'Bloomberg Technology' Full Show (07/06/2023)

ANNOUNCER: FROM THE HEART OF WHERE OUR

INNOVATION, MONEY, AND POWER COLLIDE IN SILICON VALLEY AND

BEYOND, THIS IS BLOOMBERG TECHNOLOGY.

WITH CAROLINE HYDE AND ED LUDLOW.

ED: THIS IS BLOOMBERG TECHNOLOGY.

CAROLINE: COMING UP, META IS TAKING ON

TWITTER. 30 MILLION PEOPLE ARE SIGNED UP

ALREADY. ED: AS ELON MUSK GRAPPLES WITH

COMPETITORS TO TWITTER, HE IS AGREEING TO A TRUCE WITH

CHINA'S TOP AUTOMAKERS. MORE ON THE PLEDGE TESLA AND

OTHERS HAVE AGREED TO MAINTAIN FAIR COMPETITION. CAROLINE:

AN EXCLUSIVE CONVERSATION WITH NAI FIRM.

THE WHIP ARE CURRENTLY OFF BY ONE

POINT 3% ON THE NASDAQ AND WE ARE WORRIED ABOUT PULLBACK.

WE ARE LOOKING AT JOBS GROWTH WITH REALLY STRONG NUMBERS FROM

THE PRIVATE SECTOR WHEN YOU LOOK AT ADP.

DID JOBLESS CLAIMS LOOKING AT THE STRING OF THE LABOR MARKET

IN THE U.S. WITH THE FEDERAL RESERVE STILL

WANTING TO TACKLE THAT. WE'VE SEEN YOUR SELLOFF HARD

AND SO TOO HAS CHINA. IT'S A GLOBAL RISK OFF FIELD TO

TRADE -- FIELD TO TRADE. YIELDS ARE UP SOME 10 BASIS

POINTS.

WE THINK THE FED WILL HAVE TO TACKLE THIS REALLY STRONG

MARKET AND OVERALL ECONOMY IN THE UNITED STATES.

IN TERMS OF THE WORLD, BITCOIN HAD BEEN HIGHER.

WE HIT THE 30 1000 LEVEL WHICH IS A HIGH STATE MONTH BUT WE

COME BACK DOWN A LITTLE BIT, UP BY 0.2%.

ED: WHEN WE LOOK AT THE PUBLIC MARKETS THERE IS NOT A LOT OF

GREEN TO TALK ABOUT. TESLA IS A GROUNDS -- A

DOWNSIDE MOVER. WE WILL GO TO THAT LATER IN THE

PROGRAM. IT'S ALL ABOUT GREEN WITH

DOMESTIC EV MAKERS TO NORMALIZED PRICING WHICH IS AN

INTERESTING MOVE IN THAT STOCK IS DOWN IN LINE WITH THE

BROADER MARKET. ONE BIG NAME WE ARE WATCHING IS

META-. IT'S ALL ABOUT THREADS.

META-WAS UP FOR THAN 1.3% AND AS KIND OF STOCK TRADED WE ARE

DOWN NOW 0.2%. ANALYSTS ARE SOMEWHAT BULLISH

ON THIS MOVE. THE HEADLINE IS 30 MILLION

USERS SIGNED UP. LET'S GET MORE DETAILS ON

THREADS DAY ONE WITH OUR BLOOMBERG TECHNOLOGY EDITOR

LITERALLY WROTE THE BOOK ON INSTAGRAM, SARAH FRIER.

WHAT DO WE KNOW ABOUT THREADS DAY ONE?

>> IT'S BEEN AN INCREDIBLE AMOUNT OF ENTHUSIASM.

THIS IS THE FIRST TIME META HAS DONE A COPYCAT PRODUCT THAT

PEOPLE ARE HANKERING FOR. EVERYONE WAS LOOKING FOR AN

ALTERNATIVE TO TWITTER GIVEN THE TURBULENCE ELON MUSK

INCLUDING OVER THE WEEKEND WITH RATE LIMITING PEOPLE WHO ARE

POSTING ON TWITTER AND TRYING TO LIMIT THE NUMBER OF TWEETS

THEY COULD SEE. THERE WAS A LOT OF SEARCHING

FOR AN ALTERNATIVE. THREADS IS SEEMING TO BUILD

THAT CRITICAL MASS THAT PEOPLE NEED IF THEY WANT TO POST

SOMETHING THAT COULD HAVE IMPACT.

WE ARE SEEING HIGH ENGAGEMENT, 30 MILLION USERS, AS YOU SAID

IT BLEW UP OVERNIGHT AND THIS IS A REALLY EXCITING MOMENT IN

THE RIVALRY BETWEEN TWITTER AND META.

WE ARE A COUPLE OF DECADES INTO THAT AND IT HAS BEEN INCREDIBLE

TO SEE THAT THIS IS THE MOMENT. OF ALL THE TIMES THAT META

COULD HAVE COPIED TWITTER, I DON'T KNOW THAT IT WOULD HAVE

WORKED UNTIL NOW. CAROLINE:

THE TIMING SEEMS TO BE REALLY PAINFUL ON TWITTER'S PART AMID

THE SWIRLING CHAOS OF LIMITATIONS TO CERTAIN NUMBERS

OF TWEETS YOU CAN SEE. TO THAT POINT, THE TWITTER

RESPONSE, WE WILL DO THAT LATER IN THE SHOW.

ULTIMATELY, WHAT DOES 30 MILLION LOOK LIKE IN COMPARISON

TO HISTORICAL LEVELS OF GROWTH?

>> IT'S A BIG START FOR NEW SOCIAL MEDIA APP.

THE REASON THAT IT IS GETTING SO MUCH ENTHUSIASM IS BECAUSE

IT HAS THE EXISTING CONNECTION TO THE INSTAGRAM NETWORK.

THAT'S ALSO BEEN A POINT OF FRUSTRATION FOR THREADS USERS,

PEOPLE WHO DON'T USE INSTAGRAM OR DON'T LIKE THEIR INSTAGRAM

HANDLE OR HAVEN'T INVESTED IN THE PLATFORM OR HAVE A

DIFFERENT COMMUNITY, THEY ARE NOT EXACTLY EXCITED TO COPY

THAT OVER TO A NEW APP WHERE THEY WANT TO BUILD A NEW

IDENTITY. HOWEVER, IT HAS MADE IT EASIER

FOR THOSE KEY USERS, THE CELEBRITIES AND PUBLIC FIGURES

AND THE BRANDS, THOSE THAT USE INSTAGRAM ALREADY FOR

PROFESSIONAL REASONS WANTING TO POUR OVER ALL THE INFLUENCE TO

AN APP WITHOUT HAVING TO START FROM SCRATCH.

THAT'S REALLY A BIG MOTIVATOR. IF EVERYONE ELSE WANTS TO

FOLLOW THOSE PEOPLE IN THREADS, THAT BECOMES THE PLACE TO DO

IT, I THINK WE WILL SEE THOSE ISSUES WORK OUT OVER TIME.

