WEBVTT - Tesla AI Day 2.0 0:00:02.240 --> 0:00:05.600 From the heart of where innovation, money and power collive 0:00:06.360 --> 0:00:10.879 in Silicon Valley and beyond. This is Bloomberg Technology with 0:00:10.960 --> 0:00:26.360 Emily jay I met Lovelow in New York in for 0:00:26.440 --> 0:00:29.319 Emily Chang. This is Bloomberg Technology. Coming up in the 0:00:29.360 --> 0:00:33.760 next hour artificial intelligence, a humanoid robot, and a recruitment 0:00:33.840 --> 0:00:36.839 drive to power Tesla's work on full self driving. The 0:00:36.880 --> 0:00:40.479 ev maker hosts its second A I D will discuss 0:00:40.640 --> 0:00:44.559 what to expect. Plus, Bloomberg learns that super agent Ari 0:00:44.680 --> 0:00:48.760 Emmanuel is pushing a settlement between Twitter and Elon Musk. 0:00:49.040 --> 0:00:52.479 The social media company shares jump as Musks texts. Two 0:00:52.560 --> 0:00:57.200 key players are revealed, and Katie Hahn left Andres and 0:00:57.200 --> 0:01:00.400 Horowitz to start her own firm, Han Ventures. I'll sit 0:01:00.440 --> 0:01:02.560 down with her on how she plans to put the 0:01:02.640 --> 0:01:05.880 one point five billion dollars of capital she raised to 0:01:06.000 --> 0:01:08.640 work again to all that in a moment. The first 0:01:08.720 --> 0:01:11.520 let's get to the markets and wow, what an end 0:01:11.600 --> 0:01:13.480 to a week, What an end to a month? And 0:01:13.520 --> 0:01:16.200 what an end to a quart of brutal for then 0:01:16.200 --> 0:01:18.960 as that one hundred bloombergs, Baby lip Scholtz here with 0:01:19.040 --> 0:01:23.800 the latest blimey, Yeah, pretty much everything under the sea 0:01:24.080 --> 0:01:27.280 or everything trading sharply in the red today. It's really 0:01:27.319 --> 0:01:30.200 just been a brutal September. When I have multiple emails 0:01:30.360 --> 0:01:34.000 from analysts and strategists saying good riddance September, that really 0:01:34.000 --> 0:01:36.039 is a signal of all you need to know for 0:01:36.080 --> 0:01:39.280 the Nazza one, in particular, a third quarter trading in 0:01:39.280 --> 0:01:42.320 the red. That's its longest quarterly losing streak since two 0:01:42.360 --> 0:01:45.400 thousand and two. Obviously, this pain has really been across 0:01:45.440 --> 0:01:48.200 the board. You're looking at stocks trading lower than the 0:01:48.240 --> 0:01:51.720 likes of Apple, Microsoft providing the largest largest drag. Really 0:01:51.800 --> 0:01:54.640 just bad when the market is so heavily skewed to 0:01:54.800 --> 0:01:56.880 these tech giants. I think I took a bit of 0:01:56.880 --> 0:02:01.160 a pause during Friday to think when things were slightly different. 0:02:01.160 --> 0:02:04.120 We had the FED on September twenty one, and then 0:02:04.120 --> 0:02:06.720 when I look at the NASTAC one hundred, I think 0:02:06.720 --> 0:02:09.320 I'm right saying mid August we were up nineteen point 0:02:09.360 --> 0:02:11.600 three percent for the quarter or something like that, and 0:02:11.680 --> 0:02:13.799 things have changed so quickly. What is top of mind 0:02:13.880 --> 0:02:17.480 right now for investors, particularly when we look across technology 0:02:17.480 --> 0:02:20.079 and the equity markets. It's a lot of uncertainty obviously 0:02:20.120 --> 0:02:23.799 around the Federal Reserve, the intent to continue raising interest rates, 0:02:23.880 --> 0:02:26.880 keeping those interest rates higher for longer. But then when 0:02:26.880 --> 0:02:29.320 you really look at the latest leg lower and you 0:02:29.360 --> 0:02:31.560 look at Apple, Amazon, and Microsoft, there are a lot 0:02:31.560 --> 0:02:34.480 of jitters around earning season. Earnings is right on the horizon. 