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tv   Bloomberg Technology  Bloomberg  November 11, 2021 11:00pm-12:00am EST

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>> from the heart of where innovation, money and power collide. from silicon valley and beyond, this is bloomberg technology with emily chang. emily: i am emily chang. this is bumper technology.
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elon musk unloads $5 billion worth of tesla shares as the billionaire tax debate continues to rev up. he plans -- planned to sell them long before his twitter pole. we will talk about what that really means. bumble shares falling to their lowest levels after a drop in subscribers at its europe eating -- european dating app. we will talk about the future of dating in a post-covid world. and alibaba raking in more than $44 billion in sales. how this impacts the chinese tech giant after a year of scrutiny from beijing. let's get a look at the markets. u.s. stocks playback rebounds. disney sloping on the back of earnings. quite a few to have the s&p jumping back a little higher today.
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more than that, you have the nasdaq rising higher than the s&p. the russell 2000 is rising higher than that. you do have a pretty broad-based rise here. that volatility has not been enough to deter some of the risk-taking we have seen. we have the crypto index. it was very recently that we had crypto hitting that high. there were 3000 members we were talking about. we have a broad-based rally here. people worried about valuation among the barrel -- the bigger companies -- you have copies, more of them moving above the 200 a moving average. if you look here as well, the tech subsectors -- we have a bit of a rally in many of those sectors but not as broad-based as you were seeing over in the
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russell 2000. you have this up. the golden dragon china index up 5%. that is the biggest of the group over there and electric vehicle makers up 1.6%. that is nothing when you look at something like review and. >> thank you so much for the roundup. elon musk is sparking heated debate when he asked his twitter followers if he should shall -- sell a big chunk of his tesla state. he may have planned that sale months ago. let's bring in ed ludlow. ed, the form comes in. what exactly did he sell and why? >> to hide -- the headline is $5 billion worth of shares. they are not all the same. about a billion dollars worth. they were tied to tax
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obligations that elon musk had on options. those expired next august. what did he do? he sold enough shares to meet those tax obligations. that leaves about $4 billion of other stock. there was nothing in the filings about whether he planned this. he just sold the remainder of stock. >> at least some of this share sale was planned. >> some of it. emily: is that twitter pole misleading -- poll misleading? >> when he tweeted that, he knew about this. he filed that on september 14. we have no idea about the remainder. almost $4 billion worth of stock that he sold tuesday and
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wednesday at a really elevated price. the shares had an incredible runoff. emily: he could still sell 10% of his sake. -- stake. >> if you are an investor in tesla, how often has yellen musk tweeted in a way that has affected the stock? if you go back to the tweet -- funding security. >> the tweet. >> he is then recommended by the fcc over that. even as recently as november 1. there is this deal. he tweets no contract with hearst, the stock moves. >> he also tweeted that he thinks tesla stock is too high. valued too highly. >> it is unusual behavior for the coo. -- ceo.
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this was about tax. >> it is also about this debate that billionaires are not paying enough, using tax havens. is he trying to buffer his image here? does he actually want a real answer? >> he is thinking about it. there was a code conference where this was put to him. he says i do pay tax. he said that he pays an effective rate of 53% tax. he does not take a salary from tesla or spacex. the other way he can pay tax is through stock and options. he says the only way to do that is to sell the stock. emily: we'll keep watching his twitter as we do. ed ludlow, thank you. disney is trying to ramp up excitement for disney plus. they are coming up with new promotions for subscribers. this is after they added a
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disappointing 2 million subscribers. a far cry from last quarter when 13 million signed up. this after netflix is expecting much more thanks to hits like squid game. what do these new numbers tell you? are they maxed out on new subscribers? especially in the united states? >> it is sort of sad. disney has some of the world's best content and they have all of the ability to effectively win if they want to but like many legacy media companies, they are dealing with the balance and they are conflicted. do we support our legacy tv businesses? do we support the movie theater business we have been in for decades? if disney wanted to have internal's, shane she, west side story only available on disney plus, they would have an incredible slate of content.
