WEBVTT - Black Friday and Cyber Monday, Musk in Israel 0:00:01.720 --> 0:00:06.000 From Mahart where Innovation, Money and Power Collie in Silicon 0:00:06.120 --> 0:00:07.000 Vallet NBN. 0:00:07.360 --> 0:00:11.400 This is Bloomberg Technology with Caroline Hyde and Ed Ludlove. 0:00:25.079 --> 0:00:28.040 I'm Caroline Heine bluemgg's world headquarters in New York, and 0:00:28.040 --> 0:00:29.639 I'm Ed Ludlow in San Francisco. 0:00:29.800 --> 0:00:32.120 This is Bloomberg Technology coming up. 0:00:32.200 --> 0:00:34.880 We'll break down what we can expect from this cyber 0:00:34.960 --> 0:00:38.760 Monday shopping. CEO of a leading data platform, Clavier, is. 0:00:38.760 --> 0:00:43.240 With us and Elon Musk visits Israel after facing backlash 0:00:43.280 --> 0:00:46.120 for amplifying anti Semitic content on X. Will have the 0:00:46.200 --> 0:00:49.440 takeaways from his trip. After meeting with Israeli Prime Minister 0:00:49.520 --> 0:00:51.080 Benjamin and Yahoo. 0:00:50.840 --> 0:00:53.960 Class TikTok parent bike Dance plans to cut hundreds of 0:00:54.080 --> 0:00:55.000 jobs in Gaining. 0:00:55.240 --> 0:00:56.280 That's as it winds down. 0:00:56.320 --> 0:00:58.960 That focus will break down when it means in terms 0:00:58.960 --> 0:01:01.600 of the border context. And here in the now, Ed, 0:01:01.680 --> 0:01:03.560 let's just talk a little bit about how far we've 0:01:03.560 --> 0:01:05.959 come in terms of the tech stock rally and well 0:01:06.040 --> 0:01:08.920 who's been suffering on the other side of it. Notably, 0:01:09.040 --> 0:01:12.679 dividend ETF flows there near a record low. Joining us 0:01:12.680 --> 0:01:14.919 to discuss all of these pushes and pulls Eminie Graffair. 0:01:14.959 --> 0:01:16.440 It's great to have you with us. And one of 0:01:16.480 --> 0:01:17.760 the most red stories today. 0:01:17.600 --> 0:01:19.679 Is yours about well, who's done badly on the back 0:01:19.720 --> 0:01:21.319 of the tech trade, but just focusing on the tech 0:01:21.360 --> 0:01:23.480 trade and how far the rally has gone. We know 0:01:23.520 --> 0:01:25.880 actually that there's some writing out today that given the 0:01:25.920 --> 0:01:28.560 amount of buybacks, given how much Apple just for example, 0:01:28.560 --> 0:01:30.120 it has to fly back in terms of shares, we 0:01:30.160 --> 0:01:31.640 could still see this rally continue. 0:01:31.800 --> 0:01:32.679 Yeah, I mean a lot of. 0:01:32.640 --> 0:01:35.640 People are saying that there's still dry powder on the sidelines, 0:01:35.640 --> 0:01:38.320 and of course the seasonality really does fode well for 0:01:38.400 --> 0:01:41.560 the rally to continue. We know that big tech has 0:01:41.640 --> 0:01:44.000 really driven most of the gain. So I think when 0:01:44.040 --> 0:01:47.640 you look at this dividend story, it's just another example 0:01:47.760 --> 0:01:50.840 of just how much the rally in the stock market 0:01:50.880 --> 0:01:54.040 this year has been basically taken over by the gains 0:01:54.040 --> 0:01:56.240 in megacap technology. 0:01:55.680 --> 0:01:58.120 Stocks, you know, And part of the story is like 0:01:58.120 --> 0:02:00.240 about missing the boat I was crunching the numb is 0:02:00.240 --> 0:02:02.040 looking at the S and P five hundred year today, 0:02:02.400 --> 0:02:06.880 information technology or Telcom's subsect to year today, fifty percent 0:02:06.920 --> 0:02:09.880 gains in tech basically, but a lot of the strategies 0:02:09.880 --> 0:02:12.400 that you're writing about. They don't touch tech, so they 0:02:12.480 --> 0:02:13.200 kind of miss out. 0:02:13.400 --> 0:02:14.280 Yeah, that's right, Ed. 0:02:14.440 --> 0:02:18.280 I found the port function on the Bloomberg terminal very 0:02:18.400 --> 0:02:21.040 high school in writing this story, because if you run 0:02:21.080 --> 0:02:24.079 that on a number of these dividend ETFs. You take 0:02:24.120 --> 0:02:28.200 a look at SDY, which is from State