FTX's Implosion and Twitter's Potential Bankruptcy

Even the White House is monitoring this situation. Plus more of Twitter's top executives leave the company, including the head of trust and safety and Elon Musk Tell's employees at an all hands meeting that bankruptcy is not out of the question, and a not so cold war between the

U S and China along with a looming recession. Just as the chip crisis was easy, a m D isn't slowing down launching a new chip as it continues to take share from Intel and a m D CEO Lisa Sue joins us right here in an exclusive interview, and the women investors of All Rays who started shaking up Silicon Valleys grow culture share their thoughts on how much progress has and hasn't been made, and how startups survived

their toughest test yet. But first, as you all know, this is my last day sitting in this chair, and I have to get through the next hour, So I'm not going to get too deep right now, but I want you to know that this show is going to be special and we have a lot of news to get through. We're getting more details on the crypto blow up now. According to the Wall Street Journal, f t X lent billions of dollars worth of customer assets to pay for risky bets by its affiliated trading firm Alami.

To research Bloomberg, Shinali Bossik has been covering every step of the story or Shinali, Wow, what has happened in the last forty eight hours? Where does things stand right now? Emily, just a breath taking amount of money that we are

talking about here. In addition to venture capitalists having to mark down their state two zero uh sequoia really coming up front on that note and other investors likely to follow, you do have the Wall Street Journal reporting that of the sixteen billion dollars in customer assets that were on the f t X platform, more than half of the

customer funds were lent to the sister company, Alameda. So obviously this is going to be a big question of discussion, a question of concern as we keep on moving along. We did see interestingly Sam bingg but Free to take to Twitter today and start to address the idea that

he messed up. He said it over and over again, but that he really wanted to still try to find money to make investors, that investors clients rather whole, and that those clients would be made whole before any investors would be And again, remember this is not a bankruptcy process yet by any means, but if it were to be in a bankruptcy process, it would be much more complicated in terms of figuring out who got assets and

who got them first. Now, f t X US was never part of that deal that we were talking about the last couple of days when it came to Finance potentially buying f t X dot com assets outside of the United States. But we are seeing that f t X is saying now that they're going to be potentially

halting trading and withdrawals in the coming days here. Now that is very important because if trading has halted there as well, then you really have another part of the ft X empire that was very connected to the financial industry, had a different set of investors, and was also the one that really helped facilitate the bailouts of some of

these other crypto firms also potentially in trouble here. So again, the story really is just beginning, even though it feels like it's been unraveling very, very drastically for the last couple of days. Son, You've got investors, very prominent investors, telling their clients that their investments and f t X are now basically worthless. How are investors responding, How are regulators responding? You know, we've spoken to a number of investors and regulators. We have to remember that there is

an active investigation going on. This is the SEC, this is the Department of Justice, this is the CFTC. And what's remarkable about this emily is not very long ago, I mean really days ago, when there was not this type of trouble and f t X. You saw f t X working with regulators to try to change the rules of the game. Uh, they were working with the SEC to to advance a proposal that would really reduce

a reliance on clearing houses for certain trades. Uh, and it was something that the CFTC chair could really change a broader part of the financial system if this word to go through. So to your point here, regulators are sitting here and not just investigating the circumstance circumstances at hand, the use of the client funds, which is the primary concern here, as well as what happens to the money.

How are people made whole and how did you keep this from happening again when we've seen liquidity issues multiply in the cryptocurrency industry throughout the entire year. As a one crypto executive put it on Twitter today, people are asking about contagion when you think about f t X, isn't this the contagion We have been seeing it all year? And the reality is one by one, customers that are exposed to f t X are exposed, are are releasing their exposures by the millions, and you have to wonder

what comes next. All right, bloombergsh Ally Bostic, thank you. We're gonna stay tuned to your reporting on this story. Meantime, Twitter owner Elon Musk emailed staff for the first time and warned of quote difficult times ahead Musk, writing that there is no way to sugarcoat the economic outlook. He also said remote work not an option anymore on that bankruptcy isn't out of the question. Meantime, the FTC says it's tracking Twitter developments with concern. Bloomberg sprat Stone, our

senior executive tech editor, joining us now. I mean, in my twelve years covering tech, I can't remember a more disruptive time Twitter could go bankrupt. I mean, the news coming out of Twitter seems more cataclysmic every single day.

