Netflix's Earnings and Ramp's Fundraise | Bloomberg Technology
>> FROM THE HEART OF WHERE MONEY AND POWER COLLIDE "BLOOMBERG TECHNOLOGY IN SILICON VALLEY, THIS IS "BLOOMBERG TECHNOLOGY -- COLLIDE, THIS IS "BLOOMBERG TECHNOLOGY." WITH CAROLINE HYDE AND ED LUDLOW. ED" I'M ED LUDLOW IN SAN FRANCISCO. COMING UP, FULL MARKET COVERAGE IS AHEAD AS INVESTORS SCALE BACK ON GEOPOLITICAL CONCERNS WHEN STOCKS FALL BACK ON LOWE'S AND NETFLIX SHARES FLOW WITH PLANS TO STOP SUPPORTING SUBSCRIBER NUMBERS. THE FINANCIAL SERVICE PLATFORM
RAMP RAISES AN ADDITIONAL AMOUNT FOR A $7.6 BILLION VALUATION. THEY HAVE A NEW BACKER AND WE SIT DOWN WITH CEO ERIC LYMAN ON IT LATER THIS HOUR.
WE KNOW THE THEMES, GEOPOLITICAL CONCERNS WITH CAUTION, IF NOT RISK OFF MENTALITY. ISRAEL WITH A RETALIATORY STRIKE AGAINST IRAN. WE WILL GO TO D.C. IN A MOMENT TO DISCUSS THE POLITICS OF IT AND OPERATIONALLY WHAT IS HAPPENING. THE NASDAQ 100 IS DOWN A FULL PERCENTAGE POINT IN TECH IS DOWN WITH DOWNWARD PRESSURE. ON THE BOARD YOU WILL SEE NAMES
LIKE TESLA AND NETFLIX, TESLA WITH A CYBER TRUCK RECALL. NETFLIX HAD A MEGA START TO THE YEAR, BUT THE INVESTOR BASE IS SPOOKED BY THE OUTLOOK FOR THE FUTURE AND HOW IT PLANS TO COMMUNICATE. LOOKING AT CRUDE, WE SAW OIL MOVE HIGHER BASED ON WHAT HAPPENED IN THE MIDDLE EAST.
THAT IS NOT HUGELY A SURPRISE. TOP STORY, ISRAEL LAUNCHING A RETALIATORY STRIKE ON IRAN LESS THAN A WEEK AFTER THE TEHRAN ROCKET BARRAGE. IRANIAN MEDIA DOWNPLAY THE INCIDENT IN THE HOURS AFTER. FOR MORE, LET'S GET OUT TO WASHINGTON, D.C. AND KAILEY LEINZ. THE FRAMING IS THAT IT IS A RETALIATION BUT MUTED AND IT SEEMS THAT ISRAEL LISTENED TO THE UNITED STATES, WHO HAD URGED THEM TO SHOW RESTRAINT. KAILEY: YEAH, NOT JUST THE UNITED STATES, BUT OTHER ALLIES AND PARTNERS AS WELL, INCLUDING OFFICIALS FROM THE U.K.
AND GERMANY WHO MADE A TRIP TO ENCOURAGE NETANYAHU TO HAVE RESTRAINT IN RESPONSE TO THAT UNPRECEDENTED ATTACK FROM IRAN WITH 300 MISSILE AND DRONES SENT TOWARDS ISRAEL LARGELY INTERCEPTED BY AIR DEFENSES FROM ISRAEL AND OTHER ALLIES. IRANIAN MEDIA SAID THAT THERE WAS A DRONE ATTACK WHERE THERE WAS A MILITARY OPERATION, HOWEVER THEY DID NOT ACTUALLY IT ANY NUCLEAR FACILITIES, ACCORDING TO OUR UNDERSTANDING AT THE MOMENT, WHICH I'VE -- WHICH COULD HAVE BEEN ONE OF THE MOST ESCALATORY THINGS AND IT SEEMS THAT THIS WAS A STRIKE WITH VERY LITTLE DAMAGE THAT SEEMS TO HAVE RESULTED FROM IT. U.S. OFFICIALS HAVE CONFIRMED TO BLOOMBERG THAT ISRAEL WAS
BEHIND THE ATTACK AND AS IS TYPICAL IN OPERATIONS RELATED TO IRAN, ISRAEL HAS NOT CONFIRMED OR DENIED IT AND ANTONY BLINKEN, WHO WAS AT A G7 MEETING IN ITALY , DID NOT DIRECTLY COMMENT BUT DID GO OUT OF HIS WAY TO SAY THAT THE U.S. HAS NOT BEEN INVOLVED IN ANY OFFENSE OF OPERATIONS AND REMAINS COMMITTED TO DE-ESCALATION BETWEEN ISRAEL AND IRAN, KNOWING THAT THE PRIMARY OBJECTIVE OF THE U.S. THROUGHOUT THE SAGA THAT HAS TAKEN PLACE NOT JUST IN THE MOST IMMEDIATE PAST, BUT SINCE OCTOBER 2, IS TO HAVE THIS NOT SPREAD INTO A WIDER CONFLICT AND RIGHT NOW THE SIGNAL FROM BOTH DOES NOT SEEM TO BE THAT THEY ARE INTERESTED IN ESCALATING THIS FURTHER AND IRAN SEEMS TO BE NOT IMMEDIATELY INCLINED TO LAUNCH ANOTHER COUNTER STRIKE ON THIS AS IRANIAN MEDIA SAYS THAT STRIKE WAS UNSUCCESSFUL. ED: PASSING OVER THE MARKETS, LATER IN THE PROGRAM WE WILL BE DOING A DEEP DIVE ON IT COIN AND THE REACTION OVER 24 HOURS WAS INTERESTING, IT CAME DOWN AND THEN BACK UP IN THE SESSION. THE NASDAQ 100 ON THE EQUITY SIDE, IT'S THE MEGA CAP NAMES PUSHING LOWER THAT ARE A BIG DRAG ON THE INDEX.
MY POINT BEING, MARKETS ARE TRYING TO WORK OUT HOW SERIOUS THIS IS AND OPERATIONALLY THE ONLY UPDATE THAT I SEE IS FROM SECRETARY BLINKEN WHO IN SUMMARY SAID THE UNITED STATES DID NOT TO SIP EIGHT, BUT DO WE HAVE A SENSE OF STRATEGY ON THE U.S. SIDE GIVEN HOW THEY HAVE OPERATED IN A BASICALLY ADVISORY CAPACITY IN THIS SITUATION SO FAR? KAILEY: THE U.S. HAS BEEN CLEAR THAT THEY WILL BE STANDING BY THEIR IRONCLAD DEFENSE OF ISRAEL WHEN THE U.S.
