Elon Musk, Twitter and the SEC

to vote? We discuss, Plus the sec might have a few thoughts on Musk's interest in Twitter. He vented his frustrations with the agency, including that now infamous settlement where he was forced to step down as Tesla's chair and online sneaker marketplace. The Goat Group is moving into team sponsorships and making its ferry into Europe with a multi year deal the French soccer club Paris Saint jemin Our. Exclusive interview with the Goat co founder CEO that's later

this hour. All across the ins and outs the curiosity surrounding Elon Musk's interest in Twitter, we want to unpack when that story a little bit more, Starting with Musk's surprised Ted talk. It was streamed for the world civilization or risk is decreased if Twitter, the more we can increase the trust of Twitter as a public platform. And so I do think this will be somewhat painful and I'm not sure that I will actually be able to

to acquire it. It was quite the cute loss moment for Ted, of course, amid its Canada based event that it held today, and suddenly in flying came Elon Musk, who had some big thoughts to be had. Sarah talked to us about well, just how serious we think in nature this bid is? Well Elon Musk, I mean, he says, of course he has the financial wherewithal to do this if he has ad mentioned, sells some shares or get

some debt financing. But beyond that, I mean he really his heart is in changing the platforms content moderation policy, and he spoke a little bit about that at Ted. He said that he wants to make sure that Twitter doesn't doesn't take down any account unless they absolutely have to, and that you know, people are allowed to edit their tweets. He has a bunch of things as a power user,

remember Elon Musk has more than eighty million followers. As a power user, he sees some things that he wants to fix and sort of make sure that that Twitter is is more in line with his free speech ethos. But a lot of the things he mentioned, I believe if you ask Twitter what they thought of those ideas, they would say they're doing them already, such as his thought that you know, adhere to the rules in the

country where Twitter exists. Of course Twitter does that, so so I think that, you know, it is sort of fuzzy here what exactly he plans to change concretely if you were to take over Twitter, and then how it would be led. Yeah, and I think that's the key question. Talk to us about how we can presume. And we understand from certain other reporting that the board isn't particularly happy about this, But we were talking, for example, that

we know Jack Dulcy is still on the board. He and Elon Musk actually have a relatively favorable relationship respect one another. But this must be incredibly high pressure stakes for the new CEO. It is just an incredibly highly pressured moment for Prague. Admirable, but you know, he knew what he was getting into. Twitter is a company that has had a highly volatile time with outside investors with

its board. This is a company that does not have the majority founder control, and so it is vulnerable to activist interests, to um CEO change decisions and that nature of activity. So I don't think that this is the end of the Elon Musk story. I think that we we have even heard retail investors get very excited about backing him on this plan, and others who are who are running away from the idea that Elon Musk should

shake up Twitter. It's a time of volatility. It was supposed to be a week for Twitter employees to be heads down focusing on their work, but they are very distracted, of course, by everything that's happened here. I'm assuming there was talk that there, of course having a meeting to discuss just this very bid at about five pm today, So we wonder how, of course, that conversation is currently faring. Sarah Fry great to catch up with you get a little bit more of the double in the detail of

all of this story as it continues to evolve. Meanwhile, let's of course now stick with it and get you some outside perspective. Two key analysts that cover the company, Markmahenya Evicle, Jasmine in Bug of Insider Intelligence, Mark Jasmine, great to have some time with you. First and foremost, Jasmine just talked to us about you know, what you think Elon Musk wants out of this? Is it to exercise changes? He says, I mean, what sort of change

do you think could be a foot as a product perspective? Well, first of all, it's it's not totally surprising that this is happening. We all expected there to be some turbulent

times ahead. I mean, Musk is one of Twitter's most prolific users, and Twitter is a social platform that thrives on big news and uncertainty, and that's something that likely appeals to Musk in terms of what he'll change though, I think first and foremost Musk would make Twitter a free speech haven, probably reversing many of the guardrails that Twitter has put forth recently to protect the health of the platform it's users and to make advertisers be or

