WEBVTT - Elon Musk Sows Doubt Over Twitter Deal and Crypto's Crazy Week 0:00:02.720 --> 0:00:06.080 From the heart of where innovation, money and power collive 0:00:06.840 --> 0:00:11.360 in Silicon Valley and beyond. This is Bloomberg Technology with 0:00:11.400 --> 0:00:27.920 Emily Jay. I'm Emily Jack in San Francisco, and this 0:00:28.000 --> 0:00:31.360 is Bloomberg Technology coming up in the next hour. Temporarily 0:00:31.520 --> 0:00:35.519 on hold, Elon Musk creates chaos with early morning tweets 0:00:35.800 --> 0:00:39.519 causing confusion over his deal to buy Twitter. The company's 0:00:39.520 --> 0:00:42.920 current CEO speaks up. We will talk to a founding 0:00:43.000 --> 0:00:46.040 member of the early Twitter team about where this chaos 0:00:46.280 --> 0:00:49.800 is headed. Plus Reid Hoffman joins me for a wide 0:00:49.880 --> 0:00:53.479 ranging conversation about just where this chaotic market cycle is 0:00:53.520 --> 0:00:56.120 headed and what it all means for startups, Plus his 0:00:56.200 --> 0:00:59.760 thoughts on of course Twitter and his former colleague Elon 0:01:01.600 --> 0:01:04.720 and two hundred billion dollars wiped off the crypto market 0:01:04.760 --> 0:01:07.560 since it started the sell off, Just how cold little 0:01:07.600 --> 0:01:10.800 is crypto winter get and how long will it last? Well, 0:01:10.880 --> 0:01:14.120 The back and forth from Musk continuing as we said 0:01:14.120 --> 0:01:18.080 early Friday, he tweets the Twitter deal is temporarily on whole, 0:01:18.240 --> 0:01:21.600 but as Blue Bloomberg opinions, Matt Levin points out, that's 0:01:21.600 --> 0:01:25.280 not actually a thing. He says, Musk signed a binding 0:01:25.319 --> 0:01:28.240 contract that doesn't allow him to just walk away even 0:01:28.280 --> 0:01:31.000 if it turns out that spam accounts do represent more 0:01:31.000 --> 0:01:34.200 than five percent of Twitter users, Musk later saying he's 0:01:34.200 --> 0:01:36.679 still committed to the deal, but it's all casting doubt 0:01:36.680 --> 0:01:39.920 on what actually happens to Twitter. For more on this, 0:01:40.000 --> 0:01:42.240 I'm joined by Jason Goldman. He was part of Twitter's 0:01:42.280 --> 0:01:45.880 founding team, a board member from two thousand seven, and 0:01:45.959 --> 0:01:50.919 also the White House Chief Digital Officer under President Obama. So, Jason, 0:01:51.000 --> 0:01:53.400 you did not mince words about this in your tweets, 0:01:53.520 --> 0:01:56.600 and to put it in words appropriate for our television audiences, 0:01:57.040 --> 0:02:00.280 you say, either way, Twitter faces a not good out come. 0:02:00.400 --> 0:02:05.120 Why Well, because either Ellen is going to acquire the 0:02:05.160 --> 0:02:07.600 company and he's shown to be how un serious he 0:02:07.720 --> 0:02:09.920 is about the whole proposition and his ideas of our 0:02:10.000 --> 0:02:11.720 when he wants to do with it or un serious, 0:02:12.200 --> 0:02:14.920 or he walks away from the deal, which is basically 0:02:15.000 --> 0:02:17.600 a one sided option that he holds at this point. Uh, 0:02:17.639 --> 0:02:19.840 and the company has left in a situation that is 0:02:19.960 --> 0:02:23.320 increasingly chaotic and difficult for them to manage. How big 0:02:23.400 --> 0:02:25.360 is the bot problem? Really? Though? I mean, does Ellen 0:02:25.440 --> 0:02:28.480 have a point? No, he doesn't have a point. It's 0:02:28.520 --> 0:02:30.679 not a serious point, like I think it's fine to 0:02:30.720 --> 0:02:32.760 report that that's the reason he said the deal was 0:02:32.800 --> 0:02:35.680 on hold, which is, as Matt Levin points out, isn't 0:02:35.680 --> 0:02:38.200 a real thing. The bot thing isn't a real thing either. 