'Bloomberg Technology' Full Show (10/04/2022)
QUEBEC/R04 >> FROM THE HEART OF WHERE INNOVATION, MONEY, AND POWER COLLIDE. THIS IS BLOOMBERG TECHNOLOGY WITH EMILY CHANG. EMILY: I'M EMILY CHANG IN SAN FRANCISCO AND THIS IS BLOOMBERG TECHNOLOGY. ELON MUSK CHANGES HIS MIND AGAIN, SAYING HE WILL BUY TWITTER AFTER ALL AT THE ORIGINAL PRICE. THE BLOOMBERG'S GROUP SENDS TWITTER SHARES SOARING A TESLA SHARES FALLING. WHY THE CHANGE OF HEART AFTER SPENDING A FORTUNE ON LAWYERS TO TRY TO GET OUT OF THE DEAL TO BUY A COMPANY HE HAS CRITICIZED FOR MONTHS? WILL TWITTER DROPPED THE SUIT OR TRY TO GET MORE CERTAINTY THAT MUST WILL GO THROUGH WITH IT THIS TIME? AND HOW DOES THIS IMPACT MUSK'S ROLE AT TESLA AND SPACEX? I WANT TO START WITH THE MARKET REACTION.
ED LUDLOW HAS BEEN ACROSS THIS ALL DAY IN NEW YORK. WALK US THROUGH THE UPS AND THE DOWNS. ED: TWITTER SHARES SURGED THE MOST SINCE APRIL 4 WHICH WAS THE DAY WHEN MUSK FIRST IS CLOSED HIS STAKE IN TWITTER, LET ALONE BEFORE HE ANNOUNCED THAT HE WOULD TRY TO BUY THE COMPANY AND TAKE IT PRIVATE. THE STOCK WAS HALTED AT ONE
POINT FOR VOLATILITY AND THEN RESUMED TRADING. AT THAT POINT, MUSCAT UPDATED THE FILING TO LET US KNOW WHAT WAS GOING ON AND A TWITTER SPOKESPERSON -- THE DIFFERENCE BETWEEN 54.20 AND THE CURRENT SHARE PRICE. AS WE MOVE TOWARDS, WE EXPECTED TO HAPPEN QUITE QUICKLY. A LOT OF THE THINGS FOR THE AGREEMENT HAS BEEN SATISFIED.
THAT IS WHAT MUST IS CLOSED. HE'S GOING WITH THE ORIGINAL TERMS OF THE DEAL. TESLA WE DID SEE THE STOCK PAIR A GAIN OF 6% AFTER THE BLOOMBERG'S GROUP, CLOSING UP BY ABOUT 3%. THE FEELING IN THE MARKET IS MUSK WILL, AT SOME POINT, HAVE TO SELL SOMEWHERE TESLA STOCK TO COVER THE EQUITY PORTION OF THE FINANCING. THERE IS ALSO AN ELEMENT OF KEY MAN RISK.
HE IS THE CEO OF BOTH TESLA AND SPACEX. IF HE BUYS TWITTER, HOW MUCH OF A DISTRACTION IS THAT? WE ARE BACK TO WHERE WE STARTED. EMILY: IT'S NOT A DONE DEAL YET, THOUGH. I HAVE THE LETTER THAT YOU CAN LOOK AT BLOOMBERG.COM SAYING, WE WRITE TO NOTIFY YOU THE MUSK PARTIES INTEND TO PROCEED TO THE CLOSING OF THE TRANSACTION SUBJECT TO THE CONDITIONS SET FORTH THEREIN AND PENDING RECEIPT OF THE PROCEEDS OF THE DEBT FINANCING. THESE TRYING TO PUT SOME
CONDITIONS ON THE DEAL, RIGHT? ED: IN APRIL, MUSK RAISED OR SECURED 12.4 BILLION DOLLARS AND AN ADDITIONAL 500 MILLION IN REVOLVING CREDIT LINE SPLIT BETWEEN A $6.5 BILLION LEVERAGE LOAN, 3 BILLION AND SECURED BONDS AND 3 BILLION OF FUND BONDS. IT IS A REALLY DIFFICULT TIME TO SELL LEVERAGED DEBT. BUYOUT DEBT. A SICKLY THE BANKS MUSK HAS ENGAGED DEATH -- BASICALLY, THE BANKS MUSK HAS ENGAGED WITH, IT IS A HARDER SELL PRESENT-DAY THAN IN APRIL.
GO BACK TO THE ORIGINAL APRIL 20 FIVE AGREEMENT AND LOOK AT SECTION 2.2, THE CLOSING AND THE CONDITIONS. A LOT OF THOSE CONDITIONS ARE NOW MET. SHAREHOLDER APPROVAL, REGULATORY WAITING PERIODS. IT WILL BE INTERESTING TO SEE
HOW QUICKLY THE CLOSING OF THE STEEL PROCEEDS AND IT WILL GO THROUGH SOME OF THE REPORTING. I THINK KATHLEEN ST. JUDE MEDICAL OR MICK -- MCCORMICK IS BASICALLY SAYING, HOW WILL THIS GO MOVING FORWARD? EMILY: SHE SAID COME BACK TO US WITH A PROPOSAL. THANK YOU. WE WILL TALK TO YOU LATER IN THE SHOW. IT STARTED WITH A BLOOMBERG SCOOP, OBTAINING A LETTER FROM ELON MUSK'S TEAM STATING THAT HE WANTS TO BUY TWITTER FOR THE ORIGINAL PRICE. LET'S GO RIGHT TO KURT WAGNER WHO HELPED BREAK THE STORY AS WELL AS PRESIDENT AND CEO ROSS GERBER WHO OWNS TESLA BUT SOLD HIS STAKE IN TWITTER OVER THE COURSE OF THIS.
