WEBVTT - Twitter Cuts More Jobs and How Ford Metals Are Damaging the Amazon 0:00:13.320 --> 0:00:15.920 And Caroline hired everybody Meg's world headquarters in New York, 0:00:16.360 --> 0:00:18.920 and I met Ludlow in San Francisco. This is Bloomberg 0:00:18.960 --> 0:00:21.480 Technology coming up. More job cuts on Twitter as Elon 0:00:21.520 --> 0:00:24.239 Musk continues cost cutting at the social network, and we 0:00:24.320 --> 0:00:27.600 have more on tech layoffs, says Palanteer unveils reductions as well, 0:00:28.600 --> 0:00:31.600 and today's Bloomberg Big Tape focuses on how the Ford 0:00:31.720 --> 0:00:35.400 F one fifty lightning is actually built with materials alleged 0:00:35.440 --> 0:00:37.960 to be damaging. The Amazon and those who call it 0:00:38.080 --> 0:00:40.800 home will bring you the details from that reporting class, 0:00:40.880 --> 0:00:43.559 we'll talk all things social media is Snapchat dives into 0:00:43.600 --> 0:00:45.919 the world of AI and meta in unveils a new 0:00:45.960 --> 0:00:49.280 tool aimed at protecting children. All that and so much 0:00:49.320 --> 0:00:52.120 more coming up. First, foremost, we get to those markets, 0:00:52.240 --> 0:00:55.560 but of a reprieve after the sell off the previous week, 0:00:55.560 --> 0:00:57.360 we're up six tenths of a percent on the NASAC 0:00:57.400 --> 0:00:59.360 all country World and next, also on the highest side, 0:00:59.360 --> 0:01:02.400 Europe gets a bid. This largely feels that it's to 0:01:02.400 --> 0:01:04.440 do with boring costs. At the moment, they tricked down 0:01:04.440 --> 0:01:06.759 a little bit. If you're looking at US treasuries, we're 0:01:06.760 --> 0:01:09.240 just saw some buying, So maybe a bit of reassessment 0:01:09.240 --> 0:01:11.800 as to whether we're buying the dip, whether it comes 0:01:11.800 --> 0:01:13.800 to equities or indeed bonds. Let's flick it on. Let's 0:01:13.800 --> 0:01:16.160 look at what's not being bought on the dip right now. Actually, 0:01:16.240 --> 0:01:19.880 Crypto after one has been a pretty phenomenal for January 0:01:20.000 --> 0:01:22.520 February a little bit less. So we're still if you 0:01:22.600 --> 0:01:24.200 look at a two day basis from the point that 0:01:24.240 --> 0:01:26.240 we're tracking at, it is up about two percent, but 0:01:26.319 --> 0:01:29.440 we're still below that twenty four thousand mark, even on 0:01:29.480 --> 0:01:33.360 a day that we saw US dollar weakness. Yeah, from 0:01:33.400 --> 0:01:35.760 the macro to the micro. When I look at individual names, 0:01:35.760 --> 0:01:38.560 there's a lot of energy in EV related stocks in 0:01:38.560 --> 0:01:40.840 the market. Pardon the pun. Tesla up five and a 0:01:40.880 --> 0:01:44.360 half percent that performance and Tesla reinstates Elon Musk as 0:01:44.360 --> 0:01:47.000 the world's richest man according to Bloomberg. L gets that later. 0:01:47.280 --> 0:01:50.600 Fisk At up thirty percent. It's its debut year of production, Karen. 0:01:50.640 --> 0:01:53.240 They're saying that on an annual basis, they will see 0:01:53.320 --> 0:01:57.240 profit on an EBIT dar basis being positive in twenty three, 0:01:57.240 --> 0:01:59.640 which is staggering. Then life Cycle up four percent have 0:01:59.800 --> 0:02:01.880 been almost as much as twelve percent, but they've got 0:02:01.880 --> 0:02:03.840 a DOE loan. We're going to talk to the CEO 0:02:03.920 --> 0:02:06.520 about how they use those funds. Moving to the downside, 0:02:06.560 --> 0:02:09.360 Meta actually kind of bucking the trend of Megacattech down 0:02:09.440 --> 0:02:12.799 half of percentage point that you mentioned. Palenteer actually down 0:02:12.840 --> 0:02:15.520 for a seventh straight session. That breaking news from our 0:02:15.560 --> 0:02:17.480 colleagues in the print newsroom about how they're going to 0:02:17.520 --> 0:02:20.560 cut staff less than two percent when it comes to Palenteer, 0:02:20.560 --> 0:02:23.280 which is interesting, but this was a company that kind 0:02:23.280 --> 0:02:25.640 of pledged not to make these kinds of cuts. Well, 0:02:25.760 --> 0:02:27.680 you can see on a seven day basis. Actually it's 0:02:27.720 --> 0:02:30.200 a stock that suffered, as you