WEBVTT - Twitter's AGM and the Texas Shooting 0:00:02.240 --> 0:00:05.520 From the heart of where Innovation, money and power COLLI 0:00:06.360 --> 0:00:10.879 in Silicon Valley and beyond. This is Bloomberg Technology with 0:00:10.960 --> 0:00:27.720 Emily Jay I'm Emily check in San Francisco and this 0:00:27.840 --> 0:00:30.400 is Bloomberg Technology. Coming up in the next hour. Texas 0:00:30.400 --> 0:00:34.239 Governor Greg Abbott says the gunman who killed nineteen children 0:00:34.240 --> 0:00:38.240 and two adults used Facebook to talk about his plants, 0:00:38.240 --> 0:00:41.199 but the social network clarifies, claiming the posts were actually 0:00:41.680 --> 0:00:44.080 private messages. We will bring you the very latest as 0:00:44.080 --> 0:00:49.160 we learn more about this horrific turn of events, plus 0:00:49.280 --> 0:00:53.240 lessons learned from Twitter's annual shareholder meeting, investor's voicing concerns 0:00:53.240 --> 0:00:56.720 about Elon Musk's blooming takeover, and just after the meeting wraps, 0:00:57.160 --> 0:00:59.920 Musk files to change the balance of equity and debt 0:01:00.000 --> 0:01:02.400 in the deal. Our own at Ludlow will join us 0:01:02.440 --> 0:01:06.960 live from the ground, and Meta and Amazon holding their 0:01:07.000 --> 0:01:09.480 annual meetings as well. It's the first one for Amazon 0:01:09.600 --> 0:01:13.440 CEO Andy Jassey, how he addressed growing concerns about worker 0:01:13.560 --> 0:01:16.800 safety at the company's market cap threatens to dip back 0:01:16.880 --> 0:01:20.959 below one trillion dollars. All of that in a moment, 0:01:21.040 --> 0:01:22.759 but first let's get a look at the market, stocks 0:01:22.800 --> 0:01:25.520 climbing after a volatile trading day and the tech having 0:01:25.560 --> 0:01:30.040 NAZAC one hundred outperforming blooming. Waga Gupta has the latest Whittica. 0:01:30.160 --> 0:01:33.440 Why the turn from yesterday, Yes, Emily is quite interesting 0:01:33.440 --> 0:01:36.720 that we do see stocks finishing the day in the green, 0:01:36.760 --> 0:01:40.280 and as you mentioned, NAZAC one hundred really outperforming here 0:01:40.280 --> 0:01:41.880 and a lot of it, Emily, down to some of 0:01:41.920 --> 0:01:45.800 those heavyweights you apple your Amazons in particular, leading that 0:01:46.440 --> 0:01:48.520 index higher. But I will point out that a lot 0:01:48.520 --> 0:01:51.880 of the impetus, that momentum really started gaining after the 0:01:51.920 --> 0:01:54.760 Fed minutes. We're starting to see traders kind of pairing 0:01:54.840 --> 0:01:57.400 back their expectations of just how aggressive the pace of 0:01:57.480 --> 0:02:00.400 rate hikes. Maybe that's on some of those owth fear 0:02:00.480 --> 0:02:02.640 So you didn't see much change in that tenure year, 0:02:02.720 --> 0:02:05.360 but the two year yield, which is more sensitive to 0:02:05.480 --> 0:02:08.720 Fed policy changes, just ticking up a little higher. And 0:02:08.760 --> 0:02:11.240 then I do have to touch on end Video. They 0:02:11.360 --> 0:02:14.120 just had their earnings out. You see that stock down 0:02:14.160 --> 0:02:17.040 as some seven percent in after hours trade. They mere 0:02:17.120 --> 0:02:20.840 the analysts estimates. They've been expecting some robust profit and growth. 0:02:20.840 --> 0:02:23.240 But this stock on a year to date basis down 0:02:23.320 --> 0:02:26.800 some forty or so. I mean, it's quite surprising. Just 0:02:26.840 --> 0:02:28.840 back in November we were talking about it being close 0:02:28.880 --> 0:02:32.320 to a one trillion dollar market cap valuation. But this, Emily, 0:02:32.360 --> 0:02:35.160 is a story broader in the chip space. If you 0:02:35.240 --> 0:02:38.720 think back to last year, we saw chips surging off 0:02:38.840 --> 0:02:41.800 the chip shortage, but what we're seeing this year is 0:02:41.840 --> 0:02:44.600 that momentum has really started to wane. An end video 0:02:44.639 --> 0:02:47.600 mentioned the key issue there really about the supply chain 0:02:47.720 --> 0:02:52.320 issues from those COVID China lockdowns, but it's also about valuations, Emily, 0:02:52.520 --> 0:02:55.880 because investors have been shunning some of these high pe 0:02:56.000 --> 0:02:58.480 stocks that we've seen in the text based particularly in 0:02:58.520 --> 0:03:02.400 this chip makers. And really I do want to get 0:03:02.400 --> 0:03:06.080 to these annual general meetings are happening today, many of 0:03:06.120 --> 0:03:10.600 them intact, Twitter, Amazon, and Meta. We were all following 0:03:10.600 --> 0:03:13.959 these What were key takeaways? Yes, Emily, we'll staff with 0:03:14.000 --> 0:03:16.959 Twitter that one very closely watched a lot of the 0:03:17.080 --> 0:03:20.280 buzz because of course the drama surrounded by the Elon 0:03:20.400 --> 0:03:23.960 Musk takeover drama, but that vote actually set to happen 0:03:24.000 --> 0:03:25.760 at a later date. We did get the news the 0:03:25.840 --> 0:03:29.440 founder Jack Dorsey stepping down off the board and a 0:03:29.520 --> 0:03:33.000 key director also failing his re election bid. Let's move 0:03:33.000 --> 0:03:35.920 it on to Amazon though, because the shareholders rejecting all 0:03:36.080 --> 0:03:40.200 of the proposals that were in place to make the 0:03:40.240 --> 0:03:43.160 conditions better for the the workers. This company has come under 0:03:43.160 --> 0:03:46.600 a lot of scrutiny because of those conditions for workers, 0:03:46.640 --> 0:03:51.000 as we know, and also the stock split being approved 0:03:51.000 --> 0:03:53.200 by shareholders at twenty two one that's set to take 0:03:53.280 --> 0:03:57.800 place in June. Emily all right, Rodko Gupta, thank you 0:03:57.920 --> 0:04:01.320 for that round up. Meantime, were learning new details about 0:04:01.360 --> 0:04:05.520 the deadly and devastating shooting in Uvaldi, Texas. Texas Governor 0:04:05.520 --> 0:04:08.480 grab Abbott saying the eighteen year old gunman who killed 0:04:08.760 --> 0:04:12.760 nineteen children and two teachers at rob Elementary School posted 0:04:12.800 --> 0:04:16.560 about his plans on Facebook in the minute before the attack. 0:04:18.240 --> 0:04:21.800 As of this time, the only information that was known 0:04:21.960 --> 0:04:28.239 in advance was posted by the government on Facebook approximately 0:04:29.080 --> 0:04:34.520 thirty minutes before reaching the school. The first post was 0:04:36.360 --> 0:04:40.040 to the point of he said, I'm going to shoot 0:04:40.040 --> 0:04:45.479 my grandmother. The second post was I shot my grandmother. 0:04:46.640 --> 0:04:50.720 The third post, maybe less than fifteen minutes before arriving 0:04:50.720 --> 0:04:55.240 at the school, was I'm going to shoot an elementary school. 0:04:57.480 --> 0:05:01.560 Facebook spokes versus Andy Stone. However, verified and direct replies 0:05:01.640 --> 0:05:05.719 on Twitter that the messages the governor described were private 0:05:05.880 --> 0:05:09.880 one to one text messages that were discovered after the 0:05:09.920 --> 0:05:12.839 tragedy occurred. I want to bring in our Bloomberg Technology 0:05:12.839 --> 0:05:15.320 executive editor Tom Giles to discuss, so what exactly do 0:05:15.360 --> 0:05:17.839 we know about these messages. There is a big distinction 0:05:17.880 --> 0:05:22.359 between a public post and a private message, absolutely major distinction, 0:05:22.400 --> 0:05:26.160 and what a horrific set of developments. What we know 0:05:26.440 --> 0:05:29.599 is that once when these things happen, there's always a 0:05:29.680 --> 0:05:35.360 question about what roles social media played in either broadcasting them, 0:05:35.400 --> 0:05:40.440 glorifying them, Was social media involved in any way? Could 0:05:40.480 --> 0:05:45.200 this have been prevented? Those questions always arise. In this instance, 0:05:45.400 --> 0:05:49.839 what Greg Abbott said was taken to mean that somehow 0:05:49.880 --> 0:05:53.279 he was publicizing his intentions, that he had made this 0:05:53.320 --> 0:05:56.800 in a public setting. When you say post on Facebook, 0:05:57.120 --> 0:05:59.360 that makes it sound like he's putting it out there 0:05:59.360 --> 0:06:03.240 for everyone to hear, suggesting that maybe could this have 0:06:03.320 --> 0:06:06.840 been prevented? Maybe was Facebook in some way involved in 0:06:06.839 --> 0:06:11.520 this terrible way. Quickly Facebook comes out and says, wait, 0:06:12.279 --> 0:06:15.479 these were private one to one message is not the 0:06:15.600 --> 0:06:19.200 kinds of things that could have been seen by the public. 