Street, they 0:02:28.200 --> 0:02:31.880 don't really have a large waiting to information technology. They 0:02:31.880 --> 0:02:35.920 have about a quarter of their waiting to consumer staples, utility, 0:02:36.280 --> 0:02:40.280 healthcare sectors that have declined this year and really haven't 0:02:40.280 --> 0:02:44.360 benefited from that AI euphoria that has powered the top 0:02:44.480 --> 0:02:46.440 of the S and P five hundred. Then you take 0:02:46.440 --> 0:02:51.000 a look at VIG that's Vanguard's dividend appreciation ETF, and 0:02:51.080 --> 0:02:53.520 port shows that they have about a twenty five percent 0:02:53.600 --> 0:02:56.960 weight for information technology and that's one of the best 0:02:56.960 --> 0:03:00.760 performing dividend ETFs up nine point six percent, So again 0:03:00.840 --> 0:03:03.680 underperforming the SMP and the Nasdaq, but at least that 0:03:03.840 --> 0:03:07.760 large concentration in information technology did help that ETA. 0:03:08.120 --> 0:03:10.360 What's interesting is it coolest this week we don't just 0:03:10.400 --> 0:03:12.320 have macro things been looking out for, but they're all 0:03:12.440 --> 0:03:15.800 they do singcrastic earnings, just being salesforce. For example, all 0:03:15.840 --> 0:03:18.639 we like to still see AI be the zuberant fols 0:03:18.760 --> 0:03:19.720 for those of the companies. 0:03:19.800 --> 0:03:20.840 I think so, Caroline. 0:03:20.880 --> 0:03:23.000 I mean, I think these companies are going to continue 0:03:23.040 --> 0:03:25.840 to juice out that theme at least for the rest 0:03:26.000 --> 0:03:27.120 of the year. 0:03:27.520 --> 0:03:28.760 It is interesting when we. 0:03:28.720 --> 0:03:31.600 Look at, you know, all of these sectors, are we 0:03:31.680 --> 0:03:34.120 going to see just like how the Internet at first 0:03:34.160 --> 0:03:37.080 kind of dominated tech and then it expanded and now 0:03:37.240 --> 0:03:40.400 pretty much every company uses this technology. Are we going 0:03:40.440 --> 0:03:43.840 to see that expand to other companies. Earlier in the year, 0:03:43.920 --> 0:03:46.880 we had like companies like Kroger kind of mentioning AI 0:03:47.520 --> 0:03:50.080 that seemed to fizzle out a little bit. But we'll 0:03:50.120 --> 0:03:53.200 have to see if these companies actually do manage to 0:03:53.240 --> 0:03:58.240 capture this technology that has been so beneficial for the megacaps, the. 0:03:58.160 --> 0:04:02.600 Microsofts, Bloomberg's Emily of Graffeo with pretty much the top 0:04:02.680 --> 0:04:05.960 story across all Bloomberg platforms this Monday, thank you very much. Meanwhile, 0:04:06.080 --> 0:04:07.600 it is a big day to day for many big 0:04:07.640 --> 0:04:10.880 tech companies in the e commerce business with cyber Monday 0:04:11.160 --> 0:04:13.760 in full swing. Joining us to discuss is Clavier CEO 0:04:14.040 --> 0:04:16.960 Andrew Bierlecki and Klavier, a leading data platform but in 0:04:17.080 --> 0:04:19.839 retail and the e commerce space. You went public earlier 0:04:19.839 --> 0:04:21.719 this year, and we'll get to that. There seems to 0:04:21.720 --> 0:04:25.599 be a lot of upgraded expectations for Cyber Monday based 0:04:25.600 --> 0:04:27.520 on how strong Black Friday was. 0:04:27.760 --> 0:04:29.599 Are you seeing that in your data as well? 0:04:31.120 --> 0:04:33.160 Yeah, Well, first off, thanks for having us. It's a 0:04:33.320 --> 0:04:36.040 super exciting week. It's the biggest week of the year 0:04:36.200 --> 0:04:38.760 for many of our customers. You know, we power smarter 0:04:38.880 --> 0:04:42.359 digital relationships, help businesses understand who their customers are and 0:04:42.400 --> 0:04:46.479 then communicate with them, build great experiences across email, SMS, 0:04:46.520 --> 0:04:49.760 and mobile. So it's a it's a great period for 0:04:49.800 --> 0:04:52.680 businesses to grow and we're seeing you know, as usual, 0:04:52.800 --> 0:04:55.600 