know, Caroline, it's not 0:02:30.320 --> 0:02:34.200 just Palenteer, right. Twitter also seeing this fresh wave of 0:02:34.280 --> 0:02:37.920 job cuts, the layoffs hitting employees across the company, including 0:02:38.040 --> 0:02:42.040 engineering and product team, sources telling Bloomberg some employees learned 0:02:42.040 --> 0:02:44.920 the news via an email, others finding out because they 0:02:44.960 --> 0:02:48.679 couldn't log onto internal systems. Bloomberg's cut. Wagner here in 0:02:48.720 --> 0:02:52.000 San Francisco joins us for more. Not that surprise, really, 0:02:52.000 --> 0:02:54.480 are you? No? Unfortunately? Not right. I mean we've seen 0:02:54.520 --> 0:02:57.400 a slow trickle now for a while, but this one 0:02:57.440 --> 0:02:59.840 felt more significant. Right. It did happen unfortunately on a 0:03:00.040 --> 0:03:02.959 Saturday night, Right, So a lot of employees are enjoying 0:03:02.960 --> 0:03:06.040 their weekend, and as you pointed out, some got email saying, hey, 0:03:06.080 --> 0:03:08.920 you know your job has been terminated. Others are simply 0:03:09.120 --> 0:03:11.120 trying to get into the system can't and they kind 0:03:11.160 --> 0:03:14.520 of deduced from that. So not great, but to your point, 0:03:14.639 --> 0:03:16.400 not surprising when we know how much they're trying to 0:03:16.440 --> 0:03:19.919 cut costs over there, cut any theme as to where 0:03:19.960 --> 0:03:24.480 they were being cut from, or any key executives that went, Yeah, 0:03:24.520 --> 0:03:27.400 it was really heavy into the product org actually, and 0:03:28.240 --> 0:03:29.400 you know, if we've been hearing from a lot of 0:03:29.440 --> 0:03:32.000 people that they're having a tough time figuring out who's 0:03:32.080 --> 0:03:35.600 left in product over there, we did see several founders 0:03:36.360 --> 0:03:38.720 of companies the Twitter had acquired over the years get 0:03:38.800 --> 0:03:41.360 laid off. Now they had been the company had been 0:03:41.360 --> 0:03:43.760 trying not to lay those folks off. The thinking was 0:03:43.800 --> 0:03:46.600 that you know, they might have bigger stock award grants, 0:03:46.600 --> 0:03:48.640 for example, having sold the company to Twitter. They didn't 0:03:48.640 --> 0:03:51.440 want to expedite that type of thing. But in this case, 0:03:51.720 --> 0:03:54.360 you know, several of those founders were laid off, including 0:03:54.480 --> 0:03:57.800 Esther Crawford, who you know, sort of became a little 0:03:57.840 --> 0:04:00.680 bit a famous, if you will, as someone who was 0:04:00.680 --> 0:04:04.920 sleeping in the office early on in Twitter's Uh yeah, 0:04:04.960 --> 0:04:07.200 I was going to ask specifically about Mista crawl Fitz. 0:04:07.280 --> 0:04:08.760 She was one of these people, as you and I 0:04:08.880 --> 0:04:12.280 reported at the time, that kind of aligned herself pretty 0:04:12.320 --> 0:04:15.640 quickly of Elon Musk publicly tweeting about the things that 0:04:15.680 --> 0:04:19.640 Elon Musk was wanting staff to do. She's gone, She's gone. 0:04:19.680 --> 0:04:21.200 What do we know about that? I mean, she was 0:04:21.279 --> 0:04:24.120 pro Musk. Yeah, I mean, well you know this better 0:04:24.160 --> 0:04:26.520 than I even do ed. But like you know, you 0:04:26.520 --> 0:04:29.240 can be committed Elon Musk, but that doesn't necessarily mean 0:04:29.279 --> 0:04:31.560 it's reciprocated, right, And I think this is just yet 0:04:31.560 --> 0:04:35.760 another reminder to people who you know, work at companies 0:04:35.800 --> 0:04:38.400 that he runs that, Like you know, this is a job, right, 0:04:38.440 --> 0:04:41.840 And she was running Twitter Blue, which, as we know, 0:04:42.000 --> 0:04:44.600 is the subscription service that they're trying to build and 0:04:44.960 --> 0:04:47.040 m I don't think the adoption of that has been great. 0:04:47.080 --> 0:04:49.400 I certainly don't consider that anything to do with her. 0:04:49.640 --> 0:04:51.839 I'm not sure that people necessarily want to pay for Twitter. 