Bloomberg Technology 12/14/2022 - FTX Hearings, Twitter Suspensions, Amazon Devices
CAROLINE: I'M CAROLINE HYDE IN BLOOMBERG'S IN NEW YORK. ED: I AM AT LUDLOW IN SAN FRANCISCO THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: CAPITOL HILL HAS DAY TWO OF HEARINGS ON THE COLLAPSE OF THE FTX EMPIRE WITH SAM BANKMAN-FRIED DETAINED IN THE BAHAMAS. ED: AND WORKING TO IMPROVE THE CONNECTION BETWEEN GUEST AND HOST AT AIRBNB. THE COMPANY FINDINGS AND THE LATEST STUDY. CAROLINE: AND THE U.S. TWITTER SUSPENSIONS TRACKING FLIGHTS.
WE SPEAK ABOUT HIS REACTION OF BEING BOOTED FROM THE SOCIAL MEDIA PLATFORM. BUT WE CHECK IN ON THE MARKETS FIRST BECAUSE TODAY WAS A MACRO STORY. TODAY WAS THE FED RESERVE SOUNDING TOO MANY MORE HAWKISH THAN HAD BEEN ANTICIPATED. MINING COMING -- MONEY COMING OUT OF TECH STOCKS. S&P 500 DOWN 6%.
NASDAQ DOWN BY .75%. IN THE DOLLAR THERE WAS A LITTLE BIT OF WEAKENING BECAUSE 5.1% IS THE INTEREST RATE FOR WHERE THE FED RESERVE THINGS AS HIGH AS INTEREST RATES WOULD GO.
AT THE MARKET SEEMS TO THINK THAT FUNDS ARE FORESEEABLE. ED: YES IT WAS MEGA CAPS THAT WERE LOWER WITH THE LIKES OF APPLE AND NVIDIA. AND WE KNEW THAT THE FED WOULD RAISE RATES. THE OUTLOOK AND PROJECTION FROM POLICYMAKERS. NEXT YEAR THEY ARE IN THE 4.1% CUTTING DOWN IN 2024. YOU A-SHARES AND CHINA TECH REMAIN HIGH.
WE WILL TALK ABOUT THAT LATER IN THE SHOW BUT THERE IS OPTIMISM AROUND THE RESTRICTIVE COVID POLICY. WE LOOK AT BITCOIN WE REACHED -- WENT OVER $18,000 PER TOKEN AND THAT'S A FIRST TIME WE'VE HAD THE LEVEL SINCE FTX BANKRUPTCY. THIS IS WITH THE CHAOS THAT HAPPENED AFTER THE FED DECISION. THERE WAS A FAULT BELOW THE
18,000 TOKEN MARK CAROLINE: WE ARE KEEPING AN EYE ON FINTECH AND BINANCE SAYS THAT OUTFLOWS FROM THE CRYPTO EXCHANGE ARTS STABILIZE. HE IS ONE OF THE EMPLOYEES FROM THE INDUSTRY RECOVERY FROM FTX COLLAPSE. IT WILL BE BUMPY. WE TURN OUR ATTENTION TO A MAN WHO HAS BEEN IN THIS FOR A LONG TIME. WE SPEAK WITH JOHN WU PRESIDENT OF AVA LABS. THERE IS A LOT OF FEAR OUT THERE. TALK WITH US ABOUT WHETHER OR NOT THE CONTAGION YOU CAME ONTO THE SHORE -- SHOW PREVIOUSLY AND WARNED US ABOUT IS IT STILL WORRYING YOU? JOHN: YES IT STILL WORRIES ME AND THIS MAY OR MAY NOT BE OVER.
I THINK THE HEARING TODAY AS WELL AS THE NEWS RELATED TO BINANCE IS ENCOURAGING. ON THE HEARINGS, TO ME THE COMMON THREAD BETWEEN CONGRESS AND JOHN RAY WAS THAT MOST OF -- THE NUMBER ONE SOURCE OF THE ON GOINGS CAME FROM MISAPPROPRIATION ACROSS FUNDS. JOHN RAY IN HIS OPENING TESTIMONY SAID IT BEST. HE SAID THE REASON WHY THIS WAS ABLE TO HAPPEN IS BECAUSE THE POWER DECISION-MAKING AND GOVERNANCE WAS HELD BY A SMALL GROUP OF INEXPERIENCED HANDS WITH ZERO OVERSIGHT. WHAT I WAS SURPRISED TO NOT HEAR AT ALL WAS THAT, IN FACT, THERE WAS A LOT OF PARTICIPANTS THAT NOT ONLY LEVERAGED THE FINANCIAL BALANCE SHEET OF FTX BUT THE INFORMATION FLOW AND FRONT RUNNING CUSTOMERS THEMSELVES. ED:
WHAT YOU'RE TALKING ABOUT ESSENTIALLY IS CO-MINGLING THE RELATIONSHIP BETWEEN FTX AND ALAMEDA. THE MOVE OF CUSTOMER FUNDS. IS ANYTHING THAT YOU'VE HEARD IN THE LAST 48 HOURS MAKE YOU THINK -- WHETHER IT IS REGULATORY OR FROM A LEGISLATION STANDPOINT WILL FIND A FIX TO THESE ISSUES THAT HAVE BEEN UNCOVERED DURING THE COURSE OF THIS SAGA? JOHN: THAT'S A GREAT QUESTION. THE RESULT OF ALL OF THIS IS TAKING TRUST OUT OF THE SYSTEM SO THERE ARE FEWER PLAYERS AND THEY CAN LEVERAGE THAT WITH LESS VOLUME. IN ORDER TO GET THE CRYPTO
CAPITAL MARKETS BACK GOING THIS I THINK IS THE FIRST REBUILDING OF TRUST. IN GETTING NEW LEADERS WHO HAVE SEASONED EXPERIENCE. OFFICE IT OF WHAT THE EXISTING LEADERS OF FTX SAID. YOU NEED REGULATION AND 2023 IS THE YEAR OF MANY DEALS IN CRYPTO. AND COMPANIES ARE READY FOR THEM TO SELL FROM A TECHNOLOGY PERSPECTIVE. I AM EXCITED ABOUT A COMPANY
CALLED ENCLAVE. IT IS A FULLY ENCRYPTED EXCHANGE . WHAT THEY HAVE DONE IS CREATED A SECOND LAYER OF SECURITY USING HARDWARE. IT IS NOT THAT DIFFERENT FROM THE CHIP WITH IPHONE THEY CREATE ISEKI -- SEPARATE LOCATION FOR CUSTOMER INFORMATION. AND IN THIS CASE, TRADE AND DATA ARE ALL PUT ONTO A SECURE ENCLAVE WHERE NO THIRD-PARTY OR THE OPERATOR THEMSELVES CAN ACCESS IT. THEREFORE, THE PROBLEM THAT JOHN RAY TALKED ABOUT CENTRALIZED CONTROL IN DECISION-MAKING AND MISAPPROPRIATION OF FUNDS IS TAKEN AWAY. ED:
THAT IS THE SYSTEMIC OR STRUCTURAL ISSUES. MARKET PARTICIPANTS LIKE YOU HAVE BEEN PASSING. YOU HEARD AT THE TOP OF THE SHOW US TALKING ABOUT THE MARKET REACTION TO THE FED. AND THIS IS A FEEL ABOUT WHAT IS DRIVING THE MARKET. IF YOU LOOK AT BITCOIN JUST -- JUMPING ABOUT $18,000 PER TURKEY TOKEN BEFORE THE FED ANNOUNCEMENT.
