient 0:05:09.760 --> 0:05:11.799 that is, because that is a growing part of Oover's 0:05:11.800 --> 0:05:12.560 overall business. 0:05:13.440 --> 0:05:13.719 Jackie. 0:05:13.760 --> 0:05:16.960 The other piece of standalone news is that CFO Nelson 0:05:17.080 --> 0:05:20.840 Chai will step down effective January fifth. I think that 0:05:20.880 --> 0:05:24.359 confirms your reporting from earlier in July. What did the 0:05:24.360 --> 0:05:25.600 company have to say about that? 0:05:26.279 --> 0:05:30.920 Only positive things. Nelson has had an amazing run at 0:05:30.960 --> 0:05:35.040 the company. He really cleaned up the Uber's balance sheet 0:05:35.120 --> 0:05:39.320 from when it first iPod and to now, so this 0:05:39.560 --> 0:05:42.960 quarter is really kind of his victory lap of sorts. 0:05:43.000 --> 0:05:46.880 The company said they're looking for another replacement, but he's 0:05:46.920 --> 0:05:50.000 going to stay on board until January fifth of next year, 0:05:50.080 --> 0:05:53.599 so investors can stay assured that that discipline and the 0:05:53.680 --> 0:05:56.200 execution is still going to remain in the months to come. 0:05:57.279 --> 0:05:59.680 All right, Bliebose JACKI Davlos out of DC. Thank you 0:05:59.720 --> 0:06:02.480 very much, so stay with Uber. Web Bush is out 0:06:02.480 --> 0:06:05.520 with a note reacting to earnings that calls Uber CEO 0:06:05.920 --> 0:06:10.800 Dara Koshrahatshahi the comeback kid. The CEO is leading a 0:06:10.880 --> 0:06:14.440 quote comeback for the ages at Uber joining us now 0:06:14.560 --> 0:06:17.279 Dan ives web Bush, seniority analyst who has an outperformed 0:06:17.360 --> 0:06:22.200 rating and fifty two dollars price target on Uber. The 0:06:22.240 --> 0:06:25.200 comeback kid. Why do you say that, Dan, I mean, 0:06:25.240 --> 0:06:26.360 go back eighteen months. 0:06:26.360 --> 0:06:28.960 I mean, as you know, well, back was against the wall, 0:06:29.240 --> 0:06:32.719 and now you will get growth, We'll get profitability and 0:06:32.800 --> 0:06:36.479 cash flow, especially as little brother Lift is at the 0:06:36.560 --> 0:06:37.240 kids table. 0:06:37.279 --> 0:06:39.279 I mean they're gaining share and I think this is 0:06:39.400 --> 0:06:40.760 just a knee. 0:06:40.600 --> 0:06:43.479 Jerk reaction where we're buyers, and I think this is 0:06:43.520 --> 0:06:46.640 the stock that continues to move high. An inslection point quarter, 0:06:47.240 --> 0:06:49.800 rocky bat ball like comeback for Uber. 0:06:51.160 --> 0:06:55.880 The gross bookings forecast for the current period was slightly 0:06:55.880 --> 0:06:59.560 ahead of expectations. But there does seem to be a 0:06:59.560 --> 0:07:03.960 growth longer term with Uber. Why don't you share that concern? 0:07:05.360 --> 0:07:08.240 I will, They've been able to balance and strategically, if 0:07:08.279 --> 0:07:11.720 you look at rides, you look at mobility, you look 0:07:11.720 --> 0:07:15.240 at what's happening ultimately on the food delivery business. I 0:07:15.240 --> 0:07:18.760 think actually numbers continue to be conservative, and I think 0:07:19.200 --> 0:07:20.280 the key here is that. 0:07:20.240 --> 0:07:21.880 The street doesn't get ahead of itself. 0:07:21.920 --> 0:07:25.920 They're not gonna continue to raise guidance, maybe as dramatically 0:07:25.960 --> 0:07:27.760 as some of the investory start, which is why you're 0:07:27.760 --> 0:07:30.680 seeing need your reaction here, But I think that's the 0:07:30.760 --> 0:07:35.000 game for them. Under promise, over deliver balanced growth going 0:07:35.040 --> 0:07:37.520 into twenty twenty four, and I think it's one of 0:07:37.560 --> 0:07:41.520 the best risk reward disruptive tech names out there. 0:07:41.800 --> 0:07:44.080 With this comeback story being led by Down. 0:07:44.680 --> 0:07:47.520 You go back to February and that guidance you're referring 0:07:47.560 --> 0:07:50.160 to is the justiny a bit doar five billion in 0:07:50.200 --> 0:07:53.960 twenty twenty four, even if not dramatic. Were you surprised 0:07:53.960 --> 0:07:56.240 they didn't revise higher even a little? 