Speaker 1: I'm Caroline Hinder Bluemberg's World tad quarters in New York,
Speaker 1: and this is Bloomberg Technology coming up in the next hour.
Speaker 1: Freedom of speech in question us on Twitter as Elon
Speaker 1: Must suspends a number of journalists. We discussed Twitter's current policies.
Speaker 1: Now Must continues to create some well on the fly. Plus,
Speaker 1: just last year, a tornado took down an Amazon warehouse
Speaker 1: in Illinois. Why lawmakers are questioning a rebuild And off
Speaker 1: the back of the collapse of FDx crypto firm, Amber
Speaker 1: has raised three hundred million dollars to tackle the damage done.
Speaker 1: Details later in the hour. First Foremost well muted into
Speaker 1: a week's training. Let's have want to look at how
Speaker 1: tech stocks were under pressure. Once again, it seems to
Speaker 1: be all about the Federal Reserve. The perfect person to
Speaker 1: talk us through it, Kenny Greifeld in the House. What
Speaker 1: a week. It was quite a week, and I have
Speaker 1: some bad news. It was an ugly end to what
Speaker 1: was a very ugly week. If you take a look
Speaker 1: at the past five days for the SMP five hundred,
Speaker 1: you can see we have a little optimism at one point.
Speaker 1: That was on Tuesday, after those CPI numbers came out
Speaker 1: softer than expected, still seven percent handle. But in any case,
Speaker 1: then we had the FED and then it was just
Speaker 1: one line down. Since then we're gonna end lower on
Speaker 1: the SMP five hundred. If we break apart this index
Speaker 1: into the sectors, let's take a look at some of
Speaker 1: the worst performers. You had communication services, you had materials,
Speaker 1: then you had financials as well, down two and a
Speaker 1: half percent or so. Consumer Discretionary is where it gets interesting.
Speaker 1: That was your worst performer on the sector level on
Speaker 1: this week, off about three point six percent or so.
Speaker 1: What's interesting to me is that it was Tesla and
Speaker 1: it was for dragging down that sector. So a tale
Speaker 1: of old and new. But let's break this apart even
Speaker 1: further and look at some of the individual stories here.
Speaker 1: You have Goldman falling today by about one percent or so. That's,
Speaker 1: of course after reporting showed that Oldman is looking to
Speaker 1: cut up to four thousand jobs. That would be about
Speaker 1: an eight percent or so pull back again, that's according
Speaker 1: to people familiar with the matter. You had Starbucks off
Speaker 1: by more than one percent. That says news that Starbucks
Speaker 1: staff are starting a three day strike. And I want
Speaker 1: to end on some good news because it is a
Speaker 1: Friday in December, meta platforms up by about two point
Speaker 1: eight percent. That falls an upgrade from JP Morgan citing
Speaker 1: their cost discipline Caroline. Unfortunately, margin is still the focus
Speaker 1: for many. Katie, have a wonderful weekend. Can't believe the
Speaker 1: holidays are almost upon us now. Before all that, we
Speaker 1: were all kept pretty busy today. I don't know about you,
Speaker 1: but all eyes glued. And what happened with Twitter? After
Speaker 1: the platform, of course suspended the account of Arrival social
Speaker 1: network must Done, which had tweeted a link to a
Speaker 1: profile that tracked, of course, the flights of private jets
Speaker 1: of wealthy individuals, including you know Muskus. Then, of course
Speaker 1: a number of reporters covering Musque they posted screen grabs
Speaker 1: of the offending tweet and was actully suspended themselves. That
Speaker 1: include some pretty high profile journalists from the New York Times,
Speaker 1: from CNN and other outlets. Here's what Elon Musk himself
Speaker 1: had to say about that. They're not special because you're eternalist,
Speaker 1: You're you're just your Twitter, You're in your citizen um
Speaker 1: so no special treatment, um doc, your docs you get suspended.
Speaker 1: In a story. Of course, this move has sparked a
Speaker 1: lot of questions. We'll try to answer some of them
Speaker 1: throughout the hour. First we get our Twitter expert in residence,
Speaker 1: Kurt Wagner. Of course, Elon must talking on a spaces
Speaker 1: of which then Spaces immediately became inaccessible. We couldn't do
Speaker 1: our weekly spaces as we usually do. Just talk to
Speaker 1: us about just what an extraordinary story this is today. Yeah,
Speaker 1: I think it's just been a real example of Elon
Speaker 1: really managing on the fly, right, and he is coming
Speaker 1: up with sort of new policies. He's coming up with
Speaker 1: decisions about suspensions, um, with things that you know directly
Speaker 1: hacked him personally, and then that is translated to the
Speaker 1: whole product, you know, in this case, within ours, right.
Speaker 1: And so it's just kind of a good example of
Speaker 1: how he's choosing to run Twitter, sort of how it's
Speaker 1: going to be difficult to understand exactly what to make
Speaker 1: of Twitter, right, because things can change so quickly and
Speaker 1: so suddenly. Um. I think that's left a lot of
Speaker 1: journalists in particular kind of worried or confused as to
Speaker 1: what might be, you know, happening at some point in
Speaker 1: the future. As well. If we look at the other
Speaker 1: side and think, well, maybe he is really concerned about
Speaker 1: his own safety and worried cut but ultimately deciding to
Speaker 1: make the sort of decisions on the fly. How is
Speaker 1: that affecting not only journalistic world? And we might say
Speaker 1: this a bit inside baseball, but what about the advertiser?
Speaker 1: What about the companies who want to use this as
Speaker 1: a way to get eyeballs of the consumer. Well, what
Speaker 1: we've been saying all along, right, is that advertisers in particular,
Speaker 1: they don't like uncertainty. They like to be uh, they
Speaker 1: like the platforms that they're on to sort of be boring.
Speaker 1: They want to know what expect. They want to know
Speaker 1: what type of content is going to be there, what
Speaker 1: the rules are, how people are using it. Right, So,
Speaker 1: when things are changing overnight, when things are changing sort
Speaker 1: of drastically, um this quickly, I think that upsets or
Speaker 1: unsettles a lot of advertisers because that's just not how
Speaker 1: they're used to working and that's not what they prefer.
