'Bloomberg Technology' Full Show (10/05/2022)
ANNOUNCER: FROM THE HEART OF WHERE INNOVATION, MONEY, AND POWER COLLIDE, IN SILICON VALLEY AND BEYOND, THIS IS "BLOOMBERG TECHNOLOGY" WITH EMILY CHANG. ♪ EMILY: I AM EMILY CHANG IN SAN FRANCISCO. THIS IS "BLOOMBERG TECHNOLOGY." COMING UP, ELON MUSK WANTS TO TAKE TWITTER BEYOND THE TOWN SQUARE AND CREATE WHAT HE IS CALLING X, THE EVERYTHING APP. WHAT DOES HE MEAN? PLUS, FRANCES HAUGEN JOINS ME ONE YEAR AFTER HER TESTIMONY ON CAPITOL HILL. WE WILL TALK ABOUT WHAT HAS CHANGED, WHAT HAS NOT, AND WHAT STAYED THE SAME.
AND, IS THE BLOCKCHAIN THE ANSWER TO GET EVERYDAY PEOPLE TO INVEST IN MARKETS? ONE FUND'S PLANS COULD OPEN THE DOOR TO THE MASSES. FIRST, THE MARKETS. ED LUDLOW HAS BEEN WATCHING IT, ESPECIALLY TESLA, TWITTER. ED: YES. TESLA WAS A LAGGARD WEDNESDAY. A BIZARRE DAY. THE BOARD DOES NOT DO IT JUSTICE. THE NASDAQ BASICALLY FLAT. WE HAD BEEN SERIOUSLY DOWN. SNAPPING THAT RALLY WE STARTED
THE WEEK WITH. THERE WAS A LATE COMEBACK, THEN WE GAVE UP. THE OUTPERFORMER WITH SEMICONDUCTORS. WE SAW SOME MOVEMENT IN YIELDS. BITCOIN AROUND $20,000. THE STORY IS GOOD ECONOMIC DATA IS BAD NEWS FOR THE MARKET, ESPECIALLY WHEN WE THINK ABOUT TECH. WE HAD DATA SHOWING U.S. COMPANIES ADDING 208,000 JOBS
IN SEPTEMBER, A SIGN THAT DEMAND FOR WORKERS REMAINS HEALTHY. SAN FRANCISCO FED, THE INTERVIEW WITH MAYOR DALEY SAYING THE BAR AS HIGH TO BRING DOWN THE PACE OF POLICY TIGHTENING, THINKING ABOUT RATES. WHY DO WE CARE? THEY DISCOUNT THE PRESENT VALUE OF FUTURE PROFITS FOR TECH COMPANIES WITH STRETCH MULTIPLES. IN TERMS OF SPECIFIC MOVERS, A NUMBER OF NAMES WHEREIN THE AGREEMENT, BUT TESLA WAS THE NOTABLE UNDERPERFORMER. TWO IDEAS. ONE, ELON MUSK WILL HAVE TO SELL TESLA STOCK TO FUND THE EQUITY FINANCING TO BUY TWITTER, IF HE DOES PROCEED WITH THAT DEAL IN WHICH WE WERE DISCUSSING THE SHOW.
TWO, HE IS THE CEO OF TESLA, SPACEX. IF HE BECOMES THE COO OF TWITTER -- CEO TWITTER, HE WILL BE DISTRACTED. TWITTER DOWN, BUT A MASSIVE JUMP TUESDAY. THE STREET IS CAUTIOUS.
WE DO NOT KNOW WHAT WILL HAPPEN. I THINK WE HAVE A LONG WAY TO GO. EMILY: LIKELY WHENEVER ELON MUSK IS INVOLVED, THANK YOU. TOP STORY, ELON MUSK AGREEING TO BUY TWITTER AT THE ORIGINAL PRICE. THE JUDGE IN THE TWITTER TRIAL
SAYING THE SHOW WILL GO ON, FOR NOW. LET'S BREAK IT DOWN WITH SARAH FRIER. FROM A LEGAL PERSPECTIVE, TWITTER HAS NOT DROPPED ITS LAWSUIT. THEY ARE STILL GOING TO COURT ON OCTOBER 17, RIGHT? >> THE PARTIES ARE MEETING TODAY. TWITTER IS TALKING WITH ELON MUSK.
YEAH, THEY HAVE NOT SAID SURE WE TRUST THAT THIS OFFER YOU HAVE MADE IS LEGITIMATE AND WE WOULD DO THIS. WE HAVE NOT SEEN ANY JOINT STATEMENT OR ANY END TO THE SAGA . WE ARE STAYING TUNED FOR WHAT THEY MAY DECIDE, AND HEY, IF THEY DO NOT COME TO AN AGREEMENT, THEN WE MIGHT SEE ELON MUSK DEPOSED FOR NEXT COUPLE OF DAYS AND DISCO TO COURT AS SCHEDULED. EMILY:
OUR UNDERSTANDING IS TWITTER COULD ASK THE COURT TO PROVIDE A CONSENT JUDGMENT, IF YOU WILL AND CREATE AN AGREEMENT BETWEEN THE COURT, TWITTER, AND ELON MUSK. NOT JUST TWITTER AND ELON MUSK, THAT WOULD BE ENFORCEABLE IN A COURT OF LAW. WE ARE GETTING A GLIMPSE INTO HIS VISION FOR THE SOCIAL MEDIA PLATFORM. WHAT DOES HE MEAN BY THE X APP? >> HE TALKED ABOUT THE IDEA OF HAVING AN APP THAT WOULD COMPETE WITH REACHOUT IN CHINA -- WE CHAT IN CHINA.
WE HAVE SEEN THIS FROM MARK ZUCKERBERG, EVAN SPIEGEL, NO ONE HAS PULLED IT OFF. I THINK THAT IS A BIG AMBITION OF A LOT OF FOLKS. IT'S JUST THAT THE INTERNET MAY NOT WORK THE SAME WAY HERE. WE WILL HAVE TO SEE. EMILY:
MEANTIME, YOU HAVE BEEN DOING SOME MATH, AND I BELIEVE THE CALCULATION IS IF ELON MUSK GETS RID OF ALL THE BOTS AND SPAM ON TWITTER HE MIGHT LOSE 13.5 MILLION FOLLOWERS ON HIS OWN? >> I THINK A LOT OF PEOPLE WILL LOSE FOLLOWERS. IT DEPENDS ON WHAT YOU THINK OF AS A BOT.