CONTRIBUTED TO MAKING SURE THAT THE VAST MAJORITY OF THOSE DRONES AND MISSILES DID NOT END UP IN ISRAELI AIRSPACE, BUT THAT SEEMS TO BE WHERE THE U.S. HAS DRAWN THE LINE, DEFENDING YOU BUT NOT JOINING YOU IN ANY OFFENSE OF OPERATIONS AND IT WAS REPORTED THAT WHEN BIDEN SPOKE TO NETANYAHU, HE SUGGESTED THAT HE SHOULD TAKE THE WIN AND NOT GO FURTHER AND THAT THE U.S. WOULD NOT BE JOINING THEM IF THE ISRAELIS DECIDED TO COUNTERATTACK. IT AGAIN SEEMS THAT ISRAEL DECIDED TO DO SO IN A LIMITED FASHION WITH CLEAR MESSAGING FROM THE SECRETARY OF STATE THAT THE U.S. WAS NOT INVOLVED IN ANY PARTICULAR OFFENSE OF ATTACK INCLUDING THIS ONE. ED:
THERE IS A LOT HAPPENING IN D.C., AT THE MOMENT AND IN THE COMING WEEK WE ARE TALKING ABOUT TIKTOK. HOW MUCH OF THE FOCUS HAS BEEN CAPTURED AT THE FEDERAL LEVEL IN THE WHITE HOUSE AND THROUGH CONGRESS AS WELL? KAILEY: A GREAT DEAL, CONSIDERING THAT CONGRESS AS WE SPEAK IS GETTING READY TO ADVANCE SUPPLEMENTARY AID WITH BILLIONS FOR ISRAEL. IT IS WORKING ITS WAY THROUGH THE HOUSE AND WE EXPECT A PROCEDURAL VOTE TODAY. THAT'S TOMORROW CORE EVEN IN THE LATE AFTERNOON AND EVENING, PRESUMABLY GOING ON TO BE SIGNED BY BIDEN IN THE DISTANT FUTURE IN THE U.S. IS LOOKING AT THE MILITARY
SUPPORT IT'S PROVIDING TO ALLIES. IT'S BEEN A DIFFICULT JOURNEY AND THAT YOU CREATE AIMED -- UKRAINE AID HAS BEEN COMPLICATED BUT THERE ARE OTHER FACTORS WITH THE MIDDLE EAST, INCLUDING HIGH DOMESTIC PRESSURE FROM WITHIN HIS OWN PARTY. THEY WERE NOT SUPPORTIVE OF THE ISRAELI OPERATION THAT WE HAD SEEN IN GAZA, GIVEN THE HIGH DEATH TOLL OF PALESTINIANS, WHICH AUTHORITIES SAY HAS PASSED 330 4000. AT THE SAME TIME THE U.S. HAS BEEN COMING TO THE DEFENSE
OF ISRAEL IN THE CASE OF IRAN AND PUTTING A LOT OF PRESSURE ON THE NETANYAHU GOVERNMENT TO TAKE HIGHER ACCOUNT ON THE CIVILIAN TOLL TO MAKE IT EASIER TO GET HUMANITARIAN AID IN, ENCOURAGING THEM NOT TO CONDUCT AN OPERATION IN THE CITY OF ROFF UP UNTIL THEY CAN SAFELY EVACUATE THE 1000 PALESTINIAN CIVILIANS WHO ARE THERE. IT HAS BEEN A DIFFICULT DANCE FOR THE U.S. TO BE SUPPORTIVE OF ISRAEL BUT ALSO TRY TO EXERCISE SOME LEVERAGE TO CHANGE ISRAELI POLICY WITH REGARDS TO ITS ONGOING WAR WITH HAMAS. ED: KAILEY LEINZ, TERRIFIC AND DEEP REPORTING. LOOKING PURELY AT THE INDEX LEVEL, NASDAQ 100, MEGA CAP TECH NAMES ARE DRAGGING US DOWN AND REALLY UNDERPERFORMING THE BENCHMARK S&P 500 WITH THE DOW IN POSITIVE TERRITORY. THAT IS WHY WE ARE FOCUSED THERE.
THE REACTION IN THE MARKET IS BEING FELT IN TECH RIGHT NOW. COMING UP, BREAKING DOWN NETFLIX RESULTS WITH LAURA MARTIN, WHO HAS THIS IDEA THAT NETFLIX IS PRIMED FOR GENERATIVE AI BOOST, BUT THERE IS A LOT OF CONCERN OVER WHAT THEY ANNOUNCED LAST NIGHT. WE HAVE THE DETAILS. >> THIS REMOTELY OPERATED VEHICLE OFFERS A GLIMPSE INTO WHAT LIES THOUSANDS OF METERS UNDERWATER. IT IS ONE OF SEVERAL DEEP-SEA VEHICLES ON BOARD THIS REPURPOSED SHIP FROM THE PHILANTHROPIC VENTURE. CURRENTLY DOCKED IN SINGAPORE, IT WILL SIT -- SET OFF ON A MISSION SOON TO EXPLORE THE DEEP WATERS OF SOUTHEAST ASIA.
THERE'S A LOT OF ADVANCED TECH. IT'S REMOTELY CONTROLLED AND CAN GO 6000 METERS DEEP COLLECT DATA. ANY SUBMERSIBLES THAT CAN TAKE PASSENGERS AS DEEP AS 1000 METERS. IT WAS ONCE USED IN THE OIL AND GAS SECTOR, BUT THE NEW DIESEL ELECTRIC SHIP TRAVELS AROUND THE WORLD COLLABORATING WITH GOVERNMENTS AND WORKING WITH LOCAL SCIENTISTS. IT IS IN SOUTHEAST ASIA TO DISCOVER THE MARINE ENVIRONMENT IN AN ATTEMPT TO PROTECT THE OCEANS FROM THE EFFECTS OF CLIMATE CHANGE. ED:
SUCH DEEP REPORTING ON MARINE PROPULSION NAVIGATION. AINSLEY WITH THAT REPORT. TALKING TECH, IN THE NEWS APPLE IS PULLING THE META-WHATSAPP FROM THE APP STORE IN CHINA IN ORDER TO CLOSE LOOPHOLES IN THE LONG-STANDING INTERNET FIREWALL.
THE IPHONE MAKER REMOVED OF THE MESSAGING SERVICES TELEGRAM AND SIGNAL, ACCORDING TO CONSULTANTS TRACKING THE SPACE. THE SOCIAL GIANT HAS UNVEILED A NEW VERSION OF ITS POWERFUL LLAMA ARTIFICIAL INTELLIGENCE MODEL. IT IS AN UPGRADE FROM THE AI MODEL THEY RELEASED LAST SUMMER AND IT IS THEIR LATEST EFFORT TO KEEP PACE WITH SIMILAR TECHNOLOGIES FROM COMPANIES LIKE OPENAI AND GOOGLE. FOLLOW, -- FINALLY, APOLLO AND SONY ARE CONSIDERING A JOINT OFFER FOR PARAMOUNT GLOBAL, HOLDING DISCUSSIONS ABOUT TEAMING UP ON AN OFFER BUT HAVE NOT YET SUBMITTED AN OFFICIAL REPORT OH. THE ENTRY WOULD COMPLICATE A DEAL ALREADY IN THE WORKS FOR THE STUDIO, CURRENTLY HOLDING EXCLUSIVE TALKS WITH SKY DANCE MEDIA.