INSTAGRAM WILL TRY TO DEAL WITH SOME OF THE PAIN POINTS AS THEY

CAN. CAROLINE: ALL THE CELEBRITIES ALREADY ON

THERE. JOYOUS FOR THOSE WHO HAVE BEEN

SEEING THE LAUNCH. THANK YOU FOR THAT UPDATE.

LET'S DIVE INTO THE CONVERSATION WITH SOME OF THE

FINANCIAL DRIVERS THAT FOLLOW SUCCESS.

YOU FOCUS ON ALL THE SOCIAL MEDIA APP SO LET'S FOCUS ON

THREADS. IT LOOKS LIKE IT'S GOING WELL.

WHAT DO YOU THINK IS THE MONETIZATION ANGLE ULTIMATELY

HERE FOR THE INVESTORS LISTENING TO US?

I'VE SEEN A POST ABOUT MONETIZATION NOT COMING

IMMEDIATELY.

>> TO PUT THIS INTO PERSPECTIVE, 30 MILLION USERS

IS AN INCREDIBLY STRONG START. WE EXPECT TWITTER TO HAVE ABOUT

56 MILLION USERS IN THE U.S. BY THE END OF THIS YEAR'S THAT

GIVES YOU CONTEXT FOR HOW MANY PEOPLE THREADS WAS ABLE TO SIGN

UP JUST OVERNIGHT. IN TERMS OF THE MONETIZATION,

THE ADS ARE THE META-BREAD AND BUTTER. I WOULD ASSUME THAT ANY

MONETIZATION STRATEGY FOR THREADS WOULD INCLUDE

ADVERTISING. THAT SAID, I AM EXPECTING META

WILL WAIT UNTIL THREADS REALLY REACHES SCALE BEFORE THEY BRING

ON ANY MONETIZATION OPPORTUNITIES. CAROLINE:

CAN THEY SCALE TO ONE BILLION OR WHAT IS THE FOCUS YOU WANT

TO SEE?

>> META HAS A SCALE AND THE RESOURCES AND HAS THE EXECUTION

STRATEGY TO SCALE THREADS. I THINK THE CHALLENGE WILL BE

IN KEEPING UP THE MOMENTUM WE SAW YESTERDAY AND THAT

CONTINUED THIS MORNING. IT IS A NEW APP AND THERE ARE

VERY FEW NEW APPS THAT ARE ABLE TO KEEP UP THAT GROWTH RATE

THAT THREADS HAS SEEN ALREADY. I ALSO THINK META WILL HAVE TO

CONTINUE INNOVATING. WE HAVE TO -- THEY HAVE TO KEEP

THREADS INTERESTING AND NOW IT'S SIMPLICITY AND BARE-BONES

WITH SOME THINGS THAT REALLY ARE ATTRACTIVE TO USERS,

ESPECIALLY THOSE TIRED OF THE CHAOS AND CHANGES AT TWITTER.

EVENTUALLY, IT WILL HAVE TO INNOVATE TO KEEP PEOPLE ENGAGED

IN ON THE APP. CAROLINE:

AS MANY WOULD SAY, INNOVATION IS ELON'S STRONG POINT.

YOU'VE BEEN TRACKING HOW THE GROWTH OF THREADS COMPARES,

RIGHT? ED: I'M INTERESTED IN THE MECHANICS

OF HOW THEY GOT THREADS OFF THE GROUND.

YOU HAVE TO HAVE AN INSTAGRAM ACCOUNT AND I WENT THROUGH

TWITTER'S S1 AND THEY HAD 30 MILLION USERS AT THE START OF

2010 SO FOR YEARS INTO THE LIFE OF THE PLATFORM, THIS LINK WITH

INSTAGRAM SEEMS TO HAVE GIVEN THEM A FAST START.

WHAT'S YOUR ASSESSMENT OF THAT?

>> I THINK IT WAS INCREDIBLY SMART.

IT WAS REALLY EASY TO SIGN UP FOR THREADS.

YOU CAN IMPORT YOUR INSTAGRAM ACCOUNT AND FOLLOWERS DIRECTLY

ONTO THREADS. THERE ARE SOME PEOPLE WHO DON'T

NECESSARILY WANT TO TRANSPORT THEIR INSTAGRAM FOLLOWERS,

THEIR AUDIENCES OVER TO THIS NEW APP AND WANT TO KEEP THESE

TWO SEPARATE.

OVER ALL, IN ORDER TO SUPERCHARGE THE GROWTH, I THINK

THIS WAS A SPOT ON MOVE FROM META. ED:

WHAT'S YOUR EXPERIENCE BEEN USING THE PLATFORM?

WHAT DO YOU LIKE ABOUT IT?

>> IT'S BEEN REALLY EASY TO USE. THE USER INTERFACE HAS BEEN

FANTASTIC AND IT'S BEEN FUN SO FAR.

I DON'T KNOW HOW LONG THAT WILL LAST BUT FOR NOW, IT FEELS LIKE

AN EARLY TWITTER 1.0 WITH AN INSTAGRAM TWIST WITH MORE

PHOTOS AND VISUALS ON THE PLATFORM.

I HAVEN'T LEFT TWITTER YET, I AM STILL ON BOTH WHICH MEANS

THERE ARE MORE APPS NOW THAN EVER TO POST ON. CAROLINE:

WE ARE ALL A BIT EXHAUSTED TO SOME EXTENT.

ONE GROUP OF PEOPLE WHO ARE NOT EXHAUSTED BY THREADS IS EUROPE

BECAUSE IT'S NOT THERE YET. WE UNDERSTAND THE REGULATORY

OVERHANG. WHAT DO YOU THINK OF THAT DELAY?

IS IT OPPORTUNE PERMITTED TO PUSH BACK AGAINST REGULATORS IN

EUROPE?

>> IT WILL CERTAINLY BE A CHALLENGE.

META-NEEDS ONE IN FOUR INSTAGRAM USERS TO MAKE THREADS

AS BIG AS TWITTER. EUROPE IS A BIG MARKET FOR THEM

AND IT WILL BE A CHALLENGE AN ISSUE OF IS NOT ABLE TO LAUNCH

THEIR. SOME OF THE REASONS IT HAS

DELAYED THE LAUNCH OF THREADS POTENTIALLY BEING THE DMA

ISSUES THAT WILL AFFECT ALL THE SOCIAL APPS, NOT JUST THREADS

OR META-BUT IT POINTS TO THIS LARGER PICTURE OF HOW DIFFICULT

IT IS TO BRING NEW APPS AND PRODUCTS TO MARKET. ED:

LET'S GO BACK TO THE TECHNOLOGY. THERE IS A MACHINE LEARNING

POWERED PART OF EACH FEET. WHAT IS YOUR ASSESSMENT OF

WHICH IS BETTER, TWITTER OR THREADS?

>> I THINK IT DEPENDS. THREADS IS VERY NEW AND I

HAVEN'T HAD A LOT OF TIME TO TINKER AROUND WITH IT.