Speaker 1: And so I think from a business standpoint, that's where
Speaker 1: the concern is. If the policy can change overnight to
Speaker 1: affect journalists in this case, you know what other policies
Speaker 1: could happen in the future that could affect a brand
Speaker 1: advertiser who was spending you know, thousands, hundreds of thousands
Speaker 1: of dollars at the service and cut some interesting news
Speaker 1: coming from another outlook about potentially Twitter still fundraising. Just briefly,
Speaker 1: what do we know that? Yeah, there was a report
Speaker 1: from Semapore and it came out and said that they
Speaker 1: were raising money at the fifty four dollars and twenty
Speaker 1: cents per share that Elon bought Twitter at right, and um,
Speaker 1: in some cases, this isn't entirely surprising. We were just
Speaker 1: talking about advertisers being a little nervous to be on
Speaker 1: the platform. There's got to be some type of revenue
Speaker 1: concern at the company right now. They're going to have
Speaker 1: these debt interest payments due in January, and so, you know,
Speaker 1: if you're having trouble making money making revenue through your business,
Speaker 1: maybe there's a way to kind of fundraise and make
Speaker 1: more money that way. So we'll see how many people
Speaker 1: are willing to sign up for Elon's version of Twitter
Speaker 1: now that they've had about six or seven weeks to
Speaker 1: see how he's running the company. But UM, I think
Speaker 1: to me, this speaks to a need of the company
Speaker 1: in search of more cash. Always great to get your expertise.
Speaker 1: Thank you for setting us up so well. Happy weekend friend. Meanwhile,
Speaker 1: let's dive deeper into all of this. Jennifer Greigel, Associate
Speaker 1: Professor of Communications at Syracuse University, also of course an
Speaker 1: expert in social media, been part of our discussion on
Speaker 1: Bloomberg since the early days and must possible acquisition of
Speaker 1: Twitter and chickens coming home to roost in some way. Jennifer, Yeah,
Speaker 1: not much has changed. You know. Maybe the gift though,
Speaker 1: is that Musk has just made it painfully obvious that
Speaker 1: it's time to go, especially for those journalists that we
Speaker 1: were just talking about, right and know about Kurt maybe
Speaker 1: he watches World Cup, but I am there watching what's happening. Uh,
Speaker 1: you know within the journalism world, um, specifically with an
Speaker 1: eye towards the free press. And maybe it's a good
Speaker 1: time to to step back and remember what that is.
Speaker 1: It's it's supposed to be free from the government. Right.
Speaker 1: So well, we're thinking about like free speech issues and
Speaker 1: you know what are elon Musk's rights, you know, like
Speaker 1: he gets to have his free speech because he owns this,
Speaker 1: but the rest of us, well not so much, right,
Speaker 1: And uh, you know, the risk I think has really
Speaker 1: proven to be that we cannot have Twitter b at
Speaker 1: the center of journalism. We don't want some type of
Speaker 1: you know, like Baron or you know, rich, you know,
Speaker 1: kind of mogul kind of deciding who is essentially authentic,
Speaker 1: should be trusted, who's a journalist, who who should be
Speaker 1: on there, who can say what and when? And uh,
Speaker 1: you know again, I think it's just for me, it's
Speaker 1: the journalism piece, and that's that's uh, something we need
Speaker 1: to focus on more, Jennifer. The other side has been
Speaker 1: discussed that other voices have been suppressed for years, and
Speaker 1: in fact, I've been coverage of that, many of it
Speaker 1: being associated with right wing and right wing press. What
Speaker 1: do you make of that and whether or not we're
Speaker 1: deafening ourselves to certain sides of a conversation about Yeah, Um,
Speaker 1: I know, for one, I've been reading the Twitter files.
Speaker 1: I think it's problematic and how the information has come
Speaker 1: out and then and not enough journalists have beent access
Speaker 1: to that, so we're getting kind of like, you know,
Speaker 1: pieces of those stories, you know, the kind of cherry picking, right,
Speaker 1: But for me, there's actually some insights in there. We
Speaker 1: have real cases into you know, how deeply connected the
Speaker 1: federal government was, you know, and with the content moderation teams.
Speaker 1: That's concerning, um. But I know I was one of
Speaker 1: you know, maybe few out there raising alarms around what
Speaker 1: was happening around the New York Post when the hunter
Speaker 1: by in case came out and it was a little
Speaker 1: bit of crickets out there. But for me, it was
Speaker 1: a case as to what is journalism? And I think
Speaker 1: that's showing up again, showing up again with you know,
Speaker 1: if you were just saying the suspension of you know,
Speaker 1: like Tony O'Sullivan at CNN, Ryan mack at at the
Speaker 1: New York Times, like they were reporting on this, and
Speaker 1: so again they didn't you know, hack any information. They
Speaker 1: did India compiled this uh yeah, this jet tracker right
Speaker 1: like that. They were reporting out what was happening. So
Speaker 1: what is news? And you know, can they share a
Speaker 1: link to a New York Times story? You know that
Speaker 1: was uh you know sharing that information or was it
Speaker 1: because it was in a tweet? I'm just not sure.
Speaker 1: So for me, it's really a question of, uh, you know,
Speaker 1: what is news? Who's a journalist? And are they being
Speaker 1: censored on there? Citizen journalism though, has maybe it's the
Speaker 1: force of the crypto stare as well, in large part
Speaker 1: working in tandem with this narrative of Elon must taking
Speaker 1: over Twitter. But it has been extraordinary that in some
Speaker 1: parts you have had direct access to some Bakmun freed
Speaker 1: Vara Twitter spaces in a way that never used to
Speaker 1: be the case, and journalism sort of the journalists being
Speaker 1: cut out in some way. Where where are we going
Speaker 1: to go to for our trusted sources going forward? Does
Speaker 1: Twitter still have a role to play? Do you think? Well,
Speaker 1: a big question for a while, like are the stock
Speaker 1: markets decoupling from the signals that used to be coming
Speaker 1: sometimes from data sets like Twitter? Right? But when it
Speaker 1: comes to citizen journalism, I think that's you know, I
Speaker 1: would say different than having direct access to like, you know,
Speaker 1: somebody who's UM pitching an investment, right, Like, these are
Speaker 1: what we call sources there essentially news material and until
Speaker 1: it's vetted by a journalist, uh, it's really not news.