feel comfortable UM advertising there. He'd probably also likely transform it into a subscription only service UM that isn't rely on advertising to bring in revenue. I don't think this is something that would happen overnight. I don't think Musk is happy with the existing subscription model and would want to improve it before he does implement these changes. But that's likely something that would come if this deal materializes. And to that point, Mark, if you see that the

product could change, would it be a positive change? How do you view any of the discussion around the evolution of the product and whether and inherently it could add value? Because from what I took from the Ted talk, this ended up being thought of a sort of a not for profit endeavor that he's taking on Caroline, I think you just laid jump, but I think you just pointed out what's going on here. I don't necessarily hear a public market strategy from uh. From Musk, I i hear

a public good good strategy. I've been on the sidelines on Twitter and really skeptical about the asset for a couple of years because of the slow pace of product innovation on both the user and the advertiser side. I don't hear Musk addressing those issues. I think his goals are different, and he is public goods goals. In other words, he wants to turn it into an absolutist free speech PLI form. Hey, he's on the side of the angels as far as I'm concerned on that, but that's not

what shareholders are necessarily focused on. What are you doing to improve the tools for advertisers to run performance marketing campaigns? On the side, what are you doing to make the site more intuitive for more consumers? And I'm not sure a subscription business is going to really add a lot.

If you run through the numbers, and we've run surveys on this, it's only about ten percent of Twitter users really want to pay for a subscription service, even putting up the kind of numbers, you know, two or three bucks a month. I mean, maybe you get half a billion in revenue right now, this company is generating three to four billion. And advertising is a great model and it's a trillion dollar tam So that's that's fine for Twitter to stick with that. They just need to improve

the tools. And I don't hear that coming from from must but I don't think that's his strategy. I think he wants to He's coming out of with a public goods strategy, and which is what you pointed out. And to that end, Jasmine, that of course isn't music to investors is what is music to investors is is growth is getting more people on board. I mean, in a weird way, this is sort of a wonderful advertising free prs some that's currently going on for the use of

the social media platform. But inherently do you think it would spell its demise in terms of users, in terms of growth. Well, the interesting thing here is that, you know, Musk's comments really come at a time that Twitter has had a rebound in AD growth. UM last year, worldwide ad revenues were up to nearly four point five billion dollars in AD revenues only grew by seven point four percent.

But I think you're absolutely right. At the very least, you know, this will drive a lot of user engagement on on Twitter. Controversy trend tends to turn or or to have people lean into the platform. At the same time, though, that makes a lot of advertisers really really wary. Um. Twitter has long been used as a brand advertising platform, and the company has done a lot to make it

brand safe for advertisers. Now, Musk takes a very different view on speech on Twitter and is probably going to push for less, not more content moderation, and that will make risk adverse advertisers really think twice about advertising there. Mark, as you said, for the few years you've been on the sidelines sort of questioning the overall business model. When we saw the changing of the guard Jack Dawsey handing over to Prague Agua Wal, did you think that that

was net positive? How are we feeling about this CEO, relatively new in tenure, having to navigate what is a complete storm, perfect or not? Caroline, I've viewed that as a really strong net neutral. Uh So, you know, look, I don't know if we've heard under the new CEO a clear, you know, a really clear strategy for the company going forward. I'll give him a few months. I

think we all should. At the same time, he's been with the company for I forget at eight or ten years, were running product By the way, that's been the problem at the company. I want to be respectful here, but but you know, it's been a slow pace of innovation, and the company has come out and acknowledge that. They said that at their last investor days. So I'm not sure this was the radical change that Twitter really needed in order to you know, speed up the product development cycle.