IS THE MARKET SLOWLY RETURNING TO FUNDAMENTALS? JOHN: THERE ARE FUNDAMENTALS. I THINK YOU ARE REFERRING TO VALUATIONS NEEDING TO BE JUSTIFIED. BUT I THINK WHAT YOU'RE POINTING OUT IS THAT THE ASSET CLASSES IN THE LAST FEW DAYS PERFORM RELATIVELY WELL WITH THE RISK ASSETS ON NASDAQ SO TO SPEAK. HOWEVER THE EQUITY-RELATED CRYPTO COMPANIES LIKE COINBASE UNDERPERFORM. THERE ARE MANY REASONS FOR THAT BECAUSE OF THE FTX REGULATION, BUT I THINK ONE OF THE BIG REASONS FOR THIS IS BECAUSE THERE ARE DIFFERENT COMMUNITIES WHO OWNED THE ASSETS. THE UNDERLYING ASSETS ARE PART OF THE CRYPTO NATIVE COMMUNITY. THEY ARE LESS DISTRESSING RIGHT
NOW ON THE SPACE AND MORE ENTHUSIASTIC. ON THE EQUITY STOCKS THAT YOU SEE, IT IS -- THEY HAVE LITTLE TRUST IN THIS. FOR CRYPTO AS AN ASSET CLASS, AND TO GROW THE PARTICIPANTS NEED TO REBUILD TRUST. CAROLINE: WE EXCUSE YOU FOR THE FACT THAT WHEN YOU ARE DEFINED -- BEHIND THE D5 YOU WILL BE TALKING UP THE POSSIBILITIES AND SECURITY LAYERS YOU HAVE BEING BUILT ON THERE BUT I'M INTERESTED IN GOING BACK TO THE CENTRALIZATION POINT OF VIEW. YOU WERE GREAT ON OUR SHOW
PREVIOUSLY WHEN YOU TALKED ABOUT THE CONTAGION RESULTS AROUND GENESIS. TALK WITH US AROUND BINANCE AT THE MOMENT. THERE ARE CONCERNS ABOUT THE CLARITY WE GET FROM TALKING ABOUT STABILIZATION AND OUTFLOWS. HE IS TRYING TO DISPEL CONCERNS
THAT HAVE BEEN BUILDING AROUND THE COMPANY. AND THEY'VE GOT VAST QUANTITIES OF MONEY SITTING. THE MARKET IS HUGE FOR THEM AND THAT OUTFLOW IS LITTLE COMPARED TO THE 60 BILLION AT LEAST THEY HAVE IN RESERVE BUT ARE YOU WORRIED ABOUT BINANCE? JOHN: YES THEY ARE A MASSIVE MAJOR PLAYER IN THE SPACE. BUT YOU HAVE TO GIVE THEM SOME CREDIT. THEY SELF-INDUCED RESERVES AND STARTED CREATING TRANSPARENCY SCALE. GIVEN THE FTX SITUATION, PARTICIPANTS WANT EVEN MORE TRANSPARENCY. HOPEFULLY WE GET THERE.
THAT IS ONE OF THE REASONS WHY WE SAW A COMPANY CALLED NANSEN REPORTED CLOSE TO $3 BILLION IN THE LAST DAY OR SO FROM -- WITHDRAWS FROM BINANCE. BUT THE ASSET CLASS INCREASED EVEN WITH THE WITHDRAWAL. SO THAT TELLS ME A LOT OF THE STOCK MOVED AWAY FROM BINANCE INTO WHAT I CONSIDER A HEALTHY OPERATIONAL RISK MANAGEMENT TACTIC. CAROLINE: WHAT IS IT LIKE IN THE ECOSYSTEM RIGHT NOW? WHAT IS IT LIKE IN TERMS OF HAVING ACCESS TO CAPITAL TO CONTINUE TO BUILD? JOHN: IT IS HARD. THE GREAT MOMENTUM WE HAD IN TERMS OF BUILDING BUSINESS PARTNERSHIPS FROM TRADITIONAL FINANCE AND DEVELOPERS COMING INTO THE SPACE IS MOVING FASTER AND HAD LESS RESISTANCE. RIGHT NOW THERE ARE PEOPLE WHO ARE HESITATING.
WITH THAT SAID, I'M STILL VERY POSITIVE ON THIS SPACE. JP MORGAN HAS TRANSACTED $300 BILLION WORTH OF REPOSE IN THE LAST YEAR OR SO IN A REAL LIFE ENVIRONMENT THROUGH THEIR ON X PROJECT. AND THIS PAST WEEK YOU HAD COMPANIES LIKE PORSCHE ANNOUNCE AN NFT PLAN.
BEHIND WHAT THEY ARE DOING IS A SMART WAY TO BUILD NUMBER COMMUNITY ASPIRATIONAL BUYERS WITH COOL IN FTS GIVEN THEM ROYALTY ENGAGEMENTS WHEN THEY ARE READY FINANCIALLY THEY CAN GO IN AND BUY A HUNDRED THOUSAND. THE LIFETIME VALUE OF THAT GET IS GOOD FOR THE LOW-COST THAT THEY ARE CREATING ENTITIES. IT IS A REGENERATING TOOL. THERE IS ACTUAL FUNCTIONALITY. ED:
JOHN WU PRESIDENT OF AVA LABS. HAVING US DISCUSS WHAT IS GOING ON IN THE INDUSTRY AND FTX. THERE IS SO MUCH MORE TO DISCUSS. WE HOPE TO HAVE YOU BACK SOON. MORE THAN 30 CHINESE COMPANIES COULD BE ON A TRADE BLACKLIST. MORE ON THAT AND WHAT IT COULD MEAN. CAROLINE: LET'S GO GLOBAL FOR YOU.
