Speaker 1: From Mahard where Innovations, Money and Power Collie in Silicon Valley, NBN.
Speaker 1: This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.
Speaker 2: I'm Caroline he at Bloomberg's world headquarters in New I
Speaker 2: med louveload.
Speaker 3: This is Bloomberg Technology.
Speaker 2: Coming up the latest updates from the earthquake in Taiwan.
Speaker 2: That's as the island faces its worst seismic event in
Speaker 2: twenty five years.
Speaker 4: Full coverage ahead.
Speaker 2: And then look at the broader implications of this human
Speaker 2: tragedy for.
Speaker 4: The global economy.
Speaker 5: Plus Disney's months long proxy battle nears its end as
Speaker 5: shareholder's place their final votes in the battle between the
Speaker 5: mouse House and Tree, and will sit down with one
Speaker 5: shareholder Ross Gerber.
Speaker 2: And Spotify and announces its rising prices again and several
Speaker 2: markets for the second time in a year. It's all
Speaker 2: step towards researching a long term profitability. We'll discuss that
Speaker 2: and so much more throughout the app at first to
Speaker 2: check on in these public.
Speaker 4: Markets and look a reprieve.
Speaker 2: We've got a strong set of data when it comes
Speaker 2: to ADP numbers, when it comes to the labor force
Speaker 2: in the US, but maybe it just to pull back
Speaker 2: in the services area that breathes life into the equity market.
Speaker 2: After the biggest sell off in a month yesterday, we're
Speaker 2: up five tens percent on the Nasdaq. I'm looking at a
Speaker 2: tenure yield that just continues to crescendo higher at the moment,
Speaker 2: and this is borrowing costs really move with the idea
Speaker 2: that the market thinks maybe we won't get those three
Speaker 2: rate cuts that the Fed Reserve has signaled for this year.
Speaker 2: I'm looking though, also what happened in Taiwan, trading notably
Speaker 2: down by some six tens percent, not an enormous move
Speaker 2: after what was a serious human tragedy and one that
Speaker 2: has implications on technology that will dive into in a moment.
Speaker 4: Look at what's.
Speaker 2: Happening in the world of crypto, just briefly, because this
Speaker 2: acid a choice at the moment, currently actually up one
Speaker 2: point four percent, just spiking a little bit in the
Speaker 2: last couple of hours of training. We're still only at
Speaker 2: the sixty six thousand dollars level. There's market moves, the
Speaker 2: fact that the ETF flows perhaps a slowed somewhat, and
Speaker 2: what that means for VOLI trading over in Asia, interestingly,
Speaker 2: particularly when it comes to some of the algorithms that
Speaker 2: end up selling bitcoin on the back when we get
Speaker 2: the inflow and outflow data from ETS.
Speaker 4: But and you're going to focus more on Asia right now.
Speaker 5: Yeah, These are the US listed shares of the technology
Speaker 5: companies impacted in Taiwan. TSMC, the world's biggest contract manufacturer
Speaker 5: for chips front and center. The ADRs have risen because
Speaker 5: of a positive operational update. Will bring you the details
Speaker 5: in just a moment. Micron has a big presence as well.
Speaker 5: It said that it's evaluating the situation on the ground
Speaker 5: in Taiwan, but all of its staff were safe. Caroline,
Speaker 5: bring our audience the absolute latest details of what happened
Speaker 5: in Taiwan.
Speaker 4: Yeah, because occurred last night.
Speaker 2: Seven point four magnitude earthquake struck Taiwan and it was,
Speaker 2: as we've said, the biggest seismic event by magnitude to
Speaker 2: hit the island. So it's nineteen ninety nine now. So far,
Speaker 2: the death toll has reached nine, it's injured close to
Speaker 2: a thousand people, and it's leveled dozens of buildings on
Speaker 2: the eastern side of the island.
Speaker 4: As some of these pictures show shocks.
Speaker 2: In fact, were felt as far away as Japan and
Speaker 2: as but any damage from the quake has been closely
Speaker 2: watched for potential effects look on the.
Speaker 4: Global economy as well.
Speaker 2: Given its technology output, this island is dominant in chip
Speaker 2: manufacturing industry, and it also accounts some more than half
Speaker 2: of global market for laptops and motherboards and network devices.
Speaker 2: And we've got to go into the implications for companies
Speaker 2: right now too.
Speaker 5: Yeah, honing in on the companies that operate in Taiwan
Speaker 5: the island to tech firms are still assessing impact from
Speaker 5: the earthquake. TSMC, the world's number one chip contract manufacturer,
Speaker 5: had halted some chip making equipment and plants and evacuated them.
Speaker 5: But these are the latest headlines from TSMC, the company
Speaker 5: saying in the last half an hour they don't see
Speaker 5: damage to critical tools, including all their EUV gear, and
Speaker 5: they're expecting to resume production of semiconductors overnight. Let's bring
Speaker 5: in Bloomberg z And King, who leads semiconductor coverage at
Speaker 5: Bloomberg Technology Ian. What is the latest please for TSMC.
Speaker 6: Yeah, I mean what they've done is come out and
Speaker 6: really reassure people that yes, this isn't great. Yes, there's
Speaker 6: been an impact, but it's still within the bounds of
Speaker 6: what we can fix and fix quickly given our contingency plans.
Speaker 6: So there will be some wafers loss, there will be
Speaker 6: a bit of manufacturing loss, but not the kind of
Speaker 6: months of disruptions that we've seen in the distant past
Speaker 6: and with other supply chain disruptions that we saw during
Speaker 6: the pandemic.
Speaker 2: Just give us the context a little bit of just
Speaker 2: how integral Taiwan TSMC players like fox Conn as well
Speaker 2: when it comes to phones and laptops are to the
Speaker 2: global economy.
Speaker 6: And yeah, I mean everything goes through TSMC. If it's
Speaker 6: the processor in your iPhone designed by Apple, it's made
Speaker 6: by TSMC. If it's the supercomputer in a data center
Speaker 6: based on a chip from Nvidia, that's going through TSMC.
Speaker 6: If it's a modem that's allowing your phone to connect
Speaker 6: to a network that's Qualcom, that's going through TSMC, I mean,
Speaker 6: the list goes on and on and on.
Speaker 3: Everybody depends on them.
Speaker 5: Okay, let's talk about what else is operational on the
Speaker 5: ground in Taiwan. I it was interested to read about
Speaker 5: Micron's footprint, For example, Ian there's a lot that happens there.
Speaker 5: We're talking about semiconductor manufacturing, but it's also at the
Speaker 5: circuit board level, the context of laptops and PCs. What
Speaker 5: other names are impacted and which areas of the technology
Speaker 5: economy should we look out for.
