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Speaker 1: From the heart of where innovation, money and power callive

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Speaker 1: in Silicon Valley and beyond. This is Bloomberg Technology with

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Speaker 1: Emily Jay. I'memily check in San Francisco, and this is

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Speaker 1: Bloomberg Technology. Coming up in the next hour. Twitter begins layoffs,

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Speaker 1: reportedly cutting the PR team from roughly ninety people to

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Speaker 1: just two and more, and Musk says the company is

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Speaker 1: under stress from a massive drop in revenue as advertisers

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Speaker 1: hit pause. Plus Expedience CEO joins us to talk about

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Speaker 1: the travel rebound and plans to take on Airbnb after

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Speaker 1: reporting record revenue. Will I keep up in a recession?

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Speaker 1: And Bloomberg analyze more than one million tweets and Facebook

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Speaker 1: posts from hundreds of midterm elections candidates who said they

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Speaker 1: believed somewhat or fully that the election was stolen from

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Speaker 1: former President Trump. Turns out, amplification of the so called

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Speaker 1: big lie on social media drives engagement. We're gonna get

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Speaker 1: to all of that in a moment, but first I

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Speaker 1: want to get to Twitter now and the slow of

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Speaker 1: companies pulling their advertising from the platform. Bloomberg's Alex Barrinka

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Speaker 1: has been following it all for us, so Alex Elon

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Speaker 1: Musk has said there's been a massive drop in revenue.

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Speaker 1: He blames it on activist activist groups pressuring advertisers over

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Speaker 1: content moderation issues, even though nothing has changed yet. Who's

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Speaker 1: leaving Audias, leaving GM is leaving either leaving really big

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Speaker 1: names are leaving, Emily. And to your point there, Elon,

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Speaker 1: with tweeting yesterday you did a poll thing what you

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Speaker 1: advertise or stand behind free speech or political correctness, those

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Speaker 1: are the only two choice of that. Emily actually think

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Speaker 1: that's probably a little bit of a false choice for

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Speaker 1: these brands. They are looking at Twitter as the plates

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Speaker 1: to put dons and find some return on that advent.

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Speaker 1: That return is going to be kind of number one

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Speaker 1: in their minds. As we've seen um Twitter the business

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Speaker 1: kind of you know, convulsing over the last week, with

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Speaker 1: laying off about half of the workforce, with questions around

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Speaker 1: who is leading different departments, and with Elon trying to

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Speaker 1: counter that by assuring advertisers that they will be moderating

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Speaker 1: content on the platform. It seems like a lot of

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Speaker 1: these big names are deciding right now to take a pause.

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Speaker 1: And I would say this is a pretty problematic thing

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Speaker 1: for Twitter. You'll remember the last earnings report they had,

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Speaker 1: they actually saw revenue decline from a year prior in

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Speaker 1: that quarter. And now Ellen is taking a company that

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Speaker 1: is private and will have about a billion dollar interest

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Speaker 1: bill every year for the debt that they used to

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Speaker 1: take this company private. So advertisers here are the lifeblood.

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Speaker 1: Ellen's coming in with um a little bit of perhaps

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Speaker 1: sauciness at them for leaving the platform, but they will

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Speaker 1: absolutely need those dollars who forward. All right, So we're

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Speaker 1: talking Volkswagen Fiser General Mills. Let's talk about the layoffs.

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Speaker 1: Employees started getting emails early, early in the morning that

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Speaker 1: they were being terminated, cools getting let go. Is it

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Speaker 1: that thirty seven hundred number that we've been reporting right now?

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Speaker 1: It seems like it is inching toward that number. And

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Speaker 1: you have some teams like you mentioned at the top,

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Speaker 1: like the communications team, that have been completely gutted, losing

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Speaker 1: about eighty eight of their ninety employees. So you have

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Speaker 1: folks kind of all the way across the board, and Emily.

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Speaker 1: One of the reasons why advertisers might actually be pausing,

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Speaker 1: it's sort of related to how this is being handled.

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Speaker 1: It is typical in a acquisition or in a change

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Speaker 1: of leadership for the new leaders to come in to

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Speaker 1: kind of take a survey of the land and to

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Speaker 1: kind of approach these things a little bit differently. The

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Speaker 1: way that Ellen has come in with these kind of

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Speaker 1: emails sometimes overnight for employees and UM, what some employees

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Speaker 1: are looking at is kind of a coin flip has

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Speaker 1: injected a lot of UM, someone call it chaos into

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Speaker 1: the business. So we're seeing the cuts across the board.

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Speaker 1: There are some areas he's staying and urging UM perhaps

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Speaker 1: for that advertise advertiser audience, that he is bringing the

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Speaker 1: tools back online for content moderation UM, and areas like

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Speaker 1: that that he has put make care to reference in

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Speaker 1: the last forty eight hours. But it does seem like

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Speaker 1: it's pretty broad based across the company and in terms

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Speaker 1: of word that those head count cuts are coming from. Meantime,

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Speaker 1: Twitter is being sued uh in a class action lawsuit

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Speaker 1: by employees who say their termination is wrongful or that

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Speaker 1: at least under California employment law, he can't make big

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Speaker 1: changes like this before sixty days have passed. Can you

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Speaker 1: explain the lawsuit to us and how good of a

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Speaker 1: case they have? Sure in the state of California. We're

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Speaker 1: we're rebooth our Emily right now, there's something called a

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Speaker 1: war notice where employers have to give a sixty day

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Speaker 1: notice before be off above a certain threshold of people.

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Speaker 1: That Twitter is certainly clearing that threshold. This is a

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Speaker 1: lawyer who's bringing this class action suit, who actually has

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Speaker 1: let a suit against Musk before over a similar matter

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Speaker 1: for layoffs at Tesla. You'll remember, um, he elon must

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Speaker 1: hold our very own editor in chief that he saw

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Speaker 1: that suit is trivial. Um, so you can imagine what

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Speaker 1: he how he might perceive this suit today. That lawyer

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Speaker 1: did come back, uh, just this afternoon and say that

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Speaker 1: she's happy to see that some of the severance packages

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Speaker 1: are actually paying out employees over the number of day

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Speaker 1: some employees over the number of days that are legally required. Um.

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Speaker 1: So it seems like there could still be some activity

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Speaker 1: on that case, but certainly with the swiftness of the

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Speaker 1: decision that was made, there are a lot of questions

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Speaker 1: raised around legality, both here in the state of California

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Speaker 1: and you can probably imagine in some of the other

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Speaker 1: countries where Twitter has offices as well. All Right, Alex Brenka.

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Speaker 1: I'm sure there'll be lots of news more and more

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Speaker 1: over the Again, thank you so much for bringing us

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Speaker 1: the very latest. Will continue to watch your reporting. Zooming

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Speaker 1: out to the tech space at large. Now, things not

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Speaker 1: looking much better, the Nasdaq one hundred dropping more than

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Speaker 1: five percent this week as the sector veils from economic uncertainty.

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Speaker 1: We're gonna get more on the bigger picture here with

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Speaker 1: Bloomberg's Emily Grafeo. Emily, how is tech weighing on overall markets?

