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tv   Bloomberg Technology  Bloomberg  November 16, 2021 11:00pm-12:00am EST

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♪ >> from the heart of where innovation, money, and power collide. in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ emily: i am emily chang in san francisco, and this is "bloomberg technology." coming up, activision blizzard employees taking a stand, staging a walkout to press the ceo to stop down, this after a report he was aware for years of sexual misconduct claims,
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including allegations of rape and activision studio. we will bring you the very latest. plus, it has been an uphill climb for peloton. shares jumping after a $1 billion stock offering brings in major investors. will this take the connected fitness company over the hump, after its grim forecast from mike's sales and sign-ups? we will discuss. and roblox shares on the rise after four days in a row, including its investor day today. our exclusive interview with ceo david bouzouki about finding new ways to play games in the metaverse. for now let's get a look at the markets with bloomberg's kriti gupta. stocks getting a lift from solid economic later today. kriti: the green on the screen, the question is consumer spending and we got the answer pretty loud. it is retail data actually showing that spending is higher month over month. and on top of that, earnings
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from home depot and walmart signaling that monetary support is not gone yet. it showed up in the stock market. the s&p 500 up 0.4%. you saw that tech out former, one of the best performers. tesla leading the way higher. but risk sentiment was a little sour. you could see that in the crypto index, down 7%. you saw it coin especially retreating from the record highs. i want to show you the micro story, rivian. a 15 % intraday gain boosted itself over competitors volkswagen, it is inching its way higher to toyotas market cap . remember, this initial public offering debuted just last week. really i watering. let's get you to the top back movers. hitting it off with peloton. they issued a $1 billion stock offering to raise money, they have been having a
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cash crunch. instead of dropping to 8% premarket where the stock started, it gained. they got lots of demand, not only raising $1 billion, but an extra million on top. investors were wanting those shares. you can see the shares soaring 15%. qualcomm as well putting out pretty good earnings and an up beat forecast, partnering with mw to supply chips for their vehicles. the company is up 8%. on the downside, activision is still dealing with sexual misconduct stories. the wall street journal reported that the ceo of neil what was going on within the company. the employees staging a walkout until he supported it. the board supporting activision's ceo. that tagger of war is weighing on the shares today. emily: i want to continue on that activision story, company
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workers staging a walkout pushing for the ceo to step down. i want to bring in our bloomberg reporter, jason schreier. the revelations from this wall street journal story are incredibly alarming. walk us through the new information here and what the ceo supposedly knew and did not know. jason: thanks so much for having me. the report was a bombshell. it alleged that the ceo would need about all sorts of things that he was a loop in on an evening will -- on an email of a report of a rape in employee of sledgehammer which is the studio that makes "call of duty" games, detailing instances where he was looped in. it essentially painted a picture of him as ceo who was very much in control of matters of communication in the come may. the wall street journal also reported that he is the perpetrator of some of these
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instances, telling some stories about him dealing with assistants in ways that they find uncomfortable. one assistant said he left her a voicemail essentially threatening her life, which he and the company claim was hyperbolic and joking, but the picture that the wall street journal paints is not pretty for bobby kotick. emily: activision has called the reporting misleading. and the board is standing behind him, saying they believe he has appropriately addressed these issues brought to his attention. what is the likelihood that he can survive this, given the direct pressure now being put on him by his own employees? jason: it is a strange thing. bobby kotick is the longest running ceo in the videogame industry. he has been running activision since 1990. he has made a lot, a lot, a lot of money for that board of
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directors and for shareholders. bumped up the stock through the roof. obviously, it lost some gains recently since the lawsuit this summer. seems like the board wants to keep him going. today when i saw the wall street journal story, i thought he would be gone by the end of the day. i was surprised to see the board standing by him. feels like he has lost the faith of his employees. right now as we speak, about 150 people are marching, protesting in irvine, california, where where blizzard's offices are. blizzard is a subsidiary of activision. they are calling for his immediate ouster. even more people are protesting virtually as part of this walkout. so it feels like he has lost the confidence of his staff. i am pretty surprised the board is standing by him. emily: jason schreier, thank you so much for your reporting on the story. we will continue to follow how this plays out.