0:02:34.520 --> 0:02:37.160 You looked at that report from Nike that really blew 0:02:37.160 --> 0:02:39.160 out the bottom for that stock, and wait on both 0:02:39.200 --> 0:02:42.760 the Nasdaq one hundred and the down Industrial average. So 0:02:43.080 --> 0:02:45.639 concerns are really getting to the point where price to 0:02:45.720 --> 0:02:47.880 earnings are going to be something that falls under the 0:02:47.880 --> 0:02:50.360 mic right, and earnings expectations have already come down. We 0:02:50.400 --> 0:02:53.160 wait for the third quarter earnings and see how much 0:02:53.240 --> 0:02:56.400 earnings expectations full further thank you to bilian Berg's Bailey 0:02:56.400 --> 0:02:59.560 lip Sholts Right. On Friday night, Elon Musk will hold 0:02:59.600 --> 0:03:03.560 testa second ever AI date. We expect updates on full 0:03:03.560 --> 0:03:08.160 self driving, the company's in house supercomputer, and of course Optimus, 0:03:08.360 --> 0:03:12.040 a humanoid Tesla box. You may remember the Mr Roboto 0:03:12.160 --> 0:03:15.440 style dancer the joint Musk on stage last year. This 0:03:15.520 --> 0:03:20.320 time he's expected to unveil a true prototypes. Sorry, it's 0:03:20.320 --> 0:03:22.280 hard to keep a straight face with that. On the 0:03:22.320 --> 0:03:25.240 screen to get what we expect. In the latest we're 0:03:25.280 --> 0:03:28.480 joined by Bloomberg Shawn o'caine over in Austin. So, Sean, 0:03:28.800 --> 0:03:31.639 what do we expect. It's about what it looks like 0:03:31.680 --> 0:03:33.720 when I try to dance too. Um. Yeah, I think 0:03:33.720 --> 0:03:37.200 the biggest thing that we're waiting for is what kinds 0:03:37.240 --> 0:03:40.560 of demos. Musk has promised to show off a couple 0:03:40.600 --> 0:03:43.520 of different actual working demos tonight, and so I think 0:03:43.520 --> 0:03:44.960 that's going to be the thing that people take away 0:03:44.960 --> 0:03:47.520 the most. More specifically, think a lot of people in 0:03:47.560 --> 0:03:51.000 the community who are working on robotics and have studied 0:03:51.000 --> 0:03:53.000 it for a long time, you know, I think we 0:03:53.040 --> 0:03:55.760 all they all expect to see Tesla try to prove 0:03:56.200 --> 0:03:58.160 that it can differentiate somehow from some of the other 0:03:58.200 --> 0:04:00.360 companies like Boston Dynamics that are already working on this 0:04:00.440 --> 0:04:02.800 kind of stuff. And one thing we are probably going 0:04:02.840 --> 0:04:04.800 to get based on what Tesla has been tweeting and 0:04:04.840 --> 0:04:07.440 Elon Musk has been tweeting, is some sort of demonstration 0:04:07.480 --> 0:04:10.440 of manual dexterity and being able to show that the 0:04:10.520 --> 0:04:14.320 robot can really do fine motor skills, uh, you know, 0:04:14.360 --> 0:04:16.760 by doing some sort of demo whether that's you know, 0:04:16.800 --> 0:04:18.760 cracking open a beer or something like that. I don't know, 0:04:18.839 --> 0:04:20.960 I'm sure it will be something weird, maybe throwing up 0:04:21.279 --> 0:04:24.640 a giant metal ball at a cybertruck. Bring us up 0:04:24.680 --> 0:04:26.479 to speed on where Test is at with its work 0:04:26.520 --> 0:04:30.280 around our official intelligence, Right, we're really focused on on Optimus, 0:04:30.279 --> 0:04:34.240 but actually the focus to this point has really been 0:04:34.240 --> 0:04:38.279 about full self driving. Yeah. I mean they have spent 0:04:38.400 --> 0:04:40.200 a lot of time. They have a lot of engineers 0:04:40.240 --> 0:04:42.680 who have been working on the sort of underlying the 0:04:42.920 --> 0:04:47.080 fundamental research and development and engineering that goes into trying 0:04:47.120 --> 0:04:49.360 to make their cars be able to drive themselves. And 0:04:49.360 --> 0:04:51.599 they're not there yet, but they've done a ton of 0:04:51.640 --> 0:04:54.640 work going down that path, more than any other automaker. 0:04:55.080 --> 0:04:57.719 And you know, the thinking is and and the pitch 0:04:57.760 --> 0:05:00.280 from Elon Musk is like, hey, we're doing all this work, 0:05:01.000 --> 0:05:03.679 there's a way that we could leverage that into other 0:05:04.440 --> 0:05:07.320 lines of business. And so whether or not that's taking 0:05:07.360 --> 0:05:10.680 the supercomputer that they've developed and making space for other 0:05:10.720 --> 0:05:14.080 companies to use it in some capacity because maybe in 0:05:14.120 --> 0:05:17.080 some ways it exceeds what other sort of chip makers 0:05:17.080 --> 0:05:20.400 are out there doing, or taking the