And what has stuck out today are these resignations from key Twitter personnel, the chief security officer, the chief privacy officer, just now you l Roth, the head of trust and security, showing an absolute lack of confidence in Twitter's ability to secure user data and comply with an FDC consent decree. And I've actually heard people who's left Twitter saying, at last, yoel is still there now even you know all the person who was in charge of trust and safety is gone.

The problem is Elon is conducting himself like Elon conducts himself. He's an imperial CEO, accustomed to moving very quickly, working at all hours of the night, not very accountable to his board a Twitter and SpaceX and and you know, in most cases not that interested with complying with the letter of the law. I mean, we've seen that with Twitter,

with Tesla and the sec. The problem here is that the FDC has a consent decree with Twitter requiring it to document new products and how it's safeguarding customer information. And clearly executives and Twitter are not very comfortable with how Elon is conducting himself now two weeks into ownership, right, it's only been it's been days, right that he has owned this company. How do you even imagine that this plays out? So you know this this show today is

about history. Right, You're almost twelve years anchoring the show. Um, so let's go back to some history. Two twelve, one year after we started the show, we did a cover story in Business Week and called Twitter the company that couldn't kill itself. And we we send that because of all the chaos internally and its inability to come up with new forms of revenue, new products, and yet there was something about the company that users just can't look

away from. And that's certainly something we've seen this week with the elections, with with Elon's display user growth is up, and and maybe that's a little point of optimism that despite all of this, as long as he doesn't bleed out from shooting himself in the foot again and again, you know, maybe he can rescue Tweeter even I tweeted right before the show and I just thought, God, I hope Twitter still exists when this show is over. It's so important to so much of you know, Silicon Valley

and obviously dialogue around the world. You've been covering Silicon Valley longer than I have. Eleven thousand people laid off at Meta, thousands of people laid off at Twitter, Apple, Amazon, Alphabet, everyone cutting costs and thinking how are we going to get through a recession? How does this rank compared to the financial crisis, the dot com bust? You know what, this is just how the place works in Silicon Valley.

Tech is cyclical. It's happened again and again for for decades, you know, the personal computer recession, the dot com bust, the Great Recession. You know, if anything, those times might have been worse in terms of the number of layoffs. And the other thing I would point out now is that Silicon Valley has about two percent unemployment in two

thousand nine. It was, so you know, the difference might be that jobs are harder to come by for for the recently laid off, I mean the other differences that were coming off a very extraordinary period during the pandemic, where you know, Twitter hired, Facebook hired employees, Amazon doubled in size. So yes, these are significant cutbacks, but it comes after a period of maybe overly optimistic growth. All right, well, we're going to be watching how your team continues to

cover these stories, Bradstone, as always, thank you. Turning to chips now, chip delivery times dropped by six days in October, the most one survey showing chips supply across all major product areas now more quickly available. Let's talk about this and more with a m D CEO, Lisa Sue. Now, am D just announced an update to its server chip line up, taking another swing at rival Intel. And it's so great to see you here at Lisa in person. It's one time we did this a lot times virtually

in the pandemic, and I'm really glad that you're here today. UM, I have to ask first what your take is on what's happening in the market right now. What is your outlook? Yeah, absolutely, Well, first of all, it's great to be here in person with you, and by the way, congratulations on this very special show. So we're excited to be here. Um. Look, you know, when I look at the market, I would

say a couple of things. You know, the semiconductor market has been so strong over the last several years, and we've certainly been trying to ramp up production across the board. When you look at today's market, you know, there's certain portions of the market that are actually doing extremely well. Things like you know, our data center business are embedded business UM that services UM aerospace and defense, industrial, automotive,

you know, these parts of the businesses. And then there are some part parts of the businesses that are you know, going through a little bit of a lower demand period and those are like you know PCs and UM consumer devices, and so we're navigating through that. But you know, again it's a very exciting day for us because we just launched our new server chips UM. So I'm so glad that we could talk to you a little bit about that. So let's talk about the new chip. How do you

hope this one will change the game. Well, I have to say, you know, you know, our server road DApp has been like a five year journey. So we launched the first EPIC server line in two thou seventeen and over the last five years we've had three generations of truly leadership performance. So with our new generation, fourth generation EPIC and that we code name in GENERA, it's really

game changing for the server market. And you know when I talk about things like you know, UM significantly higher performance, UM significantly better UM overall energy efficiency, significantly lower operating costs depending on which environment that you're in, and we're talking about you know, two and a half to three times the competition. So we're extremely excited with it. You've gotten a lead now over Intel. How sustainable is that lead?