WHAT IS THE VERY LATEST THAT WE KNOW? >> YOU AND ED WERE HITTING ON IT. ELON MUSK IS SAYING, LET'S GET BACK TO THIS ORIGINAL DEAL THAT WE HAD IN APRIL. TWITTER HAS SAID WE WANT TO CLOSE THIS AT 54.20 PER SHARE WHICH IS WHAT THEY HAVE BEEN
SAYING ALL ALONG. BOTH SIDES ARE AT THE EXACT SAME SPOT, THE AGREEMENT IN APRIL. NOW THAT THERE IS A LITTLE BIT OF RESERVATION OR HESITATION GOES TO SHOW HOW MUCH DISTRUST HAS COME UP BETWEEN THESE TWO SIDES OVER THIS PROCESS. THE FACT THAT BOTH OF THEM ARE SAYING THEY WANT THE SAME THING ON THE SAME DAY AND PEOPLE ARE STILL WAITING TO SAY LET'S WAIT UNTIL IT IS OFFICIALLY SIGNED ON THE DOTTED LINE GIVES YOU A SENSE OF HOW THIS HAS PLAYED OUT. EVERYONE WILL HOLD THEIR BREATH UNTIL IT BECOMES FINAL WHICH WE MAY FIND OUT IN THE NEXT COUPLE OF DAYS. EMILY: AND WHO CAN BLAME THEM? AS A TESLA INVESTOR, YOU ARE NOT HAPPY ABOUT ELON MUSK TRYING TO BUY TWITTER. WHAT ARE YOU THINKING NOW?
>> I'M THINKING IT WILL MAKE THE BUSINESS BOOKS ON HOW NOT TO BUY A COMPANY. HE HAS LITERALLY CREATED A HUGE LOSS FOR HIMSELF BY THE WAY HE HAS HANDLED THIS BECAUSE A LOT OF IT HAS CHANGED INSIDE TWITTER AS WELL INCLUDING A MASS AMOUNT OF HIGH QUALITY INDIVIDUALS THAT WORK AT TWITTER, LEAVING AND A LOT MORE PLANNING ON LEAVING. HE'S PAYING THE HIGHEST PRICE POSSIBLE AND GETTING DEBT AT THE WORST TIME POSSIBLE. HE'S BEING FORCED BY THIS COMPANY -- I THINK HIS LAWYERS TOLD HIM HE'S GOING TO LOSE. THIS IS WHAT I THOUGHT THE WHOLE TIME AND I GOT OUT OF THIS MESS BECAUSE I DIDN'T WANT TO BE INVOLVED. I LOST A LITTLE MONEY, BUT THIS
IS A MESS. IT'S NOT GREAT FOR ELON. THAT SAID I'M GLAD IT'S GOING TO COME TO A CONCLUSION. HOPEFULLY AS A TESLA INVESTOR, WE CAN GO BACK TO FOCUSING ON THE MOST EXCITING COMPANY IN THE WORLD. EMILY: LET'S TALK A BIT ABOUT HOW TWITTER IS DIGESTING THIS BECAUSE THEY HAVEN'T DROPPED THEIR LITIGATION. TALKING TO MY SOURCES, IF YOU ARE TWITTER, YOU WANT SOME CERTAINTIES. IS HE SERIOUS? IS THIS IT? WHAT ARE YOU HEARING FROM THE TWITTER CAMP ABOUT WHAT THEIR NEXT MOVE IS? >> TO YOUR POINT GOING BACK TO THAT DISTRUST, THERE IS NOT A LOT OF INCENTIVE FOR ANYONE TO SIMPLY SAY THAT WE WILL DROP EVERYTHING WE ARE DOING BECAUSE THIS GUY SAID SOMETHING.
MY UNDERSTANDING IS THAT TWITTER WOULD NEED TO STAY OR RETRACT ITS LAWSUIT IN ORDER FOR HIM TO SIGN THIS. PRESUMABLY IF THEY BELIEVE HE IS OFFERING IN GOOD FAITH, THAT WOULD BE THE NEXT STEP. THE LAWSUIT IS OVER. LET'S GET BACK TO THE ORIGINAL AGREEMENT. THE FACT WE ARE EVEN DISCUSSING THIS SHOWS HOW FRACTURED THAT RELATIONSHIP HAS BEEN. THIS IS NOW WHO THEY WANT TO
RUN TWITTER. A PERSON THEY HAVE PAINTED AS A LIAR, SOMEONE THAT THEY HAVE SAID IS NOT PREPARED AND THEY ARE FIGHTING TO GET HIM TO DO IT. THAT IS WHERE EMPLOYEES ARE TODAY. THEY ARE SAYING THAT THE WORST CASE SCENARIO IS COMING TRUE THAT THEY WILL HAVE A NEW BOSS VERY SHORTLY AND SOMEONE THEY MAY NOT NECESSARILY AGREE WITH ON A BUNCH OF DIFFERENT THINGS. EMILY: FROM MANY PERSPECTIVES, TWITTER IS IN A WORSE POSITION THAN WHEN ELON MUSK DECIDED TO BUY THE COMPANY BECAUSE OF MORALE AND FOLKS LEAVING THE COMPANY. ON THE TESLA SIDE, CLEARLY
INVESTORS ARE CONCERNED ABOUT THIS. DO YOU BELIEVE THE CONCERN IS MORE THAT HE MIGHT SELL TESLA STOCK THE FINANCE THIS DEAL OR THE KEY MAN RISK THAT HIS ATTENTIONS ARE GOING TO BE EVEN MORE DIVIDED? >> FROM THE PERSPECTIVE OF TESLA, HE SOLD A LOT OF STOCK ALREADY AND IT HAS BEEN AN OVERHANG ALL YEAR FROM THOSE SALES. IF HE HAS TO SELL ANOTHER COUPLE BILLION, IT'S A HUGE COMPANY AND THAT WILL BE THAT. IT TAKES AWAY THAT UNCERTAINTY. BUT EITHER WAY, I DON'T THINK IT'S MATERIAL FROM AN ECONOMIC PERSPECTIVE. THE SECOND ISSUE IS MATERIAL.
BEING CEO OF THREE MAJOR COMPANIES IS NOT SOMETHING HUMANS CAN DO WELL. I GET THAT HE THINKS HE CAN DO THIS, BUT THIS IS NOW A MEDIA PROPERTY WHICH IS VERY DIFFERENT FROM RUNNING SPACE OR EV TECHNOLOGY COMPANIES. WHAT IT TAKES TO RUN A MEDIA COMPANY IS COMPLETE THE OPPOSITE FROM HIS SKILL SET AND THAT'S MORE THAN PROVEN BY THE WAY HE HAS HANDLED EMPLOYEES AT TWITTER. I THINK YOU GUYS ARE NICE SAYING IT'S DISTRUST. IT'S NOT DISTRUST. THEY HATE HIM. HE CREATED THIS SITUATION.