Claudio was powering that on Black Friday. You know, we 0:04:55.680 --> 0:04:59.200 had more than three hundred million messages sent during our 0:04:59.200 --> 0:05:02.760 peak hour. And part of the way that we make 0:05:02.920 --> 0:05:06.400 the messaging and the experiences between businesses better is using 0:05:06.520 --> 0:05:10.279 artificial intelligence. Our product Recommendation engine generate over a billion 0:05:11.400 --> 0:05:15.200 recommendations that were embedded in those emails, and most critically, 0:05:15.880 --> 0:05:18.839 that resulted in real growth to these businesses. You know, 0:05:18.880 --> 0:05:23.160 in the peak hour on Black Friday, Clavial businesses generate 0:05:23.200 --> 0:05:26.880 over fifty million dollars in sales directly a tribunal to 0:05:26.880 --> 0:05:30.040 the message they were saying through Clavier and so interestingly, 0:05:30.040 --> 0:05:31.640 we found that the trend was a lot of people 0:05:31.640 --> 0:05:34.320 were sending messages earlier in the day, but the actual 0:05:34.680 --> 0:05:37.159 best conversion time was towards the middle. So we saw 0:05:37.200 --> 0:05:41.120 the most conversions, most customers buying between eleven and noon 0:05:41.440 --> 0:05:41.960 on Friday. 0:05:42.760 --> 0:05:46.200 So, Andrew, what is your expectation the Clavio expectation for Monday? 0:05:46.240 --> 0:05:49.640 Then right, we go off Adobe Analytics data as a proxy. 0:05:50.000 --> 0:05:53.240 They said nine point eight billion spent online Friday. Their 0:05:53.279 --> 0:05:56.680 expectation is twelve point four billion this Monday, Cyber Monday 0:05:56.720 --> 0:05:59.919 being the bigger window. Do you see a bigger window 0:06:00.000 --> 0:06:01.240 activity for you guys too. 0:06:02.800 --> 0:06:04.919 Yeah, Well, from the businesses that I've talked to and 0:06:05.279 --> 0:06:08.839 just you know, looking at our numbers, Black Friday was great. 0:06:09.160 --> 0:06:10.760 We're only part of the way through Cyber Monday, so 0:06:10.760 --> 0:06:12.719 we'll wait and see what happens the rest of the day. 0:06:13.240 --> 0:06:15.119 But one of the big trends that we've seen playing 0:06:15.160 --> 0:06:18.880 out is consumers are buying from brands they love. I've 0:06:18.880 --> 0:06:21.719 talked to a number of retailers that actually sold out 0:06:21.720 --> 0:06:25.640 on Friday, exceeded their expectations by marketing back to the 0:06:25.680 --> 0:06:28.640 businesses or to the consumers that they already have relationships with. 0:06:28.760 --> 0:06:32.080 So one of the big trends that we're really focused 0:06:32.120 --> 0:06:35.200 on is a lot of businesses in the past, you know, 0:06:35.279 --> 0:06:38.800 relied on advertising and marketplaces to drive demands. What we're 0:06:38.839 --> 0:06:43.000 finding is a lot of modern digital businesses, digital brands, 0:06:43.320 --> 0:06:46.680 they're going directs. They're building direct connections to consumers, and 0:06:46.720 --> 0:06:50.640 they're reaching them through email, through text messaging. They're using personalization, 0:06:50.800 --> 0:06:54.560 artificial intelligence, and they're measuring those results and that's driving sales. 0:06:54.880 --> 0:06:56.520 And that's a lot of what's going to power them 0:06:56.520 --> 0:06:58.839 through not just Black Friday and Souber Monday, but through 0:06:58.839 --> 0:06:59.920 this entire holiday season. 0:07:00.200 --> 0:07:03.600 Andrew, I almost think about my own sms is and 0:07:03.640 --> 0:07:05.680 I think almost one in every three is from a 0:07:05.720 --> 0:07:06.600 business of some sort. 0:07:06.640 --> 0:07:08.120 How many are opting. 0:07:07.720 --> 0:07:09.840 Out, How many people and consumers are pushing back on 0:07:09.880 --> 0:07:11.000 this sort of way of marketing. 