WHAT'S REALLY INTERESTING AND WHAT I'VE BEEN THINKING ABOUT

IS HOW PEOPLE WILL BE USING THREADS.

ARE THEY ACTUALLY GOING TO BE USING IT FOR THE SAME USE CASES

AS TWITTER OR CONTINUE TO USE TWITTER TO KEEP UP WITH NEWS

AND WORLD EVENTS? NEWS HAS BEEN A SORE SPOT FOR

META-ON ITS OTHER PLATFORMS, FACEBOOK IN PARTICULAR, AND I'M

NOT SURE THE INSTAGRAM USAGE TRANSLATES NATURALLY INTO NEWS

AND WORLD EVENTS THE SAME WAY IT DOES ON TWITTER.

I DON'T NECESSARILY THINK META NEEDS TO BE AS STRONG OF PLAYER

IN THOSE ARENAS TO MAKE THREADS A THREAT TO TWITTER AS IT IS.

ED: INSIDER INTELLIGENCE ANALYST,

JAZZMAN, DAY ONE OF THREADS DONE AND WE WILL SEE WHAT

HAPPENS NEXT. STILL AHEAD, LET'S GO FROM

THREADS TO ROBOTS. OUR EXCLUSIVE CONVERSATION WITH

THE CEO OF THE SOFTBANK ROBOTICS COMPANY THAT JUST

RAISED $170 MILLION. THIS IS BLOOMBERG TECHNOLOGY.

♪

ED: LET'S GET OUT TO JAPAN.

TEL EXISTENCE HAS RAISED 170 MILLIONS FOR A SERIES B FUNDING

ROUND BACKED BY SOFTBANK AND OTHER BIG NAMES.

JOINING US FOR MORE IS THE COFOUNDER AND CEO IN AN

EXCLUSIVE INTERVIEW. GOOD I SUPPOSED TO YOU, THANK

YOU FOR JOINING US. THIS SERIES B, WHAT DO YOU NEED

THIS MONEY FOR IN YOUR ROBOTICS? >> FIRST OF ALL, THANK YOU FOR

HAVING ME TODAY.

YEAH, WE RAISED $170 MILLION. MAINLY, WE WILL USE THIS TO

EXPAND TO THE U.S.

ED: FOXCONN IS AN INVESTOR AND I'M

INTERESTED IN THAT RELATIONSHIP. WILL THEY HELP YOU SCALE AND

MANUFACTURE YOUR ROBOTICS?

>> CORRECT, RIGHT NOW IN JAPAN, WE IN THE PROCESS OF DEPLOYING

300 ROBOTS.

WE SEE A STRONG DEMAND IN JAPAN WITH A LABOR SHORTAGE.

WE AIM TO INCREASE OUR MANUFACTURING CAPABILITY NEXT

YEAR.

IN ORDER FOR US TO DO THAT, IT'S BEST TO WORK WITH FOXCONN

IN JAPAN. CAROLINE: WHAT'S INTERESTING IS THE

DEMOGRAPHICS WITH AN ISSUE IN JAPAN BUT IN THE U.S., THE

LABOR DATA SHOWS THERE IS A REAL TIGHTNESS HERE AS WELL.

ARE YOU LOOKING AT COMING TO THE UNITED STATES TO RELIEVE

THE PRESSURE?

>> YES, WE DO NOT INTEND TO TAKE JOBS FROM PEOPLE.

EVEN WITH A DIFFERENT CONTEXT, WE SAY OR -- WE SEE THERE IS A

DIFFERENCE BETWEEN THE LABOR [INDISCERNIBLE]

WE WANT TO FILL THAT GAP ESPECIALLY IN RETAIL. CAROLINE:

YOUR PARTNERSHIP WITH FAMILY MART IN JAPAN ACROSS THOUSANDS

OF CONVENIENCE STORES, THERE ARE HUNDREDS OF THOUSANDS OF

CONVENIENCE STORES IN THE U.S. AND I'M SURE YOU CAN DEPLOY

THERE.

HOW DOES THE ARTIFICIAL INTELLIGENCE MANIA AFFECTED THE

APPETITE TO INVEST IN YOU? THESE ROBOTS ARE POWERED BY AI.

>> YES, AI CONTROLS THE ROBOT

AND THE RECENT AI TREND [INDISCERNIBLE]

WE THINK THE AI WILL EXPAND THE BOUNDARIES OF THE ROBOTS.

WE WANT TO DO THAT IN THE STATES. ED:

WHERE DID THIS ROUND VALUE THE COMPANY? WHAT WAS THE VALUATION?

>> IT'S HARD TO DISCLOSE. [INDISCERNIBLE]

ED: A UNICORN STATUS ROUND, CONGRATULATIONS ON THAT.

WHAT IS YOUR POINT OF DIFFERENTIATION?

WHAT IS IT TECHNOLOGICALLY THAT YOU DO DIFFERENTLY FROM THE

OTHER ROBOTICS MAKERS? DO YOU HAVE A DEEP FOUNDATION

IN MACHINE LEARNING?

>> YES, WE USE AI TO DETECT THE DIFFERENT SHAPE OF THE PRODUCTS.

THEY CAN FIND THE RIGHT PRODUCT AND GRASP IT PROPERLY.

ON TOP OF THAT, THE CURRENT AI AND OUR GOAL IS TO BRING IT

OUTSIDE AND TRIED TO CONTROL THEM IN PEOPLE'S EVERYDAY LIFE.

WE TIED -- WE TRY TO CONTROL THE ROBOT IN A DYNAMIC

ENVIRONMENT.

THE FEATURES WE HAVE WILL COMBINE THIS WITH CONTROL.

IT'S THE COMBINATION WITH AI [INDISCERNIBLE] CAROLINE:

GREAT TALKING TO YOU AND FASCINATING TO SEE ROBOTICS IN

THE BACKGROUND AS WELL.

MEANWHILE, WE -- YOU HAD SOME EXCLUSIVE INTERVIEWS YESTERDAY.

ED: COMING UP, RIVIAN READY TO TAKE

ON MORE COMMERCIAL PARTNERS BEYOND AMAZON AFTER A RECENT

BOUT OF PRODUCTION SUCCESS. WE WILL GET TO MY EXCLUSIVE

INTERVIEW AND THERE WE ARE WITH THE CEO NEXT.

THIS IS BLOOMBERG TECHNOLOGY.

ED: ELECTRIC VEHICLE MAKE A RIVIAN

HAS HAD A BIT OF A REBOUND THE PLATE.

THE TECHNOLOGY FIX ON THE TV SUV HELPED RIVIAN EAT ON

PRODUCTION IN THE SECOND QUARTER AND COMPANY HAS STARTED

SHIPPING DELIVERY VANS TO EUROPE FOR ITS BIGGEST INVESTOR

AMAZON. I TRAVELED TO THE COMPANY'S

HEADQUARTERS IN SOUTHERN CALIFORNIA TO SIT DOWN FOR AN

EXCLUSIVE CONVERSATION WITH THE FOUNDER AND CEO.