0:02:38.440 --> 0:02:40.480 He we we don't have to look very far to 0:02:40.560 --> 0:02:42.520 prove that. We know that's not the real reason for 0:02:42.600 --> 0:02:46.560 what's going on here, because on April Ellen said, if 0:02:46.600 --> 0:02:49.320 our Twitter bid succeeds, we will defeat the spam bots 0:02:49.400 --> 0:02:52.360 or die trying. He set himself up to say that 0:02:52.440 --> 0:02:54.919 he was going to take on this big bot challenge, 0:02:55.000 --> 0:02:58.080 which I don't think is a significant problem, and now 0:02:58.120 --> 0:03:01.200 he's saying the exact opposite, which is, well, I'm just 0:03:01.240 --> 0:03:03.480 going to not try at all to deal with the bots, 0:03:04.720 --> 0:03:06.960 you tweeted. We went through a lot of episodes of 0:03:07.080 --> 0:03:09.920 soul crushing drama in the early days, a lot of 0:03:09.919 --> 0:03:13.200 itself inflicted. But this really has to be the worst ever, 0:03:13.360 --> 0:03:14.880 And I'm sorry for all the folks at the company 0:03:14.880 --> 0:03:17.600 who are somehow expected to just do a job through 0:03:17.600 --> 0:03:20.560 this mess. We know that a couple of Twitter executives 0:03:20.560 --> 0:03:24.680 were let go yesterday. The company now has a hiring freeze. 0:03:24.680 --> 0:03:28.560 They're trying to cut costs, they might rescind some offers. 0:03:28.800 --> 0:03:31.799 What's it like being a Twitter employee right now? Well, yeah, 0:03:31.840 --> 0:03:34.800 I mean the rescind offers is a very serious step, right. 0:03:34.840 --> 0:03:37.520 I mean, that's people who have accepted a deal with Twitter, 0:03:37.720 --> 0:03:40.560 turned down other offers potentially, and now being told they 0:03:40.600 --> 0:03:42.400 don't have a job, and to be told there's a 0:03:42.440 --> 0:03:45.520 hiring freeze and you're letting go top executives. That's why 0:03:45.520 --> 0:03:48.000 Ellen walking away from the deal is also quite bad 0:03:48.080 --> 0:03:51.200 for the company, because you're now talking about a company 0:03:51.400 --> 0:03:54.360 that not only has hamstrung itself in terms of its 0:03:54.440 --> 0:03:57.200 hiring and sent a mixed message employees about what the 0:03:57.240 --> 0:04:00.280 future is, but you're also dealing with a situa wation 0:04:00.320 --> 0:04:02.720 where the board of the company has said, we don't 0:04:02.800 --> 0:04:06.119 have any better ideas than selling to Ellen in terms 0:04:06.160 --> 0:04:08.640 of what the future should hold. So it's just put 0:04:08.640 --> 0:04:14.960 it the company in this very precarious death spiral. Now, Praagle, 0:04:15.000 --> 0:04:18.120 the curren CEO of Twitter, took some responsibility for the 0:04:18.200 --> 0:04:20.080 changes that he's making. He said he's not doing this 0:04:20.160 --> 0:04:22.719 because you know he's a lame duck CEO, or just 0:04:22.800 --> 0:04:24.520 to keep the lights on, but he's thinking about the 0:04:24.520 --> 0:04:27.520 health of Twitter's business and preparing for all scenarios. What 0:04:27.560 --> 0:04:29.599 do you think that means? Do you think if Elon 0:04:29.680 --> 0:04:32.960 Musk wasn't supposedly buying the company in a matter of months, 0:04:32.960 --> 0:04:36.000 that he'd be doing this, right? I mean, I think 0:04:36.040 --> 0:04:38.080 that's what prog has to say, and and it is 0:04:38.120 --> 0:04:41.200 his prerogative to have the executive team around him, even 0:04:41.240 --> 0:04:44.080 if it's for a short period of time. Uh. And 0:04:44.200 --> 0:04:45.720 you know, I give Prag a lot of credit because 0:04:45.760 --> 0:04:48.480 comments are a leaked from the town hall a while ago, said, 0:04:48.560 --> 0:04:50.160 you know, I've only been on this job for months, 0:04:50.160 --> 0:04:52.080 but I've been at the company for a decade, and yes, 0:04:52.120 --> 0:04:54.599 we could have done better to avoid this sale. Unlike 0:04:54.640 --> 0:04:56.960 a lot of other people on the board or or 0:04:57.320 --> 0:05:00.479 Jack the founder, who said this is the only way out, 0:05:00.680 --> 0:05:03.120 Prague took a lot of responsibility to say we could 0:05:03.160 --> 0:05:05.400 have done better to avoid this outcome. So I think 0:05:05.440 --> 0:05:07.400 it's fair for him to say now, like, I'm going 0:05:07.440 --> 0:05:09.640 to position this company in the best way I can 0:05:09.720 --> 0:05:13.360 to lead to whatever exit or whatever endpoint we're leading towards. 