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

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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'm Emily checking San Francisco, and this is

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Speaker 1: Bloomberg Technology coming up the next hour, Tech stops plunge,

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Speaker 1: Amazon shares having their worst day since two thousand and six,

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Speaker 1: the nasdack sinking. We will point pinpoint the biggest pain

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Speaker 1: points for big tech going forward. Plus e Lad Musk

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Speaker 1: sells eight and a half billion dollars worth of Tesla

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Speaker 1: shares to pay for Twitter, but he's still got to

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Speaker 1: come up with billions more. Tesla shares are down since

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Speaker 1: he disclosed his Twitter steak, and Twitter shares are trading

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Speaker 1: lower than is offered price. Can Musk make the tricky

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Speaker 1: math add up? And over to Musk's other company. We

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Speaker 1: are watching this SpaceX rocket about to take off from

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Speaker 1: Cape Canaveral. It is poised to make history, marking the

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Speaker 1: fastest turnaround time for a refurbished rocket ever. We will

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Speaker 1: bring it all to you live meantime for tech investors,

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Speaker 1: worst start to the year in two decades. If you

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Speaker 1: take a look at the bigger picture, As Taylor mentioned,

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Speaker 1: the NAZAC one hundred hammered this year, wiping out more

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Speaker 1: than one point eight trillion dollars in value in April alone.

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Speaker 1: How much more volatility will the tech sector? See Mark

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Speaker 1: Mheney of ever Core with us now to discuss Mark,

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Speaker 1: how much more? How much more are we going to see? Well,

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Speaker 1: we still have FED decisions coming up this next week week,

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Speaker 1: and then one shoot that has not yet Followen and

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Speaker 1: Taylor just started to tease this out, is whether the

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Speaker 1: consumer really weakens. Look, everything's been thrown against UH tech

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Speaker 1: stocks so far except for a global recession. But we

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Speaker 1: know we've had decades high inflation rates, we've got surgy

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Speaker 1: interest rates, we've had um We've had a war breakout

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Speaker 1: in Europe that has dampened at least some demand so far,

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Speaker 1: just dampen. It hasn't crusted yet, has dampened it. And

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Speaker 1: then you've got supply chain issues out of out of China,

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Speaker 1: and so it's hit Apple, it's hit Amazon, it's at Google, Facebook,

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Speaker 1: you know, Microsoft, even all of the major tech stocks.

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Speaker 1: I don't think it abates quickly. It does abate unless

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Speaker 1: we get another shoot to drop with the consumer really

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Speaker 1: falling off a clip. We haven't seen evidence of that

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Speaker 1: yet I hope it doesn't happen. Now. You cover so

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Speaker 1: many big tech companies, Amazon, Alphabet, Meta, Twitter, Netflix, when

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Speaker 1: you look at the broader landscape, what are the most

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Speaker 1: alarming pain points that you see? Well, I also when

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Speaker 1: I want to put this in context, Look, this is

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Speaker 1: the third bear market that you and I've gone through

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Speaker 1: just in the last five years. We had one in

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Speaker 1: eighteen of course during COVID the beginning of COVID, and

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Speaker 1: we have one now. But you know we've had I

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Speaker 1: don't know, I've lived through seven or eight of these.

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Speaker 1: Uh So they almost all are fundamentally driven and there

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Speaker 1: are these confluence of events coming up. I think of

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Speaker 1: all those stocks that you mentioned, probably the one that

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Speaker 1: most fundamentally surprised me was Netflix that just hit a wall.

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Speaker 1: And I think that was because they just didn't have

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Speaker 1: a plan B or a plan C at least not

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Speaker 1: ready to go and uh and they sort of hit

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Speaker 1: a little bit of market maturation and lots of competition.

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Speaker 1: I don't think that's the case actually with Facebook or

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Speaker 1: Google or Amazon. I think these are dips that you

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Speaker 1: as a growth investor. Me as a growth investor, I

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Speaker 1: want to be buying. I call these d h q

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Speaker 1: s dislocated high quality opportunities. I know everything is being

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Speaker 1: thrown against Amazon now. I mean this is This is

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Speaker 1: about as big of a macro place you can find.

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Speaker 1: They got one point six million employees. So if wage

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Speaker 1: inflation is going up and shipping inflation is going up

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Speaker 1: and fuel inflation is going up, if all that happens,

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Speaker 1: Amazon is definitely negatively impacted. I just don't think this

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Speaker 1: is a structural change in Amazon's business model, and I

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Speaker 1: think they'll start scaling through it, and you want to

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Speaker 1: be buying them when this is. I mean, this is

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Speaker 1: about as bad as it gets, and all of the

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Speaker 1: stock is gonna work as things get less less worse

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Speaker 1: going forwards, and I think they will barring the global recession.

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Speaker 1: Is Netflix going to be able to peel itself off

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Speaker 1: the wall and get some momentum back. Yes, at some

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Speaker 1: point I'm sure they will be able to. To me,

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Speaker 1: this is like if you remember Emily price Line, which

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Speaker 1: turned into Booking dot Com. There was a wonderful stock

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Speaker 1: for a decade like Netflix was, and then it went

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Speaker 1: x premium growth. They stopped growing above and they just

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Speaker 1: kind of did this ten percent revenue growth, and they

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Speaker 1: traded fine in line with the market, but they didn't outperform.

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Speaker 1: And I sort of think the same thing happens here

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Speaker 1: with Netflix. And the challenge with Netflix is it went

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Speaker 1: into its kind of an exited, you know, premium growth

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Speaker 1: from a very high multiple, so you had this wicked

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Speaker 1: correction down. Now you've got this thing trading at like

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Speaker 1: fifteen sixteen seventeen times earnings. That's about right for an

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Speaker 1: asset like this, So I think it kind of hugs

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Speaker 1: the market for the foreseeable future. I you know, I

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Speaker 1: downgrade the stock earlier this year, and uh, this is

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Speaker 1: my history tells me this stays that you stand on

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Speaker 1: the sidelines on the name like this for at least

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Speaker 1: a year. Meantime, got to talk about Twitter Musk trying

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Speaker 1: to buy to sell more shares to get the money

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Speaker 1: he needs to do this deal. Twitter earnings, though, you know,

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Speaker 1: didn't look great. Do you think he's really committed to

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Speaker 1: owning and running a money losing asset or or does

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Speaker 1: he want to turn this into a profitable business? And

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Speaker 1: can he get the deal done even as Tesla shares

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Speaker 1: continue to decline? Well, um, I think he can get

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Speaker 1: the deal done. I think he's got enough personal wealth

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Speaker 1: that he can he can get the deal done. It

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Speaker 1: may not be as attractive as he first thought. The

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Speaker 1: second thing is, I don't know whether he early wants

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Speaker 1: wants to run it as a profitable enterprise. Is public

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Speaker 1: statements indicate that he hasn't. That said that this person

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Speaker 1: is an enormously successful entrepreneur. The difference here, however, Emily,

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Speaker 1: is that he didn't build this company from the ground up.

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Speaker 1: He's acquiring an asset and so then you go through it.

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Speaker 1: I mean, you do in that big M and a deal,

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Speaker 1: you're going to have to figure out cultures. Uh. You know,

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Speaker 1: this is a very different business model than he's run before.

