'Bloomberg Technology' Full Show (10/28/2022)
ANNOUNCER: FROM THE HEART OF WHERE INNOVATION, MONEY AND POWER COMBINE, THIS IS BLOOMBERG TECHNOLOGY WITH EMILY CHANG. ♪ EMILY: I AM EMILY CHANG, THIS IS A SPECIAL EDITION OF BLOOMBERG TECHNOLOGY. TWITTER IS NOW OFFICIALLY OWNED BY ELON MUSK. THE NEWS IS STILL SINKING IN. HE HAS ALREADY FIRED TOP KEY EXECUTIVES, AND STARTED RESTRUCTURING.
HOW WILL TWITTER MODERATE FREE SPEECH? WHAT IS THE BUSINESS STRATEGY? KANYE'S PROFILE APPEARS TO BE BACK. IS TRUMP NEXT? WE HAVE GUESTS INCLUDING ONE OF THE INVESTORS WITH INSIDE KNOWLEDGE OF HIS HANDS ALONG WITH A MEMBER OF TWITTER'S FOUNDING TEAM. LET'S GET RIGHT TO IT WITH ED LUDLOW WHO HAS BEEN FOLLOWING MUSK, TESLA AND SPACEX FOR YEARS. HE JOINS US NOW OUTSIDE TWITTER
HEADQUARTERS LIVE IN SAN FRANCISCO. DAY ONE UNDER MUSK. WHAT HAPPENED? ED: NOT AS MUCH AS WE HAD HOPED. WE KNOW THE DEAL CLOSED LAST NIGHT, EQUITY INVESTORS WERE INFORMED. I AM HEARING A LOT OF THE WORK
WE HAVE REPORTED IS ONGOING. THERE TESLA ENGINEERING STAFF INSIDE TWEETER BEING PARED UP WITH TWITTER ENGINEERING STAFF. THEY ARE BASICALLY HAVING MEETINGS TO REVIEW THE SOURCE CODE BEHIND THE TWITTER PLATFORM. THAT IS WHAT IS HAPPENING MINUTE BY MINUTE. YOU WOULD HAVE SEEN THE TWEET FROM MUSK ABOUT THE CONTENT MODERATION.
THE CONVERSATION SEEMS TO BE MOVING QUICKLY FROM HOW THE DEAL HAPPENED TO WHAT DOES THE FUTURE OF TWITTER AS A PLATFORM LOOK LIKE? CONTENT MODERATION AND THE SUPPORT OF FREEDOM OF EXPRESSION IS FAST BECOMING WHAT WE WANT TO TALK ABOUT. EMILY: WE KNOW LAST NIGHT HE FIRED A FEW KEY TOP EXECUTIVES. NED SIEGEL, THE CFO. MEMBERS OF THE LEGAL TEAM.
WE SAW PEOPLE WALKING OUT OF TWITTER WITH BOXES. ARE THOSE PEOPLE GETTING FIRED? ED: ON THE EXECUTIVE DEPARTURES, SOURCES TELL US THAT FOR THE TIME BEING, ELON MUSK HAS INSTALLED HIMSELF AS CEO. I KNOW A LOT OF STAFF WERE REALLY CONCERNED BY NED SIEGEL'S DEPARTURE.
HE WAS REGARDED GENERALLY AS A VERY NICE GUY. TWO INDIVIDUALS WALKED OUT OF THE BUILDING BEHIND ME EARLIER TODAY. THEY CLAIMED TO BE TWITTER EMPLOYEES WHO HAD BEEN LAID OFF. IT TURNS OUT, ACCORDING TO SOURCES, THAT WAS A HOAX. TWISTERS STAFF BELIEVES THAT WAS A HOAX AND THEY WERE NOT EMPLOYEES. WE HAVE OWNED TWITTER AND ASKED FOR COMMENTS TO CLARIFY, WE HAVE ASKED MUSK'S TEAM TO CLARIFY AND HAVE NOT HEARD BACK.
EMILY: ED LUDLOW OUTSIDE TWITTER HEADQUARTERS. THANKS FOR YOUR REPORT. I WANT TO BRING IN ROSS GERBER. HE IS AN INVESTOR INTESA LAND SPACEX. SO, CLARIFY FOR US, WHAT IS YOUR ROLE IN THE NEW TWITTER UNDER ELON MUSK? WE HAVE TALKED ABOUT THIS A FEW TIMES, YOU ARE SUCH A FAN. >> THIS HAS BEEN AN EXTREMELY PAINFUL AND DIFFICULT PROCESS.
MORE SO FOR ELON THEN ME. WHEN IT CAME DOWN TO IT, THEY ASKED IF WE WANTED TO INVEST AND I SAID YES BECAUSE I STICK WITH ELON. HE HAS MADE A LOT OF MONEY OVER THE YEARS AND I HAVE CONFIDENCE IN HIS ABILITY TO TURN TWITTER AROUND AND MAKE IT A BETTER PLATFORM. IT WAS ONLY AFTER I HEARD THE BUSINESS PLAN THAT I WAS CAN THIS WAS AN INCREDIBLE OPPORTUNITY. THAT IS WHY I AM BACKING IT AT I DON'T REALLY HAVE A ROLE I'M TRYING TO GET ON THE ADVISORY BOARD OR CONTENT MODERATION BOARD. I THINK WITH MY BACKGROUND IN MEDIA AND COMMUNICATIONS, STUDYING FREE SPEECH AT THE SAME TIME ELON WAS STUDYING THERE AS WELL. BEING A LIBERAL JEWISH MOSTLY
DEMOCRAT, I THINK PEOPLE WILL BE COMFORTED TO KNOW SOMEBODY LIKE MYSELF WOULD BE INVOLVED IN THIS DECISION-MAKING. I HAVE MADE MY PITCH TO THEM AND WE WILL SEE WHAT HAPPENS. EMILY: YOU HAVE SEEN THE BUSY PLAN. -- OF THE BUSINESS PLAN. WHAT IS IT? WHAT ARE THE PLANS?
>> FIRST OF ALL, THERE ARE TWO PARTS. TWITTER 1.0 AND TWITTER 2.0. TWITTER 2.0, I AM NOT SURE EVEN ELI KNOWS HOW THAT WILL LOOK AT IT WILL INVOLVE A MUCH BIGGER VISION. TWITTER 1.0 IS FIXING IT AND MAKING IT AT HER. IT IS A THREE-PRONGED APPROACH.