0:04:52.160 --> 0:04:53.840 But I guess my point is is like when you're 0:04:53.960 --> 0:04:57.040 high profile, when you're running an important product, you know 0:04:57.360 --> 0:04:59.760 that does not save you necessarily. When it comes to 0:04:59.760 --> 0:05:05.680 Elon Musk, there's some interesting reporting around stock compensation as 0:05:05.680 --> 0:05:09.440 well for those that remain at Twitter and how they're incentivized. Ultimately, 0:05:09.880 --> 0:05:11.440 what are we trying to make of the way in 0:05:11.440 --> 0:05:14.880 which this business is being run? Yeah, well, I mean 0:05:14.880 --> 0:05:17.960 this is clearly an incentive to encourage the people who 0:05:18.000 --> 0:05:20.560 are still there to continue to show up and work hard. Right. 0:05:20.600 --> 0:05:23.760 Imagine you're you're working at Twitter today, You've made it 0:05:23.800 --> 0:05:27.200 through now multiple rounds of job cuts. You're probably looking 0:05:27.240 --> 0:05:29.599 around and close to seventy five eighty percent of the 0:05:29.600 --> 0:05:31.560 people you were working with six months ago are no 0:05:31.600 --> 0:05:33.800 longer there. Like, if you're Elon Musk, you need to 0:05:33.800 --> 0:05:36.359 convince those people, hey, there's a there's a future here, right, Like, 0:05:36.400 --> 0:05:38.760 you should stick around because this thing is going to 0:05:38.800 --> 0:05:40.799 get turned around. And a big part of that, of course, 0:05:40.880 --> 0:05:43.839 is what will your compensation look like. Up until now, 0:05:43.920 --> 0:05:46.080 there's been a lot of questions about what it would 0:05:46.080 --> 0:05:49.000 be like to own any part of a private Twitter. 0:05:49.320 --> 0:05:51.320 He's hoping to change that. We still want to know 0:05:51.360 --> 0:05:53.520 the details, but you know, presumably if you're going to 0:05:53.560 --> 0:05:55.200 stick around, you want to know that you have some 0:05:55.240 --> 0:05:58.479 skin in the game as well. Well. Put Katawagner, we 0:05:58.520 --> 0:06:00.320 thank you as always for jumping on these sorts of 0:06:00.320 --> 0:06:03.719 stories for us and probably busy on Saturday too talking 0:06:03.720 --> 0:06:06.560 about compensation. And I'm just looking, what was it that 0:06:06.720 --> 0:06:09.200 the red headline that came across the terminal just after 0:06:09.240 --> 0:06:11.920 the market shut once again? You know, Musk himself doing 0:06:11.960 --> 0:06:15.200 pretty well from a conversation perspective. Yeah, he's once again 0:06:15.240 --> 0:06:20.120 the world's richest person according to Bloomberg's rich index. Rihgo 0:06:20.160 --> 0:06:24.120 on the Bloomberg jumping back above Bernard or no. And 0:06:24.160 --> 0:06:26.000 it's all about Tesla gains, right, you look at the 0:06:26.040 --> 0:06:28.560 breakdown of his wealth, a big chunk of it, of course, 0:06:28.600 --> 0:06:30.840 his Tesla stock and Tesla up another five and a 0:06:30.839 --> 0:06:33.600 half percent today. We've been waiting on this to happen 0:06:33.680 --> 0:06:35.760 for a few days. But that's why we keep talking 0:06:35.800 --> 0:06:38.000 about him, him and all his companies. Yeah, I mean, 0:06:38.080 --> 0:06:40.200 let's delve into his companies a little bit for a 0:06:40.240 --> 0:06:42.960 moment as well, because what you're the man who covers 0:06:43.000 --> 0:06:45.160 all things space. SpaceX had one a little bit of 0:06:45.160 --> 0:06:48.760 a setback this morning. Yeah, well, stacks. It's a really 0:06:48.800 --> 0:06:51.240 interesting one. This was for the Crew six mission Okay 0:06:51.279 --> 0:06:55.000 to Fairy Astronauts three NASSA one Russian Cosmot to the 0:06:55.080 --> 0:06:58.279 International Space Station. There was a technical issue, so they're 0:06:58.279 --> 0:07:00.680 now delayed to the early hours of March second. But 0:07:00.760 --> 0:07:03.400 that's also meant curiously, Caroline, they've had to delay other 0:07:03.480 --> 0:07:06.680 launches for Starling, and it just speaks to how I 0:07:06.720 --> 0:07:10.680 guess effective SpaceX is at putting people and objects into orbit. 0:07:10.720 --> 0:07:12.360 That they're managing all of this once, but it was 0:07:12.400 --> 0:07:14.880 so rare for them not to go off as scheduled. 0:07:15.000 --> 0:07:17.520 Usually it's weather, right that this was a technical delay. 