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Speaker 1: I know he's extremely intimately knowledgeable about how Twitter works

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Speaker 1: as a user, but you know, there's a side of

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Speaker 1: the business here. I mean, the people who pay the

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Speaker 1: bills to Twitter are advertisers, and that's a very different mindset,

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Speaker 1: very different set of skills. And I don't know what

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Speaker 1: Musk wants to do about that. If he doesn't care

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Speaker 1: about the advertisers, they're they're not gonna care about him,

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Speaker 1: and you're gonna have ad dollars decline. And by the way,

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Speaker 1: that that's your cash flow. So I I think the

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Speaker 1: operational challenge here is gonna be greater. And I don't

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Speaker 1: know whether that bother bothers must or not, but it's

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Speaker 1: it's gonna if it's if it's a financial imparative for

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Speaker 1: him to get the this is gonna be a bigger

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Speaker 1: challenge for him. If he really wants to run the

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Speaker 1: business properly, this is gonna be this is gonna be

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Speaker 1: a challenge for him. And quickly twitters are still trading

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Speaker 1: below his offer price. Do you think investors don't think

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Speaker 1: he can get the deal done? I think there's always

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Speaker 1: a little bit of a gap in these M and

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Speaker 1: A deals. You know, this deal is not going to

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Speaker 1: probably close for a couple of months. Something could still

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Speaker 1: come up regulatory wise. Uh, so there's always gonna be

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Speaker 1: a little bit of a discount. I don't see it

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Speaker 1: as that glaring the gap here. So yeah, I'm not

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Speaker 1: surprised that there's a gap. I would expect it to

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Speaker 1: narrow as you get closer to whenever this thing is

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Speaker 1: supposed to close. I think the thing is going to

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Speaker 1: close pretty quickly in the next couple of months, though

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Speaker 1: next month or two. Interesting why quickly. I don't know

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Speaker 1: what stops it. I mean, there's no other bidder here,

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Speaker 1: so it's only regulatory approval. The board has agreed to this.

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Speaker 1: I think the largest shareholders have signed up. I don't

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Speaker 1: know that for a fact, but I'm guessing that that's

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Speaker 1: the last series of events that caused the board to

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Speaker 1: say okay. Deals done because they heard from their largest

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Speaker 1: shareholders that they want this. This deal completed, so there's

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Speaker 1: nothing to really stop it except for the regulatory approval process. Interesting.

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Speaker 1: Mark Mhoney of aver Cores always going to have you

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Speaker 1: happy Friday, Mark, thanks for joining us. Elon Mosk sold

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Speaker 1: an additional four and a half billion dollars worth of

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Speaker 1: Tesla stock, according to new regulatory filings. That makes his

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Speaker 1: total sales this week eight and a half billion dollars,

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Speaker 1: bringing him one step closer to making his deal to

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Speaker 1: buy Twitter a reality. Mosque has already discussed some of

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Speaker 1: the changes he'd make to Twitter on Twitter, most notably

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Speaker 1: his now pin tweet about free speech and censorship. There's

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Speaker 1: been some excitement and a lot of concerns about what

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Speaker 1: Twitter might look like under Musk, especially when it comes

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Speaker 1: to changing Twitter's moderation policies. My next guest actually helped

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Speaker 1: Twitter's Trust and Safety Council shape those policies. And I'm

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Speaker 1: joined now by Brianna Wou, executive director Rebellion Pack, one

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Speaker 1: time congressional candidate and a woman who unfortunately knows a

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Speaker 1: thing or two about harassment. And Brianna, I just want

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Speaker 1: to remind our viewers that not only did you become

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Speaker 1: a target of vicious trolls on Twitter as a result

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Speaker 1: of gamer Gate, your harassers came after you in person

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Speaker 1: and tried to, you know, physically harm you. In the

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Speaker 1: wake of that, you help Twitter shape its moderation policies.

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Speaker 1: How do you feel about handing that over now to

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Speaker 1: Elon Musk Well, I'm obviously very very concerned. Um, you know,

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Speaker 1: something I talked about two NBC News this week was

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Speaker 1: kind of history of Twitter's moderation policies improving in the

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Speaker 1: wake of gamer Game. I talked to Del Harvey and

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Speaker 1: a lot of other people at Twitter from really extensively

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Speaker 1: from about until about eighteen trying to basically fix some

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Speaker 1: of the things that went wrong at Twitter, and something

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Speaker 1: I really was stressed everyone watching you on Bloomberg is

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Speaker 1: ultimately this was a u X problem. We were trying

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Speaker 1: to solve a user experience problem. This was not political,

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Speaker 1: It was not a left versus right screaming match. This

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Speaker 1: was people on Twitter are having a bad user experience

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Speaker 1: and we need to fix it. So I'm really worried

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Speaker 1: that all the progress we made to basically let a

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Speaker 1: lot of people use this service and not get death threats,

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Speaker 1: rape threats, you know, their their personal information published. I'm

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Speaker 1: extremely concerned that's going to take a step backwards. And

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Speaker 1: because this is Bloomberg, I think ultimately that's going to

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Speaker 1: really affect Twitter's stock price, in their profitability. If you

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Speaker 1: could give Unmusk some advice, what would it be. I

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Speaker 1: think the main thing I would say is listen to

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Speaker 1: the professionals on the trust and Safety team. I cannot

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Speaker 1: emphasize to you enough. These are data driven professionals. They're

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Speaker 1: not ideologues. They sit there and they comb through literally

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Speaker 1: large freams of data every single day trying to figure

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Speaker 1: out how to make the product better, what the shortcomings are.

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Speaker 1: It's almost like cyber warfare in a sense, you know,

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Speaker 1: where you've trolls poking at the defenses of Twitter's trust

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Speaker 1: and safety policies all day and trying to figure out

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Speaker 1: how to get around it. I would say listen to

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Speaker 1: those professionals. What concerns me is, judging from miss tweets,

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Speaker 1: it seems like he's coming in with basically a political,

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Speaker 1: uh political crusade that he's trying to bring to the platform,

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Speaker 1: rather than just trying to empower his professionals that are

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Speaker 1: trying to solve this from a non political point of view. Now,

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Speaker 1: Elon Musk is inarguably an innovator and has you know,

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Speaker 1: brought some of the most difficult ideas in history to fruition.

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Speaker 1: Why shouldn't we think he could actually make Twitter better? Well,

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Speaker 1: you know, if we were talking about making a tech product,

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Speaker 1: I think I would have a lot more faith in him.

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Speaker 1: I think it's also worth saying Elon Musk is also

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Speaker 1: someone that makes really big promises that don't seem to

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Speaker 1: go anywhere if you listen to him. We're going to

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Speaker 1: have uh, you know, Optimius robots, these fully autonomous robots

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Speaker 1: that can act with artificial intelligence, walk around on two legs.

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Speaker 1: Those will be out I believe next year. According to

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Speaker 1: his public statements, uh, he said Tesla will be a

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Speaker 1: fully self drivable car every single year for the last

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Speaker 1: six years. I think there's a real credibility gap when

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Speaker 1: it comes to his very large pronouncements on this UH

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Speaker 1: in something that's I really want to stress Emily Ultimately,

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Speaker 1: most of the policies that changed at Twitter happened because

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Speaker 1: the Twitter leadership was invested in it. You know, from

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Speaker 1: to about they were very incentivized, not just you know,

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Speaker 1: from users, but from the stock price to address harassment.

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Speaker 1: If you remember, they tried to sell themselves to UH

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Speaker 1: I believe it was ABC and Distinc. At one point

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Speaker 1: Twitter did, and the deal fell through in part because

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Speaker 1: of the congeneral harassment on the platform. So you know,

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Speaker 1: ultimately this isn't just a user safety issue, it's a

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Speaker 1: stock price issue. Now. Jack Dorsey just posted a long

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Speaker 1: Twitter thread taking responsibility for mistakes he has, you know,

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Speaker 1: talked a little bit about the handling of the New

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Speaker 1: York Post article mentioning Hunter Biden. But of course there

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Speaker 1: are many many other issues um that Elon Musk seems

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Speaker 1: to be taking issue with. Jack says a transparent system,

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Speaker 1: both in policy and operations, is the right way to

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Speaker 1: earn trust, whether it's owned by a company or an

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Speaker 1: open protocol doesn't matter as much as deliberately deciding to

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Speaker 1: be open about every decision and why it was made.

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Speaker 1: It is not easy to do, but it must happen.

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Speaker 1: What do you what do you think he means by that?