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Speaker 1: It's not just Twitter, but Apple, Amazon, where we're also

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Speaker 1: seeing significant changes in strategy when it comes to spending

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Speaker 1: and hiring. We are seeing these stocks falling, but in

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Speaker 1: terms of how much they're impacting the overall market, I

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Speaker 1: think that story is really beginning to change as the

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Speaker 1: Federal Reserve raises interest rates. I was actually looking at

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Speaker 1: just how much um these tech stocks and the movements

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Speaker 1: in these stocks impact the broader SMP five hundred. For

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Speaker 1: a really long time. In the last two years, the

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Speaker 1: narrative has been, you know, these megacat tech stocks make

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Speaker 1: up such a large portion of the SMP five hundred,

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Speaker 1: we can't see the market gain without the strength there.

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Speaker 1: But if you look at the month of October UM,

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Speaker 1: four out of the five largest mega cap tech stocks

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Speaker 1: in the SMP five hundred posted a negative return, and

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Speaker 1: we saw the SMP five hundred gain about eight percent,

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Speaker 1: So the equal weighted index was even higher, almost ten

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Speaker 1: percent there. So it is starting to seem like investors

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Speaker 1: can play the broader stock market and they don't need

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Speaker 1: that tech strength like they did before. And we're really

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Speaker 1: starting to see that this federal reserve tightening is weighing

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Speaker 1: on these big tech companies. What are money managers saying

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Speaker 1: about this? Are they getting skittish? It's interesting. I was

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Speaker 1: actually at an investing conference last week and I have

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Speaker 1: to say, Emily, there weren't a lot of conversations about

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Speaker 1: where can I invest in tech? The questions were more about,

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Speaker 1: you know, where the value stocks? Um, how can I

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Speaker 1: position my fixed income portfolio. I was talking with Jan

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Speaker 1: von Eck, he's the CEO of van Eck Funds. We

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Speaker 1: were talking a little bit of out technology stocks. He

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Speaker 1: said he probably wouldn't go overweight, but the valuations have

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Speaker 1: come down in that sector, so he said that is attractive.

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Speaker 1: But um, when you look at overall money managers, they

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Speaker 1: are thinking about value stocks more than just Oh my gosh,

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Speaker 1: I need Apple overweight in my portfolio. There is some

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Speaker 1: fear that the federal reserve tightening is going away on

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Speaker 1: the stocks more than it already has, and that earnings

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Speaker 1: do have to come down even more. All right, Emily,

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Speaker 1: thank you so much for zooming out. Bloomberg's Emily graffo

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Speaker 1: so much to continue to watch the Fed trying to

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Speaker 1: tamp down affordability, but people continue to pay top dollar

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Speaker 1: for experiences. Expedia posted record quarterly revenue and third quarter

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Speaker 1: bookings free cash flow for the first nine months three

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Speaker 1: point one billion dollars, more than double levels. Expedia CEO

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Speaker 1: and vice chair Peter Kern joins me. Now, so, uh, Peter,

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Speaker 1: let's talk about the bigger picture here. It looks like

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Speaker 1: people are continuing to spend on travel. I know we

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Speaker 1: had some hurricanes that interrupted some of the flow, but

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Speaker 1: outside of that, how good was the summer travel season?

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Speaker 1: The summer travel season was great, Emily. You know, it

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Speaker 1: was everything I think most of us expected, which was

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Speaker 1: tons of pent up demand anywhere in the world where

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Speaker 1: people could travel. Of course, there's parts of the world

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Speaker 1: still even now, in an apac and other places where

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Speaker 1: it's still quite difficult to travel. So there is more

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Speaker 1: to come in terms of opening up world travel. But

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Speaker 1: the summer was great. Business has continued to be quite strong,

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Speaker 1: and demand really hasn't ebbed since then. So you know,

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Speaker 1: everything so far looks pretty good, notwithstanding all the macroeconomic

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Speaker 1: warriors that you talk about all day. So um, so

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Speaker 1: we're feeling pretty good about things. But if we had

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Speaker 1: into a recession, I mean, I know people are spending

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Speaker 1: money on travel to this point, who's to say that

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Speaker 1: people aren't going to say, oh, maybe I should take

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Speaker 1: a maybe I shouldn't take that vacation, or let's just

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Speaker 1: you know, drive um to a vacation rental nearby. Yeah, listen,

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Speaker 1: I think, uh, macroeconomics will be what they will be.

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Speaker 1: I think so far what's been demonstrated is that while

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Speaker 1: there has have been a few cracks and other categories,

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Speaker 1: travel hasn't cracked. I think partly because people have missed

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Speaker 1: it so much during COVID and they've realized how much

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Speaker 1: they want those experiences more generally. Uh, And we've seen

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Speaker 1: corporate travels start to come back and other pieces start

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Speaker 1: to come back. So I think, you know, we have

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Speaker 1: some good running room, but there's nothing to say that

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Speaker 1: people can start to change their minds. But remember, you know,

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Speaker 1: global travels a two plus trillion dollar industry, so this

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Speaker 1: isn't a zero sum game. And we're a growth company.

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Speaker 1: We're trying to build our base of members, build our

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Speaker 1: business up, offer great new tools for travelers, great new benefits.

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Speaker 1: So we believe there's ample reason for us to continue

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Speaker 1: to attract travelers. And even if they're trading down a

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Speaker 1: little bit or making slightly different adjustments to their travel,

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Speaker 1: we think they're still gonna want to travel. Do you

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Speaker 1: think that there's something fundamentally different in terms of how

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Speaker 1: people approach travel? You know, this isn't just a few

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Speaker 1: vacations they wanted to get out of their system, but

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Speaker 1: as a whole new frame of mind. Well, I think

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Speaker 1: you know, anytime you have an existential threat to life

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Speaker 1: on the planet, people probably respond with a little bit

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Speaker 1: of like, I want to live, I want to go

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Speaker 1: see the things I want to see. Uh. You know

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Speaker 1: there are people, uh my age and older who are

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Speaker 1: at a point where they're saying, you know, I only

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Speaker 1: have so many trips left in my life, you know,

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Speaker 1: so there's a lot to get out of there. And

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Speaker 1: I think COVID made us all reassess that. So I

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Speaker 1: wouldn't chalk this up to you know, hybrid work or

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Speaker 1: other things. I think it's really just, uh, people are

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Speaker 1: realizing that experiences or what make life great and travel

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Speaker 1: is where we get all that. So, you know, you

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Speaker 1: and I have talked about it before. We all want

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Speaker 1: to travel. Everybody wants to travel, and I think, Sir

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Speaker 1: and Way, we haven't used up that desire yet. You know,

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Speaker 1: in five years from now, has everyone gotten out of

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Speaker 1: their system? Maybe, but I don't think we've burned it

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Speaker 1: off in you know, eight months or twelve months. Airbnb

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Speaker 1: had a tough quarter at least if you look at

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Speaker 1: it from a market's perspective. Unlike the positive reaction we're

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Speaker 1: seeing from investor investors to your results. What do you

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Speaker 1: think happening there? You know, I'm not exactly sure what's happening,

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Speaker 1: but I think part of what we observed in what

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Speaker 1: we've seen with Airbnb is, you know, they are much

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Speaker 1: broader company. They appeal to much more, you know, room rentals,

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Speaker 1: parts of home rentals. We don't do that, um and

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Speaker 1: I think the scale of that business is such that

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Speaker 1: that is a market that may be seeing more weakness

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Speaker 1: from the lower end of the market. We as a

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Speaker 1: business or somewhat less exposed to that. In our verbo

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Speaker 1: brands were whole home. We tend to be middle and

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Speaker 1: upper market really the same in our main travel brands,

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Speaker 1: so we haven't seen those same cracks. But I think

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Speaker 1: if you're exposed significantly to the broad global you know,

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Speaker 1: lower end, you are probably going to be under somewhat

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Speaker 1: more pressure. But you know, we think they'll do fine.