0:07:17.760 --> 0:07:19.600 We've always talking about the weather an awful lot over 0:07:19.640 --> 0:07:21.520 here in New York and over there in San Francisco. 0:07:21.560 --> 0:07:23.360 But I don't know what also we've been talking about, 0:07:23.360 --> 0:07:27.560 haven't we add is FSB. That's the update to well, 0:07:27.760 --> 0:07:29.880 it's a meta at the moment with Tessa as the 0:07:29.880 --> 0:07:32.360 way in which you're the idea as you can drive 0:07:32.480 --> 0:07:35.680 these cars automatically. It's a software update and then they'll 0:07:35.720 --> 0:07:38.360 be able to in some ways drive themselves. But it 0:07:38.400 --> 0:07:40.400 looks as though there's been a hindrance that particular part 0:07:40.400 --> 0:07:42.920 of the story as well right, and so they've stopped 0:07:43.000 --> 0:07:45.760 rolling it out pending at a software update. Essentially, Remember 0:07:45.800 --> 0:07:49.640 the background to this was the Nitzer enforced recall. It 0:07:49.680 --> 0:07:52.000 was a software update that was required because they founded 0:07:52.080 --> 0:07:56.200 a crash risk associated with those using FSD beta. The 0:07:56.240 --> 0:07:58.920 fix is made remotely right over the air update. But 0:07:59.280 --> 0:08:03.600 we're micro focus on how Tesla keeps its customers safe. 0:08:04.320 --> 0:08:07.280 Precisely three hundred and sixty three thousand vehicles, as you say, 0:08:07.280 --> 0:08:10.320 had been recalled already. I mean we keep focused on that, 0:08:10.360 --> 0:08:12.240 we keep our eye train and in fact at EV's 0:08:12.320 --> 0:08:15.320 more generally because there was a phenomenal story part of 0:08:15.360 --> 0:08:17.480 our reporting that's known as the Big Take. Each day 0:08:17.520 --> 0:08:19.680 you do a deep dive into something that's really specific 0:08:19.720 --> 0:08:21.640 that you've got to get a hands around, and today 0:08:21.680 --> 0:08:24.200 it was a Blueberg investigation that traced that actually the 0:08:24.520 --> 0:08:27.760 aluminium as I would say aluminum if you're American in 0:08:27.880 --> 0:08:30.760 a Ford F one fifty, if you trace it back 0:08:30.800 --> 0:08:33.200 through the supply chain, it comes from a refinery in Brazil. 0:08:33.360 --> 0:08:36.960 There's actually accused of sickening thousands of people. It's damaging 0:08:37.000 --> 0:08:39.360 the Amazon want to bring in one of the reporters 0:08:39.400 --> 0:08:43.000 behind this very story Sheridan Prasso. Sheridan, just talk to 0:08:43.120 --> 0:08:46.640 us about the company involved here, because this isn't actually 0:08:47.160 --> 0:08:50.400 that this molta or the mining capacity isn't coming from Ford. 0:08:50.440 --> 0:08:54.920 They're sourcing it elsewhere. That's right. The company is called 0:08:54.920 --> 0:08:58.560 Norris Kidro our Heedro, as some other people say. It's 0:08:58.640 --> 0:09:02.360 based in Norway. They have a refinery in the Amazon 0:09:02.400 --> 0:09:06.280 in Brazil, and that refinery has been operating for many 0:09:06.360 --> 0:09:08.880 years and the people who live around it about eleven 0:09:08.920 --> 0:09:11.880 thousand people have joined a class actual lawsuit and they 0:09:11.880 --> 0:09:16.280 say that the company is polluting the environment, they are 0:09:16.360 --> 0:09:20.880 drinking water is undrinkable, and that they actually want to 0:09:20.920 --> 0:09:24.240 bring a case against Norse Chydro in a court in 0:09:24.240 --> 0:09:29.080 the Netherlands to seek compensation for the pollution that they 0:09:29.120 --> 0:09:33.400 allege is making them sick. Ford did, of course come 0:09:33.400 --> 0:09:36.680 back a spokesperson you've spoken to within your reporting. Ford 0:09:36.760 --> 0:09:39.520 is committed to a supply chain that exceeds minimum regulatory 0:09:39.520 --> 0:09:42.960 compliance requirements, they say, and respects human rights, including the 0:09:43.040 --> 0:09:48.520 right to cleaner and clean water. But ultimately, how focused 0:09:48.559 --> 0:09:51.360 our companies such as Ford to their supply chain at 0:09:51.400 --> 0:09:55.720 the moment to ensuring that they're ethical, So it's quite complicated. 