WE WILL SEE IN HER -- ZERO IN ON CHINA IN PARTICULAR BECAUSE THE ECONOMY IS KEY FOR TECH COMPANIES AROUND THE WORLD WITH SUPPLY CHAIN OR REACHING CONSUMERS. THEY ANNOUNCED OVERNIGHT THAT THE COUNTRY LEADERS ARE PROCEEDING WITH A KEY ECONOMIC POLICY MEETING. AFTER CONSIDERING DELAYING GET DUE TO A SURGE IN COVID.
SO THIS DATA COULD IMPACT THE SHARES OF GOOD NAMES LIKE ALIBABA, JD.COM. I KNOW YOU'RE ON TOP OF THIS. ED: WE ARE LOOKING FROM THE SUPPLY CHAIN SIDE AMERICAN COMPANIES IMPACTED BY THE BUSINESSES IN GEITHNER AND THE CHINESE TECH COMPANIES THEMSELVES. HOPE -- SOON WE WILL GET THE INFORMATION FROM NOVEMBER DATA. WE SEE A CONSTRUCTION -- CONTRACTION IN THE RETAIL SALES.
E-COMMERCE IS IN THE HEART OF THAT STORY. WE HAD SOFT LEADING INDICATORS OF CERTAIN MARKETS WITH EV FALLING SHARPLY IN THE MONTH OF NOVEMBER. ALIBABA TIGHTLIPPED ON HOW SINGLES' DAY WENT. WHICH IS AN INDICATION IT WAS NOT GOOD. BUT AS THEY PULL BACK ON RESTRICTIVE POLICY WITH COVID.
WE SEE THE NUMBER OF CASES RISE THROUGH THE COUNTRY, THERE IS BIAS FOR AMERICAN -- BUYERS FROM AMERICAN TECH AND SUPPLY CHAINS FROM CHINA BY THE CONSUMER. AND HOW THEIR REACTION TO POLICY AND WHAT WE SEE IN THE HEALTH AND THE CONSUMER MARKET IS. CAROLINE: AND A CONTINUED MURKY PICTURE WHEN IT COMES TO GEOPOLITICS. WE BUILD ON YOUR GREAT FOCUS ON THE CONSUMER TO GEOPOLITICS IN THE BIDEN ADMINISTRATION. IT IS PLANNING TO DISCUSS WITH
MORE THAN 30 CHINESE COMPANIES TO BAN THEM. THAT DEEPENS THAT TENSIONS BETWEEN THE TWO COUNTRIES. OUR GUEST TOM CHARLES IS HERE FOR MORE. TALK WITH US ABOUT THIS ENTITY LIST. WHAT IS IT SEEM TO MEAN FOR THESE COMPANIES? TOM: THIS WILL PUT BIG LIMITS ON THEIR ABILITY TO CARRY OUT BUSINESS WITH U.S. COMPANIES IN PARTICULAR PURCHASING COMPONENTS THEY NEED TO MAKE THE CHIPS. THE U.S.
IS REALLY INTENT ON HAMSTRINGING CHINA'S ABILITY TO BECOME A FORCE IN CHIPMAKING. THIS IS SOMETHING THE CHINESE GOVERNMENT HAS STATED OVER THE LAST COUPLE YEARS IT IS A MAJOR GOAL. THEY ARE WILLING TO SPEND HUNDREDS OF BILLIONS OF DOLLARS BEHIND THIS EFFORT. THE U.S. WANTS TO CUT THEM OFF AT THE KNEES IN PARTICULAR THEY WANT TO INTERFERE WITH CHINA'S ABILITY TO MAKE CHIPS AND USE CHIPS AND THEIR CAPABILITIES IN THE CHINESE MILITARY. THAT IS WHAT THE U.S. IS STATED GOAL IS AND THEY ARE
TAKING STEP AFTER STEP AFTER STEP IN ORDER TO KEEP IT FROM HAPPENING. ED: ONE SOURCE TELLING US THAT YANGTZE MEMORY IS ONE OF MANY ON THE LIST. THEY HAVE FLASH MEMORY AND THEY ARE LOW IN THE STORY THEY WANT TO BRING IT BACK TO VALUE OF THE BAY AREA. THEY WERE TALKING TO THE
SUPPLIER OF APPLE BUT IT SEEMS LIKE THE DOOR IS CLOSED THE COMPANY PERSPECTIVE THIS IS MAKING LIFE DIFFICULT FOR COMPANIES ON BOTH SIDES OF THE DEBATE. TOM: THAT IS RIGHT. YANGTZE IS A HUGE CHIPMAKER IN CHINA. IT IS A PARTNER TO APPLE. APPLE SOLD THE WRITING ON THE WALL AND RECOGNIZE THIS WILL NOT HAPPEN. ALSO A MAJOR COMPETITOR TO SAMSUNG. ONE OF THE MANY COMPANIES CHINA HAD BEEN PINNING ITS HOPES ON FOR BECOMING THE MAJOR FORCE IN CHIPMAKING. ANOTHER THING TO REMEMBER ABOUT
THIS TRADE WAR BETWEEN THE TWO COUNTRIES AND HOW IT HAS RIPPLE EFFECTS ARE BEYOND SILICON VALLEY AND CHINA IS THE EFFORT BY THE U.S. GOVERNMENT TO KEEP CHINESE COMPANIES FROM BUYING EQUIPMENT THEY NEED TO MAKE CHIPS. THAT AFFECTS THE NETHERLANDS AND JAPAN AS WELL. CAROLINE: DO WE PREPARE FOR THIS -- DO WE PREPARE TO HEAR FROM CHINA? TOM: CHINA HAS SPOKEN OUT AGAINST THIS THEY SAY THE U.S.
IS WEAPONIZING TECHNOLOGY AS PART OF THE TRADE WAR. THEY THINK THEIR POTENTIAL TO RETALIATE REMAINS FAST. -- VAST. ED: TOM CHARLES LEADING THE CHARGE OUT OF SAN FRANCISCO. THANK YOU. COMING UP DUAL LINGO --DUOLINGO GAME OF FLYING LANGUAGE LEARNING. THE COMPANY IS GRAPPLING WITH HOW TO MAKE MONEY WITHOUT CROSSING ITS POLICY. WE SPEAK WITH THE CEO COMING UP
NEXT. THIS IS BLOOMBERG. CAROLINE: LET'S TALK ABOUT THE FREE LEARNING FOR LANGUAGE. DUOLINGO THE COMPANY HAS MADE A NAME FOR ITSELF OVER 56,000 SUBSCRIBERS. BUT NOW THE COMPANY IS FACING THE CHALLENGE OF BECOMING -- COMFORTABLE WHILE KEEPING ITS FAN BASE COMFORTABLE. WE SPEAK WITH THE CEO LUIS VON AHN. SPEAK WITH US ABOUT HOW MAKING
THIS A UNIVERSITY -- UNIVERSALLY AVAILABLE AND PROFITABLE. HOW DO YOU BALANCE THAT? >> WE STARTED BECAUSE WE WANT TO GIVE EDUCATION TO EVERYBODY BUT OVER THE LAST FIVE YEARS WE HAVE BEEN TRYING TO MONETIZE IT. AND WE BEEN SUCCESSFUL AT IT. THE WAY WE HAVE DONE THAT IS WHENEVER YOU FINISH A LESSON WE PUT AN AD AT THE END OF THE LESSON. YOU CAN USE IT ENTIRELY FOR FREE BUT YOU MAY HAVE TO SEE ADS. BUT IF YOU DO NOT WANT TO SEE ADS YOU CAN SUBSCRIBE.