IT IS CREATING SOME SORT OF VERIFICATION SYSTEM SO USERS ARE REALLY PEOPLE. THAT WILL MAKE ADVERTISERS AND USERS HAVE A BETTER PLATFORM TO SHARE INFORMATION AND IDEAS THAN THE CURRENT SYSTEM WHERE BOTS AND ATTACK ROBOTS GO AFTER EVERYTHING. BY KNOWING WHO THE USERS ARE AND CREATING THIS VERIFICATION, I THINK THE PLATFORM WILL BE A MUCH BETTER PLACE FOR USERS.
CREATING A SUBSCRIPTION MODEL SO THAT NOT ALL REVENUE IS DERIVED FROM ADVERTISING, TAKING OUR AWAY FROM ADVERTISERS AND PUTTING IT BACK IN USERS. THIS SUBSCRIPTION WILL INCLUDE MANY DIFFERENT FACTORS INCLUDING VERIFICATION AND OTHER SMALL BENEFIT IT'S LIKE AN EDIT FEATURE, KIND OF LIKE WHAT TWITTER BLUE IS NOW. THE THIRD PART IS THE CREATOR COMMUNITY, WHICH IS THE COMBINATION OF COMBINING FEATURES OF YOUTUBE AND ZOOM WITH PATRIOTIC AND MAY BE LIKE ONLY FANS WHERE CREATORS -- AND YOUTUBE IS THE BEST. MOSTLY OTHER PLATFORMS, WHETHER IT BE COMMERCE RELATED LIKE INSTAGRAM, OR ENTERTAINMENT RELATED LIKE TO TALK, DON'T REALLY HAVE RATE MONETIZATION FOR CREATORS AND THAT IS REALLY A FOCUS OF ELON, GETTING GREAT CREATORS BACK ON THE PLATFORM AND A WAY FOR THEM TO MAKE A LIVING. IF THEY ACHIEVE ALL THREE OF
THESE THINGS AND GETTING TRANSACTIONS AS WELL AS SUBSCRIPTION REVENUE ON TOP OF THE AD REVENUE, THIS BECOMES A MUCH MORE INTERESTING BUSINESS. EMILY: LET'S TALK ABOUT THE CONTENT MODERATION COUNCIL. HE ALSO SAID THERE WOULDN'T BE ANY BIG DECISIONS UNTIL THAT HAPPENS. IT DOES LOOK LIKE KANYE IS BACK. DOES THIS MEAN DONALD TRUMP IS COMING BACK? IS HE COMING BACK BEFORE THE MIDTERM ELECTIONS? >> I AM NOT SURE WHERE ELON STANDS WITH THESE ISSUES, OTHER THAN HE BELIEVES -- AND I HAVE TO SAY, THERE IS NOBODY THAT HATES TRUMP MORE THAN BE, BUT I BELIEVE IN FREE SPEECH.
I BELIEVE IF HE FOLLOWS THE GUIDELINES OF THE PLATFORM, HE SHOULD BE ALLOWED TO SPEAK JUST LIKE THE AYATOLLAH AND PUTIN ARE TWEETING. WE CAN'T JUST ARBITRARILY DECIDE. HAVING TRANSPARENCY THROUGH A PROCESS, HAVING BETTER ALGORITHMS TO IDENTIFY HATE AND BAD SPEECH AND HOLDING EVERYONE ACCOUNTABLE TO THE SAME STANDARDS IS WHAT ELON IS ABOUT AND CREATING A GREAT MARKETPLACE FOR IDEAS. WHETHER TRUMP VIOLATES THE RULES OR NOT, HE WILL BE HELD ACCOUNTABLE. EMILY: THE REASON YOU ARE NOT EXCITED ABOUT ELON BEING INVOLVED IN TWITTER IS BECAUSE YOU ARE A LONGTIME TESLA INVESTOR.
YOU ARE ALSO IN SPACEX. ARE YOU CONCERNED ABOUT TESLA, SPACE X AND HIS ABILITY TO KEEP THESE COMPANIES GROWING WHILE HE NOW HAS A THIRD COMPANY HE HAS TO TAKE CARE OF? >> I'M NOT REALLY THAT CONCERNED ABOUT TESLA OR SPACEX. BOTH COMPANIES ACHIEVING ENORMOUS SUCCESS AND HAVE A VERY CLEAR PATH IN FRONT OF THEM WHICH ELON IS GUIDING. MY BIGGER CONCERN WAS SIN BEING CEO OF TWITTER FOR ANY EXTENDED PERIOD OF TIME IN THAT THERE IS ONLY SO MUCH TIME IN THE DAY CAN HE REALLY ACHIEVE HIS GOALS AT TWITTER ALONG WITH ALL OF HIS RESPONSIBILITIES OF GOING TO THE MOON AND BUILDING THE BIGGEST EV COMPANY IN THE WORLD? HOW DOES ONE PERSON DO THIS? THAT IS A LEGITIMATE CONCERN AND THAT WAS THE ONE CONCERN I BROUGHT UP IN OUR CONVERSATION. HOW LONG IS HE REALLY GOING TO
BE CEO? I THINK WHAT HE HAS DONE AT ALL OF HIS COMPANIES EFFECTIVELY IS FOUND GREAT AUTONOMOUS LEADERS THAT CAN RUN THE BUSINESS WHEN HE IS RUNNING AROUND DOING OTHER STUFF AND HE GUIDES PEOPLE IN A SPECIFIC MANNER. I ALSO THINK HIS ENGAGEMENT ON DIFFERENT LEVELS WILL BE LIMITED BECAUSE HE NOW HAS THREE BUSINESSES. EMILY: WHAT DID HE TELL YOU? HOW LONG DOES HE PLAN TO BE CEO? >> I DIDN'T SPEAK TO HIM DIRECTLY.
I SPOKE WITH HIS RIGHT HAND PERSON JARED VERSE NOW -- MOST PEOPLE WHO DEAL WITH ELON, WE JUST DON'T KNOW WHAT WILL HAPPEN NEXT. WHICH WAS -- WHICH IS THE BEAUTY AND HORROR OF DEALING WITH HIM. IF YOU WANT TO STABILITY, THIS ISN'T THE GUY BUT HE IS GOING TO ACHIEVE GREAT ANGST. I THINK
HE IS DIGGING IN NOW TO SEE WHAT KIND OF PROBLEM HE HAS TO SOLVE. AS I SAID EARLIER, ELON LOVES TRYING TO SOLVE DIFFICULT PROBLEMS. AND THIS IS DEFINITELY ONE OF THEM. HE IS GOING TO HAVE TO PUT SOME TIME INTO THIS ONE AND I THINK HE'S GOT A TEAM IN PLACE. I DON'T SEE THAT BEING AFFECTED IN ANY WAY EMILY: LET'S TALK ABOUT THE JOB CUTS. ALREADY, MUCH OF THE EXECUTIVE TEAM IS GONE. THERE WAS REPORTING HE WAS
GOING TO HIRE 75% OF THE WORKFORCE. AND THEN HE SAID HE NEVER SAID THAT. READ YOU THINK HE REALLY STANDS ON JOB CUTS? HOW MANY JOBS YOU THINK SHOULD BE CUT? >> I KNOW WHERE HE STANDS FROM WHAT I WAS TOLD.