Speaker 6: Yeah, I mean, historically Taiwan was an absolute center of
Speaker 6: effectively assembly of electronic devices. A lot of that has
Speaker 6: moved to mainland China, so it's not as crucial as
Speaker 6: it used to be in that area. But there are
Speaker 6: still a lot of technology companies that work for the
Speaker 6: sort of better well known names like Dell, like HP
Speaker 6: that also operate in Taiwan. And as you mentioned Micron,
Speaker 6: that's memory chips. Memory chips are really important as well
Speaker 6: for your PC, for your smartphone.
Speaker 2: And there is notable reaction across competitors right now when
Speaker 2: you're looking at the rest of the chip stocks, I'm
Speaker 2: looking at the well, the Philadelphia Semonconductor Index, most in
Speaker 2: the green, Micron leading it, Broadcom Land Research.
Speaker 4: But lastly, there's an interesting exception.
Speaker 2: And you would have thought Intel Arrival would have done
Speaker 2: well out of the back of any supply chain headaches
Speaker 2: for rivals, but not so today.
Speaker 6: Yeah, this is an unfortunate kind of consequences that any
Speaker 6: bad news for TSMC should be good news for what
Speaker 6: Intel is trying to do, which has effectively become a
Speaker 6: competitor for TSMC. It should have people saying, hey, we
Speaker 6: need to diversify geographically. Who can we do that, Well,
Speaker 6: here's Intel. But because of some of the financial disclosures
Speaker 6: that Intel put out there last night, that, unfortunately, at
Speaker 6: least in terms of Intel stock price, is not the case.
Speaker 3: Ian.
Speaker 5: The story with Intel is that it has different businesses, right,
Speaker 5: and we're talking in this instance about the foundry business.
Speaker 5: Intel wants to do what TSMC already does, be a
Speaker 5: contract manufacturer for third parties. And when I was looking
Speaker 5: through the financial disclosures they made, it's not just that
Speaker 5: they're booking less revenue on foundry. It's not just that
Speaker 5: the losses are widening. But their projections to the end
Speaker 5: of the decade make you a little bit concerned that
Speaker 5: they actually will get back to the era where Intel
Speaker 5: had north of sixty percent margins and they were the
Speaker 5: technology leader. That's the story that Pat Gelsinger, the CEO,
Speaker 5: has been trying to tell all three of us for
Speaker 5: quite a long time. Just explain I guess the shift
Speaker 5: in timeline that Intel disclosed last night.
Speaker 6: Yeah, I mean there wasn't a shock for those who've
Speaker 6: been studying it closely, but it was arguably a reminder that, look,
Speaker 6: this is an extremely expensive turnaround. You could argue that
Speaker 6: Gelsinger was intellectually honest and upfront about things, and people
Speaker 6: really should have been paying attention, but some of them weren't.
Speaker 6: If you're a casual investor, if you've got other options,
Speaker 6: why wouldn't you be investing in in Video, qualcom, TSMS,
Speaker 6: all of these other companies. What Intel did was really
Speaker 6: remind people that, yes, they're on a tough road and
Speaker 6: they still have a ways to go.
Speaker 5: In The stock is down six point eight percent. Intel
Speaker 5: they have a new CFO. Who is it all right?
Speaker 6: It's a new CFO for that foundry division. Yeah, the
Speaker 6: main CFO is still there.
Speaker 3: Got it?
Speaker 2: Than King, We thank you really taking us around the
Speaker 2: world the chip industry today.
Speaker 4: We appreciate it enormously.
Speaker 2: Meanwhile, coming up, while we're going back to Disney's months
Speaker 2: long proxy battle with Trains Nelson Pelts, when it's finally
Speaker 2: coming to an end.
Speaker 4: Today is the day that we get the shareholder meeting.
Speaker 2: We're going to be discussing it next with one key shareholder,
Speaker 2: Gerbert Kawasaki CEO Ross Gerber.
Speaker 4: This is bo Make Technology.
Speaker 2: Today is the day Disney's shareholder meeting will determine the
Speaker 2: future of the entertainment company's boardroom, and a winner will
Speaker 2: emerge from a lengthy proxy battle between them and the
Speaker 2: activist events investor that is Nelson Peltz. Now, MIXT sources
Speaker 2: say that, look, Disney is close to clinching and win
Speaker 2: over Pelts and Tryan with vanguards backing that of Disney.
Speaker 2: Let's talk to Goebel Kawasaki CEO Ross Gerber, who you've
Speaker 2: thrown your support behind Disney, behind.
Speaker 4: Bob I Go.
Speaker 2: And it looks as though, well most of the investor
Speaker 2: based retail and some of their big shareholders are doing
Speaker 2: the same.
Speaker 1: Well, yeah, I mean I gres phenomenal executive. This is
Speaker 1: Nelson Peltz. Is absurd. He's wasted so much time and money.
Speaker 7: You know, he's made a ton of money now on
Speaker 7: this activist campaign irrelevant of really, he's going to accomplish nothing.
Speaker 7: I think Disney's gonna win this, you know, pretty solidly
Speaker 7: with the backing of the institutional shareholders you know, as
Speaker 7: well as many retail.
Speaker 1: Shareholders like we are.
Speaker 7: So the bottom line in this is, how is Nelson
Speaker 7: Peltz gonna do anything better for Disney other than cut costs?
Speaker 1: And that's already.
Speaker 3: Happened, mister Geber.
Speaker 5: Whether mister Pelts is absurd or not, he set out
Speaker 5: in a one hundred and thirty three page manifesto a
Speaker 5: lot of grievances right, focusing on the streaming business. And
Speaker 5: so let's say whatever happens right, say Iiger is successful.
Speaker 5: The question that mister Pelt's raised was how do you
Speaker 5: get that streaming business to profitability without depending on a
Speaker 5: strategy that is raising prices for consumers while cutting the
Speaker 5: costs of content production. Do you have firm in your
Speaker 5: mind and answer to that question.
Speaker 1: Show go. That is the answer.
Speaker 7: When you have shows and you have content that people
Speaker 7: want to see, they will pay for subscriptions.
Speaker 1: It's just what's happening in streaming.
Speaker 7: We're seeing it with sports subscriptions now too, where people
Speaker 7: are signing up to watch a game on Paramount Plus
Speaker 7: and then they're sticking sixty to seventy percent of the
Speaker 7: time after the game's over. So the shows the hit shows,
Speaker 7: the talent, the ip that bring viewers in is what
Speaker 7: makes these streamers profitable. Like Netflix every week now Flets
Speaker 7: has something good on every week. So finally Hulu and
Speaker 7: Disney Plus are stepping up their game. They've combined the apps,
Speaker 7: They've built it onto one platform.