WE MADE A LOT OF MONEY FROM SUBSCRIPTION IT IS 7% OF OUR MONTHLY RESERVE. IT IS ABOUT 75% OF OUR REVENUE. WE WILL BE PROFITABLE ON THIS SUBSCRIPTION BASIS. IT JUST GETS BETTER AND BETTER. ED: HERE IN SILICON VALLEY, THE TAIL IS TIED. MILLIONS OF USERS TRYING TO FIND PROFIT. YOU USE THE ULTIMATE BUZZ WORD. I HAVE HEARD THAT FROM UBER AND
TWITTER. THE USER BASE IS A PART OF MAKING MORE MONEY. HOW DO YOU GET MORE PEOPLE TO JUMP ONTO THIS TREND OF WANTING TO LEARN WHICH IS IN A WAY THAT IS UNIFIED? LUIS: THE MAIN WAY WE GROW IS WE HAVE AN ENGAGING PRODUCT. MOST OF OUR USERS CAN AFFORD
BASHAR COMFORTABLE WITH IT. AND IT IS GAME A FIGHT AND A GOOD USER APPROACH. -- IT IS A GAME TYPE AND GOOD USER APPROACH.
WE DO NOT HAVE TO PAY FOR USERS IT IS AN ORGANIC GROWTH. WE HAVE GROWN IN THE LAST FIVE QUARTERS IN A ROW. WE ARE HAPPY WITH THE GROWTH. THAT IS ONE OF THE WAYS IN WHICH WE MAKE MORE MONEY. WE GET MORE PEOPLE TO USE
DUOLINGO. ED: YOU MAKE A GOOD POINT WHICH IS SOCIAL MEDIA. IS IT YOUR ASPIRATION TO BE LIKE FACEBOOK OR TIKTOK? THAT KIND OF SCALE AND DAILY USE? OR IS IT THE CONTENT YOU WANT TO USE TO DIFFERENTIATE ITSELF. LUIS:
WE THINK WE CAN GET TO A LARGER SCALE BUT LANGUAGE LEARNING IS INTERESTING ABOUT 2 BILLION PEOPLE IN THE WORLD LEARN A FOREIGN ANGUISH. DUOLINGO IS THE LARGEST WAY TO LEARN A NEW LANGUAGE BUT WE ARE GROWING FAST EVERY MONTH. AND WE THINK WE HAVE -- COULD HAVE HUNDREDS OF MILLIONS OF MONTHLY ACTIVE USERS. CAROLINE: TALK WITH US ABOUT THE WAY YOU USE ARTIFICIAL INTELLIGENCE. WE HAVE BEEN TALKING ABOUT CHAT GP T AND THE INTERESTING THINGS IT CAN DO. WHAT IS THE INTEREST IN AI FOR YOU? LUIS: WE'VE BEEN USING AIF FOR THE LAST 10 YEARS.
WE ARE BIG BELIEVERS IN USING IT. AT THIS POINT DUOLINGO IS ABOUT AS GOOD AT TEACHING AS A CLASSROOM BUT WE ARE NOT AS GOOD AS A ONE-ON-ONE HUMAN TEACHER BUT OUR GOAL IS TO BE AS GOOD AS A ONE-ON-ONE HUMAN TUTOR. AND WE TRY TO DO THAT WITH AI. IT IS CHEAPER TO DO -- DELIVER IT TO MILLIONS OF PEOPLE AND WE THINK WE CAN GET THERE. YOU DO NOT KNOW HOW LONG IT WILL TAKE BUT WE THINK WE CAN GET THERE IN THE LONG-TERM. CAROLINE: I AM INTERESTED IN YOUR FUTURE AND THE WAY IN WHICH YOU USE YOUR CONTENT. YOU'RE TALKING ABOUT SOCIAL MEDIA AND A SMART QUESTION OF WHO YOU SEE YOURSELF BECOMING. WHAT ABOUT THE CONTENT YOU ARE
PRODUCING WITH PEOPLE AND CHARACTERS. ARE THERE OTHER WAYS YOU MONETIZE THAT IN THE FUTURE? LUIS: THE WAY IN WHICH WE WANT TO MONETIZE IS TEACHING. WE ARE DOING LANGUAGE LEARNING. WE ARE STARTING TO EXPAND. WE HAVE AN APP TO TEACH EARLY LITERACY. WE WANT TO HAVE RECOGNIZABLE CHARACTERS. THE MOST RECOGNIZABLE IS A GREEN OWL. WE HAVE OTHER CUSTOM CHARACTERS
AND WE HOPE TO HAVE IT SOMETHING LIKE SESAME STREET OR SOMETHING LIKE THAT. DIFFERENT CHARACTERS REPRESENT DIFFERENT THINGS. ED: I WILL MAKE YOU A DEAL I WILL GO ON THE APP AND TRY TO LEARN FROM THE FIRST GENERATION TO NOT SPEAK WELSH ON -- IN MY FAMILY I WILL FOLLOW-UP WITH YOU IN A YEAR AND SEE HOW I DID. ANYHOW, COMING UP, -- CAROLINE: YOUR MOM IS MADLY MESSAGING YOU RIGHT NOW. AIRBNB FIGHTING DISCRIMINATION OF INCLUSION WITHIN THE -- COMMUNITY. MORE ON THAT NEXT. THIS IS BLOOMBERG.
♪ CAROLINE: WELCOME BACK TO BLOOMBERG TECHNOLOGY. WE WILL TALK ABOUT WHAT THE MACRO STORY IS THAT AFFECTS TECHNOLOGY TODAY. IT AFFECTS PART OF TECHNOLOGY AS WELL WE HAD THE FED CHAIR EARLIER JEROME POWELL SAYING THE LABOR MARKET APPEARS TO STILL BE VERY TIGHT. IT IS INTERESTING THAT YOU AND I TALK ABOUT THE LAYOFFS IN TECHNOLOGY DAY IN AND DAY OUT BUT THE DATA DOES NOT PROVE IT. ED: THERE IS A CONTRAST THEY ARE TRYING TO GET SLACK IN THE LABOR MARKET. SLOW DOWN GROWTH IN TILL THE JOBS DATA REFLECTS THEIR GOAL.