I WAS NEVER TOLD 75% PER DIE TOLD THE WASHINGTON POST MYSELF THAT THEIR NUMBER WAS INCORRECT AND THEY DID NOT FIX THEIR ARTICLE. EMILY: WHAT IS THE NUMBER? >> 50%. HALF THE PEOPLE AT TWITTER ARE PROBABLY GOING TO LOSE THEIR JOBS. THE OTHER HALF PROBABLY WILL NOT. THE WAY TO LOOK AT IT IS THAT ELON IS HIRING FROM TWITTER THIS NEW TEAM THAT WILL RUN TWITTER AND WHATEVER IT WILL BECOME. HE IS STARTING WITH THE ENGINEERING TALENT.
THERE'S A LOT OF TALENT AT TWITTER THAT HE WANTS TO RETAIN. MOST OF THE LAYOFFS AT THE TOP. IN THE PROJECT MANAGEMENT SIDE WHERE MANY PROJECTS HAVE NOT COME TO FRUITION OR ARE NOT GREAT IDEAS AND THEY ARE GOING TO CUT A LOT OF PROJECTS. WHEN YOU LOOK AT THE JOB CUTS THEY HAVE MADE ALREADY, HE HAS ALREADY SAVED HIMSELF PROBABLY $100 MILLION JUST BY FIRING FOUR OVERPAID EXECUTIVES.
I HAVE NO LOVE OR BELIEF IN THE CURRENT MANAGEMENT TEAM OF TWITTER. I THINK THE FIRST THING YOU DO IS START FROM THE TOP AND START CUTTING. THAT IS GOOD NEWS FOR MOST PEOPLE ON TWITTER BECAUSE IF YOU ARE A PRODUCTIVE, SUCCESSFUL'S AND, YOU WILL RETAIN YOUR JOB AND SHOULD NOT BE WORRIED IN THE LEAST BIT. YOU SHOULD BE EXCITED FOR THE OPPORTUNITY TO WORK WITH ONE OF THE MOST INCREDIBLE ENTREPRENEURS OF OUR TIME.
EMILY: LET'S TALK ABOUT TWITTER 2.0. WHAT DOES IT LOOK LIKE FURTHER OUT? IS IT PART OF THE EVERYTHING APP THING? DO SOME OTHER COMPANIES HAVE A ROLE? COULD STARLING HAVE A ROLE? >> NOT NECESSARILY. I THINK STARLING IS AN EXAMPLE REALLY SEE TWITTER 2.0 BECAUSE
WHEN THEY STARTED SPACEX, STAR LINKED WASN'T EVEN AN IDEA -- IT ENDED UP BEING THIS AMAZING PROJECT OUT OF SPACEX. THAT IS CORRECT TWITTER 2.0 IS. THEY WERE NOT SURE WHAT THEY WOULD INVENT BUT THEY KNEW IT WOULD BE AWESOME. A LOT OF THIS WILL BE THE INCORPORATION OF CRYPTOCURRENCY AND THE DIGITAL ECOSYSTEM INTO THE COMMERCE AND CREATOR ELEMENT OF TWITTER. WHEN YOU ACTUALLY START TO THINK ABOUT TRADING DIGITAL GOODS AND SERVICES AND DIGITAL COMMERCE LIKE THE CURRENCY, THEN ADD THAT ELEMENT TO TWITTER AS AN OVERALL PLATFORM FOR GOODS, SERVICES, IDEAS AND ENTERTAINMENT AND SUCH , IT BECOMES A LITTLE MORE OF ELON'S VISION. WHERE I SEE THIS, WHICH HIT ME LAST NIGHT, MAYBE HE IS BUILDING THE FUTURE OPERATING SYSTEM FOR TESLA AS WELL FOR ALL OF THE SCREENS IN THE MILLIONS OF CARS THAT WILL NOW RUN ON THIS NEW SOCIAL PLATFORM.
THE -- THERE'S A LOT TO THIS THAT PEOPLE CAN PUT TOGETHER BETWEEN TESLA AND TWITTER SOFTWARE BUILDING SOMETHING THAT WILL BE GREAT FOR SHARING IDEAS AND COMMERCE. THE POTENTIAL IS ON LIMITED EMILY: ROSS GERBER. GERBER KAWASAKI. GREAT TO HAVE YOUR INSIGHT.
WE WILL BE LOOKING TO YOU FOR MORE INFORMATION. >> ALWAYS HAPPY TO HELP. EMILY: THANK YOU. THE DEAL IS DONE, BUT MUST'S COURT BATTLES ARE NOT. WE WILL TALK TO YOU ABOUT THE LOOMING LEGAL CHALLENGES HE STILL FACES NEXT. THIS IS BLOOMBERG. EMILY: AFTER MONTHS SPENT IN A BRUTAL LEGAL BATTLE TRYING TO GET OUT OF HIS $44 BILLION PROPOSAL TO BUY TWITTER, ELON MUSK STILL HAS OUTSTANDING MATTERS IN COURT. HE IS SCHEDULED TO RETURN BEFORE THE SAME JUDGE IN NOVEMBER FOR A SEPARATE TRIAL OVER HIS COMPENSATION AT TESLA WHICH COULD TOP $50 BILLION.