Speaker 1: Now there's a tech side of this.
Speaker 7: This is a big thing that Disney's done to cut
Speaker 7: costs and make their library even more accessible to many
Speaker 7: different you know platforms. But the bottom line is the
Speaker 7: shows drive Disney's success, and they have hit shows right
Speaker 7: now on their platforms. And that's the Eiger magic that
Speaker 7: pelants can never do.
Speaker 5: Goeberg Kawasaki your affirm according to the data or my
Speaker 5: Bloomberg termo one hundred and thirty one thousand Disney shares
Speaker 5: or so, what is your firm's physician on Eiger succession?
Speaker 7: Well, you know, being a Disney shareholder in my whole
Speaker 7: life and going through the you know past with you
Speaker 7: know Eisner and all the trials and tribulations. Eiger is
Speaker 7: a young CEO based off the average age of a
Speaker 7: presidential candidate.
Speaker 1: So I'm not sure what will happen next.
Speaker 7: I think there's some confident executives that he can you know,
Speaker 7: pick to take over that are hopefully more digitally focused,
Speaker 7: and he's got some of the same team members around
Speaker 7: him from you know, building Disney Plus in the past.
Speaker 1: So I'm not sure where he goes with this.
Speaker 7: We'd like to see an internal succession, as Disney typically
Speaker 7: does that, but it's going to be really hard to
Speaker 7: find a replacement for Aiger, as it's always been a
Speaker 7: big challenge for Disney over its long history.
Speaker 3: Just really quick carry.
Speaker 5: The argument that Ross has made before is that if
Speaker 5: Joe Biden can run for reelection as president, then Bob
Speaker 5: Ayger can do another ten years at Disney.
Speaker 3: Oh yeah, yeah, he's Rus. I just rereat share to
Speaker 3: make it simple for the audience.
Speaker 1: Carry. Sorry, yeah, no, I mean Iiger is in great shape.
Speaker 7: I mean he's mentally and physically fit, and you know
Speaker 7: he's riding his bike on Sunday mornings at six am,
Speaker 7: like twenty miles.
Speaker 2: But he's shown in the past Ross that he wanted
Speaker 2: to exit and then he had to come back, and
Speaker 2: I think ultimately the new board has really been focused
Speaker 2: on trying to understand where the path of the future is.
Speaker 2: Who are in the internal candidates with the external candidates,
Speaker 2: and it's got to be yes, someone who's digitally focused.
Speaker 2: But Disney is a behemoth. It isn't just.
Speaker 4: An exposure to digital is an.
Speaker 2: Exposure to parks, to experiences, to cruises, it's an experience
Speaker 2: to big hit shows that go onto your movie theaters.
Speaker 2: How can we find someone who can be basically the
Speaker 2: consolidated leader of a business like this, Well, you.
Speaker 7: Just brought up probably one of the more challenging issues, right,
Speaker 7: Like running parks and resorts is nothing like running the streamer,
Speaker 7: and so somebody having these sort of skills to do
Speaker 7: it all is really a big ask. And hence why
Speaker 7: I heard and they got James Gorman on the board
Speaker 7: to try to help succession planning. But it's a challenge
Speaker 7: to find somebody with that type of operational expertise like period.
Speaker 7: So what I think is Disney's really big, and when
Speaker 7: you look at the ESPN piece that they're sort of
Speaker 7: carving into its own sort of business, and then parks
Speaker 7: and resources and experience and then you know the rest
Speaker 7: of the business, the streaming in the studios, I think
Speaker 7: they really need free, strong leaders that are sort of
Speaker 7: have a CEO that's great at running those.
Speaker 1: Three leaders because each leader is going to have to
Speaker 1: be different.
Speaker 7: And this is the problem that a lot of massive companies,
Speaker 7: whether it be Apple, Microsoft, whatever, are facing is they've
Speaker 7: become so big.
Speaker 1: And so profitable. Can one person really run all of this?
Speaker 1: You know? So I think we're you know, this is
Speaker 1: a challenge for a lot.
Speaker 7: Of big companies, including Disney, is where do we go
Speaker 7: from here with secession planning? Because finding another Eiger is
Speaker 7: obviously not going to happen.
Speaker 2: One reason I might want to hand over the baton
Speaker 2: sooner rather than later is because he's fed up with
Speaker 2: mudslinging coming from.
Speaker 4: People like Elon Musk.
Speaker 2: And it's interesting that Elon Musk has decided to pile
Speaker 2: on it the last minute saying he would support Well
Speaker 2: Pelts joining the board. We know he's got an axe
Speaker 2: to grind against Bobbigo. What did you make of that coming?
Speaker 7: Well, hopefully Eli could keep his job as CEO of
Speaker 7: Tesla at this point alone make a record.
Speaker 1: For activists, because what's going to happen is Pelts is going.
Speaker 7: To buy Tesla Max and be calling the board of
Speaker 7: Tesla because an opportunity is arising for an activist in.
Speaker 1: Tesla right now. That looks amazing.
Speaker 7: So the best thing Elon could do is get his
Speaker 7: butt back to Tesla and start working on getting these
Speaker 7: cars out. You know, he's got to get cyber truck out,
Speaker 7: he's got to get full self driving working. He's got
Speaker 7: to you know, deal with competition. And instead he's tweeting
Speaker 7: every day a bunch of garbage. So, you know, look
Speaker 7: at the performance of Disney versus I think somebody tweeted this.
Speaker 7: You know, what's the performance in Disney versus Tesla over
Speaker 7: the last six months. And fortunately Disney's the top holding
Speaker 7: in my fun GK And you know, our clients. We
Speaker 7: have very close relationships with our clients and they love
Speaker 7: these companies. But sometimes things change, and we've had to
Speaker 7: deal with the changes in Tesla for the negative and
Speaker 7: for the positive.
Speaker 1: We are seeing positive.
Speaker 7: Changes for Disney and it's become a very good returning
Speaker 7: investment for our clients.
Speaker 2: Just give us the context on Elon Musk running Tesla,
Speaker 2: the environment with which he's running it at the moment,
Speaker 2: the response on X of basically calling out certain individuals
Speaker 2: posts calling them idiots, because the ev landscape itself is
Speaker 2: contracting byd sales dropped forty two percent. He's referring to
Speaker 2: the competition coming from China. In fact, yes, we saw
Speaker 2: a pullback in terms of deliveries from Tesla yesterday, but
Speaker 2: actually reclaimed it spots the number one provider of EV's globally.