0:09:55.760 --> 0:09:59.200 Supply chains are very difficult to trace in order to 0:09:59.280 --> 0:10:03.120 find out that this. These products from the Amazon go 0:10:03.200 --> 0:10:05.560 into the four f one fifty in the EV and 0:10:05.559 --> 0:10:09.200 in the one fifty. Both they make up the exterior panels. 0:10:09.840 --> 0:10:11.640 Almost all the aluminium that you can see on the 0:10:11.640 --> 0:10:14.960 outside of the F one fifty its origins are in Brazil. 0:10:15.320 --> 0:10:18.840 And the way that you trace this is you look 0:10:18.840 --> 0:10:20.760 at the box site mine that's in the middle of 0:10:20.800 --> 0:10:24.000 the rainforest. It has expansion plans. It's already three times 0:10:24.000 --> 0:10:26.400 the size of Manhattan. It wants to expand another size 0:10:26.440 --> 0:10:29.600 of Manhattan to DeForest that area. Get the box site 0:10:29.640 --> 0:10:31.680 out of the middle of the Amazon, take it to 0:10:31.720 --> 0:10:35.800 this refinery that is alleged to be polluting, and then 0:10:35.200 --> 0:10:39.640 it's smelted in Quebec, and then it goes to the 0:10:39.679 --> 0:10:42.240 parts makers in the United States, and then from there 0:10:42.640 --> 0:10:45.280 it goes to Ford. And so you look at the 0:10:45.440 --> 0:10:48.520 entire aluminium supply chains, of course going into almost all 0:10:48.520 --> 0:10:51.240 the aluminum that we do have in the United States. 0:10:51.320 --> 0:10:52.920 But the way to tell the story and the way 0:10:52.960 --> 0:10:54.920 to look at it is through Ford and to track 0:10:54.960 --> 0:10:58.040 the specific parts all the way back to their origins. 0:10:58.040 --> 0:11:01.800 And the Amazon, so not supply chains are so difficult 0:11:01.800 --> 0:11:05.080 to trace and so non transparent. I think it's difficult 0:11:05.120 --> 0:11:08.480 for the end user to necessarily know where the origins 0:11:08.520 --> 0:11:11.560 are in the Amazon. It difficult to trace. But you 0:11:11.600 --> 0:11:13.480 did do a fantastic job of the big take in 0:11:13.559 --> 0:11:16.000 doing exactly that, but in reverse right, start with r 0:11:16.040 --> 0:11:20.280 F one fifty lightning, work backwards and we get to boxite. Right, 0:11:20.600 --> 0:11:24.520 So explain to our audience how we work out how 0:11:24.559 --> 0:11:27.520 the contamination is happening. My understanding is that bok site 0:11:28.640 --> 0:11:33.320 is then processed to alumina, and alumina is basically the 0:11:33.360 --> 0:11:37.400 white powder from which aluminum aluminium, as I used to say, 0:11:37.559 --> 0:11:41.280 is derived. What have we learned about how that contamination 0:11:41.440 --> 0:11:45.240 is happening within the Amazon itself? That's right. So boxite 0:11:45.280 --> 0:11:47.800 mining itself is kind of a dirty business. They use 0:11:47.840 --> 0:11:50.400 strip mines to clap up the earth a lot of 0:11:50.400 --> 0:11:53.440 the runoff from the bok site and this particular mine 0:11:53.480 --> 0:11:56.640 it's called MRN in the middle of the Amazon, in 0:11:56.640 --> 0:11:59.679 the rainforest. For many years they were just kind of 0:12:00.480 --> 0:12:04.840 large quantities of box site tailing waste into a nearby 0:12:04.880 --> 0:12:08.480 lake and polluting the environment that people rely on There 0:12:08.520 --> 0:12:11.480 to live, their fish, their water supply, their water for washing, 0:12:11.600 --> 0:12:15.600 their drinking water. Everything was affected by this mining operation. 0:12:15.960 --> 0:12:18.400 Even years later. It's impossible to clean it up people, 0:12:18.400 --> 0:12:20.360 they're told me when I went there to go and 0:12:20.400 --> 0:12:24.160 talk with them. So that's one of the aspects of 0:12:24.200 --> 0:12:27.839 the contamination that you see at the very source. Of course, 0:12:28.280 --> 0:12:31.520 MRN itself says they are operating within legal parameters and 0:12:31.559 --> 0:12:34.320 they take measures to try to minimize the impact on 0:12:34.320 --> 0:12:38.440 the environment. That said, box sye running itself is actually 0:12:38.520 --> 0:12:42.360 quite you know, destructure for the environment to a large extent. 