0:07:56.920 --> 0:07:58.440 I think that's the way of Pokemon. 0:07:58.800 --> 0:08:01.320 I mean, in this macro still some volatility go in 0:08:01.400 --> 0:08:03.400 the second and half of the year, want to give 0:08:03.400 --> 0:08:06.280 themselves a wager room. I still think that that beatable. 0:08:06.800 --> 0:08:09.080 But if you look at the execution store and not 0:08:09.240 --> 0:08:11.600 just talking and talk walk in the walk, and I 0:08:11.640 --> 0:08:14.880 think many of the bearers that have been skeptical have 0:08:14.960 --> 0:08:17.640 been proven wrong. If you look at the last few 0:08:17.720 --> 0:08:20.400 quarters and even you go back last year, I think 0:08:20.400 --> 0:08:23.920 this is really now what i'll call the next chapter 0:08:24.000 --> 0:08:29.120 of success for Uber that's starting to play out long term. 0:08:29.160 --> 0:08:30.560 What is the picture for Uba? 0:08:31.200 --> 0:08:34.960 Yeah, you called Darak kros Rashahi the comeback kid, but 0:08:35.040 --> 0:08:38.200 that's that comeback's happened. You know, how does he lead 0:08:38.280 --> 0:08:41.520 this company into the next five or ten years. 0:08:41.960 --> 0:08:44.559 I think ultimately down the road it's it's going to 0:08:44.600 --> 0:08:46.760 be our Tiomous is going to play a role, you 0:08:46.800 --> 0:08:48.840 know where I do see them potentially doing more and 0:08:48.920 --> 0:08:50.040 more things with Tesla. 0:08:50.600 --> 0:08:52.400 You know, just when you think about from. 0:08:52.200 --> 0:08:56.160 The where that ultimate is going from a technology perspective, 0:08:56.240 --> 0:08:58.679 I think Free is going to be something where they're 0:08:58.720 --> 0:09:01.839 going to add more into from a resource perspective, and 0:09:01.880 --> 0:09:04.720 then ultimately just penetrating the consumer more and more. 0:09:05.200 --> 0:09:07.520 I think that's really going to be the goal. 0:09:07.640 --> 0:09:10.600 That's the golden goose for Uber when you think about 0:09:10.640 --> 0:09:11.200 where they're head. 0:09:11.800 --> 0:09:14.400 I think Darrek Cross Society was saying earlier this morning 0:09:14.480 --> 0:09:17.640 that they see a world of true autonomy being seven 0:09:17.640 --> 0:09:21.360 to ten years away. Does that signal any complacency to 0:09:21.440 --> 0:09:24.319 you that they're not investing and focused on it now? 0:09:24.640 --> 0:09:26.760 Again, what they're saying what they're actually doing in two 0:09:26.840 --> 0:09:27.360 separate things. 0:09:27.440 --> 0:09:30.520 I do think strategically they are going to be focused 0:09:30.520 --> 0:09:33.640 on by things, be more through partnerships, because the last 0:09:33.679 --> 0:09:35.400 thing you want to see them do is is just 0:09:35.520 --> 0:09:38.400 spend money like nineteen eights rock Stars that they were 0:09:38.440 --> 0:09:41.240 doing two three years ago. I think it's about balanced 0:09:41.280 --> 0:09:44.360 growth here that continues to sort of play out. 0:09:44.800 --> 0:09:46.319 It's hard to pull holes in the store. 0:09:46.360 --> 0:09:49.480 You have knee jerk reactions here, just like we've seen 0:09:49.480 --> 0:09:51.640 with some mother names, but we're buyers here. I think 0:09:51.640 --> 0:09:54.280 this is a stock that ultimately gets into the senior 0:09:54.280 --> 0:09:58.200 citizen type level as we go on in twenty twenty four. 0:09:58.440 --> 0:10:01.160 Yeah, Dan, We've been talking a lot here on technology 0:10:01.480 --> 0:10:05.160 about the idea of an everything app, and Uber seems 0:10:05.160 --> 0:10:07.800 like as close to an everything app as you see 0:10:07.840 --> 0:10:10.800 in Southeast Asia, for example. Do you see a future 0:10:10.840 --> 0:10:13.839 for them where they offer a broader range of services 0:10:13.840 --> 0:10:14.720 and products. 