0:05:13.440 --> 0:05:15.440 It's just that none of those options are very good 0:05:15.480 --> 0:05:18.760 when you can't even hire new employees, right now you've 0:05:18.800 --> 0:05:22.000 got snoop dog jumping into the phrase saying you might 0:05:22.080 --> 0:05:26.479 have to buy Twitter. Now, what about another scenario here? 0:05:26.720 --> 0:05:29.920 Somebody else snoop dogg or not? I saw someone ask 0:05:29.960 --> 0:05:32.919 you about whether Google uh could make sense as a buyer. 0:05:32.960 --> 0:05:35.599 What about if someone else buys Twitter? Could that happen? 0:05:35.600 --> 0:05:39.080 I mean Google's approached the company a number of times 0:05:39.120 --> 0:05:41.000 I don't know about since the time I left, but 0:05:41.040 --> 0:05:43.040 we were in conversation with them at least twice when 0:05:43.040 --> 0:05:46.200 I was there, UH to potentially buy the company. I 0:05:46.200 --> 0:05:48.919 don't know what the regulatory hurdles are for Google to 0:05:48.960 --> 0:05:51.040 buy it at this point, and certainly I think it's 0:05:51.080 --> 0:05:53.520 more difficult for a company like Facebook, who also tried 0:05:53.720 --> 0:05:56.360 to buy Twitter a number of times, to buy the company. 0:05:56.480 --> 0:05:59.839 So it's it's difficult to see those kind of outcomes. Uh. 0:06:00.040 --> 0:06:03.200 But you know, I think if Ellen walks away and 0:06:03.440 --> 0:06:07.720 the stock price continues to decline, other options certainly would 0:06:07.760 --> 0:06:12.680 be on the table. Now speculation has been made that 0:06:12.760 --> 0:06:16.200 it's Friday. Maybe Elon Musk is just trolling us all. 0:06:16.320 --> 0:06:19.120 What do you think? Yeah, absolutely, I don't think he's 0:06:19.120 --> 0:06:21.480 a serious person. Uh, And I don't think the way 0:06:21.480 --> 0:06:24.000 that he's approached this on bots is serious either. It's 0:06:24.040 --> 0:06:26.960 certainly not about bots. I think the most credible take 0:06:27.040 --> 0:06:29.600 is that he wants to renegotiate the price. Uh, and 0:06:29.720 --> 0:06:31.880 certainly he's got the board in such a position where 0:06:31.880 --> 0:06:34.200 they agreed so quickly and said they saw no other options, 0:06:34.200 --> 0:06:36.600 and Jack said that Ellen's the sole solution to the 0:06:36.640 --> 0:06:39.560 company's problems. Um that Ellen would be able to say, well, 0:06:39.600 --> 0:06:41.359 if I'm the sole solution, I'm the only I'm the 0:06:41.360 --> 0:06:43.280 only option here, then I think I should be able 0:06:43.320 --> 0:06:45.640 to set the price, particularly as you let off the show. 0:06:45.880 --> 0:06:50.080 The tech market as declined precipitously since he started buying 0:06:50.120 --> 0:06:52.280 up the stock, So I don't think it's serious. I 0:06:52.279 --> 0:06:54.680 don't think he's serious about bots. I don't think he's 0:06:54.720 --> 0:06:57.400 been serious on his positions about free speech. I don't 0:06:57.400 --> 0:06:59.640 think he's been serious on his ideas with putting the 0:06:59.720 --> 0:07:02.400 out rhythm on get hub, which isn't even a technically 0:07:02.440 --> 0:07:05.240 sensible idea. I think this is all a way for 0:07:05.360 --> 0:07:08.720 him to be in the headlines, have people talking about him. 0:07:08.760 --> 0:07:10.440 He'd like to own it if he probably can get 0:07:10.440 --> 0:07:12.559 it for a better price now, but he doesn't really 0:07:12.560 --> 0:07:15.960 have any ideas what he wants to do with the company, 0:07:16.120 --> 0:07:18.559 and every additional turn of the crank where he talks 0:07:18.560 --> 0:07:20.600 about what he wants to do, whether that's the business 0:07:20.600 --> 0:07:23.520 plan that lead to investors or when he talks to 0:07:23.520 --> 0:07:26.680 to folks about his free speech ideas, reveals how un 0:07:26.720 --> 0:07:30.200 seriously or how uncritically he's approached this and I think 0:07:30.240 --> 0:07:32.520 that is why the company is in such a predicament. 