CAROLINE: I'M CAROLINE HYDE IN NEW YORK. ED: AND I'M ED LUDLOW IN SAN FRANCISCO. THIS IS "BLOOMBERG TECHNOLOGY." CAROLINE:
SAM BANKMAN-FRIED IS TAKING QUESTIONS IN THE WAKE OF THE FTX CONTAGION. WE WILL BRING YOU THE HEADLINES AS WE GET THEM. ED: AND THE TRAGEDIES OF TIKTOK. BLOOMBERG'S BIG TAKE INVESTIGATES HOW TRENDING CHALLENGES ON THE PLATFORM ARE TURNING OUT TO BE DEADLY FOR SOME CHILDREN. WE DISCUSS WHY THE WORLD'S MOST POPULAR APP IS NOT DOING MORE TO PROTECT THEM. CAROLINE: MEANWHILE, THE CEOS OF EARN YOUR LEISURE ARE SET TO EXPLAIN WHY THEIR PLATFORM IS SELLING OUT VENUES FROM MSG TO THE ROYAL ALBERT HALL. FIRST, LET'S CHECK ON ON THESE
MARKETS. WHAT A DAY FOR TECH STOCKS. WE ARE HAVING OUR HIGHEST RATE ON THE S&P 500 SINCE SEPTEMBER 9, UP FOR THE BIGGEST DAY SINCE NOVEMBER 10, WHICH SHOWS HOW VOLATILE MARKETS CONTINUE TO BE. THE NASDAQ 100 GETTING UP A LOFTY 4.5%. CHIP STOCKS UP MORE THAN 5.8%. THE REASON WHY, A MORE DOVISH INTERPRETATION OF ONE FED CHAIR POWELL. HE WAS TALKING ABOUT THE DIRECTION, THE PIECE OF RATE HIKES. IT LOOKS AS THOUGH THAT PACE MIGHT QUIETEN A BIT. THE MARKET IS PRICING AND.
AT THE MOMENT THERE SEEMS TO BE SOME RELIEF THAT MAY BE THOSE PACE OF RATE HIKES, AT LEAST THE 75 BASIS POINTS, MAY BE DOWNING BACK. THIS IS A STORY OF MACRO IMPACT ON. TECH STOCKS THE REASON WE SEE A LOFTY PUSH HIGHER IN TERMS OF VALUATIONS IS BECAUSE OF BORROWING COSTS. FOCUS ON THE TWO YEAR YIELD, WHICH WE SAW PULLBACK ON THE DATE.
DOWN 16 BASIS POINTS FOR A TWO YEAR YIELD, THAT IS THE REASONING BEHIND THE BUYING OF TECH STOCKS IN LARGE TODAY. ED: POWELL HAVING AN EFFECT ON INDIVIDUAL MOVERS AS WELL. SOME OF THE BIGGEST POINTS GAIN ON THE NASDAQ 100. APPLE PUSHING HIGHER AFTER POWELL'S COMMENT.
WE SAW A TWEET FROM ELON MUSK SUGGESTING HE GOT GIVEN A TOUR BY APPLE'S TIM COOK OF THE APPLE CAMPUS NOT FAR FROM ME. DOORDASH UP 9% AFTER A BLOOMBERG SCOOP THAT IT IS CUTTING ITS WORKFORCE BY 6%. CROWD STRIKE AT ONE POINT DOWN THE MOST ON RECORD, BUT CLOSING DOWN 15% AFTER FOURTH-QUARTER FORECAST REVENUE WAS WAY OFF WITH THE STREET WAS LOOKING FOR.
CRYPTO RELATED STOCKS PUSHING HIGHER. WE SEE A SHORT-TERM RECOVERY AT LEAST IN SOME DIGITAL ASSETS. BITCOIN HAS BEEN INTERESTING, BACK ABOVE $17,000 PER TOKEN. WE BREACHED THAT BEFORE POWELL MADE THOSE COMMENTS, BUT AFTER THOSE COMMENTS WE PUSH HIGHER ON BITCOIN. CAROLINE: WE KEEP AND I ON ALL THINGS RELATED TO BITCOIN, CRYPTO. BLACKROCK CHIEF EXECUTIVE LARRY FINK SAID MOST CRYPTO COMPANIES WILL PROBABLY FOLD IN THE WAKE OF FTX'S COLLAPSE.
THIS, AS NOW WE SEE SAM BANKMAN-FRIED HAS TAKEN TO THE VIRTUAL STAGE, APPEARING AT THE EVENT AS WE SPEAK. SONALI BASAK IS HERE WITH SOME HEADLINES COMING FROM THAT EVENT. SAM BANKMAN-FRIED SAYING TO HIS KNOWLEDGE, FTX IS SOLVENT, AND OVERALL THAT HE MADE A LOT OF MISTAKES AS THE CEO OF FTX. SONALI: YOU HAVE HIM ANSWERING A QUESTION ABOUT A LETTER FROM A GENTLEMAN WHO LOST HIS LIFE SAVINGS. THEN HE ASKED SAM BANKMAN-FRIED TO ANSWER TO THAT LETTER. THAT IS WHEN HE SAID FTX U.S. TO HIS KNOWLEDGE WAS SOFTENED
AND THEY COULD -- WAS SOLVENT AND THEY COULD WITHDRAW TODAY IF THEY ALLOWED FOR IT. WE KNOW HE HAD AN INTERVIEW WITH AXIOS WHERE HE TALKED ABOUT GETTING THOSE LICENSES AROUND THE WORLD VERY QUICKLY. THE ISSUES THAT HAVE RESULTED FROM THOSE INTERNATIONAL LICENSES THAT HAVE BEEN ACCUMULATED SO QUICKLY. HE STARTED OFF WITH SOME OF THE THINGS HE SAID BEFORE. HE IS DEEPLY SORRY. HE WISHED HE HAD DONE THINGS DIFFERENTLY, BUT IT WAS ONLY A MONTH AGO WHEN HE WAS EXCITED ABOUT THE PROSPECTS FOR FTX. THE TONE HE HAS BEEN TAKING IS PRETTY SOMBER AND APOLOGETIC.