0:06:19.680 --> 0:06:22.960 We are trying to get clarification from Abbott's office as 0:06:23.000 --> 0:06:26.039 we speak to determine what he meant by that. Was 0:06:26.080 --> 0:06:30.640 he referring to some public or semi public part of Facebook, 0:06:30.680 --> 0:06:33.719 maybe in groups? Was there something out there that we 0:06:33.760 --> 0:06:36.440 could have seen? Now, none of us has seen anything 0:06:36.480 --> 0:06:39.840 publicly on Facebook. Obviously that would be blasted all over 0:06:40.000 --> 0:06:44.719 social media. If somebody had used the public news feed 0:06:44.760 --> 0:06:47.480 on Facebook to talk about this kind of thing. We 0:06:47.520 --> 0:06:51.000 don't have any evidence of that. We're seeking clarification from 0:06:51.040 --> 0:06:55.480 Abbott's office as we speak, but thus far Facebook has 0:06:55.520 --> 0:07:00.160 been like this was private one to one ket Can 0:07:00.240 --> 0:07:03.279 we confirm though, that these were on a Facebook platform 0:07:03.600 --> 0:07:07.000 private because Facebook doesn't have text messages if you will, 0:07:07.040 --> 0:07:10.760 there are direct right, there's the direct there's m there's WhatsApp, 0:07:10.840 --> 0:07:13.120 there's the kinds of communications that you can use you 0:07:13.160 --> 0:07:15.840 can use Instagram for But how much of that does 0:07:16.040 --> 0:07:20.000 does Facebook have access to? Now? In a case like this, 0:07:20.520 --> 0:07:24.080 if the shooter or the alleged shooter was a Facebook user, 0:07:24.600 --> 0:07:29.560 Facebook would have justification for going into his private messaging, 0:07:29.600 --> 0:07:33.600 but we don't know which platform on Facebook. If it 0:07:33.720 --> 0:07:36.360 was in fact a Facebook platform that he used well. 0:07:36.440 --> 0:07:39.680 And Andy Stone also says in this Twitter message that 0:07:39.720 --> 0:07:45.160 they are coordinating cooperating with law enforcement in their ongoing investigation. 0:07:45.840 --> 0:07:51.000 So Facebook is now somehow involved in this investigation. Um, 0:07:51.080 --> 0:07:52.480 what do you make of the way that Facebook is 0:07:52.520 --> 0:07:57.720 communicating this though through direct replies on Twitter not maybe 0:07:57.760 --> 0:08:03.200 put a statement statement? I mean will in fairness, in 0:08:03.240 --> 0:08:06.080 fairness to Facebook, I mean in Meta right, Twitter is 0:08:06.120 --> 0:08:09.160 an official platform, I mean it is recognized. As a 0:08:09.200 --> 0:08:11.800 way of getting the statement out there, I would like 0:08:12.560 --> 0:08:17.280 Facebook Meta to be more clear about which messaging platform 0:08:17.360 --> 0:08:21.120 they're talking about here. And remember, you know, in cases 0:08:21.200 --> 0:08:24.640 like this, law enforcement will will want to move very 0:08:24.760 --> 0:08:28.560 very quickly to get any private communications. They use power 0:08:28.600 --> 0:08:31.280 of subpoena, they use court orders. They're able to get 0:08:31.560 --> 0:08:35.120 access to these kinds of things that ordinarily big tech 0:08:35.240 --> 0:08:38.600 does not want to share. But in this instance, obviously 0:08:39.160 --> 0:08:43.360 Meta has a great interest in helping law enforcement and 0:08:43.440 --> 0:08:47.000 the greater public get to the bottom of how its 0:08:47.040 --> 0:08:51.960 platform may have been used, and incredibly important that we 0:08:52.000 --> 0:08:55.280 do get to the bottom of it, given the gravity 0:08:55.360 --> 0:08:58.680 of this situation. Tom Giles, our executive editor, thank you 0:08:59.120 --> 0:09:10.920 so much for sharing we know now with us Jack 0:09:11.000 --> 0:09:13.800 Dorsey is off Twitter's board. That is just one of 0:09:13.840 --> 0:09:17.080 a few developments from Twitter's annual shareholder meeting. His departure 0:09:17.120 --> 0:09:19.680 was announced earlier this year, but it's still notable since 0:09:19.720 --> 0:09:22.600 it is the first time since two thousand six that 0:09:22.679 --> 0:09:26.160 he has had no formal role at the company. No 0:09:26.280 --> 