0:07:12.080 --> 0:07:15.960 Yeah, Well, what we find is when you send really undirected, 0:07:16.080 --> 0:07:19.080 just kind of one size fits all messaging, especially in 0:07:19.120 --> 0:07:22.560 a channel like textoaging. You know, my text messages are 0:07:22.600 --> 0:07:25.000 pretty private, like I only have let a select number 0:07:25.040 --> 0:07:28.480 of brands into them. If you send one size fits 0:07:28.520 --> 0:07:31.800 all messaging, that doesn't work, folks opt out. But when 0:07:31.840 --> 0:07:35.280 you personalize those recommendations, you know, based on the products 0:07:35.320 --> 0:07:38.040 people have bought. Or what we often find is a 0:07:38.040 --> 0:07:41.640 lot of businesses when they're launching new products, they're first 0:07:41.760 --> 0:07:43.680 they're pre releasing that to folks that are subscribed to 0:07:43.680 --> 0:07:46.440 text messages. Consumers love that because they find out right 0:07:46.440 --> 0:07:49.560 away before things sell out, and that kind of marketing 0:07:49.560 --> 0:07:50.240 works really well. 0:07:51.000 --> 0:07:53.800 The global perspective here, I mean, I would say many 0:07:53.880 --> 0:07:57.120 might be surprised that there's such resilient consumer demand over 0:07:57.120 --> 0:07:59.559 the last weekend or so. As with the mac CEO, 0:07:59.640 --> 0:08:02.240 and he was saying, look, on Friday, it was much 0:08:02.240 --> 0:08:06.680 more about jewelry, about Kashmir, about gifting. But people aren't 0:08:06.760 --> 0:08:10.000 at the moment helping themselves. They're not particularly in a 0:08:10.040 --> 0:08:13.760 spirit of spending enthusiastically. No matter where are we seeing 0:08:13.760 --> 0:08:15.920 the sort of resilient consumer no matter where you are. 0:08:15.960 --> 0:08:18.320 Is it certain types of brands and certain types of geographies. 0:08:19.640 --> 0:08:22.440 Yeah, it's a great question. So we're seeing it across categories. 0:08:22.480 --> 0:08:24.480 And the other thing that we've noticed is, you know, 0:08:24.720 --> 0:08:28.400 Black Friday, Cyber Monday, there historically we're more we think 0:08:28.400 --> 0:08:32.079 of those as US canti centric holidays, we're seeing those 0:08:32.120 --> 0:08:36.080 really expand globally. You know, we saw activity pick up 0:08:36.840 --> 0:08:40.280 across the Clavial platform starting you know, really early, you know, 0:08:40.320 --> 0:08:42.640 even in Asia. So one of the trends is I 0:08:42.640 --> 0:08:45.080 think that this is becoming more of a global holiday 0:08:45.120 --> 0:08:46.880 and less just domestically centered. 0:08:48.200 --> 0:08:49.839 There's been a lot of activity and some of the 0:08:49.920 --> 0:08:54.200 Chinese based platform's tea machine like really heavy discounting. Is 0:08:54.240 --> 0:08:57.880 that a data set or a marketplace that you track. 0:09:00.320 --> 0:09:04.520 So we have a lot we have businesses around the world, 0:09:04.960 --> 0:09:07.959 but specifically related to discounting. Wait and see what the 0:09:08.000 --> 0:09:08.800 numbers show us. 0:09:09.679 --> 0:09:10.360 But again I think what. 0:09:10.760 --> 0:09:12.040 Would because our. 0:09:13.559 --> 0:09:16.920 Thesis is all about businesses going to consumers that already 0:09:16.960 --> 0:09:19.680 have they already have a relationship with, I think that's 0:09:19.800 --> 0:09:22.439 that helps moderate some of that discounting behavior. These are 0:09:22.520 --> 0:09:25.839 customers that have maybe bought in the past or we're browsing, 0:09:26.800 --> 0:09:29.040 you know, they have some affiliation with this business and 0:09:29.080 --> 0:09:32.360 now they're ready to pull the trigger. So that's that's 0:09:32.400 --> 0:09:34.280 I think the shift in marketing that we're really focused 0:09:34.320 --> 0:09:36.360 on is how do you how do you take existing 0:09:36.400 --> 0:09:38.520 relationships and make more out of those. And one of 0:09:38.559 --> 0:09:40.280 the nice parts is I think that offset some of 0:09:40.280 --> 0:09:41.360 the discounting that's required. 