Because Pat Gelsinger has said, we're going to be in the lead again, and what if this is just a moment in the sun. Well, what I can say is I think hopefully the last five years has been proof. You know, you know, our goal has been to every year have a stronger and stronger roadmap to broaden how we work with our partners and customers. You know, if

you look across the world at cloud data centers. You know, a m D is now the standard for cloud data centers, and it's really because of our performance and our overall efficiency and our total cost of ownership. So you know, we are not taking our our foot off the gas pedal. We're going to continue to innovate very strongly. So let's talk about Look, if we are going into a prolonged recession, how is your strategy evolving. Are you trying to cut costs?

Are you going to do layoffs? Well, it's a very interesting point, Emily. You know, I think UM, a couple of things we've been working on really diversifying our business. So it's not just about you know, one product line. We actually have a broad products a set of product lines UM. As I said, data center embedded actually quite strong, and we're gaining share UM. And then on the PC market and consumer it's a little bit lower, and we're

navigating through that. And you know, our roadmaps take three to five years to develop, so we are not at all backing off of our roadmap. UM, We're gonna navigate through this. We're going to be tighter on overall operat expenses, but we're also gonna UM invest in R and D so that we can keep increasing our lead. What about rising tension between the US and China, How does that change the game for you? Just as the chip crisis

was starting to ease. Well, we're always you know, very uh, you know, watching the situation as it relates to the geopolitics. I would say, you know, China is an important market, but we're also very cognizant of, um, the US you know restrictions, and we're operating within those. And I would say that we've you know again navigating through you know these things. How low can PCs go? So I think

there's this question, was this just a pandemic play? Well, I think PCs are extremely important in the overall ecosystem. Now there's no question, um that there was you know, a it of excess you know, sort of very higher demand over the last you know, eighteen months, two years,

and now we're in a period of lower demand. But I still believe you know, the PC experience when you talk about working from home, when you're talking about working on the road, when you talk about enterprises and everything that you have to do there, when you talk about gaming, um, you know, there's definitely a very very good overall demand and we just have to work through, you know, sort of this next couple of quarters and ensure that you

know that the demand supply picture gets back into balance. At the Fortune Most Powerful Woman's Summit recently, you said running a m D is like running a new company every two years. Explain that it is something like that. But you know, the way I think about it is, Look, technology is such fast paced, right if you think about UM the technology trends, and if you think about the size of our company. When I first took over as

CEO UM, we were a five billion dollar company. You know this year will be a twenty three and a half billion dollar company. We have a lot more employees, we have a lot more product lines, and you know, the world is a different place. So we love it. You know, we love the dynamic nature of the business, and we also believe that that's one of our core strengths is we're able to really navigate through, you know, sort of a lot of different things. Am D shares were on a tear for so long and they have

taken a hit with the rest of the market. Is that hard to watch? Does it doesn't change anything for you as you run the company? Well, we certainly believe that, you know, the right thing to do is to focus on the long term strategy. And the long term strategy is you know, product roadmaps, UM, you know, deep deep customer relationships, continuing to innovate, and you know that's where

we spend our time. And of course, you know, we all want to ensure that all of our stakeholders are are happy with the progress, and so we're always you know, working on those things. And I know I've asked you this multiple times over the last several years, the state of the chip crisis. What phase are we moving into now? Well, I think you said it earlier. I think we are we have gotten over the hump of you know, sort

of the the chip shortage as it was called. I know you've asked me that several times over the last couple of years, the question of the day and two years now. And I think what I've said each time is that the semiconductor industry knows how to do this. We know how to put on enough capacity to satisfy demand. Um. We have seen um, you know, a much better supply demand balance of now and certainly over the last couple of quarters. And I think we are, you know, for

the most part meeting supply. UM that that is a meeting demand that's out there. Now. There are certain still pockets of shortages and those will be worked through, you know as well. So, so what does the chip industry

