The Bahamas and the US War Over FTX's Bankruptcy

findings in its latest anti discrimination study. Meanwhile, Twitter suspends multiple accounts tracking the private jets of tech Titans world leaders any Lawn Musk himself. We speak to the man behind the accounts and get his reaction to being booted from the social media platform. The first finances found us CZ. He's saying it look that outflows from the crypto exchange have stabilized. Still, he's warning employees at the industry's recovery

from ftx's own collapse, it's going to be bumpy. We want to turn our attention to a man who's been in this space a long time. He was in traditional finance. He made the move of course to crypto is John wu president of Ava Labs, for his take on contagion what the crypto community, I know, John calls fudd fear, uncertainty, doubt, there's a lot there of it, and just talk to us about whether or not the contagion that you came onto the show previously and warned about is it still there.

Is it still worrying you, It's still worries me, it's still there. In this thing may or may not be over. But I think the hearing of the last two days and as well as there's some news related to the binets actually is encouraging or first of all on the hearings to me, the common threat between the congressman and John Ray was that most of the number one source of all of the wrongdoings really came from misappropriation by customer fun and John Ray actually, in his opening testimonies

said are really the best in my opinion. He said, the reason why this is able to happen was simply because the power of the decision making, the governance and all the information was held by a small group of inexperienced hands with zero oversight. Um. What I was surprised to not here at all, frankly, was that in fact there was a lot of market participation of the participants and operas actually suspect it was mean to not only leverage the financial balance sheet of f t X, but

also information flow and probably a front run customers themselves. John, what you were talking about essentially is commingling, right, the relationship between f t A, f t X ANALEMDA, the movement of customer funds, the placement of customer funds. Has anything that you've heard in the last fourt eight hours made you think that, whether it's regulatory or from a legislation point, will find a fix to these issues that

have been uncovered during the course of this saga. I suppose that's a great question, because, um, you know, the result of all of this is taking trust out of the system, so there's fewer players, taking leverage out system, there's less volume. Uh. In order to get the crypto capital markets back going, this I think is actually the first build rebuilding trust. You need new leaders, in my opinion, who have seasoned experience, opposite what John Ray said of

the existing leaders of FTX. You need also regulation. We know three is coming be the year of many bills in crypto. And lastly, I think there are actually companies are already working to solve it from a technology perspective. In fact, I'm very excited about company called Enclave. Enclave is a fully UM encrypted exchange on Avalanche. What they had done is create a second layer of security using hardware. The using the as the Intel sens chip. It's not

that different form what iPhone actually does. They create a segregated hardware layer of security, and in this case, customer information, trades data are all put into an enclave, a secure hardware enclave where no third party nor UM operating themselves can actually get access to it. So therefore the problem that John may talk about centralized control, decision making and

misapprovalate gets taken away. John, That's kind of the systemic or structural issues that I guess, you know, market participants like you have been passing. You probably heard us at the top of the show talking about the market reaction to the FED, and all of this makes me feel about what's driving the market right now. If we take a look a bitcoin, for example, jumping above eighteen thousand dollars per token just before the FED, but clearly reacting

to it, So what is it? Is it this sort of fixation on ft X and the fallout, or is the market now slowly returning to I don't want to use the word fundamentals. I've never found it easy to say when it comes to crypto, but let's just call it fundamentals. There are fundamentals. I think you're referring to

valuations being more difficult to understand and justify. But what it highlights is, I think what you're pointing out very stuteley is that the asset classes and over the last two days performed relatively well and in line with the risk assets on NaSTA so speak. Where however, the equity

related crypto companies maybe your coin base, completely underperformed. There are many reasons for that, obviously because of the fd X and regulation, but frankly, I think a big reason underlying reason for this is because there are different communities who owned the assets. The underlying assets are really part of the crypto native community. They are far more um, less distrusting right now of the space, and more enthusiastic.