Speaker 1: So we have to remember that even in the case
Speaker 1: of the citizen journalists, you know, they may not be
Speaker 1: UM even identifying as such. They may you just somebody
Speaker 1: who is there and uh, some type of crisis happened
Speaker 1: and they happen to be pointing their camera at something,
Speaker 1: and they should still be seen as a source. Um.
Speaker 1: And I think that's some of the struggle with citizen
Speaker 1: journalism is that, you know, maybe there is not the
Speaker 1: same type of ethical grounding. But this even gets more discussion.
Speaker 1: I would say, you know, what, what is the role
Speaker 1: of a citizen journalist more than say who is um,
Speaker 1: somebody who's working for like state media for example. So
Speaker 1: I'm gonna just say one of the people that were
Speaker 1: suspended overnight, uh work for a Voice of America. And
Speaker 1: I would say that we need to start remembering that
Speaker 1: that is funded by the United States government. So you know,
Speaker 1: there's like the free press over here, and then there's
Speaker 1: there's also something else happening on Twitter, and for years
Speaker 1: that hasn't been labeled. So again, like you know, some
Speaker 1: people watching sports and I'm just over here eating popcorn,
Speaker 1: be like, okay, US state media has been suspended. Did
Speaker 1: anyone notice, uh, you know, like okay, we got citizen
Speaker 1: journalists coming in. Okay, n sure, but like what are
Speaker 1: what is their role on? It's too so but for me.
Speaker 1: We have to remember the free press is what matters,
Speaker 1: making sure it's healthy and that it's it's not being
Speaker 1: controlled and kind of keep by, you know, some type
Speaker 1: of rich overlord. Jennifer Greigel, Associate professoral Communications at Serokees University,
Speaker 1: Thank you. And some breaking news to keep the narrative
Speaker 1: going is that apparently you know, masku is saying Twitter
Speaker 1: spaces is back if you're missing it for those twenty
Speaker 1: four hours or so. Let's talk about Amazon because it
Speaker 1: is planning on rebuilding a warehouse over in Illinois after
Speaker 1: it collapsed in a tornado last year. It actually killed
Speaker 1: six workers. It prompted actually an investigation by workplace safety regulators,
Speaker 1: but three US lawmakers say the e commerce giant should
Speaker 1: be constructing it with stronger safety features than existed before
Speaker 1: the collapse. Expensive SOPO has been across this store, and
Speaker 1: in many ways people the whole tornado and the effect
Speaker 1: and the havocate reaked on families. It put into start
Speaker 1: relief some of the issues about contacting people when they're
Speaker 1: in and working around Amazon, and indeed some of the
Speaker 1: safety measures in place. Yeah, there was so there was
Speaker 1: a very strong reaction. Six people died at Amazon. It
Speaker 1: was more than fifty deaths as a result of this
Speaker 1: Cornator is pretty devastating event, and so Amazon was a
Speaker 1: piece of it. And at the time there is a
Speaker 1: lot of attention on our our existing building standards adequate
Speaker 1: to protect people if we are seeing more severe weather events, um,
Speaker 1: and so that was a big emphasis. Now the latest
Speaker 1: thing is, uh, you know, there's in equations that Amazon's
Speaker 1: basically and the landlord is basically slapping up the same
Speaker 1: building that was there previously. And these lawmakers are probing
Speaker 1: Amazon with questions about, you know, precisely, what are you
Speaker 1: doing to improve the safety of this facility in the
Speaker 1: event that there is a recurrence of this event. But
Speaker 1: it is It is a difficult because storm shelters are
Speaker 1: not required. Things that that may have protected these workers
Speaker 1: more are not necessarily acquired, They're like recommended. So a
Speaker 1: lot of the two goes back on them on the
Speaker 1: on the regulating side, what are they actually going to require, um,
Speaker 1: you know, industrial buildings to have to protect workers. Amazon
Speaker 1: did say in a statement that they strengthen their emergency
Speaker 1: response plans and tailor them to meet specific needs of
Speaker 1: individual sites. I'm interested Spencer just all of this comes
Speaker 1: amid a macro picture where the pendulum kind of swings
Speaker 1: in Amazon's direction. They wanted they're an employer. Perhaps they're
Speaker 1: thinking more about employees who want the jobs looking for them,
Speaker 1: willing to come and perhaps work in these sorts of environments.
Speaker 1: And and I'm interested in also the spillover effects. We
Speaker 1: here just the UK their latest headline that we're going
Speaker 1: to get a strike. I think it's the first strike
Speaker 1: in the UK from Amazon workers over in Coventry. What
Speaker 1: would workers at Amazon think about all of this at
Speaker 1: the moment, Well, it's hard to generalize, right, They've got
Speaker 1: more than really employees, and you have people in these
Speaker 1: facilities who are not satisfied and want to organize. You
Speaker 1: have other people who are perfectly content and don't want
Speaker 1: to organize. We've had some you know, quite a few
Speaker 1: union elections failed after this. Uh historic when in Staten Island.
Speaker 1: Um and in terms of that you pay things. They're
Speaker 1: talking about striking in January. That's kind of a time
Speaker 1: of year when Amazon generally you know, whittling and staff
Speaker 1: down a little bit after the holiday conscient So I
Speaker 1: don't strategically, it doesn't seem to be like such a
Speaker 1: bad time. And also, the UK is about one tenth
Speaker 1: of the revenue of of U s Amagon, the primary
Speaker 1: monket So I don't know if you know, you know,
Speaker 1: takeet a sizeable number of people from that one particular facility,
Speaker 1: it's gonna inflict much pain on Amazon. If workers really
Speaker 1: want to inflict pain on Amazon to get their attention,
Speaker 1: they're really gonna need a big movement or a concentrated
Speaker 1: geographic movement that that expands beyond this one facility. Because
Speaker 1: it Amazon's resilient enough to handle even a big strip
Speaker 1: and one facility, It's gonna have to deel really big
Speaker 1: work for for Amazon to ticket seriously enough to pay attention.