Craziest performance marketing tools, and um you create them make the service just increasingly more intuitive for users. There's a point that Jason's made that's also really important. Some of this content moderation has been absolutely necessary. You know a few years ago there was just too much vitriol and too many of these f bombs on Twitter, so they needed to take that out. I think Musk is really focusing on the political content moderation. He maybe right about that, uh,

but but I don't think that. I don't think advertisers and I don't think users are really I think most users probably aren't all that in the weeds and don't really care that much about the political moderation, the lack of it, or what's going on there because there's so many broad sets of interest. And I'm sorry, I think publics is just a small part of Twitter's appeal. So again I kept, let look at this and what's going

to change the growth profile. Yes, we had a good last year, but you know, I think this is versus the other assets in the space. Snaps had much better product innovation and growth, and this company doesn't even touch the scale of Google, or or or or Facebook. Okay, so one answer question for you both as we had towards the end of this conversation. When I'm looking at fifty four twenty dollars twenty in terms of taking it private, do you think it will go? Will potentially see a

deal for at least is it worth twenty? Jasmine, you know it's so hard to say, and Um, I do believe that because of mass character, there is a very large chance that you know, this deal does not materialize, um, and that he changes his mind. Mark, is it worth up? I think he's going to get his offer rejected. I think he's gonna sell his stock. I think the stock is gonna give up its twenty gains. Is it worth under a series of product improvements? Absolutely it is, but

but we have to see the improvements first. No, I don't think right now today it's not worth And I don't appreciate his pot analogies. He doesn't have to put that as part of his his bid. I just think that undermines the credibility a little bit on the offer. Not much optimism that Marmahoney have a court, Jasmine Enberg Intel insider. It elligence. Really great to have both of you one. We thank you welcome back. Well. Twitter wasn't the only thing on the mind of Elon Musk today

and the tag talk. He felt the need to get some things off his chest when it came to whether he had the money to actually take Tesla private. Now we will remember this tweet that kicked it all off about four years ago when he said funding was secured, which led to, of course the investigation by the SEC. To take a listen to Musk's version of events, because the SEC knew that funding was secured, but they pursued

an act of public investigation. Nonetheless, at the time, Tells THO was in a precarious financial situation and I was told by the banks that if I did not agree to settle with the SEC, that they would the banks would cease providing working capital, and Tells would go bankrupt immediately. So that's like having a gun to your child's head. So I was forced to concede the SEC unlawfully, those bastards um and and and now they say it makes it look like I lied when I did not infect

line I was. I was forced to admit that allied to saved Tess's life. And that's the only reason. Sorry for perhaps some of the strong language and that Musk was then asked in a very next question if he's glad that he didn't actually take Tess a private and

he admitted, actually, then he was joining me. Now Tom Gorman, we want to know, I think not Tom Common, Harvey pit prolergies, Chairman Pitt, I don't know what's going on with We thought we had someone prior to you, but I'm very pleased to say that it is indeed you and your express c s when it comes to the

SEC and Chairman. I'm interested, of course as a man who you know, has helped lead the SEC, understand the way in which this organization works, and has had to suffer some of the abuse it would see perhaps being leveled at you from the likes of Elon Musk. How do you think about that settlement that was made four years ago and the controversy that it stirred in the ongoing anger it still seems to be within of course

Elon Musk himself. I think it's basically Musk's fiction. If he didn't want to litigate with the SEC or couldn't afford it, all he had to do was say I'm not going to litigate, I'll default and let the SEC get a judgment. And let's see what a court will order. But he spent probably hundreds of thousands of dollars on legal fees to execute a settlement that went back and forth. Having done that, he should live up by to his agreement. He agreed to do it. If he didn't want to

do it, nobody held a gun to his head. The proverbial one who was sort of saying it was in a difficult situation financially precarious for Tessa at the time.

But now as we look forward, you of course were the twenty six chairman of the US Security and Exchange Committee back in two thousand, wants to tell the two thousand and three it's a it's a different beast now, but it is a basis currently having to analyze what perhaps a taking private of Twitter looks like by one Elon Musk, the way in which he has conducted it, the the amount that he's stating, again with the more important four twenty number in it, is it something yes,

he see is going to be taking seriously. I think it's very hard to take anything Mr Musk does seriously. He always has ulterior motives and there are serious questions about what he's really about. Um he has said that if his offer isn't accepted, he will have to reconsider his physician. So he already created an overhang on the market. And I think it's a safe bet that Twitter, although it has said it will review the offer, will ultimately reject it. That's not to say it should reject it,