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Speaker 1: FCS of course as a challenge globally as well. Again,

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Speaker 1: we're heavily weighted towards North America, which is great since

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Speaker 1: the dollar is strong, but if you're waited differently, that

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Speaker 1: can have a bunch of different impacts on you. Well.

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Speaker 1: A d r s are still average daily rates, still

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Speaker 1: above pre pandemic levels, but Airbnb, some of your competitors,

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Speaker 1: expecting those to moderate. Then there could also be this

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Speaker 1: change in the business mix. Are you expecting any softness

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Speaker 1: going into next year? You know, we haven't seen it yet.

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Speaker 1: Uh and uh. Again, the makeup of our business mixes

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Speaker 1: are are somewhat different, but UM hotels are certainly certainly

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Speaker 1: the big chains we're talking about holding a d R

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Speaker 1: s Uh. You know, hotels so far have been willing

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Speaker 1: to be less full in favor of holding price. Uh.

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Speaker 1: Does that last forever? Do some hotels change what they do?

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Speaker 1: Hard to know. But again, while demands stays strong, which

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Speaker 1: it is now, I don't think there's any you know,

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Speaker 1: end in sight to prices being up. And they're not

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Speaker 1: just up, they're considerably up since pre pandemic levels, and

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Speaker 1: that probably will hold. In the home rental business, it's

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Speaker 1: a little more violatile because you have single owners and

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Speaker 1: there's a little more price pressure sometimes on some of them.

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Speaker 1: But certainly in the hotel industry, the airline industry, I

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Speaker 1: think I think prices will still be high. So last

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Speaker 1: quick question, Verbo, give us the picture of supply and

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Speaker 1: demand given what you've seen, you know, going into next year. Yeah, well,

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Speaker 1: demand has remained quite strong for us, and other than

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Speaker 1: the hurricane which you mentioned at the beginning. Uh, you know,

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Speaker 1: we we've seen strength, you know, throughout COVID and since

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Speaker 1: COVID has somewhat subsided. Uh, we're very bullish on next year.

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Speaker 1: We've got you know, Verbo is going to become part

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Speaker 1: of our our global loyalty plan or and key loyalty

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Speaker 1: plan that's rolling out next year, and that's going to

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Speaker 1: be a great opportunity for Verbo members to participate in

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Speaker 1: our other brands and our other members Expedia, Hotels, etcetera,

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Speaker 1: to really participate in Verbo. So we see a lot

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Speaker 1: of opportunity there, and the supply side, we think there's

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Speaker 1: plenty of room to grow. We are being more aggressive

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Speaker 1: in that space and we expect to add, you know,

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Speaker 1: a bunch of supplies. So so we feel really good

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Speaker 1: about the brand, good about its part in our family

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Speaker 1: of brands, and certainly more opportunity for us as we

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Speaker 1: consolidate those loyalty plans. Peter current CEO of Expedia and

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Speaker 1: vice chair Peter are always good to have you here.

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Speaker 1: Thank you so much for joining us. Coming up, cyber

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Speaker 1: attacks continuing to surge an increasingly digital world. We're going

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Speaker 1: to dive into some new data from Rubric about what

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Speaker 1: companies should do to protect themselves. That's next. This is Bloomberg.

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Speaker 1: Cyber tags are picking up this according a new data

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Speaker 1: from the cloud data management and security company Rubric. I

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Speaker 1: want to bring in CEO and co founder People Sinha

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Speaker 1: now for more on their new reports. So you found

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Speaker 1: that of companies reported a breach, that is a staggering number.

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Speaker 1: Walk that out for us a bit that is actually

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Speaker 1: validates our thesis. We were suspecting that almost all of

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Speaker 1: the organizations in the world has already been infiltrated, and

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Speaker 1: what people reported was that percent of the companies had

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Speaker 1: once at least one cyber breach. And what is also

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Speaker 1: interesting is that seventy percent of the organization said that

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Speaker 1: they would pay for ransomware to get rid of this problem.

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Speaker 1: That's how low the confidences. So how our companies responding

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Speaker 1: to these threats? Are they ready? I don't think everyone

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Speaker 1: is ready. Um, even though there is a partnership private

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Speaker 1: and public Biden administration put together a zero trust framework.

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Speaker 1: Companies are looking at it, they're spending money, they're getting prepared.

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Speaker 1: But this problem is a huge. Ransomware is the single

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Speaker 1: largest threat to our economy, and everybody is saying that,

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Speaker 1: how do I keep my business going? What do I

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Speaker 1: make sure do to make sure that we are not

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Speaker 1: only preventing and detecting these attacks, but also create resiliency

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Speaker 1: where in spite of an attack, I can keep going.

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Speaker 1: So there's an ongoing war on Ukraine. You've got instability

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Speaker 1: at Twitter, which is a major platform. You've got midterm

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Speaker 1: elections coming up here in the United States. Are you

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Speaker 1: expecting the threats to ratch it up? And how do

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Speaker 1: companies respond? Creds are definitely increasing geopolitical situation, you have

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Speaker 1: uh Nason estate actors that are taking sides. You have

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Speaker 1: again mid term coming up, that we have cyber warfare

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Speaker 1: going on, I think, and in this situation, businesses have

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Speaker 1: to really think that attacks will happen. There is no

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Speaker 1: way to prevent it. How do they keep going in

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Speaker 1: spite of an attack? How do they create a resiliency plan,

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Speaker 1: how do they make sure that they recover from it?

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Speaker 1: And that's where companies are investing money and we are

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Speaker 1: seeing in our own market where recovery ability to identify

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Speaker 1: what part of the data was impacted, and how to

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Speaker 1: get rid of a bad content and recover good content

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Speaker 1: fast is what is everyone is focused on. Is public

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Speaker 1: private engagement between for example, the Biden and administration and

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Speaker 1: the private sector. Is that helping or do we need

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Speaker 1: to see more? We definitely need to see more here.

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Speaker 1: But it is a great first step because what happens

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Speaker 1: is that there is a natural hesitation and sharing data

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Speaker 1: and setting information between companies because no wants to come

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Speaker 1: across saying that, hey, you got attacked, we didn't have

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Speaker 1: the right defenses. But when the government comes into the

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Speaker 1: picture and creates a framework of information sharing, what kind

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Speaker 1: of attack has happened, how do you recover from it?