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Speaker 1: And is it really possible? I don't know how possible

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Speaker 1: it is, but I think it's a good ideal to

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Speaker 1: strive for. I think a lot of the misconceptions about

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Speaker 1: the trust and safety policy happen because there is this, uh,

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Speaker 1: this this, then this veil between what happens on that

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Speaker 1: team in the public. I find it very notable of

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Speaker 1: my work with them. I was really encouraged to not

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Speaker 1: speak about it ever, Um. I only spoke about it

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Speaker 1: this week because I felt the stakes were so high

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Speaker 1: and that it was worth worth kind of talking about

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Speaker 1: my experiences on that team because of these this misconception

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Speaker 1: that you know, it's a bunch of democratic people behind

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Speaker 1: the scenes trying to silence conservatives. Absolutely not my experience

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Speaker 1: at all. Um. I think that if we had these

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Speaker 1: policies applied more transparently, I think that that would be

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Speaker 1: good for getting the trust of all users. You know,

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Speaker 1: what if find is so interesting, Emily is from my perception. Um,

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Speaker 1: if you look at Twitter and their ability to solve

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Speaker 1: address things that we all agree should not be on

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Speaker 1: that platform, things like death threat and rape threats, I

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Speaker 1: think they do a much better job than many of

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Speaker 1: their competitors. They certainly do better than Facebook and read it,

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Speaker 1: but they've never really gotten the public credit. I feel

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Speaker 1: that they deserved for that. I think that being more

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Speaker 1: open with that would definitely help it. I would say

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Speaker 1: in my own experience as a user, Twitter's moderation has

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Speaker 1: gotten better, at least from my perspective and the tweets

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Speaker 1: that I personally see. You know, I think the folks

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Speaker 1: who are really excited about Elon's vision seem to think

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Speaker 1: that Twitter has made a lot of political decisions over

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Speaker 1: the last several years. Even even Jack himself says, you know,

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Speaker 1: he generally isn't a fan of band banning someone, and

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Speaker 1: Twitter is the platform that banned President Trump permanently. Do

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Speaker 1: you think the decisions that Twitter has made are political

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Speaker 1: or were politicized? You know, when I come on your show,

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Speaker 1: I try not to make things partisan. But since you asked,

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Speaker 1: I'll tell you my honest impression. In gamer Gate, I

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Speaker 1: felt that these policies were the all right versus normal people. Right,

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Speaker 1: it was the trolls versus just professionals trying to get

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Speaker 1: their job done. I think unfortunately, since we have seen

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Speaker 1: these issues become partisan, as some people are kind of

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Speaker 1: becoming their worst selves online, so I think unfortunately this

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Speaker 1: has become another left versus right screaming match. I can't

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Speaker 1: think of any problem in America that's gotten better on

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Speaker 1: its become a partisan screaming match rather than a problem

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Speaker 1: to solve. Brianna Wu Rebellion Pack executive director, UM, longtime

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Speaker 1: crusader for better moderation policies. Thank you Apple warning it

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Speaker 1: could lose billions this quarter due to supply shortages, specifically

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Speaker 1: tied to China and it's strict lockdown policy. I'm joined

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Speaker 1: now by Bloomberg's Mark German, who of course covers all

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Speaker 1: things Apple for us. So Mark, just exactly how bad

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Speaker 1: did Apple say these supply chain issues are going to

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Speaker 1: get and is it all because of COVID in China? Well?

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Speaker 1: Pretty bad, right, They're guiding between four billion and eight billion.

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Speaker 1: And if you listen to the call, it seemed like

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Speaker 1: Tim Cook and look at my Austry the CFO, they

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Speaker 1: really weren't sure how big of an impact it really

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Speaker 1: would be, right, That's why they gave that big four

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Speaker 1: to eight billion range. Now. They've been giving these ranges

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Speaker 1: of supply chain impact now for a few quarters, but

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Speaker 1: this up to eight billion dollar marker, that's the biggest one.

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Speaker 1: Now analysts still think that Apple could beat in terms

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Speaker 1: of year over year, right, But we'll see how ultimately

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Speaker 1: Apple shakes out. I think it's a combination of the

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Speaker 1: supply chain in China, which definitely has a long way

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Speaker 1: to go in terms of the overall strategy final assembly.

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Speaker 1: There's obviously a bottleneck in recent years. I'm sure we'll

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Speaker 1: get more into that. I also think it has to

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Speaker 1: do with global economic conditions, the war Ukraine, inflation, people

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Speaker 1: trying to hold onto their money, and also in terms

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Speaker 1: of you know, products in some sense, right, like people

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Speaker 1: are anticipating big iPhone, fourteen, big iPad and Apple Watch

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Speaker 1: changes later in the year, as Apple always does, so

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Speaker 1: people could be holding onto that too as well. Q

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Speaker 1: three is traditionally one of Apple's more soft quarters. How

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Speaker 1: do you think investors are going to handle this given that,

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Speaker 1: you know, Apple's learnings generally were pretty good if you

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Speaker 1: look at how dismally bad the results have been from

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Speaker 1: other tech companies like Amazon. Yeah, I think investors are

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Speaker 1: probably going to wait to really, you know, make their

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Speaker 1: long term decisions on Apple until the Q three results, right.

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Speaker 1: I think they want to see how things shake out.

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Speaker 1: You know, Tim Cook and Luca were they were vague

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Speaker 1: enough to indicate, you know what, maybe it won't be

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Speaker 1: eight billion, maybe less than four billion, Right, That's why

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Speaker 1: they give that being ranged. They didn't really seem sure.

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Speaker 1: So if Apple is not entirely sure, I'm not sure

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Speaker 1: investors and analysts can be entirely sure too. So I

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Speaker 1: think they're gonna wait until late July to see how

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Speaker 1: things really shake out. Obviously, there is a lot of

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Speaker 1: reason to be optimistic about Apple, but an eight billion

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Speaker 1: dollar hit yet again on the supply chain indicates that

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Speaker 1: Apple really needs to be making some tweaks to that

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Speaker 1: overall strategy. There and Tim Cook, the architect of the

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Speaker 1: Apple supply chain over the last twenty years and change,

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Speaker 1: he was again defensive about the supply chain strategy. And

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Speaker 1: so we'll see, you know, if Apple does make those

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Speaker 1: changes that they clearly need to make, And what are

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Speaker 1: the products that you are most excited about coming year

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Speaker 1: September quickly, Yeah, I'm particularly excited about the Apple Watch, right.

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Speaker 1: I think there's gonna be three new models this year,

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Speaker 1: including a new ruggedized model maybe with some satellite connectivity

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Speaker 1: features so that will be pretty nifty, and new iPad

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Speaker 1: pro and also the a R headset at some point.

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Speaker 1: All right, Mark German, who of course covers Apple for US,

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Speaker 1: will be on the lookout for all of those things.

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Speaker 1: And now we're about a minute and a half to

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Speaker 1: launch of that SpaceX Falcon nine rocket carrying fifty three

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Speaker 1: Starlink satellites. We're looking at a live look there of

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Speaker 1: Cape Canaveral Space Force Station in Florida taking off as

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Speaker 1: planned at this point at five twenty seven pm Eastern time.

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Speaker 1: I want to bring in Bloomberg's Justin Bachman, who covers

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Speaker 1: the space industry for us. This would be a history

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Speaker 1: making mission, justin correct, and that this would be the

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Speaker 1: fastest turnaround time for a refurbished rocket ever. That's true. Yeah,

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Speaker 1: they have shaved their previous record of twenty seven days

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Speaker 1: down in twenty one days. So it is a record.

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Speaker 1: When you put it like that, it sounds pretty well, um,

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Speaker 1: you know, what's curious is we don't know what their

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Speaker 1: what their target is. It's it's interesting to see if

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Speaker 1: you know, this becomes more of a two week or

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Speaker 1: even a one week turnaround. Um for when they you know,

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Speaker 1: land these rockets and they're ready to fly them again. Um,

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Speaker 1: and I think they're learning. It's it's one of those

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Speaker 1: open questions. How many times can I falcondine fly? And

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Speaker 1: how quickly can you can you get the refurbishment? How

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Speaker 1: much do you need to do versus what you can?