look like through a recession? How does the chip industry in your view whether this we have certainly were very familiar with these types of cycles and what it means is, you know, we have periods of build phase, which is what the last eighteen twenty four months were, and then we have you know, a periods where there's less capacity being brought on, and you know, again we know how

to manage through these things. Perhaps the most important thing though is to focus on, you know, what are the secular growth drivers that are going to continue to be important. That's why data centers are so important, um, energy efficiency becomes so important, business transformation for enterprises are so important. And then you know things like you know, gaming and

you are also uh, you know, secular growth drivers. So you know, I'm very optimistic about the long term and we're you know, very well prepared to manage through the short terms. At a time of m and a is at a time of consolidation. Well, first of all, we're extremely excited with how well are recent m and A has done. So, you know, we close this is links acquisition in February. They've now been part of the you know, the am D family for the last you know, seven

eight months. It's gone fantastically well. UM. The business is fantastics or above our acquisition case. We also acquired UM a company called Pensando, which is a specialist in you know, networking technologies as well. And so you know, m and A has been very good for us. But I would say, you know, running a very strong organic business is also UM sort of front and center in what we do. And d CEO Lisa Sue will have more to come together, I hope, UM. But I really appreciate you coming to

talk to us today in San Francisco. Thank you so much, so wonderful to see you in Congratulations again, thank you. Alright, we've got more of Bloomberg Technology after this quick break. This is Bloomberg Meta's first major job cuts might not

cut it. The Facebook parent laid off eleven thousand workers this week, but a let's say that won't be nearly enough to get the company back to being as profitable as it was two years ago, revenue still falling, spending has ballooned, and the money saved on job cuts just to drop in a very large bucket, and it was the largest single own art auction in history. In just two and a half hours, Christie's presided over the sale of sixty artworks for an unprecedented one and a half

billion dollars. They came from the collection of late Microsoft co founder Paul Allen, among them works from Lucien Freud, Goos, Dave Clint, and Paul says On. Okay, well, welcome back to Bloomer Technology. I'm Emily Chang in San Francisco. Now to the wave of tech layoffs, cryptocarnage, and Twitter tearing on the possibility of bankruptcy. According to Elon Musk, what does it all mean for startups that only just survived

a pandemic? I want to bring in Alien lead founder and managing partner of Cowboy Ventures now who coined the term unicorn almost ten years ago, and Jenny left Court, general partner at Freestyle VC, both of whom have been very very active in helping women get more access in Silicon Valley. So first, thank you both for being here today. Thank you for having us on a special day. Um, it's truly an honor for both. Kiddy guys are so sweet and it's it's it's it's a crazy newsday. It's

a crazy time for Silicon Valley. You've both been investing a long time. What's your read on all of this? Sorry? Um, I mean this is the correction that we've all been talking about for years that there's just no way right that you know, economies are cyclical. Tech has been cyclical, and we've had a crazy bowl market for a really long time and to the point where people only were it lasted so long that people thought that this is how companies traded forever. But it was such an anomaly.

So it's it's quite unfortunate, but it kind of had to happen. So how bad does it get or how bad are you preparing for it to get? I think we're at the tip of the iceberg. I think it's going to get a lot worse. It's we're just starting with the reckoning of like years of going fast and loose. Uh. And so I think now you see Stripe, you see all the really good profitable company US making layoffs. There isn't a company in town that is not cutting. And I think you're gonna say a lot of startups have

to wind down. So how does this impact startups? I mean, there's so much focus on the big names, but there are all of these companies out there, the unicorns, the newly anointed unicorns that are struggling. Yeah, and I think the it's not going to happen in one fell swoop. It's not going to be like yesterday. I was right because a lot of companies has a lot of money from private markets over the past three years and they're kind of living off what they raised and they're cutting.

Some of them may not cut deep enough. And also some of them were built for a different time when budgets were a lot more flush. They built products that were in some cases we have them. Tech has been a little bit of a circular economy where there was just a lot of private money. It was a lot you know, a lot of people thought they were geniuses, and a lot of them are geniuses, but also geniuses in is like basically a zero interest rate environment and a lot of things are going to change in the

next couple of years. Well, and there's also this attern matching that goes on in silicon valid whereby you look for founders who look a certain way, and maybe Sam Bank been freed, for example, matched a pattern of what investors think successful founders look like. What is the lesson here?