But the equity the stocks that you see are really crossover traffi guys, and they really have very little trust in this space again for a crypto as an as a class and as the technology to grow in the participants need to rebuild that trust. John. Of course we excuse you for the fact that when you're behind the defy kind of protocol and focus, you're going to be talking up the possibilities and some of the security layers

that you have apparently being built on there. But I'm interested to go back to sort of a centralization point of view. And you were so great on our show previously when you talked about the contagion concerns you had around, say Genesis, talk to us around finance at the moment, because there are a lot of concerns out there about really the amount of clarity we get from cz when we talk about the stabilization of outflows. He's been trying to dispel any concerns that he feels have been building

around finance. And they've all course got vast quantities of money sitting and overall the market is huge for them and the outflows are pretty little compared to this EXTI billion at least they have in reserves. But are you worried about finance? I think everyone needs to be somewhat worried they are a massive, major player in the space UM, but you have to get c Z and Finance some credit. They self UM induced a proof of reserves and started

creating some sort of transparency scale transparency. But obviously, given the FTX situation, the participants in the market probably want even more transparency, so hopefully we get there. That's one of the reasons why we saw I think UH company called Nansen reported that close to three billion dollars of withdraws in the last day or so from finance UM. But if you look at that, it's amazing how the

asset class actually increase even with that massive withdrawal. So what that actually tells me is a lot of stuff moved away from finance into what I would consider a healthy operational risk management technique from counterparties, and into bit wallet's in cold storage as opposed to dumping on the market. Lastly, John, what's it like an ecosystem right now? What is it like when you're trying to build? What is it like in terms of having access to capital to continue to build?

So it's definitely harder on the great momentum we had in terms of building and the business partnerships from traditional finance as well as new developers coming in space was definitely moving far faster and less resistance. Right now, there's clue some people who are hesitating a little bit. But with that said, um, I am still very positive on

real utility into the space. I mean JP Morgan has actually transacted or settled three hundred billion dollars worth of repos in the last year or so in a real live environment through their Jaging Mountain Guardian on X project. You've also seen just this last week you had companies

like Porsche announced an n f T plan. Now optically that's an n f T digital collectable, but you know, behind the scenes of course, really is doing is actually a very smart a way to build younger community aspirational buyers very cheaply with cool n f T s giving them loyalty engagement so that when they are ready financially

they can go by the hundred change thousands um. So the lifetime value of that get is actually very good for the low cost that they are u creating the so called n f T s, But it's really more of a lead generating tool in a community bill, so there is actual functionality. John Wood, president of Our Labs, Caroline helping us kind of join the market, moves to kind of what's structurally happening in this industry. As a result, ft I, You've got so much more to ask you

next time. We'll have you back soon coming up, though, over thirty Chinese companies could end up on a trade blacklist more than that, and what it means next this is Bloomberg. Let's go global for you. There's zero in on China in particular because the country's economy is key to so many tech companies around the world, either for

supply chain or for reaching consumers. Of course, and Bloomberg has just reported overnight that the country's leaders they are proceeding with a key economic policy meeting this week in Beijing after considering actually delaying it due to a surgeon COVID infections so all according to sources. That's while we of course await more key economic data that could impact the shares of some pretty big names Ali Baba JD

dot Com And I know you're on top of this. Yeah, you summarize it well, because we're looking both on the supply chain side, right, American companies that are impacted by their ability to do business in China but also the Chinese tech companies themselves. Very shortly, we'll get retail sales data for the month of November. A Bloomberg survey of economists expects a drop of around four percent year on year and even sharper contraction in retail sales than we

saw in the month of November. And why is that key why we're talking about Chinese economic data, because e commerce is at the heart of that story. Right Singles day falls in the month of November. We've had some soft but leading indicators of certain markets. Eving cars, for example, fell sharply in the month of November. We saw Ali Barber pretty tight lipped about how singles they actually went, which is kind of an indication that it probably wasn't

that good. But as they pull back on the restrictive policy for COVID and we see actually that the number of cases spread and rise through the country. There is eyes from American tech, eyes from European tech, eyes from the global supply chain towards China on their consumer, but also how they're going to react with policy to what we're seeing and what the health of the consumer in

that market is. Because right now, pretty mixed picture car and of course, a continued pretty murky picture, and when it comes to geopolitics in particular, and we sort of build on your great further focus on the consumer to geo politics and the Biden administration because it is planning to put more than thirty Chinese companies on a trade blacklist again, which will prevent them from buying certain American components. Course that depens attentions between the world's two economic superpowers.