ED: THERE IS CERTAINLY A LEVEL OF CONTRITION FROM SAM BANKMAN-FRIED. HE SAYS HE HAS MISTAKES THAT HE WISHES HE COULD CHANGE. WE WILL CONTINUE TO BRING THE HEADLINES AS THEY CROSS. WHAT ARE THE KEY QUESTIONS WE WANT ANSWERED ON THE STAGE? SONALI: IT WAS ACKNOWLEDGED THAT THE DOLLARS, WHERE EVERYTHING HAD GONE, THEY MIGHT GET INTO THE DETAILS OF THOSE TRANSACTIONS. THEY ARE STARTING WITH THE
BIGGER ISSUE AT PLAY. WILL WE GET THOSE ANSWERS ABOUT WHERE THE MONEY WENT, PARTICULARLY THAT $8 MILLION HOLE -- $8 BILLION HOLE IN THEIR BALANCE SHEET? CAROLINE: A HUGE STORY HERE ON BLOOMBERG NEWS TODAY, A SECURITY CONCERN OF A DIFFERENT TYPE, TIKTOK. THEY KEEP GROWING. SOUTH DAKOTA IS ACTING ON IT, BANNING TIKTOK ON ITS GOVERNMENT EMPLOYEE DEVICES AFTER THEY SAID THE GOVERNMENT -- SAID THE APP'S OWNERSHIP BY THE CHINESE GOVERNMENT POSES A NATIONAL SECURITY THREAT. THIS TIME, CONCERNS SURROUNDING CHILDREN'S SAFETY ON THE PLATFORM. IT WAS THE FRONT COVER OF THIS WEEK'S BUSINESSWEEK AND WAS A REAL DEEP DIVE INTO SOME PARTICULARLY HEART-WRENCHING STORIES.
I MUST WARN YOU, THEY INVOLVE THE DEATH OF SOME CHILDREN. OLIVIA, IT WAS A DEVASTATING READ FOR ANYONE, BUT I'M SURE ALSO OF EXECUTIVES THAT LEAD A BUSINESS SUCH AS TIKTOK THAT IN MANY WAYS GETS SINGLED OUT BECAUSE OF CERTAIN TRENDS THAT OCCUR ON THE PLATFORM THAT CHILDREN WHO ARE TOO YOUNG CONSUME AND THEN ARE IN SOME WAYS AFFECTED BY. TALK ABOUT HOW YOU CAME ACROSS THE STORY AND REPORTING. OLIVIA: WE HAVE BEEN SEEING CASES OF CHILDREN WHO ARE TOO YOUNG TO BE ABLE TO ACCESS SOCIAL MEDIA PLATFORMS HAVING STATING CONSEQUENCES. LAST YEAR WE SAW SOMEONE TESTIFYING IN CONGRESS ABOUT FACEBOOK AND INSTAGRAM AND THE MENTAL HEARTH -- THE MENTAL HEALTH HARMS IT HAS BEEN CAUSING.
WE HAVE BEEN SEEING A NUMBER OF CHILDREN DYING PARTICIPATING IN TRENDING CHALLENGES ON PLATFORMS. I WANTED TO GET A SENSE OF WHAT HAPPENS INSIDE SOME OF THESE COMPANIES WHEN THE WORST CASE SCENARIO OCCURS. WHEN AN EIGHT OR NINE-YEAR-OLD CHILD DIES PARTICIPATING IN AN ONLINE DARE OR TRENDING CHALLENGE, HOW DOES THE COMPANY RESPOND? IS SOCIAL MEDIA TO BLAME IN ANY OF THESE CASES? THE QUESTION OF LIABILITY OR RESPONSIBILITY OVER THESE DEATHS IS A BIG ONE. WE ARE SEEING LAWSUITS FILED IN
THE U.S. RECENTLY TRYING TO RAISE THAT QUESTION IN THE COURTS. ED: YOU OUTLINED TWO SPECIFIC CASES OF CHILDREN WHO DIED CARRYING OUT OR EMULATING SOMETHING THEY SAW ON THE TIKTOK PLATFORM. I WOULD ENCOURAGE OUR GLOBAL AUDIENCE TO READ THAT STORY, BUT YOU ALSO REPORT ON THE RESPONSE FROM WITHIN TIKTOK, SOURCES AT THE COMPANY EXPLAINED TO YOU WHAT EXECUTIVES DID NEXT. OLIVIA: I WAS CONNECTED WITH MORE THAN TWO DOZEN INDIVIDUALS WHO WORKED ON TIKTOK'S TRUST AND SAFETY TEAM TO TRY AND GET A SENSE OF HOW TIKTOK INTERNALLY HANDLES THESE SITUATIONS.
THE COMPANY HAS A TRUST AND SAFETY TEAM THOUSANDS STRONG. THEY HAVE ABOUT 40,000 CONTENT MODERATORS LOOKING AT THE VIDEOS THAT ARE POSTED ON TIKTOK ON A DAILY BASIS, TAKING DOWN ANYTHING PROBLEMATIC OR POTENTIALLY HARMFUL. THEY HAVE STRICT POLICIES AND GUIDELINES SET UP TO PROTECT CHILDREN. THE PLATFORM HAS CREATED A NUMBER OF SAFETY MECHANISMS TO TRY AND KEEP KIDS SAFE, BUT CHILDREN ARE SMART AND THEY KNOW HOW TO SIDESTEP THOSE RESTRICTIONS. IN TERMS OF THE VIDEOS I WAS
SEEING MORE RECENTLY THAT HAVE BEEN LINKED BACK TO THE BLACKOUT CHALLENGE, KIDS WHO STARTED TO MISSPELL THE WORDS OR COME UP WITH -- COME UP WITH DIFFERENT CODENAMES TO AVOID THOSE SAFETY RESTRICTIONS AND KEEP THIS CHALLENGE TRENDING. CAROLINE: WE INTERESTINGLY WENT TO OUR OWN AUDIENCE VIA TWITTER AND ASKED, HOW CAN SOCIAL PLATFORMS SUCH AS TIKTOK BECOME SAFER? INTERESTINGLY THE MAJORITY, ONLY 41%, 42%, CALLE DOF -- CALLED FOR MORE REGULATION. WHAT IS NOTICEABLE IS MORE THAN 70% OF U.S. CHILDREN HAVE A CELL PHONE BY THE AGE OF 12.