FOR MORE, LORI BARRERA -- LARRY HAMERMESH. LET'S TALK ABOUT WHAT JUST HAPPENED. DID ELON MUSK DODGE A BULLET HERE IN CLOSING THIS DEAL FOR TWITTER? >> WE WILL NEVER KNOW. BUT IT SURE WAS LOOKING UGLY FOR HIM AS THE TRIAL COACHED. QUITE APART FROM THE FACT THAT HE AVOIDED HAVING HIS DEPOSITION TAKEN IN THE CASE, HE WAS GOING TO HAVE TO DEAL WITH A LOT OF CONTRADICTORY STATEMENTS ABOUT TWITTER THE LAST SEVERAL MONTHS. I FOR ONE DID NOT SEE A WAY FOR
HIM TO GET TO THE GOAL LINE IN THAT CASE. THE GOAL LINE WAS AT THE TIME GETTING OUT OF THE DEAL. AS MUCH AS HIS TURN AROUND AND SAYING, I AM GOING TO HEAD -- I AM GOING TO GO AHEAD, IT WAS A SHOCK BUT IT MADE SENSE BECAUSE I THINK HE WAS CRUISING FOR A BRUISING. EMILY: DO YOU THINK THIS WILL IMPACT THE TECH MNA LANDSCAPE GOING FORWARD? WILL THIS DISCOURAGE POTENTIAL BREAKUPS? >> I AM NOT SURE IT WILL DO SO MUCH MORE THAN THE LAUDED BEFORE. IT HAS BEEN PRETTY CLEAR FROM A NUMBER OF CASES IN DELAWARE THAT WHEN PUSH COMES TO SHOVE, IF YOUR DEAL SAYS YOU DO NOT HAVE A WAY OUT, THE COURT IS GOING TO DO SOMETHING AND IS NOT AFRAID TO MAKE YOU GO THROUGH WITH IT THE SPECIFIC PERFORMANCE REMEDY THAT PEOPLE TALK ABOUT. I'M NOT SURE THERE IS NEW LAW
OR GUIDANCE, BUT MAYBE THERE IS NEW REASSURANCE THAT A DEAL IS A DEAL AND IT WILL BE ENFORCED. EMILY: LET'S TALK ABOUT OTHER ISSUES HE IS FACING. HOW SERIOUS ARE THESE SITUATIONS? HOW SIGNIFICANT IS THAT HE HAS GOT TO DEAL WITH THE SAME JUDGE WHO DID NOT MAKES THE MANY FAVORABLE RULINGS ON THE TWITTER DEAL LEADING UP TO THIS? >> I DO NOT WANT TO PUNCTURE YOUR BALLOON, BUT WHAT IS LEFT IN DELAWARE IS NOT NEARLY AS BIG OR EXCITING AS THE CASE WE ALMOST JUST HAD WITH TWITTER. MUCH, THEY ARE SERIOUS. THERE ARE TWO CASES.
ONE IS SCHEDULED TO GO TO TRIAL SOON, THE ONE INVOLVING A COMPENSATION PACKAGE ELON GOT FROM TESLA IN 2018. A WHOLE SLUG OF STOCK OPTIONS IN 12 TRANCHES. THEY WERE PERFORMANCE-BASED. IN OTHER WORDS, HE DIDN'T GET THE BENEFIT UNLESS TESLA MET SOME MILESTONE FOR MINTS IS. WHICH THEY MOSTLY DID. AND YET, WHAT IS LEFT FOR TRIAL IS A STOCKHOLDER SUIT CLAIMING THAT COMPENSATION WAS EXCESSIVE. IN THE BILLIONS OF DOLLARS.
I DO NOT KNOW WHAT IT IS WORTH, BUT IT IS WORTH A LOT. EMILY: HOW GOOD THIS POTENTIALLY IMPACT HIM, GIVEN HE JUST SHELLED OUT A LOT OF MONEY FOR TWITTER? >> IF HE LOSES, IT COULD BE SIGNIFICANT. ALTHOUGH, EVEN A COUPLE OF BILLION DOLLARS IS A LOT LESS THAN 44. IT WOULD BE SIGNIFICANT IF HE
LOST. HOWEVER, IT IS IMPORTANT TO KEEP IN MIND THAT WHEN THE JUDGE, WHO HAS SINCE RETIRED, DECIDED A MOTION TO DISMISS THE CASE TO ME HE SAID YEAH, IT'S THE PLAINTIFF STOCKHOLDER WHO IS GOING TO HAVE TO PROVE UNFAIRNESS IN THIS CASE. PRINCIPALLY BECAUSE THE STOCKHOLDER APPROVAL OF THE PAY PACKAGE. BECAUSE THE STOCKHOLDER IS GOING TO HAVE TO PROVE UNFAIRNESS, IT IS NOT A LAYDOWN HAND. IN FACT, THE JUDGE DECIDED THE MOTION TO DISMISS SAYS THEY PLEADED ADEQUATE FACTS TO GET BY A MOTION TO DISMISS AND GO TO TRIAL, BUT JUST BARELY. HE WAS SKEPTICAL AT THE OUTSET THAT EVEN IF THE CASE WENT TO TRIAL MUCH WOULD COME OUT OF IT. I HAVE NOT SEEN ANYTHING THAT
HAS CHANGED SINCE THEN. THIS STRIKES ME AS A CASE THAT WOULD MAKE A LOT A SENSE TO SETTLE AT A MUCH SMALLER LEVEL. EMILY: WE WILL BE LOOKING OUT FOR THAT.
AMONG OTHER THINGS. LARRY HAMERMESH, THE INSTITUTE OF LINE DACA NYMEX THE UNIVERSITY OF SYLVANIA GOOD TO HAVE YOU BACK. WE'VE GOT MORE COMING UP. MORE TWITTER. EMILY: NOT ALL TECH COMPANIES ARE TAKING A BEATING THIS EARNINGS SEASON.
APPLE SOARED 8.1 PERCENT IN NEW YORK TRADE, CLOSING OFFSET -- BIGGEST ONE-DAY GAIN SINCE JULY OF 2020. THANKS ITS REVENUE AND PROFIT BOTH TOPPING ANALYST ESTIMATES IN SPITE OF DISAPPOINTING SALES OF IPHONES AND SERVICES. THIS PROVED TO BE GOOD ENOUGH NEWS TO AVOID THE FATE OF ALPHABET, MICROSOFT AND META WHO HAVE SEEN THEIR VALUE PLUNGE.
AMAZON COULDN'T ESCAPE THE DOWNWARD TREND WITH ITS MARKET VALUE DIPPING BELOW $1 TRILLION AT ONE WENT, CLOSING THE DAY AT ITS LOWEST SINCE JUNE 14. THE E-COMMERCE GIANT PROJECTED THE SLOWEST GROWTH IN COMPANY HISTORY WHILE SALES OF ITS WEB SERVICES BUSINESS MISSED ESTIMATES. IN SAN FRANCISCO, WE WANT TO KEEP YOU UPDATED ON NANCY PELOSI'S HUSBAND PAUL HAS HAD SUCCESSFUL SKULL FRACTURE SURGERY. THIS AFTER A MAN BROKE INTO PELOSI'S HOME EARLIER TODAY AND ATTACKED HIM WITH A HAMMER. THE ASSAILANT SHOUTED "WHERE'S NANCY?" BEFORE STRIKING HIM IN THE HEAD AND BODY. POLICE SAY THE MAN IS IN CUSTODY, CHARGED WITH ATTEMPTED HOMICIDE AND OTHER CRIMES. COMING UP, NOW THAT THE DEAL IS
DONE, WE HEAR FROM FORMER WHITE HOUSE CHIEF DIGITAL OFFICER JASON GOLDMAN. HIS INSIDER PERSPECTIVE, ASK. THIS IS BLOOMBERG. ♪ ♪ EMILY: AS THE WORLD'S RICHEST PERSON WITH CORPORATE INTERESTS AROUND THE CLUB, ELON MUSK IS UNDER CLOSE WATCH BY YOU LATER SPIRIT THE YEAR -- THE EUROPEAN COMMISSIONER SAYS THE COMPANY NEEDS TO PLAY BY THE RULES. HIS WORK WITH STARLINK IN UKRAINE, AND NOW OWNING TWITTER, THERE'S A LOT TO KEEP TABS ON. WALK US THROUGH THE POLITICAL IMPACT OF THIS ACQUISITION. >> THIS IS GOING TO BE ONE OF THE MAIN THINGS WE END UP TALKING ABOUT WITH ELON.