THERE ARE A LOT OF AUGMENTED ACCOUNTS THAT PEOPLE LOVE, LIKE ONES THAT TELL YOU WHEN INERT BECAUSE HAPPEN. I DON'T THINK THAT IS WHAT ELON MUSK IS TALKING ABOUT. IS ACCOUNT IN PARTICULAR IS DISPROPORTIONALLY AFFECTED BY FOLKS WHO WANT TO DO CRYPTO SCAMS, FOR INSTANCE, SO I THINK THAT THOSE CELEBRITY ACCOUNTS DO TEND TO BE MORE OVERRUN BY BOTS, AND IF YOU WERE TO GET RID OF THAT KIND OF ACCOUNT ON TWITTER, IT WOULD AFFECT THE BIGGEST NAMES, ELON MUSK, JUSTICE JUSTIN BIEBER, LONG-STANDING ACCOUNTS ON TWITTER. EMILY: WE ARE SEEING HIS VISION TAKE SHAPE, IF THIS DEAL GOES THROUGH. SARAH FRIER, THANK YOU. ♪ EMILY: ONE YEAR AGO, FRANCES HAUGEN SHOOK SILICON VALLEY IN THE WORLD WHEN SHE BLEW THE WHISTLE ON FACEBOOK.
SHE TURNED OVER TENS OF THOUSANDS OF INTERNAL DOCUMENTS FROM THE SOCIAL NETWORKING GIANT TO THE MEDIA AND SEC. THEY CONTAIN DISTURBING EFFECTS ABOUT THE EFFECTS OF SOCIAL MEDIA PLATFORMS INCLUDING INSTAGRAM WERE HAVING ON TEENAGERS AND KIDS. AFTER TESTIFYING BEFORE THE U.S. CONGRESS, SHE WENT ON TO SPEAK AROUND THE WORLD.
>> THE QUESTION IS WHAT IS FACEBOOK DOING TO AMPLIFY OR EXPAND HATE, AMPLIFY OR EXPAND VIOLENCE? >> DO YOU THINK IT IS MAKING HATE WORSE? >> UNQUESTIONABLY IT IS MAKING HATE WORSE. EMILY: SO WHAT HAS CHANGED, IMPROVED, AND WHAT IS LEFT TO DO? FRANCES HAUGEN JOINS ME NOW. THANK YOU SO MUCH FOR JOINING US. IT IS ONE YEAR TO THE DAY SINCE
YOU TESTIFIED BEFORE THE U.S. CONGRESS. I AM SO CURIOUS WHAT YOU FEEL HAS CHANGED FOR THE BETTER SINCE THEN, AND HOW MUCH WORK IS LEFT TO DO? >> YOU KNOW, IN SOME BASIC WAYS, FACEBOOK HAS CHANGED SUBSTANTIALLY. IT HAD 10 YEARS TO RELEASE PARENTAL CONTROLS FOR INSTAGRAM AND IT NEVER GOT AROUND TO IT UNTIL AFTER MY DISCLOSURES CAME OUT. FACEBOOK HAS NEVER HAD PUBLIC PROGRAMS TO BE MORE INCLUSIVE ON ITS LANGUAGES AND THEY LAUNCH SOMETHING CALLED NO LANGUAGE LEFT BEHIND, BUT AT LEAST THEY'RE TRYING.
INTERNATIONALLY, SOME AMAZING PROGRESS LEGISLATIVELY. THERE IS THE DIGITAL SERVICES ACT, THE FIRST LAW THAT HAS EVER REQUIRED A MAJOR PLATFORM TO DISCLOSE WHAT RISKS THEY HAVE. THEY WOULD HAVE HAD TO DISCLOSE THE RISKS TO KIDS IF THIS HAD PASSED BEFORE.
THAT HAS FINALLY CROSSED THE FINISH LINE IN EUROPE. THE INFORMATION MY DISCLOSURE IS CREDITED WITH GETTING IT ACROSS THE FINISH LINE. SOME THINGS OF CHANGE. BUT WE STILL HAVE MORE WORK TO DO. EMILY:
FACEBOOK HAS CHANGED ITS NAME AND MADE THIS BIG PIVOT TO THE METAVERSE. WHAT ARE YOUR CONCERNS ABOUT THE NEW META TODAY? >> THE WAY WE GOT HERE WITH FACEBOOK IS INCENTIVES ON THE LACK OF OVERSIGHT. THOSE INCENTIVES HAVE NOT CHANGED. IT IS A PRIVATE COMPANY INCREASING PROFITS QUARTER AFTER QUARTER. FACEBOOK SAID WE WOULD DO SAFETY BY DESIGN UPFRONT WITH THE LAUNCH OF THE METAVERSE, BUT WHAT WE HAVE SEEN DURING THIS LAST YEAR IS THEY ARE REPEATING THE SAME PROBLEMS THEY HAD WITH FACEBOOK, THAT THE FIRST TIME THEY LET JOURNALISTS INTO THE METAVERSE -- WHY DID THEY NOT TALK TO PEOPLE ABOUT IT BEFORE HAND? WE NEED TO SEE META ENGAGE WITH THE PUBLIC AND EXPERTS AND SAY LET'S DESIGN WITH SAFETY FROM THE START. EMILY:
THEY JUST SAID TODAY THEY WILL ASK USERS FORMER DIRECT FEEDBACK ON WHAT THEY WOULD LIKE TO SEE IN THEIR FEED, THEIR ALGORITHM. IS THAT A POSITIVE STEP? >> IN MY VIEW, THERE ARE A LOT OF WAYS TO HAVE HUGE OPPORTUNITIES FOR CHANGE. PEOPLE NO KIDS WITH EATING DISORDERS, HEALTH ISSUES. PART OF WHAT HAPPENS IS THE ALGORITHMS PUSH PEOPLE TOWARDS MORE EXTREME CONTENT, HEALTHY EATING PUSHING TO PRO-ANOREXIA CONTENT. IMAGINE A KID TRYING TO FIGHT
AGAINST THESE THINGS AND KNOWS IT IS A NEGATIVE INFLUENCE ON THEM. IMAGINE FACEBOOK SAID WE NOTICE YOU'RE LOOKING AT CONTENT THAT OTHER USERS SAY MAKES THEM THROUGH BAD. IMAGINE IF WE HAD THAT? PROBABLY A LOT OF KIDS WOULD BE HEALTHIER TODAY. EMILY: INTERESTINGLY, HE TOLD JOE ROGAN ABOUT THE STORY ABOUT HOW HE REJECTED THE IDEA OF AN ANGRY EMOJI AND SAID HE WAS NOT HERE TO DESIGN A SERVICE THAT MAKES MORE PEOPLE ANGRY.