but it is to say that they will. They will have all sorts of reasons that they concoct to refuse to accept Musk's offer, and then the market price of the stock will plumb it. So he's playing a game with Twitter and with the investors in Twitter, and with the market for Twitter securities, and it's it's a game or indeed a maneuver or indeed away in which he conducts himself through the medium of social media, which is

fascinating in this current day and age. And we shouldn't be shot by given that we had well the head of the United States, a president himself who used to give an awful lot of news via the social media platform. But how do you think an sec can look at what is, you know, an announcement of taking a certain amount of shares in a company, an announcement of them and wanting to do a bid. How how do you think SEC regulation can adapt to this new age of

this news environment. I think it's very difficult because the SEC's rules did not really contemplate social media. And while there have been very good attempts by the SEC to try to modernize their positions, it's still very difficult for them. The fact that somebody can simply tweet out to eight million people market influencing information is not something the SEC has yet come up with a solution for, and I think that is going to have to be something it

takes a very close look at. If you would chairming one word of advice right here, right now for the SEC. If I were chair, what would I do well? I first of all would say former SEC chairs should be seen but not heard. That that's one aspect. But I would say this, I would be investigating the origins of this offer. I would want to investigate why must file the wrong form when asked the five percent threshold? And I would be looking into a variety of must potential infractions.

I want to consider whether any of those infractions should or could impede the progress of his law. For and weather investors have been harmed. I believe he has done a lot of serious damage to the way the markets are supposed to function. Chairman Harvey Pitt, we thank you so much for your expertise, your insights. There will wonder if the SEC was listening from New York this Boomberg. So aside from the world of Elon Masque, here's some

other stories that we are following well. Cuts are coming a palet in the fitness company is slashing prices for its major hardware products. The high end bike class is being cut to five dollars, while the treadmill is being reduced by a hundred and fifty dollars. The bike is being reduced by in fact, meanwhile, Palatine is rising, of course, the price of its monthly subscriptions. It's all part of a comeback plan aimed at generating more occurring revenue. Yeah,

welcome back to Blue Bow Technology. I am Caroline Hide in New York. Let's get back to, of course the top story you know, masks forty three billion dollar bid. Let's discuss a little bit like what on the platform of Twitter could be changed and what are some of the concerns about Elon must perhaps taking over that company. During his tag talk today he mentioned the idea of free speech and lot essentially that him buying Twitter would

be the ultimate goal. Take listen, I think it's very important for there will be an inclusive arena for free speech where oh yeah, so yeah. Um. Twitter has become kind of the de facto town square. So it's just really important that people have the both the reality and the perception that they're able to speak freely within the bounds of the law. It's de facto town square. Well,

we're going to dig into that thought now. I'm joined by Jennifer Greigel, Associate Professor of Communications at Syracuse and an expert social media including platform governance, content moderation. Means, all of means certainly a strong point of Elon Musk. Jennifer, your perspective on what Elon really wants to achieve by doing this. I mean, I know it put a big performance on a ted today, but I decided to make a sandwich instead because it was like time better spent.

I was hungry. Um. But you know, I think, honestly, even as seeing in that clip, the last person we want owning a town square is Elon Musk, and certainly we don't want more big platforms being owned. You know, we already see that with Zuckerberg, we see that with others, So like this isn't this isn't something that we want

to see happen at this point. There was, of course, while you were making a sandwich and maybe potentially still listening in, there was discuss all um, well more than two thousand people, up to two thousand people potentially owning Twitter with him and perhaps in being some sort of non for profit. Would that be a direction of trouble? Does it need to be a public health business? It really should be owned by more of those who have need a real stake in the public square and speech.

But like retail investors, you know, he is not going to take this over with retail investors. He needs institutional investors. He needs the big corporates who have these big blocks. He uh, he needed people like the Saudi Prince who is an early investor, Like he just doesn't have the friends to help him take it over at this point.