0:10:15.240 --> 0:10:18.720 Look, I think that's definitely one of the potential paths. 0:10:18.760 --> 0:10:22.479 But as we've seen, you know, we've grab in Indonesia 0:10:22.480 --> 0:10:25.280 and throughout the US. We've seen it with weed Chat. 0:10:26.040 --> 0:10:28.840 It's easier said than done, and I do think Gouber 0:10:28.920 --> 0:10:30.200 right now that is maybe. 0:10:30.000 --> 0:10:30.880 A broader plan. 0:10:31.000 --> 0:10:34.720 Of course, it's a plant for Twitter formally and now 0:10:34.760 --> 0:10:37.440 known as X in terms of muscle growl strategy. But 0:10:38.360 --> 0:10:40.840 Uber needs to make sure that they build this out 0:10:40.880 --> 0:10:42.760 the right way and don't just try to be all 0:10:42.800 --> 0:10:43.720 things to all people. 0:10:43.880 --> 0:10:44.880 And I think that's right now. 0:10:44.960 --> 0:10:48.240 The balance are dow striking, but finally adults in the 0:10:48.320 --> 0:10:51.760 room running the company and investments like what they see this. 0:10:51.800 --> 0:10:55.480 Year Dan looking ahead to Thursday, the big one Apple 0:10:55.720 --> 0:10:59.360 reports its earnings. What are you expecting from the iPhone maker? 0:11:00.040 --> 0:11:02.920 Get out the popcorner. I mean they continue to I 0:11:02.960 --> 0:11:06.760 think beat expectations in China, which is the hearts and lungs. 0:11:07.080 --> 0:11:10.320 This is the drum rolls German talks about to Iophone fifteen. 0:11:10.800 --> 0:11:12.880 I'd the doc that can need to rerate higher and 0:11:13.040 --> 0:11:16.040 services as in March, is toward that three and a 0:11:16.080 --> 0:11:19.439 half four trillion mark despite many yelling fire in a 0:11:19.520 --> 0:11:20.160 cryoud theater. 0:11:20.760 --> 0:11:23.400 This year, I look at MODL on the Bloomberg term 0:11:23.440 --> 0:11:26.240 and all the estimates that we're compiling. And the only 0:11:26.280 --> 0:11:27.840 area of sort of year in your top line growth 0:11:27.960 --> 0:11:31.200 is services. Where's your head out with Apple services offering 0:11:31.280 --> 0:11:31.720 right now? 0:11:32.280 --> 0:11:35.280 I think services starts to now tick toward double digits 0:11:35.280 --> 0:11:37.640 as we go into fiscal twenty four. I think some 0:11:37.720 --> 0:11:39.800 of the parts that's worth one point three to one 0:11:39.800 --> 0:11:42.839 point four trillion. And this is all the drum roll 0:11:42.960 --> 0:11:46.240 to a read seller growth story despite the macrom That's 0:11:46.240 --> 0:11:48.440 what's happening at Apple, you know. 0:11:48.640 --> 0:11:49.640 I think when you think. 0:11:49.440 --> 0:11:52.720 About it, it's also the margin story you're seeing asp 0:11:52.880 --> 0:11:57.120 as lyft. It's another example of cook playing chess. 0:11:57.679 --> 0:11:59.680 Well, I just play checkers, all right. 0:11:59.760 --> 0:12:04.440 Dan Knives of Webbush calling uber CEO Darakosi the comeback kid. 0:12:04.559 --> 0:12:07.880 Stay tuned later on in Bloombo Technology when uber CEO 0:12:07.960 --> 0:12:19.160 Daraki joins us here on the show to discuss those results. 0:12:21.200 --> 0:12:25.000 Elon Musk's ex Corps sued a nonprofit group that monitors 0:12:25.000 --> 0:12:29.079 online hate speech, accusing it of falsely describing the social 0:12:29.160 --> 0:12:33.360 media platform formerly known as Twitter as being overwhelmed with 0:12:33.400 --> 0:12:36.600 harmful content. In the lawsuit filed late Monday in San 0:12:36.640 --> 0:12:40.560 Francisco Federal call X Corp Claims the Center for countering 0:12:40.600 --> 0:12:45.000 digital hate is illegally scraping its servers and cherry picking 0:12:45.080 --> 0:12:49.400 objectionable posts as part of a quote scare campaign to 0:12:49.520 --> 0:12:50.880 drive away advertisers. 