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Speaker 1: Justin here we go five seconds to go two one

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Speaker 1: pigniction on sorry pie vehicles catching count range and when

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Speaker 1: D chamber pressure is nominal. Yes, Falcon nine has successfully

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Speaker 1: lifted off from Space Launch Complex Party carrying our fifty

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Speaker 1: three Sterlink satellites. Now although a liftoff, gravity is pulling

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Speaker 1: the vehicle straight right, the rocket is on its way

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Speaker 1: twenty seven days after its last trip. This is the

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Speaker 1: sixth flight ever for this particular rocket, now carrying fifty

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Speaker 1: three satellites. Starlink satellites into orbit. Are Justin Bachman, who

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Speaker 1: covers the space industry for US now justin how significant

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Speaker 1: is this milestone? I think it's fairly significant because you're

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Speaker 1: seeing SpaceX learning. They fly a lot, and they learn

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Speaker 1: a lot, and you know, one of the questions that

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Speaker 1: the company has got to be, what is what is

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Speaker 1: the minimal amount that's required to have a safe flight

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Speaker 1: for not only our payloads but for customer payloads. UH.

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Speaker 1: And the faster you can do that, it's you know,

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Speaker 1: a lower's cost. And this is really a business more

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Speaker 1: than a novelty. And when you make it a business,

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Speaker 1: you're always looking to lower costs and this is an

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Speaker 1: important part of it. How quickly can you refurbish it?

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Speaker 1: What's the minimum how quickly can you fly? Um? And

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Speaker 1: today they're you know, they're taking out pay load that's

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Speaker 1: going to contribute to their their constellation and that's more money.

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Speaker 1: So it's it's a business that works. And I think

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Speaker 1: we're seeing a lot of the on the cost side

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Speaker 1: with with these kind of refurbishments. So we're about thirty

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Speaker 1: seconds away from the first stage main engine getting cut

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Speaker 1: off here, and I'd like to talk a little bit

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Speaker 1: about how this fits into the bigger mission of elon

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Speaker 1: Musk and SpaceX. UH. The goal is to have these

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Speaker 1: taken off as frequently as airplanes take off on Earth.

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Speaker 1: Can you paint the picture for us just justin of

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Speaker 1: what this future space economy will look like. Yeah, you're

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Speaker 1: you're telling about an era not too many years into

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Speaker 1: the few sure if you believe a lot of the

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Speaker 1: ambitious proposals and optimists, where you do have rockets that

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Speaker 1: take off as frequently as airplanes, because there is a

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Speaker 1: burgeoning commercial industrial base where people are not only living

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Speaker 1: and you know, space tourism is a small part of it,

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Speaker 1: but you have companies that are actively manufacturing and doing

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Speaker 1: other things with micro gravity UM and using you know,

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Speaker 1: a hard vacuum of space is a very useful tool

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Speaker 1: in a lot of research. UM. So you have this

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Speaker 1: economy where you have a lot of things going to

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Speaker 1: and from space, uh, mostly high end, high value products

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Speaker 1: and services where you know they're they're using the environment

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Speaker 1: for specific reasons. And you know, pharmaceuticals, UM and tissue

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Speaker 1: oregan growth is one area that we've we've heard a

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Speaker 1: lot about UM. So that's what you know frequent launches are.

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Speaker 1: And the Falcon Knight itself is going to be retired, um.

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Speaker 1: You know, not not too many years in the future,

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Speaker 1: or where you know, if they're starship machine works as

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Speaker 1: intended that's going to take over, and that's a much

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Speaker 1: larger UM rocket, much more reusable even than this one.

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Speaker 1: And so you're gonna see other companies internet space as well,

429
00:24:13,800 --> 00:24:17,800
Speaker 1: and it's gonna be a you know, a market where

430
00:24:17,920 --> 00:24:20,919
Speaker 1: you have frequent launches and we probably won't talk about

431
00:24:21,680 --> 00:24:25,119
Speaker 1: UM each one as a novelty because it becomes so routine.

432
00:24:25,200 --> 00:24:28,120
Speaker 1: And I think that's the goal. UM Nobody is there

433
00:24:28,200 --> 00:24:31,560
Speaker 1: yet and it's not exactly at hand, but I think

434
00:24:31,720 --> 00:24:34,480
Speaker 1: that you're seeing SpaceX build the blocks where that does

435
00:24:34,600 --> 00:24:38,080
Speaker 1: become the ultimate destin stay with us. I want to

436
00:24:38,080 --> 00:24:41,800
Speaker 1: bring Lisa rich In, the co founder and CEO of Explore.

437
00:24:41,920 --> 00:24:44,800
Speaker 1: This is a company that provides space as a service

438
00:24:44,880 --> 00:24:49,399
Speaker 1: by hosting payloads in Earth orbit and beyond. Lisa, this

439
00:24:49,560 --> 00:24:53,360
Speaker 1: rocket flu just twenty one days ago, So that timeline

440
00:24:53,440 --> 00:24:56,639
Speaker 1: is getting tighter and tighter and tighter. You know, you

441
00:24:56,680 --> 00:24:59,960
Speaker 1: know what exactly does this signify in terms of what's

442
00:25:00,040 --> 00:25:05,560
Speaker 1: BaseX and the team there has accomplished, Thank you, Emily.

443
00:25:05,880 --> 00:25:09,119
Speaker 1: What we're seeing is what Justin was referring to, is

444
00:25:09,440 --> 00:25:13,119
Speaker 1: this becoming the business of space that we are able

445
00:25:13,200 --> 00:25:18,520
Speaker 1: to launch frequently and this becomes an enabler for commercial

446
00:25:18,600 --> 00:25:23,439
Speaker 1: space companies to be flying payloads. We're not only flying

447
00:25:23,640 --> 00:25:27,200
Speaker 1: other people's payloads at our company, but we're flying our

448
00:25:27,280 --> 00:25:31,399
Speaker 1: own uh sensors that allow us to provide data and

449
00:25:31,520 --> 00:25:34,760
Speaker 1: bring that data back from space. That enables companies like

450
00:25:35,280 --> 00:25:40,760
Speaker 1: the oil and gas industry, insurance industries, logistics industries that

451
00:25:40,880 --> 00:25:43,840
Speaker 1: can help us with supply chain issues or you know,

452
00:25:44,440 --> 00:25:48,840
Speaker 1: issues with even disaster responsiveness. So all of this. You know,

453
00:25:48,920 --> 00:25:51,679
Speaker 1: we watched the launches and it's exciting to see the launch,

454
00:25:52,040 --> 00:25:54,320
Speaker 1: but we'd love to tell the story of you know,

455
00:25:54,440 --> 00:25:57,920
Speaker 1: the high capability of what's flying and what that means

456
00:25:58,040 --> 00:26:04,760
Speaker 1: back here on Earth. Fifty three satellites going into orbit today,

457
00:26:05,119 --> 00:26:08,400
Speaker 1: and thank you for explaining just how important these satellites are.

458
00:26:08,760 --> 00:26:10,399
Speaker 1: You look up in the sky on any given night

459
00:26:10,440 --> 00:26:12,320
Speaker 1: and you see them, and I wonder, are we getting

460
00:26:12,359 --> 00:26:16,280
Speaker 1: concerned that it's getting a little crowded up there? Uh

461
00:26:16,560 --> 00:26:19,359
Speaker 1: that you know are there? You know, once the space

462
00:26:19,400 --> 00:26:24,399
Speaker 1: economy becomes more rich, are their concerns about about crashes

463
00:26:24,520 --> 00:26:29,919
Speaker 1: and traffic going forward? Well, I'm glad you bring that up,

464
00:26:29,960 --> 00:26:34,240
Speaker 1: because space traffic management is an important part of the process,

465
00:26:34,800 --> 00:26:37,680
Speaker 1: and we're going to be getting better at this by

466
00:26:37,960 --> 00:26:43,800
Speaker 1: improving our regulatory process. So improving the regulatory process actually

467
00:26:44,040 --> 00:26:48,280
Speaker 1: makes us more competitive, and we have folks working very

468
00:26:48,480 --> 00:26:52,560
Speaker 1: hard to make this UM have more ease of use.