virtual worlds that 0:05:20.400 --> 0:05:23.680 they're building to train those AI models to power the 0:05:23.680 --> 0:05:26.120 full self driving system and finding a way to use 0:05:26.560 --> 0:05:28.320 what they're doing there, and so you know, I think 0:05:28.560 --> 0:05:30.480 that's probably one thing we maybe get a little more 0:05:30.520 --> 0:05:33.720 clarity on tonight. Musk is always very proud of the 0:05:33.760 --> 0:05:37.279 supercomputing team, and some of these things are happening, you know, 0:05:37.360 --> 0:05:39.279 far more in the background compared to sort of the 0:05:39.279 --> 0:05:43.360 electric vehicle divories and sales. So I hope we hear 0:05:43.360 --> 0:05:45.200 more about some of that tonight, but he's promised it's 0:05:45.200 --> 0:05:47.679 going to be very technical. Tesla treats all these events 0:05:47.680 --> 0:05:50.359 as recruiting events, so you know, if you're watching as 0:05:50.360 --> 0:05:52.120 a lay person, it might be hard to follow, but 0:05:52.160 --> 0:05:54.159 I'm sure there will be some some sort of dancing 0:05:54.240 --> 0:05:56.640 robot to keep you entertained. Hey, show them real quick, 0:05:56.760 --> 0:05:59.160 give us some color. What what? What do these events 0:05:59.160 --> 0:06:01.279 tend to be like? How do they tend to play out? 0:06:03.160 --> 0:06:05.600 I mean they're overwhelming when you're there. Even the vehicle 0:06:05.720 --> 0:06:08.440 reveals are always a little bit um, you know, like 0:06:08.560 --> 0:06:11.560 rock concerts, I mean they're always it's always a big stage, 0:06:11.600 --> 0:06:14.479 there's always a lot of loud music. Uh. And I 0:06:14.560 --> 0:06:17.320 was at the opening of the Austin factory earlier this year, 0:06:17.320 --> 0:06:20.080 and it was you know, Tesla took that to its 0:06:20.120 --> 0:06:24.080 most extreme and like actually hosting concerts during the event 0:06:24.160 --> 0:06:26.440 before and after Elon Musk's folks. So I don't think 0:06:26.440 --> 0:06:29.040 we're gonna get quite as much of that element tonight. 0:06:29.279 --> 0:06:31.600 It's gonna be a lot nearlier, but you never know. 0:06:31.760 --> 0:06:34.040 With Elon Musk, it can always go in a really 0:06:34.080 --> 0:06:36.480 wild direction. And so I'm I think I think I'm 0:06:36.480 --> 0:06:39.880 most interested to see is how far has the development 0:06:39.880 --> 0:06:41.960 of this robot com Does it looked like someone dancing 0:06:41.960 --> 0:06:43.840 at a suit or will that actually looks like a robot? 0:06:44.120 --> 0:06:46.280 All right, Bloomberg, Seawan Okaine, thank you very much. I 0:06:46.320 --> 0:06:48.200 want to get some more analysis and bring in p F. 0:06:48.240 --> 0:06:51.000 Farrago of New Street Research. She currently has a by 0:06:51.120 --> 0:06:54.000 rating on Tessa Stock. And I'm delighted to have you 0:06:54.080 --> 0:06:56.080 here in New York with me because you cover Tesla, 0:06:56.800 --> 0:06:59.920 but from the tech perspective, you also cover in video 0:07:00.480 --> 0:07:02.440 a chip maker that's done a lot of work around 0:07:02.520 --> 0:07:07.240 artificial intelligence, and we'll bring those themes in. What is 0:07:07.320 --> 0:07:10.280 your interest in the work that Tester is doing around AI? 0:07:10.600 --> 0:07:15.240 What do you see is the opportunity there so let's 0:07:15.280 --> 0:07:18.440 talk about like the chip space. What's very interesting is 0:07:18.520 --> 0:07:21.680 that test slat today they have these giants and your 0:07:21.800 --> 0:07:25.160 network that is driving the car for you more or less, right, 0:07:25.280 --> 0:07:28.720 and these thing still has to train to learn. And 0:07:29.000 --> 0:07:32.920 the learning cycle today on giant clusters of Nvida GPUs 0:07:33.440 --> 0:07:37.120 takes let's say five days, and the objective of dojos 0:07:38.320 --> 0:07:40.080 has developed in nose is to be able to do 0:07:40.200 --> 0:07:43.640 that over one night, right. And that's basically instead of 0:07:43.680 --> 0:07:46.320 having people working and waiting a week, is people working, 0:07:46.560 --> 0:07:49.360 going to bed, and the