We've got the perfect guest, as our own Tech executive editor, Tom Giles here for more. And Tom just talked to us about this entity list. Memory chips the focus it seems here. But what does that mean for these thirty companies. Well, as you said, this is going to put big limits on their ability to carry out business with US companies, in particular purchasing the components that they need to make those chips. The US is really intent on limiting, hamstringing

China's ability to become a force in chip making. This is something that the Chinese government has stated over the last several years is a major goal. They're willing to spend hundreds of billions of dollars behind this effort, and the US wants to cut them off at the knees. In particular, they want to interfere with China's ability to make chips and use chips in the air war making capabilities in for the Chinese military. That's what the US stated goal is, and they are taking step after step

after step in order to keep it from happening. What I loved about this reporting one source telling us that yank C Memory is kind of one of many on the list, but they're maker of nand flash memory. Lower down in the story, want to bring it back to Silicon Valley in the Bay Area. At one time they were talking to be a supplier to Apple, but it seems like the doors now closed. From the company perspective, this seems to be making life difficult for companies on

both sides of this debate. That's right, Yanks Memory, huge company in China, biggest memory maker in chip maker in China, also a potential partner to Apple. Apple saw the writing on the wall. Apple recognized this isn't gonna happen. Also a major competitors to Samsung, one of the many companies that China had been pinning its hopes on and continues dependance hopes on for becoming a major force in hip making.

An other thing to another thing to remember about this trade war between these two countries and how it's it's got ripple effects far beyond Silicon Valley, far beyond China. Is the effort by the US government to keep Chinese companies from buying the equipment that they need to make chips right, so that that affects the Netherlands, and it affects Japan as well. Tom, Ultimately, do we prepare for the tip tap to continue to be prepared to hear

from China. China has already spoken out against this. They say that the US is weaponizing technology as part of this trade war. They're speaking out against it um and I think that their potential to retaliate it remains vast, absolutely all right, bloom by Tech Executive editor Tom Giles leading the charge here out of San Francisco, Thank you very much. Let's talk about the free language learning up to and Lingo finds herself perhaps sort a bit of

a turning point. The company has made a name for itself, engaging one of fifty six million monthly subscriber as making learning a new language as addictive as canny crush. But now the newly public company is kind of facing the challenge of becoming maybe profitable while keeping its loyal fan based happy joining us now used to say, it's the CEO news fun. Now he's talk to us about your mission to develop the best education in the world and

making universally available. How do you turn that into universally available and profitable. Yes, so we're a very mission driven company. UM. We started exactly because we wanted to give education to everybody. UM. But over the last you know, five years, we've been um, you know, trying to monetize it, and actually we're very successful at it. UM. And the way we did that is, UM, we whenever you finish our lesson under a linger, we

put an ad at the end of a lesson. UM. So you can use the thing as much as you want, entirely for free, but you may have to see some ads. UM. But if you don't to see the ads, you can also pay us to subscribe. And UM. It turns out that we make quite a bit of money from the subscription and actually, um, it's about seven percent of our monthly activities are paying to subscribe. But they give us

about our revenue. And this year we're going to be profitable at least on an adjusted ebita basis UM, and and that keeps going better and better. Luis Caroline set out here in Silicon Valley at least to tail as old as time, millions of users trying to find profit. You even just use the the ultimate buzzword adjusted ebit dar. I've heard that from Uber from Twitter. I mean, the user base fifty six million is a part of making

more money just growing it. How do you get more people to jump onto this trend of wanting to learn languages but in a way that's kind of gamified. Yeah, I mean the main way we grow is we have a very engaging product. I mean most of our our users come throward of mouth. That in fact, of ast majority of users come from the word of mouth. And it's because the product is very gamified and very engaging. We also grow by having um We have a really popular TikTok account if you haven't seen it, uh, and

we're really good on social media. But it's it's the good news is that we don't have to pay to acquire users. Really, I mean it's it's it's pretty much organic growth, and we're growing. We're growing a lot over the last five quarters in a row, we've been accelerating our user growth. UM. So you know, we're pretty happy with the user growth and that you're right, that's one of the ways in which we make more money. We basically get more people to use to a lingal. You

make a good point, which is social media. What do you consider duo lingo to be? I mean, is it your aspiration to be like a Facebook, to be like a TikTok that kind of scale and that kind of daily use, or is it the content that you want to use to differentiate yourself. We really do think we can get too much larger scale. UM language learning is pretty interesting. There's about two billion people in the world learning a foreign language. UM Dueling was the largest way

to learn a foreign language. But we only have you know, close to sixty million monthly active users, so we have a lot room to grow, and we're growing pretty fast every month. So we think, you know, we think we can get two hundreds of millions of monthly active users. Talk to us about R and D and about the way use way in which use artificial intelligence. At the moment, we're all talking about it chat Gypt and the amazing things that it can do. What are the opportunities in