YOU THINK THAT IS A LITTLE BIT OF REVISIONIST HISTORY? >> IT IS INTERESTING. SO, WHEN YOU LOOK AT THE DOCUMENTS AROUND EMOJIS, THE REASON THEY ADDED THEM IS THEY WANTED PEOPLE, PEOPLE FELT BAD PUTTING A THUMBS UP ON SOMETHING THAT MADE THEM ANGRY. THEY DID NOT WANT TO ENDORSE THAT IDEA. IT WAS ONE OF THE THINGS WERE FACEBOOK DID NOT THINK ABOUT THE UNANTICIPATED CONSEQUENCES OF SOME OF THESE DECISIONS. WHEN YOU MAKE AN APP WHERE YOU
SOLICIT MORE ANGER, YOU WILL GET MORE ANGRY PEOPLE. I DID NOT SEE ANY DOCUMENT SAYING HE DID NOT SAY NO TO THE ANGRY FACE, BUT I CAN IMAGINE HE WISHES HE HAD NOW. EMILY: NOW, YOU TESTIFIED THAT ONLY MARK ZUCKERBERG WAS HOLDING MARK ZUCKERBERG ACCOUNTABLE. I AM CURIOUS ABOUT WHAT YOU THINK OF SHERYL SANDBERG'S DEPARTURE AFTER 14 YEARS. DO YOU THINK ARE LEAVING WOULD CHANGE THE INTERNAL CULTURE, AND HOW? >> SO, THE FACT THAT MARK REMAINS IS A MUCH MORE SIGNIFICANT ISSUE THAN SHERYL SANDBERG LEAVING.
MARK HAS SURROUNDED HIMSELF WITH PEOPLE WHO TELL HIM THE SAME STORIES OVER AND OVER AGAIN. FACEBOOK IS JUST A MERE. IT DOESN'T HAVE RESPONSIBILITY. ALL THESE THINGS WE HAVE BEEN COMPLAINING ABOUT HAVE ALWAYS BEEN PRESENT. WE DON'T HAVE ANY POWER. SHERYL SANDBERG WAS A VOICE WHO SAID WE HAVE TO GET IN FRONT OF ISSUES AND CANNOT JUST BE REACTIVE. WE CANNOT WAIT FOR ANOTHER
STORY TO LEAK. CANNOT WAIT FOR ANOTHER UNITED NATIONS REPORT SAYING -- LIKE WHAT HAPPENED WITH MYANMAR. I WORRY THAT BECAUSE WE DON'T HAVE HER VOICE INSIDE THE COMPANY THAT THE NUMBER OF SENIOR LEADERS WHO IS RAISING -- ARE RAISING ISSUES HAS GONE DOWN IN A MEANINGFUL WAY. EMILY: ELECTIONS ARE COMING UP WHAT IS
YOUR TAKING ON HOW META IS HANDLING THIS NEW ELECTION SO FAR? >> I AM DEEPLY CONCERNED ABOUT THE UPCOMING ELECTION. OTHER NEWS SOURCES, I BELIEVE THE NEW YORK TIMES REPORTED ON HOW FACEBOOK SHRUNK THE TEAM FROM 300 TO 60 PEOPLE EARLIER THIS YEAR. THAT IS A HUGE DEAL. WHEN I WAS AT FACEBOOK, I WATCHED, I WORKED IN THREAT INTELLIGENCE FOR THE LAST EIGHT MONTHS I WAS AT THE COMPANY, AND I WATCHED THEM CATCH OVER AND OVER AGAIN RUSSIAN INFLUENCE OPERATIONS. RUSSIA, CHINA, IRAN, EVEN
SMALLER COUNTRIES KNOW THAT AS AN OPEN SOCIETY, AS THESE UNREGULATED, UNDERINVESTED PLATFORM SHOW, THERE ARE WAYS THEY CAN MANIPULATE OUR ELECTIONS COME IN BEFORE FACEBOOK WAS REALLY TRYING, THEY WERE NOT GIVING THE BEST DATA, BUT THEY WERE NOT REALLY TRYING TO BLUNT THE SEDGES, AND I CANNOT IMAGINE THEY CAN DO AN EFFECTIVE JOB WITH 80% FEWER PEOPLE PROTECTING OUR ELECTIONS. EMILY: I KNOW YOU HAVE BEEN TALKING TO LAWMAKERS. WE HAD THAT AMERICAN INNOVATION AND CHOICE ONLINE ACT. YOU HAVE LENA CON ACT OF AT THE FTC AND THE SUPREME COURT LOOKING AT SECTION 230. WHAT IS ONE WAY THE LAW COULD CHANGE TO HAVE THE MOST DRAMATIC POTENTIALLY POSITIVE IMPACT ON BIG TECH IN YOUR VIEW? >>, AND A STRONG ADVOCATE -- I AM A STRONG ADVOCATE FOR PLATFORM ACCOUNTABILITY.
THE -- RIGHT NOW, WE CANNOT SEE BEHIND THE CURTAIN OF SOCIAL MEDIA. WE WERE ABLE TO PUSH FOR SAFETY FEATURES IN CARS WITH THE DEPARTMENT OF TRANSPORTATION. REDUCING FATALITY FROM AUTOMOBILE ACCIDENTS THREE AND A HALF TIMES BECAUSE WE COULD CONTROL CARS, TO CRASH TEST THEM , TAKE THEM APART AND UNDERSTAND HOW THEY WERE BUILT. RIGHT NOW, WE CAN'T CRASH TEST IT. WE CAN'T CONFIRM HOW IT COULD BE SAFER, SO WE DON'T KNOW WHAT EMILY: CONTINUING OUR CONVERSATION WITH FRANCES HAUGEN. I WANT TO GET YOUR THOUGHTS ON THE BIGGEST NEWS ROCKING SOCIAL MEDIA, ELON MUSK AND SAYING HE WILL TAKE OVER TWITTER AFTER ALL. WHAT ARE YOUR RISKS OF THE
WORLD'S RICHEST MAN OWNING SUCH AN INFLUENTIAL COMMUNICATIONS PLATFORM? >> THE FACT THAT ELON MUSK AND MAKE A DECISION TO BUY ONE OF OUR PUBLIC SPACES AND BE ABLE TO UNILATERALLY MAKE THAT DECISION SHOWS US HOW VULNERABLE WE ARE RIGHT NOW. WE ARE GIVING PIECES OF PRIVATE INFRASTRUCTURE TO PUBLIC CORPORATIONS. EVEN THOUGH THEY WORK AS LARGE PARTS OF OUR INFORMATION ECOSYSTEM, WE CANNOT INFLUENCE THEM. THEY CAN BE BOUGHT AND SOLD BY
ANYBODY, SO THEY ARE A GREAT ILLUSTRATION OF HOW WE PUT A LOT OF TRUST AND RESPONSIBILITY OF THE HANDS OF A PRIVATE COMPANY. EMILY: HE COULD OWN TWITTER IN A MATTER OF DAYS, RIGHT BEFORE THE MIDTERM ELECTION. HE HAS SAID HE WANTS TO REINSTATE FORMER PRESIDENT TRUMP. WHAT ARE YOUR BIGGEST CONCERNS ABOUT THAT AND HIS APPROACH TO "FREE SPEECH IN GENERAL"? >> THERE ARE SOME BIG OPPORTUNITIES WITH REGARD TO HOW ELON MUSK IS APPROACHING IT. THAT HE SAID WE NEED TO BE