0:07:33.200 --> 0:07:35.480 And just to remind our viewers, he tweeted that he's 0:07:35.480 --> 0:07:39.760 still committed to the deal. He has signed a binding contract. Um. 0:07:39.800 --> 0:07:43.240 But Jason, always appreciate your opinions and your take on 0:07:43.280 --> 0:07:45.880 what's happening here. One of the founding members of the 0:07:45.880 --> 0:07:50.000 early Twitter team, Jason Goldman, thank you coming up. Reed Hoffman, 0:07:50.080 --> 0:07:53.560 partner at Gravelock, co founder of LinkedIn his thoughts on 0:07:53.600 --> 0:07:55.720 the market's what it all means for entrepreneurs, and of 0:07:55.760 --> 0:07:59.920 course his take on Twitter and Elon Musk. He joins me, next, 0:08:00.200 --> 0:08:16.640 this is Bloomberg. Trillions have been wiped off public markets 0:08:16.640 --> 0:08:18.280 in the last few weeks, a lot of the pain 0:08:18.360 --> 0:08:21.960 coming from tech stocks. Saudi Aramco this week replaced Apple 0:08:22.040 --> 0:08:25.000 as the world's most valuable company. The turmoil has led 0:08:25.000 --> 0:08:28.440 to hiring freezes and even layoffs at public and private company. 0:08:28.520 --> 0:08:30.440 So where are we now in this cycle? And just 0:08:30.480 --> 0:08:33.079 how bad will it get? I'm joined now by Reid Hoffman, 0:08:33.200 --> 0:08:35.600 who's been building and investing in tech for decades and 0:08:35.600 --> 0:08:37.679 knows a thing or two about ups and downs. He's 0:08:37.679 --> 0:08:40.120 also the co founder of LinkedIn, of course a partner 0:08:40.160 --> 0:08:42.920 at Graylock and Out, with an updated version of his 0:08:43.040 --> 0:08:45.800 number one best selling book, The Startup of You, which 0:08:45.840 --> 0:08:48.520 came out ten years ago and is being rereleased for 0:08:48.559 --> 0:08:50.960 a new generation read Always great to have you back 0:08:50.960 --> 0:08:53.560 here on the show, Always great to be here. We're 0:08:53.600 --> 0:08:55.000 gonna get to the book, But I want to start 0:08:55.040 --> 0:08:59.840 with the mood. Given all of this market turnmoil, valuation cutdowns, 0:09:00.080 --> 0:09:03.719 trouble fundraising, what is the mood among venture capitalists right now? 0:09:03.720 --> 0:09:06.720 How dire is it? Well? I definitely think the mood 0:09:06.920 --> 0:09:11.280 is troubled and expects more volatility becoming rather than less um. 0:09:11.440 --> 0:09:13.880 But on the other hand, I think that technology is 0:09:13.920 --> 0:09:16.360 still very strongly the future, and so I think the 0:09:16.440 --> 0:09:20.360 question isn't oh my god, you know flights from technology. 0:09:20.360 --> 0:09:23.360 It's more there'll be more volatile fundraising. It won't be 0:09:23.400 --> 0:09:26.080 as easy, there won't be as much capital available. Some 0:09:26.160 --> 0:09:28.439 businesses will be much harder to raise than for others, 0:09:28.800 --> 0:09:31.120 and so you know, sort that out and be careful 0:09:31.160 --> 0:09:33.559 about that. Check your balance sheet, you know, check all that. 0:09:33.920 --> 0:09:38.319 But we still think technology and technology investing is year 0:09:38.360 --> 0:09:40.360 by year, you know, where we'll see most of the 0:09:40.400 --> 0:09:43.120 growth and most of the change in industries in the world. 0:09:43.960 --> 0:09:47.000 An investor at Active in Capital, Steve Saraceno, told me 0:09:47.120 --> 0:09:49.280 he thinks millions of people are going to lose their 0:09:49.360 --> 0:09:51.600 jobs in tech and that it's going to be absolutely 0:09:51.640 --> 0:09:56.360 shocking for the industry. Do you agree fundamentally, No, But 0:09:56.440 --> 0:09:58.240 it's not because I don't think their world be A 0:09:58.320 --> 0:10:00.800 number of companies that have gotten over there ease, have 0:10:00.960 --> 0:10:03.800 started investing, have burn rates that are far above the revenue, 0:10:04.120 --> 0:10:06.880 will do a reset. You know, generally public market companies 0:10:06.880 --> 0:10:09.400 will have to show that their disciplined and they're operating 0:10:09.400 --> 0:10:11.760 margins and there and their revenue and so I think 0:10:11.760 --> 0:10:13.920 you will see layoffs. But the thing is, I think 0:10:14.000 --> 0:10:16.679 capital still goes. Technology is the future. So I think 0:10:16.720 --> 0:10:19.280 that for example, people who