AI for you? Um, there's a lot of opportunity. I mean, so do a lingal Um. We've been using AI us you know, for the last ten years, and we're really big believers in using AI to teach. At this point, dueling was about as good at teaching as a classroom, but we're not as good as a one on one human tutor. And our goal is to get to a lingo to be as good at teaching as a one

on one human tutor, entirely through artificial intelligence. And and and the reason for using ourtificial intelligence is because it's a lot cheaper to deliver uh, you know, two literally millions of people. And we think we can get there. I think, I mean, I don't know how long it will take, but we think we can get to as good as a one one human tutor. Professor. Professor, I'll take your

word from that. I'm interested in, therefore, your future and also the way in which you perhaps use your content. You're talking about social media and ed US. A smart question about who you see yourself is becoming what about the actual content you're you're producing, the people, the characters. Are there other ways in which you monetize that in the future. And well, the main way in which we're gonna try to monetize this by teaching. I mean, right

now we're doing language learning. We are starting to expand to other things. We're gonna we just launched a math app. We have an app to teach early literacy. And the ideas we really want to have recognizable characters. I mean, the most recognizable is a green owl um, but we have another whole other cast of characters, and the idea is kind of to be like the app version of maybe Sesame Street or something like that, with with very

recognizable characters that teach you different things. I'll tell you what, Louise, I'll make you a deal. I'll go on the app. I'll try and learn Welsh and the first generation not to speak Welsh and my family. So I make you a deal and we'll follow up in the year's time and see how I did. Luis Funan co founder and CEO doing a lot of people are gonna tweets me saying you better follow through on that. Now, welcome back to blow their technology and we've got to talk about

what is a macro story that affects technology today? Ed and affects hiring within technology as well. We have the FED earlier, of course, Jerne pal saying, look, the labor market appears to still be very tight. It's so interesting that you and I talk about day in, day out the layoffs in technology, and yet the data doesn't seem

to prove it. You know, there's a complete contrast right there, trying to get slack in this labor market, slow down growth until that job's data kind of reflects their goal, and you know they're still zeroed in on inflation. It's the same message every time with the same result. We will fight inflation. Here's our outlook and projection for rates.

But at the same time, you know that it's just so incongruous the idea of all these jobs openings and every headline you and I talk about layoffs, cuts, pairing back. It's hard to pass it all. And the idea is that perhaps in the BLS data, what's not showing up of courses of the people who are losing their jobs

are highly employable, they go onto new roles. They're being snapped up across the board, whether it be other tech companies, whether it's finance companies, whoever wants to be hiring engineers at the moment, there are still such a desire for them. But I think the market and perhaps evaluation story is also an interesting one for you and I the fact that these companies technology companies are going to be rolling

over somewhat. If we think that terminal rates are going to be at five point one per cent, we've still got more interest rate hikes to come. It's just perhaps the pace is now going to be slightly slower. Yeah, there's also a psychological aspect to it as well. Very quickly, I've speak to a lot of VNCH capitalists who have different to the opinion. They say, well, don't hire people, keep your powder dry. But at the same time, when you do see layoffs, there are people that are talented.

They start companies. Look at what happened in two thousand, two thousand and eight. They need access to capital to do that. So you know, it's mixed messages. We have had some clarity from one name though, even after Amazon's biggest round of layoffs ever last month. The company's chief of devices, who's responsible for the likes of the A Voice Assistant echo speakers, he's pledging the company is still

committed to investing big in devices. Here to discuss a global technology head, brad Stone, you lead our coverage at Bloomberg. You know Amazon inside and out. We've reported that there will be layoffs Amazon. There are layoffs Amazon, and the devices business has been impacted. You spoke to Dave lymp Okay, what was the message I suppose from him? He sounded a little bit aggrieved that his unit, the devices and services unit at Amazon, has been forgive upon the kind

of prime target of this reporting. He's pledging that the layoffs in the devices unit are relatively small. He told my colleague Matt dan I two thousand, less than two thousand layoffs spread between the Alexa unit and other groups inside his His his group, the Devices group. UM. He also said that some of the reporting about financial losses