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definitely very shocking revelations in that wall street journal report. now, if you were trying to listen to music on spotify or get ahead on holiday shopping on etsy or target, a massive cloud outage may have slowed you down. websites from home depot to snapchat were down for having issues tuesday afternoon, first indicated on the outage tracker down detector. the spike happened in the afternoon. in an incident, the company confirmed it had suffered a global outage, and stated they were working to resolve the issues. google said some problems were caused by bad network configurations, and that they will publish an analysis after an investigation is completed. coming up, how slack is adapting its platform to meet the needs of an increasingly digital environment. we will speak with the slack ceo stewart butterfield following day one of its frontiers conference. this is bloomberg. ♪ >> back to the very early days
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of slack, we came up with the mission to people's working lives simpler, more pleasant, and more productive. part of that was always finding a new avenue to bring software and systems and tools people use into the environment where the discussions are have ring and the decisions are being made.
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emily: eight years after launch, messaging platform slack is one of the leaders in business communication. and as whole companies now shift to remote work, businesses across industries have realized the need to digitize operations. let's talk about how slack is adapting to these changing trends.
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joining me now is ceo and cofounder stuart that are failed. -- stewart butterfield. you just kicked off your conference to talk about the future of work. how is slack stepping up to make these experiences seamless and real? stuart: what a great setup. thank you. there are two tracks. two significant announcements. one is maybe five or six years in the making and culmination of a vision we had to give people building blocks we could easily assemble and reassemble to help them deal with in some cases, thousand-plus tools in the use of an enterprise. the other one is much newer and fresher and developed a response to what we saw from customers during the pandemic, and that is things like how does which launched in july. audio-only, more of a call replacement clip for
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asynchronous video meetings so people can free up time on the calendar. honestly, it is an exciting environment because there is a lot going on. you see customers and organizations really digging into the challenges. emily: you are working to give more non-technical users to be ability to customize their slack experience. i recently spoke to another ceo who is working on these no-code, low-code applications to give users the ability to yield their own apps -- to build their own apps even if they don't know how to code. take a listen to what he said about the future of work, and why we need these kind of experiences? >> in the old way of working, you could get away with ad hoc ways of sharing data. you could tap people on the shoulder. but today when you have all these people distributed in different places, that doesn't
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sail anymore. emily: how game changing do you think your products can be in this new environment? stewart: let me make that more concrete. i agree with howie, and slack and airtable have integration. imagine you are a recruiter. you send an offer letter. the candidate signs it. you get an email from docusign. now you will go to the applicant tracking system where you record all the jobs that are open and flip that one off, turn the job listing on the website of, goto the hiring manager and say this person has a start date. it is allowing the recruiter and people in benefits, administration, legal, finance, sales, to automate a lot of that work so that when the documentation comes in from docusign, the update of the
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tracking system and the hr system are automatic, or as automatic as you can make it. the idea is that the people doing this work have a much better idea of the workflows that will reduce friction and simplify their lives. ideally, there is a collaboration between the non-technical end-users of the people making the software. emily: a lot more people are working remotely, some hybrid, some in the office full-time. how do you minimize that friction? i know you are optimizing it in your own work. what are the risks of this new work world? stewart: well, it is hard to say, because the pandemic is such a once-in-a-lifetime event. i think we have made some permanent changes and has been a bit of a revolution in work. but at some point the actual threat mitigates and you learn to live with the risks. people want to be able to get together, but i do not think you're going to get workers to
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give up the economy and flexibility they received in the last couple of years. even two days in the office isn't a 60% reduction. you don't have to go for three days. for most people, it is infinite increase. they are going in zero days now. . this power dynamic has definitely shifted towards labor side, the employees from the employer's and, that is happening across all industries. it will not be up to the leaders to dictate that people have to come into the office. the good news for them is you get slack from people all over the world. emily: salesforce has been talking about a digital hq. what will slack's role be in this? stewart: electric think of the audit as a place where everything comes together. i will put myself in this category, historically we thought about real estate leases and conference room design and
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conference buildout and seating charts. and paid little attention to the digital infrastructure that supports productivity and collaboration. imagine an alternate universe where in march, 2020, we were all allowed to go into the office, but all the software we used to communicate was taken away. we would cease to exist. companies that have done really well the last couple of years just would disintegrate in 48 or 72 hours. we have obviously switched relative importance. it is not the digital supplementing the person, it is the other way around. and it is time for leaders to start a more attention to the digital infrastructure and being thoughtful about the design and investing in employees' ability to communicate, doing more training, that kind of stuff. emily: now that you have been in this hybrid/remote mode for year-and-a-half, what have you learned about yourself and the way you work that has surprised you? stewart: it is hard to separate
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the pandemic part, but has been a really interesting experience. i have a six month old now. important during the pandemic. i went on leave, and before leave, i was home more or less everyday. i got to spend a couple of months really deep in the experience of my son. but when i went back to work, i was still just at home, so i could spend an hour with him in the morning. i could have a meeting then a break and see him. i got to catch the 6:13 train to get home before the kids go to bed usually, so that is not something easy for people to give up. emily: and something you did not know you would miss, right? got to ask you about the metaverse. what's your view on the metaverse, and what will slack's role be in it? are you bullish?