HALF OF ALL KIDS FROM 8 TO 11 AND THE U.K. ARE VIEWING TIKTOK CONTENT DAILY. IS THERE A TECHNOLOGICAL MANNER IN WHICH PLATFORMS SUCH AS TIKTOK CAN MAKE SURE THAT SOMEONE WHO IS CLAIMING TO BE 13 IS ACTUALLY 13? OLIVIA: THAT IS IMPORTANT TO REMEMBER, THAT PEOPLE WHO ARE 13 -- THAT CHILDREN WHO ARE 13 AND YOUNGER ARE NOT SUPPOSED TO BE ON THESE PLATFORMS. THERE ARE LAWS SET UP TO PREVENT THEM FROM BEING
ON TIKTOK, BUT UNFORTUNATELY IT IS HARD TO FIGURE OUT HOW OLD A USER IS. HOW DO YOU TELL THE DIFFERENCE BETWEEN A 14 AND 15-YEAR-OLD? IT'S HARD FOR HUMANS TO DO THAT, LET ALONE TRAIN AN ARTIFICIAL INTELLIGENCE TO DO THAT. THERE HAVE BEEN COMPANIES SET UP TRYING TO TACKLE THIS PARTICULAR ISSUE, THE ISSUE OF AGE VERIFICATION, WHICH IS SOMETHING THAT OLD SOCIAL MEDIA PLATFORMS ARE FACING. THESE THIRD-PARTY PROVIDERS ARE OFFERING SOFTWARE THAT CAN ACTUALLY TELL IT WHEN IT IS A CHILD OR WHEN IT IS A TEENAGER. THEY ARE RELATIVELY ACCURATE. I WAS TALKING TO A NUMBER OF THESE PROVIDERS, HOW DOES THE SOFTWARE WORK, WHAT CAN YOU ACTUALLY DO? UNLIKE FACIAL RECOGNITION TECHNOLOGY, TRYING TO IDENTIFY THE INDIVIDUAL IN THE PHOTO, THIS SOFTWARE IS JUST LOOKING AT THEIR FACE AND GUESSING AN AGE. I SENT THEM A VIDEO OF A NINE-YEAR-OLD GIRL WHO DIED PARTICIPATING IN ONE OF THESE CHALLENGES ON TIKTOK, AND IT TOOK THAT SOFTWARE THREE SECONDS TO DETECT HER AGE, SAID SHE WAS 10 YEARS OLD.
SHE DIED THREE MONTHS BEFORE HER 10TH BIRTHDAY. ED: BLOOMBERG'S OLIVIA, EXCELLENT REPORTING. I ENCOURAGE PEOPLE TO READ THAT ON BLOOMBERG.COM, THE TERMINAL, AND BUSINESSWEEK. COMING UP, WHAT APPLE'S CEO TIM
COOK WILL BE DOING IN WASHINGTON. THIS, AS APPLE IS NEVER GETTING TOUGH WATERS IN CHINA. WE WILL BRING YOU THE LATEST. LET'S TAKE A LOOK AT SALESFORCE, HOW IT'S TRADING AND AFTER HOURS. DOWN 6.5%.
THE CEO LEAVING THE COMPANY JANUARY 31. A TEPID FORECAST FOR THE CURRENT PERIOD THAT CAME AT THE LOW END OF ANALYST EXPECTATIONS. THIS IS BLOOMBERG. CAROLINE: APPLE'S CEO TIM COOK IS MEETING WITH TOP REPUBLICAN LAWMAKERS IN WASHINGTON AS THE COMPANY SEEKS TO FORGE TIES WITH THE GOP HEAD OF THE PARTY'S TAKE HER OVER -- TAKEOVER OF THE HOUSE. INTERESTING TIMING GIVEN THE RECENT TIRADE FROM ELON MUSK.
HE SUGGESTED HE WAS ACTUALLY AT APPLE HEADQUARTERS TODAY WITH TIM COOK. OUR VERY OWN MARK GURMAN IS HERE WITH THE LATEST. TALK TO US ABOUT THE VISIT ITSELF FROM TIM COOK. MARK: CLEARLY COOK IS HAVING A BUSY
WEEK. HE'S SCHEDULED TO MEET WITH TOP D.C. LAWMAKERS. HE HAS ELON MUSK AT THE APPLE PARK HEADQUARTERS EARLIER TODAY AROUND LUNCHTIME. THEY WENT THROUGH A WALK THROUGH THE CAMPUS. WE ALL KNOW WHAT THEY TALKED ABOUT. I'M CURIOUS TO KNOW IF MUSK
ASKED FOR SPECIAL PRICING ON THE APP STORE. IN TERMS OF THIS D.C. MEETING HE'S SCHEDULED TO MEET WITH JIM JORDAN. SOME OF THESE LAWMAKERS HE'S MEETING WITH, THEY WILL BE AT THE TOP OF THE GOP WHEN THEY TAKE BACK THE HOUSE NEXT YEAR, SO IT'S IMPORTANT FOR COOK TO REBUILD THESE RELATIONSHIPS GIVEN THE CHANGEOVER HAPPENING IN CONGRESS. APPLE WILL CONTINUE TO BE UNDER A LOT OF SCRUTINY, WHETHER IT'S THE TWITTER SITUATION, FREE SPEECH, CONTENT MODERATION, WHETHER THAT HAS TO DO WITH THE APP STORE AND FEES THAT SOME DEVELOPERS ARE NOT HAPPY WITH. WE HAD THE EPIC GAMES TRIAL THAT REMAINS ONGOING.
PRIVACY AND SECURITY, THE ENVIRONMENT, CLEARLY MANY DIFFERENT ISSUES THAT APPLE AND CONGRESS ARE OVERLAPPING WITH THAT WE WILL CONTINUE TO DISCUSS FOR YEARS AHEAD. THERE ARE THE EFFORTS TO REIN IN ON TECH JOINS OVERALL. IT IS IMPORTANT FOR COOK TO HAVE THESE RELATIONSHIPS WITH TOP LAWMAKERS. ED: WE ASKED APPLE IF ELON MUSK WAS
TELLING THE TRUTH WHETHER HE WAS IN APPLE HQ OR NOT. MY UNDERSTANDING IS APPLE DID NOT RESPOND TO THAT REQUEST. MAYBE YOU CAN CLARIFY. THE OTHER STORY IS CHINA.
GIVE US THE LATEST AROUND IPHONE 14 PRO PRODUCTION THERE. MARK: REGARDING MUSK AND HIS VISIT TO APPLE TODAY, I HAVE NO REASON TO BELIEVE THAT VISIT DID NOT HAPPEN. IT LOOKS LIKE TIM WAS THERE, FROM WHAT I HAVE HEARD, MUSK WAS THERE TODAY. MUSK LIKES TO PRANK A LOT ON TWITTER AND TWEET THINGS THE PUBLIC WOULD NOT NECESSARILY BELIEVE OR NOT ENTIRELY ACCURATE, BUT I DON'T THINK THIS ONE WAS INACCURATE TO SAY THE LEAST. IN TERMS OF THE IPHONE 14, WE ARE HEARING
THERE'S GOING TO BE A UNIT DECLINE FROM THE ORIGINAL 90 MILLION TO NORTH OF 80 MILLION. THAT IS A COMBINATION OF THE RIOTS AND COVID IMPACT ON THE I-440 TEAM -- IPHONE 14 PRO FACTORY, BUT PEOPLE NOT BUYING THE REGULAR IPHONE 14 MODELS IN QUANTITIES THAT APPLE INITIALLY ANTICIPATED. I THINK THINGS ARE TURNING TO TURN AROUND. I ORDERED AN IPHONE 14 PRO FROM VERIZON EARLIER THIS WEEK AND THAT IS SCHEDULED TO ARRIVE IN MID-DECEMBER. I THINK THINGS WILL IMPROVE THE NEXT FEW WEEKS. ED:
BLOOMBERG'S MARK GURMAN, THANK YOU. LET'S STICK WITH APPLE AND DIG INTO IT WITH AN I.T. HARDWARE ANALYST AT CREDIT SUISSE. SHE JOINS US FROM THE CREDIT SUISSE ANNUAL TECHNOLOGY CONFERENCE. YOU POINT OUT THAT IF YOU HAD TRIED TO BUY AN IPHONE 13 AT THE SAME TIME LAST YEAR YOU WOULD GET IT MUCH MORE QUICKLY THAN IF YOU TRIED TO BUY AN EYE FOR -- BUY AN IPHONE 14 PRO MODEL RIGHT NOW.