WORRIED ABOUT BOTS, HE'S TALKING TO SOMEONE, BECAUSE THERE ARE LARGE INFLUENCE OPERATIONS THAT ACT AS AMPLIFIERS WHOEVER OWNS THOSE NETWORKS, AND OFTEN THAT IS RUSSIA, CHINA, IRAN. THE FACT HE IS STEPPING IN BEFORE THE ELECTION IS A BIG OPPORTUNITY. I HOPE HE TAKES TIME TO LISTEN TO THE SECURITY AND SAFETY PROFESSIONALS INSIDE TWITTER, BECAUSE EVERY SOCIAL NETWORK IS DIFFERENT. THEY HAVE THEIR OWN QUIRKS AND STRUGGLES, SO I HOPE HE UNDERSTANDS WHAT THOSE TEAMS HAVE DONE OVER TIME, SO THAT WE DON'T DISRUPT THINGS BEFORE THE ELECTION. EMILY:
NOW ACCORDING TO THE SEC, THE INFORMATION DID A PIECE ON THIS, THERE HAS BEEN A HUGE SPIKE IN WHISTLEBLOWERS COMING FORWARD SINCE YOU CAME FORWARD, ONE IS A FORMER TWITTER EMPLOYEE WHO TALKED ABOUT THE EGREGIOUS FLAWS IN TWITTER'S OWN SECURITY. WHAT DO YOU MAKE OF THE RISE IN THESE WHISTLEBLOWERS AND THE ROLE THEY PLAY IN PROVIDING TRANSPARENCY WHERE CONGRESS HAS FAILED TO REGULATE? >> IF THE VIEWERS TAKE AWAY ONLY ONE THING TODAY FROM THE TIME WE SPENT TOGETHER, IT IS THE IDEA THAT MORE OF OUR ECONOMY IS DRIVEN BY OPAQUE SYSTEMS NOW. BACK WHEN WE HAD A MORE INDUSTRIAL-ORIENTED ECONOMY, YOU COULD BUY THE PRODUCTS OF THOSE FACTORIES. YOU COULD INTERVIEW WORKERS WHO WORKED IN THOSE FACTORIES AND UNDERSTAND WHAT IS HAPPENING, BUT NOW WE HAVE MORE AND MORE SYSTEMS WHERE THE IMPORTANT DETAILS LIVE ON DATA CENTERS. ALL WE GET TO SEE OUR OUR OWN
SCREENS. WE ARE LIMITED IN UNDERSTANDING HOW THE SYSTEMS WORK WITH THE CHOICES MADE, THE CONSEQUENCES. WHISTLEBLOWERS WILL ONLY BECOME MORE AND MORE IMPORTANT BECAUSE IN CASE OF THINGS LIKE TRUST AND SAFETY ONLINE, THERE ARE NO ACADEMIC CLASSES YOU CAN TAKE TODAY. THERE ARE A FEW ON CONTENT MODERATION AT PLACES LIKE STANFORD, BUT THAT IS ABOUT IT. WE ARE RELIANT ON PROFESSIONALS LIKE PETER TO UNDERSTAND WHAT THE LIMITATIONS ARE IN THESE THINGS. THEY ARE THE FIRST LINE OF
DEFENSE AND WE NEED TO BE PROTECTING THEM. EMILY: WHAT DO YOU THINK OF TIKTOK? IS THERE A UNIQUE THREAT POSED BY TIKTOK IN PARTICULAR? >>, EMPTY DEEPLY CONCERNED ABOUT TIKTOK, BECAUSE -- I AM PARTICULARLY CONCERNED ABOUT TIKTOK. IT WAS DESIGNED TO BE MANIPULATED.
IT ORIGINATED IN CHINA AND ITS ARCHITECTURE FROM THE BEGINNING WAS CONTROLLING WHAT MESSAGES ARE DISTRIBUTED. WHEN YOU LOOK AT THE CONTROL ROOMS WHERE YOU CAN GO IN AND SEE THE MOST POPULAR CONTENT ON TIKTOK, AND THERE ARE SCANDALS WHETHER YOU ARE VISIBLY GAY OR DISABLED, YOUR VIDEO IS TAKEN DOWN, WE ARE DEEPLY CONCERNED THIS IS A CHINESE COMPANY. LET'S SAY CHINA INVADED TAIWAN. I GUARANTEE YOU WITH NAZI PRO-TAIWANESE MESSAGES ON TIKTOK, -- YOU WOULD NOT SEE PRO TAIWANESE MESSAGES ON TIKTOK. -- IT DRAWS KIDS IN. AND SO I STRONGLY ENCOURAGE US TO LOOK AT, DO WE WANT TO HAVE CHINA HAVING SO MUCH INFLUENCE OVER OUR INFORMATION ENVIRONMENT, PARTICULAR FOR OUR CHILDREN? EMILY: I KNOW YOU HAVE BEEN ON A YEAR OF PUBLIC SPEAKING ENGAGEMENTS, TESTIFYING BEFORE OTHER GOVERNMENTS.
YOU MOVED TO PUERTO RICO AND GOT MARRIED. >> I MOVED TWO YEARS AGO. I MOVED TWO YEARS AGO. EMILY: TWO YEARS AGO, OK, SO YOU WERE IN PUERTO RICO. YOU LAUNCHED A NEW NONPROFIT, BEYOND THE SCREEN. TALK TO US A BIT ABOUT HOW YOUR LIFE HAS CHANGED IS BECOMING A WHISTLEBLOWER, AND YOU HAVE ANY REGRETS? >> INTERESTING. THE BIGGEST WAY MY LIFE IS
CHANGES I CAN SLEEP AT NIGHT. BEFORE I CAME OUT, ANYONE WHO HAS HAD TO HOLD A SECRET WHERE YOU THOUGHT OTHER PEOPLE'S LIVES WERE ON THE LINE KNOW HOW HARD THAT IS. I HAD TO GET A NEW PASSPORT RIGHT ABOUT THE TIME I LEFT FACEBOOK. I HAD TO GET A NEW DRIVERS LICENSE ISSUED. I HAD LOST MY DRIVERS LICENSE. I LOOK AT THOSE TWO PHOTOS AND I WAS LIKE OH MY GOODNESS, BY AGE BACKWARDS 10 YEARS. THAT IS NOT HOW IT IS SUPPOSED TO WORK. I THOUGHT I HAVE BEEN SO
GRATEFUL FOR THE EXPERIENCE OVER THE LAST YEAR BECAUSE I KNOW HOW FEW PUBLIC FIGURES ARE WOMEN WHO HAVE EASY LIFES ONLINE. I HAVE OPENED DM'S ON TWITTER AND INSTAGRAM AND NO ONE IS HARASSING ME AND I FEEL SUPPORTED. I AM GRATEFUL ABOUT THE IDEA THAT WE CAN CHANGE SOCIAL MEDIA.