in the dividual in the Devices group were misleading. He talks about basically the price of the devices being on his P and L, but things like shopping and app sales kind of not accruing to him. So he thought it was a little bit bit misleading. And they want to contest this idea that there was any retreat at all in the ambitions of devices that as we're looking at some of that interview on the screen, and you know, I won't read it all out. That he's fighting tool

essentially that they are doubling down on investment. Right He's saying that if you have a situation where your device is being put away in the drawl, you're not doing well. They want to kind of keep innovating. What else was some of the key takeaways of what he had say wasn't just all focused on we We talked about a lot of things. I was very curious about the astro that home robot. They introduced that over a year ago and it's still called this day one edition. He talked

about being pretty committed to home robots. Of course they bought I robot earlier in the year, but he talked about the device being stymied by things like a black floor and a ceiling, the floor ceiling and sorry a ceiling, the floor window and the sun shining through. So we talked about actually it being still a work in progress and that they're very committed to it. Real quick for I let you go your newsletter or column was about chat GPT. Caroline and I have been talking about this

every single day for a while now. Education Chat GPT essays right, well, has the father of high schoolers. My first thought was, why, you know this is going to make it very easy to cheat on an essay. And I was wondering how some of the companies that are responsible for providing anti plagiarism tools to schools are going to react to this. So I talked to one called

turn it In. It's actually owned by the company that owns Conde Nast, and they talked about their software essentially being able to identify chat GPT essays, but maybe in the future not And I think it's going to create a really big problem for teachers and schools. But seeing innovation, we're still seeing job cuts. You that's so interesting. Amazon wanted to say this is what we're actually doing in this space. But at the end of the day, they grew very big and now they're pulling back thanks to

brad Stone Bloomberg's head of global technology Caroline Yeah. And let's say kind of move on to another key company, want that actually brother has written about extensively. At Airbnb, who CEO Branchesky just recently of course telling us that they were not planning on any layoffs and they're even

stepping on the gas, not on the brakes. But the company has also got another key focus they're going full steam on and its inclusion and joining us now to discuss air and these commitment for diversity and inclusion on the hot hot on the heels. In fact of a new report Jane Ingram, a B and BS Director of Community Partner Programs and Engagement, discussing look, it's a six year update on how you're trying to fight discrimination also trying to measure it and Project Lighthouse is this key

partnership we've got with Color of Change. Talk to us about how you're looking to measure, how you're trying to identify bias at the moment in a yeah, well, thank you for having me um As you mentioned, this has been a six year journey that we've been on to really measure and address discrimination on our platform and Color of Changes right there at the front with us along with a group of other highly esteemed civil rights and

privacy organized zations. But this is really about understanding what the data is telling us. We didn't want to jump into addressing discrimination without understanding actually what is the discrimination that we're trying to fight and create solutions for. So Project lighthouse is ultimately the tool that we built and created that gives us that data to help us fight the battle. And at the very opening of this update, Back and Trying sixteen is focused on sort of tackling discrimination.

Was led by a key civil rights and civil liberties leader, Laura Murphy, and she writes, and it sort of struck me and so upsetting. But the truth it's in the intractability of discrimination. If it's intractable, what are you kind of trying to do to measure and indeed then to tackle in some ways? What are some of the ways

in which you found have worked to educate in some way. Yeah, obviously discrimination exists in the world, and we know that when we bring people together on a platform like Airbnb, the discrimination can happen. But a lot of what we've

done is established what type of community we want to be. So, going back to you mentioned Laura Murphy, we continue to work with her and others, but we created something called the Community Commitment, and it really is a foundation of how we want our community to engage with one another, and it essentially says that people and users will not discriminate against others. We've had two point five million people decline that community commitment and be removed from our community.

So I think in so many ways, this is really about establishing the type of community that we want to have and and engaging with our users. This is another tool in that toolbox. But I think the other part of it is trainings and bringing people together really does help bring down the discrimination. It dispels the biases that we have because it makes people human. They're not you know, just caricatures of who they are in their racial identity or there other you know, identities that they live in.

Talk to us about practical ways. I mean, I know in tween you removed the ability for hosts, for example, to to view a guest profile photo before the reservation was made or indeed you can't see until after it's been agreed to. What are the ways, tangible ways if you managed to change the way in which we go through a bookings process and that has helped breathe in

perhaps more diversity. Well, Instant book was a tool that we created in twenties sixteen, and it really was a tool that essentially removes bias from the decision making process that a host has. So it's essentially a way for a guest to book a listing without ever having to be considered on their identity. That said, um, we we had a goal in twenty six of getting to a million instant book listenings. We've far surpassed that and we're at about sevent of our listings are instant book listings.