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Speaker 1: What kind of preventive measures you take? That really helps

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Speaker 1: companies get more confident, and confidence is what is required.

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Speaker 1: I mean, our study also found that a third of

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Speaker 1: the board have no confidence that their companies can recover

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Speaker 1: from a cyber incident. Okay, Wow, staggering new data um Work,

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Speaker 1: CEO and co founder of People Sindha People. Thank you

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Speaker 1: so much for sharing all of that with us. Welcome

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Speaker 1: back to Flomark Technology. I'm emily changing in San Francisco.

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Speaker 1: Let's get back to Elon Musk's Twitter takeover and what

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Speaker 1: it means for the future of free speech and content

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Speaker 1: moderation on the platform. My next guest has direct insight

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Speaker 1: into this after meeting with Elon Musk a few days

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Speaker 1: ago to talk about it for Sean Robinson is the

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Speaker 1: president of the racial justice organization Color of Change, and

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Speaker 1: he joins me now Rishan, thank you so much for

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Speaker 1: taking the time to join us. So how did the

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Speaker 1: meeting with Ellen go? Did it leave you hopeful or

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Speaker 1: with more concerns? Well, the meeting that we had on

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Speaker 1: Tuesday actually was UM BOTHUM, a good opportunity for us

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Speaker 1: to have a conversation, and and we walked out of

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Speaker 1: the meeting UM really focusing on UM hopeful actually that

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Speaker 1: his actions actually connected with the words in the meeting,

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Speaker 1: because he made three commitments in that meeting. UM commitments

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Speaker 1: around election integrity, commitments around the re platforming and ensuring

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Speaker 1: that will be a transparent process before anyone has been

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Speaker 1: re platform that has been UM taken off for the

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Speaker 1: egregious violation that anyone is the platform for, and then

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Speaker 1: talking about sort of the content moderation council he'd have

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Speaker 1: moving forward. He talked about agreeing with the sentiments and

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Speaker 1: the concerns that those of us in the civil rights

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Speaker 1: community brought up during that meeting. And we left the

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Speaker 1: meeting UM really wondering what would come next. And at

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Speaker 1: one thirty in the morning the next day, UM he

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Speaker 1: tweeted out UM tagging us in Matt tweet talking about

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Speaker 1: the meeting and making those commitments more public, But over

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Speaker 1: the last couple of days, we have seen him truly

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Speaker 1: and systematically dismantle the very infrastructure that would make those

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Speaker 1: commitments actually real. So the firing of safety and trust

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Speaker 1: um capacity inside of Twitter makes it impossible for him

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Speaker 1: to actually deliver on the commitments and promises that he

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Speaker 1: made in the meeting. So you know, the thing is

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Speaker 1: not just about your words, it's about your actions, and

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Speaker 1: actions are key here, and you are taking action by

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Speaker 1: h highlighting that move in your tweet. You tweeted. Elon

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Speaker 1: fired the entire team that identified the Twitter algorithm that

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Speaker 1: amplifies right wing voices over others. Not the first time

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Speaker 1: we've seen staff, particularly black employees, punished for flagging how

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Speaker 1: their companies products enable and amplify racism. Now, Musk today

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Speaker 1: said there's been a massive drop in revenue given this

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Speaker 1: pause from advertisers, even though according to him, nothing has

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Speaker 1: changed about content moderation. Yet, what do you say to

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Speaker 1: the folks who say, let's give Elon Musk sometime before

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Speaker 1: we make these dramatic moves. Yeah, well that's what we get.

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Speaker 1: We met with Elon Musk, and Elon Musk came out

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Speaker 1: um and made promises publicly and men UM right after

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Speaker 1: those promises, almost before the eight was dried on their promises,

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Speaker 1: he began to dismantle the very infrastruction that keep those

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Speaker 1: promises in place. Look, I want to be clear. Elon

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Speaker 1: Musk actually also met with advertisers. He met with coalitions

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Speaker 1: of folks working in advertising, and in the conversations UM

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Speaker 1: he made promises to them. He talked to them about

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Speaker 1: how content moderation was incredibly important and how he valued

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Speaker 1: content moderation. And then he went and he let go

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Speaker 1: of seventy of the staff that works on content moderation.

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Speaker 1: So the advertisers that are leaving are leaving because they

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Speaker 1: are concerned that their brands are gonna be next to

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Speaker 1: a product that the CEO in charge of it can't

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Speaker 1: be trusted, can't be trusted to deliver on their promises,

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Speaker 1: act acts in deeply erratic ways, and we'll put their

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Speaker 1: brands in harm's way. And so, as someone who's done

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Speaker 1: this work for a long time, has worked to hold

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Speaker 1: corporations accountable, to help them meet their actions with their words,

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Speaker 1: and to hold them accountable to that UM, I have

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Speaker 1: never seen so many advertisers not have to be convinced

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Speaker 1: not have to be pushed hard around UM the sort

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Speaker 1: of decisions that they are making right now, and quite frankly,

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Speaker 1: Um Elon Musk Um did have an opportunity when he

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Speaker 1: came in here UM to um actually move things forward.

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Speaker 1: Twitter was not a perfect company, Titter was not Twitter

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Speaker 1: was not doing everything well before Elon musk took over.

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Speaker 1: But what he has done is actually dismantled the type

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Speaker 1: of infrastructure that actually had to be increased in order

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Speaker 1: for the company to sort of live up to any

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Speaker 1: type of commitment to deal with the misinformation, the disinformation,

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Speaker 1: the amplification of hate and incitement of violence that has

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Speaker 1: become part of these platforms, UM currents, UM sort of

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Speaker 1: engagement and its legacy. Risad. The reason that this is

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Speaker 1: so important is because people of color, people in marginalized communities,

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Speaker 1: women face a disproportionate amount of harassment and hate online.

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Speaker 1: Can you explain why this matters, why this matters for

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Speaker 1: people who use Twitter, how he restructures and reframes the site. Well, yeah,

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Speaker 1: I mean, essentially what we're dealing with right now is

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Speaker 1: not just Twitter, but all the technology companies are essentially

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Speaker 1: self regulated companies and self regulated companies are unregulated company. Now,

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Speaker 1: if we think about other industries, right, the our seatbelts

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Speaker 1: are not necessarily safe in our cars are not necessarily

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Speaker 1: safe because of the benevolence of the auto industry alone.

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Speaker 1: They are safe because there's infrastructure, accountability standards UM. And

431
00:25:35,880 --> 00:25:38,199
Speaker 1: so when you think about sort of the ways in

432
00:25:38,240 --> 00:25:41,879
Speaker 1: which the business models work of social media platforms, what

433
00:25:42,040 --> 00:25:46,280
Speaker 1: gets amplified UM. What UM is sort of the incentive

434
00:25:46,280 --> 00:25:50,919
Speaker 1: structure of of what drives profits, how advertising is placed

435
00:25:51,040 --> 00:25:54,080
Speaker 1: up against certain types of content and not other type

436
00:25:54,080 --> 00:25:57,520
Speaker 1: of content, and how that type of content then gets prioritized.