THEY ARE ZEROING IN ON INFLATION IT IS THE SAME MESSAGE EVERY TIME WITH THE SAME RESULT. WE WILL FIGHT INFLATION HERE ARE THE OUTLOOKS FOR INFLATION RATES. AT THE SAME TIME IN CONGRESS IDEA OF THE JOB OPENINGS AND EVERY HEADLINE TALK ABOUT A OFFICE, CUTS, PARING BACK IT IS HARD TO PASS IT ON. CAROLINE: IS THERE LESS DATA WHAT IS NOT SHOWING UP IS THE PEOPLE LOSING THEIR JOBS ARE HIGHLY EMPLOYABLE. THEY GO ON TO NEW ROLES WHETHER IT IS IN TECH COMPANIES OR FINANCE COMPANIES. WHOEVER WANTS TO HIRE ENGINEERS
AT THE MOMENT THERE IS A DESIRE FOR THEM. I THINK THE MARKET AND VALUATION STORY IS AN INTERESTING ONE FOR US. THE TECH COMPANIES WILL BE ROLLING OVER IF WE THINK THE TERMINAL RATES WILL BE AT FIVE POINT 1%. WE STILL WANT RATE HIKES TO COME BUT THE PACE WILL NOW SLIGHTLY THE SLOWER. ED: THERE'S A PSYCHOLOGICAL ASPECT TO IT AS WELL. I SPOKE WITH A ANALYST WHO SAID
DO NOT SLOW DOWN HIRE PEOPLE. BUT WHEN YOU SEE LAYOFFS, THERE ARE PEOPLE THAT ARE TALENTED. LOOK AT WHAT IN HAPPENED IN 2008. AND 2000. IT IS MIXED MESSAGES. WE HAVE THAT CLARITY FROM ONE NAME EVEN AFTER AMAZON'S BIGGEST ROUND OF LAYOFFS EVER LAST MONTH. THE COMPANY'S CHIEF OF DEVICES WHO IS RESPONSIBLE FOR THE LIKES OF VOICE ASSISTANT ALEXA. THEY ARE PLEDGING THAT THE COMPANY IS STILL INVESTING IN DEVICES.
WE DISCUSSED WITH GLOBAL TECHNOLOGY HAD RED STOVE. YOU KNOW AMAZON INSIDE AND OUT -- BRAD STOVE. YOU KNOW AMAZON INSIDE AND OUT. THERE WILL BE LAYOFFS IN AMAZON
AND THERE WERE LAYOFFS. WHAT IS THE MESSAGE FROM AMAZON? >> HE SAID GRAVED -- GRIEVED THAT THAT AMAZON SERVICES UNIT WHERE THE PRIME TARGET OF THIS REPORT. HE SAYS THE LAYOFFS IN THE DEVICE UNIT ARE RELATIVELY SMALL. HE TOLD LESS THAN 2000 LAYOFFS SPREAD DURING THE ALEXA UNIT TO OTHER GROUPS INSIDE OF HIS GROUP. HE ALSO SAID SIMILAR REPORTING
ABOUT FINANCIAL LOSSES IN THE DEVICE GROUP WHICH WERE MISLEADING. HE TALKED ABOUT THE PRICE BEING ON HIS P&L BUT THINGS LIKE SHOPPING AND APP SALES NOT ACCRUING TO HIM. IT WAS A LITTLE MISLEADING AND WE WOULD CONTEST THE IDEA THAT IF THERE IS ANY RETREAT AT ALL IN THE REDUCTION IN AMAZON. ED: WE PUT IT ON THE SCREEN THAT HE WAS SAYING THAT THEY ARE FIGHTING TALK OF DOUBLING DOWN. HE SAYS IF YOUR DEVICE IS PUT
IN A DRAWER WE WILL NOT DO ANYTHING BUT KEEP INNOVATING. BRAD: WE TALKED ABOUT A LOT OF THINGS I WAS CURIOUS ABOUT THE ASTRO HOME ROBOT. THEY INTRODUCED IT OVER A YEAR AGO AND IT IS CALLED -- HE WAS COMMITTED TO HOME ROBOTS. THEY BOUGHT IROBOT EARLIER IN THE YEAR THEY TALK ABOUT THE DEVICE NEEDING A BLACK FLOOR AND A CEILING TO FLOOR CEILING. -- CEILING TO FLOOR WINDOW WITH THE SUNSHINE COMING THROUGH. SO THEY TALKED ABOUT THERE BEING MORE PROGRESS AND THEY ARE COMMITTED TO IT. ED:
WE HAVE BEEN TALKING ABOUT CHAT GP P -- GTP FOR A WHILE NOW. EDUCATION CHAT G2 P -- GTP ESSAYS. BRAD: AS A FATHER OF HIGH SCHOOLERS I THOUGHT IT WILL MAKE IT EASY TO CHEAT ON AN ESSAY. AND COMPANIES THAT ARE PROVIDING TOOLS TO SCHOOLS I WONDER HOW THEY WILL REACT. I SPOKE WITH THE COMPANY AND THEY SAID THEIR SOFTWARE IS ESSENTIALLY ABLE TO IDENTIFY CHAT GTP ESSAYS BUT MAYBE NOT AND I THINK IT WILL BE A PROBLEM FOR TEACHERS IN SCHOOLS. ED: AT THE END OF THE DAY, IT GREW BIG AND NOW THEY ARE PULLING BACK. BLOOMBERG'S HEAD OF GLOBAL TECHNOLOGY.
CAROLINE: LET'S MOVE ONTO ANOTHER KEY COMPANY ONE THAT BRAD HAS WRITTEN ABOUT INCHES AIRBNB WHOSE CEO JUST TOLD US THAT THEY WERE NOT PLANNING ON LAYOFFS. THEY ARE STEPPING ON THE GAS, NOT THE BRAKES. BUT THE COMPANY HAS ANOTHER KEY FOCUS THEY ARE GOING FULL STEAM ON IN INCLUSION. JOINING US FOR THE COMMITMENT OF DIVERSITY INCLUSION ON THE HEELS OF A REPORT. JANAYE INGRAM IT IS A SIX YEAR UPDATE ON HOW YOU TRY TO FIGHT DISCRIMINATION AND MEASURE IT.