Speaker 2: Can you respond to the criticism that Elon Musk has
Speaker 2: of you, Well, yeah, of your tweet and calling you
Speaker 2: basically an idiot.
Speaker 1: Yeah, yeah, you.
Speaker 7: Know I've been called that many times by Eulon, but somehow,
Speaker 7: you know, I've survived this line.
Speaker 1: And we went to the same college. But that said,
Speaker 1: I think that if you look at global sales of evs.
Speaker 7: It's up thirty five percent year over year. Tesla's losing share.
Speaker 7: Buid EV sales were actually up year over year. It
Speaker 7: was total sales, So it's easy to cherry pick numbers,
Speaker 7: but the EV market is growing. Only nine percent of
Speaker 7: US consumers are buying evs. So really the truth of
Speaker 7: the matter is we can all call names, and we
Speaker 7: can all look around and you know, make excuses. The
Speaker 7: economy is very strong here in the United States. The
Speaker 7: economy in Europe is okay. China is definitely an issue,
Speaker 7: and it affects Tesla, But when you look at the
Speaker 7: gap between production and sales, that's not an economic issue.
Speaker 7: That's a sales issue. So once again the guy throwing
Speaker 7: out names and all this kind of stuff because he
Speaker 7: doesn't like what people are saying about him, mister free speech,
Speaker 7: you know, but the fact of the matter is his
Speaker 7: free speech has cost Tesla shareholders six hundred billion dollars
Speaker 7: in losses, and Tesla car owners have lost fifty billion
Speaker 7: dollars of equity.
Speaker 1: In their vehicles.
Speaker 7: And he's even forced to hurt Ceo to lose his
Speaker 7: job because it was such a bad investment buying Tesla's
Speaker 7: for her. So let's be real, Eli, like, it's time
Speaker 7: for you to grow up and accept reality that you're
Speaker 7: causing enormous damage to one of the most consequential companies
Speaker 7: in the world because your behavior on Twitter, and nobody
Speaker 7: wants to hear his opinions.
Speaker 1: You know that's a fact.
Speaker 3: Ross. I'm just sorry, Caro.
Speaker 5: I've invited Elon onto this program many times, and in
Speaker 5: this case I'll write to him again and say, you know,
Speaker 5: Ross responded to your post on X he can come
Speaker 5: the show. He obviously has declined or to do that, but.
Speaker 4: Throw in the U Penn thing maybe maybe.
Speaker 1: Yeah, Listen, he's not going to debate me. He doesn't
Speaker 1: want to debate me because the fact of the matter is.
Speaker 7: I'm not scared of him, and he's so used to
Speaker 7: bullying everybody out of the business.
Speaker 1: He's not gonna bully me.
Speaker 7: So, you know, the reality is he's got to get
Speaker 7: his focus back on what's important, which is solving climate.
Speaker 1: It's not free speech, So okay, you know, I'm sorry.
Speaker 4: Don't apologize, ros Gerbert. It's great to have you on.
Speaker 2: Gerber Karasaki CEO surviving another day of some munth slinging
Speaker 2: on Twitter or x, but also talking us through Disney
Speaker 2: as well.
Speaker 4: We thank him for it. This is Blue Bang Technology.
Speaker 5: It's time for talking tech. This is what I broke
Speaker 5: last night with the Bloomberg Deal's team. Chipmaker Sarah Brass
Speaker 5: Systems has picked City Group as the lead bank on
Speaker 5: its initial public offering. Sourcings telling us that the Silicon
Speaker 5: Valley company chose the lender after holding discussions with potential
Speaker 5: advisors on a US listing. Sarah Brass is targeting that
Speaker 5: listing in the second half of the year and may
Speaker 5: seek evaluation above the four billion figure it achieved in
Speaker 5: its last twenty twenty one funding round, and during the
Speaker 5: phone call between President Biden and China g the two
Speaker 5: are said to.
Speaker 3: Have discussed TikTok.
Speaker 5: White House spokesman John Kirby told reporters that Biden reiterated
Speaker 5: to Gie his concerns about Chinese ownership of the popular
Speaker 5: video sharing app. He said it was not about a
Speaker 5: ban of the application, but rather US interest in divestiture.
Speaker 2: Carol, Meanwhile, let's talk about a previous President Trump who
Speaker 2: is suing two co founders.
Speaker 4: Trump Media and Technology.
Speaker 2: I mean, then they set the company up improperly and
Speaker 2: shouldn't get any stock in it. This comes amid wild
Speaker 2: swings in shares of the recently public company, of course
Speaker 2: went through a spac Let's talk about it all the
Speaker 2: legal battle that is with Bloomberg's Bailey Lipschaltz, and so
Speaker 2: just talk us through us about the issues the co
Speaker 2: founders have of truth social with Trump.
Speaker 8: Well, there were an initial lawsuit from the two co
Speaker 8: founders saying that they were going to be diluted out
Speaker 8: of their eight point six percent steak in Trump Media
Speaker 8: and Technology Group. And this is a counter lawsuit from
Speaker 8: Donald Trump saying that they deserve nothing. And this is
Speaker 8: really a deal that has had a number of lawsuits
Speaker 8: from the two co founders to the founder of the
Speaker 8: actual spac that brought Trump Media public, who was suing
Speaker 8: about his steak. So there are a number of lawsuits.
Speaker 8: It's really mind boggling to try to put into perspective
Speaker 8: just who is arguing what at this point. But as
Speaker 8: far as we know at this point, UAV, which is
Speaker 8: the investment group behind those two co founders, they currently have,
Speaker 8: according to filings, a north of five percent stake in
Speaker 8: Donald Trump has a roughly fifty seven to fifty eight
Speaker 8: percent stake in Trump Media Bailey Estate.
Speaker 5: In what exactly I think this week we learn the
Speaker 5: reality of what the company is does, its finances and
Speaker 5: its scale, and actually there's not a lot there, not
Speaker 5: a lot there.
Speaker 8: Really, the flagship product is truth Social. The company declines
Speaker 8: to provide typical metrics, average users, monthly average users, any
Speaker 8: real data point behind that. But they did in their
Speaker 8: twenty twenty three filing update that they lost more than
Speaker 8: fifty million dollars and generated and easily four million dollars
Speaker 8: in revenue. So it really has seen.
Speaker 1: We've really been.
Speaker 8: Tracking the technology company that trades under DJT. It really
Speaker 8: is more of a memestock, a investment that people are
Speaker 8: buying because it has the potential to be sold to
Speaker 8: someone else at a higher valuation as opposed to the
Speaker 8: actual underlying business as it is fit.