WHAT IS GOING ON WITH APPLE? >> CLEARLY THERE ARE ISSUES WITH PRODUCTION. EVERYONE HAS SEEN THE VIDEOS AND WHAT IS GOING ON IN CHINA RIGHT NOW. I THINK CHINA -- I THINK APPLE IS WORKING AS HARD AS THEY CAN TO HELP RESTART PRODUCTION. THEY HAVE PEOPLE ON THE GROUND THAT ARE TRYING TO HELP THE EMPLOYEES AND FIX SOME OF THE ISSUES. APPLE DID PUT OUT A PRESS
RELEASE A FEW WEEKS AGO SAYING THERE WAS GOING TO BE SOME CHALLENGES WITH SUPPLY. WHAT WE ARE LOOKING AT BASICALLY IS A SITUATION WHERE RIGHT NOW IF YOU ORDER ON APPLE.COM, YOU WILL GET YOUR PHONE BEFORE THE END OF THE YEAR. I'M WATCHING TO SEE WHEN THAT SHIFTS INTO JANUARY, AND AT THAT POINT THEN THAT REVENUE WILL NOT HIT IN THE DECEMBER QUARTER AND SHIFT INTO THE MARCH QUARTER. I DON'T THINK AT THIS POINT WE HAVE SEEN DEMAND DESTRUCTION.
THE BIGGER ISSUE IS JUST A SUPPLY ISSUE. CAROLINE: YOU HAVE AN OUTPERFORM RATING ON THE STOCK, $184 PRICE TARGET. TALK TO US ABOUT THE RISKS TO THE UPSIDE OR DOWNSIDE.
ARE YOU WORRIED NOT ONLY ABOUT SUPPLY CHAIN HEADACHES, BUT THE PR HIT A COMPANY LIKE APPLE HAS I HAVING SO MUCH SUPPLY CHAIN IN CHINA, AND THE HUMAN COST OF THAT, OR IS THAT NOT A KEY CONCERN FOR YOU? SHANNON: IT'S ALWAYS BEEN A RISK FOR APPLE. APPLE HAS A GOOD RELATIONSHIP WITH GOVERNMENTS AROUND THE WORLD. THEY EMPLOY AN AWFUL LOT OF PEOPLE.
THERE ARE A MILLION PEOPLE THAT ARE EMPLOYED AROUND THE FACTORY AREA. IT IS NOT JUST THE FACTORY, IT'S THE SHOP DOWN THE STREET THAT MAKES THE WIDGET THAT GOES IN THE PHONE, AND THE ONE THAT MAKES THE GLUE. THEY HAVE A STRONG ECOSYSTEM OF PRODUCTION. IT IS A RISK. WHENEVER YOU HAVE SOMETHING IN ONE AREA, IT IS SUSCEPTIBLE TO ISSUES.
I THINK APPLE HAS SHOWN DURING THE PANDEMIC THAT THEY WERE ABLE TO COME IN WITH THEIR PARTNERS. THEY ARE SHIFTING SOME MANUFACTURING TO INDIA, ALTHOUGH THAT WOULD TAKE A LONG TIME. THEY HAVE SPENT 15 YEARS BUILDING THIS SUPPLY CHAIN IN CHINA, AND YOU CAN'T JUST REPLACE THAT OVERNIGHT. I DON'T THINK THEY WOULD WANT TO. CHINA IS AN IMPORTANT MARKET FOR THEM AS WELL. FROM THE STANDPOINT OF THE CHINESE GOVERNMENT, IT IS IMPORTANT, TO KEEP PEOPLE EMPLOYED. FROM APPLE'S PERSPECTIVE, THEY ARE PRETTY RELIANT AT THIS POINT. ED: SHANNON, YOU COVERED THE WORLD
OF HARDWARE, BUT THAT ENCOMPASSES MANY COMPANIES. A NAME THAT JUMPED OUT TO ME IS HP INC, UP TO 6000 JOBS CUT OVER THE NEXT THREE YEARS. WHAT IS YOUR ASSESSMENT OF JOB CUTS IN THE WORLD YOU COVER, AND JUST FINANCIAL DISCIPLINE IN RESPONSE TO A SLOWDOWN IN END MARKETS? SHANNON: THIS IS THE CREDIT SUISSE 26 AND HE WILL CONFERENCE. WE HAVE 1300 ATTENDEES. I INTERVIEWED THE CFO OF HP TODAY. HP IS IN AN INTERESTING SITUATION.
YOU COME OUT OF THE PANDEMIC WHERE PC'S WERE ELEVATED AND YOU HAD HYBRID WORK, SO PEOPLE NEEDED A PC AND PRINTER. NOW WE ARE IN A SITUATION WHERE THEY ARE DIGESTING THINGS. HP HAS CERTAIN PILLARS OF GROWTH THAT THEY ARE LOOKING AT. ONE OF THAT IS PERIPHERALS. YOU HAVE 3D PRINTING.
THEY ARE FOCUSED ON A NUMBER OF DIFFERENT AREAS. ONE OF THE THINGS THEY ARE DOING WITH THIS RESTRUCTURING IS POSITION ALL THE SYSTEMS AND THEIR SALES STRATEGY AND MANUFACTURING SUCH THAT THEY WILL BE ABLE TO SUPPORT WITH A C GROWTH IN THE FUTURE. -- TO SUPPORT WHERE THEY SEE GROWTH IN THE FUTURE. INVESTORS ARE COGNIZANT OF THE FACT THAT PRINTERS ARE IN SECULAR DECLINE. MAYBE THEY CAN MANAGE THAT DECLINE OVER TIME, BUT EVE GOT THAT. -- YOU'VE GOT THAT.