0:12:50.880 --> 0:12:52.240 We will continue to. 0:12:52.240 --> 0:12:55.320 Track that story now for more only Everything app the 0:12:55.360 --> 0:12:58.720 battle for social media dominance. Were delighted to be joined 0:12:58.720 --> 0:13:03.440 by Rushi Khana, CEO, and I find this so interesting, Richie, 0:13:03.480 --> 0:13:06.120 because at the core of the idea of an everything app, 0:13:06.520 --> 0:13:09.880 as outlined by Elon Musk and Linda Yakarino, the CEO 0:13:10.320 --> 0:13:15.600 of X formerly known as Twitter, it's adding data, financial services, 0:13:15.960 --> 0:13:17.920 and that's creeping into your domain a little bit. 0:13:20.120 --> 0:13:22.440 Yeah, I mean, I think it's easier said than done. 0:13:23.200 --> 0:13:24.920 And you know, first of all, thanks for having me on. 0:13:25.000 --> 0:13:28.880 But yeah, I think you know, in everything app is 0:13:29.080 --> 0:13:32.520 beyond just adding you know, the futures. It's about engaging 0:13:32.720 --> 0:13:35.719 and creating a space that makes people comfortable with doing it. 0:13:35.720 --> 0:13:38.280 And i'd argue trust is a large part of that space, 0:13:38.920 --> 0:13:41.240 which makes it difficult. And over the last you know, 0:13:41.480 --> 0:13:44.160 three to six months, we've seen a tough time of 0:13:44.760 --> 0:13:50.000 Twitter establishing or X establishing maintaining trust with its community 0:13:50.040 --> 0:13:50.640 and user base. 0:13:51.760 --> 0:13:54.800 You know, stock Twitz is a platform where you have data, 0:13:55.520 --> 0:13:58.320 but you also have the opportunity to comment, share live 0:13:58.440 --> 0:14:00.440 quote about the mark kids. 0:14:01.520 --> 0:14:04.040 Do you see that being able to. 0:14:04.000 --> 0:14:07.280 Be replicated on X, which already has the comment part, 0:14:07.480 --> 0:14:09.680 just not the data pot Yeah. 0:14:09.800 --> 0:14:13.800 I mean, obviously we have the community aspect of it 0:14:14.640 --> 0:14:17.040 as X does, and they have that commentary. I mean, 0:14:17.040 --> 0:14:20.560 we came up with Twitter fourteen years ago and have 0:14:20.600 --> 0:14:25.240 built our our community organically over the last fourteen years. 0:14:25.480 --> 0:14:26.160 I think it is. 0:14:26.520 --> 0:14:30.880 You know, we've seen experiments with X adding charts in 0:14:30.920 --> 0:14:34.320 partnership with other vendors and providers, and I think that's 0:14:34.960 --> 0:14:38.200 something they could do. But I'd argue, you know, in 0:14:38.280 --> 0:14:41.960 certain verticals, there's much more depth than just data that 0:14:42.080 --> 0:14:45.120 is demanded by the community and users to really make 0:14:45.120 --> 0:14:48.480 it a valuable verticalized that. I think finance and investing 0:14:48.480 --> 0:14:50.440 specifically is a great space for that, and that's the 0:14:50.480 --> 0:14:54.800 space we're in. I think it's more than just adding data, 0:14:54.840 --> 0:14:57.440 it's the context and being able to focus on that 0:14:57.600 --> 0:15:01.720 context for the community as your product roadmap, as your 0:15:01.760 --> 0:15:06.560 strategy entirely, which you know is much more than you 0:15:06.600 --> 0:15:08.400 know I think we're XS at today. 0:15:09.400 --> 0:15:12.400 No, Rishi, we've been speaking with you on Bloomberg technology 0:15:12.440 --> 0:15:15.200 over the last two or three years in the context 0:15:15.280 --> 0:15:19.680 of memes, stocks, but the idea that something is trending 0:15:19.920 --> 0:15:22.520 or a point of discussion on social media platforms in 0:15:22.560 --> 0:15:27.800 the context of specific names. Do you recognize X, the 0:15:27.840 --> 0:15:30.560 platform for me known as Twitter, as a place where 0:15:30.560 --> 0:15:35.160 those conversations are still taking place or where they originate from. 0:15:36.240 --> 0:15:36.600 I think that. 0:15:36.720 --> 0:15:39.600 Absolutely the conversation is still taking place. So the conversation 0:15:40.120 --> 0:15:44.400 has taken place on X formerly Twitter, it's taking place 0:15:44.440 --> 0:15:47.360 on stock twits, it's taken place on