get laid off in one 0:10:19.320 --> 0:10:22.600 company might have three other job offers and other companies 0:10:22.600 --> 0:10:24.840 that action. In fact, our hiring. So it isn't quite 0:10:24.880 --> 0:10:28.040 that dramatic, uh, you know, like oh my god, there's 0:10:28.080 --> 0:10:29.640 gonna be all these people out on the streets. It's 0:10:29.640 --> 0:10:33.080 actually gonna be there'll be a shuffle for talent and 0:10:33.240 --> 0:10:37.319 companies shuffling to ones that perhaps have either deeper pozzle 0:10:37.480 --> 0:10:42.360 capital or more revenue. That's going now. Others have told 0:10:42.440 --> 0:10:45.720 us they're saying battened down the hatches, cut costs, build 0:10:45.760 --> 0:10:49.120 what matters. What are you telling your portfolio companies right now? 0:10:49.120 --> 0:10:52.439 What are the top three bullets? Well, it depends on 0:10:52.480 --> 0:10:55.680 the company. So obviously, if you have a place where 0:10:55.679 --> 0:10:58.480 you have a deep well of capital, good revenue, of 0:10:58.480 --> 0:11:01.559 good growth. Actually, one of the places where you can 0:11:01.559 --> 0:11:03.320 tell the strong companies in the week is you keep 0:11:03.440 --> 0:11:06.920 investing uh into where you're heading. We did the same 0:11:06.960 --> 0:11:09.800 thing when uh you know, for example, LinkedIn in two 0:11:09.840 --> 0:11:12.120 thousand and eight. It was like, okay, um, we have 0:11:12.160 --> 0:11:14.160 a chance to invest in the future here. And so 0:11:14.200 --> 0:11:16.560 when you have companies that have the ability to make 0:11:16.600 --> 0:11:19.520 that play, you take that play. On the other hand, 0:11:19.520 --> 0:11:21.559 of course, if you say, well we're still figuring out 0:11:21.600 --> 0:11:24.480 product market fit. We don't quite know how it's gonna 0:11:24.480 --> 0:11:26.319 go yet, or you know, we don't. We want to 0:11:26.360 --> 0:11:30.280 maintain our burn rate relative to having extra months to 0:11:30.360 --> 0:11:33.439 choose our our market which we want to raise future capital. 0:11:33.920 --> 0:11:38.520 Then be more disciplined about hiring, be more disciplined about expenses, uh, 0:11:38.520 --> 0:11:42.080 and predict for the future. Is this like two thousand eight? 0:11:42.160 --> 0:11:45.000 Is this like the financial crisis or the dot com bust? 0:11:45.080 --> 0:11:48.800 Or is this something completely different? Well? I think it's 0:11:48.840 --> 0:11:53.040 different in part because while, for example, there is a 0:11:53.080 --> 0:11:55.240 real shift in the market obviously everyone last couple of 0:11:55.280 --> 0:11:57.880 weeks across a number of things, I think there's still 0:11:57.880 --> 0:12:00.400 a lot of capital that says, Okay, if I were 0:12:00.480 --> 0:12:03.000 choosing where growth will be, where the future of industries 0:12:03.000 --> 0:12:05.880 will be, where the future of of kind of a 0:12:05.880 --> 0:12:09.600 new revenue streams, new businesses will be. Technology is still it. 0:12:09.600 --> 0:12:12.600 It just now won't be all technology. If it seems 0:12:12.600 --> 0:12:15.600 new and interesting, throw money at it, it will be Okay, 0:12:15.640 --> 0:12:18.160 a little bit more disciplined about Well, actually, this is 0:12:18.160 --> 0:12:22.280 a good industry of the future. Let's bet on that. Now. 0:12:22.280 --> 0:12:24.480 In the startup of view, you pioneered this idea that 0:12:24.640 --> 0:12:27.800 anyone can be an entrepreneur. What is your advice to 0:12:28.000 --> 0:12:32.000 a new generation in this environment? About how they take 0:12:32.040 --> 0:12:34.480 control of their own careers when a lot of people 0:12:34.480 --> 0:12:39.760 are reevaluating life and work. So the basic ideas careers 0:12:39.760 --> 0:12:42.520 are now much more like a startup than they are 0:12:42.600 --> 0:12:44.559 like a career ladder, career escalator. You can call it 0:12:44.600 --> 0:12:46.800 a jungle, you can call it a jungle gym. You 0:12:46.840 --> 0:12:50.760 have to actually be maneuverable and flexibility. Adaptability is the 0:12:50.760 --> 0:12:53.520 new