0:12:42.559 --> 0:12:45.760 And then the box site travels eight hundred miles down 0:12:45.800 --> 0:12:47.880 the Amazon River. I followed the trail of the box 0:12:47.880 --> 0:12:49.960 site run all the way down the Amazon River to 0:12:50.000 --> 0:12:54.720 the end to the refinery itself. Making making alumina, the 0:12:54.800 --> 0:12:59.239 white powder that becomes aluminum, is itself a very difficult, 0:13:00.280 --> 0:13:04.680 coal burning intensive process. That that technology has been around 0:13:04.679 --> 0:13:07.199 for one hundred years. It hasn't changed all of that much. 0:13:07.600 --> 0:13:12.120 And in fact, it you add caustic soda and line 0:13:12.360 --> 0:13:16.280 to this solution and you store the waste of that. 0:13:16.880 --> 0:13:18.720 They take measures to try to make sure it doesn't 0:13:18.760 --> 0:13:21.000 escape into the environment. The people who live around it 0:13:21.120 --> 0:13:25.200 say that it does, right, Bloomberg shared impress Caroline, that 0:13:25.320 --> 0:13:28.679 is the definition of in the field reporting, if ever 0:13:28.720 --> 0:13:31.040 I've seen it in The response is that Ford now 0:13:31.080 --> 0:13:33.280 have to go back and look at their supply chains, 0:13:33.280 --> 0:13:44.760 a story that will continue to track. Shares of lithium 0:13:44.800 --> 0:13:48.720 battery recycler life Cycles spike today after the company announced 0:13:48.720 --> 0:13:50.840 it's getting a three hundred and seventy five million dollar 0:13:50.920 --> 0:13:53.520 loan from the Biden administration, and that is for the 0:13:53.520 --> 0:13:56.839 expansion of a New York recycling plant joining us now. 0:13:57.160 --> 0:14:01.480 Is life Cycle CEO R J. Koja interesting? This is 0:14:01.840 --> 0:14:04.400 the second time Caroline and I've spoken to your industry 0:14:04.440 --> 0:14:07.680 in recent weeks about ade loan. My question is really 0:14:07.679 --> 0:14:10.000 how much of a stopgap? This is? Right, because you 0:14:10.360 --> 0:14:13.520 take scrap and you recycle it, but there isn't that 0:14:13.640 --> 0:14:16.760 much scrap around and so I'm wondering how much you 0:14:16.800 --> 0:14:20.240 actually needed this cash to keep operations going as this 0:14:20.320 --> 0:14:23.960 industry ramps up. Yeah, great to be on it. And look, 0:14:23.960 --> 0:14:25.840 I think that's a bit of a misnomber. I thought, 0:14:25.960 --> 0:14:29.360 actually a big misnomer. So life Cycle we're commercial business today, 0:14:29.600 --> 0:14:32.440 think of it as urban mining. We purely focus on 0:14:32.480 --> 0:14:36.080 lithmine batteries like we today have four commercially operational sites 0:14:36.120 --> 0:14:38.840 that are full of lithmine batteries of all types. To 0:14:38.920 --> 0:14:42.040 think of scrap from the making of batteries, but even 0:14:42.120 --> 0:14:46.600 energy storage systems EV batteries, evy batteries for example, from recalls. 0:14:46.600 --> 0:14:48.800 I think people don't realize as they go on the 0:14:48.840 --> 0:14:50.880 road there's a lot more batteries to be recycled and 0:14:50.880 --> 0:14:53.840 of course consummatronic so we continue to grow. I think 0:14:53.840 --> 0:14:56.480 we've more than doubled our feed and take over the 0:14:56.560 --> 0:14:59.240 last year. So I think that's a commonly said thing, 0:15:00.120 --> 0:15:02.080 there being a lack of feed, but we have continued 0:15:02.120 --> 0:15:04.840 to see a very rapid growth through a customer base. 0:15:06.080 --> 0:15:08.920 If the scrap is not so limited, how high are 0:15:08.960 --> 0:15:11.960 the bids that you're having to put in to obtain it. 0:15:12.160 --> 0:15:14.320 I'm kind of interested out Jay's getting to the economics 0:15:14.320 --> 0:15:17.000 of the business right now rather than in the future 0:15:17.000 --> 0:15:20.720 when more scraps available. Sure, so ticket step back. So 0:15:20.800 --> 0:15:23.080 there's really two parts of recycling. It's often like grouped 0:15:23.120 --> 0:15:26.560 into one, but there's really pre processing and post processing. 