WE HAVE A KEY PARTNERSHIP WITH COLOR OF CHANGE. TALK WITH US OF HOW YOU ARE TRYING TO IDENTIFY BIAS. CAROLINE: THANK YOU FOR HAVING ME THIS IS BEEN A SIX YEAR JOURNEY -- TO MEASURE AND ADDRESS DISCRIMINATION ON OUR PLATFORM. COLOR OF CHANGE IS IN THE FRONT LINE WITH US ALONG WITH A GROUP OF HIGHLY ESTEEMED PRIVACY ORGANIZATIONS BUT THIS IS ABOUT UNDERSTANDING WHAT THE DATA IS TELLING US. WE DIDN'T WANT TO JUMP INTO ADDRESSING DISCRIMINATION WITHOUT UNDERSTANDING WHAT IS THE DISCRIMINATION WE ARE TRYING TO FIGHT AND CREATE SOLUTIONS FOR. PROJECT LIGHTHOUSE IS THE TOOL WE CREATED TO GIVE US DATA TO FIGHT THE BATTLE. CAROLINE:
THIS UPDATE IN 2016 WITH A FOCUS ON TACKLING DISCRIMINATION IS LED BY A KEY CIVIL RIGHTS LEADER LAURA MURPHY. HER ANSWER STRUCK ME BUT IT IS THE TRUTH. SHE SAID IT IS THE INTRACTABILITY OF DISCRIMINATION. IF IT IS INTRACTABLE WHAT ARE YOU DOING TO MEASURE AND TACKLE IT IN SOME WAYS? WHAT ARE WAYS YOU FOUND THAT WORK TO EDUCATE IN SOME WAY? JANAYE: OBVIOUSLY DISCRIMINATION EXISTS IN THE WORLD AND WHEN WE BRING PEOPLE TOGETHER ON A PLATFORM LIKE AIRBNB THAT DISCRIMINATION CAN HAPPEN. BUT A LOT OF WHAT WE HAVE DONE IS ESTABLISH WHAT TYPE OF COMMUNITY WE WANT TO BE. GOING BACK TO 2016 YOU
MENTIONED LAURA MURPHY WE CONTINUE TO WORK WITH HER AND OTHERS BUT WE CREATED THE COMMUNITY COMMITMENT. IT IS A FOUNDATION OF HOW WE WANT OUR COMMUNITY TO ENGAGE WITH ONE ANOTHER. IT ESSENTIALLY SAYS THAT PEOPLE WILL NOT DISCRIMINATE AGAINST OTHERS. WE HAD 2.5 MILLION PEOPLE DECLINE THAT COMMUNITY COMMITMENT AND BE REMOVED FROM OUR COMMUNITY. IN SO MANY WAYS, IT IS ABOUT ESTABLISHING THE TYPE OF COMMUNITY WE WANT TO HAVE. AND ENGAGING WITH OUR YOUTH
GROUP. THIS IS ANOTHER TOOL IN THAT TOOLBOX. BUT ANOTHER PART OF IT IS TRAININGS AND BRINGING PEOPLE TOGETHER REALLY DOES HELP BREAK DOWN DISCRIMINATION. IT DISPELS THE BIASES THAT WE HAVE BECAUSE IT MAKES PEOPLE HUMAN. THEY ARE NOT JUST CHARACTERS OF WHO THEY ARE IN THEIR RACIAL IDENTITY OR OTHER IDENTITIES THEY LIVE IN. CAROLINE: TOP WITH US ABOUT PRACTICAL WAYS IN 2018 YEAR REMOVED THE ABILITY FOR A HOST TO VIEW A GUEST PROFILE PHOTO BEFORE THE RESERVATION WAS MADE. YOU CANNOT SEE IT UNTIL AFTER
IT HAS BEEN AGREED TO. WHAT OTHER TANGIBLE WAYS DO YOU MANAGE TO CHANGE THE WAY WE GO THROUGH THE BOOKING PROCESS THAT HAS HELPED BREED AND MORE DIVERSITY? JANAYE: WE HAVE A TOOL IN 2016 AND IT WAS A TOOL THAT ESSENTIALLY REMOVES BIAS FROM THE DECISION-MAKING PROCESS THAT A HOST HAS. IT IS A WAY FOR A GUEST TO LOOK AT A LISTING WITHOUT EVER HAVING TO BE CONSIDERED ON THEIR IDENTITY. THAT SAID, WE HAD A GOAL IN 2016 OF BEGINNING -- GETTING TO A MILLION GUESTBOOK LISTINGS. WE ARE PAST BAT WE ARE AT ABOUT 70% OF OUR LISTINGS ARE INSTANT BOOK LISTINGS. THIS IS ANOTHER TOOL IN OUR
TOOLBOX. WITH THIS REPORT WE ARE LOOKING AT INSTANT BOOK TO MAKE WAYS FOR 5 BILLION PEOPLE CAN USE THESE TOOLS. WE HOPE SOLUTIONS LIKE THIS WILL HAVE AN IMPACT IN ADDRESSING DISCRIMINATION ON THE PLATFORM. CAROLINE: HOW DO YOU MAKE THIS 5 MILLION MORE ELIGIBLE. HOW ARE YOU SEEING YOUR MEANS
OF DOING THIS INTERACTING WITH OTHER COMPANIES? WHAT ARE WAYS YOU CAN DO THAT? JANAYE: WILL BE BUILT PROJECT WHITE -- LIGHTHOUSE WE BUILT A PAPER THAT TELLS OTHER COMPANIES HOW TO DO THIS. I KNOW MANY OF OUR PARTNERS THAT DEVELOP IN LAUNCH PROJECT LIGHTHOUSE AND THE SUPPORT WE CAME OUT WITH YESTERDAY. -- REPORT WE CAME OUT WITH YESTERDAY. MANY OF US -- THEM WANT TO SEE OTHER COMPANIES DO THAT. WE WANT TO HOLD HIM ACCOUNTABLE AND IT IS ABOUT CREATING TRANSPARENCY SERVING AS A MODEL FOR OTHER COMPANIES.
YES, THIS DATA CAN SOMETIMES BE PROBLEMATIC AND UNSUCCESSFUL. LIKE OUR BOOKING GREAT SUCCESS GAP BUT THE DATA CAN ONLY BE ADDRESSED WHEN YOU HAVE THE DATA AND FIND SOLUTIONS AND CONTINUE TO MEASURE WHETHER OR NOT THIS SOLUTIONS HAVE IMPACT YOU WANT -- THESE SOLUTIONS HAVE IMPACT YOU WANT. CAROLINE: THANK YOU FOR JOINING US. MEANWHILE COMING UP, LET'S TALK ABOUT CRYPTO MORE. BECAUSE IT IS AN AREA WE NEED TO MEASURE AND SOME PLAYERS ARE TRYING TO SHORT THE FALLOUT OF FTX HEDGE FUND NOW SELLING -- SETTING THEIR SITE ON STABLECOIN TETHER. WE WILL BREAK DOWN WHY.
