'Bloomberg Technology' Full Show (07/06/2023)
ANNOUNCER: FROM THE HEART OF WHERE OUR INNOVATION, MONEY, AND POWER COLLIDE IN SILICON VALLEY AND BEYOND, THIS IS BLOOMBERG TECHNOLOGY. WITH CAROLINE HYDE AND ED LUDLOW. ED: THIS IS BLOOMBERG TECHNOLOGY.
CAROLINE: COMING UP, META IS TAKING ON TWITTER. 30 MILLION PEOPLE ARE SIGNED UP ALREADY. ED: AS ELON MUSK GRAPPLES WITH COMPETITORS TO TWITTER, HE IS AGREEING TO A TRUCE WITH CHINA'S TOP AUTOMAKERS. MORE ON THE PLEDGE TESLA AND OTHERS HAVE AGREED TO MAINTAIN FAIR COMPETITION. CAROLINE: AN EXCLUSIVE CONVERSATION WITH NAI FIRM.
THE WHIP ARE CURRENTLY OFF BY ONE POINT 3% ON THE NASDAQ AND WE ARE WORRIED ABOUT PULLBACK. WE ARE LOOKING AT JOBS GROWTH WITH REALLY STRONG NUMBERS FROM THE PRIVATE SECTOR WHEN YOU LOOK AT ADP. DID JOBLESS CLAIMS LOOKING AT THE STRING OF THE LABOR MARKET IN THE U.S. WITH THE FEDERAL RESERVE STILL
WANTING TO TACKLE THAT. WE'VE SEEN YOUR SELLOFF HARD AND SO TOO HAS CHINA. IT'S A GLOBAL RISK OFF FIELD TO TRADE -- FIELD TO TRADE. YIELDS ARE UP SOME 10 BASIS
POINTS. WE THINK THE FED WILL HAVE TO TACKLE THIS REALLY STRONG MARKET AND OVERALL ECONOMY IN THE UNITED STATES. IN TERMS OF THE WORLD, BITCOIN HAD BEEN HIGHER. WE HIT THE 30 1000 LEVEL WHICH IS A HIGH STATE MONTH BUT WE COME BACK DOWN A LITTLE BIT, UP BY 0.2%.
ED: WHEN WE LOOK AT THE PUBLIC MARKETS THERE IS NOT A LOT OF GREEN TO TALK ABOUT. TESLA IS A GROUNDS -- A DOWNSIDE MOVER. WE WILL GO TO THAT LATER IN THE PROGRAM. IT'S ALL ABOUT GREEN WITH
DOMESTIC EV MAKERS TO NORMALIZED PRICING WHICH IS AN INTERESTING MOVE IN THAT STOCK IS DOWN IN LINE WITH THE BROADER MARKET. ONE BIG NAME WE ARE WATCHING IS META-. IT'S ALL ABOUT THREADS. META-WAS UP FOR THAN 1.3% AND AS KIND OF STOCK TRADED WE ARE DOWN NOW 0.2%. ANALYSTS ARE SOMEWHAT BULLISH ON THIS MOVE. THE HEADLINE IS 30 MILLION USERS SIGNED UP. LET'S GET MORE DETAILS ON
THREADS DAY ONE WITH OUR BLOOMBERG TECHNOLOGY EDITOR LITERALLY WROTE THE BOOK ON INSTAGRAM, SARAH FRIER. WHAT DO WE KNOW ABOUT THREADS DAY ONE? >> IT'S BEEN AN INCREDIBLE AMOUNT OF ENTHUSIASM. THIS IS THE FIRST TIME META HAS DONE A COPYCAT PRODUCT THAT PEOPLE ARE HANKERING FOR. EVERYONE WAS LOOKING FOR AN ALTERNATIVE TO TWITTER GIVEN THE TURBULENCE ELON MUSK INCLUDING OVER THE WEEKEND WITH RATE LIMITING PEOPLE WHO ARE POSTING ON TWITTER AND TRYING TO LIMIT THE NUMBER OF TWEETS THEY COULD SEE. THERE WAS A LOT OF SEARCHING FOR AN ALTERNATIVE. THREADS IS SEEMING TO BUILD THAT CRITICAL MASS THAT PEOPLE NEED IF THEY WANT TO POST SOMETHING THAT COULD HAVE IMPACT.
WE ARE SEEING HIGH ENGAGEMENT, 30 MILLION USERS, AS YOU SAID IT BLEW UP OVERNIGHT AND THIS IS A REALLY EXCITING MOMENT IN THE RIVALRY BETWEEN TWITTER AND META. WE ARE A COUPLE OF DECADES INTO THAT AND IT HAS BEEN INCREDIBLE TO SEE THAT THIS IS THE MOMENT. OF ALL THE TIMES THAT META COULD HAVE COPIED TWITTER, I DON'T KNOW THAT IT WOULD HAVE WORKED UNTIL NOW. CAROLINE: THE TIMING SEEMS TO BE REALLY PAINFUL ON TWITTER'S PART AMID THE SWIRLING CHAOS OF LIMITATIONS TO CERTAIN NUMBERS OF TWEETS YOU CAN SEE. TO THAT POINT, THE TWITTER
RESPONSE, WE WILL DO THAT LATER IN THE SHOW. ULTIMATELY, WHAT DOES 30 MILLION LOOK LIKE IN COMPARISON TO HISTORICAL LEVELS OF GROWTH? >> IT'S A BIG START FOR NEW SOCIAL MEDIA APP. THE REASON THAT IT IS GETTING SO MUCH ENTHUSIASM IS BECAUSE IT HAS THE EXISTING CONNECTION TO THE INSTAGRAM NETWORK. THAT'S ALSO BEEN A POINT OF FRUSTRATION FOR THREADS USERS, PEOPLE WHO DON'T USE INSTAGRAM OR DON'T LIKE THEIR INSTAGRAM HANDLE OR HAVEN'T INVESTED IN THE PLATFORM OR HAVE A DIFFERENT COMMUNITY, THEY ARE NOT EXACTLY EXCITED TO COPY THAT OVER TO A NEW APP WHERE THEY WANT TO BUILD A NEW IDENTITY. HOWEVER, IT HAS MADE IT EASIER
FOR THOSE KEY USERS, THE CELEBRITIES AND PUBLIC FIGURES AND THE BRANDS, THOSE THAT USE INSTAGRAM ALREADY FOR PROFESSIONAL REASONS WANTING TO POUR OVER ALL THE INFLUENCE TO AN APP WITHOUT HAVING TO START FROM SCRATCH. THAT'S REALLY A BIG MOTIVATOR. IF EVERYONE ELSE WANTS TO FOLLOW THOSE PEOPLE IN THREADS, THAT BECOMES THE PLACE TO DO IT, I THINK WE WILL SEE THOSE ISSUES WORK OUT OVER TIME. INSTAGRAM WILL TRY TO DEAL WITH SOME OF THE PAIN POINTS AS THEY CAN. CAROLINE: ALL THE CELEBRITIES ALREADY ON
THERE. JOYOUS FOR THOSE WHO HAVE BEEN SEEING THE LAUNCH. THANK YOU FOR THAT UPDATE. LET'S DIVE INTO THE CONVERSATION WITH SOME OF THE FINANCIAL DRIVERS THAT FOLLOW SUCCESS. YOU FOCUS ON ALL THE SOCIAL MEDIA APP SO LET'S FOCUS ON THREADS. IT LOOKS LIKE IT'S GOING WELL.