Speaker 5: Right now, Bloomberg's Bay Lipschotz, who's being kept busy by
Speaker 5: the latest despach and what a story it is, thank you.
Speaker 5: Now coming up on Bloombow Technology, Spotify raising prices for
Speaker 5: the second time in a year. This is one actually
Speaker 5: that there was pretty immediate reaction to on different social
Speaker 5: media platforms because investors like it.
Speaker 3: The shares are up.
Speaker 5: If you're a consumer and you have another subscription where
Speaker 5: the cost is going up, maybe you think again, I
Speaker 5: don't know.
Speaker 3: We're going to get all those details.
Speaker 5: Next from New York City, side by side, this is
Speaker 5: Bloombow Technology.
Speaker 3: Welcome back to Bloomberg Technology. I'm a a loveo.
Speaker 2: I'm Caroline High. Let's get a quick check on these market,
Speaker 2: says could. Right now, we're actually seeing a bit of
Speaker 2: a reprieve after yesterday's sell off. Now notably we've got
Speaker 2: a bounce back of six ten percent on the NASTEP
Speaker 2: one hundred. Remember yesterday the benchmarks basically fell the most
Speaker 2: in a month, as we're worried about guess what macropolicy,
Speaker 2: federal reserve policy, whether or not we will indeed see
Speaker 2: three rate cuts happening over the course of the rest
Speaker 2: of this year. The market has started to doubt that
Speaker 2: because there's some really robust data think of ADP that
Speaker 2: comes in today. But nevertheless, we managed to shake off
Speaker 2: those losses. Not so in the bond market. We're still
Speaker 2: up by some three basis points on the tenure Bitcoin
Speaker 2: THO like alongside some of the other tech risk assets
Speaker 2: were up nine tenser percent, still sixty six thousand O
Speaker 2: well off those previous highs. Move on, have a look
Speaker 2: at some of the individual movers that we've got on
Speaker 2: the nose today. Look, there is a human cost disaster
Speaker 2: that we're talking about that's happened in Taiwan following an earthquake.
Speaker 2: The ramifications on the global economy is something we've tried
Speaker 2: to debate and think about. TSMC is actually up one
Speaker 2: point four percent and is coming out and saying, look,
Speaker 2: the impact of TSMC operations from this earthquake should be manageable.
Speaker 2: According to City Group Spotify our five point seen percent.
Speaker 2: We're going to dig into why that's on a price
Speaker 2: point change that they're currently offering.
Speaker 4: But let's look at Disney down a quarter of a percent.
Speaker 4: We are all.
Speaker 2: Anticipating that intant shareholder meeting, the proxy battle that has been.
Speaker 4: Going on for months.
Speaker 2: The deluge even ads that we may able and serve
Speaker 2: to get out there and vote if you're a retail
Speaker 2: investor and well, Pelts versus EIGA will win.
Speaker 5: Ed, let's get more on the mouse house with the
Speaker 5: take from the in house Bloomberg intelligence and this Guita
Speaker 5: Rang and Nathan and Gita. You did two interesting pieces
Speaker 5: of research earlier in the week published on the Bloomberg
Speaker 5: terminal that with Disney pulling ahead, seems like that's still
Speaker 5: the case. Look at cash flow and look at fundamentals.
Speaker 5: Why was that your thesis?
Speaker 4: Yeah, thank you so much, Ed.
Speaker 9: So, I think you know what Belts has kind of
Speaker 9: been agitating for, Disney has more than delivered. Right, So
Speaker 9: Disney has I mean, Belts has been speaking and kind
Speaker 9: of constantly. His rallying cry has been on the poor
Speaker 9: stock prize performance, on you know, poor financial performance. And
Speaker 9: barb Iger, what he's done ever since he's come back
Speaker 9: is he's really taken control of the narrative here and
Speaker 9: he has instituted really broad reforms.
Speaker 4: Across the company.
Speaker 9: Of course, the most critical being the cost cuts. And
Speaker 9: we've seen cost cuts across the board. We've seen their
Speaker 9: content budget kind of slashed pretty dramatically. And what that's
Speaker 9: doing is it's improving earnings power at the company and
Speaker 9: it's improving free cash flow. And so we're going to
Speaker 9: see a seventy percent surge in Disney's free cash flow.
Speaker 9: We're almost back to pre pandemic levels. Remember before they
Speaker 9: went into streaming, they were generating about ten billion.
Speaker 4: Dollars in cash flow.
Speaker 9: Of course, that went down pretty dramatically through Covid, through
Speaker 9: the Fox acquisition, With the streaming launch, we were down
Speaker 9: to close to about five billion dollars in twenty twenty three,
Speaker 9: but we're going to be up to eight billion, more
Speaker 9: than eight billion actually twenty twenty four, and probably even
Speaker 9: ten billion next year.
Speaker 2: If Nelson Pelts, if Jay Russulo, who was the previous CFO,
Speaker 2: don't get board seats, maybe they've ended up winning anyhow.
Speaker 2: If they've pushed ultimately these focus on costs, this focus
Speaker 2: on profitability to go hand in hand. How much do
Speaker 2: you think the fact that Vanguard and Black Croc have
Speaker 2: come out and support to Bobby Gay do you think
Speaker 2: that ultimately they're saying, you've got to stand by this,
Speaker 2: You've now got to enact some of these changes we
Speaker 2: need to see.
Speaker 4: Yeah.
Speaker 9: I think Disney definitely obviously has the edge, Caroline, as
Speaker 9: you just kind of pointed out, as they kind of
Speaker 9: go into this home home stretch of this meeting. But
Speaker 9: I think to a great extent, I think Pels has
Speaker 9: also been a clear winner. I mean the stock price.
Speaker 9: Ever since he started agitating in October of last year,
Speaker 9: the stock price is up forty five percent, and I
Speaker 9: think it's definitely added. You know, obviously, Iiger has constantly
Speaker 9: complained that having all these activists investors kind of breathing
Speaker 9: down his neck has been a constant distraction for him,
Speaker 9: and to some extent, I think that's that's justified. But
Speaker 9: I think at the same time, kind of having them,
Speaker 9: you know, light of fire there was was kind of
Speaker 9: important for him to really accelerate kind of the change, right.
Speaker 9: So we've had him do some pretty transformative stuff, whether
Speaker 9: it's you know, charting out ESPN's digital future, whether it's
Speaker 9: kind of putting Disney on financial on on firm financial footing,
Speaker 9: or whether it's the sixty billion dollar investment in Parks.