437
00:25:57,880 --> 00:26:01,560
Speaker 1: You watch a set a certain section of choices that

438
00:26:01,600 --> 00:26:05,119
Speaker 1: are made that are far beyond freedom of speech. Freedom

439
00:26:05,160 --> 00:26:07,359
Speaker 1: of speech is not the same as freedom to be

440
00:26:07,400 --> 00:26:11,600
Speaker 1: amplified freedom of reach. And so to the extent that

441
00:26:11,800 --> 00:26:14,359
Speaker 1: UM when you see that companies are making these type

442
00:26:14,400 --> 00:26:18,320
Speaker 1: of choices, and then you look at the overwhelming body

443
00:26:18,320 --> 00:26:21,200
Speaker 1: of research that shows UM just you know, you can

444
00:26:21,280 --> 00:26:24,439
Speaker 1: look at a University of recent University of Cambridge study

445
00:26:24,440 --> 00:26:27,160
Speaker 1: that actually looks at who's getting more reach and who's

446
00:26:27,200 --> 00:26:29,520
Speaker 1: not getting more reach. If you see look at even

447
00:26:29,560 --> 00:26:32,640
Speaker 1: the safety and trust teams inside of Twitter that we're

448
00:26:32,640 --> 00:26:37,400
Speaker 1: pushing for more visibility and transparency around the algorithms. Those

449
00:26:37,440 --> 00:26:40,880
Speaker 1: people who have now been UM let go. We know

450
00:26:41,119 --> 00:26:45,199
Speaker 1: that UM the impact is clear that consequences for the

451
00:26:45,280 --> 00:26:49,600
Speaker 1: communities can be life or death in terms of how

452
00:26:49,760 --> 00:26:52,560
Speaker 1: how people are targeted, how people are exploited, how people

453
00:26:52,560 --> 00:26:54,520
Speaker 1: are put in harm's way, and when you have an

454
00:26:54,600 --> 00:26:58,320
Speaker 1: unaccountable billionaire running this company that feels he doesn't have

455
00:26:58,440 --> 00:27:01,800
Speaker 1: to listen to anyone. The best that we have is

456
00:27:01,840 --> 00:27:04,639
Speaker 1: the type of activism that holds those that seek to

457
00:27:04,760 --> 00:27:08,280
Speaker 1: enable this platform, enable this leader accountable. And that's what

458
00:27:08,359 --> 00:27:10,680
Speaker 1: we have to do. We have to speak truth to power.

459
00:27:10,760 --> 00:27:12,760
Speaker 1: We have to hold folks accountable, and we also have

460
00:27:12,840 --> 00:27:16,400
Speaker 1: to invite those who have a stake in this, even

461
00:27:16,400 --> 00:27:19,840
Speaker 1: if they don't see themselves as activists who believe in democracy,

462
00:27:20,040 --> 00:27:23,160
Speaker 1: who believe in fairness, to actually speak up and put

463
00:27:23,200 --> 00:27:27,159
Speaker 1: their hand on the scale as well. Now, last question,

464
00:27:27,320 --> 00:27:30,359
Speaker 1: the reason, you know, the timing is critical. We're heading

465
00:27:30,359 --> 00:27:34,159
Speaker 1: into a mid term election in just a few days.

466
00:27:34,560 --> 00:27:36,280
Speaker 1: You know, talk to us about the importance of that

467
00:27:36,359 --> 00:27:38,160
Speaker 1: given you know, we're about to talk about a story

468
00:27:38,160 --> 00:27:44,720
Speaker 1: about mid term candidates amplifying misinformation, getting the most engagement. Now, well,

469
00:27:44,760 --> 00:27:47,960
Speaker 1: that's and that's not an accident. Right. The what we're

470
00:27:48,000 --> 00:27:52,800
Speaker 1: seeing in terms of missing disinformation is not UM a

471
00:27:52,960 --> 00:27:56,560
Speaker 1: car accidenty right, It's not just something that happens. It's manufactured.

472
00:27:56,960 --> 00:28:02,440
Speaker 1: And when the tech platforms choose growth in profit over safety,

473
00:28:02,480 --> 00:28:06,439
Speaker 1: integrity and security, they create an incentive structure where people

474
00:28:06,480 --> 00:28:08,800
Speaker 1: believe that they're gonna benefit from it and that there

475
00:28:08,800 --> 00:28:10,520
Speaker 1: will be rewards for it and there will not be

476
00:28:10,640 --> 00:28:13,760
Speaker 1: consequences for it. And so when I think about even

477
00:28:13,840 --> 00:28:17,240
Speaker 1: some of the changes that have been announced more recently, right,

478
00:28:17,440 --> 00:28:21,240
Speaker 1: the eight dollars per um per month, which can seem

479
00:28:21,280 --> 00:28:24,359
Speaker 1: almost fair on its face that um Elon Musk is

480
00:28:24,440 --> 00:28:27,560
Speaker 1: charging for verification, Well, if you're not going to verify

481
00:28:27,840 --> 00:28:31,000
Speaker 1: the identity, which he has not committed to, although he

482
00:28:31,040 --> 00:28:34,080
Speaker 1: did talk about verification of identity on the call that

483
00:28:34,119 --> 00:28:37,360
Speaker 1: we had on Tuesday. But all of the information coming

484
00:28:37,400 --> 00:28:39,080
Speaker 1: out now is that they will not have time to

485
00:28:39,160 --> 00:28:42,880
Speaker 1: develop a verification UM system before they roll it out.

486
00:28:43,320 --> 00:28:47,360
Speaker 1: They can have folks claiming to be verified UM and

487
00:28:47,400 --> 00:28:52,640
Speaker 1: then renaming themselves CNN or Bloomberg renaming their names UM

488
00:28:52,760 --> 00:28:56,640
Speaker 1: under UM. The ausipicies of the Georgia's Secretary of State

489
00:28:56,920 --> 00:28:59,840
Speaker 1: and then making claims about the election under a very

490
00:29:00,040 --> 00:29:03,840
Speaker 1: high verified blue check because verification can be bought now

491
00:29:03,960 --> 00:29:07,480
Speaker 1: and not actually have some set level of accountability. We

492
00:29:07,680 --> 00:29:12,280
Speaker 1: watched after Elon Musk brought Twitter, the rise in the

493
00:29:12,400 --> 00:29:15,200
Speaker 1: use of the inn word because his followers believed that

494
00:29:15,280 --> 00:29:18,160
Speaker 1: they could now say that they could now move hateful

495
00:29:18,240 --> 00:29:20,760
Speaker 1: language on the platform because he would support it. We

496
00:29:20,840 --> 00:29:24,600
Speaker 1: have seen the increase of Q ANDN language in terms

497
00:29:24,680 --> 00:29:28,760
Speaker 1: on the platforms since he decided he was gonna buy

498
00:29:28,760 --> 00:29:32,720
Speaker 1: it back in April. Um over fifty of the counts

499
00:29:32,760 --> 00:29:36,800
Speaker 1: from mid October to now have UM that have been