0:09:28.960 new details on Elon Musk's takeover deal were shared, but 0:09:29.240 --> 0:09:33.440 his shadow loomed large. CEO Paragua Agrawal opened his remarks 0:09:33.440 --> 0:09:39.120 by addressing concerns about misinformation and bias. More broadly, we're 0:09:39.200 --> 0:09:44.600 constantly improving our product, our policies, and our processes in 0:09:44.720 --> 0:09:48.120 order to earn more trust. We believe Twitter is a 0:09:48.200 --> 0:09:51.720 place for different voices and perspective to be. Our rules 0:09:51.720 --> 0:09:55.880 are enforced objectively on content and accounts, and our policies 0:09:55.880 --> 0:10:01.920 remain neutral too political identity and ideology. Our own and 0:10:02.000 --> 0:10:04.400 bloodlaw joining us now has been following the meeting all 0:10:04.480 --> 0:10:07.960 day and no vote ed on the Elon Musk deal. 0:10:08.200 --> 0:10:13.520 But just how big was his shadow over this meeting today? Yeah? 0:10:13.559 --> 0:10:16.679 You know, shareholders found a way to get the references 0:10:16.720 --> 0:10:19.360 in there, right. There was one proposal from our Junia Capital, 0:10:19.400 --> 0:10:21.880 which you know really well, and on having a new 0:10:21.920 --> 0:10:24.839 board member with a high level of expertise in human 0:10:24.880 --> 0:10:27.600 and civil rights. And the point that Natasha Lamb and 0:10:27.600 --> 0:10:30.480 our Juna made was had Twitter had a better track 0:10:30.559 --> 0:10:33.320 record in human civil rights, they'd have a better track 0:10:33.400 --> 0:10:36.439 record on free speech and freedom expression, and we would 0:10:36.440 --> 0:10:38.920 not be where we are with the world's richest man 0:10:38.960 --> 0:10:41.720 trying to take the company private to fix the issue 0:10:41.920 --> 0:10:43.559 of freedom of speech, which of course is one of 0:10:43.600 --> 0:10:48.640 the big rationales behind his decisions by the company. He says, Now, 0:10:49.400 --> 0:10:53.600 just after the meeting ends, Elon Musk files a new 0:10:54.280 --> 0:10:59.160 uht D where he boosts the equity portion of the 0:10:59.240 --> 0:11:02.840 deal but deuces the dead portion of the deal. Can 0:11:02.880 --> 0:11:07.800 you explain why this is significant? Yeah, it is significant. 0:11:07.840 --> 0:11:10.080 So where the equity portion is now at thirty three 0:11:10.120 --> 0:11:14.760 point five billion dollars, he's essentially removed altogether the margin 0:11:14.880 --> 0:11:18.440 loan component. That's significant because the margin loan component had 0:11:18.440 --> 0:11:21.600 the loan to value ratio of so Elon Musk had 0:11:21.640 --> 0:11:24.880 to stump up a big number of Tesla shares to 0:11:24.960 --> 0:11:28.600 meet the dollar value as collateral. That's gone. He in 0:11:28.679 --> 0:11:33.000 turn currently concurrently is adding another six point two five 0:11:33.040 --> 0:11:36.360 billion dollars of exit financing. But as part of the filing, 0:11:36.360 --> 0:11:40.079 we learned he's talking to existing shareholders about rolling their 0:11:40.160 --> 0:11:43.520 public shares into the private entity, something he'd stated previously 0:11:43.760 --> 0:11:46.760 he would do. Jack Dorsey is among those shareholders that 0:11:46.840 --> 0:11:50.440 he's speaking to. Significant because it essentially de risks the 0:11:50.640 --> 0:11:53.240 entire thing, right and interested to hear or your next 0:11:53.240 --> 0:11:55.199 guest has to say on that point. But it will 0:11:55.240 --> 0:11:58.000 be also interesting to see who he brings in because 0:11:58.040 --> 0:12:00.560 he's talking about even though he's added at six point 0:12:00.559 --> 0:12:03.760 two five billion dollars Vexty financing that he's backing, who 0:12:03.760 --> 0:12:06.440 else might join this and really interesting names already there right, 0:12:06.520 --> 0:12:09.480 Larry Ellison being one. The big question I have is like, 0:12:09.760 --> 0:12:12.839 is this just Elon Musk searching for cash or are 0:12:12.840 --> 0:12:15.240 the strategic elements here in terms of the people he's 0:12:15.240 --> 0:12:19.400 bringing in for a new look private Twitter. Interesting, Okay, 0:12:19.520 --> 0:12:22.599 at Ludlow outside Twitter headquarters