WHAT DO YOU THINK IS THE MONETIZATION ANGLE ULTIMATELY HERE FOR THE INVESTORS LISTENING TO US? I'VE SEEN A POST ABOUT MONETIZATION NOT COMING IMMEDIATELY. >> TO PUT THIS INTO PERSPECTIVE, 30 MILLION USERS IS AN INCREDIBLY STRONG START. WE EXPECT TWITTER TO HAVE ABOUT 56 MILLION USERS IN THE U.S. BY THE END OF THIS YEAR'S THAT
GIVES YOU CONTEXT FOR HOW MANY PEOPLE THREADS WAS ABLE TO SIGN UP JUST OVERNIGHT. IN TERMS OF THE MONETIZATION, THE ADS ARE THE META-BREAD AND BUTTER. I WOULD ASSUME THAT ANY MONETIZATION STRATEGY FOR THREADS WOULD INCLUDE ADVERTISING. THAT SAID, I AM EXPECTING META WILL WAIT UNTIL THREADS REALLY REACHES SCALE BEFORE THEY BRING ON ANY MONETIZATION OPPORTUNITIES. CAROLINE: CAN THEY SCALE TO ONE BILLION OR WHAT IS THE FOCUS YOU WANT TO SEE? >> META HAS A SCALE AND THE RESOURCES AND HAS THE EXECUTION STRATEGY TO SCALE THREADS. I THINK THE CHALLENGE WILL BE IN KEEPING UP THE MOMENTUM WE SAW YESTERDAY AND THAT CONTINUED THIS MORNING. IT IS A NEW APP AND THERE ARE
VERY FEW NEW APPS THAT ARE ABLE TO KEEP UP THAT GROWTH RATE THAT THREADS HAS SEEN ALREADY. I ALSO THINK META WILL HAVE TO CONTINUE INNOVATING. WE HAVE TO -- THEY HAVE TO KEEP THREADS INTERESTING AND NOW IT'S SIMPLICITY AND BARE-BONES WITH SOME THINGS THAT REALLY ARE ATTRACTIVE TO USERS, ESPECIALLY THOSE TIRED OF THE CHAOS AND CHANGES AT TWITTER.
EVENTUALLY, IT WILL HAVE TO INNOVATE TO KEEP PEOPLE ENGAGED IN ON THE APP. CAROLINE: AS MANY WOULD SAY, INNOVATION IS ELON'S STRONG POINT. YOU'VE BEEN TRACKING HOW THE GROWTH OF THREADS COMPARES, RIGHT? ED: I'M INTERESTED IN THE MECHANICS OF HOW THEY GOT THREADS OFF THE GROUND. YOU HAVE TO HAVE AN INSTAGRAM ACCOUNT AND I WENT THROUGH TWITTER'S S1 AND THEY HAD 30 MILLION USERS AT THE START OF 2010 SO FOR YEARS INTO THE LIFE OF THE PLATFORM, THIS LINK WITH INSTAGRAM SEEMS TO HAVE GIVEN THEM A FAST START. WHAT'S YOUR ASSESSMENT OF THAT? >> I THINK IT WAS INCREDIBLY SMART.
IT WAS REALLY EASY TO SIGN UP FOR THREADS. YOU CAN IMPORT YOUR INSTAGRAM ACCOUNT AND FOLLOWERS DIRECTLY ONTO THREADS. THERE ARE SOME PEOPLE WHO DON'T NECESSARILY WANT TO TRANSPORT THEIR INSTAGRAM FOLLOWERS, THEIR AUDIENCES OVER TO THIS NEW APP AND WANT TO KEEP THESE TWO SEPARATE. OVER ALL, IN ORDER TO SUPERCHARGE THE GROWTH, I THINK THIS WAS A SPOT ON MOVE FROM META. ED: WHAT'S YOUR EXPERIENCE BEEN USING THE PLATFORM? WHAT DO YOU LIKE ABOUT IT? >> IT'S BEEN REALLY EASY TO USE. THE USER INTERFACE HAS BEEN FANTASTIC AND IT'S BEEN FUN SO FAR.
I DON'T KNOW HOW LONG THAT WILL LAST BUT FOR NOW, IT FEELS LIKE AN EARLY TWITTER 1.0 WITH AN INSTAGRAM TWIST WITH MORE PHOTOS AND VISUALS ON THE PLATFORM. I HAVEN'T LEFT TWITTER YET, I AM STILL ON BOTH WHICH MEANS THERE ARE MORE APPS NOW THAN EVER TO POST ON. CAROLINE:
WE ARE ALL A BIT EXHAUSTED TO SOME EXTENT. ONE GROUP OF PEOPLE WHO ARE NOT EXHAUSTED BY THREADS IS EUROPE BECAUSE IT'S NOT THERE YET. WE UNDERSTAND THE REGULATORY OVERHANG. WHAT DO YOU THINK OF THAT DELAY?
IS IT OPPORTUNE PERMITTED TO PUSH BACK AGAINST REGULATORS IN EUROPE? >> IT WILL CERTAINLY BE A CHALLENGE. META-NEEDS ONE IN FOUR INSTAGRAM USERS TO MAKE THREADS AS BIG AS TWITTER. EUROPE IS A BIG MARKET FOR THEM AND IT WILL BE A CHALLENGE AN ISSUE OF IS NOT ABLE TO LAUNCH THEIR. SOME OF THE REASONS IT HAS DELAYED THE LAUNCH OF THREADS POTENTIALLY BEING THE DMA ISSUES THAT WILL AFFECT ALL THE SOCIAL APPS, NOT JUST THREADS OR META-BUT IT POINTS TO THIS LARGER PICTURE OF HOW DIFFICULT IT IS TO BRING NEW APPS AND PRODUCTS TO MARKET. ED: LET'S GO BACK TO THE TECHNOLOGY. THERE IS A MACHINE LEARNING
POWERED PART OF EACH FEET. WHAT IS YOUR ASSESSMENT OF WHICH IS BETTER, TWITTER OR THREADS? >> I THINK IT DEPENDS. THREADS IS VERY NEW AND I HAVEN'T HAD A LOT OF TIME TO TINKER AROUND WITH IT. WHAT'S REALLY INTERESTING AND WHAT I'VE BEEN THINKING ABOUT IS HOW PEOPLE WILL BE USING THREADS.