AND I LOVE THE. I'M A FAN AND SUPPORTER. BUT I HAVE FRIENDS AT TWITTER AND THEY HATE HIM. THIS IS LIKE GETTING TO DIVORCED PEOPLE WHO HATE EACH OTHER TO NOW GET MARRIED AGAIN. IF I'M TWITTER, I'M NOT GOING TO GET RID OF THIS LAWSUIT AT ALL. I'M GOING TO FORCE SPECIFIC
PERFORMANCE ON ELON BECAUSE THERE IS NO TRUST AT ALL. THIS IS A REALLY DIFFICULT SITUATION AND I THINK THAT IS THE RISK TO TESLA, THAT HE GETS THIS COMPANY AND TELL ME WHAT DAY WILL BE EASY FOR HIM. EMILY: AND THE REALITY IS, LET ME KNOW IF I'M RIGHT HERE, ELON MUSK COULD OWN TWITTER IN A MATTER OF DAYS, RIGHT? THIS COULD ALL HAPPEN REALLY QUICKLY. >> THAT'S RIGHT. THE STIPULATIONS FOR THE DEAL CLOSING HAVE ALREADY HAPPENED INCLUDING THE SHAREHOLDER VOTE WHICH WE COVERED LAST MONTH. YES. THIS COULD ALL HAPPEN VERY QUICKLY. WHAT I FIND KIND OF CRAZY AND
IRONIC AND HILARIOUS IS THE LAST GUY WHO RAN TWITTER WAS ASKED TO LEAVE BECAUSE HE HAD TWO JOBS. NOW THE GUY RUNNING TWITTER WILL HAVE THREE JOBS. THE IRONY IS QUITE STRONG. EMILY: AS A TESLA SHAREHOLDER, WHAT IS YOUR BIGGEST CONCERN ABOUT HOW HE PLANS TO RUN TWITTER AND HOW INVOLVED HE PLANS TO BE IN MANAGEMENT? WHAT WOULD YOU LIKE TO SEE? I'M ASSUMING A MORE HANDS-OFF APPROACH.
>> THIS WHOLE THING -- YEAH. I DON'T KNOW HOW HE GOT HIMSELF INTO THIS. THAT SAID, I JUST DON'T KNOW WHERE THIS GOES. SO I THINK THE MOST IMPORTANT THING IS THAT HE STAY AS MUCH OUT OF POLITICS AS POSSIBLE. OBVIOUSLY THAT'S NOT GOING TO HAPPEN AND IT WILL CREATE A LOT OF NEGATIVITY TOWARDS HIM.
IT'S A REALLY POLITICALLY DIFFICULT ENVIRONMENT TO HAVE AN OPINION ABOUT POLITICS IN THIS DAY AND AGE AND YOU ALL IN THE MEDIA KNOW THIS MORE THAN ANYBODY. ANY TIME HE MAKES POLITICAL STATEMENTS, HE IS ATTACKED MERCILESSLY. AND MUCH OF IT FOR GOOD REASON. THAT IS THE PROBLEM WITH HIM RUNNING TWITTER IS IT PUTS HIM SQUARE IN THE FACE OF A LOT OF ISSUES THAT HAVE NOTHING TO DO WITH TESLA THAT WILL AFFECT PEOPLE'S PERCEPTION OF TESLA. THERE IS A POINT IN TIME WHERE TESLA IS A BIG ENOUGH COMPANY -- ELON NEEDS TO GIVE A LITTLE BIT OF CONTROL UP SO THAT INVESTORS FEEL MORE CONFIDENT OF THE SUCCESSION PLAN. THIS IS WHAT I'VE BEEN TALKING ABOUT FOR YEARS.
THERE NEEDS TO BE A DEEPER MANAGEMENT BENCH. TESLA TELLS ME ALL THE TIME HOW GREAT ALL THESE AND PEOPLE ARE WHICH, I AGREE. PROMOTE THESE PEOPLE AND GIVE THESE PEOPLE SOME POWER OVER THE BUSINESS BECAUSE THE PERCEPTION RIGHT NOW IS THAT THIS GUY RUNS THREE PUBLIC COMPANIES IN DIFFERENT INDUSTRIES.
I DON'T THINK THAT'S POSSIBLE. SOMETHING HAS TO GIVE. HOPEFULLY IT'S NOT TESLA, THAT'S FOR SURE. EMILY: WE ARE FOUR WEEKS AWAY FROM AN ELECTION. HOW ARE FOLKS AT TWITTER THINKING ABOUT THIS IF IT DOES HAPPEN. >> ELON HAS SAID THAT HE DOESN'T AGREE WITH TWITTER POLICIES. HE DOESN'T THINK THAT THEY ARE NECESSARY. THESE ARE THINGS THAT HAVE BEEN
IMPLEMENTED OVER YEARS AND MULTIPLE ELECTION CYCLES. THE BIG ONE IS HE SAID HE WOULD BRING BACK PRESIDENT TRUMP IF HE WAS OWNING THE COMPANY. AND THERE IS A CHANCE THAT ALL OF THOSE DIFFERENT THINGS COULD COME INTO PLAY OVER THE NEXT COUPLE OF WEEKS IN THE LEAD UP TO THE U.S.
MIDTERMS. NOT EVEN LOOKING AHEAD TO WHATEVER HAPPENS IN 2024. I DO THINK THAT THERE'S A LOT OF PEOPLE THAT ARE VERY CONSCIOUS OF THAT AND VERY WORRIED ABOUT THAT MOSTLY BECAUSE THEY DON'T EXACTLY KNOW WHAT HE WILL REPEAL OR TAKE AWAY.
BUT GIVEN WHERE WE ARE, IT HAS TO BE NOTED THAT THAT KIND OF STUFF COULD PLAY A FACTOR. EMILY: IT WILL BE HARD OR IMPOSSIBLE TO STAY OUT OF POLITICS GIVEN THE TIMING. WE WILL CONTINUE TO WASH YOUR REPORTING. GREAT JOB REPORTING THAT STORY.
WE ALWAYS APPRECIATE YOUR COMMENTARY HERE. COMING UP, MUCH MORE ON MUSKA'S REVERSAL AND TWITTER'S REACTION. EMILY: ALL RIGHT. TODAY'S BIG STORY, ELON MUSK
AGREEING TO BUY TWITTER AT THE ORIGINAL PRICE. WHAT DOES IT MEAN FOR THE MONTHS LONG LEGAL BATTLE BETWEEN THE TWO? LET'S BRING IN AN ASSOCIATE DEAN AT LIPTON FOR MORE. GIVEN ELON MUSK HAS ALREADY SPENT A LOT OF MONEY TRYING TO MAKE THIS GO AWAY, WHAT DO YOU THINK CHANGED ON HIS END? >> I THINK IN MANY WAYS THIS IS THE MOST UNEXPECTED OUTCOME. ON THE EVE OF THE TRIAL JUST BEFORE DEPOSITION, ELON MUSK HIMSELF -- IT'S A VERY TRADITIONAL SORT OF SETTLEMENT IN THAT SENSE. HE DOESN'T WANT TO BE DEPOSED. PROBABLY HAS SOME EMBARRASSING TEXT MESSAGES AND CONFLICTING STATEMENTS AND ALL OF THAT WOULD MAKE FOR A VERY UNPLEASANT DEPOSITION. >> HE WAS SCHEDULED TO BE DEPOSED LATER THIS WEEK.