next morning working again. So 0:07:49.480 --> 0:07:51.640 it's a game changer in terms of the pace at 0:07:51.680 --> 0:07:54.120 which you can improve the system. That's that's all the 0:07:54.240 --> 0:07:56.440 vision of e learn and that's what the investment has 0:07:56.480 --> 0:08:00.240 been made there. It's interesting you went straight to the hardware, yes, 0:08:00.720 --> 0:08:04.480 component of this. You know a lot of Tesla fans 0:08:04.760 --> 0:08:07.680 and investors and owners that I've spelling to, they want 0:08:07.720 --> 0:08:11.360 to know about the latest beta version of full self 0:08:11.480 --> 0:08:13.440 driving updates. They want to know when there will be 0:08:13.920 --> 0:08:17.160 a wide public release. Yes, what do you expect on 0:08:17.280 --> 0:08:20.160 that front? Yeah, it's a very good questions. So Tesla 0:08:20.240 --> 0:08:22.480 has already made a lot of fo guys on the system. 0:08:22.520 --> 0:08:26.920 I personally drive the latest version of every Day I 0:08:27.040 --> 0:08:30.680 like it Alert. My assessment is that on the perception front, 0:08:31.240 --> 0:08:35.000 Tesla has made achievements nobody and you need its ability 0:08:35.040 --> 0:08:37.200 to read the world around it. The GAK can figure 0:08:37.240 --> 0:08:43.200 out what's around it, like the traffic lights or the cars, obstacles, pedestrians, bikers. 0:08:43.920 --> 0:08:46.280 I can't remember a single time my car would not 0:08:46.640 --> 0:08:49.800 perceive something around it um and I think it has 0:08:49.840 --> 0:08:51.959 been the focus of Tesla in the last in the 0:08:52.080 --> 0:08:55.240 last few years, and everybody that Sweatyland calls like real 0:08:55.320 --> 0:08:58.240 world AI interacting with the real world, and they've achieved 0:08:58.280 --> 0:09:00.760 a lot. And what's very interesting that now now that 0:09:00.840 --> 0:09:03.679 the car can deceive the world around it's the next 0:09:03.760 --> 0:09:08.079 challenge to me is what we call representation, which is 0:09:08.160 --> 0:09:11.040 making sense of what what you perceive, what you see 0:09:11.520 --> 0:09:13.480 and figuring out, okay, is that's the stuff I need 0:09:13.520 --> 0:09:15.800 to wait and wait for this car and then sneak 0:09:15.840 --> 0:09:18.079 between these two cards and things like that, And that's 0:09:18.120 --> 0:09:21.439 where I feel fs D. But as a user, I 0:09:21.520 --> 0:09:24.000 feel there's still a lot of work. It's already very impressive, 0:09:24.080 --> 0:09:25.559 but there's still a lot of work to do for 0:09:25.960 --> 0:09:28.120 really the car to step to level three where I 0:09:28.160 --> 0:09:32.360 can stop supervising it. And what I would expect today 0:09:32.880 --> 0:09:36.320 is actually Testalla to show these challenges and to show 0:09:36.800 --> 0:09:40.959 how difficult it is and what they're doing to to 0:09:41.080 --> 0:09:43.160 address the challenges, because that's the way you're getting to 0:09:43.240 --> 0:09:45.400 hire the best people on that point, what they're doing 0:09:45.480 --> 0:09:48.079 to address it, you know, Elon Musk builds. This is 0:09:48.120 --> 0:09:51.280 a recruitment event. I did a Twitter pole, you know, 0:09:51.360 --> 0:09:55.640 and I asked Tesla owners, fans, investors, what are they 0:09:55.720 --> 0:09:58.080 interested in? And of course you see on your screen 0:09:59.040 --> 0:10:02.319 they're interested in lot mess the humanoid robot. I mean, 0:10:03.240 --> 0:10:06.000 how interested you in the robot itself? You know, what 0:10:06.120 --> 0:10:08.560 do you see? Do you see that as a product 0:10:08.920 --> 0:10:11.280 or it's just an in house tool or a gimmick. 0:10:11.679 --> 0:10:14.760 What's your read I'm going to be interested in exactly 0:10:14.800 --> 0:10:17.760 in the same thing. I want the test let's him 0:10:17.840 --> 0:10:20.800 to tell me how far have they're gone. And I 0:10:21.280 --> 0:10:24.120 don't explain them to to have been to have gone 0:10:24.200 --> 0:10:27.559 that far. It's quite a challenging project. But I want 0:10:27.640 --> 0:10:31.679 them to articulate what the challenges are because that's the 0:10:31.720 --> 0:10:33.640 best way they're going to be able to hire the 0:10:33.720 --> 0:10:35.839 best people like you can work with it on most 0:10:35.880 --> 0:10:38.600 you can have exposure exposure to the Tesla stock options, 0:10:39.040 --> 0:10:41.240 and you're going to work on the most interesting challenges. 