ARE THEY ACTUALLY GOING TO BE USING IT FOR THE SAME USE CASES AS TWITTER OR CONTINUE TO USE TWITTER TO KEEP UP WITH NEWS AND WORLD EVENTS? NEWS HAS BEEN A SORE SPOT FOR META-ON ITS OTHER PLATFORMS, FACEBOOK IN PARTICULAR, AND I'M NOT SURE THE INSTAGRAM USAGE TRANSLATES NATURALLY INTO NEWS AND WORLD EVENTS THE SAME WAY IT DOES ON TWITTER. I DON'T NECESSARILY THINK META NEEDS TO BE AS STRONG OF PLAYER IN THOSE ARENAS TO MAKE THREADS A THREAT TO TWITTER AS IT IS. ED: INSIDER INTELLIGENCE ANALYST, JAZZMAN, DAY ONE OF THREADS DONE AND WE WILL SEE WHAT HAPPENS NEXT. STILL AHEAD, LET'S GO FROM THREADS TO ROBOTS. OUR EXCLUSIVE CONVERSATION WITH THE CEO OF THE SOFTBANK ROBOTICS COMPANY THAT JUST RAISED $170 MILLION. THIS IS BLOOMBERG TECHNOLOGY.
♪ ED: LET'S GET OUT TO JAPAN. TEL EXISTENCE HAS RAISED 170 MILLIONS FOR A SERIES B FUNDING ROUND BACKED BY SOFTBANK AND OTHER BIG NAMES. JOINING US FOR MORE IS THE COFOUNDER AND CEO IN AN EXCLUSIVE INTERVIEW. GOOD I SUPPOSED TO YOU, THANK
YOU FOR JOINING US. THIS SERIES B, WHAT DO YOU NEED THIS MONEY FOR IN YOUR ROBOTICS? >> FIRST OF ALL, THANK YOU FOR HAVING ME TODAY. YEAH, WE RAISED $170 MILLION. MAINLY, WE WILL USE THIS TO EXPAND TO THE U.S.
ED: FOXCONN IS AN INVESTOR AND I'M INTERESTED IN THAT RELATIONSHIP. WILL THEY HELP YOU SCALE AND MANUFACTURE YOUR ROBOTICS? >> CORRECT, RIGHT NOW IN JAPAN, WE IN THE PROCESS OF DEPLOYING 300 ROBOTS. WE SEE A STRONG DEMAND IN JAPAN WITH A LABOR SHORTAGE. WE AIM TO INCREASE OUR MANUFACTURING CAPABILITY NEXT YEAR. IN ORDER FOR US TO DO THAT, IT'S BEST TO WORK WITH FOXCONN IN JAPAN. CAROLINE: WHAT'S INTERESTING IS THE DEMOGRAPHICS WITH AN ISSUE IN JAPAN BUT IN THE U.S., THE
LABOR DATA SHOWS THERE IS A REAL TIGHTNESS HERE AS WELL. ARE YOU LOOKING AT COMING TO THE UNITED STATES TO RELIEVE THE PRESSURE? >> YES, WE DO NOT INTEND TO TAKE JOBS FROM PEOPLE. EVEN WITH A DIFFERENT CONTEXT, WE SAY OR -- WE SEE THERE IS A DIFFERENCE BETWEEN THE LABOR [INDISCERNIBLE] WE WANT TO FILL THAT GAP ESPECIALLY IN RETAIL. CAROLINE: YOUR PARTNERSHIP WITH FAMILY MART IN JAPAN ACROSS THOUSANDS OF CONVENIENCE STORES, THERE ARE HUNDREDS OF THOUSANDS OF CONVENIENCE STORES IN THE U.S. AND I'M SURE YOU CAN DEPLOY THERE.
HOW DOES THE ARTIFICIAL INTELLIGENCE MANIA AFFECTED THE APPETITE TO INVEST IN YOU? THESE ROBOTS ARE POWERED BY AI. >> YES, AI CONTROLS THE ROBOT AND THE RECENT AI TREND [INDISCERNIBLE] WE THINK THE AI WILL EXPAND THE BOUNDARIES OF THE ROBOTS. WE WANT TO DO THAT IN THE STATES. ED: WHERE DID THIS ROUND VALUE THE COMPANY? WHAT WAS THE VALUATION? >> IT'S HARD TO DISCLOSE. [INDISCERNIBLE] ED: A UNICORN STATUS ROUND, CONGRATULATIONS ON THAT. WHAT IS YOUR POINT OF DIFFERENTIATION? WHAT IS IT TECHNOLOGICALLY THAT YOU DO DIFFERENTLY FROM THE OTHER ROBOTICS MAKERS? DO YOU HAVE A DEEP FOUNDATION IN MACHINE LEARNING? >> YES, WE USE AI TO DETECT THE DIFFERENT SHAPE OF THE PRODUCTS.
THEY CAN FIND THE RIGHT PRODUCT AND GRASP IT PROPERLY. ON TOP OF THAT, THE CURRENT AI AND OUR GOAL IS TO BRING IT OUTSIDE AND TRIED TO CONTROL THEM IN PEOPLE'S EVERYDAY LIFE. WE TIED -- WE TRY TO CONTROL THE ROBOT IN A DYNAMIC ENVIRONMENT.
THE FEATURES WE HAVE WILL COMBINE THIS WITH CONTROL. IT'S THE COMBINATION WITH AI [INDISCERNIBLE] CAROLINE: GREAT TALKING TO YOU AND FASCINATING TO SEE ROBOTICS IN THE BACKGROUND AS WELL. MEANWHILE, WE -- YOU HAD SOME EXCLUSIVE INTERVIEWS YESTERDAY. ED: COMING UP, RIVIAN READY TO TAKE ON MORE COMMERCIAL PARTNERS BEYOND AMAZON AFTER A RECENT BOUT OF PRODUCTION SUCCESS. WE WILL GET TO MY EXCLUSIVE INTERVIEW AND THERE WE ARE WITH THE CEO NEXT.