THIS PLATFORM, IT'S NOT SO MUCH -- I MEAN, IT DOES HAVE BUSINESS PROBLEMS, BUT THE BIGGER PROBLEMS ARE POLITICAL. IT IS ABOUT FIGHTING IN EVERY COUNTRY TO NOT SHARE DATA ON DISSIDENTS, OR NOT TAKING SOMETHING DOWN THAT A LEADER DOESN'T WANT TO HAVE UP. I THINK HAVING A BUSINESSLIKE TESLA OPERATING AROUND THE WORLD GIVES WORLD LEADERS SOME LEVERAGE OVER ELON MUSK THAT THEY DIDN'T PERHAPS HAVE OVER PRIOR TWITTER LEADERS. I DO THINK THAT CAN BE CONCERNING LONG TERM.
WHAT WE ARE SEEING SO FAR IS THAT MUSK IS TRYING TO TAKE A MEASURED APPROACH TO TWITTER, MAY BE MORE MEASURED THAN WE THOUGHT. BASED ON HIS TWEET TODAY, HE SAYS HE WANTS TO CREATE A CONTENT MODERATION COUNSEL TO OVERVIEW WHETHER PEOPLE WITH PERMANENT HANDS SHOULD BE RESTORED, ALTHOUGH PREVIOUSLY HE SAID HE DID NOT BELIEVE IN PERMANENT BANDS. HE TOLD ADVERTISERS HE WANTED TWITTER TO BE GOOD FOR HUMANITY, SO I THINK HE IS JUMPING INTO THE DEEP END AND GETTING INITIATED WITH THIS REALLY COMPLICATED POLITICAL ENTITY THAT IS TWITTER.
WHICH NO ONE HAS REALLY BEEN ABLE TO RUN IN A WAY THAT SATISFIES THE PUBLIC, LET'S BE HONEST. EMILY: DO YOU THINK GIVEN THAT HE OWNS SO MANY COMPANIES, YOU'VE GOT TESLA UNDER INVESTIGATION, HIS TWEET TO MAKE IT PRIVATE, WILL HIS OWNERSHIP OF TWITTER WITH FREE SPEECH IN QUESTION TAKE REGULATORY SCRUTINY OF HIM TO A NEW LEVEL? >> IT MIGHT. IT DEFINITELY IS INTERESTING WHEN YOU THINK ABOUT THE WAY THAT ELON MUSK DOES BUSINESS.
BASED ON THE TEXT MESSAGES THAT LEAKED EARLIER, IT IS VERY PERSONAL AND DIRECT. I NEED THIS, I WANT THIS, AND HE IS RESPONDING ON THE FLY. JUST IMAGINE IF YOU ARE OWNING THIS NETWORK HAS MILLIONS OF USERS, BUT A MUCH IMPACT GREATER THAN THAT, WHAT KINDS OF THINGS PEOPLE ARE ALREADY ASKING THEM FOR. HE MUST BE OVERLOADED RIGHT NOW. REGULATORS ARE NO EXCEPTION TO THAT. WE HAVE SEEN THE EU AND
POLITICIANS AROUND THE WORLD TRY TO BRING TWITTER CEO'S UP TO TESTIFY. I THINK THEY WILL BRING ELON MUSK AS WELL AND ASK HIM ABOUT CONTENT MODERATION PLANS. RIGHT NOW COMING HE IS -- OR, HE SAYS HE WANTS FREE SPEECH BUT I THINK HE IS GOING TO HAVE TO DRAW THE LINE SOMEWHERE THAT IS GOING TO ANGER PEOPLE, WE JUST DON'T KNOW WHICH PEOPLE EMILY: EXCELLENT REPORTING FROM YOU EDGE YOUR TEAM. SARAH FRIER.
WE WILL CONTINUE TO WATCH IN THE DAYS AND WEEKS AHEAD. JOINING US NOW TO CONTINUE IS JASON GOLDMAN, ONE OF THE FOUNDING MEMBERS OF TWITTER AND FORMER WHITE HOUSE CHIEF DIGITAL OFFICER UNDER PRESIDENT OBAMA. JASON, YOU HAVE BEEN HELPING US MAKE SENSE OF THIS FOR THE LAST SEVERAL MONTH -- LAST SEVERAL MONTHS. HOW ARE YOU FEELING? >> I DO NOT KNOW IF WE HAVE ARRIVED AT A VERSION OF SENSE YOU CAN WRITE DOWN. WE DID ARRIVE AT AT LEAST A SEASON FINALE OF THIS CHAPTER. THE DEAL IS DONE. NOW WE GET TO SEE WHAT ELON IS GOING TO DO. EMILY:
WE HAVE HEARD PREDICTIONS OF THE DEATH OF TWITTER. IT IS CERTAINLY THE END OF AN ERA. HOW MUCH DO YOU THINK WILL CHANGE? >> FOR A LONG PERIOD OF TIME, PEOPLE HAVE BEEN PREDICTING THE DEATH OF TWITTER. I THINK IT IS UNFAIR TO SAY SOMETHING IS GOING TO CHANGE TODAY. THERE'S MANY DIFFERENT VERSIONS OF DEATH ON THE WEB.