And I just don't see the retail investors, even though I'm concerned about like public speech and that is kind of like represented with those who do retail investing, right, but like it's it's it's not going to happen with elon that way, So maybe as another plan, But there's a lot of people who have a stake in this and they want the power associated with it. As you mentioned Elliott Management Company. These these people aren't necessarily just

interested in making money. They care about the social aspect is big platforms like Twitter too, as one hopes the people who work at Twitter are as well. And it must be an incredibly towards time if you're currently the CEO or Twitter paragagual we understand is ending the meeting with staff over evaluating the offer and Jennifer words of advice to change what currently is occurring. And the frustration that some people feel in terms of denial of free

speech or too much free speech. You know, again, we have to remember that this this CEO is new. It was put in after Elliott and others had exerted some influence at the company. Um, he's essentially kind of a company guy at this point. He's he's staring in the boat for the current investors there. But free speech is not ever been the case with a company like Twitter. It's a it's a public company, and this is about the speech of those who own and run it and

That's what Elon Musk is interested in. He's interested in, um, you know, expanding his agenda, expanding his speech and his power and what he wants to use it for. Jennifer. Is it a regulatory in tape that we now need? Is there involvement that is necessary? You know? I saw on the list there the things that were being discussed the employees, and nowhere did I see how to regulate government right like including our own uh here in the

United States on these platforms. We still don't talk enough about how much the federal government pushes out federal propaganda right on these platforms, and that is probably something that he doesn't want to draw attention to. So I think it's less about like the edit button. Like I said last week, this isn't about the typos um. This is about being able to maybe exert some control over our own government to push back maybe when he uh doesn't

like what the SEC is doing. You know what if he ends up putting a bunch of the federal accounts and a quarantine and not boosting them in the algorithm anymore. UM, I don't think the government would like that. So there's a lot of power here. It's not just about Trump coming on the platform or not, Like just because he's on doesn't mean he has any reach, like he used to write, so they could limit you know, how much

you know visibility he gets in the algorithm too. And this idea of transparency to like, if it's totally transparent, it'll be it'll be gained by bad actors, by our own government, it'll be gained by the power players. So you know, maybe independent audits are needed to help make sure this isn't abuse. But you know, these ideas that he's floating are just kind of pull him out his back pocket. They don't really make a ton of sense.

Always full provoking, Jennifer, thank you, Associate Professor of Communications at Serakis. We continue to discuss Elon Musk's well bid for Twitter, and he currently is saying that the Twitter board has a liability if acting against shareholder interest The Twitter boards duty is breached if they act against shareholder interests. He's commenting on a possibility basically the defensive method that the Twitter board could use, known as a poison pill, to be able to sort of expunge any sort of

overall control by someone such as Neilon Musks. So currently he's using the platform that he so loves and wants to take private, saying that if current Twitter board takes actions contrary to shareholder interests, they would be breaching their fiduciary duty. The liability they would thereby assume would be titanic in scale. So of course the board of course

previously been evaluating the offer. We understand the Twitter CEO has been ending a own meeting with its staff saying that they are evaluating the offer coming from Elon Musk. So we're actually going to weave all of this into our crypto report now because we keep on discussing how and when the platform could evolve. If Elon Musk in anyways intervention could add some more cryptocurrency impact within Twitter's space. And indeed, of course take it open source in terms

of its algorithm and what would that look like. Let's bring in our next guest for Well, a really focused take. Nada Nagi is with us. Here's, of course, the creator of d SO, that's their DIC foundation. It's a layer one blockchain built on Well for the purpose of scaling decentralized social applications. Nada, your take on an open sourcing of the Twitter algorithm, would that in any way make it more decentralized in nature? That's a great question, Caroline,

And actually just take it back a bit. You know, Um, it's funny because I actually think that Twitter right now is distracting people from a lot of the real innovation that's happening in social media. You know. I mean, I'd like to say, you know, imagine if the iPhone came out and yet all anyone wanted to talk about was their BlackBerry. You know, most of people don't even remember what a BlackBerry isn't anymore because it's no longer relevant.