0:10:41.520 --> 0:10:43.480 That's really I think what they're going to try to have. 0:10:43.679 --> 0:10:45.240 So it might be a bit disappointing for like an 0:10:45.240 --> 0:10:47.880 atlyst and investors because you're not going to see the 0:10:47.920 --> 0:10:50.319 product getting into the market anytime soon. You're going to 0:10:50.440 --> 0:10:53.520 have like very technical discussions about how do you achieve 0:10:53.640 --> 0:10:57.319 you know, like the dexterity, how do you achieve perception 0:10:57.400 --> 0:11:00.400 for a robot or like UM as I say, um 0:11:01.160 --> 0:11:04.840 representation and things like that. You've said in your previous 0:11:04.960 --> 0:11:08.520 research that Tesla is a matter of years ahead of 0:11:08.600 --> 0:11:10.679 others when it comes to ours official intelligence, and I 0:11:10.720 --> 0:11:13.320 said earlier you also cover in video and the video 0:11:13.440 --> 0:11:15.400 not just on the semi co inductor side, but broadly 0:11:15.440 --> 0:11:17.400 has done a lot of work in AI. Can you 0:11:17.520 --> 0:11:21.360 compare and contrast those two, you know, where does Tesla 0:11:21.440 --> 0:11:24.880 stand in your estimation and what has it achieved today 0:11:24.920 --> 0:11:29.520 in the field of artificial intelligence. So in the field 0:11:29.559 --> 0:11:33.280 of like real world artificial intelligence, I don't think anybody 0:11:34.040 --> 0:11:37.640 stands close to test is ahead of everybody in terms 0:11:37.679 --> 0:11:41.440 of developing systems, but remember the videos a platform players, 0:11:41.440 --> 0:11:43.199 they develop a chip and like a Nichol system for 0:11:43.240 --> 0:11:45.079 people can develop their own systems, so they are not 0:11:45.160 --> 0:11:48.000 training the same game. And what's happening today is that 0:11:48.120 --> 0:11:51.079 Tesla being so ahead of the curves, the same with 0:11:51.160 --> 0:11:53.160 Goodglele is ahead of the curves. These two players, whatever 0:11:53.200 --> 0:11:56.120 they done, they've developed their own chips and like the 0:11:56.200 --> 0:12:00.480 tipu at Google and Dodgo for for training at at Tesla, 0:12:00.760 --> 0:12:02.719 and they've done that for this reason that they need 0:12:02.800 --> 0:12:05.559 to accelerate the pace at which they develop their systems. 0:12:06.880 --> 0:12:09.600 So of course, like mainstreat, like common wisdom is that's 0:12:09.640 --> 0:12:12.840 not good for video because like the dream of Tesla 0:12:12.920 --> 0:12:15.640 is actually to turn off the Nvidia cluster and replace 0:12:15.679 --> 0:12:18.839 it by Dodgo. But I have a different take. I 0:12:18.920 --> 0:12:22.000 think it's very encouraging. It's very positive because at the 0:12:22.080 --> 0:12:23.640 end of the day, what Tesla wants is to be 0:12:23.720 --> 0:12:27.520 able to do over night what takes them several days today. 0:12:27.840 --> 0:12:30.199 So they need more and more and more processing power 0:12:30.800 --> 0:12:33.280 and as you can imagine, very few people will be 0:12:33.320 --> 0:12:35.599 able to develop their own systems. So with Tesla and 0:12:35.679 --> 0:12:38.679 Google do it, and that's the market for nvideo. So 0:12:38.920 --> 0:12:43.120 I actually see Google developing the TPU Tesla developing Dodgo 0:12:43.600 --> 0:12:47.280 as very positive leading indicator of where the market of 0:12:47.440 --> 0:12:50.920 Nvidia is going. Everybody needs more processing power to develop 0:12:50.960 --> 0:12:52.719 these models. Here. I wish we had more time, but 0:12:52.920 --> 0:12:56.360 very quickly we might get the court deliveries that this weekend. 