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stewart: this might be one of those things where i feel like i am getting old. i don't know. i am not against it, but the applications are a little bit hard for me to imagine. just the physical setup of having a headset on, perhaps when the technology is a bit more advanced. having said that, there are a lot of applications that are not so much about knowledge work. if you are wiring an airplane, augmented reality would be a huge boon. fulfillment centers, factories, things like that. ideally, we see something that is less in the mode of people typing at their keyboards and sending messages through text, and more about the button press, the acknowledgment, the investigation, notifications coming in. giving people an easier way to deal with them. emily: that might be one of the most honest answers i have heard
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about the metaverse yet there is a lot we still don't know. thank you for acknowledging that. . slack ceo and cofounder, stewart butterfield great to have you on the show,. thanks for stopping by. coming up, online wholesale marketplace fair says it's goal is to help mom-and-pop shops keep up with amazon. we will introduce you to the company, now valued at almost $12.5 billion. and, on our way to the metaverse, how big an opportunity is augmented reality? -- augmented reality glasses? this company's ceo seems to think it could be even bigger than smart phone's. take a listen. >> the reason we are very lush, we believe that when you look at your phone today, the screen is the limiting factor. there is so much more you can do, but you are limited by the screen. i can see a future where everybody will have companion
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glasses connected to your smartphone. this opportunity could be as big as the smartphone itself.
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emily: online wholesale marketplace faire just hit a 12.5 billion dollar valuation after closing $400 million in a new investment round. there is about putting power in the hands of independent retailers, helping mom-and-pop shops take on retailers like. amazon lets talk about what the future holds and how the supply chain crunch is impacting retailers. lets talk with the ceo. how do you get the power back to mom-and-pop shops? >> the main way is by giving them technology tools that historically have only been available to much larger businesses. we give them the opportunity to shop on a machine learning based
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assortment so the recommendations they are getting, we are pretty confident those products will sell in their stores, and we give them other tools that typically are only available to larger businesses, like the ability to return goods when they are not selling in their stores. all of that is something that historically has not been an opportunity smaller businesses. we know they can compete when we level the playing field for them. emily: how are these supply chain challenges impacting these smaller businesses and entrepreneurs? how are they keeping their shelves stocked? lauren: we are a two-sided marketplace. one side, 40,000 brands in 80 countries for supply. the demand side is over 300,000 retailers in north america and 15 countries in europe. they are facing different challenges associated with the supply chain traffic jam. on the brand side, they are
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trying to get components, but they are also able to communicate with retailers about what they have in stock and on quick ship. that is something retailers like. they can come to faire and see what is available. they can shop on their values, including, made in the usa, which was important. now they are using the shorthand for things they think they will be able to get in their stores more quickly and accommodate their customers. we know that consumers want to shop with their local retailers. they feel confident they will pick products that resonate with them. but they also feel confident that they can move more quickly and adapt to changes and find small goods. . with 40,000 brands to choose from, they can feel the void in their inventory very quickly. emily: $400 million in new funding. how do you plan to use it? lauren: there's three primary areas. first is to continue expanding both in more categories and more geographies.
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we entered europe over the last six months. we have been excited by the progress there. we have over $150 million run rate. that took us three years to get to that level in north america, and we did that in six months. we will continue emphasizing growth. second, we will continue building tools that support both retailers and brands, to, again, level that playing field. third, we will continue building our team. we expect to double our employees next year as we work on other ways we can support our retailers to chase their dreams. emily: $12.5 billion is a big valuation. what are your plans to go public? lauren: right now we are focused entirely on supporting the brands and retailers that are our customer base. if it turns out that being a public company would be in service of achieving those dreams, we would consider that. but now we have this -- we thought private financing was the right step.