WE WILL FIGURE OUT HOW TO DO THIS. WE WOULD DO IT TOGETHER. EMILY: THANK YOU SO MUCH. EMILY: WELCOME BACK TO "BLOOMBERG TECHNOLOGY." I AM EMILY CHANG IN SAN FRANCISCO. ELON MUSK WANTS TO TURN TWITTER INTO THE EVERYTHING APP.
HERE TO EXPLAIN WHAT THAT MIGHT MEAN IS ED LUDLOW. WHAT KIND OF CLUES DO WE HAVE AS TO WHAT HE'S TALKING ABOUT? ED: SHAMELESS PLUG, I PUT A PIECE ON TWITTER THIS MORNING ABOUT SOME THINGS ELON MUSK HAS TALKED ABOUT CHANGING. WE ARE AT A STAGE WHERE THERE ARE MORE QUESTIONS AND ANSWERS. TWITTER WAS DOWN. TESSA DOWN A CONCERN ELON MUSK WILL HAVE TO SELL TESLA STOCK TO FUND THIS DEAL AND THAT HE IS DISTRACTED, BUT THERE IS THIS IDEA THAT THE EVERYTHING APP.
WHAT ELON MUSK HAS TALKED ABOUT ON STAGE AND IN TWEETS IN THE PAST IS GROWING TWITTER FROM A USER BASE OF 240 MILLION CURRENTLY TO ONE BILLION, AND A LOT OF THE STREET ARE LOOKING FOR SIGNS AS TO WHAT THAT MEANS. IF WE LOOK AT TWITTER'S REVENUE GROWTH RELATIVE TO TESLA, TWITTER'S GROWTH HAS BEEN UNDERWHELMING AND THERE IS HOPE ELON MUSK CAN INJECT SOME NEW IDEAS. FOR TWITTER ITSELF BUT THAT IS OPENING THE ALGORITHM, OPEN SOURCE DEALING WITH THE BOTS ISSUES AND HAVING A TIME-LIMITED EDIT BUTTON, BUT ALSO THAT TWITTER CAN BE A ONE-STOP SHOP FOR MORE VIDEO FUNCTIONALITY, MAKING IT MORE AKIN TO A WECHAT IN ASIA. THERE ARE MANY USERS IN CHINA USING WECHAT AND ITS FUNCTIONS AND USING TWITTER GLOBALLY, SO THERE IS OPTIMISM THEY CAN DO THAT. I GO BACK TO WHAT WE DISCOVERED BETWEEN JACK DORSEY AND ELON MUSK THAT WERE RELEASED AS PART OF DISCOVERY. THEY WANTED TO ENACT CHANGES,
AND THEY FELT THE ONLY WAY TO DO THAT WAS TO TAKE THE COMPANY PRIVATE. THERE IS OPTIMISM ON THE STREET AND THE SELL SIDE THAT A ON MOSCOW UNLOCKED THE NEW FUNCTIONALITY THAT WILL HELP TWITTER GROW AND HELP ITS TOPLINE GROWTH AS WELL AND ITS USER BASE. MUSKA IS NOT INTERESTED IN AD-BASED MODEL. HE WANTS TO MOVE AWAY FROM THAT AND MONETIZING OTHER WAYS.
LET'S TAKE A REALITY CHECK. WE ARE A LONG WAY AWAY FROM KNOWING WHAT IS GOING ON. AM I GOING THE DELAWARE? ARE YOU GOING TO DELIVER? NOBODY KNOWS.
THAT DOES IT FOR THIS EDITION OF "BLOOMBERG TECHNOLOGY." EMILY: WE DO NOT KNOW. I WOULD LOVE TO KNOW IF WE WILL BE IN DELAWARE IN TWO WEEKS. THANK YOU.
I WANT TO DIG AND DO THIS FURTHER WITH MITCHELL GREEN. I KNOW YOU ARE AN INVESTOR IN UBER, WHICH HAS ASPIRED TO THE SUPER APP IDEA. WE HAVE SEEN TENCENT SUCCEED AT IT. WHAT DO YOU MAKE OF ELON MUSK'S
IDEA TO TURN TWITTER INTO AN EVERYTHING APP? >> GOOD LUCK. IT IS HARD. LOOK, WE DO OWN BYTEDANCE, WHICH OWNS TIKTOK. WE DO OWN, WE WERE EARLY INVESTORS IN ALIBABA GROUP, OBVIOUSLY, AND ANT FINANCIAL. I THINK HE HAS HIS WORK CUT OUT
FOR HIM, BUT WE WILL TALK ABOUT IT, AND IN THREE YEARS TO FIVE YEARS WE WILL KNOW IF IT WORKED. I TOTALLY AGREE HE CANNOT ACCOMPLISH THIS AS A PUBLIC COMPANY. I AM SURE IT IS NOT THE MOST EFFICIENTLY RUN BUSINESS. I'M SURE THERE ARE TONS OF WAYS HE CAN FIX IT.
IT WILL TAKE A LOT OF TIME. HE IS AMAZING AT SENDING ROCKETS INTO SPACE AND HE PROVED THE WORLD WRONG WITH HIS CAR BUSINESS. HE STARTED HIS CAREER IN PAYMENTS.
TIME WILL TELL IF HE IS SUCCESSFUL IN TURNING AROUND TWITTER. I THINK IT IS A VERY TALL ORDER, AND IT IS NOT LIKE FACEBOOK AND BYTEDANCE WOULD SIT AROUND AND DO NOTHING WHILE HE TRIES TO DO IT, SO. EMILY: FROM A BIGGER PICTURE, I FIND IT INTERESTING WE COULD POTENTIALLY SEE THIS MASSIVE DEAL, TWITTER FOR $44 BILLION HAVE BEEN IN THE MIDDLE OF POTENTIALLY A DROP INTO A RECESSION. WE SAW ADOBE BU ANOTHERY COMPANY FOR $20 BILLION -- BY ANOTHER COMPANY FOR $20 BILLION. -- >> WELL, THAT IS A GREAT QUESTION. CORPORATES AROUND THE WORLD,
THESE TECH CORPORATES GOOGLE, MICROSOFT, FACEBOOK, ALIBABA, TENCENT HAVE ENORMOUS SUMS OF CASH. BY THE WAY, YOU COULD ADD THE S&P IN THERE. WE WILL WAKE UP OVER THE NEXT 12, 15, 18 MONTHS AND THERE WILL BE A HECK OF A LOT MORE M&A THEN WE HAVE SEEN IN A LONG TIME. I DON'T THINK IT IS STARTING YET. I THINK YOU WOULD SEE A WAVE OF BUYOUT ACTIVITY TOO.