So we've had a real success and this is a real another their tool in our toolbox. With this report, we also are looking at instant book and finding ways to make five million more people able to use instant books. So we hope that tools like this and solutions like this will have an impact in addressing discrimination on the platform. Today, thank you so much for bring the transparency. Jon A.

Ingram b and BS, Director of Community Partner Programs and Engagement. Meanwhile, coming up, let's talk about crypto a little bit more because scenario that we need to measure and it's an area that have some players are trying to look bet against, trying to short fallout of FTX hedge funds and now setting their sites on the stable coin tether. Will break down why as next, this is a green bug so

amid the chaos that's called its surrounding. Sam Bankman freed a handful of hedge funds and now turn to focus back to the crypto industries. Perhaps original Boguman it's tether warning that that stable coin could be the next crypto catastrophe, maybe one that would make the implosion of FTX look

pretty small, frying comparison. Joining us a more of asset management report to Annie Massa who has just been leading the charge, and what hedge funds, in particular Annie, are trying to do to sort of make the most of what is in an unbalanced trade in some way and

asymmetric trade. A short on tether, talk to us about it. Sure, So a bunch of hedge funds have been shorting tether, or at least looking for a way to short tether, and there are some that have ventured into this realm for Tree and Vice Roy are among them, and others that we mentioned like Valiant have looked at the trade, even gotten in, but gotten skittish about it because they're worried about counterparty risk. Tether is the third largest cryptocurrency

out there. It's called the stable coin. It's the largest of its kind. It's supposed to always maintain the value of a dollar, so it's a stand in basically for the US dollar in cryptocurrency world, and what some of these hedge funds think is that it could perhaps depeg from the dollar in large part. And it's interesting. We've just seen the Odd Lots Team Joe Eis and Feltracy had a way to a great podcast on this as well. But people sort of use it despite itself because in

general has remained tethered to a dollar. It's sort of knocked off a little bit during the spring of this year and amid some of the chaos there, but in general, even though we're a bit worried about what really backs it and what really assets are there to be in reserve, sort of has proved its worth. Why do you think that is? And what what are people kind of worried about exactly it does. It's been around since so it's

not a new cryptocurrency. What people worry about is the opacity around Tether and the fact that it still remains unaudited. Now Tether has said that they can't get an audit because big four auditing firms don't want to work with them, don't want to work in the cryptocurrency realm as much. But for whatever reason, it remains unaudited, so there are a lot of questions still about whether it has the

reserves that it says it has. The reason that it's important to know that is because people use it assuming any dollar they put in, they get a dollar out, easy as that. And so what the what keeps people up at night, let's say, or what tether shorts would tell you is if there's any question about whether it could be peg, whether you might not be able to get a dollar out if you put a dollar in,

that could be a problem. Hey, Andy, was fascinating reading you reporting sources kind of outlining that a lot of these short positions were established earlier in the year, and then you know, some funds had second thoughts and they kind of unwound the trade. Some of them got out scar free. Where does the psychology if some of these hedge fund managers lay with tether right now? I think it speaks to some of the trust or lack thereof

in the system. So one of the ways to short tether is through a counter party, and Genesis is among the counterparties that have been used in the past to short tether. So mean, I think even Tether would tell you this. The people in charge of Tether would say, I mean, it hasn't looked like a super attractive trade because some of those very counterparties have had liquidity issues

of their own. So it's not exactly an easy trade to put on, because if you think that Tether is going to blow up, it could take the entire rest of the ecosystem or a lot of the ecosystem with it. Thanks to Bloomberg's any Messa, let's talk about Delta Airlines because it's just boosted its profit outlook as even as rivals actually warn a weak demand, the company still sees strong results in in spite of the signs of a

weaker economy and ongoing supply side constraints. The CFO and jan Kie joined us a little bit earlier following the company's financial outlook and strategic update in New York. Take

a listen. I think there's good demand and the industry continues to be constrained, whether it's labor, whether it's with pilots, whether it's with the equipment manufacturers, her planes, the engine makers, and that there's a numerous constraints on the system right now that will strain constraint growth to some level as we progress into next year and probably into Does that frustrate you, No, I think it's there's a good structural

backdrop to the industry, good demand, good discipline, with capacity that we're in a good backdrop. Now we've been fortunate we at Delta, we've hired over people here over the last eighteen months. We've been more in a training cycle, and it's about building that operational capability and rigor to ensure that we can deliver that capacity in a way that we expect of ourselves, but more importantly, the way that our customers expected us at operational performance. They've grown

accustomed to on time, clean with bags. Really interesting that from the Delta Nines executive vice president and chief financial officers Dan Juan Kie and and really talking about also the determination to continue to invest particularly in technology, particularly in our Do you remember they made that sixty million dollar investment in job which is sort of a flying taxi.