Speaker 1: Now fascinating as you sit there in Seattle, and we
Speaker 1: see Starbucks staffing beginning a three day sixty store strike
Speaker 1: as well, So so something we keep on talking about.
Speaker 1: Spencer Soper, great to catch up with you, Happy weekend.
Speaker 1: Thank you. Meanwhile, coming up, Bloomberg Business Week's list of
Speaker 1: fifty most Impactful People in Business is out this week.
Speaker 1: We're gonna speak to one of them, Tom Oxley, CEO
Speaker 1: synchron who made this year's list with the company's brain
Speaker 1: computer interfaces, its back by Bezos's backed by Gates. Will
Speaker 1: tell you why this is Blomberg. Bloomberg is out this
Speaker 1: week with our sixth annual Bloomberg fifty. It's a look
Speaker 1: at people across finance technology. You name the industry that
Speaker 1: have defined global business in two one name that's out
Speaker 1: to us, and the list was Tom Oxley, CEO of synchron,
Speaker 1: which just completed a seventy five million dollar funning round
Speaker 1: because the company is backed already now by basils by
Speaker 1: Gates creates brain computer interfaces known as bc ies that
Speaker 1: can interpret, can stimulate parts of the brain, and as
Speaker 1: seen as possible treatment for brain injuries. Tom joins us
Speaker 1: now and if anything is at the cumming end of technology,
Speaker 1: you are brain computer interfaces, the way in which you
Speaker 1: can treat debilitating illness, the way you can transmit thoughts
Speaker 1: sort of wirelessly to digital devices. Tom talk to us
Speaker 1: about if you can basically how this works. Technology has
Speaker 1: been around for twenty years. The challenge for commercialization has
Speaker 1: been to make it fully implanted and safe. And our
Speaker 1: what we do is we figured out how to put
Speaker 1: the devices inside blood vessels inside the brain. It detects
Speaker 1: from the part of the brain that controls the movement
Speaker 1: in the body. We digitize that signal, bring it out
Speaker 1: of the body, and then we use it to control
Speaker 1: computers so that patients who are paralyzed can restore their
Speaker 1: ability to engage with their world through a digital ecosystem,
Speaker 1: which which you and I take for granted. Yeah, suddenly
Speaker 1: being able to share SMS is what'sapp messages, were able
Speaker 1: to order food online? Do your bills or credit cards
Speaker 1: as extraordinary? What they can be used for? The way
Speaker 1: in which you talk to investors. Of course, having those
Speaker 1: conversations with Jeff Bezos, with with Koesler, of course, you
Speaker 1: know Cosler one of your first backers. What is it
Speaker 1: about time frames? What is it about pacing that you
Speaker 1: talk to them about? A Class three medical device is
Speaker 1: a very long journey, So the time frame is long.
Speaker 1: But we've been at this for ten years. Actually, we've
Speaker 1: been in discussions with FDA to get this clearance for
Speaker 1: the study that's happening in the US currently, we just
Speaker 1: a third enrollment happened with the implant happening this week
Speaker 1: at u p MC in Pittsburgh. So we're moving along,
Speaker 1: but we've still got several years to go. The next
Speaker 1: step to the serious C financing is to launch a
Speaker 1: pivotal study that will take us one step closer towards
Speaker 1: commercial lodge the people, the impact the market sort of
Speaker 1: how many could this help? Tom, Paralysis is a very
Speaker 1: large problem when you think about it, not as a
Speaker 1: particular disease state, whether it's stroke or spinal cord injury
Speaker 1: or als or multiple sclerosis. Many ailments or injuries can
Speaker 1: impact the body's ability to control the muscles in your body.
Speaker 1: So we actually think there's a hundred million people worldwide
Speaker 1: who have lost the ability to use their hands to
Speaker 1: control digital devices like you or I do. But where
Speaker 1: we're starting as the most severe end of that spectrum,
Speaker 1: for people who are unable to engage at all the
Speaker 1: digital systems and complete completely depend on a loved one
Speaker 1: or a caregiver for their for their daily needs. We're
Speaker 1: looking at footage now of just in the way in
Speaker 1: which this can potentially be revolutionary for people who have
Speaker 1: lost the ability to communicate in that way. Tom, You're there.
Speaker 1: Brooklyn talked to us about at the moment it's regulation
Speaker 1: and a moment it's making sure that you're getting the
Speaker 1: right test results and showing that you're hitting all those
Speaker 1: sorts of hurdles, But what about talent, what about where
Speaker 1: you grow this business? How have you been able to
Speaker 1: do that. We are excited we're going to set up
Speaker 1: in the Bay Area, and we made a decision to
Speaker 1: stay in New York primary. We're setting up here in
Speaker 1: the Brooklyn Navy Yard. We've grown to fifty people, and
Speaker 1: we the people coming into the company, share a lot
Speaker 1: of New York City, so we've got a really interesting
Speaker 1: mixed here and very passionate and talented people that are
Speaker 1: really loving being inside New York City. A lot of
Speaker 1: our investors here. Our chief medical opposite, Ja Moco at
Speaker 1: Mount Sinai is here locally. We have a Dave Petrino
Speaker 1: who's running the Mount Sinai, the Mount Sinai Study, So
Speaker 1: we were We think New York is a great place
Speaker 1: to be doing medical device innovation. Great to have some
Speaker 1: time with the Tom Oxley congratulations, it's wonderful to have
Speaker 1: you on the s S chron Of course, be sure
Speaker 1: that's check out this week's issue a Business Week and
Speaker 1: you'll get all the deep dive on some of these
Speaker 1: incredible entrepreneurs. Welcome back to britte Bag Technology. I'm Caroline
Speaker 1: Hide in New York and joining us to well deep
Speaker 1: dive once again into the world the extraordinary day, this
Speaker 1: extraordinary six weeks around Twitter. This time, of course, we're
Speaker 1: going to discuss the banning of accounts of certain journalists.