THE PROBLEM, I THINK -- PRIVATE EQUITY FUND ACTIVITY RIGHT NOW IS PRETTY SLOW AND USING BUSTED DEALS, JUST BECAUSE THE CREDIT MARKETS ARE NOT IN GOOD SHAPE. THERE IS A HUGE BACKLOG, WE ARE NOT CREDIT INVESTORS, BUT THERE IS A HUGE LOGJAM WITH THE CITRIX DEAL, AND THESE BANKS WILL TAKE ENORMOUS LOSSES ON THEM, SO THE CREDIT MARKETS FOR A LOT OF THIS ACTIVITY IS SUPER SLOW, SO I DON'T KNOW HOW MUCH LEVERAGE TWITTER WILL TAKEN THIS BUYOUT AND THINGS LIKE THAT COME ABOUT ANYTHING THAT REQUIRES, AND THAT'S WHY USING SPREADS FOR POTENTIAL DEALS TRADE WIDE BECAUSE THE CREDIT MARKETS ARE SO UNCERTAIN RIGHT NOW. THAT DOESN'T IMPACT STRATEGIC DOES EMILY: LET'S TALK ABOUT -- OK, LET'S TALK ABOUT VENTURE IN THE PRIVATE MARKETS. VENTURE FIRMS SEEM TO HAVE A
LOT OF DRY POWDER PILING UP AND NOT A LOT OF PLACES TO PUT IT. SOME FOLKS HAVE TOLD US THERE WAITING FOR EVALUATIONS TO GO DOWN -- VALUATIONS TO GO DOWN BEFORE THEY DEPLOY ANYTHING. SOME ARE STRUGGLING IN THEIR BALANCE SHEETS DO NOT LOOK ATTRACTIVE TO INVESTORS. WHAT ARE YOU SEEING? HOW ARE YOU EVOLVING YOUR STRATEGY IS MACRO CONCERNS REMAIN? >> SURE. GOOD ECONOMY/BAD ECONOMY, THERE WILL BE ENOUGH THERE WAS A SURVEY THAT SAID 90% OF INVESTORS THINK THERE WILL BE A RECESSION IN 2023. IT'S NOT LIKE WE WERE ALL SITTING AROUND AND SUDDENLY WE WERE IN FEBRUARY 2020 THINKING COVID WAS GOING TO HAPPEN A MONTH LATER M OR I, WAS GONNA BLOW UP. WHO KNOWS?
THE CROWD IS USUALLY WRONG. I WOULD PUT MYSELF IN THE CROWD. IN TERMS OF THE INJURED LANDSCAPER GROWTH EQUITY LANDSCAPE, YOU COULD EXPAND TO EQUITY UNSTABLE REAL ESTATE ASSET LANDSCAPE, SPECIFICALLY IN VENTURE, AND IF YOU'RE THINKING HEY, COMPANIES WITH $15 MILLION TO $100 MILLION IN REVENUE THAT ARE SOFTWARE, FINTECH BUSINESSES , THERE IS TOO BIG A SPREAD BETWEEN WHAT THE BUYER ONCE AND WITH THE PRIVATE EQUITY OR VENTURE FUND WILL PAY, BECAUSE IT IS DRIVEN BY PUBLIC MARKETS. AND COMPANIES RIGHT NOW, FOR THE MOST PART, AND THE SPREAD HAS ALREADY STARTED TO COME DOWN. IT IS UP FROM TODAY WHERE IT WAS SIX MONTH AGO. YOU JUST HAVE TO MAKE THE
ASSUMPTION THAT PUBLIC MARKETS LEAD PRIVATE MARKETS, AND AS A RESULT, TONS OF COMPANIES RAISE MONEY IN THE BACK HALF OF 2021 IN EARLY 2022, AND THEY RAISE TWO YEARS OF MONEY, SO YOU'RE A COMPANY RIGHT NOW THAT RAISED, STILL HAS $100 BILLION PLUS ON THE BALANCE SHEET. YOU DON'T HAVE TO RAISE MONEY RIGHT NOW. FAST FORWARD A YEAR, YOU MIGHT BE IN RECESSION AT THAT POINT, YOU PROBABLY BURNED A BUNCH OF MONEY. WE THINK IT WOULD TAKE SIX TO 12 MONTHS FOR A LOT OF THIS TO WORK THROUGH, AND THAT THE BACK HALF OF NEXT YEAR AND 2024 WILL BE SUPER BUSY BECAUSE THEN A BUNCH OF THESE COMPANIES WILL RAISE, AND THOSE COMPANIES THAT HIT OR BEAT THEIR NUMBERS, THEY MIGHT RAISE UP ROUNDS, BUT THOSE COMPANIES THAT MR. NUMBERS WILL PROBABLY BE RAISING -- MISSED THEIR NUMBERS WILL PROBABLY BE RAISING DOES IF THE MARKETS GO UP IN THE COMP STAY WHERE THEY ARE, NEAR HISTORICAL AVERAGES -- EMILY: WHAT ADVICE ARE YOU GIVING YOUR PORTFOLIO COMPANIES RIGHT NOW? >> GOOD QUESTION. DON'T PANIC. THAT IS ONE THING. RUN YOUR BUSINESS, YOU KNOW, KEEP YOUR BEST EMPLOYEES, KEEP YOUR BEST EMPLOYEES HAPPY. LAYOFFS ARE NOT ALWAYS BAD.
SOME OF THE GREATEST COMPANIES OVER TIME HAVE LAID OFF 5% TO 10% EVERY YEAR. ALL OF THESE COMPANIES ARE RUN WITH TOO MUCH FAT. EVERY COMPANY, EVERY SOFTWARE COMPANY FUNDED WITH VENTURE FUNDING, SO WHAT ARE WE TELLING THEM? THAT IS A GREAT QUESTION.