0:12:56.400 --> 0:12:59.640 What are you expecting on that front? So I sense 0:13:00.000 --> 0:13:04.600 the SLA has produced a lot of car Wow, that's high, 0:13:04.760 --> 0:13:07.920 that's very high. I also suspect they've been struggling a 0:13:08.000 --> 0:13:10.640 bit to deliver all this car. So I think delivery 0:13:10.800 --> 0:13:13.439 is are more like a three sixty. And I think 0:13:13.480 --> 0:13:15.480 you have about twenty thousand cars that might be on 0:13:15.600 --> 0:13:18.240 boots between China and the rest of the world. All right, 0:13:18.520 --> 0:13:29.840 Pierre Ferrague, New Street Research, thank you very much. Hollywood 0:13:29.880 --> 0:13:32.400 super agent Ari Emmanuel is trying to pave the way 0:13:32.480 --> 0:13:35.839 for a potential settlement between Elon Musk and Twitter. That's 0:13:35.840 --> 0:13:39.000 according to sources, The news coming one day after Musk's 0:13:39.080 --> 0:13:44.000 text between Twitter executives, close friends and potential investors came 0:13:44.080 --> 0:13:47.600 to light. Bloombergs Max Chafkin joins us discussed, just when 0:13:47.679 --> 0:13:52.599 you think that this saga cannot get any weirder, we 0:13:52.760 --> 0:13:56.000 have a Hollywood super agent. You know, I'm not sure 0:13:56.080 --> 0:13:58.000 how seriously we should take this. I think one of 0:13:58.040 --> 0:14:00.520 the things we learned in these texts that dropped um 0:14:00.880 --> 0:14:02.240 is that there are a lot of people out there 0:14:02.440 --> 0:14:06.520 trying out trying to use their friendship with Elon Musk 0:14:06.600 --> 0:14:08.960 and sort of wheedle their way into this deal. Um. 0:14:09.040 --> 0:14:11.160 You know Ari Emmanuel of course, very very well known, 0:14:11.280 --> 0:14:13.880 very famous dealmaker. This is potentially a huge deal. I 0:14:13.880 --> 0:14:16.160 don't think it's hugely surprising that he might try to 0:14:16.400 --> 0:14:18.400 put himself in the middle of this. I don't think 0:14:18.440 --> 0:14:20.160 that's a reason to think it's going to go anywhere. 0:14:20.480 --> 0:14:23.040 So let's get onto those texts. These are texts that 0:14:23.240 --> 0:14:26.160 emerge from court filings relating to the upcoming trial, which 0:14:26.160 --> 0:14:29.200 starts October seventeenth. They go all the way back to April, 0:14:29.680 --> 0:14:32.880 which predates Musk's offer. I think we have a series 0:14:32.960 --> 0:14:36.720 of texts starting with the current Twitter CEO, Paragagrool and 0:14:36.920 --> 0:14:39.520 and basically what they seem to demonstrate is how that 0:14:39.640 --> 0:14:46.240 relationship deteriorated quite quickly, and then Elon Musk basically said, 0:14:46.240 --> 0:14:47.960 all right, I'm going to put a deal in too, 0:14:48.040 --> 0:14:50.680 make take Twitter private. Yeah, I mean one thing you 0:14:50.760 --> 0:14:52.960 learn when you read these texts that wow, like Elon 0:14:53.040 --> 0:14:55.080 Musk is talking to a lot of people. He's having 0:14:55.160 --> 0:14:58.480 direct relationships with many many people in in sort of 0:14:58.520 --> 0:15:02.480 all different domains, politics, all these billionaires. Um. And he's 0:15:02.560 --> 0:15:05.560 you know, just texting away with with Twitter ceo and 0:15:05.640 --> 0:15:08.320 it's board um and it's kind of working things out 0:15:08.360 --> 0:15:10.920 as he goes. And as you said with the with 0:15:11.080 --> 0:15:14.320 the text with Twitter ceo, you see, you know what 0:15:14.520 --> 0:15:17.400 seems like pretty diligent efforts to work with him. Uh 0:15:17.480 --> 0:15:20.880 and then uh, the deterioration the relationship happened, you know, 0:15:20.960 --> 0:15:23.560 almost immediately. We saw this play out, by the way, 0:15:23.960 --> 0:15:26.360 on Twitter as well, when Elon Musk's famously you know, 0:15:26.440 --> 0:15:29.400 tweeted a poop emoji at at the ceo of Twitter. 0:15:29.560 --> 0:15:32.400 But but it's it's pretty interesting to see this, um, 0:15:32.600 --> 0:15:34.640 you know, kind of in black and white. The other 0:15:34.720 --> 0:15:37.360 thing we learned is some of the background I suppose 0:15:37.440 --> 0:15:40.600 of how Elon Musk went out to raise tapits or 0:15:40.640 --> 0:15:43.640 outside equity financing for this deal. And in exchange with 0:15:43.760 --> 0:15:46.680 Larry Edison, he basically says, you want to get involved. 