EVERYONE ON TWITTER IS AND HAS BEEN DEPOSED. BUT IT'S NOT REALLY A SETTLEMENT AT ALL BECAUSE HE'S NOT ESSENTIALLY WINNING ANYTHING. THE PRICE IS THE SAME. >> TWITTER ALREADY TOOK A SHAREHOLDER VOTE. TO GO BACK AND ASK THEM TO ACCEPT LESS WOULD BE TIME CONSUMING AND EMBARRASSING AND TWITTER WOULD HAVE TO EXPLAIN WHY IT'S DOING THIS. AND IF THE GOAL HERE IS TO STOP THE PROCEEDINGS IN COURT, THERE MAY NOT HAVE BEEN ENOUGH TIME. TRIAL IS SUPPOSED TO START IN
TWO WEEKS. IT WOULD VERY POSSIBLY NOT GET THE GOAL OF STOPPING THAT FROM GOING FORWARD. THAT IS ULTIMATELY PART OF HIS THINKING IN TERMS OF PUSHING FURTHER TO GET A COUPLE OF DOLLARS OFF THE PRICE. EMILY: HOW WILL THIS LIKELY PLAY OUT IN COURT? IF YOU ARE TWITTER YOU WANT SOME CERTAINTY THAT HE REALLY MEANS AT THIS TIME.
HE THREW IN LANGUAGE ABOUT DEBT FINANCING AND A CONDITION AND I'M SURE THAT'S MAKING THE TWITTER FOLKS SAY HEY, WHAT DOES HE MEAN BY THIS? COULD THEY STILL GO TO A JUDGE AND ASK THE JUDGE TO SOMEHOW BE PART OF THE AGREEMENT OR SOMEHOW FURTHER ENFORCE AN AGREEMENT? >> AND I THINK THAT'S PROBABLY WHAT TWITTER WANTS. I DON'T THINK IT NECESSARILY ADDS ANYTHING. I THINK HIS LETTER WAS VERY MEALYMOUTHED.
AND TWITTER OBVIOUSLY IS NOT GOING TO WANT TO GIVE UP THE FINAL DAY AND IT'S NOT GOING TO WANT TO CHANGE ANY OF THAT UNTIL IT IS ROCK SOLID THAT THIS IS ABSOLUTELY FOR REAL HAPPENING, NO BACK SEES. THEY COULD HAVE A COURT ORDER THAT MAKES HIM GO THROUGH THE DEAL OR A REPRESENTATION THAT HE WILL NOT MAKE ANY ADDITIONAL ARGUMENTS AND SO FORTH. I IMAGINE THAT'S WHAT THEY'RE GOING TO WORK OUT NEXT. EMILY: I'M BEING TOLD THAT'S CALLED A CONSENT JUDGMENT. IS THAT WHAT YOU ARE TALKING ABOUT? >> YEAH, IT CAN BE SOMETHING LIKE THAT.
SOME JUDGMENT THAT HE HAS AGREED TO BUY THAT AND IF HE DEFIES THAT, IT'S A COURT ORDER. EMILY: GIVEN ALL OF THESE LEGAL ISSUES TO WORK OUT, IS IT YOUR UNDERSTANDING THAT THIS COULD HAPPEN IN A MATTER OF DAYS? DO YOU THINK IT'S LIKELY WE GET TO THE OCTOBER 17 TRIAL DATE? OR IS THIS SAID AND DONE BEFORE THAT? >> OBVIOUSLY TWITTER IS SUSPICIOUS. THIS IS SOME KIND OF GAME TO DELAY THINGS AND THEY DON'T WANT TO LET THAT HAPPEN. AND IF HE IS TRYING TO PLAY
SOME KIND OF GAME -- BUT IT'S VERY LIKELY THAT THIS IS SERIOUS AND AS SOON AS MUSK CAN GET THE ASSURANCES THAT TWITTER NEEDS, THINGS CAN PROBABLY HAPPEN VERY QUICKLY AFTER THAT. IT'S REALLY JUST A MATTER OF GETTING THE FINANCING AND THAT PROBABLY WON'T TAKE VERY LONG. I THINK THAT THIS COULD DEFINITELY CLOSE SOON AND THE TRIAL DATE WILL BE SUSPENDED.
EMILY: LET'S SAY THAT HAPPENS. WE ARE A FEW WEEKS OUT FROM AN ELECTION. WHAT HAPPENS? HOW QUICKLY CAN HE START MAKING CHANGES? >> HE'S IN CHARGE OF THE COMPANY.
HE CAN MAKE ANY CHANGES HE WANTS. I THINK PART OF THE REASON THAT HE MAY HAVE GOTTEN COLD FEET IS THAT HE DIDN'T NECESSARILY WANT TO TAKE RESPONSIBILITY AND ALL OF THAT AND I DON'T KNOW IF HE WANTS TO THRUST HIMSELF INTO THAT KIND OF POLITICAL SPOTLIGHT RIGHT AWAY BUT ONCE IT IS HIS COMPANY, HE CAN ORDER WHATEVER HE WANTS. >> SO MUCH TO CONTINUE TO FOLLOW HERE.
WE ALWAYS APPRECIATE YOU SHOWING YOUR LEGAL PERSPECTIVE WITH US. EMILY: SOME MORE STORIES WE'RE FOLLOWING. MICRON PLANS TO INVEST $100 BILLION OVER THE NEXT 20 YEARS TO BUILD A FACTORY IN UPSTATE NEW YORK IN AN EFFORT TO BOOST U.S. PRODUCTION OF MEMORY CHIPS. THE COMPANY SAYS THIS IS THE LARGEST PRIVATE INVESTMENT IN NEW YORK STATE HISTORY. >> THIS COMES IN CONJUNCTION WITH THE INVENTS TO MEN TO THAT WE ANNOUNCED IN BOISE A FEW WEEKS AGO, THE LEADING EDGE MANUFACTURING AS WELL.