469
00:26:52,880 --> 00:26:56,560
Speaker 1: Right right now, when a company flies as spacecraft or

470
00:26:56,640 --> 00:27:00,840
Speaker 1: satellite as we call these satellites, uh, you here, if

471
00:27:00,880 --> 00:27:05,280
Speaker 1: there's a conjunction event or possible collision event, you're notified

472
00:27:05,520 --> 00:27:09,119
Speaker 1: of that. But the company itself isn't necessarily able to

473
00:27:09,240 --> 00:27:12,159
Speaker 1: track it. They're going to be notified. So in the future,

474
00:27:12,200 --> 00:27:14,360
Speaker 1: you know, we're going to have that process. I think

475
00:27:14,720 --> 00:27:17,840
Speaker 1: opening up a little more for awareness that allows us

476
00:27:17,920 --> 00:27:22,480
Speaker 1: to avoid uh these potential collisions. But is it a

477
00:27:22,600 --> 00:27:26,000
Speaker 1: danger now or five years from now, I'm not so

478
00:27:26,200 --> 00:27:29,000
Speaker 1: sure it will be because our systems are all improving

479
00:27:29,040 --> 00:27:32,560
Speaker 1: in the technology and awareness of where satellites are is

480
00:27:32,640 --> 00:27:36,800
Speaker 1: improving all the time. So a space is a big place.

481
00:27:37,119 --> 00:27:39,840
Speaker 1: There's a lot of space and space uh, so I

482
00:27:40,000 --> 00:27:42,119
Speaker 1: don't find that a concern and I don't think a

483
00:27:42,160 --> 00:27:46,639
Speaker 1: lot of satellite operators do necessarily today. So we just

484
00:27:46,760 --> 00:27:50,280
Speaker 1: saw the entry burn process there that is now shut

485
00:27:50,359 --> 00:27:55,359
Speaker 1: down and complete. First stage landing burn uh will start

486
00:27:55,560 --> 00:28:00,119
Speaker 1: at about eight minutes, so we're thirty seconds away from that. US.

487
00:28:00,200 --> 00:28:03,800
Speaker 1: In so far, everything seems to be going as planned.

488
00:28:03,880 --> 00:28:06,720
Speaker 1: Walk us through the rest of this mission given the

489
00:28:06,760 --> 00:28:10,119
Speaker 1: point we're at right now. Yeah, it does seem to

490
00:28:10,160 --> 00:28:12,440
Speaker 1: be going to plan. Um. So what you'll see coming

491
00:28:12,480 --> 00:28:15,359
Speaker 1: up next is as you mentioned, is the the landing

492
00:28:15,400 --> 00:28:17,920
Speaker 1: burn where you know, this needs to slow down. It

493
00:28:18,040 --> 00:28:21,840
Speaker 1: is still you know, supersonic vehicle at this point, and

494
00:28:21,920 --> 00:28:24,399
Speaker 1: it needs to shed a lot of speed still and

495
00:28:24,720 --> 00:28:26,960
Speaker 1: to do that, it's gonna you know, fire a rocket

496
00:28:27,119 --> 00:28:30,840
Speaker 1: engine again, um, vertically coming down. And then after that

497
00:28:30,920 --> 00:28:33,720
Speaker 1: you have the landing bird. Um, you know, complete where

498
00:28:33,720 --> 00:28:35,720
Speaker 1: we've we've seen it, but that you know, that's a

499
00:28:35,760 --> 00:28:38,400
Speaker 1: crucial part of it. And you're seeing that start right

500
00:28:38,480 --> 00:28:44,120
Speaker 1: there for first stage landing burn happening now. Um. You know,

501
00:28:45,440 --> 00:28:48,360
Speaker 1: you know, at this point, what are the things that

502
00:28:48,440 --> 00:28:51,600
Speaker 1: could could could there? It is there, it is coming

503
00:28:51,640 --> 00:28:55,360
Speaker 1: back down. UM. You know, at what point do we

504
00:28:55,440 --> 00:29:00,440
Speaker 1: consider this a success? I think it's a that's when

505
00:29:00,480 --> 00:29:03,640
Speaker 1: they get their satellites deployed, uh and going where they

506
00:29:03,680 --> 00:29:06,360
Speaker 1: want to and you know this this booster is gonna

507
00:29:06,360 --> 00:29:11,040
Speaker 1: fly another day maybe soon. Alright. The goal I would

508
00:29:11,040 --> 00:29:13,480
Speaker 1: guess is sooner than twenty one days, because that's how

509
00:29:13,560 --> 00:29:17,640
Speaker 1: long this booster took to turn around. Lisa, you know

510
00:29:19,080 --> 00:29:22,160
Speaker 1: just how quickly, Uh do you think turnaround can get

511
00:29:22,440 --> 00:29:28,000
Speaker 1: if SpaceX UH does its job right? Yeah? I think

512
00:29:28,080 --> 00:29:32,040
Speaker 1: that they probably can keep shaving time off because that

513
00:29:32,280 --> 00:29:34,320
Speaker 1: is what they do. They're looking for all of these

514
00:29:34,480 --> 00:29:39,040
Speaker 1: incremental ways to keep lowering the turnaround time and increasing

515
00:29:39,160 --> 00:29:41,960
Speaker 1: the usage and the reusability. So for this to have

516
00:29:42,080 --> 00:29:46,680
Speaker 1: been six times to fly, that's phenomenal. You know. They

517
00:29:47,200 --> 00:29:50,360
Speaker 1: have the same mindset as my company explore where we're

518
00:29:50,400 --> 00:29:54,280
Speaker 1: looking at, you know, low cost and high capability, and

519
00:29:54,440 --> 00:29:57,320
Speaker 1: they're proving this out every day by showing us that

520
00:29:57,440 --> 00:29:59,760
Speaker 1: they can turn around in twenty one days. You know,

521
00:29:59,840 --> 00:30:03,120
Speaker 1: I have visited these. They're extraordinary to see upfront. Um

522
00:30:03,520 --> 00:30:09,400
Speaker 1: did the manufacturing capability and refurbishment now, Um, they're working

523
00:30:09,480 --> 00:30:11,760
Speaker 1: like clockwork and I love to see that. It just

524
00:30:12,000 --> 00:30:16,240
Speaker 1: opens up the doors for commercial Those satellites will be

525
00:30:16,320 --> 00:30:22,520
Speaker 1: deployed about an hour into the flight. UH. Justin what's

526
00:30:22,560 --> 00:30:25,840
Speaker 1: next for the SpaceX team now that this booster is

527
00:30:26,160 --> 00:30:30,520
Speaker 1: back on Earth. Uh, they'll be looking for another Starlink

528
00:30:30,600 --> 00:30:33,200
Speaker 1: launch in short order. I think maybe next week if

529
00:30:33,280 --> 00:30:35,840
Speaker 1: I recall correctly, but um, you know, more to build

530
00:30:35,880 --> 00:30:38,800
Speaker 1: out that constellation and and add new customers. They just

531
00:30:38,880 --> 00:30:42,000
Speaker 1: added their first two airline customers in the past week

532
00:30:43,200 --> 00:30:47,480
Speaker 1: with an airline called JSX and Hawaiian Airlines. So they're

533
00:30:47,520 --> 00:30:50,680
Speaker 1: moving into aviation. They want to get into cargo ships

534
00:30:50,720 --> 00:30:55,000
Speaker 1: and other maritime applications. UM, so you're seeing starlink become

535
00:30:55,600 --> 00:30:59,000
Speaker 1: more of a non residential but also a you know,

536
00:30:59,120 --> 00:31:02,360
Speaker 1: commercial business product as well. All right, well, we'll be

537
00:31:02,440 --> 00:31:06,960
Speaker 1: watching for those satellites to successfully deploy, but so far

538
00:31:07,560 --> 00:31:11,880
Speaker 1: it looks like a rave success for this latest SpaceX mission.

539
00:31:12,120 --> 00:31:15,240
Speaker 1: Justin Bachmann for Bloomberg. Lisa Richard, co founder and CEO

540
00:31:15,560 --> 00:31:19,520
Speaker 1: of Explore, thank you both for helping us narrate that journey.