>> WE HAVE A QUAD MOTOR SET UP IN OUR VEHICLES, TWO MOTORS PER

AXLE SO FOR MOTORS PER VEHICLE AND WE LAUNCHED JUST LAUNCHED A

DUAL MOTOR SET UP.

THAT IS COMPLETELY BUILT IN THE HOUSE AND JUST LIKE ON THE

LAUNCH COMPUTER, WE BUILT IT ALL IN HOUSE.

WHEN WE SOURCE THE POWER SET IS FOR THE INVERTER, WE SOURCE AND

A THOUGHTFUL WAY TO GIVE US ENOUGH CAPACITY AND MUCH MORE

CONFIDENCE AROUND THE SUPPLY CHAIN AND SOME OF THE

CHALLENGES WE HAVE HAD ON THE LAUNCH CONFIGURATION.

THAT NOT ONLY PROVIDES A HIGH CONFIDENCE PRODUCTION CAPACITY

ON THE ENDURO BUT PROVIDES RISK MINUTE -- MITIGATION IN OF

SUPPLY.

ED: YOU HAVE A SMALL NUMBER OF AMAZON ELECTRIC DELIVERY VANS

BEING SHIPPED TO EUROPE AND GERMANY'S LATEST INSTANCE, WHY

WAS THAT SIGNIFICANT?

>> IT'S IMPORTANT TO GET THOSE VEHICLES OUT BECAUSE AMAZON HAS

A LOT OF BUSINESS IN EUROPE IT ALSO REPRESENTS NOT JUST

TURNING ON PRODUCTION OF VEHICLES OVERSEAS BUT ALL THE

SUPPORTING INFRASTRUCTURE. POOR DISTRIBUTION AND SERVICE

CAPABILITIES AND THEEDV PROGRAM IS A WONDERFUL WAY TO

OPEN THOSE MARKETS WITH HIGHLY CRITICAL AND PLAN SERVICE HOLES

-- SERVICE A BILLS SO IT'S OPENING UP THE EUROPEAN MARKET

FOR OUR PRODUCTS. ED: I ALWAYS ASK TWITTER, WHAT

WOULD YOU ASK? LET'S OF PEOPLE WANT TO KNOW

ABOUT THE AMAZON RELATIONSHIP. YOU DON'T BREAKDOWN PRODUCTION

BYPRODUCT TYPE BUT A LOT OF PEOPLE WANT A SENSE OF HOW MANY

VANS YOU ARE ADDING PROPORTIONALLY TO YOUR CONSUMER

PRODUCTS. WHAT IS YOUR MAIN PART OF THE

BUSINESS?

>> IF YOU THINK ABOUT OVER THE FULL YEAR, WE'VE GOT ROUGHLY

20% OF OUR PRODUCTION IS THE COMMERCIAL VANS.

AS WE THINK ABOUT THE BUSINESS GOING FORWARD, THE CONSUMER

SIDE WILL GROW DISPROPORTIONATELY RELATIVE TO

THE COMMERCIAL SIDE SPECIALLY AS WE BRING IN OUR LATER

PRODUCTS.

IT REPRESENTS A SIGNIFICANT SET UP IN A MUCH LOWER PRICE POINT

AND MUCH LOWER TRESTLE MARKET. ED:

WHAT IS THE STATUS OF THE RELATIONSHIP WITH AMAZON?

YOU HAD A RELATIONSHIP THAT YOU WOULD LIKE TO SELL VANS IN THE

FUTURE.

>> THE RELATIONSHIP IS OUTSTANDING.

THE VAN IS LOVED BY THE DRIVERS AND THERE IS LOTS OF CONTENT

ALL OVER THE WEB ON THE COMFORTS WE BUILT IN AND THE

EASE-OF-USE, THE OPERATORS OF THE VEHICLES ARE FEELING IT

WITH THE INCREASED EFFICIENCY.

WE'VE DONE A NICE JOB OF CULTIVATING THE FEEDBACK TO

MAKE SURE EVERYTHING IS DELIVERED.

WE ARE IN THE FINAL STAGES OF NEGOTIATING AND ALLOWING US TO

SELL THE VEHICLE OUTSIDE THE AMAZON RELATIONSHIP.

THE EXCLUSIVE VERSION WAS BUILT INTO THE CONTRACT ORIGINALLY

AND NOW WE ACCELERATE WHAT WE CAN OPEN UP AND SELL TO OTHERS.

ED: MY INTERVIEW WITH THE RIVIAN CEO.

THE COMPANY, THE STOCK THE, THE FACTORY HAS SOME MOMENTUM

BEHIND IT NOW. CAROLINE: IT PUTS A SMILE ON HIS FACE.

THE ONE QUESTION YOU WANT TO ASK HIM IS WHETHER HE IS

ENJOYING HIMSELF, IS HE AMID THE TURBULENCE HE HAS

EXPERIENCED? ED: I DID ASK HIM BUT IT'S BEEN A

LONG ROAD FOR HIM COMING HE FOUNDED THE COMPANY IN 2009 BUT

WHAT WAS ASTONISHING IS THEY KEPT IN STEALTH MODE UNTIL 2019

WITHOUT ANY LEAKS, A HUGE IPO IN 2021, THE BIGGEST SINCE

FACEBOOK AND EVERYTHING WENT DOWNHILL.

HE SAID I'M HAVING FUN WITH THE RISE SMILE BUT IT'S TOUGH,

EXPECTEDLY TOP WAS THE PHRASE HE USED. CAROLINE:

FOUNDER/CEO'S ARE FEW AND FAR BETWEEN.

THE GUIDANCE, THE AREA IN WHICH ANALYSTS CAN CONTINUE TO THINK

THERE IS OPPORTUNITIES IN THE STOCK, WHAT DO YOU THINK? ED:

THEY DIDN'T RESTATE GUIDANCE AND I WONDERED WHY THEY DIDN'T

UPGRADED.

HE'S GOT MORE HELP, EXPERIENCED EXECUTIVES WITH HIM IN THE BIG

QUESTION FOR HIM IS WHAT HE'S FOCUSED ON AND WITHOUT TEASING

TOO MUCH, I WILL HAVE A PEAS NEXT WEEK WHERE WE WILL DIG

INTO THE PERSON AND HOW HE DEALS WITH THINGS DAY TODAY AND

THAT SHOULD BE FUN. CAROLINE: IT WAS A GREAT INTERVIEW,

FASCINATING BACKDROP AS WELL. I LOVE THE VIDEO OF THE AMAZON

DELIVERIES IN FORESTS AND MOUNTAINTOPS.

COMING UP, LET'S TALK ABOUT THE EV SPECTRUM IN A DIFFERENT WAY,

CHINESE EV'S AND WHY THE TOP MAKERS ARE TAKING A VOW TO WORK

ON PRICING IN THE WORLD'S BIGGEST MARKET.