Reddit. You know, 0:15:47.680 --> 0:15:52.120 the conversation is more than just any one platform. But 0:15:52.880 --> 0:15:56.000 you know, I do think you're you're seeing an erosion 0:15:56.200 --> 0:15:59.480 in the trust on on X today right now, where 0:16:00.280 --> 0:16:02.720 you know, it's tougher to find the conversations. I know, 0:16:02.800 --> 0:16:06.360 you know from in speaking to many people, their experience 0:16:06.400 --> 0:16:10.040 in the discovery of the conversation has gotten harder, just 0:16:10.080 --> 0:16:13.280 with the algorithm changes and whatnot. And so I think 0:16:13.280 --> 0:16:18.000 that's the opportunity for other platforms, whether it's a threads 0:16:18.080 --> 0:16:20.320 or whether it's you know, us at stock twits, to 0:16:20.440 --> 0:16:22.880 kind of continue to lean in and make sure that 0:16:22.920 --> 0:16:25.479 we provide the right kind of space for those conversations, 0:16:25.480 --> 0:16:27.600 but it absolutely still happens on acts. 0:16:28.440 --> 0:16:30.600 How does stock Twits lean in then, I mean, is 0:16:30.640 --> 0:16:34.240 there an opportunity for you to expand the stock Twits 0:16:34.240 --> 0:16:36.320 offering to become your own everything app? 0:16:37.840 --> 0:16:39.320 You know, so I feel like I'm in a bord 0:16:39.360 --> 0:16:43.240 meeting right now, but no, it's something we've been very 0:16:43.240 --> 0:16:45.920 focused on for our vertical. So you know, last year 0:16:45.960 --> 0:16:48.800 we actually launched trading right in the app, so through 0:16:48.880 --> 0:16:51.880 our own broker dealer, and so, you know, I look 0:16:51.920 --> 0:16:55.720 at our opportunity to lean in about delivering value across 0:16:55.760 --> 0:17:00.000 the investing life cycle, from ideation, through the research phase, 0:17:00.160 --> 0:17:03.680 through the execution phase, and into portfolio management. So that 0:17:03.800 --> 0:17:05.880 to me is the you know, kind of everything life 0:17:05.960 --> 0:17:09.560 cycle of your investing or trading journey. And so we 0:17:09.600 --> 0:17:13.840 are filling in the pieces across that strategically. Like I said, 0:17:13.920 --> 0:17:17.840 last year, we added equity trading. This year we'll expand 0:17:17.920 --> 0:17:19.879 on kind of the execution platform and the kinds of 0:17:19.920 --> 0:17:22.680 trading you can do both directly through us as well 0:17:22.680 --> 0:17:26.640 as through partners, and continue to fill that and lean 0:17:26.680 --> 0:17:28.880 in there. And at the same time, we're very much 0:17:28.960 --> 0:17:31.360 leading into kind of the community side and the social 0:17:31.440 --> 0:17:35.280 side and giving better tools to our community, filling the 0:17:35.320 --> 0:17:39.359 gaps and tackling the problems you know that are that 0:17:39.400 --> 0:17:40.080 our members have. 0:17:41.600 --> 0:17:45.280 Rishie, let's let's run with that idea. You're in a 0:17:45.320 --> 0:17:49.080 board meeting ex Corp and Elon Musk of a proposal 0:17:49.080 --> 0:17:51.760 on the table to acquire stock twits. 0:17:52.440 --> 0:17:53.960 What's the chances of that happening? 0:17:55.040 --> 0:17:58.639 I would say it's low to quite low in terms 0:17:58.640 --> 0:18:01.760 of that offer coming. I mean, we're we've been independent 0:18:01.800 --> 0:18:04.159 entity for a long time. I think Elon Musk is 0:18:04.200 --> 0:18:10.240 a very you know, mercurial, uh, you know, interesting person. 0:18:10.280 --> 0:18:13.560 I don't know that you know he's gonna have that 0:18:13.600 --> 0:18:17.840 appetite for acquisitions or or looking outside. 0:18:17.880 --> 0:18:18.520 I think he has. 0:18:18.800 --> 0:18:21.359 He has a very strong vision from what he thinks 0:18:21.359 --> 0:18:24.679 he wants to do from back in the nineties and 0:18:24.800 --> 0:18:26.600 uh and so I don't I don't know that you 0:18:26.640 --> 0:18:29.680 know it's coming out acquiring you know, stock twits, which 0:18:29.880 --> 0:18:32.040 may maybe we'll take over the tweet branding for him 0:18:32.080 --> 0:18:33.800 since he's decided to let it go. 0:18:34.920 --> 0:18:39.080 What's what's driving the conversation on stock twits culturally? You know, 0:18:39.320 --> 0:18:42.920 where are you seeing traffic and engagement at its highest? 