THAT IS NEXT. THIS IS BLOOMBERG. ♪ CAROLINE: AMID THE CHAOS WITH SAM BANKMAN-FRIED OTHERS TAKE THEIR FOCUS BACK TO THE CRYPTO INDUSTRIES. AND TETHER MORNING THE STABLECOIN COULD BE THE NEXT CRYPTO CATASTROPHE. IT COULD MAKE FTX SMALL IN COMPARISON. JOINING US IS ANNIE. AND WE ARE TRYING TO MAKE THE MOST OF WHAT IS AN UNBALANCED TRADE IN SOME WAY AND ASYMMETRIC TRADE. TALK WITH US ABOUT IT. ANNIE:
HEDGE FUNDS HAVE BEEN LOOKING FOR A WAY TO SHORT TETHER. SOME HAVE VENTURED INTO THIS OTHERS THAT WE MENTION LIKE VALEANT HAVE LOOKED AT THE TRADE AND GOTTEN SKITTISH ABOUT IT BECAUSE THEY ARE WORRIED ABOUT COUNTER READY RISK. TETHER IS THE THIRD OR JUST CRYPTOCURRENCY OUT THERE IT IS CALLED A STABLECOIN. IT IS THE LARGEST OF THE KIND AREA THEY ARE SUPPOSED TO MAINTAIN THE VALUE OF THE DOLLAR THEY STAND FOR U.S. DOLLAR IN THE CRYPTOCURRENCY WORLD. WHAT SOME OF THE HEDGE FUNDS THINK IS THAT THEY COULD UNPACK FROM THE DOLLAR. CAROLINE:
AND WE SEE THE TEAM WHO HAS A PODCAST ON THIS AS WELL PEOPLE USE IT IN SPITE ITSELF BECAUSE IT HAS REMAINED TO THE DOLLAR KNOCKED OFF IN THE SPRING OF THIS YEAR. WITH THE CHAOS THEY. IN GENERAL, WHEN WE ARE WORRIED ABOUT WHAT ASSETS ARE THERE TO BE IN RESERVE, IT HAS PROVEN ITS WORTH. WHY DO YOU THINK THAT IS? AND WHAT ARE PEOPLE WORRIED ABOUT? ANNIE: IT'S BEEN AROUND SINCE 2014 SO IT IS NOT A NEW CRYPTOCURRENCY, WHAT PEOPLE WORRY ABOUT IS THE OPACITY AROUND TETHER. AND THE FACT IT REMAINS UNAUDITED. TETHER SAYS IT CAN GET AN AUDIT -- CANNOT GET AN AUDIT BECAUSE BIG FIRMS DO NOT WANT TO WORK IN THE CURRENCY -- CRYPTOCURRENCY REALM. BUT THERE ARE A LOT OF
QUESTIONS ABOUT IF IT HAS THE RESERVES IT SAYS IT HAS. THE REASON IT IS IMPORTANT TO KNOW THAT IS BECAUSE PEOPLE USE IT ASSUMING ANY DOLLAR THEY PUT IN THEY GET A DOLLAR OUT. EASY AS THAT. WHAT KEEPS PEOPLE UP AT NIGHT OR WHAT TETHER WOULD TELL YOU IS IF THERE IS A QUESTION ABOUT IF THEY COULD D PEG OR THEY WOULD NOT BE ABLE TO GET A DOLLAR OUT IF THEY PUT A DOLLAR IN THAT COULD BE A PROBLEM. ED:
IT WAS FASCINATING REPORTING SOURCES OUTLINING JURISDICTIONS WERE ESTABLISHED IN THE EARLY PART OF THE YEAR AND THEN THEY GOT OUT OF THE TRADE SOME OF THEM GOT OUT SCAR FREE. WHERE DO THE HEDGE FUND MANAGERS LAY WITH WHERE THEY ARE RIGHT NOW? ANNIE: I THINK IT SPEAKS TO TRUST OR LACK THEREOF IN THE SYSTEM. THE ONE WAY TO SHORT TETHER IS THROUGH A COUNTERPARTY. GENESIS IS AMONGST THE
COUNTERPARTIES THAT HAVE BEEN USED TO SHORT TETHER. THE PEOPLE IN CHARGE OF TETHER WOULD PROBABLY TELL YOU THIS IT HAS NOT LOOKED LIKE A SUPER ATTRACTIVE TRADE BECAUSE OF THE COUNTERPARTIES HAVING LIQUIDITY ISSUES OF THEIR OWN. IT'S NOT AN EASY TRADE TO PUT UP BECAUSE IF YOU THINK TETHER WILL BLOW UP A COULD TAKE THE ENTIRE REST OF THE ECOSYSTEM OR A LOT OF IT WITH IT. ED: WHILE. THANK YOU ANDY MASSAR.
COMING, ELON MUSK WHO IS AFTER HIM ALLEGEDLY AND NOW IT NO MORE TWITTER PAGE. WE WILL HAVE THE AUTHOR OF THE TWITTER ACCOUNT ELON JET NEXT. CAROLINE: LET'S TALK ABOUT DELTA AIRLINES. IT ADJUSTED ITS PROFIT OUTLOOK. THE COMPANY SEES STRONG RESULTS IN 2023 DESPITE SIGNS OF A WEAK ECONOMY.
THE CFO JOINING US A LITTLE EARLIER FOLLOWING THE COMPANY'S OUTLOOK AND STRATEGIC UPDATE. TAKE A LISTEN. >> I THINK THERE IS GOOD DEMAND. THE INDUSTRY CONTINUES IN THE INDUSTRY WHETHER IT IS LABOR, WITH PILOTS, OR EQUIPMENT ANY FACTORS, THERE IS NUMEROUS CONSTRAINTS ON THE SYSTEM RIGHT NOW. AND CONSTRAINT GROWTH TO SOME LEVEL AS WE PROGRESS INTO NEXT YEAR AND PROBABLY 2024. CAROLINE: THOSE THAT FRUSTRATE YOU? >> NO I THINK THERE IS A GOOD BACKDROP TO THE INDUSTRY. GOOD DEMAND AND CAPACITY THAT WE ARE IN. A GOOD BAD PROBLEM.