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instead, you turn on disney plus and the top title is the simpsons, mickey mouse club, mo anna, it is just embarrassing how bad the headline content is. there is nothing for anyone over the age of 10 in terms of fresh content. they keep saying it is coming. they have an incredible array of content for adults. the, bachelorette, dancing with the stars. these could be is the plus exclusives. they could have, ransom services. instead, they are stuck in their silos and they are trying to balance all of their legacy businesses with disney plus and balancing this whole dabbling. they are losing. they are just not winning the way they could. they have all of the resources and i think it is disappointing that they are waiting and waiting versus using the resources they have to accelerate growth. >> i am just noticing that you
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are wearing a squid game t-shirt. >> there we go. >> that is this big original hit. you told me that it would never be as big as that place when disney plus debuted. do you still believe that? >> when you have a service, the one thing we did not count on is that they would give it away to 40 plus million homes in asia. when you say as big of -- as big as, it is roughly half the subscriber base. physically more than a third of that subbase, they are effectively giving it away in asia. if you look at revenues, that is probably the better way to think of the question. these things are not even close. if you look at the recent comms core data, on connected tv's in the u.s., netflix is 26% of time spent, youtube is 21, disney plus is 4% and it has been declining.
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there is not that much to watch. that is why people are paying six dollars or less in the u.s.. four dollars globally. it is a very low cost service with very little usage. that is the disturbing thing. they could drive it. i think a best way of thinking about this -- coco millan is a top 10 title. it is for preschool kids. moon bug entertainment, that show sits on netflix. squid game is for adults. not for young kids. preschool and adult content sits next to each other. disney things -- it is funny. known is complaining. you don't see an uproar of parents saying i can't believe squid game is sitting next to coco millan. disney needs to put all of its content into one place. forget about movie theaters or
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broadcast tv. put all of the content in one place and win. going back to your question, do i think they will be as big as netflix? no. they have a management team that is unwilling to do what is needed to win. >> don't hold back, rich. that is why we love having you on the show. as i understand it, you have been disinvited from disney events. give us a status update on your relationship with disney. >> at least they invite us to listen to their conference calls and they tell us when things are happening but i was hopeful that things would change. iger did not like us. the entire management team is turned over. i would love to have the -- the conversation. we have a lot of ideas we think could be helpful to dizzily --
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disney. the shareholders we talked to don't want disney owning espn and abc. these are not businesses going in the right direction. i would love to break bread with bob and his management team. any time, we would be there. >> all right. we will see if they get that message. keep us posted. coming up, bumble shares stumbling after a less than stellar third-quarter result. analysts are betting the next -- where she sees the dating world after covid and even beyond. this is bloomberg. ♪
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>> with life getting ever closer to some sort of normal, so is the world of dating. bumble reporting its third-quarter dating. this is the dating app that allows women to make the first move. what is the future of post-pandemic dating? i am joined by whitney. the stop -- a stock dropped almost what he percent today and there is concern about the mess in paid subscribers. what is your message to investors today? >> rate to be here, thanks for
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having me. let's lay the groundwork before we get into the paid user questions. we are always focused on the fundamentals. we had an excellent third-quarter. we expect revenue to celebrate year-over-year. bumble is doing exceptionally well on the app. our strategy has been to create value added experiences that our users want to pay for. that adds value to the experience. in the last several quarters, this is focused on creating premium experiences through our second-tier on bumble. this resulted in higher revenue per user. it is not a strategy that is focused on selling consumable offerings to everyone. it resulted in lower subscription numbers. that said, we are very confident in our underlying business.