0:09:42.080 --> 0:09:42.679 I'm interested. 0:09:42.720 --> 0:09:46.400 Of course, you're in this economic environment where actually, well, 0:09:46.400 --> 0:09:49.160 thus father numbers bearing pretty good over the last few days, 0:09:49.400 --> 0:09:52.079 of course, have recently gone public. You are trying to 0:09:52.120 --> 0:09:55.000 build this narrative to a new shareholder base of what 0:09:55.120 --> 0:09:56.920 it is that you do and ultimately how the pennant 0:09:56.960 --> 0:10:00.120 you are on certain companies and the macro environment. You 0:10:00.120 --> 0:10:02.199 were all about AI when it came to a listing. 0:10:02.480 --> 0:10:04.600 How is it being a publicly traded company. How are 0:10:04.640 --> 0:10:06.760 you finding the narrative going for you when the pushes 0:10:06.760 --> 0:10:07.240 and the polls. 0:10:09.320 --> 0:10:12.080 Well, honestly, we've got a mentality of just focus on 0:10:12.120 --> 0:10:14.280 helping businesses grow. You know, one of the one of 0:10:14.280 --> 0:10:17.800 the big trends that we love talking about is it's 0:10:17.800 --> 0:10:20.319 not just this move from commerce happening, you know, from 0:10:20.360 --> 0:10:23.360 brick and mortar to now everywhere online on your phone. 0:10:23.800 --> 0:10:27.640 But there's another big macro trend, and that's business is saying, hey, 0:10:27.679 --> 0:10:30.480 I'm going to drive demand to my store, whether it's 0:10:30.520 --> 0:10:33.240 you know, a digital store or a physical store. I'm 0:10:33.240 --> 0:10:35.920 going to drive demand not just through traditional channels through 0:10:35.960 --> 0:10:38.880 advertising through marketplaces, but I'm also going to do that 0:10:38.920 --> 0:10:43.640 by building direct relationships with consumers, and the technology to 0:10:43.679 --> 0:10:46.520 do that has gotten a lot better, and the personalization 0:10:46.720 --> 0:10:49.320 driven by artificial intelligence has gotten a lot better. So 0:10:49.600 --> 0:10:52.559 I expect over the coming years the next decade, we 0:10:52.559 --> 0:10:55.000 think is a long term trend. More and more brands 0:10:55.040 --> 0:10:57.360 are focused on how do they build up their database 0:10:57.440 --> 0:11:01.079 of direct connections with consumers that will drive sales, that 0:11:01.160 --> 0:11:04.520 will drive engagement, and if we keep executing on that, 0:11:04.600 --> 0:11:06.959 we'll do right by our customers and our shareholders. 0:11:07.720 --> 0:11:09.520 Thank you very much for joining us on the back 0:11:09.520 --> 0:11:11.400 of all that, Andrew Berlecki. Of course, the claviy O 0:11:11.559 --> 0:11:14.080 CEO joining us one is a pretty thick and fast 0:11:14.080 --> 0:11:16.240 cyber Monday. Meanwhile, coming up, we're going to talk about 0:11:16.280 --> 0:11:19.080 Elon Musk. He's currently in Israel. We'll have the latest 0:11:19.080 --> 0:11:21.240 on his visit with the meetings with Israeli Prime Minister 0:11:21.320 --> 0:11:26.200 Benjamin natin Yahu and other Israeli lawmakers. That's next, But 0:11:26.360 --> 0:11:28.760 before we head to the break, we just want to 0:11:28.920 --> 0:11:31.680 turn our attention. Of course, the backlash against Eenl Musk. 0:11:31.800 --> 0:11:34.480 It is continuing following well. It seems to have been 0:11:34.520 --> 0:11:37.199 an amplification of anti Semitic content on X. Just a 0:11:37.240 --> 0:11:39.720 few weeks ago, Musk in the UK Prime Minister whis Sunak. 0:11:39.880 --> 0:11:43.079 They shared a stage at the UKAI Safety Summit, and 0:11:43.200 --> 0:11:45.040 now Sunak has just weighed in on the issue in 0:11:45.040 --> 0:11:46.880 an interview with Bloomberg last night. 0:11:46.920 --> 0:11:47.400 Take a listen. 0:11:48.240 --> 0:11:51.720 I condemn anti semitism in all its forms. It doesn't 0:11:51.760 --> 0:11:54.200 matter whether you're Elon Musk or you're someone on the 0:11:54.200 --> 0:11:56.840 street who's shouting abuse at someone who happens to be 0:11:56.880 --> 0:11:58.920 walking past you. That's wrong in all its forms. Anti 0:11:58.960 --> 0:12:02.040 Semitism in all it's is completely and utterly wrong. 