So hopefully the lesson is that we all have to do more with less, and so those who have been spending so much money and haven't actually gotten anywhere will not continue to get the next check, and the people who have done a lot with very little, let's say women or people of color, will actually be given the advantage in this new market. How are you changing? Are you changing your strategy? Are you are you investing? Are you waiting it out? I mean, I think both of

us are fairly disciplined investors. So we may be a little old fashioned in that way, which maybe seemed a little out of fashion a couple of years ago, but true, you know, I think, uh, I'm optimistic. It's obviously it's horrible for a lot of really talented people who have

gotten laid off. And you know, there's just been a lot of x us and you mentioned mostly kind of pattern matching, and a lot of people have walked into venture capital pitch rooms or zooms and matched a pattern of like you know, Voyd genius or kind of like brilliant genius who often sometimes wind up being like a brilliant jerk. And I don't know how many of these stories it's going to take for people to realize that that's not always the right, like, that's not always the

recipe for success. But now we're at least getting some examples that people can think about and think, actually, a person who's actually treats people with respect and builds a resilient culture um and build a diverse team is actually going to survive the ups and downs of economic cycles, perhaps better than just move fast and break things. Since you coined the term unicorn, yes to refer to companies

with you know, a billion dollar evaluation or more. My colleague Katie Roof today, she she said, asked a leen about unicorantine unicorps. I hadn't heard that. Yeah, yeah, yeah, we actually I feel like I came up like years ago, right, but then it didn't really happen. But it's happening. Yeah. I think it's uh, I mean, I think there's gonna

be a lot of down rounds. So you know that already this year, the number of unicorns being minted has slowed considerably versus last year, but still like when we did the analysis, it was almost ten years ago. Like you mentioned, there was it was only US so and also the global markets weren't what they are now. Uh, the original set had about forty companies in it, right, so if you look at like different sources right now, the set has over a thousand now it's it's global,

so in the US is about half. So so it means like about five dred at least five US based Unicorn so more than ten x um. I think that will come down. So it's funny. Next summer is like the ten year anniversary of the original analysis, and I was I'm planning on doing an update, but like I thought about doing it this past summer, it would be a very different update if I had done it less this past summer than when I think, when we do it next summer, how are you changing your strategy or

thinking of navigating through this? Would like a lean. I mean, I was a founder in two thousand I was a founder in two thousand eight. I've been kind of expecting this, waiting for it, and kind of, like Alien said, feeling foolish to not be playing as fast and loose as

some of our colleagues. And so right now, I guess what I'm doing is I'm making sure our companies are in really good shape, those who had the luck of raising in the good times, making the most of that capital, really getting just surgical and execution and making sure that they make it last, maybe get to profitability, and then being really careful with deploying capital, making sure they're great companies that I believe in, that can go the long haul.

They were building for the right reasons, and um, well we're going to be patient. We both have tons of capital deploy or plenty of capital floy but no feeling, no rush to do. So you're both founders of All Rays. You've worked really hard to change the game for women as investors and entrepreneurs in Silicon Valley. How much progress has been made? And are you worried a downturn set

some of that progress back? So we were just reflecting as we were watching you and the earlier segments that you wrote, wrote Topia and published it around at the same time that All Rays was launched, h and so we're just so appreciative of all the work that you have done. Both who you have on your show, how you ask these questions. Um, it's really I mean it's gonna we know you're you're not going anywhere, but um, we've that's deeply appreciated because actually it made a huge

difference to us when we were launching. We were all reading that book was around February and we launched in April of Yeah. So the ripple effects of what you do, what al Rays says keeps going and there's so much more work to do, so much more to do. So I think we have to all be cognizant as an industry,

as individuals and organizations. Uh Like Jenny said, like this is a time where people have to get like grittier, right, And if you're looking for people who have basically their entire lives done more with less, you're looking at women and people of color. So think it would be a terrible mistake to actually cut those people from your talent base and to go back to monocultures. Um. Like, I think we need really resilient folks to help us lead