541
00:31:28,760 --> 00:31:32,640
Speaker 1: There's been growing concern that pandemic fuel demand for PCs

542
00:31:33,040 --> 00:31:36,400
Speaker 1: is sputtering. Intel underscoring that coming out with a disappointing

543
00:31:36,600 --> 00:31:40,160
Speaker 1: second quarter forecast. I spoke with Intel CEO Pat Kelsinger

544
00:31:40,200 --> 00:31:43,800
Speaker 1: earlier and asked him why, despite this, he's still optimistic

545
00:31:43,880 --> 00:31:46,200
Speaker 1: about the second half of the year. Take a listen.

546
00:31:47,280 --> 00:31:51,080
Speaker 1: We see continued strowth, strength and growth in our data

547
00:31:51,160 --> 00:31:55,800
Speaker 1: center business, our network and edge business. Very strong first

548
00:31:55,880 --> 00:31:57,960
Speaker 1: quarter and we just see that growing throughout the year.

549
00:31:58,280 --> 00:32:01,480
Speaker 1: We also have our new growth business is an accelerated

550
00:32:01,520 --> 00:32:05,840
Speaker 1: computing and graphics, the new area of foundry and Mobile I.

551
00:32:06,040 --> 00:32:09,040
Speaker 1: All of those had very good quarters and we forecast growth,

552
00:32:09,520 --> 00:32:11,280
Speaker 1: very strong growth for all of those as we go

553
00:32:11,400 --> 00:32:14,080
Speaker 1: into the second half, and then the PC business after

554
00:32:14,160 --> 00:32:16,920
Speaker 1: the inventory correction is done, we expect in Q two.

555
00:32:17,320 --> 00:32:19,520
Speaker 1: We expect the stronger second half. We have a lot

556
00:32:19,600 --> 00:32:22,520
Speaker 1: of visibility into where our O e M inventory levels is,

557
00:32:23,080 --> 00:32:25,640
Speaker 1: and we're also seeing that the strength of our product

558
00:32:25,760 --> 00:32:29,120
Speaker 1: line are old Lake products ramping ahead of schedule, you know,

559
00:32:29,280 --> 00:32:33,240
Speaker 1: the Raptor Lake products already being broadly sampled into the industry.

560
00:32:33,480 --> 00:32:35,640
Speaker 1: And you know, the second half of the year will

561
00:32:35,680 --> 00:32:39,720
Speaker 1: be highlighted by a commercial refresh. You know, we're way

562
00:32:39,840 --> 00:32:42,840
Speaker 1: overdue in the commercial segment for a refresh, and you know,

563
00:32:42,920 --> 00:32:45,160
Speaker 1: with people coming back into the workplace, we see very

564
00:32:45,280 --> 00:32:48,880
Speaker 1: strong outlook for the commercial portion, where our market share

565
00:32:49,240 --> 00:32:52,680
Speaker 1: and our pricing is a stronger. So overall, we're very confident.

566
00:32:52,880 --> 00:32:56,480
Speaker 1: Reaffirmed the second half of the year and the overall number,

567
00:32:56,600 --> 00:32:59,320
Speaker 1: so we're feeling very good about the business and the execution.

568
00:32:59,400 --> 00:33:03,040
Speaker 1: In Q one with a modest beat despite all the turbulence,

569
00:33:03,120 --> 00:33:06,560
Speaker 1: just reinforces our confidence that the execution machine and Intel

570
00:33:06,920 --> 00:33:09,200
Speaker 1: is rebuilding and we have confidence in the rest of

571
00:33:09,240 --> 00:33:12,000
Speaker 1: the year now. I spoke to Apple CEO Tim Cook

572
00:33:12,240 --> 00:33:15,520
Speaker 1: yesterday who said, you know, they're still seeing supply issues

573
00:33:15,680 --> 00:33:19,760
Speaker 1: and they're really almost exclusively related to chips that impacted

574
00:33:19,800 --> 00:33:21,640
Speaker 1: several of their products. They also said on the call

575
00:33:21,720 --> 00:33:24,040
Speaker 1: that supply issues could dent sales as much as eight

576
00:33:24,120 --> 00:33:27,840
Speaker 1: billion dollars in part due to these continuing COVID lockdowns

577
00:33:27,880 --> 00:33:30,560
Speaker 1: in China. You said the shortage will last longer than

578
00:33:30,600 --> 00:33:33,360
Speaker 1: even you thought. How much longer and what more color

579
00:33:33,760 --> 00:33:36,160
Speaker 1: can you give us? Yeah, And I think there's two

580
00:33:36,240 --> 00:33:38,560
Speaker 1: different questions there, Emily. One is some of these near

581
00:33:38,720 --> 00:33:41,479
Speaker 1: term lockdowns and we're starting to see the port open up.

582
00:33:41,720 --> 00:33:44,440
Speaker 1: We're getting some positive news there from China in that regard,

583
00:33:44,520 --> 00:33:47,440
Speaker 1: which is you know, particularly challenging for all of like

584
00:33:47,600 --> 00:33:49,280
Speaker 1: the p C, O, E, M, S and Apple a

585
00:33:49,400 --> 00:33:51,320
Speaker 1: lot of business going through there and a fair amount

586
00:33:51,320 --> 00:33:54,840
Speaker 1: of our business as well. Overall, though, the big story

587
00:33:55,000 --> 00:33:58,719
Speaker 1: is around building up the semiconductor capacity, and we had

588
00:33:58,840 --> 00:34:02,400
Speaker 1: felt like twenty three we'd start to see that equilibrium now,

589
00:34:02,560 --> 00:34:05,520
Speaker 1: and no small part because of some of the equipment shortages,

590
00:34:05,800 --> 00:34:08,400
Speaker 1: the equipment that goes into the fabs that we're building.

591
00:34:08,680 --> 00:34:11,960
Speaker 1: We're seeing those lead times push out substantially, and as

592
00:34:12,000 --> 00:34:15,920
Speaker 1: a result, we expect the overall semiconductor shortage to not

593
00:34:16,160 --> 00:34:20,319
Speaker 1: be resolved until four now as some of those capacities

594
00:34:20,400 --> 00:34:22,600
Speaker 1: come online. Now, I know you're still bullish on the

595
00:34:22,640 --> 00:34:24,719
Speaker 1: PC market, and I'm so curious what makes you think

596
00:34:24,800 --> 00:34:28,360
Speaker 1: it's going to remain strong as we come out of

597
00:34:28,440 --> 00:34:32,160
Speaker 1: the pandemic, given that we're facing inflation and ongoing war,

598
00:34:32,280 --> 00:34:35,600
Speaker 1: a rising gas prices, and more pressure on consumers than

599
00:34:35,680 --> 00:34:38,440
Speaker 1: we've seen in a really long time. Yeah. I think

600
00:34:38,480 --> 00:34:40,920
Speaker 1: there's a variety of things there. And the range of

601
00:34:41,040 --> 00:34:44,279
Speaker 1: the PC market outlooks was pretty wide and now it's

602
00:34:44,320 --> 00:34:47,000
Speaker 1: quite narrow. All of the analysts, all of the O

603
00:34:47,160 --> 00:34:50,000
Speaker 1: E M s, and I think Sacha reaffirmed this on

604
00:34:50,200 --> 00:34:53,000
Speaker 1: his on the Microsoft Arneys call this week. It's a

605
00:34:53,160 --> 00:34:57,800
Speaker 1: structurally larger market now and refresh rates, you know, the

606
00:34:57,960 --> 00:35:01,000
Speaker 1: essential role that it plays and work, learn and play.

607
00:35:01,280 --> 00:35:04,240
Speaker 1: We just see the PC market as a larger market,

608
00:35:04,520 --> 00:35:07,000
Speaker 1: and as I've already emphasized, we're way overdue on a

609
00:35:07,080 --> 00:35:11,960
Speaker 1: commercial refresh Windows eleven key new products like alder Lake

610
00:35:12,040 --> 00:35:15,040
Speaker 1: and Raptor Lake from Intel, and I'd say that three

611
00:35:15,480 --> 00:35:18,279
Speaker 1: and fifty million is about a million PCs a day.