Speaker 1: Great voice Jason Goldman, one of the founding members of Twitter,
Speaker 1: former White House Chief Digital Officer under President of Barmber.
Speaker 1: Of course you've got an insider outside of perspective here
Speaker 1: and Jason first and foremost. When we think about whether
Speaker 1: Elon Musk at the moment, many would say yes, we
Speaker 1: don't always like the way in which he acts and
Speaker 1: gets there, but you can't. You can't back against him.
Speaker 1: He always gets things done, the success he has with Tessa,
Speaker 1: that success he has with SpaceX. But at the moment,
Speaker 1: is he acting from your perspective like a rational business
Speaker 1: leader or erratically in some way? No. I think he's
Speaker 1: acting very erratically and motivated based on his own political
Speaker 1: preferences and the issues that activate him the most. This
Speaker 1: ban that occurred last night for a variety of journalists
Speaker 1: was motivated by a fear that he had for his family,
Speaker 1: and no one can no one can doubt a fear
Speaker 1: that a person has for their family. But in fact
Speaker 1: it seems fairly unconnected with the Twitter account that was
Speaker 1: tracking his jet movements. You know, there was no post
Speaker 1: from that account on Tuesday night. This paparazzi incident he happened,
Speaker 1: happened on Tuesday night away from an airport, and yet
Speaker 1: he somehow decided to blame this jet tracking service. But
Speaker 1: not only that, he banned journalists for even just linking
Speaker 1: to the account of that journal of of that of
Speaker 1: that plane tracker. He would have been much better off
Speaker 1: just saying anything that talks about my family is off
Speaker 1: limits on this service that I now own. But instead
Speaker 1: he's trying to formulate this very convoluted, pretextual policy and
Speaker 1: presenting it as a protection against doxing. And it simply
Speaker 1: doesn't work because it's really about his own personal fears
Speaker 1: and motivations. Jason. What's interesting, and I suppose what many
Speaker 1: have been uphended by, is the idea that he bought
Speaker 1: Twitter because he's a freedom of speech absolutist, as the
Speaker 1: way he sort of turned it at the time. And
Speaker 1: now these sorts of movements don't seem to work in
Speaker 1: that But what's interesting is the way perhaps he brought
Speaker 1: back previously banned accounts like one Donald Trump was. He
Speaker 1: went on a Twitter poll and he asked the audience,
Speaker 1: and he's done it again. We understand, of course he's
Speaker 1: gone and said, look, should I be actually banning these
Speaker 1: journalists for should I unbanned them immediately? Shall I leave
Speaker 1: it for seven days? The poll seems to say that, well,
Speaker 1: he should lift the band. Do you think he'll stick
Speaker 1: to that at the moment, Jason, do you think he'll
Speaker 1: use that again because he followed the pole previously. He'll
Speaker 1: he'll unband the journalist, not because of the poll, but
Speaker 1: because he's he realizes that he's messed up in this situation.
Speaker 1: He realizes that this was a bridge too far, and
Speaker 1: that he's he's now going to try to make an
Speaker 1: attempt like see, you have to file rules, but the
Speaker 1: outcry over it is simply going to be too much,
Speaker 1: and he's going to unban these journalists because he doesn't
Speaker 1: want to have to deal with this. He doesn't want
Speaker 1: to have to deal with this untenable issue. And it's
Speaker 1: true that he did present himself as a free speech absolutist,
Speaker 1: but I think Anyone with a fair reading of the facts,
Speaker 1: even from back in April, would have seen that this
Speaker 1: was just pretext for him advancing very specific political views.
Speaker 1: He's now going on to endorse a Republican ticket. He
Speaker 1: is very specific about the woke mind virus that is
Speaker 1: destroying the United States. And he's been silent on other
Speaker 1: important free speech issues, such as Chinese dissidents who use
Speaker 1: Twitter outside of China to coordinate protests, and the protests
Speaker 1: in Iran uh that are are are are being done
Speaker 1: to help advance pro democracy movements. You know, Twitter has
Speaker 1: been a tool of free speech and for democracy advocates
Speaker 1: since before Elon Musk has had an account, And he
Speaker 1: doesn't care about those issues because he's not really motivated
Speaker 1: by free speech. He's motivated by what serves his own
Speaker 1: parochial interests. It was interesting we asked our own audience
Speaker 1: for our own app technology handle on Twitter about whether
Speaker 1: they think ultimately the end goal of freedom of speech
Speaker 1: is being achieved by long Musk right now, and at
Speaker 1: the moment they don't think it is. Jason and I'm
Speaker 1: interested interested is to whether in the longer term we
Speaker 1: will see that eventually occur, or will we see people
Speaker 1: push to other social media platforms. What's so interesting, and
Speaker 1: you referenced it yourself, is that a rival master Don
Speaker 1: seems to be having all of its links basically banned.
Speaker 1: Its own profile was banned because it linked to Elon jets,
Speaker 1: but now anything that people are linking to in terms
Speaker 1: of social media put on that rival social media platform
Speaker 1: seems to not be getting through either. What do you
Speaker 1: make of that? The competition focus too, that's right, and
Speaker 1: I think my my prediction for Twitter has long been
Speaker 1: that it's not going to die overnight, but that it
Speaker 1: will become more broken and more stupid. And I think
Speaker 1: that's what we're seeing play out, and that as a result,
Speaker 1: people will find other places that they want to hang out.
Speaker 1: Whether those are public places like massdon are private places
Speaker 1: like Discord. They're simply not going to want to be
Speaker 1: on a service where the main character every day is
Speaker 1: Elon Musk and it's simply tracking you know, what new
Speaker 1: shenanigans that he's gotten up to and what policies he's
Speaker 1: decided to invent out of peak and anger. You know,
Speaker 1: one thing I would say, one thing I would say
Speaker 1: to Ellen about this and his and the and the
Speaker 1: very real moves that he's making to drive users to
Speaker 1: other platforms because of the anger and peak that he's
Speaker 1: pursuing these new policies with is. I know Ellen is
Speaker 1: a big fan of Frank Herbert's Done. It's a book
Speaker 1: that he's quoted, actually misquoted on his tweets before, and
Speaker 1: I'm a fan of Frank Herbert's done as well. A
Speaker 1: proper quote from doing that I would encourage him to
Speaker 1: reflect on is a stone is heavy and the sand
Speaker 1: is weighty, but a fool's wrath is heavier than them both.