0:15:26.640 --> 0:15:29.160 Preprocessing is where you take the scrap into the batteries, 0:15:29.200 --> 0:15:31.480 go to an intermediate product. Post processing is to a 0:15:31.520 --> 0:15:34.440 finished chemical or good, so we do both. That's where 0:15:34.440 --> 0:15:37.640 a spoken home model reverse logistics. You know, through the 0:15:37.680 --> 0:15:39.880 first step, I'd say, look that part, we have a 0:15:39.880 --> 0:15:42.360 lot of advantages there that helps to secure the feed. 0:15:42.720 --> 0:15:45.120 That's been a very important part of our journey. But 0:15:45.200 --> 0:15:46.720 the real margin at the end of the day is 0:15:46.720 --> 0:15:49.280 through the second step, through the making of the battery 0:15:49.280 --> 0:15:51.560 grade lithium nickel cobal That's what we're going to be 0:15:51.600 --> 0:15:54.320 doing at our Rochester Health facility in Rochester, New Yark. 0:15:54.560 --> 0:15:56.840 That's what this conditional commitment is for the loan, the 0:15:56.840 --> 0:15:59.800 three hundred seventy five million dollars loan. So look, I say, 0:15:59.800 --> 0:16:02.440 over our next one to your journey, that's a key 0:16:02.480 --> 0:16:05.800 inflection point for us to eke out that lithium value, 0:16:05.800 --> 0:16:08.600 that nickel value, that cobalt value in the batteries. Just 0:16:08.600 --> 0:16:10.720 to remind us, of course, all of this, the focus 0:16:10.720 --> 0:16:14.000 the financing coming from the US government is to ensure 0:16:14.040 --> 0:16:16.840 that we have a more secure supply chain right here 0:16:16.840 --> 0:16:21.760 in the United States. How much will you be supplying, Yeah, 0:16:21.800 --> 0:16:23.800 so if you think about an EV terms or over 0:16:23.880 --> 0:16:28.000 two hundred thousand evs equivalent of materials that will be 0:16:28.080 --> 0:16:30.720 producing at the back end, if not more, we'll be 0:16:30.760 --> 0:16:33.680 producing another fact which will help to understand. Will you're 0:16:33.680 --> 0:16:37.000 producing up to eight thousand, five hundred tons of lithium 0:16:37.000 --> 0:16:39.720 carbonate EAR. That may not mean much to folks, but 0:16:40.000 --> 0:16:43.440 in the United States today the production is five thousand tons, 0:16:43.920 --> 0:16:45.720 So I don't think many people have clued in that 0:16:45.760 --> 0:16:49.960 will actually be the largest source of lithium production in 0:16:49.960 --> 0:16:53.520 the United States, albeit from recycling as opposed to mining. 0:16:53.600 --> 0:16:55.360 My name, of course is an important part of the equation, 0:16:55.720 --> 0:16:57.720 but it's inherently long lead. So one of the key 0:16:57.720 --> 0:17:01.080 advantages we can deliver is a faster time to marketing 0:17:01.600 --> 0:17:05.360 and to your perspective. The customer base is it largely evs? 0:17:05.520 --> 0:17:07.560 Is it storage? Who are we going to be really 0:17:07.640 --> 0:17:12.160 seeing you supply too? Yeah, so predominantly evs for sure. 0:17:12.880 --> 0:17:14.840 You know, as ED was opening in the beginning there. 0:17:15.359 --> 0:17:18.320 As you make batteries, it's not perfect. It durings level scrap. 0:17:18.440 --> 0:17:22.320 LG is one of the largest EV manufacturers batter manufacturers 0:17:22.359 --> 0:17:24.880 in the world. They're an investor in customer of life cycle. 0:17:24.920 --> 0:17:28.639 So that's a great you know, steady state growing you know, 0:17:28.720 --> 0:17:31.199 base of us for feed But interestingly, We've seen a 0:17:31.200 --> 0:17:34.920 lot of other segments growth, for example, energy storage, residential utility, 0:17:35.280 --> 0:17:37.359 so each of the segments were in all types of 0:17:37.520 --> 0:17:42.000 mind batteries continue to have significant growth. We thank you 0:17:42.040 --> 0:17:44.480 are j for coming on all about securing this new loan, 0:17:44.720 --> 0:17:47.399 this focus on growth our j Cocha of life cycle. 0:17:47.440 --> 0:17:49.520 Thank you great house and time. Meanwhile, coming up, we're 0:17:49.520 --> 0:17:51.520 going to turn to today's talking tech. We're going to 0:17:51.560 --> 0:17:54.480 look at Snapchat jumping into the world of guess what 0:17:55.520 --> 0:17:59.080 an AI chatbot details to follow and as we had 0:17:59.119 --> 0:18:01.520 to break another story we're following and it's actually a 0:18:01.600 --> 0:18:05.760 senior US cybersecurity leader that it's spoken to just very recently. Well, 0:18:05.840 --> 0:18:08.640 she's urging that Microsoft and Twitter do step up their 0:18:08.680 --> 0:18:11.359 protocols when it comes to use the security. Jen Easiley, 0:18:11.560 --> 0:18:15.400 the director of Cybersecurity Infrastructure Security Agency, says BAG software 0:18:15.520 --> 0:18:19.360 unsafe practices are fueling ransomware attacks. The span essential services 0:18:19.359 --> 0:18:22.520 from energy to supply to food production to hospitals meaning schools. 