and manage and execute through this recession. Times are changing. Elon Musk just told employees that Twitter could go bankrupt and you've got almost the entire executive team now gone gone. Well, I mean, how are you watching this? Any any any advice for for Mr Musk. The one thing we were talking about is it was in your book that you talked about Dick Hostelo talking about they had a huge they made a huge mistake not having women at that

table when they were dealing with all the issues. And here we are, how many years later, and the same thing is happening the people in the in the in the war room. I don't think there are any women around that table. So it's sort of like it's sometimes you look and you're like, we've gone nowhere, right, where

is the progress we obviously needed to accelerate. But then we were also talking about the fact that when Bain Crypto Capital launched their fund with a picture of seven dudes on it, they got obliterated, right, and not just by women but by men. And everyone knew that wasn't okay. So should it have happened, No, But ten years ago

I don't think they would have been obliterated. So in some ways we've made progress in the world's getting educated and it's not about altruism, right, it's about good business. But in other ways, in the Twitter warm room right now, haling Lee, Wait, you are our unicorn. Oh my god, this little sore, but were you so care? She's so cute and inside she nurtures baby. Just to thank you to you for twelve years, happy last day, and thank you for all you've done. All right, m ailing Lee,

Jenny left court. Thank you both for stopping by. More of what work Tech after this break, we're talking crypto and implosion and what's next. This is Bloomberg f t X assets have been frozen by the Bahamas regulator. Bloomberg's Handimiller covers crypto for us the New The headlines keep pouring in. What's happening now? Yes, the situation keeps getting

more and more complicated. It's extremely fast moving. What we do know is that Sam bankman Fried is under some serious legal scrutiny and there still is an ongoing investigation from the CFTC and the SEC. Could he face jail time? Yeah, I mean, I can't even believe I'm saying that, but it's unclear. Um, it's really gonna come down to whether he mishandled customer funds. Um. They're also looking at the relationship between f t X and allow me to research

the trading firm he helped found. We're also talking about a potentially techtonic shift in the crypto landscape. What other ripple effects of this? Everybody's reeling right now. You know, the market is struggling. F t X and Sam bankman Fried had an incredible reach over the industry. Um he is invested in multiple companies, he has built out multiple companies. Uh f t X also does a lot of business with different players. So it's gonna be interesting to see

which dominoes fall and how quickly. What are we hearing from the other exchanges? I mean, Brian Armstrong, the CEO coin Base, was on the show earlier this week saying basically, we looked at f t X, but there are some things that will come to light and here we are. Now what's the word from finance? Yeah, finance. I think c Z is sort of basking in a victory right now.

As Sam bankman Fried put it in a tweet this morning, he said, you want so well, victory in the crypto space isn't necessarily long lived though, right, Like, how do we know? Jesse Patt was on yesterday and say, I said, we're going to see who swimming naked? Um, how do we know who's swimming naked? Yes, that is very good question. Um. And I think there's still going to be a lot to unfold here, especially what are you looking at? I'm looking at which players are being affected here? Who's on

the virtue of bankruptcy? Who's getting hit hard by f tx's downfall? All right, Bloomer's had a miller. We will stay tuned to your reporting. Thank you so much for joining us. I'm Emily Chang, and this is the newly named Bloomberg Technology. This is Bloomberg Technology. I'm Emily Chang. We are live from the Vanity Fair New Establishment Summit in Los Angeles. I'm Emily Changing at Facebook headquarters in

Menlo Park, California. Welcome to Bloomberg Technology. I'm Emily Chang, live from Apple Park in Coupertino, California, Apple's brand new headquarters. The smartphone has proven to be the undisputed king of Apple products and in turn revolutionized an entire ecosystem. You know, as time has gone on, the smartphone has become more important to people's lives. Fay Book is now officially a publicly traded company. The neat Deck had ruled out the

red carpet for a bill reading unlike any other. Someone suggested a joint venture with Amazon, would that ever happen? Well, really, I heard about it from you. I have never heard about that. I would be interested in talking s s always anything. Anybody that involving helping small business will feel excited. A lot of people are looking at Square as an example of that. These private tech unicorns are overmout what do you think? I don't know. I'm not an economist.