MYSPACE STILL EXISTS, IT JUST DOESN'T MATTER. IT IS GOING TO TAKE A LONG TIME, SLOWER THAN PEOPLE THINK FOR PRODUCT CHANGES TO ROLLOUT ON THE PLATFORM. THE PROBLEM IS THAT MISTAKES CAN BEGIN ALMOST RIGHT AWAY. WHETHER THAT'S CONTENT MODERATION, USER SAFETY OR PRIVACY. EVEN IF IT IS NOT A CONSCIOUS CHANGE IN POLICY, THERE IS GOING TO BE TREMENDOUS BRAIN DRAIN. THERE'S GOING TO BE ORGANIZATIONAL CHAOS THAT PREVENTS GOOD DECISIONS FROM BEING MADE. EMILY:
THE LEADERSHIP TEAM IS GONE. 50% OF THE WORKFORCE MAY GO IF ROSS GERBER IS CORRECT. WHO ARE THE WINNERS AND LOSERS? >> I WOULD START BY TALKING ABOUT THEY JUST -- THE CHIEF LEGAL PERSON. -- WAS SPECIFICALLY TARGETED BY ELON IN THE WAKE OF THE DEAL AS SOMEONE HE DIDN'T LIKE.
HIS LESIONS OF FANS BARRAGED HER WITH RACIST CONTENT. THROUGH THIS SIX-MONTH ODYSSEY, SHE COMPLETELY KEPT THE COMPANY ON TRACK. SHE DIDN'T BLINK. WE KNOW HE TRIED TO RENEGOTIATE THE DEAL. SHE KEPT THE COMPANY ON PACE TO
CLOSE AT THE PRICE PROMISED. EVEN WHEN HE WAS DOING MANEUVERS SUCH AS IRONICALLY POSING AS A NATIONAL SECURITY THREAT, THEY KEPT DRIVING THE FORWARD -- DRIVING THE COMPANY FORWARD. THIS IS A TREMENDOUS VICTORY FOR SHAREHOLDERS. IT IS SOMETHING THAT SHOULD BE
COMMENDED. AND AS WE TALKED ABOUT, THE OTHER WINNERS INVOLVE THE LEGAL FEES FOR OUTSIDE COUNSEL THAT WERE GENERATED. CONGRATULATIONS TO THOSE FOLKS IN THEIR HAPTEN RESIDENCES. EMILY: YOU SAID THE BEST ELON COULD DO WAS REMOVE HIMSELF FROM ALL DECISION-MAKING AND NOW HE IS CEO.
SO, WHAT'S THE BEST THING HE CAN DO NOW >> THE THING OF ANNOUNCING CONTENT MODERATION PANEL IS A SMART MOVE. HE'S SAYING, STOP SENDING ME ALL OF YOUR SABRA TESTS ABOUT HOW YOU DO NOT HAVE AS MANY FOLLOWERS AS YOU THINK YOU SHOULD. WE ARE GOING TO FORM A PANEL AND FIGURE THAT OUT.
THE PROBLEM IS, HOW MUCH DO WE BELIEVE THIS IS A SERIOUS IDEA? TWITTER ALREADY HAS AN EXTERNAL COUNCIL THEY CAN GO TO FOR QUESTIONS. SO I GUESS HE IS JUST LAYERING THAT BENEATH ANOTHER COMMITTEE, WHICH IS A CLASSIC CORPORATE MOVE. FAIR PLAY. BUT THIS MORNING, SEVEN HOURS AGO, HE WAS REPLYING TO SOMEONE WHOSE NAME IS A VERSION OF CAT EXCREMENT ABOUT WHAT PROBLEMS THEY WERE HAVING AND SAYING HE WAS GOING TO LOOK INTO IT. IT SEEMS UNLIKELY HE IS GOING TO BE ABLE TO CONSTRAIN HIMSELF AND KEEP HIMSELF OUT OF PARTICIPATING IN THESE DECISIONS.
WE KNOW HE JUST LIKES TO ANNOUNCE THINGS AND SAY THINGS ARE COMING, ALL OF THE STUFF THAT ROSS ENDED UP BELIEVING. I JUST DON'T THINK THAT IS GOING TO STOP AND HE WILL END UP ANNOUNCING THESE THINGS THAT DO NOT ULTIMATELY COME TO FRUITION. EMILY: WHAT ARE YOUR BIGGEST FEARS? HOW LIKELY DO YOU THINK YOUR BIGGEST FEARS WILL BE REALIZED? >> THE STUFF THAT SARAH WAS TALKING ABOUT IS THE BIGGEST CONCERN.
HE NOW EXISTS IN A WORLD IN WHICH THE CHINESE COMMUNIST PARTY HAS TREMENDOUS LEVERAGE OVER HIM BECAUSE HE IS BUILDING A GIGAFACTORY IN CHINA. THE BUSINESS IN CHINA IS INCREDIBLY IMPORTANT TO THEIR BOTTOM LINE. IF CHINA AND THE CCP WANT TO HAVE INFORMATION ON DISSIDENTS IN HONG KONG, HE'S GOING TO HAVE A HARDER TIME RESISTING THOSE DEMANDS THAN ANY OTHER INTERNET COMPANY BUT WERE.
THEY SIMPLY DID NOT EXIST IN THESE MARKETS. TWITTER DIDN'T EXIST IN CHINA. THEY DIDN'T HAVE THE SAME EXPOSURE. ELON NOT ONLY HAS EXPOSURE IN TERMS OF BUSINESS, HE HAS REAL, ON THE GROUND ASSETS AT RISK IN AUTHORITARIAN REGIMES AROUND THE WORLD. -- WAS ONE OF THE PEOPLE KEEPING THINGS IN LINE AND THOSE MISTAKES ARE REALLY POSSIBLE. WE LIKE TO HAVE FUN WITH THE DEATH OF TWITTER, BUT THERE'S ACTUAL REAL USER HEALTH ISSUES AT RISK HERE.
THE OTHER THING IS AN INCREASE IN HATE SPEECH. WHICH HAS ALWAYS BEEN A PROBLEM FOR TWITTER, BUT WE SEE AN INCREASE IN THAT ALREADY BECAUSE PEOPLE SORT OF SENSE THERE IS A BAT SIGNAL OUT THAT SAYS IT IS OK TO ACT LIKE THAT. THAT IS GOING TO BE DIFFICULT FOR PEOPLE AT RISK ON TWITTER BUT ALSO DIFFICULT FOR HIS BUSINESS INTERESTS BECAUSE ADVERTISERS SIMPLY DON'T WANT TO BE IN A PLACE THAT LOOKS LIKE A CESSPIT. EMILY: PEOPLE ARE ALREADY BEING REINSTATED. KANYE WEST. ELON HAS SAID NO BIG DECISIONS WILL BE MADE
UNTIL HIS COUNSEL IS FORMED. HOW SOON DO YOU THINK DONALD TRUMP IS REINSTATED? BEFORE THE MIDTERMS? DOES IT AFFECT THE MIDTERMS? >> I DO NOT THINK IT AFFECTS THE MIDTERMS. I THINK HE WILL END UP DOING IT OUTSIDE THE COUNCIL'S DECISION.