WE ARE TELLING THEM TO MAKE SURE YOU HAVE CAPITAL FOR THE NEXT 18 MONTHS. MAKE SURE YOUR UNIT ECONOMICS WORK, SO YOU DON'T NEED CUSTOMER PAYBACKS, PAYING BACK IN 18 MONTHS OR UNDER THE BUT MAKE SURE YOU ARE INVESTED IN THE FUTURE, LIKE DON'T FREAK OUT. WE WILL LOOK BACK IN FIVE TO 10 YEARS AND GREAT COMPANIES WILL HAVE BEEN CREATED DURING THIS TIME PERIOD AND YOU NEED TO BE BOLD AND SMART ABOUT IT AND MAKE SURE YOU'RE NOT STANDING ON THE CLIFF WITH YOUR PANTS DOWN IF THE TIDE GOES OUT.
THAT DOES IT FOR THIS EDITION OF "BLOOMBERG TECHNOLOGY." EMILY: OK. DON'T PANIC. DON'T FREAK OUT. DON'T STAND ON THE CLIFF WITH YOUR PANTS DOWN. THOSE ARE TANGIBLE PIECES OF ADVICE.
ONE MORE QUESTION, I'M CURIOUS WHAT YOUR THOUGHTS ARE ON THE IPO WINDOW. IT SEEMS TO BE FIRMLY SHUT. DOES IT REOPEN IN THE NEXT FEW WEEKS BEFORE THE END OF THE YEAR OR NOT? >> NOT ENOUGH PEOPLE ARE TALKING ABOUT THIS, I THINK NEXT YEAR, IF YOU CAN GET SOME STABILITY IN THE MARKETS, I THINK THE IPO'S COULD BE THE FUTURE DOWN ROUNDS FOR COMPANIES. THAT IS SCALE. 100 MILLION DOLLARS, 200 MILLION DOLLARS OF REVENUE AND YOU RAISE MONEY AT A CRAZY PRICE, YOU COULD DO A STRUCTURED EQUITY DEAL, BUT IF YOU'RE OUTSIZE GOING 30%, 50% A YEAR, THAT EQUITY CAN BE BAD FOR EARLY INVESTORS, EARLY EMPLOYEES, CREATES PERVERSE INCENTIVES, VERSUS DO WHAT SQUARE DIDN'T GO PUBLIC. A FEW YEARS AGO THERE WERE A HANDFUL COMPANIES THAT WENT PUBLIC BEFORE THE LAST ROUND. EVERYBODY CONVERTS IN THE COMMON STOCK. LIKE, I DON'T THINK ENTREPRENEURS SHOULD FEEL BAD ABOUT DOING IT.
I THINK YOU WOULD SEE OVER THE COUPLE OF YEARS PROBABLY STARTING NEXT SPRING OR SUMMER A BUNCH OF COMPANIES THAT GO PUBLIC IN FLAT OR DOWN ROUNDS TO THE LAST PRIVATELY FUNDED ROUND. WE ARE ALL BIG BOYS. SOME OF US PROBABLY OURSELVES INCLUDED, WE OVERPAID FOR AN ASSET. GO PUBLIC. IT'S A GREAT WAY TO RAISE CAPITAL. EMILY: ALL RIGHT. EMILY: TIME NOW FOR OUR CRYPTO REPORT. TODAY, WE ARE COVERING A FUND THAT COULD EXPAND ACCESS TO MARKETS FOR A BROADER SET OF INVESTORS.
>> WHENEVER I GO TO INVESTMENT CONFERENCES, THERE IS A CEO OF SECURITIZES WHO IS OFTEN THERE, AND HE JOINS US NOW TO TALK ABOUT THIS, BECAUSE TODAY THEY ANNOUNCED A DEAL WITH HAMILTON LANE, KKR. WHEN YOU ARE TALKING TO LARGE FUND MANAGERS, HAM AND ELAINE HAS $800 BILLION UNDER SUPERVISION -- HAMILTON LANE HAS $800 BILLION UNDER SUPERVISION. HOW ARE THEY LOOKING AT BLOCKCHAIN TO EXPAND THEIR INVESTOR BASE AND BRING MORE PEOPLE INTO THE FUND? >> I THINK IT HAS BEEN A JOURNEY FOR INVESTMENT MANAGERS. SOME OF THEM LIKE KKR BACK IN 2018, THEY HAVE BEEN BUILDING OUT. AT THE SAME TIME -- [INDISCERNIBLE] THE PERFORMANCE OF THE UNDERLYING BLOCKCHAIN ETC., AND MORE IMPORTANTLY, WHAT IT MEANS TO TOKENIZE A FUND ON THE BLOCKCHAIN AND WHO IS LICENSED TO DO THAT.
IT HAS BEEN A JOURNEY. I THINK THAT -- [INDISCERNIBLE] THEY HAVE DECIDED TO DO THAT. I THINK IT IS AN INFLECTION POINT IN THE INDUSTRY. >> LET'S TAKE KKR AS AN EXAMPLE. AN EVERYDAY PERSON CANNOT SAY LET ME PUT $10,000 INTO A KKR FUND, BUT THEY'RE MAKING A PRIVATE EQUITY FUND AVAILABLE THROUGH TOKENIZATION. WHAT DOES THAT MEAN? HOW IS IT DIFFERENT FROM THE TRADITIONAL PRIVATE EQUITY FUND? IS THERE A SEPARATION BETWEEN THAT AND A NOBLE FUND YOU WOULD VEST AND IN A LARGE INSTITUTION? >> ASSET MANAGERS RECOGNIZE THAT. [INDISCERNIBLE]
-- HIGH NET WORTH INDIVIDUALS AND THERE IS A NEW GROUP OF INDIVIDUAL INVESTORS WHO ARE YOUNGER. THEY DON'T HAVE ACCESS TO THOSE PRODUCTS AT ALL BECAUSE OF THE INSTITUTIONS, SO THEY RECOGNIZE THEY HAVE TO [INDISCERNIBLE] THEY SEE BLOCKCHAIN AND TOKENIZATION AS THE MOST MODERN AND ADVANCED WAY OF PROVIDING THIS FRACTIONAL OWNERSHIP IN AN EFFICIENT WAY, EFFICIENT OWNERSHIP OF THE SECURITIES, COMPLIANCE, THAT SORT OF THING, ETC. SO THAT CONVERSATION IS EASY. WHAT GOES ON LATER IS HOW DO WE DO IT, ETC.