They want to make it easier for you and I to get to the airport, and they don't mind making some big sort of moon shop bets should we call them, where they're kind of like future proofing. You know, I spent a lot of time around Joe being we know it's kind of distance, but at least they're putting their money there for the potential headline across the terminal. When I was in my desk, Caroline, you're doing that interview. Sees no cracks in first quarter corporate client demand. In

other words, those execs in business class seats. You know how else they get around those exects, those high flying executives private jet. So that's what I want to talk about, just a few of them, and some big names in particular, now twenty year old Jack Sweeney. He himself sought to Internet fame and drew the eyre of one Elon Musk with his essentially viral Twitter account called Elon's Jet. Earlier this year, Ellen offered him five thousand dollars in exchange

for deleting the account, which Sweeney ultimately refused. Now Wednesday, the account has been susp ended on Twitter, along with all of the other accounts that Jack Sweeney operates in Caroline, I'm delighted to say Jack Sweeney joins us live now. So so Jack, you operate were operating a series of accounts which provide automated updates that track a number of individuals and entities by tracking their jets. Twitter suspended all

of those accounts today. Could you explain to us what happened? Yeah, So I wake up this morning and at first I just see that e lung jet is banned, and people, I'm already it's already going nuts, you know, I'm getting all kinds of notifications, And then slowly I noticed that my personal is Yawn and all the other accounts I run in. The thing is, some of the accounts don't even track the jet of a person. It's like an

organization like NASA or Boeing or something experimental aircraft. So it's really not fitting the same rules as a person. Yet he just like went through my account and just click being on all of them. I want to talk about quickly. Elon Musk's response to what's happened today. He's taken to Twitter to say that real time posting of someone else's location violates Twitter's doxing policy, but delayed postings

of locations are okay. Do you feel or do you acknowledge that what you were doing across those various accounts was a breach of Twitter policy. They just changed that ruling within the past week, and people have just checked on the web archive to see the changing of the wording on their terms, and they've changed it, and then they've just given given me no warning on the new terms, so they change it and quickly ban my accounts and say I violently need it. Are you don't know appeal Jack? Yeah?

I mean if I if I can appeal that, I will and I will add a delay. But you know they gave me no opportunity you do. So what about the business behind this, Jack, It's an amazing source of transparency, particularly for journalists and many others. But what about losing money for yourself? Yeah? Yeah, I've been trying to build it up and make more of a revenue from it. You know, I've been working on that. There is some amount, but not crazy as now. But this certainly does not

help me. Jack. There is an argument that by track elon Musk's jet you put him in danger by you know, he has a huge following. Do you accept that argument? Oh? Yeah, somewhat, But I wouldn't say it's like a crazy in danger. You know, if someone's really after him, they can go

right to idisp exchangees website and track them themselves. Absolutely fascinating conversation with Jack let us know, get in touch, let us know how the appeal process goes, and if you're looking to pivot the business in any way, Jack Sweeney found row of ground Control and elong jets tracking Twitter account. Thank you stay well. Meanwhile, I mean that does it for this addition of briefy technology. It's been astonishing this show. Then you flow, but that Twitter issue

is not going away. Listen again to what we discuss. Don't forget our podcast of course, find it on the Bloomberg terminal on Apple, on Spotify, and also I heart Wow and I was going to say it. I think they can also go and probably watch that interview again with Jack came from on Twitter, on TikTok or wherever you follow us on Instagram. But just quide us to you for a quick shout out because you just always

are scoopmaster bring us all the sort of news. And thank you for bringing that interview with Jack because you build our relationship with him. And yeah, he's probably a bit upended right now. Right so busy and traumatic as a nose news flowing today, I was trying to get out of the show early, so I'll about to head off and take some time off. Well, I'm read, I am, but I'll be back very soon. Just watched This Is Bloomer