I THINK IT WILL BE SOMETHING HE DOES ON A WHIM. I DON'T THINK THE COUNCIL IS A SUPER SERIOUS THING. I ALSO DON'T THINK THE REINSTATEMENT OF DONALD TRUMP IS NOT THE MOST IMPORTANT ISSUE. IT IS EASY TO FOCUS ON THAT
BECAUSE IT IS A BIG TOPIC THAT GETS OUTSIZED ATTENTION, PARTICULARLY FROM MY BACKGROUND IN POLITICS. BUT THE TYPES OF USER SAFETY AND HARASSMENT ISSUES THAT HAPPEN ALL THE TIME REALLY HAPPEN IN THE -- AND NOT IN THAT KIND OF BIG MOMENT. THEY HAPPEN IN COMPLAINTS BETWEEN USERS. PEOPLE'S PERSONAL INFORMATION BEING REVEALED AND THE KINDS OF DECISIONS FOLKS ARE GOING TO HAVE TO MAKE AT THE COMPANY AND NOW THEY ARE GOING TO HAVE TO DO IT WITHOUT SENIOR LEADERSHIP AND WITH MUCH FEWER RESOURCES THAN THEY HAD PREVIOUSLY. THAT IS NOT ONLY BAD FOR THE WORLD, THAT IS GOING TO HURT HIS BUSINESS PROSPECTS FOR HE IS GOING TO BE IN A SITUATION WHERE HE IS LOSING $2 BILLION A YEAR ON INTEREST PAYMENTS TO THE DATA AS WELL AS COSTS OF RUNNING THE COMPANY AND IT IS ONLY DICK GROAT -- IT IS ONLY GOING TO CREATE A DOWNWARD SPIRAL BECAUSE HE HAS CREATED A PLACE THAT IS ABANDONED AND NEGLECTED. EMILY: IS THE CLOCK TICKING? HOW LONG DO YOU THINK PEOPLE TAUNTED TWITTER FOR? >> I THINK HE EVENTUALLY REALLY IS.
HE IS OBVIOUSLY VERY RICH. LESS RICH THAN BEFORE HE STARTED THIS NONSENSE. HE WILL EVENTUALLY GET TIRED OF SPENDING BILLIONS OF DOLLARS A YEAR OUT OF POCKET TO SERVICE INTEREST DEBT THAT IS -- HALF OF WHICH AT A FLOATING RATE, THAT IS GOING TO END UP MOVING OFF MORGAN STANLEY BOOKS TO SOME SORT OF DISTRESSED DEBT FUND. HE IS GOING TO CONTINUE TO HAVE TO SERVICE THAT DEBT AS WELL AS PAYING TO DO THESE WONDERFUL THINGS THAT WERE IMAGINED AT THE TOP OF THE HOUR. YOU DON'T GET TO JUST CREATE
YOUTUBE OUT OF TWITTER. JUST BY BRINGING IN A BUNCH OF TESLA ENGINEERS TO REVIEW THE CODE. THAT TAKES A TREMENDOUS AMOUNT OF ENERGY AND RESOURCES TO ACTUALLY PULL OFF. THERE HAVE BEEN RIDICULOUS PREDICTIONS ABOUT HOW QUICK THE ELONG CAN CHANGE COURSE. SOME GUYS IN APRIL WERE SAYING WITH JUST A FEW TESLA ENGINEERS, ELON COULD REMOVE THE SPAM PROBLEM FROM TWITTER OVER THE WEEKEND.
THEY WERE ON SITE YESTERDAY, WE WILL GIVE THEM A THREE-DAY WEEKEND AND SEE IF SPAM IS STILL AROUND MONDAY. I'M GOING TO GUESS THAT IT IS. IT IS NOT THAT EASY TO CHANGE THE TRAJECTORY OF THESE THINGS IN THE COMPANY IS GOING TO GO THROUGH A COMPLETELY CHAOTIC TRANSITION WHERE IT IS ESSENTIALLY LEARNING HOW TO OPERATE FROM DAY ONE EXCEPT IT IS ALREADY AN CERTAIN FOR THOUSANDS OF BOYS.
IT IS NOT CAN END WELL FOR HIM. EMILY: ARE YOU GOING TO KEEP TWEETING? >> OF COURSE. I WILL SEND THE LAST TWEET. I AM NOT LEAVING THE SITE. YET AGAIN, I EXIST IN A VERY PRIVILEGED SPACE. I DO NOT GET MESSED WITH BY THESE ELON STANDS. THE ONLY TIME I SEE HATE IS WHEN I GET RETWEETED BY TECH REPORTER.
SPECIFICALLY THAT, BECAUSE THAT GETS TRENDED BY FOLKS ON THE PLATFORM. I'M GOING TO KEEP TWEETING. THERE ALWAYS BE A PLACE FOR TWEETS IN THE WORLD. I JUST THINK IT IS GOING TO BE MUCH DIMINISHED. EMILY:
AS A JOURNALIST WHO COVERS TECH, I APPRECIATE THAT ANSWER. JASON COLMAN, FORMER WHITE HOUSE CHIEF DIGITAL OFFICER. THANK YOU SO MUCH FOR YOUR HELPING US TO TRY TO MAKE SENSE OF THIS JOURNEY. COMING UP, HOW TWITTER WILL IMPACT THE CRIP.