THE TWO OF THEM WILL HELP BRING DOMESTIC PRODUCTION TO 40% BY THE END OF THE DECADE VERSUS 10% CURRENTLY. EMILY: RIVIAN REPORTED PROGRESS IN PRODUCTION, REAL FORMING -- REAFFIRMING GOALS. THIS IT PRODUCED MORE THAN 7300 CARS IN THE THIRD QUARTER. WE WILL HAVE MORE ON THAT THIS HOUR AND META-PLANS TO CLOSE ONE OF THE OFFICES AS THE COMPANY WINDS BACK EXPANSION PLANS IN THE CITY. MEDA HAS BEEN CONSOLIDATING ITS
NEW YORK WORKFORCE AND BUILDING UP OFFICES AND MOVING AHEAD WITH OTHER OFFICE PLANS NEAR PENN STATION. LAST WEEK, MEDA ANNOUNCED A HIRING FREEZE AND RESTRUCTURING. COMING UP, THE RISE OF MEMES AND MEME INSPIRED CONSPIRACY THEORIES. WHAT LED TO THE CAPITOL RIOT'S AND HOW CAN IT BE PREVENTED? WE WILL TALK TO JOAN DONOVAN ABOUT HER BOOK AND HER THOUGHTS ON ONE OF THE BIGGEST MEME TWEETERS. ELON MUSK. THIS IS BLOOMBERG.
♪ EMILY: WELCOME BACK TO BLOOMBERG TECHNOLOGY. I'M EMILY CHANG IN SAN FRANCISCO. BACK TO TODAY'S TOP STORY. ED LUDLOW AND THE WHOLE NEWSROOM REALLY FOLLOWING THE MUSK TWITTER SAGA. YOU HAVE BEEN TALKING TO SOME FOLKS AT TWITTER. HOW HAS THIS BEEN GOING DOWN ON THE INSIDE? ED: WHEN NEWS BROKE THAT ELON MUSK HAD SENT TWITTER A LETTER SAYING HE WOULD PROCEED WITH THE ORIGINAL TERMS, IN NUMBER OF VERY WIDE RANGE OF TWITTER STAFF WERE IN A THREE HOUR LONG QUARTERLY STRATEGIC PLANNING MEETING AND APPARENTLY THE FIRST 15 MINUTES, THE CEO OF TWITTER WAS DELIVERING SOME OPENING REMARKS AND PRETTY MUCH FOR THE ENTIRE DURATION, NOT A SINGLE WORD WAS SAID ABOUT THE NEWS THAT WAS BREAKING AROUND THESE EMPLOYEES. THERE WAS NO OFFICIAL COMMENT.
WE LATER IN A MEMO THAT WAS SHARED TO BLOOMBERG NEWS OR SHARED WITH THE BLOOMBERG NEWS, ONCE IT WAS ALREADY IN THE PUBLIC DOMAIN, EMPLOYEES WERE INFORMED OF WHAT WAS GOING ON. IT'S A VERY TOUGH TIME RIGHT NOW IF YOU ARE A TWITTER EMPLOYEE. ESPECIALLY IF YOU ARE WORKING ON THE PRODUCT. YOU DON'T KNOW WHERE YOU STAND. EMILY: REMIND US WHAT MUSK HAS SAID ABOUT HIS VISION FOR THE PLATFORM.
WE KNOW HE'S CONCERNED ABOUT BOTS AND SPAM. HE SAID HE WOULD POTENTIALLY REINSTATE FORMER PRESIDENT TRUMP. WHAT IS OUR SENSE OF WHAT HE'LL DO IN A MATTER OF DAYS IF HE OWNS TWITTER? ED: IT'S WORTH MARKING WHAT WE KNOW ABOUT COURT FILINGS.
TAKING TWITTER PRIVATE LARGELY COMES FROM CONVERSATIONS WITH JACK DORSEY THAT THEY NEED TO ENACT CHANGES THAT THEY FELT COULDN'T BE DONE IF TWITTER WERE A PUBLIC ENTITY, A PUBLIC COMPANY. A LOT OF THAT MOVES AROUND THE AD MODEL. MUSK HAS ALSO TALKED ABOUT PAYING FOR THE PRIVILEGE OF VERIFICATION AND FINDING NEW WAYS TO MONETIZE THE PLATFORM BEYOND JUST RELYING ON ADS. IT DRIVES THE TWITTER PLATFORM ITSELF AND THOSE OF THE KEY AREAS WE HAVE BEEN FOCUSED ON. THE IDEOLOGICAL CHANGES ARE THIS IDEA THAT IT SHOULD BE OF FACE WHERE FREEDOM OF SPEECH IS PROTECTED. AND AS LONG AS NO ONE USES THE TWITTER PLATFORM TO CAUSE HARM OR OFFENSE, A BROAD RANGE SHOULD BE ALLOWED AND THAT IS HIS PHILOSOPHY.
EMILY: ED LUDLOW, THANK YOU FOR YOUR REPORTING THROUGHOUT THE DAY. I WILL TAKE A LOOK AT THIS FROM A SLIGHTLY DIFFERENT ANGLE WITH THE NEWS OF ELON MUSK AGREEING TO PROCEED, THE IDEA OF FREE SPEECH ON THE INTERNET FRONT AND CENTER. HE SAID HE WOULD REVERSE FORMER PRESIDENT TRUMP'S PERMANENT BAN ON TWITTER THAT TOOK PLACE DAYS AFTER THE U.S. CAPITOL ATTACK. THAT ATTACK HAD BEEN IN PART
FUELED BY THE STOP THE STEAL MOVEMENT, A MEME THAT BECAME LARGER-THAN-LIFE WITH REAL-WORLD CONSEQUENCES. THAT IS THE SUBJECT OF A NEW BOOK, MEME WARS, THE UNTOLD STORY OF THE ONLINE BATTLES UPENDING DEMOCRACY IN AMERICA. RESEARCH DIRECTOR AND CO-AUTHOR OF THAT BOOK JOAN DONOVAN IS WITH US NOW FOR MORE. A LOT TO DIGEST HERE. ELON MUSK IS A MEME STARTER. ONE OF THE BIGGEST MEME
TWEETERS , HE'S THE BUT OF A NUMBER OF MEMES AS WELL. WHAT DO YOU THINK HIM OWNING TWITTER MEANS FOR THE PLATFORM? >> WHEN HE FIRST STARTED MAKING HAY, I THOUGHT IT WOULD BE NONSENSICAL. NOW THAT IT IS GOING THROUGH, ONE OF THE THINGS THAT WE LOOKED AT IS WHAT DOES ELON MUSK LIKE TO TWEET? HE TENDS TO GET RIGHT IN THE MIDDLE OF VERY IMPORTANT WORLD, HISTORIC, GEOPOLITICAL FLAME WARS. JUST RECENTLY WITH ZELINSKI ABOUT THE WAR IN UKRAINE. HE'S NOT A POLITICIAN, BUT HE'S VERY MUCH A POLITICAL FIGURE.