IT'S THE IMPACT ON TESLA STOCK AND OVERALL HOW OTHERS ARE

SIGNING UP TO COOL DOWN SOME OF THE PRICING PRESSURE.

FROM NEW YORK AND SAN FRANCISCO, THIS IS BLOOMBERG.

♪

CAROLINE: WELCOME BACK TO BLOOMBERG

TECHNOLOGY. ED: I'M IN SAN FRANCISCO SO LET'S

GET A QUICK CHECK ON THE MARKETS.

WE ARE FOCUSING ON THE NASDAQ 100, DOWN ABOUT ONE PERCENTAGE

POINT, IT'S ALL ABOUT THE PRIVATE HIRING DATA YOU WERE

TALKING ABOUT EARLIER, THE IDEA BEING THE FED MIGHT HAVE TO BE

MORE AGGRESSIVE ON HIKES TO FIGHT INFLATION WITH HIGHER

RATES DISCOUNTING THE PRESENT VALUE OF FLOWS AND THAT'S WHY

WE CARE ABOUT HERE. WE ARE DOWN TO J STREET ON THE

NASDAQ 100 WITH NOT A LOT OF OLD INDIVIDUAL MOVERS TO THE

UPSIDE. TO THE DOWNSIDE IS TESLA WITH

THE NEWS OUT OF CHINA THAT TESLA ALONG WITH A NUMBER

PRODUCERS IN CHINA'S ELECTRIC VEHICLE SPACE COMMITTING TO

MAINTAIN FAIR AND BALANCED PRACTICES WITHIN THE MARKET,

BASICALLY TO NORMALIZE PRICE.

16 AUTOMAKERS INCLUDING TESLA SIGNED A PACT TO REIN IN

ABNORMAL PRICING IN THE SPACE. TESLA WAS THE ONLY FOREIGN

BRENT IN THAT DEAL. JOINING US WITH THE LATEST IS

DAVID WELCH.

WHAT DO WE KNOW ABOUT THIS COMPROMISE BETWEEN THESE

AUTOMAKERS AND CHINA?

>> IT WAS INTERESTING TO READ THE HIGHLIGHTS OF THIS THING.

AMONG THEM, RAINING IN MARKETING ACTIONS, ONE OF THEM

WAS PRESERVING SOCIALIST PRINCIPLES OR SOME SUCH.

THESE ARE VERY VAGUE THINGS THAT DON'T SIT CERTAIN PRICES

OR CONTROL PRICING. IT'S ALMOST AS IF IT WAS

WRITTEN BY A BUNCH OF AMERICAN ATTORNEYS WHO WANTED TO AVOID

PRICE-FIXING BUT IT'S TELLING EVERYONE STOP DROPPING PRICES.

THE GOVERNMENT DOES HAVE A GREAT INTEREST INSTABILITY HERE

IN SELLING MORE VEHICLES BUT ALSO KEEP -- PRESERVING THE

HEALTH OF THE COMPANIES AND YOU CAN'T DO THAT IF EVERYBODY IS

ON A BIG PRIZE BINGE. ANOTHER PART OF IT IS CONSUMERS

REALLY HATED THIS.

PEOPLE WERE ESSENTIALLY WERE SEEING THE PRICES DROP A COUPLE

OF WEEKS LATER. THERE IS UNREST WITH CONSUMERS

AND THE GOVERNMENT WANTS TO STABILIZE THINGS AND EVERYBODY

FELT A LOT OF PRESSURE TO KIND

OF COOL IT AND FIND A FLOOR FOR PRICES AND AND THE PRICE WAR.

CAROLINE: THE MINISTER OF MANUFACTURING

GOT THE 16 PLAYERS TOGETHER AND SIGN ALONG TO A NONBINDING

AGREEMENT. HOW IS IT FOR TESLA DOING

BUSINESS IN CHINA?

>> I THINK THEY HAVE STRUGGLED TO A DEGREE IN THE SENSE THAT

THEY HAD THIS MALAISE POST-COVID HANGOVER THAT HAD

DEPRESSED VEHICLE SALES AND DEPRESSED ECONOMIC ACTIVITY.

IT'S STARTING TO RECOVER BUT EVERYBODY'S HAVING A TOUGH TIME

AND THAT'S WHY YOU SAW SOME OF THE PRICE CUTS TO BEGIN WITH

GENERATE SOME VEHICLE SALES AND GET PEOPLE BACK TO DEALERSHIPS

AND LOOKING AT CARS. I THINK THE MARKET WILL RECOVER

BUT IN TALKING TO OTHER AUTOMAKERS WHO DO BUSINESS

THERE LIKE GENERAL MOTORS AND VOLKSWAGEN, THEY SAY THE SAME

THING. THEY MAY NOT GET TO THAT USUALLY PROFITABLE LEVELS THEY

HAD YEARS AGO BECAUSE OF INCREASED MYSTIC COMPETITION.

TESLA HAS TO FACE OFF WITH A STRONG PLAYER LIKE BYD AND SOME

OTHERS BUT I THINK THE PRICE LEVELS WE HAVE NOW WHICH ARE

DOWN FROM WHERE THEY WERE A COUPLE OF YEARS AGO IS HERE TO

STAY. I THINK EVERYONE WILL HAVE TO

FIGHT IT OUT WITH A LOT OF SERIOUS COMPETITION FROM THE

CHINESE AUTOMAKERS. CAROLINE: THAT'S SOMETHING YOU CAN SPREAD

GLOBALLY AND ELON MUSK HAS BEEN CUTTING PRICES IN THE U.S.

PIECES -- BECAUSE HE SAID PROFIT IS MY SACRIFICIAL LAMB.

DOES IT FEEL LIKE THAT HAS ONE OR CAN HE DEPEND MORE ON NEW

MODELS HELPING DRIVE FORWARD SALES?

>> HE'S GOING TO HAVE TO AND HE HAS CUT PRICES SIGNIFICANTLY IN

EVERY MARKET. I GO BACK TO MY FIRST ECONOMICS

CLASS IN COLLEGE -- TESLA BASICALLY HAD A MONOPOLY ON

EV'S FOR MOST OF THE PAST DECADE AND NOW THAT IS CHANGING.

IT'S CHANGING IN EUROPE AS WELL BECAUSE EUROPEAN AUTOMAKERS ARE

OUT VEHICLES IN THE EUROPEAN MARKET TENDS TO BE

NATIONALISTIC IN TERMS OF BRAND LOYALTY.

THE CHINESE MARKET IS STARTING TO LOOK MORE THAT WAY AND THERE

IS MORE COMPETITION IN THE U.S. WITH FORD, HYUNDAI, KIA AND

GENERAL MOTORS IN THE GERMAN AUTOMAKERS ARE COMING HERE, TOO.

THEIR VOLUMES AREN'T BIG BUT IF THEY TAKE 10% OF THE ELECTRIC

VEHICLE MARKET, THEY ARE EATING AWAY AT THE TESLA MARKET SHARE.