0:18:43.440 --> 0:18:46.520 Well, the beauty of the markets is it's new every day, 0:18:46.680 --> 0:18:49.639 right and so you know today right now in our 0:18:49.720 --> 0:18:52.800 current you know where we're at, it's earning seasons is 0:18:52.800 --> 0:18:54.919 in full swing and we're seeing a ton of you 0:18:54.920 --> 0:18:58.120 know conversation happened around earning season, you know, so far 0:18:58.280 --> 0:19:01.359 yesterday obviously had you know, some really great you know, 0:19:01.359 --> 0:19:04.159 positive news for their their stock, and there's a lot 0:19:04.200 --> 0:19:07.040 of conversation around that. And you know we're going into 0:19:07.119 --> 0:19:08.879 some we had some big earnings last week. We're going 0:19:08.920 --> 0:19:11.679 into some big ones you know, Apple and Uber and 0:19:11.720 --> 0:19:12.639 whatnot this week. 0:19:13.119 --> 0:19:13.600 Uh. 0:19:13.680 --> 0:19:16.000 And so earnings and those kind of like you know 0:19:16.080 --> 0:19:19.520 kind of market factors are always there. You definitely have 0:19:19.600 --> 0:19:22.520 that kind of meme stock aspect as well. So Tupperware 0:19:22.600 --> 0:19:25.359 has been one of these, you know, big conversations over 0:19:25.400 --> 0:19:28.160 the last call it five days or so, I guess. 0:19:29.080 --> 0:19:31.919 And so where people are discovering whatever the thesis might 0:19:31.960 --> 0:19:34.280 be right with tupple where it's an interesting, one long 0:19:34.400 --> 0:19:38.960 standing brand, uh, you know, struggling from a financial perspective, 0:19:39.040 --> 0:19:42.960 short interest discovered. It has those catalysts that you know 0:19:43.040 --> 0:19:45.760 I've I've talked about before in terms of what drives 0:19:45.840 --> 0:19:48.720 or what can what can create a meme stock. So, 0:19:49.320 --> 0:19:52.560 you know, the beauty with the markets is there's different catalysts, 0:19:52.960 --> 0:19:56.280 whether it is a regular thing like earnings, or whether 0:19:56.359 --> 0:19:58.720 it's you know, kind of news driven uh, you know, 0:19:58.800 --> 0:20:01.800 kind of special report driven in you know, AI has 0:20:01.840 --> 0:20:04.040 been a big thing or ev space has been a 0:20:04.119 --> 0:20:04.880 huge aspect. 0:20:05.160 --> 0:20:08.040 Christy Khana's stock twits is always good to catch up. 0:20:08.040 --> 0:20:10.680 Thank you for your time joining us out of New York. 0:20:11.600 --> 0:20:14.720 Now coming up, ftx's new bankruptcy plan could mean cash 0:20:14.840 --> 0:20:16.720 payments for its customers. 0:20:17.160 --> 0:20:18.320 Bring you that story next. 0:20:18.440 --> 0:20:32.280 This is Bloomberg Technology. 0:20:28.720 --> 0:20:30.040 All right. Time for talking tech. 0:20:30.119 --> 0:20:33.200 First up, NASA is listening for any sound from Voyager 0:20:33.240 --> 0:20:37.720 two after losing contact with the spacecraft billions of miles away. 0:20:37.800 --> 0:20:40.200 Voyager two has been out of touch ever since flight 0:20:40.240 --> 0:20:44.120 controllers accidentally sent a wrong command more than a week 0:20:44.119 --> 0:20:48.320 ago that tilted its antenna away from Earth. Plus Florentry 0:20:48.359 --> 0:20:51.600 Advisors is doubling down on India's drone making sector after 0:20:51.640 --> 0:20:54.960 an early bet on the Mumbai listed company generated a 0:20:54.960 --> 0:20:58.760 return of almost six hundred percent. The Blackstone Alarm brought 0:20:58.760 --> 0:21:01.800 a fifteen percent stake in bot Lab Dynamics for about 0:21:01.800 --> 0:21:05.320 two point four million and expects three more portfolio companies 0:21:05.480 --> 0:21:06.440