there in San Francisco. I 0:12:22.640 --> 0:12:25.199 want to bring in that next guest now, Ross Gerbert 0:12:25.280 --> 0:12:29.560 of Guru Kawasaki CEO and president. They're also a Twitter shareholder. Look, 0:12:29.600 --> 0:12:32.000 there was no vote taken on the Musk deal today, Ross, 0:12:32.040 --> 0:12:35.240 but if you could have voted, are you four or against? Oh? 0:12:36.679 --> 0:12:38.840 I mean I can't wait for it to happen. I 0:12:38.840 --> 0:12:41.079 think Elan is going to do a phenomenal job fixing 0:12:41.080 --> 0:12:46.000 this wonderful asset. So have you increased your Twitter position 0:12:46.040 --> 0:12:48.520 since the sell off and are you continuing to boost 0:12:48.559 --> 0:12:52.559 it ahead of this deal? Absolutely? Absolutely. The fact that 0:12:53.520 --> 0:12:57.360 people don't believe that Elon is serious about taking this 0:12:57.440 --> 0:13:00.960 company over just proves how many people don't really understand 0:13:00.960 --> 0:13:04.120 Hellan after all these years. So he's dead serious on 0:13:04.280 --> 0:13:08.080 completing this deal. Um, and it is at a price 0:13:08.160 --> 0:13:11.800 of over fifty four dollars and there is no renegotiation 0:13:11.880 --> 0:13:15.720 going on, and so you know, I very much believe 0:13:15.760 --> 0:13:19.239 he's going to complete the deal. So look, some shareholders 0:13:19.280 --> 0:13:22.560 are excited like you. Some shareholders are skeptical, Natasha lamb 0:13:22.559 --> 0:13:25.880 As I've mentioned, very skeptical about how Elon Musk will 0:13:25.920 --> 0:13:29.440 handle free speech, human rights, civil rights issues. What do 0:13:29.480 --> 0:13:36.240 you think about those more nuanced and very complicated issues. Well, 0:13:36.280 --> 0:13:39.000 I think that it's silly to think that Elon musk 0:13:39.160 --> 0:13:41.520 is new job is going to be the arbitrator of 0:13:41.640 --> 0:13:44.480 free speech on Twitter. That's not his call in taking 0:13:44.480 --> 0:13:46.600 over the company. I think what he's trying to do 0:13:46.640 --> 0:13:50.400 is put in a management team and a transparent system 0:13:50.840 --> 0:13:54.480 so that the users of Twitter fully understand what in 0:13:54.880 --> 0:13:58.120 what isn't allowed on the platform. What I think most 0:13:58.120 --> 0:14:01.160 people are upset about, including myself, with Twitter, is just 0:14:01.200 --> 0:14:04.080 the sort of arbitrary nature that decisions are made and 0:14:04.120 --> 0:14:07.360 the lack of transparency. And I think by bringing transparency, 0:14:07.400 --> 0:14:11.080 which He's already been pushing really hard on Twitter, at 0:14:11.120 --> 0:14:14.559 Twitter to get more transparency, I think will be very 0:14:14.600 --> 0:14:18.720 beneficial for the users of Twitter. Now, interestingly, we heard 0:14:18.720 --> 0:14:23.040 parag agerol weiterate the company's mission to serve a diversity 0:14:23.080 --> 0:14:26.280 of views. But earlier this month, Elon Musk announced that 0:14:26.320 --> 0:14:29.360 he will be voting Republican. How does that strike you? 0:14:29.760 --> 0:14:33.360 Is that good for Twitter? You know, Elon and I 0:14:33.400 --> 0:14:36.560 are in the same camp here. We're both ex Democrats, 0:14:36.600 --> 0:14:39.480 and I'm never going to be a Republican because I 0:14:39.520 --> 0:14:42.520 can't stand them. But but you know, I'm I've become 0:14:42.560 --> 0:14:44.640 an independent voter, and I think what Ellen is saying 0:14:44.720 --> 0:14:47.240 is true. I worked very very hard to get Joe 0:14:47.280 --> 0:14:49.920 Biden and as president, and I'm a very big believer 0:14:50.240 --> 0:14:55.880 in the values that the Democrats represent, and they've achieved nothing. 