STICKING WITH MEDIA, DIGGING INTO NETFLIX, SHARES ARE FALLING AFTER EARNINGS, BUT NEEDHAM UPGRADED BUY FROM HOLD. LAURA MARTIN, OVER AT NEEDHAM AND CO., IS HERE WITH US LIVE. I REALLY ENJOYED YOUR NOTE. HELLO, GOOD MORNING, HAPPY
FRIDAY. NOT SO HAPPY, BASED ON NETFLIX SHARE RESPONSE. I THINK THE ANXIETY IS THE IDEA THAT THEY JUST WON'T IMPORT MONTHLY SUBSCRIBER GAINS OR LOSSES. WHY? 4 I THINK IT IS A GREAT -- LAUREN: I THINK IT IS A GREAT POINT. WE ARE SAFER THIS YEAR, THEY WON'T START UNTIL 2025. OTHER THAN APPLE, AND I DON'T INK THAT NETFLIX IS APPLE, EVERY COMPANY WITH A SUBSCRIBER DRIVEN BUSINESS REPORTS SUBSCRIBERS BECAUSE WE CALCULATE THAT VALUE ON A PER SUBSCRIBER BASIS.
THEY ARE PRETTY GOOD ABOUT LISTENING TO FEEDBACK AND WALL STREET FEEDBACK IS PRETTY NEGATIVE ABOUT THIS OPAQUENESS THEY ARE ADDING TO THE FUNDAMENTALS. ANYWAY, IT'S NOT AN ISSUE UNTIL THE FIRST QUARTER OF 25 AT THE EARLIEST. I ALSO THINK THAT PEOPLE ARE HAVING ISSUES WITH THE NEGATIVE SUB TAG NUMBER COMPARED TO FIRST QUARTER, THEY DON'T LIKE THAT, AND THE GUIDANCE FOR Q2 IS LIGHT COMPARED TO ESTIMATES, SO PEOPLE ARE WORRIED ABOUT A SLOWDOWN IN REVENUE GROWTH.
ED: I LIKE THE PHRASING OF OPAQUE. NETFLIX HAS ALWAYS BEEN ABOUT JUDGING THEM ON TRADITIONAL METRICS. WHAT I FOUND INTERESTING IS IF YOU LOOK AT THE 9.3 3 MILLION CUSTOMERS IN THE FIRST QUARTER, THERE IS A STORY BEHIND IT. THE PASSWORD CRACKDOWN SEEMED TO BRING TO THE PEOPLE WHO WERE FORCED TO SIGN UP FOR THEIR OWN ACCOUNT, THEY WERE WILLING TO DO THAT. WHAT WAS YOUR INTERPRETATION OF THAT NUMBER IN THE MOMENT? LAURA: WHEN SOMEONE CALLS TO DISCONNECT BECAUSE THEY ARE ANGRY THAT THE PRICES GOING UP, WITH THE AD DRIVEN TEAR, INSTEAD OF CANCELING YOUR $15 SUBSCRIPTION, YOU CAN GO TO A SEVEN DOLLARS PER MONTH HERE, YOU HAVE TO TAKE ADS.
BUT RIGHT NOW THEY TELL US AT NETFLIX THAT THEY DON'T HAVE THAT MANY ADS. THEY HAVE MORE SUPPLY OF AD UNITS AVAILABLE TO SELL THAN THEY HAVE DEMAND, MEANING THAT THE LOADS ARE VERY MINIMAL. LIKE ONE OR TWO PER HOUR. THAT IS A PRETTY GOOD DEAL FOR CONSUMERS, YOU CAN PAY SEVEN DOLLARS A MONTH AND GET ALMOST NO ADS. THREE YEARS FROM NOW, THERE WILL BE FIVE MINUTES OF AD LOADS, BUT TODAY THERE'S LIKE ONE MINUTE AND YOU PAY SEVEN DOLLARS. I THINK THAT THAT IS HELPING
THEIR REPORTED SUB NUMBER, THOUGH IT IS HURTING WHAT THEY CALL THE ARM WITH THE REST OF THE WORLD BECAUSE THE SUBSCRIBER THAT USE TO DISCONNECT AND GO TO ZERO IS GOING TO SEVEN DOLLARS, IT IS PULLING ON THE AVERAGE REVENUE PER SUBSCRIBER AS PEOPLE SIGN UP FOR THESE TEARS. ED: AT ONE POINT THE STOCK WAS ON TRACK FOR ITS BIGGEST DROP SINCE APRIL 2022, LET'S SEE WHERE WE ARE AT THE END OF THE DAY. I DON'T UNDERSTAND WHY WE DON'T TALK MORE ABOUT THE STRENGTH OF THE CONTENT SLATE. I JUST FINISHED WATCHING "THE GENTLEMAN," THE ADAPTATION OF THE GUY RITCHIE FILM. THOUGHT IT WAS GOOD, FOR WHAT IT'S WORTH. CONTENT-WISE, CONTINUITY WISE, NETFLIX SEEMS TO BE OK. WHY ARE WE NOT DISCUSSING THAT
MORE? LAURA: I THINK THAT WALL STREET ASSUMES THEY ARE GOING TO DO A GOOD JOB WITH THAT THAT $17 BILLION PER YEAR GIVEN TO THEM BY PUBLIC SHAREHOLDERS, WE EXPECT THEM TO MAXIMIZE THAT QUALITY. WE THINK OF IT AS THEIR CORE BUSINESS. RIGHT? JUST BECAUSE APPLE MAKES GREAT PHONES, YOU DON'T GIVE THEM KUDOS FOR THAT, THEY HAD BETTER MAKE GREAT PHONES OR PEOPLE WON'T KEEP THE SERVICE.
I THINK THAT WALL STREET IS SKEPTICAL OF BUSINESSES LIKE THAT. YOU MAY LOVE "THE GENTLEMAN," BUT SOMEBODY ELSE WANTS TO WATCH KARDASHIANS ON A DIFFERENT SERVICE. WHAT QUALITY CONTENT IS TWO DIFFERENT PEOPLE IS DIFFERENT.
SO YOU KNOW, WHAT WE CARE ABOUT WALL STREET IS WHAT'S HAPPENING WITH THE RETURN ON INVESTMENT FOR THAT CONTENT AND I WILL TELL YOU THAT SPORTS IS REALLY IMPORTANT TO WALL STREET AND THESE STREAMING SERVICES. THEY ARE DOING MORE WITH SPORTS. THERE'S A LOT OF TALK ABOUT THE BIG FIGHT COMING UP. THEY SIGNED UP WWE TO DO LIVE SPORTS, ENTERTAINMENT SPORTS, EVERY WEEK FOR NEXT YEAR, THAT'S ENTERTAINMENT. THEY ARE SOFTENING ON SPORTS BUT SAID THEY WON'T SPEND ANYMORE MONEY ON SPORTS AND THAT THE FEES WILL HAVE TO COME OUT OF THE CONTENT COSTS. THAT'S IMPORTANT. I THINK THEY NEED TO BE IN NEWS COME ALSO. ED: WE HAVE TO GO FOR BREAKING NEWS, BUT WE WILL BE BACK TO TALK YOU ABOUT GENAI. IN THE HOUSE, UKRAINE AID IN
TIKTOK BILLS HAVE PLEAD -- CLEARED THE PROCEDURAL HURDLE IN THE HOUSE WE WERE WAITING FOR. SEPARATELY, ON THE SENATE FLOOR THE MAJORITY LEADER, CHUCK SCHUMER, IS SPEAKING AND SAYING LAWMAKERS SHOULD PLAN TO WORK THIS WEEKEND TO TAKE UP THE UKRAINE AID BILL THIS WEEKEND. THOSE ARE THE STORIES WE ARE TRACKING. WE'LL BE RIGHT BACK.