PC'S ARE IN A CYCLE. THEY WORK UP DURING -- THERE WERE UP DURING THE PANDEMIC. THE TECH COMPANIES ARE TRYING TO REDUCE COSTS, OPTIMIZE AND MANAGE FOR THE FUTURE. WHEN YOU DON'T GROW VERY MUCH OR STRUCTURE DECLINE A BIT, THE WAY TO DRIVE INCREMENTAL EARNINGS IS BASICALLY THROUGH COST REDUCTIONS AND OPTIMIZATION OF YOUR INFRASTRUCTURE. CAROLINE: AMONG THESE COMPANIES, APPLE,
DELL, WE TALK A LOT OF THE GEOPOLITICS. TALK TO US IN 30 SECONDS ABOUT THE APP STORE. HOW WORRIED ARE YOU ABOUT THE REVENUES FROM THAT? SHANNON: THE APP STORE, ONE OF THE REASONS WHY IT OUTPERFORMED DURING THE PANDEMIC WAS BECAUSE PEOPLE WERE HOME PLAYING GAMES. THAT WAS A GOOD WAY THEY GENERATE REVENUE.
WE ARE NO LONGER HOME PLAYING GAMES. THIS CONFERENCE I'M AT IS PACKED WITH PEOPLE ROAMING AROUND, INTERACTING, TRAVELING. ON AN OFFSET TO WHAT IS GOING ON IN CHINA IS YOU HAVE A SITUATION WHERE PEOPLE ARE AT HOME AND BECAUSE OF COVID RESTRICTIONS WE MAY SEE AN UPSIDE. ED:
SHANNON, I'M SORRY TO CUT YOU OFF. WE WILL HAVE YOU BACK VERY SOON. SHANNON CROSS, I.T. HARDWARE ANALYST AT CREDIT SUISSE.
COMING UP, TREASURY SECRETARY JANET YELLEN SAID SHE MISSPOKE WHEN SHE DOWNPLAYED THE POSSIBILITY OF PROBING THE MUSK-TWITTER DEAL. THIS IS BLOOMBERG. ED: TIME FOR TALKING TAX. ELON MUSK'S PURCHASE OF TWITTER COULD BE SUBJECT TO A GOVERNMENT REVIEW AFTER ALL. TREASURY SECRETARY JANET YELLEN SAID SHE MISSPOKE EARLIER THIS MONTH WHEN SHE TOLD CBS SHE SAW NO BASIS FOR SCRUTINY ON WEDNESDAY. YELLEN TOLD AN AUDIENCE THAT IF THERE ARE RISKS WITH THE DEAL IN GENERAL, ACTUALLY "IT WOULD BE APPROPRIATE FOR CFIUS TO TAKE A LOOK." THAT IS A REFERENCE TO THE
COMMITTEE ON FOREIGN INVESTMENT IN THE U.S., WHICH YELLEN LEADS. THE PANEL REVIEWS INVESTMENTS IN AMERICAN BUSINESSES BY FOREIGN BUYERS AND DECIDE IF THERE IS A NATIONAL SECURITY RISK. FOREIGN INVESTORS DID BACK MUSK'S DEAL TO TAKE TWITTER PRIVATE. A POTENTIAL ACTION BY CFIUS EMERGED DUE TO HOW MUSK'S MANY BUSINESS INTERESTS OVERLAP WITH U.S. NATIONAL SECURE DEPRAVITIES. YELLEN SAID SHE COULD NOT COMMENT SPECIFICALLY WHAT WAS BEING LOOKED AT. CAROLINE: GREAT UPDATE IN TERMS OF THE ONGOING NARRATIVE AROUND THE TWITTER DEAL.
COMING UP, WE WILL TALK A BIT ABOUT DEALS. THE D'AMELIO IS BRANCHING OUT INTO FUNDS INVESTING IN WOMEN LED STARTUPS. THIS IS BLOOMBERG. WELCOME BACK TO BLOOMBERG TECHNOLOGY.
I AM CAROLINE HYDE IN THE ALONGSIDE ED LUDLOW AND SAN FRANCISCO. DID YOU MAIL YOUR FAMILY OF TIKTOK FAME IS ANNOUNCING A $25 MILLION FUND RECENTLY INVESTED BACKING HIGH-TECH BUSINESSES BUT PRIMARILY STARTED BY WOMEN AND MINORITY FOUNDERS. TALK US THROUGH, THIS IS WHAT YOU HAVE SAID, COMBATING SYSTEMIC INEQUITIES IN THE TECHNOLOGY AND BUSINESS WORLD BY FRONT AND NEXT GENERATION OF FEMALE AND MINORITY ENTREPRENEURS. TALK TO US ABOUT THE COMPANIES YOU PICKED AND WHY THEY STOOD OUT TO YOU. >> THAT IS RIGHT. WE HAD ABOUT SIX TURNIPS TODAY. WE LOST A LITTLE OVER TWO QUARTERS AGO.
WE JUST ANNOUNCED THOSE SIX TURNIPS. FOUR OF THEM WERE BACKED BY WOMEN FOUNDERS. WE REALLY FELT IT WAS IMPORTANT TO USE OUR COLLECTIVE PLATFORMS TO BOOST BOTH WOMEN AND MINORITY FOUNDERS. WE HAVE HAD A TOUGHER TIME. HAVE BEEN UNDERREPRESENTED FOR
YEARS. OF THE FOUR WOMEN THAT COMPANIES , ALL FOUR HAD FOUNDERS PICKED RECENTLY. THAT WAS GREAT VALIDATION. PICKING REMARKABLE WOMEN FOUNDERS. >> THIS IS KIND OF TO EXPLAIN YOUR ROLE IN THIS. I FIND THIS REALLY INTERESTING. MID-STAGE HIGH-GROWTH, WE THINK ABOUT THE NEW CYCLE RIGHT NOW, LAYOFFS ACROSS TECH, THE HIGHER RATE ENVIRONMENT, WHAT KIND OF CONVERSATIONS ARE YOU HAVING WITH THOSE MIDSTATE HIGH-GROWTH COMPANIES? >> THE QUESTION. TO CLARIFY, WE TEAMED UP WITH
THE FAMILY TO INVEST OUR OWN CAPITAL AND THIRD-PARTY CAPITAL INTO THIS HIGH-GROWTH MID-STAGE TECH COMPANIES. WE ARE BACKING THIRD-PARTY FOUNDERS. MOSTLY WOMEN AND MINORITY FOUNDERS AS THEY BUILD THEIR COMPANIES. WHEN WE LOOK AT THESE TYPES OF
COMPANIES RIGHT NOW, WE ARE PRETTY FOCUSED ON MAKING SURE THEY ARE STREAMLINED AND THAT THERE IS A CLEAR PATH TO PROFITABILITY. AND OF HYBRID BUSINESSES RIGHT NOW THAT ARE NOT IN FAVOR AND WE KIND OF KEEP THAT IN MIND WHEN WE LOOK AT THESE BUSINESSES. WE WANT TO MAKE SURE THEY HAVE STRONG BARRIERS TO ENTRY FOR COMPETITORS AND THEY ARE ALREADY A PROVEN BAND -- BRENT WITH A GLOBAL AUDIENCE. THEN WE CAN KIND OF POOR FUEL ON THE FIRE AND HELP THEM EXCEL THAT GROWTH. >> YOUR FOCUS AREAS, DIRECT TO CONSUMER RETAIL, TALK TO US A LITTLE BIT ABOUT THE FINTECH AREAS AS WE LOOK ACROSS THE WORLD OF CRYPTOCURRENCIES. HAVE YOU MADE INVESTORS THERE? >> FIRST OFF, WE ARE BETTING ON LARGE USER GROUPS.