THIS IS BLOOMBERG TECHNOLOGY. ED: ELECTRIC VEHICLE MAKE A RIVIAN HAS HAD A BIT OF A REBOUND THE PLATE. THE TECHNOLOGY FIX ON THE TV SUV HELPED RIVIAN EAT ON PRODUCTION IN THE SECOND QUARTER AND COMPANY HAS STARTED SHIPPING DELIVERY VANS TO EUROPE FOR ITS BIGGEST INVESTOR AMAZON. I TRAVELED TO THE COMPANY'S
HEADQUARTERS IN SOUTHERN CALIFORNIA TO SIT DOWN FOR AN EXCLUSIVE CONVERSATION WITH THE FOUNDER AND CEO. >> WE HAVE A QUAD MOTOR SET UP IN OUR VEHICLES, TWO MOTORS PER AXLE SO FOR MOTORS PER VEHICLE AND WE LAUNCHED JUST LAUNCHED A DUAL MOTOR SET UP. THAT IS COMPLETELY BUILT IN THE HOUSE AND JUST LIKE ON THE LAUNCH COMPUTER, WE BUILT IT ALL IN HOUSE. WHEN WE SOURCE THE POWER SET IS FOR THE INVERTER, WE SOURCE AND A THOUGHTFUL WAY TO GIVE US ENOUGH CAPACITY AND MUCH MORE CONFIDENCE AROUND THE SUPPLY CHAIN AND SOME OF THE CHALLENGES WE HAVE HAD ON THE LAUNCH CONFIGURATION. THAT NOT ONLY PROVIDES A HIGH CONFIDENCE PRODUCTION CAPACITY ON THE ENDURO BUT PROVIDES RISK MINUTE -- MITIGATION IN OF SUPPLY. ED: YOU HAVE A SMALL NUMBER OF AMAZON ELECTRIC DELIVERY VANS BEING SHIPPED TO EUROPE AND GERMANY'S LATEST INSTANCE, WHY WAS THAT SIGNIFICANT? >> IT'S IMPORTANT TO GET THOSE VEHICLES OUT BECAUSE AMAZON HAS A LOT OF BUSINESS IN EUROPE IT ALSO REPRESENTS NOT JUST TURNING ON PRODUCTION OF VEHICLES OVERSEAS BUT ALL THE SUPPORTING INFRASTRUCTURE. POOR DISTRIBUTION AND SERVICE
CAPABILITIES AND THEEDV PROGRAM IS A WONDERFUL WAY TO OPEN THOSE MARKETS WITH HIGHLY CRITICAL AND PLAN SERVICE HOLES -- SERVICE A BILLS SO IT'S OPENING UP THE EUROPEAN MARKET FOR OUR PRODUCTS. ED: I ALWAYS ASK TWITTER, WHAT WOULD YOU ASK? LET'S OF PEOPLE WANT TO KNOW ABOUT THE AMAZON RELATIONSHIP. YOU DON'T BREAKDOWN PRODUCTION BYPRODUCT TYPE BUT A LOT OF PEOPLE WANT A SENSE OF HOW MANY VANS YOU ARE ADDING PROPORTIONALLY TO YOUR CONSUMER PRODUCTS. WHAT IS YOUR MAIN PART OF THE BUSINESS? >> IF YOU THINK ABOUT OVER THE FULL YEAR, WE'VE GOT ROUGHLY 20% OF OUR PRODUCTION IS THE COMMERCIAL VANS.
AS WE THINK ABOUT THE BUSINESS GOING FORWARD, THE CONSUMER SIDE WILL GROW DISPROPORTIONATELY RELATIVE TO THE COMMERCIAL SIDE SPECIALLY AS WE BRING IN OUR LATER PRODUCTS. IT REPRESENTS A SIGNIFICANT SET UP IN A MUCH LOWER PRICE POINT AND MUCH LOWER TRESTLE MARKET. ED: WHAT IS THE STATUS OF THE RELATIONSHIP WITH AMAZON? YOU HAD A RELATIONSHIP THAT YOU WOULD LIKE TO SELL VANS IN THE FUTURE.
>> THE RELATIONSHIP IS OUTSTANDING. THE VAN IS LOVED BY THE DRIVERS AND THERE IS LOTS OF CONTENT ALL OVER THE WEB ON THE COMFORTS WE BUILT IN AND THE EASE-OF-USE, THE OPERATORS OF THE VEHICLES ARE FEELING IT WITH THE INCREASED EFFICIENCY. WE'VE DONE A NICE JOB OF CULTIVATING THE FEEDBACK TO MAKE SURE EVERYTHING IS DELIVERED. WE ARE IN THE FINAL STAGES OF NEGOTIATING AND ALLOWING US TO SELL THE VEHICLE OUTSIDE THE AMAZON RELATIONSHIP. THE EXCLUSIVE VERSION WAS BUILT INTO THE CONTRACT ORIGINALLY AND NOW WE ACCELERATE WHAT WE CAN OPEN UP AND SELL TO OTHERS. ED: MY INTERVIEW WITH THE RIVIAN CEO.
THE COMPANY, THE STOCK THE, THE FACTORY HAS SOME MOMENTUM BEHIND IT NOW. CAROLINE: IT PUTS A SMILE ON HIS FACE. THE ONE QUESTION YOU WANT TO ASK HIM IS WHETHER HE IS ENJOYING HIMSELF, IS HE AMID THE TURBULENCE HE HAS EXPERIENCED? ED: I DID ASK HIM BUT IT'S BEEN A LONG ROAD FOR HIM COMING HE FOUNDED THE COMPANY IN 2009 BUT WHAT WAS ASTONISHING IS THEY KEPT IN STEALTH MODE UNTIL 2019 WITHOUT ANY LEAKS, A HUGE IPO IN 2021, THE BIGGEST SINCE FACEBOOK AND EVERYTHING WENT DOWNHILL. HE SAID I'M HAVING FUN WITH THE RISE SMILE BUT IT'S TOUGH, EXPECTEDLY TOP WAS THE PHRASE HE USED. CAROLINE: FOUNDER/CEO'S ARE FEW AND FAR BETWEEN. THE GUIDANCE, THE AREA IN WHICH ANALYSTS CAN CONTINUE TO THINK THERE IS OPPORTUNITIES IN THE STOCK, WHAT DO YOU THINK? ED: THEY DIDN'T RESTATE GUIDANCE AND I WONDERED WHY THEY DIDN'T UPGRADED.
HE'S GOT MORE HELP, EXPERIENCED EXECUTIVES WITH HIM IN THE BIG QUESTION FOR HIM IS WHAT HE'S FOCUSED ON AND WITHOUT TEASING TOO MUCH, I WILL HAVE A PEAS NEXT WEEK WHERE WE WILL DIG INTO THE PERSON AND HOW HE DEALS WITH THINGS DAY TODAY AND THAT SHOULD BE FUN. CAROLINE: IT WAS A GREAT INTERVIEW, FASCINATING BACKDROP AS WELL. I LOVE THE VIDEO OF THE AMAZON DELIVERIES IN FORESTS AND MOUNTAINTOPS. COMING UP, LET'S TALK ABOUT THE EV SPECTRUM IN A DIFFERENT WAY, CHINESE EV'S AND WHY THE TOP MAKERS ARE TAKING A VOW TO WORK ON PRICING IN THE WORLD'S BIGGEST MARKET.