THIS IS "BLOOMBERG TECHNOLOGY." ED: LET'S GET BACK TO THOSE BREAKING NEWS HEADLINES OUT OF WASHINGTON, D.C. IN THE HOUSE, UKRAINE AID AND TIKTOK ILLS HAVE CLEARED A PROCEDURAL HURDLE. KAILEY LEINZ IS IN WASHINGTON, D.C. WE ARE WAITING FOR A SUMMARY ON THE COMMENTS FROM JOHNSON. WHAT DO WE KNOW?
NOT GOOD QUITE, WE WILL GET TO KAILEY WHEN SHE IS READY. SEPARATELY, CHUCK SCHUMER IS SPEAKING AND SAYING LAWMAKERS SHOULD PLAN TO WORK THIS WEEKEND. IN THE CONTEXT OF THE TIKTOK BILL, THE DIVEST OR BAN BILL, WE HAVE BEEN TRACKING THAT ON THIS PROGRAM BECAUSE WE ARE TRYING TO UNDERSTAND THE CADENCE OF HOW QUICKLY THAT COULD BE RATIFIED, IF AT ALL. I THINK MY COLLEAGUE AND FRIEND, KAILEY LEINZ OF "BALANCE OF POWER," IS GOOD. I TRIED TO PASS THINGS HAPPENING IN PARALLEL OUT OF THE HOUSE AND SENATE. WHAT ARE YOU SEEING? KAILEY: THIS WAS A MASSIVE BIPARTISAN MAJORITY THAT THIS VOTE ADVANCE UNDER. 300 MEMBERS OF THE HOUSE, TO BE
EXACT, WHO VOTED FOR PASSAGE OF THE RULE, CLEARING THE WAY TOMORROW FOR THEM TO PASS A ONE BY ONE SERIES OF BILLS HAPPENING OVER THE COURSE OF SATURDAY AFTERNOON TO EVENING. ONE BILL WITH 60 MILLION DOLLARS IN MILITARY AID FOR UKRAINE, MORE THAN A SEPARATE BILL FOR ISRAEL AND ANOTHER FOR THE INDO PACIFIC, A FOURTH BILL THAT WE ARE CALLING THE SIDECAR HERE IN WASHINGTON WITH A VARIETY OF OTHERS, INCLUDING THE DIVESTITURE RELATED TO TIKTOK AND THE REPO ACT, ALLOWING FOR THE SEIZURE OF ROSHAN RUSS AND -- FROZEN RUSSIAN ASSETS. ONCE IT PASSES THE HOUSE, PRESUMABLY THERE WILL BE TWO KEY QUESTIONS.
HOW QUICKLY CAN IT BE REPACKAGED AND SENT TO THE SENATE TO THE DESKTOP PRESIDENT BIDEN FOR A SIGNATURE, AND WHAT WILL HAPPEN TO MIKE JOHNSON AS A RESULT? HE HAS BEEN UNDER TREMENDOUS PRESSURE FROM MEMBERS OF HIS CONFERENCE WHO DO NOT WANT UKRAINE AID TO GOING TO THE FLOOR OF THE HOUSE FOR A VOS -- A VOTE. ONE OF THE MOST OUTSPOKEN HAS BEEN MARJORIE TAYLOR GREENE, WHO FILED A MOTION TO VACATE, WHICH IS WHAT HAPPENED TO KEVIN MCCARTHY MONTHS AGO. SHE HAS NOT ACTED ON IT BUT COULD IF HE PUTS UKRAINE AID ON THE FLOOR.
WE WILL WAIT FOR ACTION ON THAT AND OTHER MEMBERS INCLUDING TOM MASSEY HAVE SUGGESTED THEY WILL JOIN HER IN THE EFFORT. HOWEVER, AND THIS IS WHERE IT GETS INTERESTING, IT TOOK DEMOCRATS TO GET THE RULE PAST AND OVER THE FINISH LINE AND IT SEEMS DEMOCRATS MAY STEP IN TO HELP SAVE THE GAVEL OF MIKE JOHNSON IF THAT PROVES NECESSARY. THERE HAS BEEN A LOT OF TALK IN WASHINGTON ABOUT IT BEING LIKE A COALITION GOVERNMENT BECAUSE MIKE JOHNSON IS RELYING ON THE OTHER PARTY TO GET EVERYTHING OVER THE LINE AND POTENTIALLY MIGHT BE RELYING ON THEM TO HELP HIM KEEP HIS JOB. ED: LET'S TAKE A MOMENT HERE, THERE'S A LOT -- A LOT HAPPENING IN THE HEADLINES, CHUCK SCHUMER SAYING LAWMAKERS SHOULD PLAN TO WORK THIS WEEKEND AS NEEDED. THERE WILL BE AUDIENCE MEMBERS AROUND THE WORLD AND PARTICULARLY AROUND THE COUNTRY IN THE UNITED STATES SAYING WHY ARE THEY WORKING THE WEEKEND ON THIS? WHY IS IT SO IMPORTANT? KAILEY: THIS AID IS DESPERATELY NEEDED. MIKE TURNER SUGGESTED THAT IT NEEDED TO PASS THIS WEEK, BASED ON THE INTEL THEY ARE GETTING ON THE GROUND IN UKRAINE.
PROCEDURALLY, BECAUSE OF HOW THEY NEED 72 HOURS TO READ THE BILL, WHEN THE TEXT IS RELEASED, THEY CAN'T HAVE THE VOTE UNTIL SATURDAY NIGHT. THE SENATE IS GOING TO WANT TO QUICKLY TAKE THIS UP, MEANING THEY TAKE IT RIGHT AS SOON AS THE HOUSE PASSES IT AND THEY BEGIN TO DO THE PROCEDURAL WORK TO GET THIS OVER THE FINISH LINE, MAYBE THEY STAY THE WEEKEND. I WOULD POINT OUT THAT TONIGHT THE SENATE IS FACING A DEADLINE ON THE FOREIGN SURVEILLANCE ACT PASSED IN THE HOUSE WHICH HAS BEEN RUNNING INTO HURDLES IN THE SENATE, COULD POTENTIALLY LAPSE AT MIDNIGHT IF THEY CANNOT FIGURE OUT A WAY TO GET THE UNANIMOUS CONSENT NEEDED FOR THAT, A WORKING WEEKEND FOR EVERYONE PERHAPS, NOT GOING OVER WELL CONSIDERING SOME WERE SUPPOSED TO LEAVE ON RECESS FOR CONGRESSIONAL DELEGATIONS TO A NUMBER OF DIFFERENT LOCALITIES AND THEY MAY INSTEAD STAY HERE TO GET THE WORK DONE. KAILEY: SOUNDS LIKE -- ED: SOUNDS LIKE YOU ARE IN FOR A BUSY WEEKEND MORE THAN I AM. ANYTHING WE SHOULD BE WATCHING FOR THIS AFTERNOON? KAILEY: I WOULD WATCH OUT FOR WHAT HAPPENS IN THE SENATE, PARTICULARLY FOR FISA VOTES.