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we don't have an issue of our users continuing to grow. they are growing at a very rapid pace. this is going to be strengthened through new products we have on the roadmaps for 2022. that is the way that we are thinking about payers. i think there is a bit of confusion in the market. that is par for the course. on the but do point, i think it is important to know that we implement it some temporary changes on android that by design illuminated full -- third-party payment options. this also had the effect of not growing that number of players. we have since reversed of that. we are rebounding from this as well. quite the u.s. is fairly open now. there are still covid challenges
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in europe. what does the future of dating in a mid post-covid world look like? >> the trends are really fascinating. throughout covid and currently, bumble continues to grow rapidly around the world. irrespective of the covid environment. this is as wide-ranging as mexico, brazil, india, indonesia, france and so on. when you think about the way bumble has been impacted by covid, it reinforces the strength of our brand, our product and the customer base that relies on us for connection and relationships. i think it is really important to take a note -- take a moment to notice that that customer base is inherently different. it is a different market. it is a different offering. because of the countries that were so strong, they have
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inadvertently been impacted by covid in a more serious way. when you think about this, it actually continues to be a very highly engaged dating app. it is the second most downloaded app globally. it is seeing straightly stronger headwinds because of covid. as these markets reopen, what is fascinating is we remain a staple in people's dating lives. we remain to go to for creating relationships. people have no time to sit around and waste when they want to find someone special or find someone to share in special moments. they turned to us to take control over their dating lives. especially women. we are seeing this across the globe. >> you talk about the blockchain and the meta-verse. how do you think these megatrends could impact the future of dating? what does dating in the
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meta-verse look like? is that an opportunity question mark >> it is a huge opportunity. we are a business rooted in connection and building community. as you know, we are slowly optimizing the new refresh version of our platonic connection platform, bff. it has shown markable crossover opportunities between the dating and platonic but it is also proving the demand for platonic relationships. when you think about how we really turn our customer into members with real ownership over the product and their experience to have these creator channels and interact in a deeper way, the pre-match experience could turn even more digital. you saw us roll this out with video. the meta-verse is a real opportunity in the future.
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we inspect to be the leaders in building community more broadly because that is who we are as a community. quite it is singles' day. that is huge in china. i did not realize it is becoming a lot more popular in the united states. what do you make of that? are you seeing any change in activity on the app? >> every day is singles' day at our company but we will have to analyze how that impacted us today. i will say that every single day is an opportunity for singles to come and unite and find whatever they're looking for. that is what we are here for. >> always good to have you here. thank you for giving us of limbs at the dating world of the future. -- a glimpse at the dating world of the future. next, we will find out what is resolved including crucial negotiations on international
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carbon markets. more on that next. spotify finishing the day up two point five percent. they are looking to become the default service for all kinds of audio. this is bloomberg. ♪
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>> >> the way that government designs this in every sector of the economy. the idea is this. there are emissions reductions.
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there are greenhouse gases here as well. this will generate often. corporations and governments spend village of dollars to meet their net zero targets. they have to respect human rights. they have paved the way for new carbon offset programs.
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governments should not be polluting more than they should. emily: that was our correspondent reporting on the cop 26 summit. that wasn't glascow. earlier this month, this company announced hacker socially engineered a customer support employee by phone. the complaint filed against robinhood said the data breach could have been avoided through basic secret measures, attentive case and. -- and authentication. we will see if they thought it was paying off to offer access to rivian ipo. that is next, this is bloomberg.
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>> >> welcome back to bloomberg technology. i am emily chang in san francisco. ed, you are all over really and -- were all over rivian's ipo. >> two days of training -- t rading up way above the listing price. we are closing at 100 what did you dollars and -- 122 .99 per
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share. this is a company that has delivered fewer than 200 pickups. most of those two employees. tesla has delivered less than one million vehicles this year. this is all the intense debate going on on twitter. investors are on the sideline and asking if this is a company we should be buying into. this is a bit on his future and the markets it is moving into. let's see where it sits on the pantheon. you covered some of these amazing company's over the years. facebook was a huge ipo. look how close we are in terms of the money raised.