Speaker 9: So I think to a great extent, Pelso's also one,
Speaker 9: even if he doesn't win the actual.
Speaker 4: Vote, Etha.
Speaker 2: So it's great to get your perspective Blomberg Intelligence and
Speaker 2: I still be they're viewing, I'm sure later today Keithan
Speaker 2: Wang and Ethan we thank you now. And even more
Speaker 2: news coming out of the entertainment industry. Spotify, well, it's
Speaker 2: going to be raising the price of its streaming service
Speaker 2: in several key markets for not once, but the second
Speaker 2: time in this year.
Speaker 4: And it's a step of course, to keep.
Speaker 2: On moving towards long term profitability, joining us for more
Speaker 2: relmost Felix, Gillette and whole host of news happening in
Speaker 2: entertainment right now, Spotify.
Speaker 4: One to two dollars.
Speaker 2: How big a perspective is this that they're now going
Speaker 2: to have to start charging for audiobooks.
Speaker 10: It feels like, well, I think it's a big move
Speaker 10: because for so long Spotify kept the price same right
Speaker 10: and now they've reason that, you know, the rising prices
Speaker 10: twice within a year, and I think that you know,
Speaker 10: part of this is the introduction of audio books this
Speaker 10: last fall. You've got fifteen hours with your premium plan
Speaker 10: and you only paid if you went above those fifteen hours.
Speaker 10: So Spotify has been paying these book publishers but not
Speaker 10: collecting money. So now basically what's going to happen is
Speaker 10: if you want to keep listening to those audio books,
Speaker 10: you're going to pay a dollar or two dollars more
Speaker 10: a month, depending on your plan.
Speaker 3: But they're also going to introduce a basic.
Speaker 10: Plan with just music and podcasts.
Speaker 3: And if you don't that that makes important.
Speaker 8: Right.
Speaker 5: The shares are up six percent ish big on track
Speaker 5: for theduce jump since the first week in decend it.
Speaker 5: So there's the thing the investors like, yeah, which carry
Speaker 5: outline is maybe towards profitability, but the consumer is going
Speaker 5: to look at it and go, it's another thing, I
Speaker 5: got to pay more for. What are they getting in return?
Speaker 5: You know, what is the access that comes with it?
Speaker 10: Well, then that much because they've already had free audio books,
Speaker 10: you know, so basically they're getting the choice, do you
Speaker 10: want to pay for audio books or do you just
Speaker 10: want to.
Speaker 4: Just listen to music and podcasts.
Speaker 3: So it's a little bit more choice.
Speaker 2: Let's stay in the world of entertainment and those that
Speaker 2: represent those that have big podcasts on big music endeavor.
Speaker 2: I mean we've long heard from Ariammanuel sitting with our
Speaker 2: own Lucas Shore at events that we have, of course,
Speaker 2: like screen Time, he didn't like being a public company ultimately.
Speaker 4: Or where his share price was, and now they're going
Speaker 4: back private.
Speaker 10: Yeah, there was always this frustration on Ari's part that
Speaker 10: you know, the market wasn't valuating these collection of assets
Speaker 10: the same way they saw them. But it was always
Speaker 10: a little bit of a confusing mix, right, it was
Speaker 10: talent agencies, it was opened that you know, sports betting, information,
Speaker 10: bull riding, you know, the spinning off of UFC and
Speaker 10: merging with WWE and what did it all add up to.
Speaker 10: I think this will give you know, the company more
Speaker 10: flexibility to make sense of those assets, maybe sell off
Speaker 10: some of the pieces there without quite as much scrutiny
Speaker 10: from investors who didn't really get the vision.
Speaker 5: The shares actually moved on this, but I think we
Speaker 5: kind of knew it would be done. Yeah, there's an
Speaker 5: interesting paragraph in the story, which is including the Tico
Speaker 5: Aero element Silver late gave us a twenty five billion
Speaker 5: dollar enterprise.
Speaker 3: He's making it the.
Speaker 5: Largest private equity takeover of a public company in more
Speaker 5: than a decade. Why do we care about this maneuvering.
Speaker 4: I think it will be interesting.
Speaker 10: It gives I mean a little less visibility to what's
Speaker 10: happening in Hollywood. From my perspective, I could see WM
Speaker 10: you know, you could see there what was happening with
Speaker 10: the streaming with Peak TV as their revenues grew. We're
Speaker 10: going to get a little bit less visibility into that.
Speaker 10: You know, we'll still be able to see what's happening
Speaker 10: with UFC and WWE.
Speaker 4: But yeah, it'll be interesting to see Ari.
Speaker 10: I think it'll give him more flexibility to make some moves,
Speaker 10: and he's been a big player in Hollywood, so I
Speaker 10: think that'll be fun to watch.
Speaker 3: Bloomberg's for Felix Jillette.
Speaker 5: Your world's very busy at the moment, Entertainment media a
Speaker 5: lot of fun now coming up on the show, We're
Speaker 5: going to be joined by Brim Financial CEO Rasha Katabi
Speaker 5: on the company's brand new series C Round Big numbers.
Speaker 5: That conversation is coming up next. This is Boomberg Technology.
Speaker 3: Okay.
Speaker 5: Today fintech company brim Financial announced an eighty five million
Speaker 5: dollar Series C funding round on the back of strong
Speaker 5: revenue growth. The company provides credit platform programs as a
Speaker 5: service to banks and large enterprises and says it's rapidly
Speaker 5: increasing its market share. Let's break it all down with
Speaker 5: brim Financial CEO Russia Katabi Russia. Good morning to you
Speaker 5: from New York City. What are you going to use
Speaker 5: the money for.
Speaker 11: We're going to be focusing on our expansion and the
Speaker 11: robustness of our credit card platforms, and we're really excited
Speaker 11: about the three is Thank you for having me.
Speaker 4: On ed Russia. Interesting.
Speaker 2: Of course, you're building the business in Canada, you're looking
Speaker 2: at penetration here in the United States, and you say
Speaker 2: that you're going to be redefining the credit card and
Speaker 2: payment infrastructure landscape.
Speaker 4: For those not steeped in the world of fintech, outlook like.
Speaker 11: Well, you know, we're seeing a lot of changes in
Speaker 11: the market, you know, carolinne with just the capping of
Speaker 11: the fees that you know was just announced in the US,
Speaker 11: which we think actually is really positive all around. But
Speaker 11: it's going to have an undeniable impact on credit card
Speaker 11: issuers and it's going to highlight the importance of the
Speaker 11: product construct the strength of the platform capabilities, and that
Speaker 11: is what's going to drive with the positioning and competitive
Speaker 11: landscape as opposed to leaning in too much in interchange
Speaker 11: revenue the way you know, value propositions used to you know,
Speaker 11: be front of the center.