IT'S THE IMPACT ON TESLA STOCK AND OVERALL HOW OTHERS ARE SIGNING UP TO COOL DOWN SOME OF THE PRICING PRESSURE. FROM NEW YORK AND SAN FRANCISCO, THIS IS BLOOMBERG. ♪ CAROLINE: WELCOME BACK TO BLOOMBERG TECHNOLOGY. ED: I'M IN SAN FRANCISCO SO LET'S GET A QUICK CHECK ON THE MARKETS. WE ARE FOCUSING ON THE NASDAQ 100, DOWN ABOUT ONE PERCENTAGE POINT, IT'S ALL ABOUT THE PRIVATE HIRING DATA YOU WERE TALKING ABOUT EARLIER, THE IDEA BEING THE FED MIGHT HAVE TO BE MORE AGGRESSIVE ON HIKES TO FIGHT INFLATION WITH HIGHER RATES DISCOUNTING THE PRESENT VALUE OF FLOWS AND THAT'S WHY WE CARE ABOUT HERE. WE ARE DOWN TO J STREET ON THE NASDAQ 100 WITH NOT A LOT OF OLD INDIVIDUAL MOVERS TO THE UPSIDE. TO THE DOWNSIDE IS TESLA WITH
THE NEWS OUT OF CHINA THAT TESLA ALONG WITH A NUMBER PRODUCERS IN CHINA'S ELECTRIC VEHICLE SPACE COMMITTING TO MAINTAIN FAIR AND BALANCED PRACTICES WITHIN THE MARKET, BASICALLY TO NORMALIZE PRICE. 16 AUTOMAKERS INCLUDING TESLA SIGNED A PACT TO REIN IN ABNORMAL PRICING IN THE SPACE. TESLA WAS THE ONLY FOREIGN BRENT IN THAT DEAL. JOINING US WITH THE LATEST IS
DAVID WELCH. WHAT DO WE KNOW ABOUT THIS COMPROMISE BETWEEN THESE AUTOMAKERS AND CHINA? >> IT WAS INTERESTING TO READ THE HIGHLIGHTS OF THIS THING. AMONG THEM, RAINING IN MARKETING ACTIONS, ONE OF THEM WAS PRESERVING SOCIALIST PRINCIPLES OR SOME SUCH. THESE ARE VERY VAGUE THINGS THAT DON'T SIT CERTAIN PRICES OR CONTROL PRICING. IT'S ALMOST AS IF IT WAS
WRITTEN BY A BUNCH OF AMERICAN ATTORNEYS WHO WANTED TO AVOID PRICE-FIXING BUT IT'S TELLING EVERYONE STOP DROPPING PRICES. THE GOVERNMENT DOES HAVE A GREAT INTEREST INSTABILITY HERE IN SELLING MORE VEHICLES BUT ALSO KEEP -- PRESERVING THE HEALTH OF THE COMPANIES AND YOU CAN'T DO THAT IF EVERYBODY IS ON A BIG PRIZE BINGE. ANOTHER PART OF IT IS CONSUMERS REALLY HATED THIS.
PEOPLE WERE ESSENTIALLY WERE SEEING THE PRICES DROP A COUPLE OF WEEKS LATER. THERE IS UNREST WITH CONSUMERS AND THE GOVERNMENT WANTS TO STABILIZE THINGS AND EVERYBODY FELT A LOT OF PRESSURE TO KIND OF COOL IT AND FIND A FLOOR FOR PRICES AND AND THE PRICE WAR. CAROLINE: THE MINISTER OF MANUFACTURING GOT THE 16 PLAYERS TOGETHER AND SIGN ALONG TO A NONBINDING AGREEMENT. HOW IS IT FOR TESLA DOING
BUSINESS IN CHINA? >> I THINK THEY HAVE STRUGGLED TO A DEGREE IN THE SENSE THAT THEY HAD THIS MALAISE POST-COVID HANGOVER THAT HAD DEPRESSED VEHICLE SALES AND DEPRESSED ECONOMIC ACTIVITY. IT'S STARTING TO RECOVER BUT EVERYBODY'S HAVING A TOUGH TIME AND THAT'S WHY YOU SAW SOME OF THE PRICE CUTS TO BEGIN WITH GENERATE SOME VEHICLE SALES AND GET PEOPLE BACK TO DEALERSHIPS AND LOOKING AT CARS. I THINK THE MARKET WILL RECOVER BUT IN TALKING TO OTHER AUTOMAKERS WHO DO BUSINESS THERE LIKE GENERAL MOTORS AND VOLKSWAGEN, THEY SAY THE SAME THING. THEY MAY NOT GET TO THAT USUALLY PROFITABLE LEVELS THEY HAD YEARS AGO BECAUSE OF INCREASED MYSTIC COMPETITION. TESLA HAS TO FACE OFF WITH A STRONG PLAYER LIKE BYD AND SOME OTHERS BUT I THINK THE PRICE LEVELS WE HAVE NOW WHICH ARE DOWN FROM WHERE THEY WERE A COUPLE OF YEARS AGO IS HERE TO STAY. I THINK EVERYONE WILL HAVE TO FIGHT IT OUT WITH A LOT OF SERIOUS COMPETITION FROM THE CHINESE AUTOMAKERS. CAROLINE: THAT'S SOMETHING YOU CAN SPREAD
GLOBALLY AND ELON MUSK HAS BEEN CUTTING PRICES IN THE U.S. PIECES -- BECAUSE HE SAID PROFIT IS MY SACRIFICIAL LAMB. DOES IT FEEL LIKE THAT HAS ONE OR CAN HE DEPEND MORE ON NEW MODELS HELPING DRIVE FORWARD SALES? >> HE'S GOING TO HAVE TO AND HE HAS CUT PRICES SIGNIFICANTLY IN EVERY MARKET. I GO BACK TO MY FIRST ECONOMICS CLASS IN COLLEGE -- TESLA BASICALLY HAD A MONOPOLY ON EV'S FOR MOST OF THE PAST DECADE AND NOW THAT IS CHANGING. IT'S CHANGING IN EUROPE AS WELL BECAUSE EUROPEAN AUTOMAKERS ARE OUT VEHICLES IN THE EUROPEAN MARKET TENDS TO BE NATIONALISTIC IN TERMS OF BRAND LOYALTY.
THE CHINESE MARKET IS STARTING TO LOOK MORE THAT WAY AND THERE IS MORE COMPETITION IN THE U.S. WITH FORD, HYUNDAI, KIA AND GENERAL MOTORS IN THE GERMAN AUTOMAKERS ARE COMING HERE, TOO. THEIR VOLUMES AREN'T BIG BUT IF THEY TAKE 10% OF THE ELECTRIC VEHICLE MARKET, THEY ARE EATING AWAY AT THE TESLA MARKET SHARE. HE SOLD VERY EXPENSIVE VEHICLES FOR A LONG TIME.