HE SOLD VERY EXPENSIVE VEHICLES FOR A LONG TIME.

YOU'RE TALKING ABOUT MIDSIZED SEDANS AND MIDSIZE CROSSOVER

SUV SELLING FOR $70,000. THAT ALL HAD TO COME DOWN

BECAUSE HE DOESN'T HAVE THE ONLY VEHICLE FOR SALE NOW. ED:

DAVID WELCH WHO LITERALLY WROTE THE BOOK ON GM, THE REINVENTION

OF AN AMERICAN ICON AND WE JUST GOT SALES DATA FROM GM, HOW IS

THAT ULTIMATE PLATFORM THAT'S ATTACHED TO GOING?

>> SLOWLY, THEY ONLY SOLD ABOUT 1400 OF THEM, 1400EV'S IN THE

QUARTER.

IT'S BEEN A LOT OF PROMISE AND A LOT OF SLOW RAMP-UP.

THEY'RE GETTING THERE BATTERIES FROM A PLANT IN OHIO.

THAT'S REALLY NOT GOING TO BE RAMPING UP A LOT UNTIL THE

SECOND HALF OF THE YEAR. I THINK THEY ARE DOING FINAL

INSTALL THIS MONTH AND JULY. GM HAS BEEN PROMISING THAT YOU

WILL SEE MUCH MORE OF THE LYRIC OR THE HUMMER OR THE CHEVY

SILVERADO ELECTRIC TRUCK IN THE CHEVY BLAZER MIDSIZE SUV.

YOU WILL SEE THAT COMING ON IN THE SECOND QUARTER AND IT'S

BECAUSE OF THAT PLANT. WHAT IT MEANS IS THEY WON'T

HAVE ANY EXCUSES ANYMORE IN THE SECOND HALF OF THE YEAR.

THEY WILL REALLY HAVE TO SHOW THAT THEY ARE CRANKING AND THEY

HAVE THE BUGS OUT OF THIS IS THE RIGHT STRATEGY AND SPENDING

THIS TIME WORKING ON A DEDICATED ELECTRIC VEHICLE

BATTERY AND PLATFORM, NOT JUST RETROFITTING COMBUSTION

VEHICLES LIKE FORD DID. WHAT GM DID IS THE SMART WAY

FOR THE LONG-TERM AND THEY ARE STARTING TO SHOW RESULTS.

THERE WAS A LOT OF DIFFERENT FITS AND STARTS AND NOW THEY

REALLY HAVE TO GET IT MOVING. I WOULD SAY THIRD AND FOURTH

QUARTER ARE THE ONES TO WATCH AND SEE IF THEY ARE FINALLY

EXECUTING BECAUSE THEY'VE HAD SERIOUS EXECUTION ISSUES WITH

ELECTRIC VEHICLES AT GENERAL MOTORS. CAROLINE:

DAVID WELCH, THANK YOU. LET'S TALK MORE ABOUT TESLA.

ELON MUSK IS CAUTIONING AGAINST THE SWIFT DEVELOPMENT OF AI.

HE HAD LINED A CHINESE GOVERNMENT BACKED CONFERENCE IN

SHANGHAI WHERE HE CALLED FOR MORE REGULATORY OVERSIGHT OF AI

AND PRAISE THE CHINESE ADVANCES AND EXPRESSED SOME CONFIDENCE

THAT THEY COULD BECOME A KEY GLOBAL PLAYER FOR THE

TECHNOLOGY. COMING UP, WE WILL TAKE THE

PULSE OF THE FINTECH SPACE, JILLIAN WILLIAMS WILL JOIN US

NEXT AND WE THINK ABOUT AI, WE HAVE TO THINK ABOUT PUBLICLY

TRADED COMPANIES LIKE MICROSOFT. THE PRICE TARGET WAS RAISED TO

15 MILLION DOLLARS -- $15 BILLION.

THEY SAY IS THE BEST PLACE IN THE TECH SECTOR TO REAP

BENEFITS AND THE GROWTH OF GENERATIVE AI.

FROM NEW YORK AND SAN FRANCISCO, THIS IS BLOOMBERG.

CAROLINE: LET'S TAKE A LOOK AT THE WORLD

OF SEED INVESTING AND IN PARTICULAR FINTECH.

I'M PLEASED TO WELCOME JILLIAN WILLIAMS WAS BEEN INVESTING IN

FINTECH BEFORE IT WAS COOL. I'M PLEASED TO SAY IT'S ALWAYS

BEEN COOL IN MY HEART BUT TELL US ABOUT THE ENVIRONMENT WITH

WHICH YOU ARE CURRENTLY WRITING CHECKS.

SEED SEEMS TO BE AN AREA THAT IS RESILIENT.

>> THANK YOU FOR HAVING ME. THE SEED STAGE MARKET IS MORE

RESILIENT ESPECIALLY COMPARED TO THE LATER STAGE MARKET.

ALL OF THAT TRICKLES DOWN SO WHILE I THINK THIS IS A GREAT

TIME FOR NEW FOUNDERS AND NEW IDEAS TO BE BUILT, WE HAVE TO

LOOK AT WHAT'S HAPPENING AT THE IPO MARKET.

WE LOOK AT THE SERIES A MARKETS TO UNDERSTAND WHAT IS HAPPENING.

A LOT OF FOUNDERS RAISE MONEY IN 2021.

BECAUSE OF THAT, VC'S ARE SPENDING MORE TIME WITH

PORTFOLIO COMPANIES AND UNDERSTANDING WHAT'S HAPPENING

WITH THE MARKET NOW. THE VALUATIONS WE NEED TO BE

FOCUSED ON, WHAT METRICS THAT COMPANY HAD AND ALL OF THAT HAS

GONE FOR CALIBRATION. THAT'S REALLY IMPORTANT.

IT HAS HAD A TRICKLE-DOWN EFFECT IN TERMS OF THE SEED

STAGE. IT'S EVER MORE RESILIENT TO

WHAT'S BEEN HAPPENING BUT IT'S STILL FACING A SLOWDOWN ACROSS

THE MARKET. CAROLINE:

THE ONE AREA OF RESILIENCE HAS -- ANYTHING THAT HAS AI IN ITS

NAME. WHAT COMPANIES ARE LEVERAGING

THAT INNATELY AND WHAT COMPANIES ARE ABLE TO PIVOT TO

MAKE THE MOST OF THIS SEA CHANGE IN TECHNOLOGY?

>> IT HAS BECOME A BUZZWORD. IT'S SOMETHING THAT HELPS YOU

RAISE A TON OF CAPITAL.

IT'S SOMETHING WE ARE REALLY EXCITED ABOUT AS WE THINK IT'S

A TECHNOLOGY THAT ACROSS ALL SECTORS IS SOMETHING WHETHER

ITS EXISTING PORTFOLIO COMPANIES WERE NEW COMPANIES WE

ARE LOOKING AT, -- WITH DATE -- THEY SHOULD BE THINKING ABOUT

BECAUSE WE CAN EXPECT THE YOU SAID DATA AND TECHNOLOGY AND WE

HAVEN'T THOUGHT ABOUT THIS BEFORE.