stability. And so the tool set for entrepreneurs, even 0:12:53.559 --> 0:12:56.560 if you don't start your own accompany yourself, is the 0:12:56.600 --> 0:12:59.720 tool set for every professional, for every worker, for every 0:12:59.720 --> 0:13:02.240 career path. And the book is trying to say, well, 0:13:02.280 --> 0:13:04.800 here's the basic set of the tool sets if you 0:13:04.840 --> 0:13:07.880 would like to run your career in this modern entrepreneurial 0:13:07.960 --> 0:13:11.520 adaptable way. Now, someone else who seems to be at 0:13:11.520 --> 0:13:14.720 an inflection point in his career is Elon musk taking 0:13:14.800 --> 0:13:19.360 on the possibility of buying Twitter. I know he's a 0:13:19.400 --> 0:13:22.200 friend of yours, he was your colleague at PayPal. How 0:13:22.240 --> 0:13:26.679 bullish are you on the future of Twitter under Elon Musk? Well, 0:13:26.720 --> 0:13:29.000 I saw your earlier interview with Jason I thought was 0:13:29.080 --> 0:13:32.840 very good, by the way, and basically I think everything 0:13:32.840 --> 0:13:35.319 he was saying about Twitter and Twitter circumstances. Correct. I 0:13:35.360 --> 0:13:38.880 think it hasn't innovated nearly as much as it could 0:13:38.920 --> 0:13:41.880 have or perhaps should have, you know, in the last decade, 0:13:42.000 --> 0:13:44.240 five years, whatever it is. Um, I think one of 0:13:44.240 --> 0:13:46.320 the great things about Ellen is he is one of 0:13:46.320 --> 0:13:49.240 the world's most amazing innovators. I actually do think this 0:13:49.360 --> 0:13:51.680 is counter of the what Jason was saying, that he 0:13:51.760 --> 0:13:55.040 has a plan, that it's an interesting plan. Um. Yes, 0:13:55.200 --> 0:13:57.400 the box thing may or may not be fully on 0:13:57.440 --> 0:13:59.920 target or not. But actually, in fact, I think he goes. 0:14:00.440 --> 0:14:02.920 He's an active user, as we can tell in the 0:14:02.960 --> 0:14:05.480 last couple of days even, and he has a sense 0:14:05.480 --> 0:14:08.120 of where the product could go. And Ellen is always 0:14:08.120 --> 0:14:11.080 a product oriented entrepreneur inventor, and so I think he 0:14:11.120 --> 0:14:13.680 actually has a plan and has something that he's interested 0:14:13.679 --> 0:14:17.160 in doing. Um. But I think it's a you know, obviously, 0:14:17.240 --> 0:14:19.400 the the tweets of where are we going with the 0:14:19.440 --> 0:14:22.200 deal and so where they're not great for stability within 0:14:22.240 --> 0:14:25.520 the company and the employees and and knowing what's going 0:14:25.520 --> 0:14:28.400 on in the future. So you think he's serious. I mean, 0:14:28.440 --> 0:14:30.080 if you were on the other side of this deal, 0:14:30.080 --> 0:14:34.120 wouldn't you be frustrated about all the back and forth. Well, 0:14:34.160 --> 0:14:36.760 of course you should be frustrated because you know, part 0:14:36.760 --> 0:14:39.400 of part of being a little bit more like tweet 0:14:39.400 --> 0:14:41.680 in the morning saying it's on hold, tweet, tweet a 0:14:41.720 --> 0:14:45.440 little later saying I'm still committed, you know, is you know, 0:14:45.720 --> 0:14:49.440 needless thrash on this. On the other hand, I think Ellen, 0:14:49.600 --> 0:14:51.960 he is also very exciting about you know, kind of 0:14:52.000 --> 0:14:54.200 like you know, here's here's a person who revitalizes the 0:14:54.240 --> 0:14:57.120 space industry, you know who you know, brings on the 0:14:57.160 --> 0:15:00.160 future in green cars and a bunch of other So 0:15:00.440 --> 0:15:02.960 I think there's a bunch of very interesting things that 0:15:03.000 --> 0:15:06.440 are possible with the innovation. That's great. I think that 0:15:06.520 --> 0:15:10.480 the the the volatile tweeting, you know, perhaps much a 0:15:10.480 --> 0:15:14.360 little less great. Now we're coming up on almost twenty 0:15:14.440 --> 0:15:17.000 years since you founded LinkedIn, and I wonder if this 0:15:17.040 --> 0:15:20.480 could be a moment, the moment where the new new 0:15:20.560 --> 0:15:22.960 social network of the future gets born. Is the market 0:15:23.000 --> 