612
00:35:18,719 --> 00:35:21,840
Speaker 1: Everybody's in a pretty tight range around that. I'd say, finally,

613
00:35:21,920 --> 00:35:24,880
Speaker 1: we just have better visibility. We know our product builds.

614
00:35:25,280 --> 00:35:29,040
Speaker 1: Many of the other components like WiFi, Bluetooth are made

615
00:35:29,120 --> 00:35:32,000
Speaker 1: by Intel. You know. Now our position and graphics is

616
00:35:32,120 --> 00:35:34,600
Speaker 1: very strong as well. So all of these taken together,

617
00:35:34,680 --> 00:35:37,720
Speaker 1: we have great insight into what that looks like. Great

618
00:35:37,880 --> 00:35:40,400
Speaker 1: alignment with our customers are O E M S as

619
00:35:40,440 --> 00:35:43,279
Speaker 1: well as the other ecosystem partners. So we feel very

620
00:35:43,320 --> 00:35:47,000
Speaker 1: good that it's you know, about flat market year on year,

621
00:35:47,440 --> 00:35:50,080
Speaker 1: and we're confident that we're gonna be able to execute

622
00:35:50,160 --> 00:35:52,279
Speaker 1: gain share in that market as we did the last

623
00:35:52,400 --> 00:35:55,040
Speaker 1: quarters of last year. So overall, we feel good about

624
00:35:55,080 --> 00:36:07,880
Speaker 1: our business outlook there an Pat Calson are there. Monday,

625
00:36:08,000 --> 00:36:11,280
Speaker 1: Twitter officially accepted Elon Musk's offer to buy the company,

626
00:36:11,320 --> 00:36:14,680
Speaker 1: and it's been a long week since as users, business leaders,

627
00:36:14,719 --> 00:36:17,840
Speaker 1: and politicians alike have debated the pros and the cons.

628
00:36:18,360 --> 00:36:21,360
Speaker 1: My next guest has a very special understanding of the company.

629
00:36:21,440 --> 00:36:24,320
Speaker 1: Ali Roghani is currently the Managing director and CEO of

630
00:36:24,480 --> 00:36:28,120
Speaker 1: the y Combinator Continuity Fund uh and joins us now

631
00:36:28,280 --> 00:36:32,000
Speaker 1: the former c O O and c f O at Twitter.

632
00:36:32,080 --> 00:36:34,480
Speaker 1: So I'm so curious as a former executive what you

633
00:36:34,600 --> 00:36:39,000
Speaker 1: read on this is, Well, it's quite the spectacle. I mean,

634
00:36:39,080 --> 00:36:42,960
Speaker 1: the world richest man swooping in out of nowhere uh

635
00:36:43,120 --> 00:36:46,759
Speaker 1: and taking Twitter private billion dollars. Just the speed of

636
00:36:46,840 --> 00:36:51,120
Speaker 1: the transaction, uh, the ambition uh, and the scale. Um.

637
00:36:51,440 --> 00:36:53,200
Speaker 1: I think I think it caught a lot of people

638
00:36:53,200 --> 00:36:56,120
Speaker 1: off guard. I think it's really and it will be

639
00:36:56,200 --> 00:36:59,520
Speaker 1: an interesting open question where he takes the platform from here.

640
00:37:00,120 --> 00:37:01,920
Speaker 1: I think a lot of folks that have experienced at

641
00:37:01,920 --> 00:37:06,520
Speaker 1: Twitter find some of his public pronouncements about, hey, I

642
00:37:06,640 --> 00:37:09,560
Speaker 1: just want to make the platform, uh, you know, stand

643
00:37:09,640 --> 00:37:12,160
Speaker 1: for more free speech. I think a lot of us

644
00:37:12,160 --> 00:37:14,600
Speaker 1: find it a little bit naive in terms of what

645
00:37:14,719 --> 00:37:17,640
Speaker 1: he said, uh, and they it doesn't reflect kind of

646
00:37:17,680 --> 00:37:20,799
Speaker 1: the complexity of the issue. UM. And I would even

647
00:37:20,880 --> 00:37:25,520
Speaker 1: argue it's not the main issue facing Twitter. Moderation isn't

648
00:37:25,920 --> 00:37:29,040
Speaker 1: I think the main issue. I think the main issue

649
00:37:29,080 --> 00:37:32,640
Speaker 1: facing Twitter in light of Facebook and Instagram and Snapchat

650
00:37:32,880 --> 00:37:36,840
Speaker 1: and um TikTok and so on. How does the platform

651
00:37:36,920 --> 00:37:39,840
Speaker 1: continue to grow and be increasingly relevant? You know, the

652
00:37:40,160 --> 00:37:45,320
Speaker 1: platform punches above its weight, meaning above its size, because

653
00:37:45,440 --> 00:37:48,040
Speaker 1: of the prominent users that it has and because it's

654
00:37:48,080 --> 00:37:53,239
Speaker 1: public and it's really a media property. I think partially, um,

655
00:37:53,920 --> 00:37:58,640
Speaker 1: but you know, it hasn't really grown robustly for several years,

656
00:37:59,000 --> 00:38:03,560
Speaker 1: and I think in the maturing social media landscape, that's

657
00:38:03,560 --> 00:38:06,040
Speaker 1: actually the biggest problem. I think I think that the

658
00:38:06,600 --> 00:38:09,000
Speaker 1: risk that Twitter faces it just becomes so much smaller

659
00:38:09,080 --> 00:38:11,240
Speaker 1: than some of the other platforms that it gradually loses

660
00:38:11,280 --> 00:38:14,160
Speaker 1: its relevance. And I think the growth problem is the

661
00:38:14,200 --> 00:38:18,080
Speaker 1: primary problem for Elon disolved. Roger McNamee, you know, longtime

662
00:38:18,120 --> 00:38:20,560
Speaker 1: tech investor, came on saying something similar. I want you

663
00:38:20,600 --> 00:38:22,640
Speaker 1: to take a quick listen to what he had to say.

664
00:38:23,800 --> 00:38:28,200
Speaker 1: Twitter is never successfully monetized itself. The company, I believes

665
00:38:28,200 --> 00:38:32,040
Speaker 1: still has a huge net loss cumulatively since it was started,

666
00:38:32,480 --> 00:38:39,160
Speaker 1: and given its influence with politicians, celebrities and journalists, Twitter

667
00:38:39,280 --> 00:38:41,600
Speaker 1: should have been able to find a path to much

668
00:38:41,680 --> 00:38:46,920
Speaker 1: greater profitability than its head. It's so influential, Ali, why

669
00:38:47,080 --> 00:38:49,880
Speaker 1: don't you think that has happened, and obviously I know

670
00:38:50,040 --> 00:38:54,920
Speaker 1: that in those earlier days you tried to make that happen. Well.