0:12:22.360 --> 0:12:25.040 Some pictures there, as you see a Venomsk earlier in 0:12:25.120 --> 0:12:28.240 conversation with Prime Minister avengerre in Netanyahu in Israel. He 0:12:28.320 --> 0:12:30.840 in fact also took to his own social media platform 0:12:31.080 --> 0:12:34.520 X to continue that conversation with Netanyahu. And we just 0:12:34.520 --> 0:12:36.960 want to sort of understand the context here and indeed, 0:12:37.280 --> 0:12:40.040 well whether or not it's basically helping the business of 0:12:40.240 --> 0:12:42.680 X at this moment, given the backlash about his seeming 0:12:43.280 --> 0:12:47.360 well signing on or at least amplification of some anti 0:12:47.360 --> 0:12:48.880 Semitic views across his platform. 0:12:48.960 --> 0:12:50.439 Joining us now is Max traffickin and. 0:12:50.360 --> 0:12:54.040 Max, this does ultimately feel like a bit of a 0:12:54.080 --> 0:12:55.680 pr exercise to go to Israel. 0:12:55.800 --> 0:12:56.800 Is that how it's been interpreted? 0:12:56.960 --> 0:12:57.600 Yeah? Absolutely. 0:12:57.640 --> 0:13:00.240 I mean Elon Musk is very much you know, of 0:13:00.280 --> 0:13:02.600 a piece with other He's almost like a world leader, right, 0:13:02.600 --> 0:13:05.120 he like in the same way that like a politician 0:13:05.520 --> 0:13:08.240 might fly to a war zone in order to like, 0:13:08.320 --> 0:13:10.800 you know, combat a crisis at home. We have X 0:13:10.880 --> 0:13:13.480 you know, the platform formerly known as Twitter, dealing with 0:13:13.520 --> 0:13:16.480 a huge advertiser pause, you know, tens of millions of 0:13:16.520 --> 0:13:19.400 dollars in potential lost revenue, and we have Elon Musk 0:13:19.400 --> 0:13:22.760 trying to combat these accusations of anti Semitism, you know, 0:13:22.800 --> 0:13:25.360 by showing up in Israel and doing an event with 0:13:25.640 --> 0:13:26.959 Prime Minister and Yahoo. 0:13:28.040 --> 0:13:32.040 I think what's interesting about this is that Musk has 0:13:32.120 --> 0:13:34.800 been tied, whether of his own volition or not, to 0:13:34.960 --> 0:13:38.160 the israel A mass war since the outset, right, Max, 0:13:38.240 --> 0:13:40.920 because he does have a tendency to weigh in on 0:13:40.960 --> 0:13:43.600 whatever the global issue of the day is. There are 0:13:43.640 --> 0:13:47.080 parallels with the war in Ukraine, for example. What has 0:13:47.240 --> 0:13:50.160 Musk's position been in all of this to this point 0:13:50.280 --> 0:13:51.760 or at varied points. 0:13:51.920 --> 0:13:56.319 Musk's position on the war in Israel and Gaza has 0:13:56.360 --> 0:13:59.440 been very, very squishy, and as you said, it's kind 0:13:59.520 --> 0:14:01.640 of like which is trying to put himself in the 0:14:01.640 --> 0:14:05.600 middle of it and when possible, using it to advance 0:14:05.600 --> 0:14:08.120 his own business goals. We actually had a meeting, you know, 0:14:08.559 --> 0:14:11.920 in the US, with Musk and Netnyaho amid an earlier 0:14:12.000 --> 0:14:13.760 kind of flap over anti Semitism. 0:14:13.960 --> 0:14:15.199 Musk made a bunch of comments. 0:14:15.520 --> 0:14:18.080 I think he said he was basically Jewish, or you know, 0:14:18.080 --> 0:14:22.440 he'd gone to a Hebrew preschool. He's tried all sorts 0:14:22.480 --> 0:14:25.760 of tactics to sort of say that he's not anti Semitic, 0:14:25.960 --> 0:14:29.880 short of actually apologizing for the comments that Caroline alluded 0:14:29.920 --> 0:14:30.480 to just now. 0:14:31.440 --> 0:14:31.760 Max. 0:14:31.800 --> 0:14:34.640 A technology story at the heart of this is Starlink. 