WE ARE REALLY EXCITED ABOUT IT AND TWO OF OUR COMPANIES ARE

REALLY INNOVATING IN THE SPACE.

ONE HAS BEEN AROUND AND THEY

ARE CALLED BIT DOTAI. WHAT WE ARE MOST EXCITED ABOUT

IS ESPECIALLY USING PRIVATE

DATA ON FINTECH AND CARRY THIS SLOWER TO ADOPT AI BECAUSE YOU

ARE USING A LOT OF TIME AND DATA AND THE ABILITY TO USE

THESE MODELS WILL TAKE LONGER. THEY HAVE BEEN ABLE TO DO THIS

OVER THE PAST FEW YEARS SO THEY CAN CONTINUE INNOVATING FASTER

AND BEING ABLE TO APPLY NEW USE CASES AND NEW AI MODELS ON TOP

OF THE DATA THEY ALREADY HAD TO CONTINUE TO IMPROVE AND MAKE

BETTER AI SOFTWARE AND THEIR PLATFORMS MORE EFFECTIVE FOR

THE CUSTOMER SO WE ARE REALLY EXCITED ABOUT THE.

ANOTHER ONE THAT IS NOT IN THE FINTECH SPACE IS CALLED CORISE.

THEY PROVIDE EXPERT LED COURSES TO LEARNERS TO DEVELOP THEIR

SKILLS AND LEVEL OF.

THE FOUNDER, THEY ARE USING APPLYING AI TO THEIR EXISTING

PLATFORM TO HELP THEM SCALE LEARNERS EVEN MORE SO AND

SUPPLY PERSONALIZATION INTO REAL-TIME.

THAT'S A GREAT USE CASE OF SOMETHING THAT WASN'T

NECESSARILY BETTER AND BETTER. ED:

HERE ON BLOOMBERG TECHNOLOGY, WE'VE BEEN TALKING ABOUT THE

IDEA OF SEPARABLE VALLEY, THE KIND OF ENERGY IN AI AND SAN

FRANCISCO AND YOUR JOINING US FROM NEW YORK.

WHERE YOU SEE THE TALENT AND THE OPPORTUNITY GEOGRAPHICALLY

IN TERMS OF THE COMPANIES YOU HAVE AND THOSE YOU LOOK TO

INVEST IN?

>> COWBOY VENTURES, WE ARE SPLIT BETWEEN PALO ALTO AND NEW

YORK. WE HAVE COVERAGE ACROSS THE U.S.

AND FOR THE MOST PART, WE FOCUS ON THE U.S.

WHEN WE INVEST. IN TERMS OF WHERE THE PORTFOLIO IS SPLIT, I

WANT TO SAY IT'S AROUND 60 OR 70% WEST COAST AND 30 OR 40%

EAST COAST BUT THAT HAS CONTINUED TO EVOLVE.

COVID WAS A HUGE DRIVER OF THAT BUT WE CONTINUE TO SEE OUR

FOUNDERS FIRST OF ALL MOVE AROUND EVEN AFTER WE INVEST

WHERE THEY WANT TO LIVE BUT ALSO THAT THEY ARE HIRING.

THIS DRIVE FOR WANTING TO CULTIVATE AND BUILD AN

INCREDIBLE CULTURE OF THEIR TEAM BUT ALSO MAKING SURE THEY

CAN GET THE BEST TALENT THEY CAN.

WE SEE A LOT OF THEM IN THE EARLY DAYS WANTING TO BE

TOGETHER. AT THE SAME TIME, MAKING SURE

THEY CAN HIRE THE BEST PEOPLE WHEREVER THEY ARE SO OFTEN

TIMES COME IT SPLIT BETWEEN NEW YORK AND THE BAY AREA.

WE WILL DO A LOT OF OFFSIDES TOGETHER MAKE SURE THEY ARE

GETTING TO GATHER ON A REGULAR BASIS.

A SIGNIFICANT PORTION OF THE COMPANIES I INVESTED ARE ON THE

EAST COAST. HOWEVER, WE ARE FLYING BACK AND FORTH AND

TAKING A TEAM APPROACH IN TERMS OF COVERAGE ON BOTH COASTS. ED:

VALUATIONS, HOW THEY LOOK IN YOUR MIND?

>> THERE HAS DEFTLY BEEN EVERY CALIBRATION.

I THINK WE WILL SEE A LOT OF COMPANIES OVER THE LAST COUPLE

OF YEARS WILL HAVE TO LEVEL UP.

WE'VE SEEN IT WITH SOME NEW COMPANIES AND EVEN HAD

CONVERSATIONS WITH SOME PORTFOLIO COMPANIES THAT YOU

CAN HIT THE METRICS YOU WERE TOLD YOU NEEDED TO HIT FOR THE

NEXT ROUND AND THE PROBLEM IS THE BAR HAS RAISED SO YOUR

EXPECTATION OF GETTING THAT VALUATION MIGHT NOT BE REAL

ANYMORE. CAROLINE:

HOW ARE THEY INCENTIVIZING THEIR TALENT AND MAKING THE

MOST OF MORE TALENT COMING TO THE MARKET IF THEY ARE LAID OFF

BY BIG TECH COMPANIES?

>> THAT'S SOMETHING THAT IS CONTINUING TO BE TALKED ABOUT

IN TERMS OF HOW YOU CAN INCENTIVIZE THE INCREDIBLE

TALENT THAT'S NOW OUT THERE. IT'S GOTTEN EASIER TO BRING IN

TALENT NOW. YEAR-AND-A-HALF AGO, TRYING TO

FIND GREAT TALENT WOULD TAKE MONTHS.

YOU MAKE DECISIONS SO MUCH FASTER NOW BECAUSE PEOPLE WERE

MAKING THE WRONG DECISIONS. THIS PART OF THE REASON WHY YOU

SEE THESE LAYOFFS GROW IN SOME COMPANIES.

THERE ARE ONE-WAY ISSUES THAT THEY HIRED TO QUICKLY.

YOU CANNOT HIRE THE BEST TALENT ALL THE TIME IF YOU HIRE THAT

QUICKLY. BEING ABLE TO TAKE YOUR TIME IN

TERMS OF HIRING IS A HUGE BENEFIT.

I'VE SEEN SOME COMPANIES WHERE THEY ARE HAVING CONVERSATIONS

ESPECIALLY WITH THEIR SENIOR EXECUTIVE TEAM OR THE TALENT

THAT IS THEIR KEY TALENT THEY WANT TO KEEP ESPECIALLY AND

TALK ABOUT HOW THEY CAN HELP MAKE THEM BOLD OR

RE-INCENTIVIZE THEM OR RE-ISSUE SOME OPTIONS AT THE NEW

VALUATION BECAUSE OF THE FACT THERE STOCKS MAY BE UNDERWATER

AT THIS POINT. THERE IS MORE OF AN ART TO IT

BUT PEOPLE ARE THINKING ABOUT HOW TO PROTECT THEIR EMPLOYEES.