BUT IN THE HOUSE LET'S SEE IF WE SEE ANY ACTUAL REAL ACTION FROM MARJORIE TAYLOR GREENE ON THE ACTION IN THE PROCESS TO VACATE THE SPEAKER. GIVEN THAT THERE ARE SO MANY THINGS ATTACHED TO THIS, INCLUDING THE TIKTOK BILL, WHICH PASSED IN THE HOUSE ORIGINALLY, IT NOW HAS A REVISION THAT WOULD ALLOW BYTEDANCE MORE THAN SIX MONTHS TO DIVEST, UP TO A FULL YEAR, MAYBE MAKING IT EASIER TO DIGEST IN THE SENATE. MANY HAD ISSUE WITH THE ORIGINAL BILL BUT LOOK TO SEE THAT THE TIKTOK MEASURE IS ON TRACK FOR A PASSAGE IN THE HOUSE, WHETHER OR NOT ANYONE IS VOCAL IN THE SENATE, SUGGESTING THAT THEY DON'T LIKE THE FACT THIS IS ATTACHED TO THE PACKAGE, DIGGING INTO THE NUANCES OF WHO MIGHT BE UPSET EVEN AS BIPARTISAN MAJORITIES SEEM TO LIKE WHAT THEY SEE.
ED: KAILEY LEINZ, THANK YOU. CHECKING THE MARKETS, NASDAQ 100 IS AT A SESSION LOW WITH TECH UNDERPERFORMING OTHER MAJOR INDICES. GEOPOLITICS IS THE SITUATION IN ED: WELCOME BACK TO "BLOOMBERG TECHNOLOGY." WE SHOULD TALK ABOUT BITCOIN. IT'S INTERESTING, BECAUSE BITCOIN HAS ITS OWN STORY IN THE MARKETS, WE WILL HAVE A DEEP DISCUSSION ON THAT IN A MOMENT.
LOOKING AT THE TRADING OF BITCOIN, WHICH TRADES 24/7 OVER THE LAST 24 HOURS, IT TELLS YOU AN INTERESTING STORY ABOUT THE ASSET IN THE CONTEXT OF GEOPOLITICS AND VOLATILITY IN THE MARKETS. WHEN THE HEADLINES FIRST STARTED TO COME OUT THURSDAY EVENING U.S. TIME ABOUT AN ISRAELI RETALIATION IN IRAN, THERE WAS A CLEAR DOWNWARD MOVE ON BITCOIN AND IN THE SESSION WE ARE UP HIGHER, TUESDAYS UP 6% ALL TOLD, BITCOIN ITSELF WITH 65,000 U.S. DOLLARS PER TOKEN. THEN THE OTHER BIG STORY, THE HOTLY ANTICIPATED HALVING OF BITCOIN IS APPROACHING. >> EVERY TIME WE COME UP TO ONE OF THESE, IT COMES BACK TO THE FUNDAMENTALS OF SUPPLY AND DEMAND.
>> THE CRYPTO INDUSTRY GOES TO RECYCLE. IT'S TO BE EXPECTED, THE MARKET VOLATILITY. GIVEN THE GEOPOLITICAL TENSION AND THE INTEREST RATES WITH LEGACY ON THE INFLATIONARY ENVIRONMENT. >> CRYPTO NOW IN GENERAL IS IN THE GLOBAL FINANCIAL SYSTEM SO WE ARE NOT AS CONNECTED FROM WHAT'S HAPPENING IN EQUITIES, FOR EXAMPLE, AND MONETARY POLICY OR WITH WHAT'S HAPPENING IN THE GENERAL ENVIRONMENT. >> WE'VE BEEN PREPARING FOR YEARS, THIS IS LONG-TERM PLANNING AND THE HALVINGS IS A PRINTABLE EVENT.
>> A LOT OF INVESTORS ARE EAGERLY ANTICIPATING THE MARKET REACTION. ED: JOINING US NOW IS KAVITA, DELTA CHAIN BLOCK PARTNER. SOME PRETTY STRONG AWARENESS OF WHAT'S HAPPENING IN MARKETS.
FORGIVE ME, I'M GOING TO GO BACK TO BASICS HERE. I HAVE SAID THE WORD HALVING, SOME PEOPLE CALL IT HALVENING MANY TIMES, AND I'M GOING TO READ THE DEFINITION AND YOU TELL ME IF IT IS IMPORTANT OR NOT. HALVING IS A PLANNED REDUCTION IN THE REWARDS MINERS RECEIVE. THEY HAPPEN ONCE EVERY TWO YEARS OR 210,000 BLOCKS.
FOR AWARENESS, ARE YOU EXCITED ABOUT THIS? KAVITA: I THINK EXCITEMENT MAY NOT BE THE WORD I WOULD BE USING. WHAT DOES IT REALLY MEAN? IT MAKES IT MORE DIFFICULT FOR THE MINORS TO HAVE THE REPORTS ASSOCIATED WITH MINING AND DEFINITELY IT RESULTS IN HAVING MINING DIFFICULTIES. YOU HAVE TO PUT MORE ENERGY INTO MORE COMPLICATED THEOREMS AND IT INCREASES THE COSTS OF MINING. THAT'S WHAT WE'RE LOOKING AT. IT IS IMPORTANT, BECAUSE IT MAKES SURE THAT IT IS MUCH MORE SECURE, MINING IS SECURE. THIS DEFINITELY GETS A LOT OF
ATTENTION BECAUSE OF THE PRICE MOVEMENT THAT'S EXPECTED, ESPECIALLY WITH THE ETF THAT HAS ALREADY HAPPENED. NOW FOR THE FIRST TIME WE ARE GOING TO EXPECT A NEW PRICE CUT BECAUSE THE SUPPLY AND DEMAND CURVE FOR BITCOIN HAS BEEN UNIQUE THIS TIME. SUPPLY HAS BEEN HUGE. USUALLY WHEN WE SEE BEFORE POINT HALVING, PEOPLE START PUTTING BITCOINS OUT. THE SUPPLY HAS BEEN THERE, BUT THE DEMAND HAS BEEN SO HIGH, WE SEE VOLATILITY AND SET OF A STRAIGHT CURVE DOWN OR UP. SO, IT IS EXCITING AND THAT WAY.