Speaker 2: So you're kind of helping financial companies make their mark,
Speaker 2: stand out offer things.
Speaker 4: But it's notable.
Speaker 2: You say, Masscard, Visa had capped ultimately some of their fees,
Speaker 2: but they're also getting fees in other ways. There's another
Speaker 2: great story coming from our n Pager reporter here saying
Speaker 2: that Masscard actually plans to increase certain credit card fees
Speaker 2: beginning April fifteenth, and these are going to be more
Speaker 2: network assessment fees. So do these credit card companies end
Speaker 2: up making money no matter what, Well, you.
Speaker 11: Know, when you hold the keys to the castle, you
Speaker 11: always have a way to protect your share of revenues.
Speaker 11: I think, undeniably MasterCard and Visa are great companies that
Speaker 11: play a key role in the ecosystem, and undoubtedly I
Speaker 11: don't think this is going to impact their revenues or
Speaker 11: their stock price.
Speaker 3: Karen I, Russia.
Speaker 5: Today's Tech Daily newsletter is a look at the funding
Speaker 5: environment for startups and what our colleague career and outlines is.
Speaker 5: It's been a pretty rough start to the year. And
Speaker 5: if you're not an AI company, you're not allowed or allowed,
Speaker 5: but you're not going to be able to raise funds.
Speaker 5: That's the kind of thesis outlined in the Tech Daily.
Speaker 5: But you did raise funds and you're not an AI
Speaker 5: company on the face of it, how difficult was it
Speaker 5: and how did you go about it?
Speaker 11: Yes, we certainly it's a significantly harder environment, a more
Speaker 11: challenged environment than a few years ago, let's say so.
Speaker 11: The entire process of raising fund is much more rigorous.
Speaker 4: You know.
Speaker 11: Luckily for us at BRIM, we've ted xed our revenues
Speaker 11: since the Series B and we've expanded our product and
Speaker 11: platform capabilities significantly in both the credit card and payment space.
Speaker 11: We've also signed on some really awesome partnerships that are
Speaker 11: key in the fueling the global expansion. You know, I
Speaker 11: refer you to the master Card partnership that we announced
Speaker 11: in December twenty twenty three, where MasterCard in the US
Speaker 11: selected Brim to be their credit card platform as a
Speaker 11: service strategic partner, really to help their own customers be competitive,
Speaker 11: offer innovative product and payment solutions, and better serve their
Speaker 11: own customers, whether they be consumers, small businesses, or large companies.
Speaker 5: There's one word I don't think I heard do you
Speaker 5: use yet? Which is profit? Did your investors in this
Speaker 5: Series C upround want to see some profit?
Speaker 4: Yeah?
Speaker 11: Thank you for it was a very robust upround for
Speaker 11: Brim since our Series B, and I think it's simply
Speaker 11: a testament to what we've been doing for the past
Speaker 11: three years. The massive growth very much the market is
Speaker 11: reacting to that, and we're thrilled about it. On AI
Speaker 11: and you said, on the face of it, we're not
Speaker 11: an AI company of course, However, AI undeniably is being
Speaker 11: rolled out across the Brim platforms, and that together, combining
Speaker 11: it with open banking capabilities that we're rolling out, is
Speaker 11: going to enable our clients to unlock key new opportunities.
Speaker 2: So interesting your background two decades in the capital markets,
Speaker 2: you're a TV bank, you're at Merril. You then seen
Speaker 2: this problem gone out and fixed it. Now you're looking
Speaker 2: to the US. Is it talent that you need. Is
Speaker 2: it marketing spend that you need to hit B to
Speaker 2: B audience?
Speaker 4: Where do you deploy the money raised?
Speaker 11: Yeah, that's that's asking. We're definitely focusing on the hiring already, Caroline.
Speaker 11: Our company is half US half Canada more or less
Speaker 11: from a staffing perspective, we are going to be definitely
Speaker 11: increasing our footprint as well as you know folks that
Speaker 11: are going to be joining brim that are all US based.
Speaker 11: Currently we have our CEO in Miami, our CFO is
Speaker 11: in the Bay Area, and definitely that I think that
Speaker 11: that trend continues.
Speaker 2: A truly sort of decentralized business at the moment. From
Speaker 2: financial CEO Rushia Katabi, really great.
Speaker 4: Task in time with you today. Thank you.
Speaker 2: Coming up, we're going to be joined by thread Up
Speaker 2: CEO James Reinhart because in the company's latest findings on
Speaker 2: resell industry trends and guess what's sprinkling of.
Speaker 5: Ai too, and Caroline, I'm going to continue keeping an
Speaker 5: eye on what's happened in Taiwan. You know, the worst
Speaker 5: seismic event earthquake in twenty five years. Sadly nine were killed.
Speaker 5: But these are the US listed shares or ADRs of TSMC,
Speaker 5: the biggest contract chip manufacturer in the world. They're near
Speaker 5: session highs one and a half percent. If you look
Speaker 5: at the cell side reaction, everyone's pretty sanguine that this
Speaker 5: is not going to have a big impact. City calling
Speaker 5: the situation on those key chip plants in Taiwan manageable
Speaker 5: that will continue to track the latest that is coming
Speaker 5: out of Taiwan.
Speaker 3: This is Bloomberg technology.
Speaker 2: Let's talk about the resale market. Well, if you're apparel,
Speaker 2: because it's a booming industry. The second hand in peril
Speaker 2: market is in fact growing eleven percent annually on average
Speaker 2: in the United States, it's at according to thread up's
Speaker 2: latest report, and that market is even slated to reach
Speaker 2: seventy three billion dollars by twenty twenty eight. Let's get
Speaker 2: the person behind this report, thread up CEO James Reinhart,
Speaker 2: joining us for more. And we've seen many ways people
Speaker 2: wanting whether it's environmental reasons, whether that's right now, actial
Speaker 2: reasons to basically be more thrifty.
Speaker 12: Right, absolutely, yeah, I mean that's certainly the trend these days.
Speaker 12: People are looking for value and they're looking to be unique,
Speaker 12: and I think that's where resale really hits the bid.
Speaker 5: What I find so interesting about this, James, is the
Speaker 5: marketplace technology must be involved to assign a value to
Speaker 5: any specific garment, as much as the participation of the
Speaker 5: seller and the buyer.
Speaker 3: Right, just to explain the process.