CAROLINE: GREAT TO HAVE YOU ON THE SHOW,

COWBOY VENTURES.

KRITI: KRITI: ED: ED: LET'S GET TO TALKING TECH.

ATTACKS HAVE SPIKED POSING OF VITAL RISK TO INDIA'S AMBITIONS.

THEY SAY INDUSTRY FROM MANUFACTURING TO

PHARMACEUTICALS ARE BECOMING MORE VULNERABLE AS THEY

DIGITIZE OPERATIONS. IN CHINA, ALIBABA SIGNED AN

AGREEMENT TO WORK WITH ITS PROVINCE TO DEVELOP AI AND THE

DIGITAL ECONOMY AND IT SUGGESTS OFFICIAL BACKING FOR THE

ALIBABA EFFORTS AGAINST THE BACKDROP IN RECENT YEARS OF

REGULATORY MOVES AGAINST THE FIRM.

PLUS THE FORMER FTX REGULATORY OFFICER IS NOW BEING PULLED

DEEPER INTO THE INTRIGUE SURROUNDING HIS FORMER BOSS SAM

BANKMAN-FRIED. THE NEW MANAGEMENT OF FTX

ACCUSED FREEBURG OF ENABLING BANKMAN-FRIED'S CRIMES AND

ORCHESTRATE A WIDE-RANGING CONGA GAME.

THAT'S YOUR TALKING TECH. COMING UP, MARK ZUCKERBERG

TAKES TO TWITTER FOR THE FIRST TIME IN 11 YEARS.

WE WILL BRING YOU THE WHY NEXT, THIS IS BLOOMBERG TECHNOLOGY.

CAROLINE: GOING VIRAL, MARK ZUCKERBERG

POSTED HIS FIRST WEEK IN MORE THAN A DECADE.

THE FOUNDER OF META APPEARS TO BE MAKING AN OBVIOUS JET AT

ELON MUSK, AND MUST RESPONDED WITH HIS OWN RETORT ABOUT

INSTAGRAM. THIS COMES TO ASK AFTER ELON

MUSK AND MARK ZUCKERBERG HAD A CAGE FIGHT, YET TO BECOME A

REAL ONE. FOR NOW, A FIGURATIVE ONE.

ED: IT'S LIKE THE MOST ACCURATE USE

OF THAT MEME EVER SEEN.

IT'S EPISODE 19B OF THE 1967 ANIMATE SPIDER-MAN AND THE

TITLE OF THAT EPISODE IS DOUBLE IDENTITY AND ZUCKERBERG'S POINT

IS THEY ARE THE SAME THING. THREADS AND TWITTER ARE THE

SAME FOR ALL INTENTS AND PURPOSES. CAROLINE:

ARE YOU ENJOYING IT? ED: I AM AND WE WILL GET HIS OF THE

MOMENTUM BEHIND THIS.

WHAT'S THE EVIDENCE FOR MEETING PENT-UP DEMAND?

>> 30 MILLION PEOPLE BEING ON THREADS IN 24 HOURS IS PRETTY

CRAZY. WE'VE SEEN OTHER TWITTER

ALTERNATE IS POP UP BUT I DON'T THINK THEY HAD THAT SORT OF

GROWTH WITHIN 24 HOURS WAS PRETTY IMPRESSIVE. CAROLINE:

HOW ABOUT THE WAY IN WHICH WE ARE STARTING TO SEE THINGS THAT

ARE POPULAR ON TWITTER LIKE POLES AND HASHTAGS AND THAT

SORT OF THING, WILL THAT CREEP IN TO THREADS?

>> I WOULD IMAGINE.

IT'S STILL EARLY SO THE HEAD OF INSTAGRAM AND MARK ZUCKERBERG

HIMSELF HABITS BEEN POSTING -- HAVE BEEN POSTING ON THREADS

AND THEIR SLEDDING FEATURES A MAYBE THEY WANT TO ROLL IT OUT

NOW AND TAKE ADVANTAGE OF WHERE TWITTER HAS BEEN OVER THE PAST

SEVERAL MONTHS. ELON MUSK HAS BEEN STRUGGLING

WITH RATE LIMITS AND PEOPLE CONNECTED INTO THEIR TWITTER

ACCOUNTS IN ALL THINGS WERE HAPPENING.

IT'S A GOOD TIME I THINK FOR THREADS TO COME OUT AND THAT'S

EVIDENCED BY THE AMOUNT OF PEOPLE WHO SIGNED UP IN A SHORT

TIME. ED: THERE ARE CLEARLY U.S. DIFFERENCES.

I WAS LATE TO SIGN UP ON THREADS SO WHAT ARE YOUR TAKES

ON THE PLATFORM? WHAT IS THE FEEDBACK THAT USERS

HAVE BEEN GIVING YOU?

>> IT'S A MIX. PEOPLE ARE EXCITED TO HAVE

ANOTHER PLACE TO GO. SOME PEOPLE ARE LIKE MY

INSTAGRAM FRIENDS A VERY DIFFERENT THAN MY TWITTER

FRIENDS AND I DON'T KNOW IF IT WILL BE THE SAME VIBE.

GENERALLY, PEOPLE SEEM TO BE OPTIMISTIC AND YES, IT STILL

EARLY IN THE FEATURES ARE NOT THERE YET BUT HAS A LOT OF THE

SAME FEEL OF TWITTER AND PEOPLE ARE POSTING AND I SEE SIMILAR

CONVERSATIONS ON TWITTER SO WE WILL SEE WHAT HAPPENS NEXT.

CAROLINE: THERE ARE SOME FUN MEANS ABOUT

WHICH NUMBER ED WAS.

ULTIMATELY, WE HEARD THAT TWITTER, YOU CANNOT DUPLICATE

IT. WHAT DO YOU THINK THE COMEBACK

FROM TWITTER HAS TO BE NOW?

>> THEY SAY YOU CANNOT DUPLICATE IT.

WE SEE 30 MILLION PEOPLE ON THREADS SO TIME WILL TELL.

THEY WERE HINTING AT SOME COMPETITION THERE I THINK

TWITTER HAS A ROAD AHEAD TO GET BACK ADVERTISERS AND CLAMPED

CONTENT ON THE PLATFORM AND MAYBE REMOVING THOSE RATE

LIMITS WHICH WERE TEMPORARY BEEN MAKING THOSE CHANGES THAT

WOULD BENEFIT USERS. I THINK THAT WILL BE THE KEY.

CAROLINE: I FEEL A FEW MORE INVITATIONS

WILL BE SENT OUT TODAY. THANK YOU SO MUCH AND THAT DOES

IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY. ED:

SO MUCH TO RECAP THE PODCAST.