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that is the debate. how quickly it can scale production. remember tesla? when will they record a profit? how long are we going to ask that question with rivian? an astonishing two days of trading. emily: strong third-quarter results for sophia. the fintech firm is soaring after the latest earnings report. how did they manage it and what is next for them. anthony, i want to start with revia and. you are actually the only training five from to offer rivian shares to investors. >> there were some looking to
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invest in innovation and a new platform for vehicles. on the ev platform, we had about 300 really dollars of demand for the member base for our ipo. we were able to deliver at least one share to everyone that confirmed the order and had funding but obviously we are well over. emily: well oversubscribed. can you tell us how oversubs cribed? > the demand was very strong. i can't get into details beyond that. emily: do you wish you could have gotten more? how much did it payoff for sofi? >> the way we think about it is we want to deliver a value proposition for our members. we are a one-stop shop. investing is one of those areas. having a different selection
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within investing is important. we are the only place that offers actual shares, etf's, cryptocurrency and ipo's. that is another piece of the differentiated selection. we would love to have for supply. we have the demand for it. we want to bring the most unique selection to our members so we can get the money rate -- right. >> we sought disappointing results -- sought disappointing -- we saw disappointed results. >> we are building this one-stop shop for financial service products on your mobile device. we have a low interest rate environment. this is a benefit for stay at home. we have been able to navigate through the volatile environment
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. we had a record quarter revenue which exceeded quarter two. that was driven by a strong performance across all three of our diverse businesses. there are companies that are missing because they are only in the growth region. we are a one-stop shop. continuity and consistency is really important. we are proud of the fact that we delivered not just q3 but we see strong momentum into q4. >> talk to us about the future of crypto. how many more cryptocurrencies do you want to add? can you share what you are considering? >> we started the year with five
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different coins on the platform. we will continue to this election. we have a very specific criteria of what qualifies to be an asset on the platform. we want to give mainstream investors something, to high net wealth individuals. thank you for your service and sharing time with us. >> some other news we are following, uber is raising its base pairs to attract more drivers.
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the maker of plant-based meats deliver for the next quarter. that sparked concerns for the company's fast growth starting to tip off. coming up, master class has announced a range of new offerings over the holidays. we are catching up with the ceo next. this is bloomberg. ♪
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>> california drone startup zipline will begin delivering medicine, blood and other supplies to homes in selleck city, utah. they say they expect to make the first livers in the spring of 2022 and reach hundred per day within four years of launching that services. from the kitchen to the garden to the states, master class has been offered for anyone looking to develop new talents. the company is hoping to keep their mental going with a slew of new offerings. they are now working with companies. with me to discuss these big announcements is the ceo.
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great to have you on the show. you have new classes on their. all coming from bill and hillary clinton. phil knight, ringo starr, you can pick one class, which one do you spring for? >> build i. >> i always wanted to be much better. i always wished i was much stronger at science and he is an amazing teacher. if i am going to choose one of those, like every singer one of those. you're almost asking me to take a kid but if i were to pick one right now, it would be bill knight. >> your partnering with companies like microsoft and deloitte to offer master class at work. how much new business do you expect because of this? >> that has been extremely fast-growing. we see this as companies try to
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find perks and training of their teams. they just want master class. we have signed deals with people like square, deloitte. for the next five years, that will be the main streamers for us. >> what has demand been like as we come out of covid? we have less time at home for personal enrichment. any concerns about a slowdown? >> i am not concerned. any concern about the want to grow is just increasing. we are about to go into the holidays. we are a gift that is not stuck in any port. it is not delayed. i am thrilled.
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i am excited for the end of the year. emily: what about demand ahead of the holidays? i know that master class has been a popular gifting option. >> we have a class for everyone. it is a great gift and also one that despite all the slowdowns, it is one that you want to use to buy a gift. emily: are you thinking about the meta-verse or virtual reality? >> those are things we are talking about. it will not be something in the short term. imagine how great it could be to learn from steph curry on how to shoot a basketball? you use your phone to look in vr to see where to place your feet. those are things we are
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discussing but it will not be anything short-term. emily: you go up to 276 or something or premium. do you see a time when those costs come down? >> it starts at about $15 per month. for axis -- access to about 150 classes. i think that is an amazing deal. one of the things i care a lot about is how to give people who can't afford it access to it. in the next year, we are going to give access to a million people that could otherwise not afford it. emily: let's look to next year. how do you see growth picking up? especially as we are coming off our couches and going out into