-- THE CRYPTO SPACE. EMILY: DOGE COIN IS SOARING. UP 44% IN A WEEK. IN CRAIG CRYPTOCURRENCY THAT WAS PUMPED UP BY MANY IN THE BLOCKCHAIN COMMUNITY WHICH THRIVES ON TWITTER. THIS IS A GOOD QUESTION, WOULD CRYPTO BE SO DISRUPTIVE IF IT WEREN'T FOR TWITTER? SONALI: LOOK AT THE PRICE ACTION ALONE IN THE DAYS MOVING UP TO THIS DEAL. YOU HAVE -- UP 20%. IT IS GETTING BACK DOWN A LITTLE BIT NOW AND IS ESSENTIALLY FLAT. WE ALSO SEE DOGE COIN UP 43%. ALMOST 44% OVER A SEVEN-DAY
PERIOD TO YOUR POINT, WOULD IT BE DISRUPTIVE WITHOUT TWITTER? IT IS A HUGE PLACE OF DISCOURSE WHEN IT COMES TO CRYPTOCURRENCIES AND COMMUNITIES AROUND CRYPTOCURRENCIES BUT ABOUT HOW MUCH SOCIAL MEDIA ITSELF AND OTHER PLATFORMS ALSO HAVE HELPED FUEL CERTAIN TOKENS AND THE DISCOURSE AROUND THEM. EVERYTHING FROM TIKTOK TO READ IT PLAYED A HUGE ROLE. AS WELL AS DISCORD. AT DISCORD TO THAT LIST TOO, ALTHOUGH THERE ARE A LOT OF QUESTIONS ABOUT DISCORD. BUT I THINK WHAT IS INTERESTING HERE IS NOT JUST THE QUICK COMMUNITY RALLYING AROUND ELON MUSK, OR EVEN CERTAIN COINS, BUT WHAT HAPPENS TO KNOW FROM HERE. WHERE DOES IT GO IN TERMS OF
HOW IT FITS INTO THE BROADER CREEK -- BROADER TWITTER ENVIRONMENT? EMILY: WHAT COULD ELON MUSK DO TO MAKE TWITTER MORE CRYPTO FRIENDLY? SONALI: IT'S NOT REALLY JUST ABOUT THE DISCOURSE. A LOT OF US HERE REMEMBER TWITTER REALLY LEANED IN TO CRYPTO UNDER JACK DORSEY. LATE LAST YEAR THEY REALLY FOCUSED ON USING THE LIGHTNING NETWORK AND STRIKE TO BE TIPPING USERS OVER THE LIGHTNING NETWORK ELON MUSK, IT IS INTERESTING TO THINK ABOUT WHAT THIS MEANS FOR A SUPER APP, BUT HE ALSO HAS THE PAYPAL MAFIA. WE KNOW HE IS FRIENDLY TO CRYPTOCURRENCIES AS A WHOLE AND HE IS STEEPED IN THE PAYMENTS WORLD AS WELL. CAN TWITTER BE A MORE SIGNIFICANT MEANS OF SENDING PAYMENTS ACROSS BORDERS? IS THAT A PRIORITY? IT IS SOMETHING WE HAVE NOT SEEN MOVEMENT ON SINCE THE INITIAL ANNOUNCEMENT WHERE DOES IT FALL IN THE GRAND SPAN OF HIS PLANS FOR CONTENT MODERATION AND OTHER THINGS FOR TWITTER THAT ARE OF MORE IMMEDIATE CONCERN? EMILY: INDEED.
LOTS OF LOOMING QUESTIONS. SONALI BASAK, HAVE A GOOD WEEKEND. UP NEXT, BACK TO TWITTER HEADQUARTERS WHERE ED LUDLOW IS STANDING BY. THIS IS BLOOMBERG. ♪ ♪ EMILY: BACK TO ED LUDLOW WHO HAS BEEN OUT TWITTER HAD ORDERS ALL DAY.
NO ELON SIGHTINGS, RIGHT? ED: NOW. -- NO. ALL I KNOW IS THAT SENIOR ENGINEERS WITHIN TWITTER PRODUCT TEAMS HAVE BEEN SUMMONED TO MEETINGS. IN THOSE MEETINGS, THERE ARE TESLA ENGINEERS. SOME -- APPOINTMENTS WITH ELON MUSK LISTED AS PARTICIPANTS, ASKED TO BRING PRINTOUTS OF THE LAST 30 DAYS OF THE SOURCE CODE THEY HAVE WORKED ON FOR TWITTER. MY UNDERSTANDING IS THE WHOLE POINT OF THIS EXERCISE IS TO HELP MUSK UNDERSTAND HOW TWITTER WORKS.
EMILY: ELON HAS BEEN TWEETING. MAKING WHAT LOOKED TO BE JOKES. IN TYPICAL ELONG FASHION, TWEETING THINGS THAT ARE DIFFICULT TO SEPARATE FROM FICTION. ED: WHAT WE KNOW IS INDIVIDUALS CAME OUTSIDE TWITTER HAD ODORS BEHIND ME, THEY POSED AS TWITTER EMPLOYEES AND CLAIMED THEY HAD BEEN LAID OFF. SOURCES INSIDE TWITTER HAVE SHARED WITH ME THIS WAS A HOAX. THESE WERE NOT TWITTER EMPLOYEES. WE PUT MULTIPLE REQUESTS FOR
COMMENTS TO MUSKET HIS TEAM. AS IS STANDARD WITH ELON MUSK, THERE WAS NO COMMENT FORTHCOMING. HE DID TWEET A MEME. HE RESORTED TO MEME RIDICULE.
EMILY: WE TALKED TO ROSS GERBER ABOUT ONE OF THE INVESTORS IN TWITTER UNDER ELON MUSK, EVEN THOUGH HE DIDN'T LOVE THE IDEA OF ELON MUSK OWNING TWITTER BECAUSE HE IS AN INVESTOR IN TESLA AND SPACEX. HE SAID PART OF SUPPORTING ELON IS KNOWING YOU ARE IN FOR AN UNPREDICTABLE RIDE. YOU JUST HAVE TO ACCEPT THAT YOU DON'T KNOW HOW THIS IS GOING TO END.
FOR THOSE WHO ARE STICKING AROUND, WHY? WHAT ARE THEY PREPARING FOR? >> ELON HAS A GOOD TRACK RECORD OF PRODUCT IMPROVEMENT AND INNOVATION. LOOK AT WHAT SPACEX HAS DONE. LOTS OF TWITTER INSIDERS I HAVE SPOKEN TO ARE EXCITED ABOUT THE PROSPECT OF THE COMPANY BEING OWNED BY ELON MUSK. THE DIFFICULTY IS THAT THE UNCERTAINTY OUTWEIGHS WHAT THEY KNOW ABOUT THE CHANGES COMING FOR THE COMPANY. THE THREAT OF LAYOFFS IS REAL. A LOT OF FOLKS IN TWITTER WORK INSIDE THAT BUILDING ARE WORRIED FOR THEIR LIVELIHOOD. I THINK A LOT OF CHANGE IS TO COME.
RIGHT NOW THE FOCUS IS ELON MUSK TRYING TO UNDERSTAND HOW THE TWITTER PLATFORM AND THE CODE THAT UNDERWRITES ALL OF IT REALLY WORKS. EMILY: ROSS GERBER ALSO SAID HE THINKS THE NUMBER OF LAYOFFS WILL BE MORE LIKE 50% RATHER THAN 75%. ANY CONFIRMATION ON THAT? ED: NO. MUSK DENIED HE KNEW WHERE THAT 75% FIGURE CAME FROM. EMILY: MORE TO COME.
WE ARE GOING TO KEEP ON THIS STORY IN THE DAYS AND WEEKS AHEAD. THAT DOESN'T FOR BLOOMBERG TECHNOLOGY. MONDAY, WE'VE GOT PINTEREST. PINTEREST UP ON THE BACK OF THE RESULTS. WE ASK WHY. THIS IS BLOOMBERG. ♪
2022-10-29 19:40