0:14:56.120 --> 0:14:58.960 They've achieved none of the agenda that they set out 0:14:59.000 --> 0:15:03.920 to achieve, and they've really disappointed big supporters like myself 0:15:03.920 --> 0:15:07.720 and especially entrepreneurs who they've attacked and constantly saying that 0:15:07.760 --> 0:15:10.640 we don't pay our fair share when we do. And 0:15:10.720 --> 0:15:14.040 so it's just they've pushed the do you know, especially 0:15:14.200 --> 0:15:17.960 successful entrepreneurs of the out of the Democratic Party and 0:15:18.160 --> 0:15:21.160 and I'm one of them too. Well, speaking about a 0:15:21.200 --> 0:15:24.360 big time entrepreneur who is now out at Twitter, Jack Dorsey, 0:15:24.440 --> 0:15:27.480 the era of Jack Dorsey is officially over. We knew 0:15:27.480 --> 0:15:29.840 this was coming. No formal role at the company now, 0:15:29.880 --> 0:15:31.520 but you know, we can assume he will still have 0:15:31.560 --> 0:15:34.560 some influence. His tweets will carry some influence. What do 0:15:34.560 --> 0:15:39.480 you think is the significance of Jack leaving? Well, I 0:15:39.520 --> 0:15:44.040 think he'll be back. I think he'll be back. Well, 0:15:44.080 --> 0:15:47.000 I think he's going to I think he's in with 0:15:47.040 --> 0:15:49.360 this Zelon stuff. I mean, I would be surprised if 0:15:49.360 --> 0:15:52.720 he's not working with Elon at all. Um, he seems 0:15:52.760 --> 0:15:55.280 to be on Twitter, you know, sort of jumping on 0:15:55.360 --> 0:15:57.920 the arguments that Elon's are making and seem to be 0:15:57.960 --> 0:16:03.120 defending Elon's positions. Um, So I'm not really sure what's 0:16:03.160 --> 0:16:06.000 next for Jack Um, I think he's really focused on Square, 0:16:06.040 --> 0:16:08.360 which as a Square shareholder, I want him to be, 0:16:08.800 --> 0:16:12.800 and I think he'll play a role in the new Twitter. Meantime, 0:16:12.960 --> 0:16:16.680 silver Lakes Egon Durbin didn't get enough votes. Shareholders did 0:16:16.720 --> 0:16:19.400 not re elect him to the board. What's your reaction 0:16:19.440 --> 0:16:25.040 to that. Um, it's hard to understand, you know, why 0:16:25.120 --> 0:16:27.360 certain shareholders are on the board and not on the board, 0:16:27.440 --> 0:16:29.520 especially when they have large states in the company where 0:16:29.520 --> 0:16:32.880 that might have changed. UM. So, you know, I find 0:16:32.880 --> 0:16:35.720 that to be significant because silver Lake is a major player. 0:16:36.080 --> 0:16:38.760 But I think it has to do with the changing 0:16:38.880 --> 0:16:42.120 nature of what's going on. So there might be some 0:16:42.160 --> 0:16:45.760 conflicts of interests involved as well. Maybe they're involved with 0:16:45.800 --> 0:16:48.120 the new takeover, so they don't want to have a 0:16:48.120 --> 0:16:50.000 conflict by having somebody on the board. So it's just 0:16:50.040 --> 0:16:52.560 really hard to tell why these moves are being made. 0:16:53.480 --> 0:16:57.160 Meta also held its shareholder meeting today. Peter Till no 0:16:57.280 --> 0:16:59.920 longer on the board there, so that's also the end 0:17:00.160 --> 0:17:02.720 of an era. He's going to work more on the 0:17:02.760 --> 0:17:05.680 Trump agenda. I'm curious for your thoughts on Twitter versus Facebook. 0:17:05.680 --> 0:17:07.600 I know you don't you don't you have a miniscule 0:17:07.640 --> 0:17:11.560 position in Facebook, you know, also versus Snap, especially given 0:17:12.280 --> 0:17:15.080 social media stocks getting pummeled and Snap coming out saying 0:17:15.080 --> 0:17:19.240 they're gonna miss their guidance, right, And We've spent a 0:17:19.320 --> 0:17:22.000 good day looking at Snap and I have friends that Snap, 0:17:22.080 --> 0:17:23.359 so you know, I was trying to figure out what 0:17:23.400 --> 0:17:25.720 the hell is going on there, And these are three 0:17:25.800 --> 0:17:28.600 different stories and I think that they're playing out differently. 0:17:28.640 --> 0:17:31.119 So Snap is just getting eaten by TikTok. You know, 0:17:31.240 --> 0:17:33.560 there's not much more to it. TikTok is like a 0:17:34.320 --> 0:17:39.320 vacuum of young people's eyeballs and it's just Snapchat hasn't 0:17:39.359 --> 0:17:41.520 been able to compete and there's nothing more to it 0:17:41.560 --> 0:17:44.720 than that. Meta and you know, Facebook and Instagram are 0:17:44.720 --> 0:17:49.679 also suffering from the TikTok thing and the Apple privacy changes, 0:17:49.920 --> 0:17:54.000 which are really affecting Instagram and Facebook um and their targeting, 0:17:54.000 --> 0:17:57.440 but also a lot of ad you know, people are saying, hey, 0:17:57.560 --> 0:17:59.199 you know, you need to boot some of your instament 