But really, right now Twitter and and centralized social media platforms are BlackBerry and do so is the iPhone? Um? And why is that? Well, really, it's because it's better in every way than centralized social media platforms like Twitter. Um. And to go now to your question about open sourcing, Well, it's exactly what you said. When you make the post on Twitter, a corporation owns it, they control who gets to see it, and they make all the money off

of it, and all of that's completely opaque. Um. In contrast, when you make a post ond so it's stored on the diesel blockchain and you own it the same way you would own your bitcoin, and it goes on to a public ledger and shows that the hundreds of apps that all have their own approach to moderation, most of which are completely open source, and you can actually look into how they work. UM and so, you know, right now we're talking about which billionaire should control the Internet.

You know, do we want Elon musk or or the Saudi Print, you know, to control Twitter? And the answer is, you know, we want nobody to control it. UD. So really is the social what what bit coin is to money. You can own your content for the first time and

it's extremely exciting. What was interesting, of course, on the currently rather centralized website that is Twitter, you had the likes of Sam Banger Free un cause SPF, CEO of f t X the crypto Exchange, talking about what he thought a decentralized Twitter could look like talk to us

about it. Is there any way that you can reverse engineer this because SPF a sort of talking about tweets going on chain, they're encrypted, the sender chooses who has access to them, so sort of unifies direct messages and tweets. Or you can monetize it by having the protocol charging something per message, or you could be about the user interface that monetizes as well. Is there any way you could reverse engineer Twitter in and of itself? Of course?

And actually everything that Sam thing has been free described in his tweet already exists on dis uh and so really, like I said, it's like all anyone's talking about is is BlackBerry and get the iPhones right here, So including by the way, end to end encrypted group messaging exactly as he described it and for the exact purpose, and if you want to actually see it for yourself, there are many apps listed on dis dot org, but my

favorite is diamond app dot com. And you can use exactly what Sam Bankman Freed describes as the epitome of decentralized social media if you go to diamond ap dot com. Uh. And again it's all happening right before our eyes. It's kind of us gradually then suddenly kind of phenomenon. But so already has over one point five million accounts, hundreds of applications being built on it, people like Chamat of

Social Capital, Brian Armstrong Winkle classes. Actually even Sam Bankman Freed UH a long time ago made an account on a dis app You probably doesn't even remember it right now, but I'm sure he's he's looking at it again. So a lot of very impactful people are are looking at this, and I think it's just a matter of time before

the heat really gets gets on it. Yeah, So now that like, let's talk about this therefore as a bit of a if Twitter did embrace in some way Web three a little bit more than Web two and aided sort of the gateway drug to then jumping onto one of the apps built on d So, how would that what would that look like? What is the how can

you help me? Others who are still just very used to Web two getting to grips with what really a decentralized social platform could look like, because a little it looks kind of scary, looks like, you know, or you're charging for certain bits the protocol is going to do this, it can sound in terribly intimidating, demystify, unintimidated for us. Absolutely. So if you go to an app like Diamond app dot com, you'll see that it's it's similar to Twitter.

You can still follow people, you can make posts, but the difference is that when you follow someone that's stored on a public block chain, and when you make a post, it shows up in all the apps built on the DCEL block chain. Up there are hundreds, not just that one app. So all these different moderation policies that are totally open, uh impact your posts and you get much more reached. And then because you're on a block chain, you also have access to micro transactions, so you can

tip via a diamond. So right right next to the light button is a diamond button where you can get anywhere between a penny and hundreds of dollars. Creators have earned over forty million dollars on dis apps across the ecosystem. Uh, your post can become an n f T automatically because it's stored on the blockchain. Uh. And then you know

you're asking about what is the future of Twitter. Well, interestingly, no matter how you slice Elon Musk taking control of Twitter or not taking control of the Twitter, Uh, you know, d SO is really inevitable because either dis apps outcompete Twitter because open platforms out compete closed platforms, or Twitter ends up in the long run embracing do SO, storing its content on there so it can access things like the n f T S micro transactions and UH and

coins associated with it. So either way, you know, d so I think is the future and um, that's why I think it's so exciting. And now that just quickly, how about content moderation therein absolutely so. This is the unintuitive thing that a lot of people take for granted is when you have an open platform like to be so uh, there's actually a lot more transparency into what is going viral and why the reputation of the people who are who are posting is it a bot or not?