We have an economist on our board. Talk to him. But you've compared the company to Amazon. You've got some investors out there who think it might be more like an e Bay or just big questions about how big the right hailing market can be. How do you deliver on the Amazon? We just have to weave got We've got to execute. And when you think about what Amazon did, they went beyond the bookseller to other categories of retail.

We're doing the same thing. And I think that the ones who've been on us, the investors have been on us launch are going to be happy to share. Is indicated to open right now at a hundred thirty nine dollars a share, which is more than double what you've priced at. I mean, are you at all concerned about froth? What do you think about that number and the potential that you're leaving billions of dollars on the table. That's

the first time I've heard that number. Um. That is that's a you know, when we in April we raise money, um, and it was a debt financing. That price would have priced us around thirty bucks. Coming to you live from the San Francisco Bay Area, where I am sheltering in place, all of us at home in order to comply with local orders that we not leave our homes in the midst of this coronavirus outbreak in the interest of public safety. Bear with us as we do our best to bring

you the news as best we can't. The power of the people online forums on Reddit, Discord and more, fueling massive market moves in game Stop, BlackBerry, A and See and more, leaving hedge funds scrambling as they lose billions. Jeff Bezos is formally stepping down as Amazon CEO, turning the reins over to cloud computing boss Andy Jase on five. That's twenty seven years to the day after Bezos Incorporated

Amazon dot Com. Jeff Bezos of Blue Origin and his crew have pulled off a safe and successful launch, shuttling human beings to space for the very first time, landing without a hitch. Welcome back to Earth. How do you feel? Oh? My goodness? Wow? I mean wow, this is your first interview since landing. We all want to know the reality of seeing the Earth from above? Did it live up to the dream beyond? Honestly, I'm not talented enough to describe this in words. Out with the old and in

with the Meta. Mark Zuckerberg goes all in on the metaverse, doubling down on immersive reality and rebranding the entire platform. What the serena slamb for business? What does that look like? Um? I have never been asked that question, and I've never thought about it, and I think that is such a good idea of Twitter is now officially owned by Elon Musk. The company moreover, is going to go through this completely chaotic transition where it's essentially learning how to operate from

day one. Except it's already a going concern with thousands of employees. It's it's just not going to end well for him. Let's point your hand this way to have him drive. Oh, we got around and that does it. For this edition of Bloomberg Technology on Emily Chang in San Francisco. This is Bloomberg twelve years. Twelve years. That is how long I've been hosting this show, hosting the show. Thank you, guys, Thank you. There's a lot of painople here.

Keep reading almost every day episodes. UM. This was my first baby, my first rocket ship, and it's time to launch the next one. Um. I'm going to be expanding our coverage and launching news shows on Bloomberg focused on the most important people and issues at the heart of tech,

business and culture. And that means moving on from this daily show from My Family to a weekly show, New Family, to get more in depth, to dive deeper, answer harder questions, reinvent how we bring you these stories, and show you more size of it all. Technology has thrust us into a massive experiment in human history, and I want to know how society life, how we are changing as a result,

and try to capture the site. Guys. When I came to Silicon Valley in two thousand ten, Airbnb and Uber were just starting to rise from the ashes of the financial crisis. Apple's market cap was just two fifty million dollars, Crypto barely existed, Nobody was even asking the question where are all the women? At least not out loud, And

now Silicon Valley is at another inflection point. You've got mass layoffs, crypto imploding, miss and disinformation algorithms gone wild, power in the hands of a few companies and a few people, and yet the power to do so much good, so many problems, and yet the solutions could be just two people in a garage away. So thank you for

helping me and our great team tell these stories. Thank you for watching, for contributing, for sending tips to the countless people and reporters who share their time and minds to join us on the show. Thank you to the viewer on Instagram who said he's watched our episodes from halfway around the world, and um to my mom who's maybe got you beat. Maybe Moving on to a new chapter at Bloomberg is something that I chose to do, but it wasn't easy. And this team is my family.

From everyone you see in front of the camera and behind it, they all work so hard and I'm so grateful for it, and I gonna get through this. In twelve years, we've interviewed thousands of people, broken, countless stories, and I realized that this was my dream job. I wrote a book, I had four babies of my own who are here, and I just want you to know that every day has been an opportunity and every day has been special, and there's so much more to come.

That's all from me for now. Tune into Bloomberg Technology tomorrow. Thank you by che