671
00:38:54,960 --> 00:38:58,320
Speaker 1: I mean, look, Twitter is as an advertising business, it

672
00:38:58,440 --> 00:39:01,600
Speaker 1: is at quite some scale. I think it lacks a

673
00:39:01,760 --> 00:39:05,319
Speaker 1: certain characteristics that Facebook has that make it you know, uh,

674
00:39:05,640 --> 00:39:08,840
Speaker 1: you know that lend itself to being a better monetization platform. Namely,

675
00:39:09,239 --> 00:39:11,640
Speaker 1: Facebook's insistence on gathering a huge amount of data on

676
00:39:11,719 --> 00:39:14,680
Speaker 1: its users. It's useful to advertisers all the tracking they

677
00:39:14,760 --> 00:39:17,839
Speaker 1: do off the site, uh, and their insistence on real

678
00:39:17,920 --> 00:39:21,400
Speaker 1: identity uh, none of which Twitter Twitter does, and so

679
00:39:21,520 --> 00:39:24,440
Speaker 1: as an advertising platform, relative to the things that Facebook does,

680
00:39:24,880 --> 00:39:28,000
Speaker 1: it never quite had as much power. Um. And as

681
00:39:28,040 --> 00:39:30,400
Speaker 1: I said before, I think the fact that the platform

682
00:39:30,560 --> 00:39:35,920
Speaker 1: isn't growing robustly um relative to the growth at Snapchat, Instagram, Twitter,

683
00:39:36,360 --> 00:39:39,440
Speaker 1: among others have seen, means that it's a less exciting

684
00:39:39,520 --> 00:39:42,960
Speaker 1: place for advertisers to be um as a and a

685
00:39:43,080 --> 00:39:44,880
Speaker 1: in a place that really can't drive the kind of

686
00:39:45,000 --> 00:39:47,520
Speaker 1: growth in advertising revenue that some of these other platforms

687
00:39:47,560 --> 00:39:51,600
Speaker 1: have driven. Having said that, you know, it's a fairly significant,

688
00:39:51,640 --> 00:39:54,040
Speaker 1: you know, in the billions of dollars of advertising revenue,

689
00:39:54,320 --> 00:39:56,920
Speaker 1: uh scale business. So it's not a small company. And

690
00:39:57,040 --> 00:40:00,399
Speaker 1: if the priority were to drive Twitter to profitability, like uh,

691
00:40:00,920 --> 00:40:04,160
Speaker 1: Roger maybe indicates should be I'm sure there's a way

692
00:40:04,200 --> 00:40:06,560
Speaker 1: to do that by just drinking the size of the company. UM.

693
00:40:06,640 --> 00:40:08,520
Speaker 1: I just think that the various people who run the

694
00:40:08,560 --> 00:40:11,279
Speaker 1: company have always been motivated by a bigger ambition and

695
00:40:11,360 --> 00:40:15,160
Speaker 1: have hence, you know, uh invested in in growing the

696
00:40:15,239 --> 00:40:18,319
Speaker 1: size of the company. UM. And you know, for right

697
00:40:18,400 --> 00:40:21,360
Speaker 1: or wrong, what do you think the chances are that

698
00:40:21,440 --> 00:40:25,200
Speaker 1: Elon Musk can unlock that potential? You know, it's a

699
00:40:25,280 --> 00:40:27,839
Speaker 1: fascinating question, like how much he even cares about near

700
00:40:27,920 --> 00:40:31,080
Speaker 1: term profitability? I mean, certainly if he can find it,

701
00:40:31,280 --> 00:40:34,359
Speaker 1: he's really accountable with no one he's taking the company private. Um,

702
00:40:34,600 --> 00:40:38,960
Speaker 1: he has unlimited personal resources. Uh. And he certainly hasn't

703
00:40:39,000 --> 00:40:41,279
Speaker 1: talked about Twitter as a business very much. Has talked

704
00:40:41,320 --> 00:40:43,480
Speaker 1: about Twitter as a social platform, you know, he's talked

705
00:40:43,480 --> 00:40:45,320
Speaker 1: about the importance of freedom of speech, Twitter as a

706
00:40:45,360 --> 00:40:50,520
Speaker 1: global He's talked about subscription potentially as an avenue. Yep. Ye.

707
00:40:51,200 --> 00:40:53,480
Speaker 1: So you know, I don't know, I think I'm sort

708
00:40:53,520 --> 00:40:56,000
Speaker 1: of interested to see what he does too. But you know,

709
00:40:56,200 --> 00:40:59,400
Speaker 1: my read of it is, UM, the sort of business

710
00:40:59,440 --> 00:41:02,680
Speaker 1: of Twitter probably isn't his number one priority in the

711
00:41:02,760 --> 00:41:05,359
Speaker 1: near term. I could be wrong, but just judging, uh,

712
00:41:05,680 --> 00:41:08,080
Speaker 1: you know, from some of the common cities made, he

713
00:41:08,120 --> 00:41:11,759
Speaker 1: seems to be more interested in a more transparent, a

714
00:41:11,840 --> 00:41:15,400
Speaker 1: more free platform. Uh, you know, making certain things open source.

715
00:41:15,480 --> 00:41:17,080
Speaker 1: And you know, kind of all these ideas that he's

716
00:41:17,520 --> 00:41:21,160
Speaker 1: that he's sort of um mentioned. And this is a

717
00:41:21,280 --> 00:41:24,360
Speaker 1: very unique situation because you know, with the world's richest

718
00:41:24,400 --> 00:41:27,560
Speaker 1: man buying this platform, he can kind of do whatever

719
00:41:27,640 --> 00:41:30,440
Speaker 1: he wants you at least for a period of time. Uh.

720
00:41:30,600 --> 00:41:34,480
Speaker 1: And I don't think he's behold in the way a

721
00:41:34,560 --> 00:41:38,080
Speaker 1: financial investor, a private equity investor would be to you know,

722
00:41:38,600 --> 00:41:41,799
Speaker 1: near term metrics or near term profitability. So I think

723
00:41:41,840 --> 00:41:43,880
Speaker 1: it's a fascinating question to see what he does. A

724
00:41:44,000 --> 00:41:49,279
Speaker 1: minute left, Ali, any advice for Elon Musk, I think

725
00:41:49,320 --> 00:41:51,040
Speaker 1: the advice I would give is the advice he probably

726
00:41:51,080 --> 00:41:53,879
Speaker 1: would would have a very hard time taking. Uh. Look,

727
00:41:53,920 --> 00:41:55,800
Speaker 1: I don't think some of the tweets he's made recently

728
00:41:55,920 --> 00:41:58,120
Speaker 1: about criticizing some of the employees of the company, and

729
00:41:58,360 --> 00:42:02,319
Speaker 1: and uh, I think he has a different responsibility now

730
00:42:02,400 --> 00:42:05,520
Speaker 1: as the owner of Twitter. Uh, in terms of how

731
00:42:05,640 --> 00:42:09,400
Speaker 1: he behaves on the platform itself, um, and it's clearly

732
00:42:09,440 --> 00:42:12,719
Speaker 1: fun for him or he gets some value out of

733
00:42:12,960 --> 00:42:15,200
Speaker 1: the off color kind of things he does and says,

734
00:42:15,760 --> 00:42:17,919
Speaker 1: like you know, Ray Kuel and Bill Gates or whatever

735
00:42:18,000 --> 00:42:20,400
Speaker 1: it might be. I just don't think that helps him

736
00:42:20,680 --> 00:42:23,600
Speaker 1: now as the owner of Twitter. Um. I don't think

737
00:42:23,600 --> 00:42:25,120
Speaker 1: it helps him with employees. I don't think it helps

738
00:42:25,160 --> 00:42:27,840
Speaker 1: him with perspective employees. Uh, and I don't think it

739
00:42:27,960 --> 00:42:31,360
Speaker 1: helps the platform itself. So I would say, you know,

740
00:42:31,600 --> 00:42:34,239
Speaker 1: let's just stick to business and try to try to

741
00:42:34,360 --> 00:42:37,000
Speaker 1: take this platform to where really it should be in

742
00:42:37,200 --> 00:42:41,120
Speaker 1: terms of its importance in the world. All right, Oli

743
00:42:41,239 --> 00:42:45,160
Speaker 1: ROGANI for more Twitter CFO and see oh appreciate you

744
00:42:45,239 --> 00:42:50,080
Speaker 1: sharing that with us here today. That does it For

745
00:42:50,120 --> 00:42:53,759
Speaker 1: the sedition of Bloomberg Technology Wall Street Week. Coming up next,

746
00:42:53,800 --> 00:42:56,480
Speaker 1: we're gonna talk to Larry Summers. He's got some thoughts

747
00:42:56,560 --> 00:42:59,719
Speaker 1: on the Elon deal. And don't forget to check out

748
00:42:59,840 --> 00:43:03,200
Speaker 1: a podcast. You can find it daily anywhere you get

749
00:43:03,320 --> 00:43:05,160
Speaker 1: your podcasts. Happy Friday, everyone,