0:14:35.480 --> 0:14:38.320 The Israeli Communication Ministry came out earlier and said that 0:14:38.440 --> 0:14:41.320 a understanding principle is out. We're looking at pictures of 0:14:41.360 --> 0:14:44.480 the Starlink map on its website and the darker blue 0:14:44.520 --> 0:14:47.760 shades are the coming soon. In other words, starlink not 0:14:47.880 --> 0:14:51.640 yet operational in Israel or the Gaza strip. But what 0:14:51.640 --> 0:14:53.400 do we know about those negotiations. 0:14:53.520 --> 0:14:57.200 I mean, this is part of a larger effort by Starlink, 0:14:57.520 --> 0:15:00.200 you know, which is like the communications armor of space 0:15:00.880 --> 0:15:03.400 X to find a business. You know, they launched this thing. 0:15:03.680 --> 0:15:06.880 It costs a lot of money. It has a consumer business, 0:15:06.880 --> 0:15:09.600 but I think Musk and others have realized that it 0:15:09.640 --> 0:15:13.320 also has you know, bigger say, defense implications. This could 0:15:13.320 --> 0:15:16.200 be something that could be could be sold to governments 0:15:16.200 --> 0:15:19.040 as a possible communications tool. So I think it's about, 0:15:19.200 --> 0:15:21.800 you know, trying to create a business here with an 0:15:21.800 --> 0:15:24.240 eye you know, to an eventual IPO in the future. 0:15:24.600 --> 0:15:28.120 And therein lies basically the breadth of what you and 0:15:28.160 --> 0:15:30.440 so many colleagues are trying to do on this podcast 0:15:30.480 --> 0:15:34.320 of elong Inc. It's basically he has so many different businesses. 0:15:34.680 --> 0:15:36.360 Ultimately a lot of what perhaps. 0:15:36.000 --> 0:15:38.880 He's doing personally on X has ramifications on. 0:15:38.840 --> 0:15:39.960 A lot of these businesses. 0:15:40.400 --> 0:15:44.440 How has stalink been something that people have been nervous about? 0:15:44.480 --> 0:15:46.520 I mean and reference that this has sort of been 0:15:46.560 --> 0:15:48.280 played out a little bit with Ukraine. 0:15:48.560 --> 0:15:50.560 Yeah, well, I mean SpaceX in general. 0:15:51.240 --> 0:15:54.120 Elon Musk's aerospace investments have been kind of a bright 0:15:54.160 --> 0:15:57.080 spot over the last year or so, amid you know, 0:15:57.200 --> 0:16:00.320 questions about demand for for Tesla cars, amid you know, 0:16:00.400 --> 0:16:03.680 his craziness on his personal social media feed. 0:16:04.480 --> 0:16:06.040 But of course it started to bleed over. 0:16:06.080 --> 0:16:09.320 We had this kind of flap over Ukraine where the 0:16:09.440 --> 0:16:13.000 Ukrainians were accusing Elon Musk of like shutting off access, 0:16:13.600 --> 0:16:16.560 and of course you know, Musk is getting sucked into 0:16:16.560 --> 0:16:19.880 this like larger geopolitical issue. On the other hand, SpaceX 0:16:20.120 --> 0:16:23.040 super successful as a defense contractor. It kind of makes 0:16:23.080 --> 0:16:25.560 sense to find this as a market for starlink. 0:16:27.040 --> 0:16:30.080 So two things. Musk has stated that he is not 0:16:30.160 --> 0:16:33.080 antisemitic right following that post that media reports that he 0:16:33.160 --> 0:16:35.400 is a bogus. But it was interesting that Prime Minister 0:16:35.400 --> 0:16:38.320 Benjaminesssenia who didn't ask him about it on the twenty 0:16:38.360 --> 0:16:41.720 minutes spaces either Bloomberg's match Chafkin breaking down what is 0:16:41.800 --> 0:16:45.720 an ongoing situation with Musk in Israel. Now, speaking of content, 0:16:46.320 --> 0:16:50.160 Merion Webster chose authentic as its word of the Year, 0:16:50.440 --> 0:16:54.080 highlighting the spread of misinformation on platforms like Elon Musk 0:16:54.360 --> 0:16:57.160 X and the rise of AI. Merion Webster's editor at large, 0:16:57.240 --> 0:17:00.720 Peter Soukolewski said in a statement quote, the line between 0:17:00.800 --> 0:17:04.000 real and fake has become increasingly blurred as a result 0:17:04.000 --> 0:17:07.679 in social media and marketing authentic has become the gold 0:17:07.720 --> 0:17:09.520 standard for building trust. 