0:15:47.160 --> 0:15:50.000 He says, sure, how much? Elon Musk says, oh, two billion. 0:15:50.120 --> 0:15:52.040 Yeah you think they were, you know, talking about buying 0:15:52.040 --> 0:15:55.200 a cup of coffee or something. Larrie Elson says, oh billion, 0:15:55.320 --> 0:15:58.160 you know ish uh the I think what this shows 0:15:58.360 --> 0:16:01.200 first of all, number one, this is a hot deal. 0:16:01.400 --> 0:16:04.760 I mean, and we can debate whether the whether they're 0:16:04.760 --> 0:16:07.280 fundamentals to back that up, or whether it's just Elon Musk. 0:16:07.360 --> 0:16:10.200 But you look down the list and you see Ellison, 0:16:10.520 --> 0:16:13.640 Mark and Reason, a bunch of lesser investors, all of 0:16:13.720 --> 0:16:16.520 them basically willing to get in and on this without 0:16:16.800 --> 0:16:19.680 much of a many questions asked, um which I think 0:16:20.000 --> 0:16:22.800 you know that tells you something about how things turned out. 0:16:23.320 --> 0:16:26.600 It also tells you just the gravity around Elon Musk h. 0:16:26.880 --> 0:16:29.440 He is clearly at the top of the Silicon valley. 0:16:29.480 --> 0:16:33.080 Totem Pole. You have Mark and Resent, very influential venture 0:16:33.160 --> 0:16:36.080 capitalists basically putting up a quarter of a billion dollars, 0:16:36.280 --> 0:16:38.640 no questions asked, and and and in seeing this over 0:16:38.680 --> 0:16:40.800 and over again, including Larry Elson, another you know, rich 0:16:40.840 --> 0:16:43.600 and powerful guy. So when the news broke that Aria 0:16:43.600 --> 0:16:47.080 Emmanuel was, according to sources, brokering some kind of settlement, 0:16:47.120 --> 0:16:49.640 the shares rose at one point to their highest level 0:16:49.720 --> 0:16:51.280 since man I think we have a chart which shows 0:16:51.360 --> 0:16:52.960 the spread. You know, I look at it from time 0:16:53.000 --> 0:16:55.960 to time. It's kind of a soft indication of where 0:16:56.000 --> 0:16:59.680 wool Street sees this deal's likelihood. Where do all these 0:16:59.720 --> 0:17:02.520 tech leave us ahead of the trial? Is my question? Well, 0:17:02.640 --> 0:17:04.480 I think one of the things people have observed this 0:17:04.560 --> 0:17:06.359 already about Elon Musk, But you know, he has some 0:17:06.480 --> 0:17:08.879 things in common with the former president. And one of 0:17:08.960 --> 0:17:11.800 those things is he tends to tweet what he's actually feeling. 0:17:11.880 --> 0:17:14.000 I mean, and and so if you look at these texts, 0:17:14.280 --> 0:17:16.280 they are very interesting. They give you a sense of 0:17:16.320 --> 0:17:18.879 what is it like to live as Elon Musk. You 0:17:19.000 --> 0:17:22.280 have a lot of people hangers on, rich guys bothering 0:17:22.320 --> 0:17:25.080 you all the time. But it doesn't actually change the 0:17:25.160 --> 0:17:27.960 narrative all that much. Elon Musk has said many of 0:17:28.000 --> 0:17:30.000 the things that we learned in these texts he's already 0:17:30.040 --> 0:17:32.960 said publicly, including this thing about bots, where he was 0:17:33.040 --> 0:17:35.800 already you know, talking about bots publicly before you have 0:17:36.080 --> 0:17:38.919 a business week call him out. Recently, Twitter's woes come 0:17:38.960 --> 0:17:41.960 from Jack Dorsey being too busy with bitcoin. Very quickly, 0:17:42.080 --> 0:17:45.040 give me the overview of that. So Dorsey and and 0:17:45.200 --> 0:17:47.280 this is one interesting thing that that came out in 0:17:47.320 --> 0:17:49.679 these texts. You see Dorsey, who had just resigned from 0:17:49.720 --> 0:17:53.440 Bitcoin from Twitter, probably to spend more time with his 0:17:53.520 --> 0:17:55.840 Bitcoin u talking to Musk and saying, you know, we 0:17:55.920 --> 0:17:57.919 really need to change things. We need to we need 0:17:57.960 --> 0:17:59.800 to shake this up. Maybe it should be a protocol. 