IF YOU THINK ABOUT THE RICH AND THE BRAND POWER OF THE DIMITRIOS AND EVENTUALLY OTHER CELEBRITY'S LIKE THEM, THAT IS WHERE WE THINK WE CAN HAVE THE MOST IMPACT. HELPING THOSE COMPANIES GET THEIR PRODUCTS AND SERVICES IN THE HANDS OF EVEN MORE PEOPLE. IN TERMS OF FINTECH, WE ARE PRETTY BROADLY AT THAT. WE WILL DO INVESTMENT PLATFORMS OF ALL SORTS.
FINANCE PLATFORMS. WE HAVE DONE ONE BLOCKCHAIN RELATED INVESTMENT WHICH WAS IN THE COMPANY GEMINI. IT HAS NOT BEEN A SPECIFIC FOCUS OF OURS BUT IF WE SEE A STRONG FAST-GROWING BUSINESS WHERE WE THINK WE CAN HELP, WE WILL CERTAINLY GIVE IT SERIOUS THOUGHT. I THINK WE ARE PRETTY HAPPY. WE HAVE NOT BEEN OVEREXPOSED. >> GEMINI IS A PRETTY BIG PLAYER IN THE CRYPTO SPACE.
HAVE YOU HAD CONCERNS ABOUT THAT INVESTMENT? >> THEY ARE A BIG PLAYER. IT IS A STRONG COMPANY. THEY HAVE A STRONG BALANCE SHEET, A LOT OF CASH. WE WERE THE FIRST OUTSIDE MONEY. I THINK WE ARE IN PRETTY GOOD POSITION. IT LIKE A LOT OF OTHER COMPANIES IN THE SPACE, THEY
HAVE CERTAINLY TAKEN A HIT FOR THE TIME BEING ON VALUATION. >> WE HAVE BEEN FOCUSED ALL DAY ON THE FEDERAL RESERVE, JAY POWELL, THE OUTLOOK FOR RATES, THE MACROECONOMIC HEADWINDS HITTING A LOT OF TECH, WHAT IS YOUR EVENTUAL CAPITAL -- YOUR VENTURE CAPITAL VIEW OF THE WORLD GOING INTO 2023 QUESTION MARK >> WE TAKE A PRETTY CONSERVATIVE OUTLOOK AT THAT, BACK TO WHAT I REFERRED TO EARLIER. WE WANTED TO MAKE SURE HER COMPANIES WERE INVESTING IN IT, STREAMLINED, READY TO SURVIVE AND EVEN THRIVE THROUGH WHAT COULD BE A TOUGH SET OF QUARTERS COMING UP HERE.
WE DON'T REALLY TRY TO ANTICIPATE WHAT IS GOING TO HAPPEN AT ANY POINT IN 2023 OR EVEN 2024. WE JUST WANT TO BACK COMPANIES THAT WHEN THE DUST SETTLES, THEY ARE GOING TO BE ON TOP AND WE WILL HAVE GREAT INVESTMENTS ON OUR HANDS. >> THANK YOU, DOUG. DOORDASH IS LAYING OFF ABOUT 1250 PEOPLE IN AN EFFORT TO CUT COSTS. THAT IS ACCORDING TO AN INTERNAL MEMO SEEN BY BLOOMBERG.
THE CUTS WILL AFFECT ABOUT 6% OF THE FOOD DELIVERY SERVICES WORKFORCE. DOORDASH SAW HIS BUSINESS BOOMED DURING THE PANDEMIC BUT IT IS STILL UNPROFITABLE. MORE TECH COMPANIES LAY OFF EMPLOYEES AND THE U.S. GOVERNMENT IS TAKING ADVANTAGE OF THE GROWING POOL OF TALENT.
EXECUTIVES FROM THE U.S. VETERAN AFFAIRS OFFICE ARE ON A MISSION TO RECRUIT TOP DESIGNERS AND ENGINEERS FOR THE AGENCIES. BUT ENTICING WORKERS TO JUMP SHIP TO CLOSE THE GAP IN GOVERNMENT WILL BE A DAUNTING TASK. HISTORICALLY, THE U.S. GOVERNMENT HAS LONG TRAILED THE PRIVATE SECTOR PAY, DRIVING MUCH OF THE STAFFING SHORTFALLS. AND CRYPTO DOUBTER CRACKING IS REDUCING HIS WORKFORCE BY 1100 PEOPLE OR 30%. THAT IS PART OF THE PLAN TO ADAPT TO CURRENT MARKET CONDITIONS ACCORDING TO A STATEMENT ON HIS BLOG.
COMING UP, THE LATEST FROM SAM BANKMAN-FRIED'S ONGOING ISSUES. >> THE SHARES HAVE TUMBLED ON GUIDANCE. THE STOCK WAS DOWN 50%. THIS IS BLOOMBERG. >> WE SEE A LITTLE BIT OF CONTAGION.
>> I AM SURE THERE WILL BE MORE FALLOUT. >> I THINK OVERALL, THE INDUSTRY IS FINE. >> BITCOIN IS COMING OUT OF THIS SMELLING LIKE A ROSE. >> WE STAYED -- WE SEE THE SAME COMPETENCE AND THE FULL CONFIDENCE.
>> I THINK WE WILL SEE SOME SELLING OFF IN BITCOIN. >> I THINK WE WILL RECOVER PRETTY QUICKLY. ONCE WE SEE LESS VOLATILITY THAN WE DID IN THE BEAR MARKET. QUICK SOMETIMES YOU NEED TO BATTLE TEST AND GO THROUGH CRISES. >> MANY BIG NAMES THERE. LET'S TALK ABOUT THAT HIMSELF, THE FTX FOUNDER AND COFOUNDER.
THE FACT THAT HE BASICALLY UNDERESTIMATED THE SCALE OF THE POTENTIAL CRASH. HE SAID OVERALL HE WAS NOT NEARLY CAUTIOUS ENOUGH ON MARKETING SOME OF THE TOKENS OF THE VARIOUS PLATFORMS. HE SAID THERE WAS IMPROPER ACCESS TO FTX POST SPIRAL.