500
00:29:36,840 --> 00:29:41,040
Speaker 1: amplifying Q and on um uh words and Q and

501
00:29:41,160 --> 00:29:45,880
Speaker 1: on phrases have have come on since Elon Musk announced

502
00:29:45,880 --> 00:29:48,479
Speaker 1: that he was gonna buy this buy this company. And

503
00:29:48,520 --> 00:29:52,080
Speaker 1: so we have watchful sort of the people around him,

504
00:29:52,120 --> 00:29:54,480
Speaker 1: the people who are fans of his, the people who

505
00:29:54,480 --> 00:29:57,480
Speaker 1: are supporting him, act out in ways. And then we've

506
00:29:57,560 --> 00:30:02,200
Speaker 1: watched Elon Musk validate that even his own behavior on

507
00:30:02,240 --> 00:30:07,880
Speaker 1: this platform, from amplifying an anti gay conspiracy theory against

508
00:30:08,000 --> 00:30:11,360
Speaker 1: Nancy Pelosi's husband to other things that he has tweeted

509
00:30:11,360 --> 00:30:14,320
Speaker 1: out since he has bought this company makes us all

510
00:30:14,400 --> 00:30:17,920
Speaker 1: have the question is he truly serious about leading this

511
00:30:18,040 --> 00:30:20,680
Speaker 1: company and and and a color Change. We have dealt

512
00:30:20,680 --> 00:30:24,760
Speaker 1: deeply with tech CEOs and signals across the board, and

513
00:30:24,840 --> 00:30:28,560
Speaker 1: I've never seen someone respond this way, So everyone should

514
00:30:28,600 --> 00:30:33,160
Speaker 1: be concerned. All right. Uh, to be fair, he did

515
00:30:33,200 --> 00:30:35,480
Speaker 1: delete that tweet, but you're right did come out in

516
00:30:35,520 --> 00:30:38,360
Speaker 1: the first place. Rashad Robinson, thanks for talking to us

517
00:30:38,400 --> 00:30:41,959
Speaker 1: about why this matters so much, President of Color of Change,

518
00:30:42,360 --> 00:30:58,320
Speaker 1: Thank you for stopping by for today's crypto report. We're

519
00:30:58,320 --> 00:31:02,480
Speaker 1: focusing on the web fundraising landscape of the top blockchain

520
00:31:02,600 --> 00:31:06,120
Speaker 1: venture capitalists. Bloom Shinali Bossik is in New York sale.

521
00:31:06,200 --> 00:31:08,120
Speaker 1: Thank you so much, Emily. I'm joined now by poly

522
00:31:08,240 --> 00:31:11,560
Speaker 1: Chain Capital general partner Naraj Pant. Polly Chain was created

523
00:31:11,560 --> 00:31:14,600
Speaker 1: in two dozen sixteen by Olaf Carson. We the third

524
00:31:14,640 --> 00:31:18,440
Speaker 1: employee at coin base. You know, Nag, Thank you so

525
00:31:18,560 --> 00:31:20,960
Speaker 1: much for your time, because you are seeing that you know,

526
00:31:21,080 --> 00:31:24,440
Speaker 1: little rally here and not just Bitcoin, You're seeing it

527
00:31:24,480 --> 00:31:27,000
Speaker 1: in a lot of alt coins. And I'd love your

528
00:31:27,200 --> 00:31:31,240
Speaker 1: perspective here in terms of how long that really holds

529
00:31:31,280 --> 00:31:33,280
Speaker 1: at a time that's been so volatile and whether that

530
00:31:33,320 --> 00:31:38,960
Speaker 1: even matters. Yeah, thank you Shinali. UM. I think the

531
00:31:38,960 --> 00:31:42,480
Speaker 1: big thing that we're focused on, you know, seeing sort

532
00:31:42,520 --> 00:31:45,400
Speaker 1: of how the markets have changed, is UM looking for

533
00:31:46,120 --> 00:31:50,360
Speaker 1: progress with with user adoption. I think our interest is

534
00:31:50,400 --> 00:31:55,280
Speaker 1: seeing the cryptocurrency space expand even more than it has today,

535
00:31:55,480 --> 00:31:59,000
Speaker 1: and we're excited to look at new UM, any new traction,

536
00:31:59,040 --> 00:32:01,640
Speaker 1: any new adoption, and so we hope that that kind

537
00:32:01,640 --> 00:32:04,000
Speaker 1: of takes place over the next couple of years as

538
00:32:04,000 --> 00:32:06,880
Speaker 1: we're investing into new companies. I'm kind of curious as

539
00:32:06,920 --> 00:32:09,240
Speaker 1: so what types of new investments you're willing to make

540
00:32:09,360 --> 00:32:12,840
Speaker 1: at this phase. Are there things you would avoid? Kind

541
00:32:12,840 --> 00:32:15,080
Speaker 1: of given the changes you're seeing in the market at large.

542
00:32:16,640 --> 00:32:20,720
Speaker 1: UM our strategy has remained relatively similar UM through both

543
00:32:20,760 --> 00:32:24,440
Speaker 1: bull and bear markets. UM. We've been around since and

544
00:32:24,480 --> 00:32:28,280
Speaker 1: have seen a number of different cycles, and what's important

545
00:32:28,320 --> 00:32:33,240
Speaker 1: to us is investing and hopefully generational companies and protocols

546
00:32:33,280 --> 00:32:36,600
Speaker 1: that I know we think can stand the test of time. UM.

547
00:32:36,640 --> 00:32:40,880
Speaker 1: We invest sort of across the space everywhere, from consumer

548
00:32:40,960 --> 00:32:45,080
Speaker 1: to infrastructure. UM. We think especially now, there's a lot

549
00:32:45,120 --> 00:32:50,560
Speaker 1: of exciting opportunities for infrastructure given the sort of slow

550
00:32:50,600 --> 00:32:53,280
Speaker 1: down in the markets. UM, we think this is a

551
00:32:53,320 --> 00:32:56,400
Speaker 1: good time for developers to come in and prepare for

552
00:32:56,520 --> 00:33:00,440
Speaker 1: the next wave of usage and adoption such that we

553
00:33:00,480 --> 00:33:04,560
Speaker 1: can really let a lot of people use usecryptocurrencies. I'm

554
00:33:04,640 --> 00:33:07,280
Speaker 1: kind of curious here in terms of what you see

555
00:33:07,520 --> 00:33:11,800
Speaker 1: in terms of jobs and investing in new people in

556
00:33:11,920 --> 00:33:14,120
Speaker 1: different spaces in this industry. You know, it was just

557
00:33:14,120 --> 00:33:16,440
Speaker 1: a couple of days ago that we've reported that Galaxy

558
00:33:16,840 --> 00:33:20,160
Speaker 1: Digital would be cutting a significant amount of its workforce.