AND HE NOW HAS BOUGHT ONE OF THE MOST CONSEQUENTIAL COMMUNICATION TECHNOLOGIES OF OUR PRESENT DAY. AND SO WE HAVE TO BE ON ALERT AND VERY CAREFUL ABOUT CHARTING THESE CHANGES. WHEN HE SAID HE WAS GOING TO BUY THE PLATFORM, MANY GOOD EMPLOYEES LEFT RIGHT AWAY. I'M AFRAID THAT THE PEOPLE WHO ARE THERE THAT ARE DOING EXCELLENT WORK ARE NOT GOING TO WANT TO STAY THERE BECAUSE OF THE POLITICAL CLIMATE THAT THEIR NEW BOSS BRINGS. EMILY:
YOU MAKE A GOOD POINT THAT IN THE LAST 24 HOURS HE GOT RIGHT IN THE MIDDLE OF A WAR BETWEEN RUSSIA AND UKRAINE. GOT A REALLY HEATED RESPONSE FROM UKRAINE'S PRESIDENT ZELENSKYY HIMSELF. WHAT ARE THE BIGGEST CONCERNS ABOUT SOMEONE LIKE ELON MUSK OWNING THIS PLATFORM? AND WOULD YOU SAY CONCERN IS YOUR OVERWHELMING SENTIMENT? OR ARE YOU INTRIGUE DOOR POTENTIALLY EXCITED ABOUT THE POSSIBILITIES? JOAN: WELL, IF YOU READ THE BOOK MEME WARS, IT STARTS WITH THE OCCUPY MOVEMENT AND TWITTER IS A KEY FIGURE THROUGHOUT THE BOOK AS A PLACE WHERE PEOPLE DO LAUNCH MEME WARS AND SPARK POLITICAL MOVEMENTS AND WHERE POLITICIANS HAVE GOTTEN A VOICE IN THEIR AUDIENCE ALL THE WAY UP TO WHERE WE END THE BOOK AT THE INSURRECTION WHERE A THEN SITTING PRESIDENT WAS ABLE TO USE MEMES AND HASHTAGS TO FOMENT AN INSURRECTION. WITH ELON MUSK, I IMAGINE THAT MORE WITH BEING CONCERNED, I DON'T KNOW THE WAY IN WHICH HE'S GOING TO COME AT QUESTIONS OF CONTENT MODERATION THAT ARE UNDER THE PURVIEW OF WHAT OUR ABSTENTION -- OUR ABSTENTION LEAK CALL TRUST AND SAFETY TEAMS. SOME OF THE TWEETS AND MEMES SHARED OVER THE YEARS DO TEND TO RUN RIGHT UP ON THE LINE IN TERMS OF SERVICE, WHETHER THEY ARE TRANSPHOBIA CORE HOMOPHOBIC OR ANTI-WOMAN, ALMOST FINANCIAL SCAMS. HE WAS
BEHIND THE EARLY CALLS FOR PEOPLE TO TAKE HYDROXYCHLOROQUINE TO CURE CORONAVIRUS. EVERYWHERE WE LOOK AND SEE HIS OPINIONS FLOATING AROUND, WE HAVE TO WONDER TO WHAT DEGREE IS HE ALSO SPREADING MISINFORMATION AND DISINFORMATION ON THE PLATFORM? AS A BUSINESS MODEL, I CAN'T IMAGINE THAT THIS IS GOING TO BE A BIG BOON FOR TWITTER OVER TIME BECAUSE IF THE QUALITY OF THE INFORMATION PEOPLE HAVE ACCESS TO ON THIS PLATFORM DEGRADES MUCH FURTHER, PEOPLE ARE GOING TO SEEK OUT SIMILAR TECHNOLOGIES. EMILY: PUBLIC TRUST IS FAIRLY LOW WHEN YOU LOOK AT THE SURVEYS AND SOCIAL MEDIA OR ON SOCIAL MEDIA. GIVEN YOUR WORK COVERING AND RESEARCHING STOP THE STEAL MOVEMENT, WHAT DO YOU MAKE OF THE TIMING OF THIS. AND HOW ELON MUSK COULD
INFLUENCE MODERATION ON THE PLATFORM. WEEKS OR DAYS BEFORE MIDTERM ELECTIONS. >> IT'S A REALLY GOOD QUESTION BECAUSE WE DON'T KNOW. WHAT'S INTERESTING ABOUT BUREAUCRACIES IN GENERAL IS THAT THEY ARE SO BIG AND FLEXIBLE THAT IT WOULD BE HARD OR HIM TO UNDO EVERYTHING ALL AT ONCE UNLESS HE WERE TO SAY WE ARE GOING TO GET RID OF THE ALGORITHMS THAT REMOVE HATE SPEECH.
MAYBE THEY LEAVE THOSE IN. MAYBE THEY REMOVE THE FILTERS THAT TAKE OUT HATE SPEECH. THAT COULD BE REALLY HORRIBLE FOR PEOPLE WHO ARE USING TWITTER TO LOOK UP INFORMATION ABOUT VOTING OR INFORMATION ABOUT CIVIC PARTICIPATION.
LOOKING AT IT FROM A PERSPECTIVE OF WANTING TO KNOW IF A CANDIDATE IS BLACK OR LATINO AND INUNDATED WITH A BUNCH OF HATE SPEECH AND SLURS AND INSULTS. BECAUSE THAT STUFF IS THE STUFF OF CONTENT MODERATION. IT'S NOT LIKE AOL IN THE 90'S WHICH WAS JUST HEINOUSLY FULL OF SPAM. I DON'T KNOW IF HE UNDERSTANDS THE WAY IN WHICH THE PLATFORM HAS EVOLVED OVER TIME. AND THE BOTS HAVE BEEN THERE
SINCE VERY EARLY ON ON TWITTER. THE IDEA THAT YOU CAN GET RID OF BOTS, IT'S NOT JUST FIGURING OUT WHAT'S AUTOMATED, BUT FIGURING OUT IF IT'S BUSINESS USING A BOT THAT IS TOTALLY LEGITIMATE. ARE THEY ABLE TO KEEP USING THE BOT IN THAT WAY? UNFORTUNATELY, I THINK HE BOUGHT A BIG BAG OF PROBLEMS. EMILY: LAST QUICK QUESTION. WE ARE WEEKS AWAY FROM AN ELECTION.