0:18:22.800 --> 0:18:24.639 She pointed to Apple actually is a bit of a 0:18:24.720 --> 0:18:48.920 role model for companies to look to. Thissciblime Bag Buy 0:18:49.040 --> 0:18:51.720 things to watch from this year's Mobile World Congress. Number 0:18:51.720 --> 0:18:56.679 one Artificial Intelligence think chat GPT that is on everyone's lips. 0:18:56.920 --> 0:18:59.520 Number two the metaverse. Is it the future or is 0:18:59.560 --> 0:19:02.919 it just a fad? Number three the challenge to Elon 0:19:03.000 --> 0:19:06.600 Musk's starling the space industry is burgeoning? Will there be 0:19:06.640 --> 0:19:09.960 a response from Europe? Number four? It's quit or less 0:19:09.960 --> 0:19:12.240 about the mobile phones. Frankly, it's much more about the 0:19:12.240 --> 0:19:17.240 automaker's healthcare defense lining along five G and the opportunities there. 0:19:17.359 --> 0:19:21.800 Number five. Shina is here in force defiance, it seems 0:19:22.000 --> 0:19:25.280 from the operators, some of which like Huawei, are blacklisted. 0:19:27.800 --> 0:19:30.400 That was Bloomberg's Tom McKenzie at the Mobile World Congress 0:19:30.640 --> 0:19:33.480 in Barcelona. And it's time now for talking tech, a 0:19:33.520 --> 0:19:36.320 look at the tech stories making headlines in Silicon vat 0:19:36.440 --> 0:19:38.919 Valley and beyond. Let's kick things off with Nokia, the 0:19:39.000 --> 0:19:42.560 finish maker of five G technology, rebranding with a new 0:19:42.600 --> 0:19:45.920 logo to try and get away from its mobile phone routes. 0:19:46.000 --> 0:19:49.199 Nearly a decade after they stop producing the devices, the 0:19:49.240 --> 0:19:53.080 company's still dealing with perceptions that it does produce phones. 0:19:53.119 --> 0:19:56.120 The announcement and revamp comes alongside a set of new 0:19:56.160 --> 0:19:59.640 strategic pillars intended to enable faster growth as the world 0:19:59.680 --> 0:20:03.639 increased Singly adopts five G mobile technologies, and show Me 0:20:03.960 --> 0:20:07.879 unveiling wireless augmented reality glasses, the concept device from the 0:20:07.960 --> 0:20:11.800 Chinese phonemaker designed to let users gesture via its embedded 0:20:11.880 --> 0:20:15.280 camera to select an open app, swipe through pages, and 0:20:15.320 --> 0:20:18.240 also exit apps to return to the start page without 0:20:18.320 --> 0:20:21.560 using a smartphone. It's the company's latest attempt to build 0:20:21.640 --> 0:20:25.360 momentum in an arena that's yet to become mainstream. And finally, 0:20:25.480 --> 0:20:28.800 Snapchat entering the world of artificial intelligence, the social media 0:20:28.800 --> 0:20:33.080 company unveiling an AI enabled chatbot, becoming the latest major 0:20:33.080 --> 0:20:36.280 tech company to roll out features powered by open ais 0:20:36.320 --> 0:20:40.119 GPT technology. Snapchats My AI bot will be pinned to 0:20:40.160 --> 0:20:42.800 the top of the apps chat tab, letting users engage 0:20:42.920 --> 0:20:45.520 directly with the AI as they would with friends on 0:20:45.560 --> 0:20:48.560 the popular photo sharing and messaging app Carolina. I think 0:20:48.560 --> 0:20:51.200 you and I both saw this headline and thought, okay, 0:20:51.400 --> 0:20:54.399 the latest name. Why snap Why are you doing this? 0:20:55.000 --> 0:20:57.600 I mean they've got a r prows. Many would say 0:20:57.640 --> 0:21:01.119 that perhaps perhaps artificial intelligence is a clear area that 0:21:01.200 --> 0:21:03.640 they're going to be good at, but it's notable that 0:21:03.920 --> 0:21:06.159 you've got to pay right three dollars ninety nine, Like 0:21:06.240 --> 0:21:08.879 it's not month in terms of a subscription, but it 0:21:08.880 --> 0:21:10.960