COLLECT THESE TIMELINES ARE REALLY IMPORTANT HERE. THIS WILL ALL BE CATALOGUED AND LOOKED AT. NOW THE FULL YEAR AS FAR AS WHAT HE HAD TO SAY, HE HAS REALLY BEEN TRYING TO DRAW A VERY BIG DISTANCE BETWEEN HIMSELF AND HIS ROLE AT FTX. THEY WERE REALLY APOLOGIZING SAYING MAYBE HE SHOULD HAVE KNOWN. BOTH ALAMEDA AS WELL AS SAY MCMURTRY WHO WAS A LARGE OWNER OF THAT. A LOT OF QUESTIONS HERE ARE
MONEY ANSWERS. A LOT OF QUESTIONS TO BE WORKED THROUGH. THIS INTERVIEW IS NOT OVER YET. >> WHEN CAROLINE AND I WERE WAITING TO COME ON AIR, THERE IS THIS QUESTION OF WHETHER OR NOT HE WOULD TURN UP. HE DID TURN A VIRTUALLY.
>> THIS WAS A VERY WHITE RESPONSE. THAT IS SOMETHING THAT HE HAD SAID THAT DAY. HE WAS ASKED ABOUT WHY SOME ALAMEDA EMPLOYEES HAD WORKED TOGETHER. OUR REPRESENTATIVES MEAN U.S. REPRESENTATIVES FROM THE STATEMENT.
I WAS IN D.C. TALKING JUST WEEKS AGO. HE SAID HE HAD BEEN RUNNING BETWEEN FTX AND THE BAHAMAS. HE DOES SAY THAT HE WAS ASKED ABOUT HIS CONCERN ABOUT CRIMINAL LIABILITY HERE. HE DID NOT REALLY GIVE A STRAIGHT ANSWER ABOUT WHAT THE CRIMINAL LIABILITY -- THE REASON WHY HE IS NOT COMING TO THE UNITED STATES IN PERSON. CRISES AS HE COULD THINK HE -- HE THINKS HE COULD TRAVEL TO THE U.S.. I HAD TO SAY WE ALWAYS HAVE A LITTLE CHUCKLE ABOUT COMMINGLING.
BUT OVERALL, DO YOU THINK IT ENDS UP BEING A WISE DECISION TO TAKE PART IN THIS CONVERSATION? FTX DID ON IMPACTFUL THINGS TO BOLSTER HIS OWN IMAGE. >> I HAVE A LOT OF QUESTIONS ABOUT SOME OF THE THINGS HE IS SAYING. THIS IS WHERE THE CO-MINGLING IN QUESTION REALLY COMES IN. THERE ARE A LOT OF QUESTIONS HERE. BLUFF I'S RELATIONSHIP WAS WITH ALAMEDA AND FTX.
BUT HE KNEW AND DID NOT KNOW, THERE WERE A CERTAIN COUPLE OF THINGS HE SHOULD HAVE KNOWN. HE IS ALSO SPEAKING ABOUT THE RELATIONSHIP WITH GENESIS AS THEY TRY TO PULL FUNDS AS WELL. A LOT OF UNANSWERED QUESTIONS TO YOUR POINT ABOUT WHEN YOU LOOK BACK ON THIS. ON ONE HAND, HE IS DISTANCING HIMSELF AND TRYING TO GET HIS VERSION OF A SERIES OF EVENTS HERE. IN REAL TIME AS THE BANKRUPTCY IS GOING ON IN THE UNITED STATES. ONE REALLY INTERESTING PART OF THIS IS THEY SHOULD AS VERY SPECIFICALLY ABOUT WHETHER HE WORKED WITH THE BAHAMAS AS WELL WHEN IT CAME TO ANY TRANSFERS.
THE BAHAMAS WERE A KEY REGULATOR FOR THEM. AS WELL AS THE JOINT PROVISIONAL LIQUIDATORS HERE. >> OTHER WAY, COMING OUT, THE CEOS HAVE TALKED ABOUT THEIR MEDIA PLATFORM AND THE PODCAST THAT IS SELLING OUT VENUES LIKE MSG. THIS IS BLOOMBERG. ♪ >> MOST PEOPLE GO TO MADISON SQUARE GARDEN FOR A GAME, A MUSIC CONCERT BUT NOW THEY ARE BUYING TICKETS TO FINANCIAL LITERACY PODCASTS, MARKET MONDAYS AND PODCASTS FROM THE FINANCIAL LITERACY BRAND EARN YOUR LEISURE.
AT YOUR LEISURE HAS MORE THAN 2 MILLION FOLLOWERS ON SOCIAL MEDIA AS THE CREATORS INTERVIEW SOME OF THE BIGGEST FINANCERS AND DOES ENTERTAINMENT. IT IS GREAT TO HAVE SOME TIME WITH YOU BOTH. WELCOME. FROM OUR OWN DAVID RUBENSTEIN WHO YOU HAVE INTERVIEWED ABOUT BUILDING HIS WEALTH TO TALKING TO PEOPLE ABOUT HOW TO MAKE IRAS AND GETTING YOUR CHILDREN INVOLVED, OVERALL, WHAT ARE YOU SEEING AT THE MOMENT IN TERMS OF INTEREST IN FINANCIAL LITERACY AT A TIME WHEN THE MARKETS HAVE BEEN SELLING OFF? >> DURING COVID, EVERYBODY WAS HOME. PEOPLE WERE LOSING JOBS.
THEY WANTED INFORMATION AND WE JUST HAPPEN TO BE AT THE RIGHT PLACE AT THE RIGHT TIME WITH THE INFORMATION TO PROVIDE TO THEM. PEOPLE WERE INVESTING IN REGULAR NUMBERS. IT STAYED WITH THEM. WE ARE HERE FOR THE LONG TERM. WE JUST DON'T WANT TO BE SHORT-TERM TRADERS, WE WANT TO GIVE INFORMATION THAT CAN CHANGE NOT ONLY DELAY BUT YOUR FAMILY AS WELL. >> YOUR PAIRING, YOU ARE FROM AN EDUCATION BACKGROUND, YOUR AN INDEPENDENT FINANCIAL ADVISOR. TALK TO US ABOUT HOW MUCH THE EDUCATION IS WORKING, HOW MUCH PEOPLE ARE WILLING TO REMAIN INVESTED AND COMMITTED FOR THE LONG TERM AND NOT BE WORRIED ABOUT THE VALUATION OF SOME OF THE STOCKS THEY HOLD? >> WE ALWAYS LEAD WITH LONG-TERM PERSPECTIVE.
WE ALWAYS LEAD WITH BALANCE AND NOT GET RICH QUICK SCHEME TYPE OF MENTALITY. I THINK THE PEOPLE THAT LISTEN TO US ARE MORE CALM DURING THIS TIME OF TURBULENCE. THEY ARE ACTUALLY EXCITED BECAUSE WE KNOW AS AN INVESTOR YOU WANT TO BUY LOW AND SELL HIGH.