HOW DO YOU THINK THE MEME WARS ARE GOING TO PICK UP BETWEEN NOW AND THEN? ELON MUSK ASIDE? JOAN: WELL, ELON MUSK IS A VORACIOUS MEMER AND HE GETS A LOT FROM REDDIT. I HAVE A FEELING HE WILL BE IN THE GAME. IF TRUMP COMES BACK, WE WILL SEE THE REANIMATION OF QANON. IT IS ALREADY HAPPENING OVER ON TRUTH SOCIAL. THE MEAN MORE TO WATCHES BETWEEN DR. OZ AND FEDERMAN. FEDERMAN HAS BEEN COMING OUT
WITH A BUNCH OF MEMES LINKING DIFFERENT THINGS THAT OZ HAS DONE IN HIS PAST TO FUNNY SAYINGS AND SHORT VIDEOS. OZ, TOO, HAS BEEN TRYING TO MAKE FEDERMAN OR EXPOSE FEDERMAN FOR HAVING SOME MEDICAL ISSUES. THAT IS ONGOING. WE ARE ALSO SEEING A MEME OR DEVELOP AROUND A DARK BRANDON, THIS IDEA THAT JOE BIDEN ISN'T WHAT THE INSULT OR'S HAVE BEEN SAYING ALL ALONG, THAT HE IS THIS SENILE OLD MAN. INSTEAD, HE'S THIS HYPERAWARE MAN WITH LASER EYES THAT IS ORGANIZING SOME KIND OF DEEP STATE TAKEOVER BY HAVING TRUMP'S FAMILY CHARGED AND WHAT'S GOING ON AT MAR-A-LAGO. WHEN WE WATCH THESE THINGS PLAY OUT, UNDERNEATH THE MEME WARS, OF COURSE, ARE LIES. DISINFORMATION. THEY ARE MADE TO TRICK YOU. THEY ARE MADE TO INSIGHT YOU.
THEY ARE MADE TO BE CONFUSING. AT THE END OF THE DAY, BECAUSE THEY FUNCTION IN THE MEDICS, THEY ARE EMOTIONALLY -- IN MEMETICS, THEY ARE EMOTIONALLY CONTAGIOUS BECAUSE IT FEELS GOOD. EMILY: IT IS SOME DARKEST DAIRY -- DARK AND SCARY STUFF THAT YOU JUST WALKED US THROUGH THERE. YOU CAN READ THE BOOK MEME WARS, JOAN DONOVAN, THANK YOU FOR BEING ON THE SHOW AND WALKING US THROUGH THIS BREAKING NEWS AS WELL. CHECK OUT JOAN'S BOOK NOW. HOW ELON MUSK'S TAKEOVER OF TWITTER IMPACTS THE M&A LANDSCAPE. THAT'S NEXT.
EMILY: THE REVIVAL OF ELON MUSK'S PLAN TO MAKE TWITTER PRIVATE. I WILL BRING IN ROBERT, PORTFOLIO MANAGER AT THE HEDGE FUND UP HOLDINGS. ROBERT, YOU DON'T HOLD TWITTER OR TESLA SO JUST TO CLARIFY THAT AT THE START. WHAT IS YOUR TAKE? ROBERT: WELL, OUR TAKE IS THAT ELONG, RENEGOTIATION WAS AN OPTION THAT DID NOT PAY OUT. IT WAS A PERFECTLY RATIONAL THING FOR HIM TO PURSUE AND PUT MONEY INTO.
FOLKS ARE WONDERING HOW MUCH MONEY HE LOST ON LAWYERS BUT HE HAD THE OPPORTUNITY TO WIN BILLIONS BACK IN A PURCHASE PRICE. AS THE CASE WORE ON AND THE TEXT MESSAGES EVEN BEGAN TO LEAK, THE SUSPICION IS THAT HIS FINANCIAL BACKERS ARE NOT COMFORTABLE WITH THAT STUFF BEING TRANSPARENT. WHEN HE'S FACING THE POTENTIAL LOSS OF HIS CO-INVESTORS VERSUS HAVING TO PAY A LITTLE BIT MORE OF A PREMIUM FOR THE DEAL, I THINK IT HAS BECOME CLEAR THAT HE WAS WILLING TO TAKE THE DEAL AT THE HIGHER PRICE WITHOUT LOSING THE BACKING OF HIS PARTNERS. EMILY: TWITTER SHARES WERE UNDER SO MUCH PRESSURE AFTER HE PULLED OUT OF THE DEAL.
IS IT LIKELY HE WILL GET THE FINANCING THAT HE NEEDS TO DO THIS? THAT THE BANKS WILL BE ABLE TO SELL THAT? >> THE MARKETS HAVE BEEN BOUNCING BACK A LITTLE BIT. WE HAVE SEEN LIQUIDITY OVERTURNING AND M&A HAS FRANKLY BEEN THE BIGGEST DRIVER OF THE MARKET. YOU HAVE THE ADOBE ACQUISITION OF PICK MY -- FIGMA. NOW YOU HAVE ELONG COMING BACK TO THE TWITTER DEAL -- ELON COMING BACK TO THE TWITTER DEAL. THE PRICE THEY NEGOTIATED IN APRIL, THE MARKET HAD COME DOWN BUT WE HAD NOT REACHED THE JUNE LOWS.
THERE WAS A 90 DAY WINDOW THERE HE WAS TRYING TO GET CUTE AROUND THE PRICE HE WAS PAYING. AND AS THEY START TO LOOSEN ON HOW FAR THEY GO ON INTEREST RATES, EQUITY MULTIPLES COME BACK. IF HE STILL WANTED TWITTER, HE MIGHT HAVE TO PAY MORE YEAR FROM NOW. THERE IS STILL A VERY LONG PATH FROM HERE UNTIL THE DEAL CLOSES.
IT'S CERTAINLY AS LIKELY AS IT HAS EVER BEEN NOW. EMILY: IT'S NOT OVER UNTIL IT'S OVER. YOU HAVE A HUGE TECH PORTFOLIO INCLUDING SOCIAL MEDIA ADVERTISING REVENUE BASED COMPANIES. HOW DOES THIS IMPACT THE ADVERTISING REVENUE STREAM FOR TWITTER? ADVERTISERS HAVE BEEN UNDERSTANDABLY SPOOKED OVER THE LAST FEW MONTHS. WHETHER OR NOT THEY SHOULD BE PUTTING THEIR MONEY INTO TWITTER AT ALL ANYMORE.