Speaker 12: To us, Yeah, sure, I mean, you know, thrifty secondhand
Speaker 12: has been around a long time, right, eBay, Craigslist, you know,
Speaker 12: really invented this market, you know, over thirty years ago.
Speaker 12: I think what's changed over the last ten years is
Speaker 12: companies like Threadup that have come onto the scene and
Speaker 12: really brought technology to the forefront. So we run four
Speaker 12: distribution centers around the country where consumers send us their
Speaker 12: goods they're no longer wearing. We process all of those goods.
Speaker 12: We process more than one hundred thousand unique items every day,
Speaker 12: nearly sixty thousand brands in our system. We process those amps,
Speaker 12: we put them online for resale, and then we allow
Speaker 12: buyers to shop like they're shopping on Amazon or Nordstrom.
Speaker 12: And so we've really built a consumer experience that I
Speaker 12: think meets the consumer where they are and really is
Speaker 12: technology driven demographics.
Speaker 4: James.
Speaker 2: I mean, I've come to thread Up for children's clothes
Speaker 2: because ultimately, I think that's they're getting through them really quickly,
Speaker 2: and you want to be ensuring that you're being environmentally
Speaker 2: friendly and a little bit thristy on it.
Speaker 4: But who is generally your buyer right now?
Speaker 12: I think what's so remarkable about the resale industry is,
Speaker 12: I mean your experience is a classic one. You know,
Speaker 12: our original tagline and our business was clothes.
Speaker 3: Don't grow, kids do.
Speaker 12: But what you're finding is, whether it's Gen Z or millennials,
Speaker 12: gen X boomers, everybody is starting to approach thrift in
Speaker 12: a more mainstream way because the value certainly is something
Speaker 12: that the consumer cares about today.
Speaker 4: And one of the things that thrift.
Speaker 12: Provides for folks no matter your age, is the ability
Speaker 12: to find something that's you unique. Right it's not on
Speaker 12: the store at at your favorite High Street store. It
Speaker 12: might be from a few years ago. And I think
Speaker 12: that combination of uniqueness on top of value is something
Speaker 12: that transcends generations. I mean, just as just because we
Speaker 12: get older doesn't mean we don't want to find great
Speaker 12: deals and we want to be our unique expression of ourselves.
Speaker 12: And I think that's what's driving it.
Speaker 5: You've kind of led us to competition. You know, you
Speaker 5: mentioned the history of thrift, particularly the digital marketplace, you know, Craigslist.
Speaker 5: When I moved to the United States was kind of
Speaker 5: my first introduction to that. Who is now your biggest
Speaker 5: competition and do they have the sophistication of live data
Speaker 5: marketplace that you do.
Speaker 12: Yeah, I think where the industry has evolved five, six,
Speaker 12: seven years ago, you would sit in a room with
Speaker 12: a number of people and they would say, Oh, I
Speaker 12: use Threatup, or I use the Real Reel or one
Speaker 12: of the other peer to peer marketplaces. And I think
Speaker 12: what's fascinating now is that you're in a conversation with
Speaker 12: you know, half a dozen people, and every single person
Speaker 12: is using one of the thrift companies. And so I
Speaker 12: think it's a rising tide lifts all boats. I think
Speaker 12: generally speaking, thrift and resale as a category is taking share,
Speaker 12: you know, from mainstream high street apparel brands, and I
Speaker 12: think the data shows that consumers are.
Speaker 3: Thrifting more and more each year.
Speaker 12: I mean, the resale market's growing three times as fast
Speaker 12: as the traditional retail market.
Speaker 4: So we personally worry.
Speaker 12: A little less about the competition and ultimately about the
Speaker 12: size of the opportunity, and I think that the opportunity
Speaker 12: is large, and you know, we'll take our.
Speaker 3: Chances on the field.
Speaker 2: So when it comes to basically preaching to the non converted,
Speaker 2: it's going to be influencers, Right, How are you marketing
Speaker 2: at the moment in a digitally savvy manner?
Speaker 3: Yeah?
Speaker 12: I mean do we work with a lot of influencers.
Speaker 12: We certainly are in the ad markets, We do a
Speaker 12: lot of direct mail, we do TV, and I think
Speaker 12: generally speaking, the fastest way that the resale business has
Speaker 12: grown is through word of mouth and through tastemakers and
Speaker 12: influencers talking about the destigmatization of secondhand and I think
Speaker 12: ten years ago it wasn't cool necessarily to shop secondhand.
Speaker 12: And I think thread Up deserves a lot of credit.
Speaker 12: We deserve a lot of credit for creating momentum in
Speaker 12: an industry where now it's actually one of the coolest
Speaker 12: things to do.
Speaker 4: You talk to young.
Speaker 12: People, you talk to celebrities. It's vintage, it's unique, it's resale,
Speaker 12: and so I think all the stigma has gone away,
Speaker 12: and I think that's really what's going to drive momentum
Speaker 12: in the category over the next ten years.
Speaker 4: Treed Up CEO, James Reinhart.
Speaker 2: Great to have you talk us through the industry and
Speaker 2: the way in which you're navigating it.
Speaker 4: Thank you very much. Indeed, meanwhile, I mean we've.
Speaker 2: Got to go back to what is going to be
Speaker 2: a big event sports technology investors and media investors coming
Speaker 2: up later in the show.
Speaker 4: It's a Disney show.
Speaker 5: Yeah, like Disney shares Softter six tens percent. We're probably
Speaker 5: still even treading water at that level. The latest reporting
Speaker 5: is that Bob Ayga has the support of the big institutionals,
Speaker 5: black Rock, Vanguard.
Speaker 3: The wild card or the unknown.
Speaker 5: Is the retail group you know that traditionally might go
Speaker 5: with an activist, but tune in because we're gonna be
Speaker 5: on it all day long.
Speaker 2: And I think ultimately retail investors tend to go with
Speaker 2: the board that's in place. And certainly, if you've been
Speaker 2: in retail investor, you've been bombarded with a whole number
Speaker 2: of ads asking you to do just that. But as
Speaker 2: we're just discussing with geetha ultimately maybe trans.
Speaker 4: Kind of one here.
Speaker 3: The final thing.
Speaker 5: It's so weird, but one pm Pacific, four Pmison there's
Speaker 5: a webcast. I wonder if like it's the most watched
Speaker 5: AGM of all time.
Speaker 2: We'll find out all of Omaha might have something to
Speaker 2: say about that. That does it for this edition of
Speaker 2: Bluebog Technology.
Speaker 3: Check out the pod.
Speaker 5: You know exactly where to find it, Apple, Spotify, iHeart
Speaker 5: and on Bloomberg.
Speaker 3: This is Bloomberg Technology.