ED: YOUR POINT IS INTERESTING AND ONE OF LIQUIDITY. THE COUNTERARGUMENT AND THAT THERE WILL ALWAYS BE A FINITE SUPPLY AND DEFINITIVE NUMBER AND THAT'S WHAT THOSE WHO BUILD A THESIS DO WHEN THEY REACH A HIGHER NUMBER IN THE LONG TERM. ARE THOSE PEOPLE IN THAT CAMP CORRECT? KAVITA: I ABSOLUTELY BELIEVE THAT AT THE END OF THE DAY BITCOIN HAS A LOT OF VALUE AND EVEN THOUGH THE SUPPLY WILL BE MORE AND MORE LIMITED, THAT IS WHAT WE SEE WITH MOST COMMODITIES. GOLD, PLATINUM, SILICON, ANYTHING WITH A LOT OF SUPPLY BUT STORAGE VALUE IN THE LONG RUN, IT IS JUST GOING TO INCREASE THE PRICE. YOU WILL SEE VOLATILITY, WHICH YOU STILL SEE IN GOLD TODAY, BUT THE VALUE IS JUST INFINITE. ED: KAVITA GUPTA, SOMEONE INVESTING AT THE MARKET LEVEL BUT I REALLY APPRECIATE YOUR INSIGHTS.
ANOTHER BIG STORY OUT THERE IN THE WORLD THE. TESLA, RECALLING 3800 CYBER TRUCKS TO REWORK OR REPLACE ACCELERATOR PANELS THAT CAN DISLODGE AND CAUSE THE PAIN -- VEHICLE TO UNINTENTIONALLY ACCELERATE. TESLA RECEIVED NOTICE OF TWO CUSTOMER CLAIMS RELATED TO THE ISSUE ACCORDING TO RECALL REPORTS SUBMITTED TO THE U.S. NATIONAL HIGHWAY TRAFFIC ADMINISTRATION. THE COMPANY SAID THAT ONE HIGH FORCE IS APPLIED TO THE CYBER TRUCK ACCELERATOR, THE PE4DAL MAY DISLODGE AND BECOME TRAPPED. THEY ARE GOING TO FIX THOSE FREE OF CHARGE.
THE OTHER BIG THING ABOUT THIS STORY IS WE NOW KNOW HOW MANY CYBER TRUCKS ARE IN THE WILD AND HOW MANY BEEN DELIVERED TO CUSTOMERS, WHICH IS QUITE INTERESTING. SHARES, BASICALLY FLAT. COMING UP, WE'LL BE JOINED BY ERIC LYMAN TO DISCUSS A NEW FUND RAISE.
IT'S BIG NUMBERS WITH AN INTERESTING CONVERSATION AHEAD. THIS IS "BLOOMBERG TECHNOLOGY." OUR EVENT. CHECK OUT THIS QR CODE FOR ALL THE DETAILS. THIS IS BLOOMBERG. OK, A LOT OF PEOPLE TALKING ABOUT THIS ONE, RAMP JUST RAISED AN ADDITIONAL $150 MILLION FOR ITS SERIES D ROUND. DELIGHTED TO BRING THEIR CEO IN, ERIC LYMAN, OUT OF NEW YORK. THIS IS AN INTERESTING ROUND.
KEITH WROTE BOY, WHO RECENTLY REJOINED ON THE EAST COAST, SPEARHEADED THIS. EXPLAIN THE RATIONALE BEHIND DOING THE ROUND. A COUPLE OF THINGS. BY THE WAY, THANK YOU SO MUCH FOR HAVING ME. THE RATIONALE IS THE COMPANY IS GROWING AND NOT ONLY IS RAMP ONE OF THE FASTEST GROWING IN HISTORY, BUT KEITH SAW THE BUSINESS ACCELERATING GROWTH AT A LARGE-SCALE. TYPICALLY, IT TENDS TO SLOW DOWN AS IT GROWS. THE RATIONALE IS TO INCREASE
THE PACE OF CUSTOMERS THAT WE SERVE. WE POWER-ONE PERCENT OF ALL CORPORATE TRANSACTIONS IN AMERICA AND WANT TO SERVE THE NEXT 99%. MORE THAN THAT IT IS A HIGH CONFIDENCE -- HIGH CONVICTION BET TO TRANSFORM THE WAY FINANCES ARE DONE FROM HIGHLY MANUAL AND VERY TEDIOUS TO INCREASINGLY AUTOMATED AND LEVERAGING THE POTENTIAL OF AI TO BRING IT TO THE AVERAGE BUSINESS. ED: YOU PREVIOUSLY CAME ON WHEN YOU HAD DONE A DOWN ROUND AND WERE HONEST ABOUT THEIR WILLINGNESS TO DO IT. THIS IS THE UPPER ROUND. I'M JUST WONDERING HOW YOU THINK ABOUT THE DYNAMIC THIS TIME AROUND.
ERIC: FOR SURE. FOR ALL COMPANIES, BEING VALUED MARK TO MARKET IS A GOOD THING. OVER THE LAST SUMMER WE RECOGNIZED THAT IT WAS THE FASTEST INTEREST RATE RISE IN 40 YEARS. EVEN THOUGH AT THAT TIME WE HAD GROWN BY LEAPS AND BOUNDS, GROWING SEVEN TIMES OVER A YEAR-AND-A-HALF, WE WANTED TO BE VALUED FAIRLY. FAST FORWARD TO NOW, JUST MONTHS LATER, OUR BUSINESS HAS GROWN DRAMATICALLY AND INVESTOR CONVICTION HAS INCREASED. SO, WE ARE THRILLED, THESE ARE SOME OF THE BEST INVESTORS IN THE WORLD, PUBLIC MARKETS TO EXTRAORDINARY SEQUOIA, GREYLOCK, OTHERS JOINING FOR THE FIRST TIME.