YOU'RE TALKING ABOUT MIDSIZED SEDANS AND MIDSIZE CROSSOVER SUV SELLING FOR $70,000. THAT ALL HAD TO COME DOWN BECAUSE HE DOESN'T HAVE THE ONLY VEHICLE FOR SALE NOW. ED: DAVID WELCH WHO LITERALLY WROTE THE BOOK ON GM, THE REINVENTION OF AN AMERICAN ICON AND WE JUST GOT SALES DATA FROM GM, HOW IS THAT ULTIMATE PLATFORM THAT'S ATTACHED TO GOING? >> SLOWLY, THEY ONLY SOLD ABOUT 1400 OF THEM, 1400EV'S IN THE QUARTER. IT'S BEEN A LOT OF PROMISE AND A LOT OF SLOW RAMP-UP. THEY'RE GETTING THERE BATTERIES FROM A PLANT IN OHIO.
THAT'S REALLY NOT GOING TO BE RAMPING UP A LOT UNTIL THE SECOND HALF OF THE YEAR. I THINK THEY ARE DOING FINAL INSTALL THIS MONTH AND JULY. GM HAS BEEN PROMISING THAT YOU WILL SEE MUCH MORE OF THE LYRIC OR THE HUMMER OR THE CHEVY SILVERADO ELECTRIC TRUCK IN THE CHEVY BLAZER MIDSIZE SUV. YOU WILL SEE THAT COMING ON IN THE SECOND QUARTER AND IT'S BECAUSE OF THAT PLANT. WHAT IT MEANS IS THEY WON'T HAVE ANY EXCUSES ANYMORE IN THE SECOND HALF OF THE YEAR.
THEY WILL REALLY HAVE TO SHOW THAT THEY ARE CRANKING AND THEY HAVE THE BUGS OUT OF THIS IS THE RIGHT STRATEGY AND SPENDING THIS TIME WORKING ON A DEDICATED ELECTRIC VEHICLE BATTERY AND PLATFORM, NOT JUST RETROFITTING COMBUSTION VEHICLES LIKE FORD DID. WHAT GM DID IS THE SMART WAY FOR THE LONG-TERM AND THEY ARE STARTING TO SHOW RESULTS. THERE WAS A LOT OF DIFFERENT FITS AND STARTS AND NOW THEY REALLY HAVE TO GET IT MOVING. I WOULD SAY THIRD AND FOURTH QUARTER ARE THE ONES TO WATCH AND SEE IF THEY ARE FINALLY EXECUTING BECAUSE THEY'VE HAD SERIOUS EXECUTION ISSUES WITH ELECTRIC VEHICLES AT GENERAL MOTORS. CAROLINE: DAVID WELCH, THANK YOU. LET'S TALK MORE ABOUT TESLA. ELON MUSK IS CAUTIONING AGAINST THE SWIFT DEVELOPMENT OF AI.
HE HAD LINED A CHINESE GOVERNMENT BACKED CONFERENCE IN SHANGHAI WHERE HE CALLED FOR MORE REGULATORY OVERSIGHT OF AI AND PRAISE THE CHINESE ADVANCES AND EXPRESSED SOME CONFIDENCE THAT THEY COULD BECOME A KEY GLOBAL PLAYER FOR THE TECHNOLOGY. COMING UP, WE WILL TAKE THE PULSE OF THE FINTECH SPACE, JILLIAN WILLIAMS WILL JOIN US NEXT AND WE THINK ABOUT AI, WE HAVE TO THINK ABOUT PUBLICLY TRADED COMPANIES LIKE MICROSOFT. THE PRICE TARGET WAS RAISED TO 15 MILLION DOLLARS -- $15 BILLION. THEY SAY IS THE BEST PLACE IN THE TECH SECTOR TO REAP BENEFITS AND THE GROWTH OF GENERATIVE AI.
FROM NEW YORK AND SAN FRANCISCO, THIS IS BLOOMBERG. CAROLINE: LET'S TAKE A LOOK AT THE WORLD OF SEED INVESTING AND IN PARTICULAR FINTECH. I'M PLEASED TO WELCOME JILLIAN WILLIAMS WAS BEEN INVESTING IN FINTECH BEFORE IT WAS COOL. I'M PLEASED TO SAY IT'S ALWAYS BEEN COOL IN MY HEART BUT TELL US ABOUT THE ENVIRONMENT WITH WHICH YOU ARE CURRENTLY WRITING CHECKS. SEED SEEMS TO BE AN AREA THAT IS RESILIENT.
>> THANK YOU FOR HAVING ME. THE SEED STAGE MARKET IS MORE RESILIENT ESPECIALLY COMPARED TO THE LATER STAGE MARKET. ALL OF THAT TRICKLES DOWN SO WHILE I THINK THIS IS A GREAT TIME FOR NEW FOUNDERS AND NEW IDEAS TO BE BUILT, WE HAVE TO LOOK AT WHAT'S HAPPENING AT THE IPO MARKET. WE LOOK AT THE SERIES A MARKETS TO UNDERSTAND WHAT IS HAPPENING. A LOT OF FOUNDERS RAISE MONEY IN 2021.
BECAUSE OF THAT, VC'S ARE SPENDING MORE TIME WITH PORTFOLIO COMPANIES AND UNDERSTANDING WHAT'S HAPPENING WITH THE MARKET NOW. THE VALUATIONS WE NEED TO BE FOCUSED ON, WHAT METRICS THAT COMPANY HAD AND ALL OF THAT HAS GONE FOR CALIBRATION. THAT'S REALLY IMPORTANT. IT HAS HAD A TRICKLE-DOWN EFFECT IN TERMS OF THE SEED STAGE. IT'S EVER MORE RESILIENT TO WHAT'S BEEN HAPPENING BUT IT'S STILL FACING A SLOWDOWN ACROSS THE MARKET. CAROLINE:
THE ONE AREA OF RESILIENCE HAS -- ANYTHING THAT HAS AI IN ITS NAME. WHAT COMPANIES ARE LEVERAGING THAT INNATELY AND WHAT COMPANIES ARE ABLE TO PIVOT TO MAKE THE MOST OF THIS SEA CHANGE IN TECHNOLOGY? >> IT HAS BECOME A BUZZWORD. IT'S SOMETHING THAT HELPS YOU RAISE A TON OF CAPITAL.