0:17:59.320 --> 0:18:02.199 grand budget to TikTok, and that's what's happening. So that 0:18:02.240 --> 0:18:06.040 puts pressure on Facebook and Meta not to mention, you know, 0:18:06.080 --> 0:18:08.320 there really hasn't been any innovation there in a long time, 0:18:08.320 --> 0:18:11.800 and the younger generation isn't using Facebook. And then with Twitter, 0:18:12.280 --> 0:18:15.040 it's really, to me the news, so it serves a 0:18:15.040 --> 0:18:19.639 completely different demographic than the Snapchat, Instagram, Facebook demo, and 0:18:19.680 --> 0:18:22.800 it really serves people who are looking for information, and therefore, 0:18:22.960 --> 0:18:25.960 to me, it's a much more powerful and valuable platform. 0:18:26.320 --> 0:18:30.119 And in fact, Twitter is probably the most valuable you know, 0:18:30.359 --> 0:18:33.879 information platform you know in the world, and if you 0:18:33.880 --> 0:18:38.480 look at the depth of the global leaders and users, um, 0:18:38.520 --> 0:18:41.760 there really is nothing like it. And as an investor, 0:18:41.880 --> 0:18:44.719 I I can't even imagine trying to be an investor 0:18:44.760 --> 0:18:48.080 and not used Twitter. So I think Twitter has a 0:18:48.119 --> 0:18:51.720 lot more intrinsic value than the other platforms. All right, 0:18:52.359 --> 0:18:56.120 Les Garber, President and CEO of Gerbert Kawasaki, always love 0:18:56.320 --> 0:19:00.000 having your views here, Ross, Thank you. Coming up, Twitter, 0:19:00.359 --> 0:19:02.400 as we said, not the only one holding its shareholder 0:19:02.440 --> 0:19:05.160 meeting today, Meta as well and Amazon. It was Andy 0:19:05.240 --> 0:19:08.399 Jase's first as CEO. Will get an update on how 0:19:08.400 --> 0:19:25.000 it all went down. Next. This is Bloomberg Amazon also 0:19:25.160 --> 0:19:28.120 holding its annual shareholder meeting, the first for CEO Andy Jase. 0:19:28.240 --> 0:19:30.680 I'm joined now by Bloomberg Spencer Soaper, who of course 0:19:30.680 --> 0:19:33.879 covers Amazon for Spencer, what were the big takeaways and 0:19:33.880 --> 0:19:38.159 Andy Jase's responses to some of these resolutions, Well, the 0:19:38.560 --> 0:19:42.440 UH a big one. There were several regarding worker treatment 0:19:42.880 --> 0:19:46.280 and Jesse really had to respond to that and just 0:19:47.000 --> 0:19:51.040 these high injury rates. Amazon was hiring a lot of 0:19:51.080 --> 0:19:54.080 people through the pandemic, and Jesse was trying to explain 0:19:54.119 --> 0:19:55.359 that there are a lot of them are new to 0:19:55.480 --> 0:19:59.639 industrial work environments. Therefore injury rates climbed even though Amazon 0:19:59.720 --> 0:20:02.560 made the pledged to UH, you know, to make it 0:20:02.880 --> 0:20:04.760 you know, the best place to work and to to 0:20:04.840 --> 0:20:08.119 really target reducing the injury rates. So he's definitely like 0:20:08.160 --> 0:20:10.280 trying to buy some time there by explaining the unique 0:20:10.320 --> 0:20:13.520 circumstances around the pandemic. Then there was also an advisory 0:20:13.600 --> 0:20:16.639 vote on pay and it was a big deal because 0:20:16.720 --> 0:20:19.840 you have Jasse, who was promoted into this role as CEO, 0:20:20.040 --> 0:20:22.440 is you know, not not someone who built the company himself, 0:20:22.480 --> 0:20:26.960 but was you know, promoted into succeed Jeff Bezos. Um. 0:20:27.000 --> 0:20:33.439 You know, some influential advisory firms saying that Jesse and 0:20:33.480 --> 0:20:37.320 to other executives, their pay is not linked strongly enough 0:20:37.359 --> 0:20:39.280 to company performance. They want to see if they're going 0:20:39.320 --> 0:20:41.640 to be paid substantial amounts of money that it better 0:20:41.680 --> 0:20:44.399 be more more directly tied to the performance of the company. 