Speaker 1: And what we're really seeing of with users going to
Speaker 1: these other platforms is the result of a fool's wrath. Well,
Speaker 1: it's interesting, is as I said before, people's belief in
Speaker 1: Elon Musk And we've spoken to vcs who are still
Speaker 1: very much supportive of the SpaceX fundraise that's going on
Speaker 1: at the moment. For example, they don't feel that they
Speaker 1: can bet against him as a leader, even if you say,
Speaker 1: perhaps he's letting foolish mindset perhaps pervade his overall actions
Speaker 1: at the moment. Twitter currently we understand this reports outher
Speaker 1: that it's raising funds at the moment. Once again at
Speaker 1: fifty four twenty price is do we think people are
Speaker 1: going to be interested in this investment. I think it
Speaker 1: will get filled. I'm sure there's Elon fanboys out there
Speaker 1: in the in the tech world who will be happy
Speaker 1: to be in business with them for the reasons you say.
Speaker 1: Maybe it allows them to get friends and family in
Speaker 1: the space x I p O. Or they just want
Speaker 1: to be involved with Ellen long term. I'm sure the
Speaker 1: space x I p O will work out, will work
Speaker 1: out well. Uh And you know, even though Tesla is
Speaker 1: down over on the year to date, you know, maybe
Speaker 1: there's maybe there's a case for Tesla longs as well.
Speaker 1: The differences is that Twitter and the moves that he's
Speaker 1: making with Twitter are just destroying brand value. Twitter has
Speaker 1: always had an excess of brand value beyond its business value.
Speaker 1: It's always succeeded because it attracted the important real time
Speaker 1: conversations among journalist, media personality, celebrit Reeason, so on. And
Speaker 1: he is actively driving away those use cases. Even before
Speaker 1: these bands, he's doing that, but now with the moves
Speaker 1: that he's making the last twenty four hours, he's showing
Speaker 1: that it's just simply not a place for those conversations.
Speaker 1: That he had. Additionally, you know, Ellen purportedly someone who's
Speaker 1: concerned about safety and his own family safety. I'm sure
Speaker 1: he is concerned about his own family safety, but we
Speaker 1: have to remember that he also, in the course of
Speaker 1: putting out the Twitter files, has endangered the lives of
Speaker 1: employees who used to work for the company. You know,
Speaker 1: Trust and Safety had. Yoel Roth had to flee his home,
Speaker 1: reportedly because Ellen helped propagate a false story that Ellen
Speaker 1: that Yoel was soft on child sexual abuse material. I mean,
Speaker 1: that's deeply irresponsible coming from the CEO of a social
Speaker 1: media company, and I think it should give anyone pause
Speaker 1: about the future of Twitter's trajectory. Jason Goldman, former Twitter
Speaker 1: founding team, memorables former White House Chief Digital Officer, and
Speaker 1: the President Obama. Thank you have a wonderful weekend and
Speaker 1: interesting that Jason was there talking about brand value of Twitter,
Speaker 1: but also brands with value of what ago and advertise
Speaker 1: on Twitter. What does that look like in the future.
Speaker 1: It's already been perhaps questioned at the moment, already been
Speaker 1: dealing with some major brands dropping off the social media platform.
Speaker 1: What are the other opportunities for them? And pleased to
Speaker 1: say that Nick Buzzle, CEO and chairman of the content
Speaker 1: production company and VTV is here in the studio in
Speaker 1: New York. Great to have some time in the next
Speaker 1: Thank you for having me. You're a man who has
Speaker 1: expertise within the digital media space, within director consumer but
Speaker 1: also in previous life operations of Big Fuel, which is
Speaker 1: a social media sort of first digital company. And I'm
Speaker 1: interested in what you think of Twitter at the moment
Speaker 1: and what companies you speak to are looking for advertising
Speaker 1: opportunities are thinking about it. Well, thanks for having me,
Speaker 1: And you know, I think brand safety is really important.
Speaker 1: A lot of brands are concerned about the volatility of
Speaker 1: platforms like Twitter. I know that YouTube has had challenges
Speaker 1: in the past, and brands, I think are looking for
Speaker 1: a safe place to tell their stories and connect with
Speaker 1: their consumers and with the corporate responsibility of being a
Speaker 1: good brand and not getting caught up in all of
Speaker 1: the antics that seemed to be going on over there.
Speaker 1: It's a it's a wild ride for sure. Talk to
Speaker 1: us when when we're thinking about how a brand wants
Speaker 1: to interact with a consumer right now, and you're doing
Speaker 1: things with MBTV, Spirits network is and of course newly
Speaker 1: launched Gulf Nation is what you're currently bringing the content
Speaker 1: and also the opportunity to directly come to me who's viewing,
Speaker 1: and I can buy something that I like very seamlessly
Speaker 1: within within the content creation experience. How would people reacting
Speaker 1: to that in this environment? How are they seeing that
Speaker 1: as a more trust in space. It's been really effective.
Speaker 1: I mean, we're not a social media network, so we're
Speaker 1: closed network and we tightly control our programming and content.