559
00:33:20,520 --> 00:33:22,440
Speaker 1: Do you think that the industry still faces a lot

560
00:33:22,480 --> 00:33:26,680
Speaker 1: more pain when it comes to the workforce. UM. I

561
00:33:26,720 --> 00:33:31,880
Speaker 1: think we're lucky in that One important exciting trend about

562
00:33:31,920 --> 00:33:35,040
Speaker 1: a lot of crypto companies is that they don't require

563
00:33:35,040 --> 00:33:38,240
Speaker 1: as many employees to run. I think where we see

564
00:33:38,440 --> 00:33:42,360
Speaker 1: a lot of large Web two companies UM struggle is

565
00:33:42,400 --> 00:33:45,479
Speaker 1: that they often overhire and hire a lot more than

566
00:33:45,520 --> 00:33:48,080
Speaker 1: they need to run the service. I think a great

567
00:33:48,160 --> 00:33:50,480
Speaker 1: part of the Web three space is that many of

568
00:33:50,520 --> 00:33:53,920
Speaker 1: these protocols and companies are are run on Ethereum or

569
00:33:53,960 --> 00:33:57,880
Speaker 1: run on another large protocol and allows these teams to

570
00:33:57,960 --> 00:34:00,800
Speaker 1: operate a lot more leanly and and just with less

571
00:34:00,800 --> 00:34:04,000
Speaker 1: people overall. UM. So, while we still want to be

572
00:34:04,040 --> 00:34:07,800
Speaker 1: cautious in our approach and advising all our portfolio companies

573
00:34:07,840 --> 00:34:12,480
Speaker 1: not to be too um braws and about hiring and

574
00:34:12,520 --> 00:34:15,160
Speaker 1: spending UM. We do think that this is a great

575
00:34:15,200 --> 00:34:18,040
Speaker 1: sort of structural change in the way that Web three

576
00:34:18,040 --> 00:34:20,600
Speaker 1: companies are relative to to sort of Web two companies.

577
00:34:20,640 --> 00:34:23,400
Speaker 1: I'm glad you brought up Ethereum in that answer, because

578
00:34:23,440 --> 00:34:25,880
Speaker 1: I'm curious about what you think about Ethereum post emerge

579
00:34:26,080 --> 00:34:28,360
Speaker 1: and what does it mean in terms of its competition

580
00:34:28,360 --> 00:34:32,400
Speaker 1: when it comes to Bitcoin. We're seeing a lot of

581
00:34:32,440 --> 00:34:37,160
Speaker 1: exciting development happened on the on the Ethereum blockchain, both

582
00:34:37,160 --> 00:34:41,680
Speaker 1: from Ethereum itself, seeing the new East to Merge happened successfully,

583
00:34:42,120 --> 00:34:46,600
Speaker 1: seeing developers continuing to build applications, continuing to see a

584
00:34:46,680 --> 00:34:50,520
Speaker 1: lot of demand for everything from defied and f T

585
00:34:50,840 --> 00:34:54,799
Speaker 1: s UM and even transactions. And we're seeing a lot

586
00:34:54,840 --> 00:34:59,400
Speaker 1: of interesting opportunities being built around ethereum um. This includes

587
00:34:59,440 --> 00:35:03,239
Speaker 1: things like um what are called Layer two's roll ups

588
00:35:03,280 --> 00:35:07,920
Speaker 1: that allow you to scale transaction capacity even further UM,

589
00:35:07,960 --> 00:35:12,319
Speaker 1: seeing new privacy applications being built and and overall also

590
00:35:12,360 --> 00:35:16,720
Speaker 1: seeing a lot of traction from traditional companies hoping to

591
00:35:16,880 --> 00:35:19,960
Speaker 1: tap into the web through market and Ethereum and it's

592
00:35:19,960 --> 00:35:22,640
Speaker 1: sort of related projects is the way for these companies

593
00:35:22,680 --> 00:35:26,120
Speaker 1: to do that. So we're overall very happy and excited

594
00:35:26,120 --> 00:35:29,320
Speaker 1: about developer adoption and continue to track it very closely

595
00:35:29,520 --> 00:35:32,720
Speaker 1: on on Ethereum. Earlier this year we did see a

596
00:35:32,719 --> 00:35:35,680
Speaker 1: wave of companies that got into liquidity issues or had

597
00:35:35,760 --> 00:35:38,839
Speaker 1: to pause withdrawals. You had exposure to at least one

598
00:35:38,880 --> 00:35:41,319
Speaker 1: of them, right coin flex. What was there to be

599
00:35:41,440 --> 00:35:46,400
Speaker 1: learned from all of that this year? I think, Uh,

600
00:35:47,480 --> 00:35:49,400
Speaker 1: these are good lessons to learn for the for the

601
00:35:49,400 --> 00:35:55,080
Speaker 1: space overall. I think, UM, they teach these companies risk management,

602
00:35:55,680 --> 00:35:58,719
Speaker 1: and I think in some ways the failures we saw

603
00:35:58,760 --> 00:36:01,120
Speaker 1: in the space, we're not because as a web three

604
00:36:01,120 --> 00:36:05,240
Speaker 1: protocols and the smart contracts didn't work or anything like that,

605
00:36:05,520 --> 00:36:08,560
Speaker 1: but they were a failure of the meat space agreements,

606
00:36:08,600 --> 00:36:12,640
Speaker 1: you know, the real world legal contracts attesting to a

607
00:36:12,800 --> 00:36:15,840
Speaker 1: u M or attesting to UM proof of funds or

608
00:36:15,880 --> 00:36:18,640
Speaker 1: anything like that. In a number of cases UM, that

609
00:36:18,760 --> 00:36:21,680
Speaker 1: was what really failed UM. And so in some ways

610
00:36:21,719 --> 00:36:24,680
Speaker 1: it's highlighting systemic risks that exists not only in the

611
00:36:24,760 --> 00:36:27,640
Speaker 1: in the crypto financial space, but in the broader financial

612
00:36:27,640 --> 00:36:31,520
Speaker 1: industry as a whole, So I think it overalls strengthenings

613
00:36:31,560 --> 00:36:36,279
Speaker 1: both defy but also the crypto and financial space as

614
00:36:36,280 --> 00:36:39,839
Speaker 1: a whole. That's probably chained Capital's partner near agepan Take.

615
00:36:39,920 --> 00:36:41,520
Speaker 1: Thank you so much for your time. Back to you

616
00:36:41,520 --> 00:36:47,600
Speaker 1: in San franciscanly Shinios, thank you so much. Coming up,

617
00:36:48,360 --> 00:36:52,240
Speaker 1: as the mid terms are fast approaching, what's the impact

618
00:36:52,360 --> 00:36:56,799
Speaker 1: of misinformation still running on checked online, like the falsehood

619
00:36:57,120 --> 00:37:01,560
Speaker 1: that Donald Trump won election? Our social media companies doing

620
00:37:01,600 --> 00:37:17,640
Speaker 1: about it. We're going to talk about that next, all right,

621
00:37:17,640 --> 00:37:19,640
Speaker 1: don't want to continue our conversation now about the mid

622
00:37:19,800 --> 00:37:23,600
Speaker 1: terms and content moderation, and not just on Twitter, We're

623
00:37:23,640 --> 00:37:27,359
Speaker 1: also talking about Facebook and YouTube and other platforms. After

624
00:37:27,400 --> 00:37:31,280
Speaker 1: Bloomberg analyzed hundreds of candidates social media posts and found

625
00:37:31,680 --> 00:37:37,080
Speaker 1: rampant misinformation, Bloomberg's Jack Gillum poured through it all and

626
00:37:37,160 --> 00:37:40,080
Speaker 1: joins us now for more on his research, Jack, what

627
00:37:40,160 --> 00:37:46,640
Speaker 1: did you find about candidates amplifying misinformation, specifically the big lie?