IT'S SOMETHING WE ARE REALLY EXCITED ABOUT AS WE THINK IT'S A TECHNOLOGY THAT ACROSS ALL SECTORS IS SOMETHING WHETHER ITS EXISTING PORTFOLIO COMPANIES WERE NEW COMPANIES WE ARE LOOKING AT, -- WITH DATE -- THEY SHOULD BE THINKING ABOUT BECAUSE WE CAN EXPECT THE YOU SAID DATA AND TECHNOLOGY AND WE HAVEN'T THOUGHT ABOUT THIS BEFORE. WE ARE REALLY EXCITED ABOUT IT AND TWO OF OUR COMPANIES ARE REALLY INNOVATING IN THE SPACE. ONE HAS BEEN AROUND AND THEY ARE CALLED BIT DOTAI. WHAT WE ARE MOST EXCITED ABOUT IS ESPECIALLY USING PRIVATE DATA ON FINTECH AND CARRY THIS SLOWER TO ADOPT AI BECAUSE YOU ARE USING A LOT OF TIME AND DATA AND THE ABILITY TO USE THESE MODELS WILL TAKE LONGER. THEY HAVE BEEN ABLE TO DO THIS OVER THE PAST FEW YEARS SO THEY CAN CONTINUE INNOVATING FASTER AND BEING ABLE TO APPLY NEW USE CASES AND NEW AI MODELS ON TOP OF THE DATA THEY ALREADY HAD TO CONTINUE TO IMPROVE AND MAKE BETTER AI SOFTWARE AND THEIR PLATFORMS MORE EFFECTIVE FOR THE CUSTOMER SO WE ARE REALLY EXCITED ABOUT THE. ANOTHER ONE THAT IS NOT IN THE FINTECH SPACE IS CALLED CORISE.
THEY PROVIDE EXPERT LED COURSES TO LEARNERS TO DEVELOP THEIR SKILLS AND LEVEL OF. THE FOUNDER, THEY ARE USING APPLYING AI TO THEIR EXISTING PLATFORM TO HELP THEM SCALE LEARNERS EVEN MORE SO AND SUPPLY PERSONALIZATION INTO REAL-TIME. THAT'S A GREAT USE CASE OF SOMETHING THAT WASN'T NECESSARILY BETTER AND BETTER. ED: HERE ON BLOOMBERG TECHNOLOGY, WE'VE BEEN TALKING ABOUT THE IDEA OF SEPARABLE VALLEY, THE KIND OF ENERGY IN AI AND SAN FRANCISCO AND YOUR JOINING US FROM NEW YORK. WHERE YOU SEE THE TALENT AND THE OPPORTUNITY GEOGRAPHICALLY IN TERMS OF THE COMPANIES YOU HAVE AND THOSE YOU LOOK TO INVEST IN? >> COWBOY VENTURES, WE ARE SPLIT BETWEEN PALO ALTO AND NEW YORK. WE HAVE COVERAGE ACROSS THE U.S.
AND FOR THE MOST PART, WE FOCUS ON THE U.S. WHEN WE INVEST. IN TERMS OF WHERE THE PORTFOLIO IS SPLIT, I WANT TO SAY IT'S AROUND 60 OR 70% WEST COAST AND 30 OR 40% EAST COAST BUT THAT HAS CONTINUED TO EVOLVE.
COVID WAS A HUGE DRIVER OF THAT BUT WE CONTINUE TO SEE OUR FOUNDERS FIRST OF ALL MOVE AROUND EVEN AFTER WE INVEST WHERE THEY WANT TO LIVE BUT ALSO THAT THEY ARE HIRING. THIS DRIVE FOR WANTING TO CULTIVATE AND BUILD AN INCREDIBLE CULTURE OF THEIR TEAM BUT ALSO MAKING SURE THEY CAN GET THE BEST TALENT THEY CAN. WE SEE A LOT OF THEM IN THE EARLY DAYS WANTING TO BE TOGETHER. AT THE SAME TIME, MAKING SURE THEY CAN HIRE THE BEST PEOPLE WHEREVER THEY ARE SO OFTEN TIMES COME IT SPLIT BETWEEN NEW YORK AND THE BAY AREA. WE WILL DO A LOT OF OFFSIDES TOGETHER MAKE SURE THEY ARE GETTING TO GATHER ON A REGULAR BASIS.
A SIGNIFICANT PORTION OF THE COMPANIES I INVESTED ARE ON THE EAST COAST. HOWEVER, WE ARE FLYING BACK AND FORTH AND TAKING A TEAM APPROACH IN TERMS OF COVERAGE ON BOTH COASTS. ED: VALUATIONS, HOW THEY LOOK IN YOUR MIND? >> THERE HAS DEFTLY BEEN EVERY CALIBRATION. I THINK WE WILL SEE A LOT OF COMPANIES OVER THE LAST COUPLE OF YEARS WILL HAVE TO LEVEL UP.
WE'VE SEEN IT WITH SOME NEW COMPANIES AND EVEN HAD CONVERSATIONS WITH SOME PORTFOLIO COMPANIES THAT YOU CAN HIT THE METRICS YOU WERE TOLD YOU NEEDED TO HIT FOR THE NEXT ROUND AND THE PROBLEM IS THE BAR HAS RAISED SO YOUR EXPECTATION OF GETTING THAT VALUATION MIGHT NOT BE REAL ANYMORE. CAROLINE: HOW ARE THEY INCENTIVIZING THEIR TALENT AND MAKING THE MOST OF MORE TALENT COMING TO THE MARKET IF THEY ARE LAID OFF BY BIG TECH COMPANIES? >> THAT'S SOMETHING THAT IS CONTINUING TO BE TALKED ABOUT IN TERMS OF HOW YOU CAN INCENTIVIZE THE INCREDIBLE TALENT THAT'S NOW OUT THERE. IT'S GOTTEN EASIER TO BRING IN TALENT NOW. YEAR-AND-A-HALF AGO, TRYING TO FIND GREAT TALENT WOULD TAKE MONTHS. YOU MAKE DECISIONS SO MUCH FASTER NOW BECAUSE PEOPLE WERE MAKING THE WRONG DECISIONS. THIS PART OF THE REASON WHY YOU SEE THESE LAYOFFS GROW IN SOME COMPANIES.