THEY ARE FILLED BUT I THINK THAT TO INVEST IN THIS VALUATION FOR THE FIRST TIME AT THIS JUNCTURE, THERE'S A HIGH CONVICTION AND BELIEF THAT THERE'S NOT JUST A 15% GROWTH AHEAD OF IT, WITH 10 MORE AHEAD, SO WE ARE THRILLED. ED: FOR THE AUDIENCE MEMBER LESS FINANCIALLY INCLINED, MARK TO MARKET MEANS THE METHOD OF FAIR VALUE THROUGH BENCHMARKING CONTEMPORANEOUSLY AGAINST SIMILAR COMPANIES. I NOTICED ON SOCIAL MEDIA A LOT OF PEOPLE WERE TALKING ABOUT A ROUND. I WENT ON SOCIAL MEDIA AND SAID THAT YOU WERE COMING ON THE SHOW AND OUR AUDIENCE AT SOME GOOD, STRAIGHTFORWARD QUESTIONS. ONE OF THEM WAS ERIC, CAN YOU -- IF WE EXPLAIN WHAT RAMP IS IT WHAT IT DOES, A GOOD STARTING POINT. ERIC: OF COURSE. WE BUILT A COMMAND CONTROL SYSTEM FOR COMPANY FINANCES. THIS MEANS THAT FROM A SINGLE
PLACE, COMPANY FINANCE TEAMS AND BUSINESS OWNERS CAN ISSUE CARTS, MAKE PAYMENTS OF ALL KINDS, MANAGE APPROVALS, EVEN AUTOMATE ACCOUNTING TO CLOSE THEIR BOOKS. THIS MEANS THAT SOME OF THE TEDIOUS ASPECTS LIKE COLLECTING RECEIPTS AND TAGGING TRANSACTIONS PROPERLY IS DONE AUTOMATICALLY FOR YOU. WE SERVICE DATA IN WAYS WHERE COMPANIES SPEND LESS AND THE UPSHOT IS THE AVERAGE COMPANY IS ABLE TO REDUCE EXPENSES BY 5% PER YEAR. WHETHER THAT IS A PUBLICLY TRADED SCALE LIKE SHOPIFY TO EARLIER STAGE OR NONPROFITS LIKE THE BOYS AND GIRLS CLUB OF AMERICA. I THINK THAT WHAT IS DIFFERENT
AND INTERESTING IS IT'S NOT ONLY THE TOOLS AND THE BONES TO MAKE PAYMENTS, BUT IT IS FOCUSED ON MAKING PEOPLE MORE PRODUCTIVE WITH THEIR TIME. INSTEAD OF AN HOURLY EXPENSE REPORT AT THE END OF THE MONTH, GET IT DONE FOR YOU AND GET YOUR TIME BACK. THAT'S HOW WE THINK ABOUT IT. ED: OUR OTHER QUESTION WAS GENERALLY ABOUT YOU, YOU ARE REGARDED AS A VERY NICE PERSON. I HEAR THAT A LOT IN MY CIRCLES
OUT WEST. THE QUESTION FROM THE AUDIENCE WAS -- ARE YOU NEEDING TO BE A BIT MORE RUTHLESS AT THIS STAGE OF COMPANY GROWTH AS A FOUNDER CEO PLAYING AT A PRETTY HIGH VALUE, VALUATION WISE, SCALE WISE? ERIC: FOR US THE BROADER BACKDROP IS THE U.S. BUSINESS ENVIRONMENT HAS GOTTEN MUCH MORE MEAN AND NASTY FOR THE AVERAGE BUSINESS OWNER AND MOST COMPANIES ARE REDUCING INVESTMENT, HIKING PRICES. THE VALUE AND SERVICE LEVEL THEY ARE OFFERING IS GOING DOWN. WE WANT TO LEAN IN AND DO THE RIGHT THING. MORE CAPITAL ALLOWS US TO BE NOT JUST NICE, BUT GIVE US -- GIVE BETTER SERVICE.
WE WERE SAVING THE AVERAGE COMPANY ON THE ORDER OF 3% TO 4% PER YEAR AND WE WANT TO EXTEND THAT IDEA, SAY 5%, BE MORE PRODUCTIVE. WE THINK THAT OVER TIME DOING RIGHT BY CUSTOMERS IS WHAT CREATES LONG-LASTING ENDURING BUSINESSES. IT'S NOT JUST A PERSONALITY, WE THINK OF IT IS A GOOD WAY OF DOING BUSINESS. ED: YOU WILL HAVE A COUPLE OF MORE PEOPLE TO ACCOUNT TWO, GOING FORWARD. RAMP, THANK YOU. INVESTING IN CONSUMER TECH COMPANIES, $60 BILLION IN NEW CAPITAL FOR A FIRMS TOTAL ASSETS, BEING BROUGHT TO $200 MILLION. LET'S BRING IN SARAH, THE
GENERAL PARTNER THERE AT MAVEN VENTURES, INTO THE VC SPOTLIGHT. THIS WAS INTERESTING, SIZABLE VC FUND COMING TOGETHER. WAS IT A SMOOTH PROCESS? THANK YOU -- SARAH: THANK YOU FOR HAVING ME, WE ARE EXCITED TO BRING THIS NEW SEAT FUND. WE ARE INVESTED IN EMERGING CONSUMER TRENDS AND THEY NEVER GO AWAY. 10 AREA THAT WE CONTINUE TO BE PUBLIC ABOUT.
THIS HAS BEEN THE HARDEST MARKET FOR STARTUP AND VENTURE CAPITAL FIRMS, SO CLOSING THIS IS REALLY A TESTAMENT TO OUR STRATEGY, MARKET OPPORTUNITY, AND WE ARE GRATEFUL TO FOUNDERS AND LPS KEEPING TRUST IN US. ED: IT'S SO HARD. COMPANIES WORKING ON CONSUMER FACING APPLICATIONS OR GIANT. YOU ARE TRYING TO GET THE DISRUPTION AT THE EARLIEST POSSIBLE STAGE.
HOW DO YOU MAKE IT WORTHWHILE? SARA: WE LOOK AT EMERGING CONSUMER TRENDS AND TECHNOLOGY COMPANIES FUELED BY IT. THE BLOOM, SO MANY COMPANIES HAVE BEEN INVESTING IN AI, B2B, FOUNDATIONAL MODELS OF AI, WE THINK NOW IS THE TIME FOR CONSUMER OPPORTUNITIES TO BLOOM. WE TAKE A WIDE LENS OF WHAT SUMER MEANS FOR US. WE WERE AN EARLY INVESTOR IN ZOOM AND NO COMPANY WAS MORE OF A CONSUMER COMPANY THEN WE WERE IN 2020. WHAT ARE THESE NEW POINTS OF
TECHNOLOGY, EMERGING TRENDS, AND CAN BE FINED A PARTNER WITH VISIONARY AND OLD FOUNDERS, BRINGING THAT POTENTIAL. THE CONSUMER LENS FOR US IS QUITE BROAD. ED: SARA, WHAT IS THE NUMBER ONE EMERGING CONSUMER TREND? SARA: THE NUMBER ONE RIGHT NOW IS CONSUMER APPLICATIONS OF AI. WHERE DO WE THINK AI CAN DELIVER ON THE GRAND DREAM OF DOING SOMETHING FOR A CONSUMER, MAKING SOMETHING OF VALUE TO BRING SOMETHING POSITIVE TO THE LIFE OF THE CONSUMER. IT APPLIES ACROSS SO MANY SECTORS YOU CAN APPLY ACROSS TECHNOLOGY FOR FAMILIES, SEARCH, ANYTHING THAT MIGHT PLAN OR BOOK SOMETHING ON YOUR BEHALF. THERE IS A WIDE RANGE OF SECTORS THAT CONSUMER AI TOUCHES. ED:
I THINK YOU SAYING AI WAS NOT SURPRISED PEOPLE. SARA, GREAT TO HAVE YOU ON THE SHOW. THANK YOU. THIS IS BLOOMBERG. >> IT'S NOT THE LEGISLATION THAT WE WOULD WRITE IF REPUBLICANS WERE IN CHARGE. THIS IS THE BEST POSSIBLE
PRODUCT WE CAN GET UNDER THESE CIRCUMSTANCES TO TAKE CARE OF THESE IMPORTANT OBLIGATIONS. ED: HOUSE SPEAKER JOHNSON TALKING ABOUT VOTES ON THE FOREIGN AID BILL. KAILEY LEINZ IS BACK IN D.C. IT'S AROUND THE SPEAKER JOHNSON THAT THE LATEST HEADLINES IF -- REVOLVE. KAILEY:
WE SAW A PROCEDURAL VOTE ADVANCING FOR FUNDING TO PASS THE HOUSE LATER ON SATURDAY. FOUR SEPARATE BILLS. ONE FOR UKRAINE, ISRAEL, AND A SO-CALLED SIDECAR INCLUDING THE TIKTOK DIVESTITURE BILL, ALL TO GET AID TO U.S. ALLIES AND IT SEEMS THE HOUSE SPEAKER COULD FACE A THREAT TO HIS JOB AS A RESULT, LONG THREATENED BY MARJORIE TAYLOR GREENE, WHO SUGGESTED THAT IF YOU PUT THIS ON THE FLOOR TO A VOTE, SHE WOULD ACT ON A MOTION TO VACATE, KICKING HIM OUT OF THE JOB. TOM MASSEY HAD JOINED HER IN THE EFFORT AND ACCORDING TO A STATEMENT FROM CONGRESSMAN PAUL GOSAR OF ARIZONA, HE HAS ADDED HIS NAME IN SUPPORT OF THE MOTION TO VACATE. THAT'S THREE MEMBERS. WE'RE WORKING TO VERIFY THE PAUL GOSAR STATEMENT. THIS SUGGESTS THAT BECAUSE OF THE WAY THE MATHWORKS IN THE HOUSE, IT WILL REQUIRE DEMOCRATS TO SHOW UP AND SUPPORT THE SPEAKER SO THAT HE IS ABLE TO KEEP A HOLD OF THE GAVEL. WHETHER OR NOT THAT IS JUST NOT
SHOWING UP TO THE OUSTER VOTE OR SHOWING UP FOR HIM, WE WILL SEE THE FOREMAN TAKES, BUT IT WILL REQUIRE HELP FROM DEMOCRATS TO SAVE HIS JOB AS IT TOOK MASSIVE DEMOCRATIC SUPPORT TO GET THIS PROCEDURAL VOTE OVER THE LINE. ED: THERE IS MATH ON THE VOTE AND THERE IS PROCEDURE THAT YOU EXPLAINED WELL EARLIER IN THE SHOW, WE TALKED ABOUT HOW THE MAJORITY LEADER IN THE SENATE HAD PUT LAWMAKERS ON NOTICE TO BE WORKING THIS WEEKEND. JUST EXPLAIN WHY THE PRESSURE TO WORK THROUGH THE WEEKEND ON THESE BILLS. KAILEY: THE SENATE WON'T HAVE A CHANCE TO ACT ON THESE BILLS UNTIL THE HOUSE REPACKAGES THEM FOR A VOTE AND THE WAYS THE RULES IN THE HOUSE ARE STRUCTURED WHEN KEVIN MCCARTHY WAS SPEAKER ALL THOSE MONTHS AGO WAS THAT MEMBERS HAD 72 HOURS TO READ THE TEXT OF A BILL BEFORE A VOTE AND BECAUSE THE TEXT WAS RELEASED LESS THAN 72 HOURS AGO, IT CANNOT BE VOTED ON UNTIL SATURDAY. EVEN THOUGH WE HAVE SEEN THE
RULE VOTE TODAY SETTING THE PROCEDURE FOR HOW IT WILL PASS A FINAL PACKAGE, THE HOUSE WON'T BE ABLE TO CLEAR THIS UNTIL SATURDAY AFTERNOON, PERHAPS EVENING, THE SENATE BEING ABLE TO ACT AFTERWARDS AND THE MAJORITY LEADER SAID THEY WOULD DO SO QUICKLY, WHICH IS WHY THEY MIGHT STAY IN TOWN FOR A SUNDAY VOTE. WHEN THE SENATE IS REQUIRED TO DO ANYTHING QUICKLY, IT MUST BE UNANIMOUS CONSENT AND ANY SENATOR CAN SLOW DOWN THE PROCESS. RAND PAUL, FOR EXAMPLE, IF HE TAKES ISSUE, HE COULD REFUSE TO ACCELERATE THE PROCESS UNTIL HE HAS A VOTE ON AN AMENDMENT OR SOMETHING LIKE THAT, SO IT'S A MATTER OF HOW QUICKLY THE SENATE CAN GET THIS DONE. ED: QUICKLY, THE SITUATION IN THE MIDDLE EAST, IS IT IMPACTING THE PASSAGE OF THESE BILLS? KAILEY: IT IS. WHEN YOU FIRST SAW THE MISSILES
AND DRONES SENT, YOU HEARD THE OUTCRY THAT IT MEANT GETTING AID FOR ISRAEL OUT THE DOOR QUICKLY, HAVING BEEN ATTACHED TO OTHER ALLIES LIKE UKRAINE, A MORE DIFFICULT ENDEAVOR WITH GROWING CALLS TO MAKE SURE THAT THE AID FOR UKRAINE GOES QUICKLY AND IN AN IMMEDIATE FASHION. THESE HOT WARS IN THE MIDDLE EAST AND ON THE CONTINENT OF EUROPE HAVE PROVIDED A LOT OF IMPETUS TO GET THIS DONE AND THE HOUSE SPEAKER SAID THAT THE INTELLIGENCE HE HAD SEEN UNDERSCORED TO HIM THAT THIS WAS THE RIGHT THING TO DO, THE AID NEED TO BE PASSED AND IT WAS A DECISION JOHNSON HAD TO MAKE, DECIDE TO DO THE RIGHT THING EVEN IF YOU LOSE YOUR JOB AS A RESULT. THAT OF COURSE REMAINS TO BE SEEN. ED: KAILEY LEINZ, THANK YOU. OK, NOW YOU WILL NEVER BELIEVE WHO IS GOING VIRAL. THAT'S RIGHT, TAYLOR SWIFT. SWIFTIES WORLDWIDE ARE GUSHING ABOUT HER NEW ALBUM, THE TORTURED POET APARTMENT. THE 16 SONG RECORD DROPPED AT
MIDNIGHT EASTERN TIME ON FRIDAY. SHE THEN ANNOUNCED A SURPRISE TWO HOURS LATER AT 2 A.M., SHE HAD ACTUALLY WRITTEN A DOUBLE OUT ITEM TITLED TORTURED POET'S DEPARTMENT ANTHOLOGY, 15 ADDITIONAL SONGS. SO, THERE I AM IN MY VEHICLE ON MY WAY TO DO "BLOOMBERG TECHNOLOGY," AND I GOT THROUGH THE FIRST 10. I'M NOT GOING TO GIVE MY FAVORITES JUST NOW, BUT CHECK OUT SOCIAL MEDIA.
THERE ARE SOME INTERESTING TITLES IN THEIR. LET'S KEEP TALKING ABOUT IT. THAT DOES IT FOR THIS EDITION OF "BLOOMBERG TECHNOLOGY." A LOT OF HEADLINES OUT OF
WASHINGTON, D.C., THE MIDDLE EAST, WE ARE PAYING ATTENTION TO THE TIKTOK DIVEST OR BILL AS WELL. LISTEN TO WHAT THEY HAVE TO SAY ABOUT THE PROCESS THAT'S COMING IN THE COMING 48 HOURS. CHECK IT OUT ON APPLE, SMARTPHONE PLATFORMS, IT'S BEEN
2024-04-21 06:51