628
00:37:47,400 --> 00:37:51,280
Speaker 1: How many of them are actually doing this? So emily,

629
00:37:51,320 --> 00:37:53,040
Speaker 1: we took a look at all of the republic and

630
00:37:53,040 --> 00:37:56,800
Speaker 1: candidates running for not just Congress but Secretary of State,

631
00:37:56,840 --> 00:38:00,359
Speaker 1: which oversees the vote count governor's attorneys general in all

632
00:38:00,400 --> 00:38:03,160
Speaker 1: the states across the country, and we found a hundred

633
00:38:03,160 --> 00:38:06,799
Speaker 1: and sixty candidates have been pushing what use called the

634
00:38:06,840 --> 00:38:09,960
Speaker 1: big live this is this you know, false theory or

635
00:38:09,960 --> 00:38:12,840
Speaker 1: this this this conspiracy theory and theory almost that Donald

636
00:38:12,840 --> 00:38:15,960
Speaker 1: Trump won the election, that Joe Biden is a diligiti

637
00:38:16,000 --> 00:38:18,279
Speaker 1: and president um. And So what we did is we

638
00:38:18,320 --> 00:38:20,920
Speaker 1: wanted to look at how these candidates running for office,

639
00:38:20,960 --> 00:38:23,200
Speaker 1: some of whom very well might went on Tuesday night,

640
00:38:24,000 --> 00:38:28,640
Speaker 1: actually pushed the meshes on platforms, especially now that Twitter

641
00:38:28,719 --> 00:38:31,640
Speaker 1: has a new owner, Facebook might not be labeling all

642
00:38:31,640 --> 00:38:33,359
Speaker 1: these ads, and we wanted to get a closer look

643
00:38:33,360 --> 00:38:37,760
Speaker 1: at what was really happening. So how did the companies

644
00:38:37,880 --> 00:38:42,320
Speaker 1: respond when you went to them with this? So Twitter

645
00:38:42,400 --> 00:38:45,120
Speaker 1: did not respond for comment. UM. We're not sure if

646
00:38:45,160 --> 00:38:48,600
Speaker 1: that's because the communications team either some folks were laid

647
00:38:48,640 --> 00:38:50,480
Speaker 1: off in the massive wayoffs has been happening in the

648
00:38:50,560 --> 00:38:54,960
Speaker 1: last day. UM. Facebook essentially said, look, we deal with

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Speaker 1: the you know, in their view, I guess the larger

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00:38:57,200 --> 00:39:01,080
Speaker 1: issues preventing people from voting, violence, those sorts of things,

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00:39:01,080 --> 00:39:04,120
Speaker 1: and that they run ads really encouraging people to vote

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00:39:04,120 --> 00:39:07,399
Speaker 1: for and to say that, look, there's really not election misinformation.

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00:39:07,480 --> 00:39:10,080
Speaker 1: This is the real deal. Um. But I think the

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00:39:10,160 --> 00:39:12,680
Speaker 1: real questions you're going forward is why a lot of

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00:39:12,680 --> 00:39:14,759
Speaker 1: these ads weren't flagged. And we did, in fact find

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00:39:14,840 --> 00:39:18,080
Speaker 1: one ad by carry Lake, the Republican nominate for governor

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00:39:18,120 --> 00:39:21,000
Speaker 1: of Arizona, where one of her false election claims was

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00:39:21,040 --> 00:39:24,520
Speaker 1: actually flagged by Facebook, but the majority, in fact, almost

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00:39:24,560 --> 00:39:29,719
Speaker 1: all the other ones we found were not. So just

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00:39:29,840 --> 00:39:33,879
Speaker 1: three days to go before the election, how are you

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00:39:33,960 --> 00:39:38,919
Speaker 1: expecting potential, you know, amplification of this to ramp up

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00:39:39,440 --> 00:39:42,840
Speaker 1: before November eight? I mean, it's no secret that social

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00:39:42,880 --> 00:39:45,880
Speaker 1: media is an important avenue that hundreds of millions of

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Speaker 1: Americans used. It's no secret also by that extent that Russia,

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00:39:50,200 --> 00:39:53,040
Speaker 1: you know, really tried to hijack that in seen ahead

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00:39:53,040 --> 00:39:55,640
Speaker 1: of that election. Um. I think this is going to

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00:39:55,719 --> 00:39:57,600
Speaker 1: be an interesting thing to watch, is that we have

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00:39:58,160 --> 00:40:00,440
Speaker 1: a new ownership at Twitter and what they're going to

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00:40:00,480 --> 00:40:03,440
Speaker 1: do in terms of content moderation. We have Facebook that

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00:40:03,520 --> 00:40:05,839
Speaker 1: has not labeled a lot of these ads that are

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00:40:05,880 --> 00:40:09,480
Speaker 1: clear pieces of misinformation about election. I think it's going

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00:40:09,520 --> 00:40:13,000
Speaker 1: to be a real interesting picture of how that misinformation

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00:40:13,080 --> 00:40:15,160
Speaker 1: might play out in terms of votes, by the way,

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Speaker 1: not just being cast on Tuesday, but in the states

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00:40:17,760 --> 00:40:20,759
Speaker 1: like Arizona with mail and balloting and early voting are

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00:40:20,800 --> 00:40:25,440
Speaker 1: going on right now. So you know, what are you

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Speaker 1: expecting to happen next here, especially as you know these

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00:40:29,640 --> 00:40:33,160
Speaker 1: elections are happening the ad industry and turmoil. These companies,

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00:40:33,200 --> 00:40:35,520
Speaker 1: whether it's because of Elon Mosk or you know, a

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00:40:35,520 --> 00:40:40,640
Speaker 1: broader economic slowdown, are kind of scrambling for revenue. I

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00:40:40,640 --> 00:40:42,759
Speaker 1: think I think that's a good question, Emily. I think

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00:40:42,760 --> 00:40:44,920
Speaker 1: what we're going to happen here is that you have

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Speaker 1: these companies that are going to have to grapple with

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00:40:46,920 --> 00:40:50,280
Speaker 1: a serious issue of misinformation. It's one that has taken

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Speaker 1: hold in the Republican Party that we found in this

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00:40:53,600 --> 00:40:56,799
Speaker 1: analysis again, so we'll just see what's going to happen

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Speaker 1: to come Tuesday. Jack Gillub, thank you so much for

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Speaker 1: your reporting. And that does it for this edition of

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Speaker 1: Bloomberg Technology. I'm Emily changing in San Francisco. Have a

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00:41:06,760 --> 00:41:10,839
Speaker 1: wonderful weekend everyone. Brendan Carr will join us next week.

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Speaker 1: This is Bloomberg