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the world. we have some opportunities to see things to do outside again. david: people are thinking about changing jobs and changing things they want to actually do. what we provide is lots of classes and lots of new areas for them to explore and learn and gain the skills. i think the macro trend of people wanting to learn, people feeling they have to learn in order to get the job they want is going to be rate for us. -- great for us. emily: what is at the top of your list for wishlist recruits? david: i would love the obamas to come teach. if warren buffett would come and teach. those would be in my top five. emily: we will try to get that message to them. great to have you back here on
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my show. thank you for stopping by. coming up, alibaba shopping extravaganza. we are looking at what is different this year and how the competition stacks up. that is next. this is bloomberg. ♪
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>> alibaba singles' day is the world's biggest shopping spree. equipping other events like cyber monday and black friday. one of the biggest drivers has been influencers who can move billions of dollars worth of goods in a single broadcast. here is look at the future, livestream. -- e-comm livestream. >> meet these popular
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influencers. these two have such big followings that one sold 15,000 units of stick in one sitting. they racked up sales of $8.2 million. she pulled in a record high audience of 37 million people. that is more than the game of thrones finale or the oscars. across mainland china, online streams rate and revenue of an hundred $49 billion. that represented about 10% of china's annual online retail sales of just under 10 trillion yuan in 2020. astronomical growth for an industry that alibaba pioneered. a survey found that almost 40% of all chinese internet users had watched e-commerce
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livestream. 28,000 companies now operate as livestreaming agencies grow so successful in some cases. several are said to be considering going public. all of this capital flowing into these influencer incubators has drawn increased scrutiny from beijing. in april, glitters set new rules controlling the types of goods and services sold and how they are marketed toward viewers. they also cracked down on fraud with several influencers and agencies accused of selling fake products and inflating sales figures, earning them bands from using screaming -- string forms. as part of the initiative to reshape chinese society, attorneys have cracked down on the culture of celebrity, putting at risk one of the key pillars of the industry success. for now, it is business as usual. bloomberg intelligence says any potential fallout has to be quantified until regulations are
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clarified. >> of single day record of 84.5 billion dollars in sales. that could give a picture of what shopping will look like this season. stephen, what is your take away? stephen: that is a big number. there was a lot of uncertainty because of the regulatory scrutiny that alibaba has been under over the last year. jack ma is a showman but he has off the stage and out of the public eye for the better part of this year. we really did not know what impact that would have. you and i have covered singles' day together. we were in beijing covering it. it is quite a show. taylor swift and all of this liberties. this year, they took the high-gloss out and went more low-key.
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they did not want to have that big electronic telethon of gross merchandise value racking up every second billions of dollars. look, jack ma is getting more rich, more influential, more powerful. they did away with that and focused more on promoting some philanthropic endeavors and aid to the rural and the poor. less glitz and glamour. no offense to benedict cumberbatch who was the celebrity this year. he is no daniel craig. they toned it down. no nicole kidman, daniel craig. taylor swift. it is a big shot in the arm for china. >> even if benedict cumberbatch is not quite daniel craig, influencers in the future of e-commerce, it seems to be even
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more advanced in china than other parts of the world. >> yes. the key opinion leaders are critical in chinese internet. we just saw them and that package flocking product. it comes at a time of common prosperity and this notion of celebrity has been knocked down a peg a little bit by some verbiage coming from aging authorities. it is a delicate balance for sure. when you get a key opinion leader, a celebrity flocking lipgloss, it pushes product. not that we did not need to have more incentive to buy a product because look at that record single day. it adds to the sales numbers. >> chinese tech stocks are killing it right now. dede as well relaunching its app. curious what you make of this given all the scrutiny from
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beijing on not just alibaba but so many chinese tech companies? >> there has been a confluence of headwinds, regulatory and economic due to the coronavirus in the chinese economy. all coming at once. there has been a big radio tory crackdown. not only on big tech but insurance. obviously on gaming and property. at a time when xi jinping just solidified his mandate. this was a highly charged political year in china and he was solidifying his grip on that power. his control of what he thought was an out-of-control economy in certain areas, monopolistic behavior on the part of alibaba. some fines against them. dede is an interesting one as well. authorities were furious when didi ignored recommendations
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from authorities and went ahead with that ipo in new york and did not have all the cybersecurity reviews necessary. they had their apps taken down from china. there is a new report. there is a report from reuters saying that dede might be getting their apps back online in china. they could be facing a big fine like alibaba did. getting those apps back up online is why there is a big boost to didi sentiment. emily: that does it for this edition of bloomberg technology. join us tomorrow when we will be joined by open-door pot ceo. as well as the ceo of air table. i am emily chang in san francisco, this is bloomberg.
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