Speaker 1: We've been called Netflix meets QVC, so we're creating a
Speaker 1: lot of premium original content we're free to watch. You
Speaker 1: can go to Spirits Network dot com or Gulf Nation
Speaker 1: dot com. Both of those channels operate very similarly, where
Speaker 1: consumers can watch and purchase what they see and have
Speaker 1: it delivered directly to their home. The response has been
Speaker 1: really great. Spirits Network, who has been around for the
Speaker 1: last three years, we've had tremendous amount of success working
Speaker 1: with large global brands, specifically beverage alcohol, and then we
Speaker 1: also saw that a lot of our data set the
Speaker 1: consumers inside of Spirits that collected golf, so we decided
Speaker 1: to take advantage of it and launch Golf Nation with
Speaker 1: the same idea. Of lifestyle programming with consumer shopping, and
Speaker 1: I think consumers are tired of interruptive ads and commercials
Speaker 1: and they're looking for an alternative way to really connect
Speaker 1: um and big media, especially streaming media, is struggling right
Speaker 1: now with figuring out new business models and trying to
Speaker 1: connect with consumers where they spend their time. Well, it's
Speaker 1: interesting you say struggling. Netflix actually had pretty poor week
Speaker 1: in terms of its share price. It fell a lot
Speaker 1: yesterday because it's new advertising tier. There were reports that
Speaker 1: it wasn't landing and quite the way they expected it
Speaker 1: to Talk to us about just at the moment, whether
Speaker 1: advertisers are willing to spend in this macro environment in Spirit, networking,
Speaker 1: golf Nation. Are they wanting to commit money to marketing? Well,
Speaker 1: the beauty of our offering is that we can actually
Speaker 1: show attribution from views and impressions and eyeballs to ails.
Speaker 1: I think consumers are looking for a better experience. I
Speaker 1: don't think TV is broken. I think the consumer experience
Speaker 1: with TV is broken. Advertisers are looking for a way
Speaker 1: to reach consumers where they're spending their time. So we're
Speaker 1: spending a lot of our time on CTV as well,
Speaker 1: as mobile, so the connected TV universe, and we're finding
Speaker 1: that that's an opportunity for advertisers to get in front
Speaker 1: of consumers. The Netflix news recently was not only about
Speaker 1: some challenges they were having with over uh in terms
Speaker 1: of reaching audience, but it was more about supply. There
Speaker 1: seems to be a challenge with inventory and the connected
Speaker 1: TV market, and so by creating more content, you're essentially
Speaker 1: creating more, more inventory, more supply. Consumers are still watching
Speaker 1: more content than ever, and I think even though there
Speaker 1: might be some challenging economic times ahead, advertisers are taking
Speaker 1: advantage of it to build brand equity also to become storytellers.
Speaker 1: And now more than ever, advertisers have to separate their
Speaker 1: products in the market. So advertising and down times is
Speaker 1: often sometimes overblown, and I think people are still going
Speaker 1: to spend money and I think, um, you know they
Speaker 1: were going to do it more wisely. So advertisers half
Speaker 1: the show as well as tell and we're doing it
Speaker 1: with us. Of course. You can get it right in
Speaker 1: your hands, Nick, Great some time with you, Thank you, Twitter,
Speaker 1: the Spectrum on Netflix, We've got it all. Nick buzzil
Speaker 1: Because CEO and Chairman of m B TV we're going
Speaker 1: to talk about the embattled crypto firm Amber. It's actually
Speaker 1: just raised three d million dollars and the company CEO
Speaker 1: says that the new cash will be focused on customers
Speaker 1: who actually lost money on the platform's products due to
Speaker 1: fd x is implosion. Joining us to discuss the Bloomberg's
Speaker 1: Hannah Miller, who wrote a great story with the CEO,
Speaker 1: and it's interesting they originally were raising money to expand
Speaker 1: at what was a three billion dollar valuation and then
Speaker 1: suddenly had to pivot and raise money for a very
Speaker 1: different reason. Yes, they put this one hundred million dollar
Speaker 1: funding around on pars. They were raising that money in
Speaker 1: multiple parts, but with the collapse of the ft X,
Speaker 1: they had to switch gear years and they actually raised
Speaker 1: three hundred million dollars to help their institutional and high
Speaker 1: net worth clients who were affected by the collapse of
Speaker 1: f t X. And this was raised at a lower
Speaker 1: valuation than three billion dollars. What about the growth or
Speaker 1: there in the company as well, because this was had
Speaker 1: much coverage when they first launched. Ex Morgan Stanley Traders
Speaker 1: coming up setting up helping the institutional world get into
Speaker 1: the world of crypto and well I mean, they grew
Speaker 1: very fast and now seems to be having a wine that. Yeah,
Speaker 1: this company is going back to basics, that's how we're
Speaker 1: looking at it. They have completely ended their services to
Speaker 1: retail customers and they're only focusing on institutional clients and
Speaker 1: high net worth individuals. So they're they're going back to
Speaker 1: where they started. Uh. Their workforce at its peak was
Speaker 1: eleven hundred people. That's now being trimmed down to over
Speaker 1: three hundred. So that's a huge, huge step back. But
Speaker 1: I guess unsupplising when volumes have come down so much
Speaker 1: as well, did he give you any take on and
Speaker 1: how the market is going to continue to evolve, what
Speaker 1: sort of clients are going to be serving? Yes, So
Speaker 1: their overall trading volumes have shrunk. Uh, they had about
Speaker 1: ten percent of their trading capital trapped on ft X
Speaker 1: when the exchange collapsed. Since that trading volume has decreased, Uh,
Speaker 1: that percentage has increased of what they have on f
Speaker 1: t X. So looking ahead, they're hoping that by refocusing
Speaker 1: drilling down to you know, just work with institutional clients,
Speaker 1: that they can have a leaner, more successful business. And
Speaker 1: the CEO is adamant that they will be here in
Speaker 1: does he think everyone will be here in? What about?
Speaker 1: I mean we've only got a minute left, but contagions
Speaker 1: still looking you can serve for him, Yes, I mean
Speaker 1: contagion is a serious concern here. They are definitely a
Speaker 1: firm in the crosshairs, especially after ending a high profile
Speaker 1: sponsorship deal which l CFC. So there's a question of
Speaker 1: whether they'll be pointing back on other deals, including with
Speaker 1: Athletico Madrid. Um. So all eyes are on this company
Speaker 1: in Asia. Their based in Singapore, so it will be
Speaker 1: interesting to see what the year has had for them.