IT IS DIFFERENT IN THE SENSE THAT IT HAS A DIFFERENT STRUCTURE, WHICH WE ARE TRYING TO MAKE IT MORE INDIVIDUALLY AS INVESTOR FRIENDLY, SO SHE YOU SHOULD EXPECT THE PERFORMANCE OF THE TOKENIZED VERSION IS TIED TO THE PERFORMANCE OF THE ORIGINAL PRODUCT, BUT WAS ONLY AVAILABLE FOR INSTITUTIONS. >> HOW MUCH OF THIS IS POSSIBLE 5, 6, 7 YEARS AGO? HOW MUCH WAS POSSIBLE BECAUSE SEC RULES HAVE MADE IT POSSIBLE FOR INVESTORS TO INVEST IN A WIDER ARRAY OF FUNDS? >> THE SEC RULES ALLOW FOR MORE ACTIVITY. THEY DID SOME IMPROVEMENTS A FEW YEARS AGO IN TERMS OF WHO QUALIFIES AS AN ACCREDITED INVESTOR. MORE AND MORE PEOPLE ARE [INDISCERNIBLE] AND THE WEALTH IS GROWING IN THE UNITED STATES AND TODAY THERE ARE 1.6 MILLION PEOPLE THAT QUALIFY AS ACCREDITED INVESTORS. AT ISSUE WAS THE PRODUCT THAT COMPANIES HAD, THEY WERE NOT ACCESSING THESE INVESTORS BECAUSE THEY WERE NOT BEING SERVED -- >> IT BEGS THE QUESTION WHEN YOU'RE LOOKING FOR AN OPPORTUNITY TO INVEST IN A BROADER ARRAY OF ALTERNATIVES, CRYPTO, BLOCKCHAIN, YOU THINK THEY CAN BE USED FOR THESE PURPOSES MORE THAN THEY WILL BE USED IN THE LONGER-TERM FUTURE FOR ACTUAL TOKENS? >> ACTUALLY, IF YOU LOOK AT THE SIZE OF THE SPACE WE ARE LOOKING AT WERE TALKING ABOUT FUNDS, CREDIT, ETC.
PUT INTO THE BLOCKCHAIN, SO THAT WORKS LIKE ANYTHING ELSE YOU HAVE SEEN, LIKE BITCOIN, OF THE POTENTIAL OF THIS BECOMING THE BIGGEST THING IN CRYPTO IS DEFINITELY THERE. ] >> THE CEO OF SECURITIZED. I HOPE YOU COME BACK TO TALK WITH US ABOUT IT. WE WILL BE RIGHT BACK. EMILY: WE WILL BE RIGHT BACK.
♪ EMILY: WELCOME BACK TO "BLOOMBERG TECHNOLOGY." SPACEX LAUNCHING A CREW OF FOUR TO THE INTERNATIONAL SPACE STATION, INCLUDING A RUSSIAN COSMONAUT, AND THE FIRST NATIVE AMERICAN WOMAN TO TRAVEL TO SPACE. ED LUDLOW HAS THE DETAILS. WHAT HAPPENED? ED: WE ARE DEEP INTO A 29-HOUR JOURNEY TO THE INTERNATIONAL SPACE STATION. THE CREW COMMANDER BECOMES THE THIRD NATIVE AMERICAN WOMAN TO SPACE, SO A LANDMARK IN THAT RESPECT. SHE IS A MEMBER OF ONE OF THE ROUND VALLEY INDIAN TRIBES IN CALIFORNIA.
THERE WAS ALSO A RUSSIAN COSMONAUT ON BOARD, THE FIRST TIME SPACEX IS CARRYING A RUSSIAN COSMONAUT FROM U.S. SOIL TO THE ISS. WE TALK THIS WEEK ABOUT SOME OF THE CONTROVERSY TWEETS AS THE CEO OF SPACEX MADE ABOUT THE WAR IN UKRAINE AND HIS BELIEF IN NEGOTIATING A SETTLEMENT WITH RUSSIA. IT WILL TAKE 29 HOURS TO GET
THERE. TALK WITH ME IN THE NEXT SHOW. WE WILL SEE IF THEY MADE IT SAFELY. IT IS A ROUTINE OPERATION FOR SPACEX THE FIFTH CREW MISSION, THE EIGHTH OR NINTH HUMAN-CRUDE MISSION. -- HUMAN-CREWED MISSION. EMILY: HOW DOES THIS FIT INTO THE
BROADER MISSION AND OTHER THINGS SPACE AS -- SPACEX IS WORKING ON? ED: WHAT IT IS DOING IS RAMPING UP TO GO BEYOND THE INTERNATIONAL SPACE STATION TO GO TO THE MOON, BUT THAT RELIES ON A DIFFERENT ROCKET, ARTEMIS, WHICH IS BEHIND SCHEDULE. WE DON'T EXPECT IT TO LAUNCH UNTIL MID-NOVEMBER. THE NEXT BIG MISSION FOR SPACEX IN ADVANCING HUMAN SPACEFLIGHT IS THROUGH THE POLARIS PROGRAM. THEY BASICALLY WILL PUSH THE BOUNDARIES OF WHAT THEY'RE CAPABLE OF DOING IN TERMS OF HOW LONG AND HOW OFTEN HUMANS CAN GO INTO SPACE, BUT A PART OF THAT IS CONTINGENT ON THE DEVELOPMENT OF STARSHIP, AND WHAT WERE WAITING ON FOR SPACEX IS WHEN WE GET STARSHIP, BECAUSE WE DON'T KNOW WHEN THAT WILL BE. EMILY: WE TALKED SO MUCH ABOUT TESLA
AND THE IMPACT WITH ELON MUSK TAKING OVER TWITTER, AND LESS ABOUT SPACEX IS A PRIVATE COMPANY, BUT WHAT WE KNOW ABOUT FOLKS AT SPACEX FEEL ABOUT ELON MUSK TAKING ON ANOTHER BIG COMPANY? ED: GENERALLY SPEAKING, ELON MUSK HAS BEEN DIVISIVE IN SPACEX. MANY EMPLOYEES DO NOT AGREE AND DISAGREE WITH HIS ACTIONS. THERE IS AN ELEMENT OF RISK. ELON MUSK IS A HANDS-ON MANAGER AND EXECUTIVE AT SPACEX IN MUCH THE WAY HE IS A TESLA. HE OFTEN ATTENDS KEY LAUNCHES AND HIS PRESENCE IN HAWTHORNE IS AWARE SPACEX'S HEADQUARTERS IN RESEARCH AND DEVELOPMENT CENTER IS. IF HE TAKES ON TWITTER, WHAT DOES THAT MEAN ABOUT HOW HE SPLITS HIS TIME BETWEEN THOSE COMPANIES? HE SPENDS A LOT OF TIME ON HIS PRIVATE JET, HIS PHONE, AND DOES NOT SLEEP IS MUCH AS THE AVERAGE HUMAN. EMILY: ALL RIGHT. INDEED. ED LUDLOW.
THANK YOU, AS ALWAYS. WE WILL BE WATCHING FOR THE RESULTS OF THIS LATEST MISSION. THAT IS ALL. ♪
2022-10-06 20:30