>> WE THINK THE DIGITAL ADVERTISING SPACE WILL BE ONE OF THE MOST EXCITING TO WATCH IN THE FOURTH QUARTER OF THIS YEAR. TWITTER GOT $5.5 BILLION OF REVENUE, SNAP CHAT ABOUT $4.5 BILLION, META-ABOUT $120 BILLION. TWITTER IS A RELATIVELY SMALL PLAYER. THE THING THAT IS DIFFERENT ABOUT TWITTER IS THAT TWITTER IS A TOP FIVE GLOBAL WEB PROPERTY. WHEN YOU TALK ABOUT THE REACH, THEY ARE BASICALLY OWNED BY GOOGLE OR META-.
TWITTER WAS THE LAST REMAINING INDEPENDENT TOP 10 WORLDWIDE INTERNET PROPERTY. THAT HAS TO BE THE ONE THING THAT IN THEIR HEART OF HEARTS, THEY ARE TELLING THEMSELVES THAT IS WHY THIS IS WORTH $44 BILLION BECAUSE THERE ARE A LOT MORE WAYS WE WILL EXTRACT VALUE BEYOND JUST ADVERTISING. ADVERTISING IS LIKELY TO LOOK REASONABLY HEALTHY. THEY ALSO MAY HAVE HEARD THAT TWITTER'S NUMBERS WERE IMPROVING. EMILY: ROBERT CANTWELL, THANK YOU FOR STOPPING BY. COMING UP, HOW MUSK WILL CHANGE SOCIAL MEDIA IN A WAY HE HASN'T ALREADY AS POTENTIAL OWNER OF TWITTER. THAT'S NEXT. THIS IS BLOOMBERG.
EMILY: NOW TO WRAP IT ALL UP, I WANT TO BRING IN OUR OWN SARAH FRIER TO CAP THIS CRAZY DAY AND TALK ABOUT THIS MEANS FOR THE FUTURE. A LOT OF HUGE EXISTENTIAL QUESTIONS HERE. LET'S SAY ELON MUSK DOES BY TWITTER. IT IS A DONE DEAL. AS SOMEONE WHO HAS COVERED SOCIAL MEDIA FOR THE BETTER PART OF A DECADE, HOW DO YOU THINK HE WILL CHANGE TWITTER AND SOCIAL MEDIA? SARAH: I THINK HE'S VERY QUICKLY GOING TO FIND OUT THAT A LOT OF THE THINGS HE WANTED TO DO TO CHANGE IT SUCH AS THESE BROAD NOTIONS OF ADVOCATING FOR FREE SPEECH ARE A LOT EASIER SAID THAN DONE. AS WE HAVE SEEN IN HIS TEXT MESSAGES, HE GETS A LOT OF FEEDBACK FROM VERY POWERFUL PEOPLE AROUND THE WORLD AND SOMETIMES ACTS ON IT. I THINK HE WILL BE GRAPPLING. THERE ARE PRINCIPLES TO PUSH FOR AND WHAT IS WORTH IGNORING.
EMILY: I WONDER IF TWITTER WILL BE UNDER MORE SCRUTINY WITH MUSK AS A SOLE OWNER AND THE SCRUTINY MARK ZUCKERBERG HAS GOTTEN AT FACEBOOK. WILL THE PRESSURE BE HIGHER? SARAH: THE PRESSURE MIGHT BE HIGHER BUT WE WILL NOT GET AS MUCH INFORMATION. IT WILL BE MORE OF A BLACK BOX. AS A PRIVATE COMPANY, TWITTER IS MORE LIKELY TO TELL US HOW IT IS GROWING OR HOW THE BUSINESS IS DOING.
ELON MUSK WILL BE THE MAIN SOURCE OF INFORMATION, SO IT WILL BE EVEN MORE CRITICAL FOR GENERALISTS LIKE US TO FIND OUT WHAT IS HAPPENING BEHIND THE SCENES. I THINK THERE WILL BE A LOT OF DISGRUNTLED EMPLOYEES AND PEOPLE WHO ARE ALREADY TELLING US THAT THEY ARE NOT LOOKING FORWARD TO LEADERSHIP UNDER MUSK FOR WHATEVER REASON. I THINK IT WILL BE A BIG CULTURAL CHANGE FOR THE COMPANY, ESPECIALLY IN ISSUES LIKE WORK FROM HOME AS ELON MUSK HAS SAID HE'S NOT A BIG SUPPORTER OF. EMILY: ARE YOU EXPECTING AN EXODUS OF EMPLOYEES? ALSO POTENTIALLY AN INFLUX? SARAH: DEFINITELY BOTH, RIGHT? WE WILL SEE PEOPLE THAT ARE HUGE FANS OF ELON MUSK AND WHAT HE'S ACCOMPLISHED ELSEWHERE SAY THEY LOVE TO WORK FOR HIM AND WE ARE ALSO GOING TO SEE EMPLOYEES WHO DISAGREE WITH HIM TRY TO FIND OTHER EMPLOYMENT. IT IS A TOUGH TIME. COMPANIES THAT ARE CUTTING THEIR BUDGET. IF YOU ARE A TWITTER EMPLOYEE TRYING TO GET OUT OF THERE, YOU PROBABLY ALREADY TRIED TO START YOUR SEARCH.
A LOT OF EMPLOYEES ARE FIGURING THAT OUT RIGHT NOW. WE ARE A LITTLE UNCERTAIN. I THINK THERE IS STILL UNCERTAINTY ABOUT IF THIS IS GOING TO ACTUALLY HAPPEN. EMILY: THANK YOU FOR GIVING US A LITTLE VIEW INTO YOUR VERSION OF THE CRYSTAL BALL. THE BIG, HARD QUESTIONS.
SARAH FRIER, THANK YOU. THAT DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY. WE WILL BE ACROSS ALL DEVELOPMENTS ON THIS TOMORROW AND FRANCES HAUGEN IS JOINING US, THE FACEBOOK WHISTLEBLOWER. ONE YEAR AFTER HER HISTORIC
TESTIMONY BEFORE CONGRESS. I'M SURE SHE HAS SOME THOUGHTS ON ELON MUSK OWNING TWITTER AS WELL. I'M EMILY CHANG IN SAN FRANCISCO. THIS IS BLOOMBERG. ♪
2022-10-06 01:06