WE AT DELTA HAVE BEEN FORTUNATE WE HIRED OVER 25,000 PEOPLE OVER THE LAST 18 MONTHS. WE'VE BEEN IN TRAINING CYCLE AND IT IS BUILDING THE OPERATIONAL CAPABILITY TO ENSURE THAT WE CAN DELIVER THAT CAPACITY IN A WAY THAT WE EXPECT OF OURSELVES AND MORE IMPORTANTLY OUR CUSTOMERS EXPECT OF US. THE OPERATIONAL PERFORMANCE THEY HAVE GROWN ACCUSTOMED TO. ON TIME WITH THAT. CAROLINE:
INTERESTING FROM THE DELTA AIR CFO. TALKING ABOUT THE DETERMINATION TO CONTINUE TO INVEST IN TECHNOLOGY. THEY MADE A $60 MILLION INVESTMENT IN JOVI WHICH IS OF FLYING TAXI. THEY WANT TO MAKE IT EASIER FOR US TO GET TO THE AIRPORT. ED: THERE ARE FUTURE PREVIEW. I SPENT A LOT OF TIME AROUND DELTA AND AT LEAST THEY ARE PUTTING IN MONEY FOR A HEADLINE ACROSS THE TERMINAL I WAS AT MY DESK DOING AN INTERVIEW SEEING IN THE FIRST QUARTER CORPORATE DECLINE.
THE EXECUTIVE BUSINESS CLASS SEATS YOU KNOW HOW ELSE TO GET AROUND THE HIGHFLYING EXECUTIVES? PRIVATE JET. THAT IS WHAT I WANT TO TALK ABOUT. JUST A FEW OF THEM WITH SOME BIG NAMES IN PARTICULAR.
20-YEAR-OLD JACK SWEENEY SAW INTERNET FAME ANDREW THE I -- THROUGH THE EYE OF THE ELON MUSK AND HAD A TWEETER -- TWITTER ACCOUNT CALLED ELON'S JET. ELON OFFERED HIM $5,000 IN EXCHANGE FOR DELETING THE ACCOUNT AND HE REFUSED. NOW THE ACCOUNT HAS BEEN SUSPENDED ON TWITTER ALONG WITH THE OTHER ACCOUNTS THAT JACK SWEENEY OPERATES. AND I AM PROUD TO SAY THAT HE JOINS US NOW. YOU OPERATE OR WERE OPERATING A SERIES OF ACCOUNTS WHICH PROVIDE AUTOMATED UPDATES THAT TRACK THE NUMBER OF INDIVIDUALS AT ENTITIES BY TRACKING THEIR JET. TWITTER SUSPENDED ALL OF THE ACCOUNTS TODAY.
CAN YOU EXPLAIN TO US WHAT HAPPENED. ? JACK: I WAKE UP THIS MORNING AND I SEE THAT YOU LIKE JET -- ELON JET IS ENDED AND I'M GETTING ALL KINDS OF NOTIFICATIONS. SLOWLY I NOTICED MY PERSONAL WAS GONE AND ALL THE OTHER ACCOUNTS I RUN. THE THING IS SOME OF THE ACCOUNTS DO NOT TRACK THE JET OF A PERSON IT IS AN ORGANIZATION LIKE NASA OR BOEING AND EXPERIMENTAL AIRCRAFT. IT IS NOT FITTING THE SAME
ROLES AS A PERSON YET HE WENT TO MY ACCOUNT AND CLICK TO BAN ON ALL OF THEM. ED: I WANT TO TALK ABOUT THE ELON MUSK'S RESPONSE TO WHAT HAPPENED TODAY. HE HAS TAKEN TO TWITTER TO SAY THE REAL-TIME POSTING OF SOMEONE ELSE'S LOCATION VIOLATE TWITTERS DOXXING POLICY. BUT DELAYED POSTING OF LOCATION IS OK. YOU FEEL WHAT YOU WERE DOING
ACROSS THOSE ACCOUNTS WAS A BREACH OF TWITTER POLICY? JACK: THEY CHANGE THAT RULING IN THE PAST WEEK. PEOPLE JUST CHECK THE WEB ARCHIVE TO SEE THE CHANGING OF THAT ON THEIR TERMS. THEY CHANGED IT AND THEN THEY JUST GAVE ME NO WARNING ON THAT. SO THEY CHANGE IT AND QUICKLY BANNED MY ACCOUNT SAYING I VIOLATED IT. CAROLINE: WOULD YOU VOTE FOR ELON? JACK: YES IF I CAN APPEAL THEN I WILL BUT THEY HAVE NOT GIVEN ME AN OPPORTUNITY TO DO THIS. CAROLINE: WHAT ABOUT LOSING MONEY FOR YOURSELF? JACK: I'VE BEEN TRYING TO BUILD IT UP AND MAKE A REVENUE AND WORKING ON THAT. THERE IS SOME ABOUT BUT NOT A
CRAZY AMOUNT BUT THIS CERTAINLY DOES NOT HELP ME. ED: THERE IS AN ARGUMENT THAT BY TRACKING ELON MUSK'S JET YOU PUT HIM IN DANGER. HE HAS A HUGE FOLLOWING. DO YOU IT'S UP THAT? JACK: YES I WOULD SAY IT IS NOT A CRAZY ENDANGERED. IF SOMEONE IS AFTER HIM THEY
CAN GO TO HIS BIGGEST CHANGE WEBSITES AND THEY CONTRACT THEM DRESSED -- TRACK HIM THEMSELVES. CAROLINE: LET US KNOW HOW THE APPEAL PROCESS GOES. IF YOU LOOK AT PIVOTING THE BUSINESS ANYWAY JETS TRACKING TWITTER ACCOUNT. THANK YOU. STAY WELL. MEANWHILE THAT DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY. ED: THIS SHOW HAS BEEN ASTONISHING WITH THE NEWS FLOW. THE TWITTER ISSUE WILL NOT GO AWAY. DO NOT FORGET OUR PODCAST YOU
CAN FIND IT ON THE BLOOMBERG TERMINAL, APPLE, SPOTIFY, I HEART, AND THIS IS BLOOMBERG. CAROLINE: AND YOU CAN ALSO WATCH THE INTERVIEW WITH JACK CAVE ON TIKTOK OR IN SYRIA RAM. -- ON INSTAGRAM. HE IS ALWAYS BRINGING US GREAT NEWS. WE THANK HIM FOR THAT AND
BUILDING THE RELATIONSHIP WITH HIM. HE IS PROBABLY OF -- OFF ENDED RIGHT NOW. ED: SO BUSY. AND THAT IS THE NEW FOCUS TODAY. CAROLINE: ARE YOU ABOUT TO HEAD OFF AND TIME OFF? ED: I AM BUT I WILL BE BACK VERY SOON JUST WATCH.
THIS IS BLOOMBERG.
2022-12-20 21:42