Speaker 1: We seem to keep coming back to marketing and businesses
Speaker 1: willingness or potential ability to invest in it at the moment,
Speaker 1: Hannah Miller, we thank you so much all the world
Speaker 1: of crypto their Meanwhile, coming up, as we head towards
Speaker 1: the end of our final edition of Broombag Technology for
Speaker 1: the year, that is, we're like ahead to the CEO
Speaker 1: Solo Wins joins next to preview the trends that will
Speaker 1: shape i T next year. That's the broom Bag. So
Speaker 1: today it's the last edition of bloom Bag Technology for
Speaker 1: the year, and so we're going to look ahead for
Speaker 1: you Solo Winds is out with the top trends that
Speaker 1: will be shaping the I T space next year. Pleased
Speaker 1: to say that the CEO is with us, Sadaka Rama Krishna.
Speaker 1: So it's great to have some time with you and
Speaker 1: Daka talk to us about what you see in terms
Speaker 1: of we're all worrying about macro headwinds. We're all worried
Speaker 1: about companies not being able to spend on marketing as
Speaker 1: much as they would. What about the internet infrastructure, what
Speaker 1: about their technology? What about investment in R and D.
Speaker 1: In that respect, you worried about the pulling back and
Speaker 1: the brakes. Lare first of full Carolin, thank you for
Speaker 1: having me here. I'm really happy and excited to be here.
Speaker 1: It is true that we are in a very unique
Speaker 1: macroeconomic environment, but this needs seem paradoxically. But the interesting
Speaker 1: thing is the need for digital transformation and is actually accelerating.
Speaker 1: So to that end, solutions that serve customers with timely
Speaker 1: value are becoming even more relevant and critically in this environment.
Speaker 1: I'll highlight to real trends and reasons for that. One
Speaker 1: is the complexity of every customers environment is actually increasing
Speaker 1: due to multi cloud hybrid solutions, hybrid work, remote work,
Speaker 1: and so on. And two is the costs or the
Speaker 1: budgets that they have commensurate to their complexity is not increasing,
Speaker 1: so in that there is a unique opportunity for solution
Speaker 1: suppliers to give the best time to value to customers
Speaker 1: by delivering simple, effective solutions that enable them to manage
Speaker 1: their environments more effectively because they don't have productive time
Speaker 1: on their hands today. How do you then, in this
Speaker 1: extraordinary environment we find ourselves and with a lot of
Speaker 1: I'm sure competitors trying to woo those checks from the
Speaker 1: similar clients you have, how do you set yourself about
Speaker 1: what are the sort of key areas you focus on
Speaker 1: that are going to make a CEO or leader or
Speaker 1: a business that much life easier. Absolutely. First of all,
Speaker 1: we have the pleasure of serving three hundred thousand customers
Speaker 1: all over the world, so we have our healths to
Speaker 1: the ground and understanding of their customer requirements and dynamics
Speaker 1: on a daily basis. What is most important to customers
Speaker 1: these days is simplicity in everything that we do, not
Speaker 1: just the solutions that we offer in terms of their
Speaker 1: easier use, but how easy are we to do business
Speaker 1: with and the business models associated with it. So, for instance,
Speaker 1: recently we introduced the notion of a note based price,
Speaker 1: which helps customers simply deploy our solutions without having to
Speaker 1: worry about how many network filds do I have, how
Speaker 1: many applications do I have, and so on and so forth.
Speaker 1: So that just makes it easy for them to engage
Speaker 1: with us. So simplicity in everything that we do. Related
Speaker 1: to that is the time to value that it takes.
Speaker 1: Customers do not have eighteen month pricing and packaging and
Speaker 1: deployment cycles when they make a procubant decision. They need
Speaker 1: to see value of those solutions immediately and almost instantly.
Speaker 1: So that is the other dynamic that we differentiate on
Speaker 1: and then we built from there into remediation and automation
Speaker 1: related capabilities, all to unlock productivity at a reasonable cost
Speaker 1: for the customer and with safety as well. First and
Speaker 1: foremost particular people are working in the office, they're working remotely.
Speaker 1: There's gnomes make for more vulnerabilities. Now, so okay, I
Speaker 1: know this is sort of a difficult, perhaps question and
Speaker 1: at times probably feels repetitive. But back in of course,
Speaker 1: your name Solo Wins was embroiled with what the hackers
Speaker 1: that managed to infiltrate your own software? How are you
Speaker 1: looking to ensure that just doesn't happen again? And it
Speaker 1: isn't going to be a theme of twenty three for
Speaker 1: other people. Unfortunately, it has remained a theme in twenty
Speaker 1: one and twenty two. Even though the spending on security
Speaker 1: has gone up. The number of security incidents, very high
Speaker 1: profile ones since what we were inflicted with, have continued
Speaker 1: to And my belief is we all need to continue
Speaker 1: to work together in a partnership with the public and
Speaker 1: the private to deliver what I call it the community
Speaker 1: vigil And that's the only way we can improve no company,
Speaker 1: how mad, no matter how good you are, or how
Speaker 1: large you are, or how many resources you're spending, immune
Speaker 1: to it. And so we have taken an approach of
Speaker 1: secure by design and over the last couple of years,
Speaker 1: as ignic as it may sound, we've actually built a
Speaker 1: significantly greater level of trust with our customers in terms
Speaker 1: of how we manage through the situation and built secure
Speaker 1: by design. Criticis so that is what I would recommend
Speaker 1: to everyone. Transparency, collaboration, urgency are the key things to
Speaker 1: drive on a foundation of humility, Sica great tis in
Speaker 1: time with you, Happy well. Holiday is a new year
Speaker 1: of course. Sa Rama Krishna, the Solo Wan's CEO with
Speaker 1: his outlook for three and look that does it. There's
Speaker 1: addition of room by technology for to need twenty two
Speaker 1: in Blomberg Technology. We're going to be back in January
Speaker 1: to continue to bring you the biggest, the best out
Speaker 1: there in terms of the technology the innovation space. Do
Speaker 1: not forget to keep checking out our podcast. You can
Speaker 1: find us on the terminal on Apple or Spotify and
Speaker 1: I heart keep checking us out on Twitter, Twitter Spaces.
Speaker 1: From New York, this is Blomberg