0:20:44.440 --> 0:20:48.760 So quickly on that, you've got Amazon shares dipping nearly 0:20:48.800 --> 0:20:52.080 below a trillion dollars UH in market cap. How concerned 0:20:52.080 --> 0:20:55.760 our shareholders about that? Quickly? That did come up uh 0:20:55.800 --> 0:20:58.800 and Jasse addressed it. And one of the questions shareholders 0:20:58.920 --> 0:21:01.159 shareholders had was he know, you're you're firing in so 0:21:01.160 --> 0:21:03.520 many directions, You've got so many things going on. You 0:21:03.520 --> 0:21:05.600 know what if you're more focused with that make the 0:21:05.600 --> 0:21:09.359 company more profitable. And Jesse's response to that was, you know, 0:21:09.400 --> 0:21:11.960 we'll look at we had Amazon Web Services and when 0:21:11.960 --> 0:21:15.600 it was in its gestational period and infancy stage, you know, 0:21:15.600 --> 0:21:17.600 people were very critical of that or had a lot 0:21:17.600 --> 0:21:19.679 of questions about that sort as a big gamble, and 0:21:19.720 --> 0:21:22.280 we turned into this huge, you know, multibillion dollar business. 0:21:22.560 --> 0:21:24.040 So I guess he's trying to make the case that 0:21:24.080 --> 0:21:26.840 you can't afford to not invest in things even when 0:21:26.880 --> 0:21:31.000 even when profitability is down. All right, Bloomberg Expense or soaper, 0:21:31.200 --> 0:21:32.920 thank you for giving us the round up on it. 0:21:33.200 --> 0:21:45.160 Jesse's first a g M Welcome back to Bloomber technology 0:21:45.200 --> 0:21:47.760 and Emily Chang in San Francisco. Get back now to 0:21:48.160 --> 0:21:51.240 the markets and hone in on social media stocks where 0:21:51.240 --> 0:21:53.680 it could take it away. Yes, Emily, well, I'll start 0:21:53.720 --> 0:21:55.960 off with the broader markets, which we did see moving 0:21:56.119 --> 0:21:59.400 higher today, and it was now like one that out performed. 0:21:59.400 --> 0:22:00.960 It was some of you a heavier weight. It's your 0:22:01.480 --> 0:22:04.760 your Amazon, your Tesla, and even your Apple pushing that 0:22:04.920 --> 0:22:08.479 index up higher today. And that impetus that really started 0:22:08.520 --> 0:22:10.359 to come out after those FED minutes. It was this 0:22:10.440 --> 0:22:14.359 idea that maybe Fed policymakers one as aggressive as the 0:22:14.440 --> 0:22:17.000 market was expecting. You didn't see much changes in the 0:22:17.040 --> 0:22:19.080 ten ye yield, but the two year yield has more 0:22:19.080 --> 0:22:22.320 sensitive to FED policy changes. That did take just a 0:22:22.400 --> 0:22:24.359 touch higher. And I also point to the vix that 0:22:24.520 --> 0:22:28.280 is ak that big age. This was lower today and 0:22:28.320 --> 0:22:30.080 this is as we get a bit more of a 0:22:30.200 --> 0:22:32.280 risk on field today. And speaking of risk on you 0:22:32.280 --> 0:22:36.320 mentioned it, Emily, those social media stocks that plunged yesterday, 0:22:36.320 --> 0:22:38.320 we are seeing them get We saw them get a 0:22:38.320 --> 0:22:41.479 big bid today, Snap actually bouncing back up some nearly 0:22:41.560 --> 0:22:44.639 eleven percent. But we know that these stocks behind me, 0:22:44.680 --> 0:22:46.760 I mean, perhaps investors thought they were a little bit 0:22:46.760 --> 0:22:49.800 oversold yesterday and they're swooping in on some bargains, but 0:22:49.920 --> 0:22:51.840 on a year today basis, they've all been down in 0:22:51.880 --> 0:22:54.879 the double digits. It's concerns of a slowdown what that 0:22:54.920 --> 0:22:58.240 means for ad revenues. But it isn't Emily just social 0:22:58.280 --> 0:23:02.280 media companies that are stuffed ring this year. That's represented 0:23:02.320 --> 0:23:05.160 by the orange line there on my chart. They're down 0:23:05.200 --> 0:23:08.199 some thirty seven on a year to date basis, but 0:23:08.240 --> 0:23:10.800 it's also your Spack Index, it's also your I p 0:23:10.920 --> 0:23:13.479 O Index, it's also the r g TF and then 0:23:13.520 --> 0:23:16.640 that's that Golden Dragon Index, which houses Chinese tech. Arguably 0:23:16.640 --> 0:23:19.640 has its own regulation challenges, but you can see clearly 0:23:19.880 --> 0:23:23.920 investors shunning some sort of speculative or more risky assets 0:23:23.920 --> 0:23:26.760 and honing in on some of those relatively more safe 0:23:26.760 --> 0:23:31.040 place Emily alright, Ritica, thank you. And while we did 0:23:31.080 --> 0:23:34.040 see that slight rebound in social media and tech stocks 0:23:34.040 --> 0:23:36.320 and general, big concerns still looming about the future of 0:23:36.320 --> 0:23:39.399