You can have the best machine learning researchers in the entire world analyzing the fire hose of content identifying bought fought farms, bought armies. Uh, and you know, even the UH in the long term, moderation can be uh something that a lot of people take part in by analyzing the chain, producing lists of things that they believe are

harmful that other private apps get to consume. UH. And what's amazing is all of this can be done by smaller players with higher fidelity and higher accuracy than the platform monopolies today because everyone in the economy has an incentive to build a piece that they're really good at.

So we're really good at building the blockchain. You know, we might not be the best of content moderation, but the best people in the world can do their part and then we can you know, utilize that service from them to just creates so much more efficiency around everything that's currently being done by kind of a stagnant platform monopoly today. Nada is always great to catch up with you. Thank you for painting that picture for us now that Al Naji, Thank you so much for the creator dies

and the head of the Diso Foundation. Let's talk soccer now. French football club Parasangeman getting into e commerce through a deal with Goat Group. This is the online sneaker marketplace, moves into team sponsorship and looks to expand, perhaps outside the United States and springetting Goats co founder CEO Eddie Lou for more on this fascinating deal. Talk to us

about YPSG. Caroline. Great to be here, so excited. Go is continuing its international expansion through a strategic partnership with one of the most iconic football clubs and all the lands Paras and we are a principal partner, So that means the Go brand it's going to be on the sleeve of the jerseys all across the arena, and of course in the Goat out there's going to be a dedicated PSG experience with exclusive drops, content, media and more.

Talk to us about those exclusive products, because it's so interesting to go onto the GOAT website. I see, like Lana Messi, now we go on his sleeve. But you're getting into the world of new products, apparel and more, not more, not so much. You know, you're a sneaker exchange and marketplace, but what other offerings offerings are you looking at well? With PSG? I mean, the great thing about that is that they're not just a football club.

They're building a brand, a lifestyle and fashion brand, and that's similar to what Goat is doing. We're not just the sneaker marketplace anymore. We've built our own fashion and lifestyle brand full of accessories, fashion, sneakers and more. And you know, when looking at the PSG partnership was just so natural because our visions for very much a line and we were when we were thinking about expanding an increasing brand awareness through Europe and beyond, they were just

such a natural partner for us. What about Lana Messi, What about some of the players, How do you team up with some of these sports stars and the brand of them as well. Well. It's great that they have some of the goats of football. I mean we're talking about Messi, embob A, neymar et cetera, and aligning the

goats of football with Goat the brand. There's gonna be so many fun activations and experiences with both the club and the players, So stay tuned for that, Carolina, what about you know overall Europe as a marketplace to expand in, how big is the sneaker resale market there? Well, Goat started in and now we've become the leading and most trusted sneaker and fashion marketplace in the United States. But we've seen that fashion, just like football, it's not just

a domestic market. It's global and we're seeing so much growth in Europe and beyond. So for us, we know that we're great in the US, we want to continue to provide that experience for the rest of the world, and so this partnership is key in helping us expand to Europe. And I love that you just called it football. Meanwhile, I'm talking to us about sort of the world of Darrive and se it. I feel like sports people all over the US are verily embracing n f T S

and the like. Is that going to be something that you sort of look at in your space n f T S. Of course, there is something that they're working out for us. We know that there's still so much value in bringing products to consumers in the real world and that's what we're focused on now. But we're always keeping an eye on it because the digital experience will be something in the future. Eddie, I wish we had more time. It's fantastic to catch up with your congratulations.

Interesting deal. Tell us how that expansion into Europe goes Eddie lou Goat Group co founder CEO, some time with him and an exclusive conversation. Meanwhile, that does it for this addition of blue Bag technology. Don't forget to check out our new podcast. You can find it on the terminal as well as online on Apple, Spotify, iHeart, wherever you choose to get your fixed