THERE ARE ONE-WAY ISSUES THAT THEY HIRED TO QUICKLY. YOU CANNOT HIRE THE BEST TALENT ALL THE TIME IF YOU HIRE THAT QUICKLY. BEING ABLE TO TAKE YOUR TIME IN TERMS OF HIRING IS A HUGE BENEFIT. I'VE SEEN SOME COMPANIES WHERE THEY ARE HAVING CONVERSATIONS ESPECIALLY WITH THEIR SENIOR EXECUTIVE TEAM OR THE TALENT THAT IS THEIR KEY TALENT THEY WANT TO KEEP ESPECIALLY AND TALK ABOUT HOW THEY CAN HELP MAKE THEM BOLD OR RE-INCENTIVIZE THEM OR RE-ISSUE SOME OPTIONS AT THE NEW VALUATION BECAUSE OF THE FACT THERE STOCKS MAY BE UNDERWATER AT THIS POINT. THERE IS MORE OF AN ART TO IT
BUT PEOPLE ARE THINKING ABOUT HOW TO PROTECT THEIR EMPLOYEES. CAROLINE: GREAT TO HAVE YOU ON THE SHOW, COWBOY VENTURES. KRITI: KRITI: ED: ED: LET'S GET TO TALKING TECH. ATTACKS HAVE SPIKED POSING OF VITAL RISK TO INDIA'S AMBITIONS. THEY SAY INDUSTRY FROM MANUFACTURING TO PHARMACEUTICALS ARE BECOMING MORE VULNERABLE AS THEY DIGITIZE OPERATIONS. IN CHINA, ALIBABA SIGNED AN
AGREEMENT TO WORK WITH ITS PROVINCE TO DEVELOP AI AND THE DIGITAL ECONOMY AND IT SUGGESTS OFFICIAL BACKING FOR THE ALIBABA EFFORTS AGAINST THE BACKDROP IN RECENT YEARS OF REGULATORY MOVES AGAINST THE FIRM. PLUS THE FORMER FTX REGULATORY OFFICER IS NOW BEING PULLED DEEPER INTO THE INTRIGUE SURROUNDING HIS FORMER BOSS SAM BANKMAN-FRIED. THE NEW MANAGEMENT OF FTX ACCUSED FREEBURG OF ENABLING BANKMAN-FRIED'S CRIMES AND ORCHESTRATE A WIDE-RANGING CONGA GAME.
THAT'S YOUR TALKING TECH. COMING UP, MARK ZUCKERBERG TAKES TO TWITTER FOR THE FIRST TIME IN 11 YEARS. WE WILL BRING YOU THE WHY NEXT, THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: GOING VIRAL, MARK ZUCKERBERG POSTED HIS FIRST WEEK IN MORE THAN A DECADE. THE FOUNDER OF META APPEARS TO BE MAKING AN OBVIOUS JET AT ELON MUSK, AND MUST RESPONDED WITH HIS OWN RETORT ABOUT INSTAGRAM. THIS COMES TO ASK AFTER ELON
MUSK AND MARK ZUCKERBERG HAD A CAGE FIGHT, YET TO BECOME A REAL ONE. FOR NOW, A FIGURATIVE ONE. ED: IT'S LIKE THE MOST ACCURATE USE OF THAT MEME EVER SEEN. IT'S EPISODE 19B OF THE 1967 ANIMATE SPIDER-MAN AND THE TITLE OF THAT EPISODE IS DOUBLE IDENTITY AND ZUCKERBERG'S POINT IS THEY ARE THE SAME THING. THREADS AND TWITTER ARE THE
SAME FOR ALL INTENTS AND PURPOSES. CAROLINE: ARE YOU ENJOYING IT? ED: I AM AND WE WILL GET HIS OF THE MOMENTUM BEHIND THIS. WHAT'S THE EVIDENCE FOR MEETING PENT-UP DEMAND? >> 30 MILLION PEOPLE BEING ON THREADS IN 24 HOURS IS PRETTY CRAZY. WE'VE SEEN OTHER TWITTER ALTERNATE IS POP UP BUT I DON'T THINK THEY HAD THAT SORT OF GROWTH WITHIN 24 HOURS WAS PRETTY IMPRESSIVE. CAROLINE:
HOW ABOUT THE WAY IN WHICH WE ARE STARTING TO SEE THINGS THAT ARE POPULAR ON TWITTER LIKE POLES AND HASHTAGS AND THAT SORT OF THING, WILL THAT CREEP IN TO THREADS? >> I WOULD IMAGINE. IT'S STILL EARLY SO THE HEAD OF INSTAGRAM AND MARK ZUCKERBERG HIMSELF HABITS BEEN POSTING -- HAVE BEEN POSTING ON THREADS AND THEIR SLEDDING FEATURES A MAYBE THEY WANT TO ROLL IT OUT NOW AND TAKE ADVANTAGE OF WHERE TWITTER HAS BEEN OVER THE PAST SEVERAL MONTHS. ELON MUSK HAS BEEN STRUGGLING WITH RATE LIMITS AND PEOPLE CONNECTED INTO THEIR TWITTER ACCOUNTS IN ALL THINGS WERE HAPPENING. IT'S A GOOD TIME I THINK FOR THREADS TO COME OUT AND THAT'S EVIDENCED BY THE AMOUNT OF PEOPLE WHO SIGNED UP IN A SHORT TIME. ED: THERE ARE CLEARLY U.S. DIFFERENCES. I WAS LATE TO SIGN UP ON THREADS SO WHAT ARE YOUR TAKES ON THE PLATFORM? WHAT IS THE FEEDBACK THAT USERS HAVE BEEN GIVING YOU? >> IT'S A MIX. PEOPLE ARE EXCITED TO HAVE
ANOTHER PLACE TO GO. SOME PEOPLE ARE LIKE MY INSTAGRAM FRIENDS A VERY DIFFERENT THAN MY TWITTER FRIENDS AND I DON'T KNOW IF IT WILL BE THE SAME VIBE. GENERALLY, PEOPLE SEEM TO BE OPTIMISTIC AND YES, IT STILL EARLY IN THE FEATURES ARE NOT THERE YET BUT HAS A LOT OF THE SAME FEEL OF TWITTER AND PEOPLE ARE POSTING AND I SEE SIMILAR CONVERSATIONS ON TWITTER SO WE WILL SEE WHAT HAPPENS NEXT.
CAROLINE: THERE ARE SOME FUN MEANS ABOUT WHICH NUMBER ED WAS. ULTIMATELY, WE HEARD THAT TWITTER, YOU CANNOT DUPLICATE IT. WHAT DO YOU THINK THE COMEBACK FROM TWITTER HAS TO BE NOW? >> THEY SAY YOU CANNOT DUPLICATE IT. WE SEE 30 MILLION PEOPLE ON THREADS SO TIME WILL TELL. THEY WERE HINTING AT SOME COMPETITION THERE I THINK TWITTER HAS A ROAD AHEAD TO GET BACK ADVERTISERS AND CLAMPED CONTENT ON THE PLATFORM AND MAYBE REMOVING THOSE RATE LIMITS WHICH WERE TEMPORARY BEEN MAKING THOSE CHANGES THAT WOULD BENEFIT USERS. I THINK THAT WILL BE THE KEY. CAROLINE: I FEEL A FEW MORE INVITATIONS WILL BE SENT OUT TODAY. THANK YOU SO MUCH AND THAT DOES
IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY. ED: SO MUCH TO RECAP THE PODCAST.
2023-07-07 12:59