0:15:26.520 our users is even Elon Musk saying we need something new. 0:15:28.200 --> 0:15:31.080 So I think we almost always, you know, like the example, 0:15:31.080 --> 0:15:33.160 if you said, will there be a new social network 0:15:33.480 --> 0:15:35.880 five years from now that we don't see right now, 0:15:35.920 --> 0:15:39.240 the answer is almost certainly yes. We wouldn't ever necessarily 0:15:39.240 --> 0:15:42.040 have predicted TikTok coming in, thinking all of all the 0:15:42.160 --> 0:15:45.200 video stuff is already owned by YouTube. I think we 0:15:45.240 --> 0:15:47.720 will see it now. The interesting question, of course, part 0:15:47.720 --> 0:15:50.000 of what my job's about is trying to figure that 0:15:50.000 --> 0:15:52.480 out and predicted and invested in it early. I do 0:15:52.600 --> 0:15:55.800 think that Twitter has great potential to it. That's actually 0:15:55.800 --> 0:15:58.280 one of the things that is most exciting and all this, 0:15:58.360 --> 0:16:00.480 and I think that the being able to work towards 0:16:00.480 --> 0:16:02.640 that potential is huge. But by the way, in terms 0:16:02.680 --> 0:16:04.600 of a new social network, I think you will see 0:16:04.640 --> 0:16:08.080 someone in the next five years. Where we'll come from 0:16:08.080 --> 0:16:11.200 and which country will come from, I think is very 0:16:11.280 --> 0:16:16.040 much TVD. We're coming up on the anniversary of the Facebook. 0:16:16.040 --> 0:16:17.960 I p O as well, and you were an early investor. 0:16:18.040 --> 0:16:20.680 I know that you have been frustrated and you've expressed 0:16:20.720 --> 0:16:23.080 us with us, you know, with some of Mark Zuckerberg's 0:16:23.080 --> 0:16:26.600 decision over the last few months, particularly around the whistleblower um. 0:16:26.640 --> 0:16:28.600 But what do you think about the vision for the metaverse? 0:16:28.600 --> 0:16:32.520 Are you bullish on that? Well, so I haven't actually 0:16:32.640 --> 0:16:35.480 talked to Zuckerberg about that at all. I tend to 0:16:35.480 --> 0:16:38.040 be a little bit more cautious on the metaverse, thinking 0:16:38.160 --> 0:16:40.760 of the then off of wide variety things, startups and 0:16:40.760 --> 0:16:43.480 everything else, just because I think that what we'll first 0:16:43.560 --> 0:16:47.920 see before we see so deep social applications or work applications, 0:16:48.400 --> 0:16:52.640 is deep entertainment applications that have a broad based appeal 0:16:52.680 --> 0:16:55.240 and interest. And I haven't seen those yet. I've seen, 0:16:55.360 --> 0:16:58.480 you know, kind of specific ones, and what they've done 0:16:58.480 --> 0:17:01.080 with Oculus is really amazing, but I think we're still 0:17:01.240 --> 0:17:04.480 some ways away from that from called mass adoption of 0:17:04.560 --> 0:17:07.120 the beta verse, or maybe we should call it mass 0:17:07.240 --> 0:17:11.040 vers adoption or something like that. Now, the metaverse, if 0:17:11.080 --> 0:17:15.160 it happens, could totally change the way we live and work. 0:17:15.320 --> 0:17:17.920 What do you think about the future of work? Has 0:17:18.000 --> 0:17:21.200 the center of gravity gravity permanently shifted to the home 0:17:22.200 --> 0:17:27.520 or not. I think almost certainly it has not shifted 0:17:28.000 --> 0:17:30.960 permanently to the home, because we are social animals as 0:17:30.960 --> 0:17:32.680 a bunch of people who get their energy by working 0:17:32.680 --> 0:17:35.159 with other people. You can make decisions more quickly with 0:17:35.200 --> 0:17:37.520 everyone in the room. Um, So I think that there 0:17:37.520 --> 0:17:41.639 will be a return to offices or return to uh, 0:17:41.760 --> 0:17:44.440 you know, kind of places where people are congregating together 0:17:44.520 --> 0:17:46.320 in order to work on the other hand, of course, 0:17:46.359 --> 0:17:49.480 we've had two years of adopting tools for virtual work, 0:17:49.760 --> 0:17:52.200 and I think that will expand the tool set key 0:17:52.320 --> 0:17:55.040 talent of UM you know kind of UM you know, 0:17:55.200 --> 0:17:57.320 kind of zooming in or teams ng in from some 0:17:57.480 --> 0:18:01.440 other place, being able to have distributed companies that come 0:18:01.520 --> 0:18:04.440 together every six weeks, you know, something along those lines. 