0:18:00.200 --> 0:18:04.000 He's very much whispering and Musks here encouraging him to 0:18:04.040 --> 0:18:07.240 pursue this deal and encouraging the idea that there needs 0:18:07.320 --> 0:18:10.240 to be significant change, which is kind of strange because 0:18:10.320 --> 0:18:13.159 he was the CEO until very recently. It's and it 0:18:13.280 --> 0:18:15.520 kind of tells you again the gravity around Elon Musk 0:18:15.720 --> 0:18:18.359 that Jack Dorsey thinks that this outsider can come in 0:18:18.600 --> 0:18:20.600 and do something that he, as a founder and CEO 0:18:20.720 --> 0:18:23.199 cannot do. All right, So much more to learn, Bloomberg's 0:18:23.200 --> 0:18:26.600 Max Chafkin, Thank you much more ahead, stay with us. 0:18:26.880 --> 0:18:53.879 This is Bloomberg. Google continues to collect ad revenue from 0:18:54.000 --> 0:18:58.800 crisis pregnancy centers on abortion related search terms, while failing 0:18:59.119 --> 0:19:03.399 to properly lay them as organizations that do not provide abortions. 0:19:03.480 --> 0:19:07.680 Bloom The Quick takes Medicine Mills paints the picture is 0:19:07.800 --> 0:19:11.960 Google keeping its promises on abortion information After Roe v 0:19:12.200 --> 0:19:16.680 Wade was overturned. The information that's displayed on Google products 0:19:16.720 --> 0:19:24.159 across maps, search and ads became really crucial information. Google 0:19:24.160 --> 0:19:27.399 announced that it would adjust its search engine so users 0:19:27.480 --> 0:19:31.760 could find verified abortion providers. But are Google's changes actually 0:19:31.880 --> 0:19:35.400 working in practice. Let's say we're in Lincoln, Nebraska, where 0:19:35.400 --> 0:19:37.560 it can be hard to get an abortion. If I 0:19:37.600 --> 0:19:41.359 search abortion help, the contextual labels provided by Google seem 0:19:41.480 --> 0:19:44.480 to work. You can see that the first search result 0:19:44.600 --> 0:19:48.119 clearly says does not provide abortions. In this case, the 0:19:48.200 --> 0:19:51.000 labels are working. All of these search results are for 0:19:51.160 --> 0:19:54.679 crisis pregnancy centers. That's the type of non medical organization 0:19:54.800 --> 0:19:58.160 that aims to persuade women to not get abortions. These 0:19:58.200 --> 0:20:01.240 centers pay to appear in searchers for women horse seeking 0:20:01.280 --> 0:20:05.080 abortion information. The problem is that this approach from Google 0:20:05.240 --> 0:20:09.160 doesn't seem to work in searches for adjacent terms. In September, 0:20:09.280 --> 0:20:12.480 when I searched for planned parenthood, for example, I found 0:20:12.560 --> 0:20:15.919 that Google provided no labels on any of the ads 0:20:16.000 --> 0:20:18.760 that came up in search. The top shown result was 0:20:18.840 --> 0:20:22.800 for Nebraska Parents Center, which is a known crisis pregnancy center, 0:20:22.880 --> 0:20:25.919 and there was no label. According to an investigation by 0:20:26.000 --> 0:20:29.680 Bloomberg and the Center for Countering Digital Hate. Google also 0:20:29.800 --> 0:20:32.960 failed to add these labels on other abortion related search 0:20:33.160 --> 0:20:37.600 terms like pregnancy help, abortion pills, and n a F hotline. 0:20:37.800 --> 0:20:41.440 What we're finding is that Google's tiny policy changes do 0:20:41.720 --> 0:20:44.880 actually have a big impact on whether people are able 0:20:44.960 --> 0:20:49.360 to find accurate information about abortions or if they're misled. 0:20:49.680 --> 0:20:52.680 In a statement, Google said it has clear and longstanding 0:20:52.760 --> 0:20:56.280 policies that govern abortion related ads on its platform, and 0:20:56.359 --> 0:20:59.480 it applies these rules to all advertisers. It added that 0:20:59.560 --> 0:21:03.520 the company is constantly reviewing and updating its pauses as needed. 0:21:07.680 --> 0:21:11.040 That was Bloomberg Quick Takes. Madison Mills another story we 0:21:11.119 --> 0:21:13.520 continue to watch. Our Trier has ended a deal that 0:21:13.640 --> 0:21:16.560 barred it from competing with Jewel that opens the door 0:21:16.640 --> 0:21:18.960 for the maker of Marlboro to buy an e cigarette 0:21:19.000 --> 0:21:23.280 company or develop its own vaping products. In Trier announced 0:21:23.280 --> 0:21:25.760