0:17:17.760 --> 0:17:20.760 I'm very happy to see Sam back. 0:17:21.400 --> 0:17:25.720 He's uniquely positioned to for Stuard Chip of this very 0:17:25.720 --> 0:17:26.600 imprtant company. 0:17:27.119 --> 0:17:29.040 It's much more than just a company. 0:17:29.320 --> 0:17:33.320 It is benefit of AI to humanity in a much 0:17:33.400 --> 0:17:35.600 larger way over the next few decades. 0:17:36.520 --> 0:17:38.520 And I think we've restored the patch. 0:17:40.720 --> 0:17:43.480 That was Coastal Adventures found a Vinode Coastler there reacting 0:17:43.520 --> 0:17:46.359 to the news of Sam Altman's return to open AI. 0:17:46.440 --> 0:17:49.560 Coast Adventures was the first venture firm to back open A. 0:17:49.760 --> 0:17:51.800 Let's get into it all the open AI drama. What 0:17:51.840 --> 0:17:54.440 we know the latest blombost Rachel mets back with me 0:17:54.480 --> 0:17:56.320 on set. So I kind of guess the big unknown 0:17:56.400 --> 0:17:59.520 is this tender off aware employees can sell shares to 0:17:59.560 --> 0:18:02.760 investor is But what you and I kind of discussed 0:18:02.760 --> 0:18:05.280 on Friday, which seems like a world ago, is that 0:18:05.400 --> 0:18:07.359 like a lot of these staff were willing to put 0:18:07.520 --> 0:18:10.880 life changing amounts of money on the line to back 0:18:10.960 --> 0:18:11.520 Sam Outman. 0:18:12.440 --> 0:18:12.720 Yeah. 0:18:12.800 --> 0:18:15.159 I mean that was part of what people were saying 0:18:15.520 --> 0:18:18.320 when they were signing that letter, saying, if you don't 0:18:18.359 --> 0:18:21.040 bring Sam Oltman back to the company, after he was ousted, 0:18:21.800 --> 0:18:24.879 we may leave and go to Microsoft, And part of 0:18:24.920 --> 0:18:27.359 what they were saying sort of implicitly there is we 0:18:27.440 --> 0:18:30.159 may be leaving behind a life changing amount of money 0:18:30.560 --> 0:18:32.240 as far as this tender offer is concerned. 0:18:32.240 --> 0:18:33.680 That hasn't yet been completed. 0:18:34.680 --> 0:18:38.080 That hasn't yet been completed, nor has an interim board 0:18:38.119 --> 0:18:42.040 to a permanent board. Does that still in negotiations? And 0:18:42.320 --> 0:18:46.560 ultimately is it going to get more diverse? Those are 0:18:46.600 --> 0:18:49.440 really good questions right now. We're still trying to figure 0:18:49.440 --> 0:18:50.320 out a little bit of that. 0:18:51.560 --> 0:18:53.439 I have been reaching out to people, and I know 0:18:53.480 --> 0:18:56.040 other people on our team have also been doing likewise. 0:18:56.680 --> 0:18:59.119 There are still like a few questions here about how 0:18:59.200 --> 0:19:00.800 many people are going to be on the board, what 0:19:00.960 --> 0:19:03.439 is the composition ultimately going to be, Is Microsoft going 0:19:03.480 --> 0:19:05.360 to have a seat on the board. Things like that, 0:19:05.520 --> 0:19:08.000 as far as I can tell, are being flushed out 0:19:08.080 --> 0:19:11.080 right now, and I'm hoping to know very very soon. 0:19:11.160 --> 0:19:15.119 Actually, after we had the hot emoji salute thing on X, 0:19:15.240 --> 0:19:18.880 there was another emoji salute which was a ship. So 0:19:18.920 --> 0:19:21.359 something actually happened on open Aye on the product side 0:19:21.400 --> 0:19:22.840 while we were all trying to work out what was 0:19:22.880 --> 0:19:24.199 going on behind the scenes. 0:19:24.200 --> 0:19:24.760 What was it? 0:19:25.840 --> 0:19:26.879 Are you you're talking about Q? 0:19:27.200 --> 0:19:28.119 Are you talking about Q? 0:19:28.440 --> 0:19:28.720 Okay? 0:19:29.160 --> 0:19:32.040 I just wanted to make sure it's it's been five 0:19:32.200 --> 0:19:33.800 or six days that turned into about three weeks. 0:19:33.800 --> 0:19:36.600 They basically I released this new Voice products. Is that 0:19:36.720 --> 0:19:39.560 with the the like we're still shipping things and they're 0:19:39.560 --> 0:19:40.440 like playing with the ship? 0:19:40.520 --> 0:19:43.040