SO MOST PEOPLE DO THE EXACT OPPOSITE. THEY BUY HIGH AND SELL LOW BECAUSE OF EMOTIONS BUT WHEN YOU TAKE EMOTIONS OUT OF IT, YOU HAVE TO USE INTELLIGENCE. I THINK THE PEOPLE THAT LISTEN TO US HAVE A HIGH INTELLIGENCE WHEN IT COMES TO INVESTING AND THEY SEE THIS AS AN OPPORTUNITY. >> I WANT TO COME TO YOU, TROY. YOU GUYS ARE CONTENT CREATORS. IT IS JUST THAT LIKE CAROLINE AND I, UNIT OUT ON FINANCE, ATTACK, ON MARKETS, ON LONG TERM. HOW DID YOU GUYS COME UP WITH THIS IDEA? WHAT DOES THIS COME FROM? >> IT ORIGINATED IN THE CLASSROOM.
WE STARTED TEACHING ADULTS ABOUT FINANCIAL LITERACY. AT THE END OF IT, THEY WERE GOING TO MAKE MONEY. WE WERE GOING TO PAY THEM. WE WERE GOING TO TEACH THEM ABOUT MONEY. THAT LED TO US CREATING SOCIAL MEDIA CONTENT. IT HAS ALWAYS BEEN TO TEACH THE YOUTH BUT AT THE SAME TIME, WE REALIZED ADULTS NEEDED THE EDUCATION. THAT IS ONE OF THE BIGGEST
THINGS. FINANCIAL LITERACY DOESN'T REALLY HAVE AN AGE. SOMEBODY AT 11 YEARS OLD CAN KNOW SOMETHING THAT SOMEBODY HAD 20 YEARS OLD DOES NOT KNOW. WE ARE TRYING TO MAKE SURE THAT IT FILLS THE COMPASS AND FOR ALL AGES BECAUSE EVERYBODY CAN LEARN.
>> PEOPLE LIKE TO CONSUME AND THOSE ARE DIFFERENT WAYS. PEOPLE LIKE TO VIEW ON YOUTUBE. YOU HAVE REAL LIFE EVENTS. YOUR OWN INVEST FAST IS IN ATLANTA.
THAT IS LIKE A MUSIC FESTIVAL. WHERE DOES YOUR MEDIA PLATFORM GO? WHERE DOES YOUR BRAND GO FROM HERE? >> I THINK WE ARE BUILDING A GLOBAL MEDIA EMPIRE AND WE ARE LOOKING TO PRODUCE MORE CONTENT. EVEN OUTSIDE THE REALM OF FINANCIAL LITERACY. A COOKING SHOW. A SHOW ABOUT NO CHILDREN. PEOPLE TRUST US. THAT IS ONE OF THE HARDEST THINGS TO DO, BUILD TRUST WITH THE AUDIENCE. NOW WE HAVE THE CREDIBILITY TO NOT ONLY SPREAD THE MESSAGE OF FINANCIAL LITERACY BUT WE JUST CAME BACK FROM LONDON. WE ARE SEEING THE NEED FOR
FINANCIAL LITERACY AND BUSINESS EDUCATION ALL OVER THE WORLD. WHETHER IT IS IN NIGERIA, LONDON, THIS IS SOMETHING WE ARE VERY EXCITED ABOUT. CARRYING THE FLAG OF FINANCIAL LITERACY TO EVERYBODY WAS LEFT OUT OF THE CONVERSATION GLOBALLY. >>, YOUR SOCIAL MEDIA GUY BUT TALK TO ME A LITTLE BIT ABOUT THE NUMBERS. ARE YOU MONETIZING IN THE WAY YOU EXPECTED? HOW ARE THE ALGORITHMS WORKING FOR YOU? WHAT DO YOU THINK ABOUT THE WAY YOU CAN BUILD ON SOCIAL MEDIA AT THIS MOMENT? >> IT IS VERY IMPORTANT, IF YOU DON'T HAVE SOCIAL MEDIA PRESENCE, YOU DON'T REALLY HAVE A BRAND.
THAT IS SOMETHING WE DID VERY EARLY ON. KNOWING THAT, IT WAS LIKE HOW DO WE GET MORE PEOPLE INVOLVED? WE WANTED TO MAKE SURE THE CONTENT WAS RELEVANT. SOMETIMES WE WOULD READ ARTICLES AND WE WERE LIKE THIS IS FUN. IT WAS SPOKEN IN A LANGUAGE FOR PEOPLE THAT WERE -- SPOKEN IN A LANGUAGE FOR PEOPLE WHO WERE OVERLOOKED. THAT IS HOW WE GOT 1.2 MILLION FOLLOWERS ON INSTAGRAM. WE ARE ABOUT TO HIT A QUARTER MILLION ON TIKTOK. ALL OF THESE AVENUES OF
RESOURCES THAT WE ARE USING TO REACH A GLOBAL AUDIENCE PAID OFF. >> TROY MENTIONED SOME OF THE PLATFORMS THERE. MY QUESTION IS WHAT IS THE BIGGEST SURPRISE? WHAT HAVE YOU LEARNED ABOUT HOW CONSUMERS ARE GOING TO GET CONTENT IN THIS AREA? >> ONE THING THAT IS IRONIC IS THAT THE FINANCIAL LITERACY SPACE BONES DURING RECESSION TIMES. YOU WOULD THINK IT WOULD BE THE OPPOSITE BUT THE DURING TIMES OF FINANCIAL HARDSHIP IS WHEN PEOPLE TAKE EDUCATION MORE SERIOUSLY. I SAW IT HAPPEN IN 2008. I CAME IN AT THAT WORST ECONOMIC TIME.
THAT IS THE WORST TIME SINCE THE GREAT DEPRESSION. INVESTMENTS WERE SO LOW. WE SEE OPPORTUNITY IN EVERY CRISIS AND RIGHT NOW IN THIS ECONOMIC DOWNTURN WE ARE IN RIGHT NOW, I THINK THERE IS AN OPPORTUNITY TO EDUCATE, TO DOUBLE DOWN ON CONTENT AND TO SPREAD THE MESSAGE BECAUSE PEOPLE NEEDED NOW MORE THAN EVER. >> THAT DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY. THURSDAY, WE HAVE VISA HERE. QUESTION FORGET OUR PODCAST. CHECK THAT OUT. LOOK AT US AS WELL.
WE ARE TALKING ALL THINGS TECHNOLOGY ON APPLE, SPOTIFY AND I HAVE. GO CHECK OUT THE LATEST FROM SAM BANKMAN-FRIED. THE INTERVIEW CONTINUES. HE SAID HE WENT TO A CONGRESSIONAL HEARING AND PUBLIC COMMENT AND STILL CANNOT GET TO A POINT OF OFFERING FUTURES IN THE U.S..
>> SO MUCH MORE TO COME. THIS IS BLOOMBERG. ♪
2022-12-01