0:18:04.480 --> 0:18:06.200 I think all of that is stuff that you're gonna 0:18:06.240 --> 0:18:09.080 see persists. But I don't think the office is going away. 0:18:10.240 --> 0:18:15.120 Interesting now, you recently co founded another company yourself called Inflection, 0:18:15.200 --> 0:18:19.200 focused on the future of AI. Tell us more about 0:18:19.240 --> 0:18:21.439 this and where you think the future is. Where are 0:18:21.480 --> 0:18:24.600 you making your bets right now? Well, one of the 0:18:24.680 --> 0:18:28.159 things AI is that think going to transform every industry. Um. 0:18:28.240 --> 0:18:30.080 I think we see line of side truck from some 0:18:30.160 --> 0:18:32.879 of the amazing work that like for example, Microsoft and 0:18:32.920 --> 0:18:36.280 open AI are doing with co pilot and get hub. 0:18:36.560 --> 0:18:38.240 I think you're seeing all kinds of things. And so 0:18:38.680 --> 0:18:41.440 with Inflection, we thought, Okay, what are the things that 0:18:41.520 --> 0:18:45.640 we can most do to help give human being superpowers 0:18:45.840 --> 0:18:48.440 when they're dealing with computers? Are what are the set 0:18:48.480 --> 0:18:51.280 of things that enable that to happen? And there's not 0:18:51.320 --> 0:18:54.439 a lot that we're saying about it yet because uh, 0:18:54.560 --> 0:18:56.520 you know, we have a specific product idea that we'd 0:18:56.560 --> 0:18:58.200 like to test and develop out and then kind of, 0:18:58.400 --> 0:19:01.280 you know, do the aha moment of pulling back the curtains. 0:19:01.880 --> 0:19:06.320 But it's a it's an AI plus humanity is the theory, 0:19:08.040 --> 0:19:10.840 all right, Reid Hoffman can't wait to see what else 0:19:11.080 --> 0:19:14.320 comes of that. Thank you as always for joining us, 0:19:14.359 --> 0:19:17.040 and of course check out the updated version of Read's book, 0:19:17.160 --> 0:19:28.320 Startup of Field. Thank you, Emily. A major change could 0:19:28.359 --> 0:19:31.399 soon be coming to Apple. Bloomberg has learned the company 0:19:31.520 --> 0:19:35.000 is testing swapping its lightning charging point port with the 0:19:35.080 --> 0:19:38.520 more prevalent USB C connector. This would be for future 0:19:38.560 --> 0:19:40.600 iPhone models. This is a move Apple's making to help 0:19:40.680 --> 0:19:45.719 conform to looming European regulations. Apples also working on an 0:19:45.720 --> 0:19:49.040 adapter that would let future iPhones work with accessories designed 0:19:49.119 --> 0:19:54.440 for the current lightning connector. Coming up Toast has found 0:19:54.440 --> 0:19:57.639 the perfect recipe the restaurants software company beating estimates amidst 0:19:57.640 --> 0:20:00.520 market turmoil, but with rising pressure on consumers. Okay, buck, 0:20:00.600 --> 0:20:31.119 we'll discuss next. This is blue work. This is Elon 0:20:31.200 --> 0:20:34.400 Musk being Elon Musk. This is so Elon Musk centric 0:20:34.680 --> 0:20:37.840 this is him doing what he does, which is stirring 0:20:37.920 --> 0:20:40.640 up the pot want price about Melon Musk, I think 0:20:40.720 --> 0:20:43.560 he is angling for a cheaper price. He may have 0:20:43.640 --> 0:20:46.239 a problem raising the deck composer here. He certainly has 0:20:46.240 --> 0:20:48.159 a lot of negotiating leverage right now. I would want 0:20:48.200 --> 0:20:50.000 to do any pegg I possibly can do to get 0:20:50.040 --> 0:20:52.560 out of this deal of this price you set right this, 0:20:53.160 --> 0:20:56.320 This price makes no sense. You know, it is looking 0:20:56.480 --> 0:20:59.400 very increasingly unlikely to be to be the final bid 0:20:59.480 --> 0:21:03.320 to the extent rising acquisition for Twitter. UM was not 0:21:03.720 --> 0:21:06.920 as miss priced as as you know perhaps some other 0:21:06.960 --> 0:21:10.919 equities have been. The company is ready to be acquired UM, 0:21:10.960 --> 0:21:13.399