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emily: you are passionate about women entrepreneurs and women-owned businesses. how are they fearing post-pandemic? lauren: we read so much about how this has been a female recession, and that women were disproportionately impacted. what is so beautiful about fair is, we provide working capital tools for small businesses, and many times those are underrepresented minorities and women. what we have seen from both our brands -- we have seen many brands continue to grow and come to faire, succeed and drive more volume in our platform. we see them succeeding. all our employees are really part of being able to support that. emily: cfo of faire, lauren cooks levitan, thank you for joining us. expectations were low heading into the first face-to-face summit between joe biden and xi jinping. the meeting appears to be a political success on its face. we will go to hong kong for the
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details. later, i will be speaking with the roblox ceo david baszucki in an exclusive interview covering some of the announcements from their investor conference, and their push into the metaverse, next. this is bloomberg. ♪
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emily: welcome back. let's head back to new york, where kriti gupta has been looking at the markets. kriti: in honor of president biden and president xi having a meeting, i thought we would take a walk down memory lanes of the trade war. back in 2018 when you had the spats reflect on the market, you can see the russell 1000 that had a lot more exposure to china. the white line. you can see the underperformance if you were exposed to china.
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at gap has seemed to close now, really telling you that the trade war impact that was so strong four years ago, has faded. another place you want to look for the impact is in the semiconductor space. a lot of american companies are dependent on semis, and a lot of them have supply chains extending to asia. this year they have been soaring. it has to do with the global chip shortage, but also with the understanding that you need chips for evs and smartphones. the idea that president biden's administration is actively willing to invest in that infrastructure, you can see how big the gains are. 131% when it comes to nvidia. somewhere in the 80's, the 30's, not bad, compared to the s&p 500 year-to-date performance. i want to end with chinese tech versus u.s. tech, a diversion that is more clear. less to do with the trade war
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and more with chinese regulatory scrutiny. in the last two years, the gap has waited and continues to widen as you start to see more restrictions on what these chinese tech companies can and cannot do. what is that going to u.s. tech? it is rerouting funds to u.s. tech. that white lane is outperforming the golden dragon index, which holds the u.s. listed chinese adrss emily. emily: thank you for that. president biden and chinese president xi jinping are attempting to stabilize a tense relationship between the world's two largest economies. they agreed to keep on talking without letting disagreements over taiwan and other issues derail u.s. engagement. the virtual summit lasted more than three hours, longer than expected. bloomberg's stephen engle joins us with more. give us the headlines. stephen: we got confirmation from national security advisor james sullivan that taiwan played a large part of the discussions. for the most part, from both
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sides, reading the comments from state media and the readout from the white house, it seems like engagement was quite positive, and as china has been trying to return the relationship to a higher track and a better track, a more productive track for two of the world's largest economies, taiwan is a flashpoint, a sticking point. there is a new development on that front. of course, taiwan the the critical part in the global supply chain for tech, it is important to track its future. does biden support the one china policy? does it support the status quo? essentially, biden told xi jinping, yes, we support the one china policy and that he does not support independence. that is the bottom line. even state media in china said biden opposes independence for
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taiwan. well, let's fast forward a few hours to just a couple of hours ago, biden on his way to new hampshire said, on the one hand, he supports the taiwan relations act, but at the same time he said, quote, "taiwan is independent. it makes its own decisions." i was not there. i don't know if he was missed speaking. i think he was essentially saying, taiwan governs itself. but that does not necessarily mean it is independent. this will reopen the world a little bit and a ripoff the band-aid from yesterday, what does biden actually mean about taiwan? emily: indeed. what does this actually mean about the future of the u.s.-china relationship? ? it has been frosty. of course, that started under president trump, but it is a policy that president biden has seemingly continued. stephen: it is understandable to a certain degree why biden would
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not remove the tariffs or the specter of this trade war, because then you are removing the leverage in the first year of office. so i am sure there are inclinations to remove the tariffs. it has caused, anecdotally, and also by the numbers, some inflation in the u.s. we all know inflation is a big problem right now. but again, if you take away those tariffs, you mutely remove a big lever of leverage with the china relationship, at a time when it was at a nadir, really, and rebuilding under a biden vision of china, rather than the trump vision. so it will take time. it is still the first year of the biden administration. they are still trying to work out what works with xi jinping, the strongest chinese leader we have had since mao zedong. it is a different dynamic. emily: supply chain issues not going away china is a critical part of that. how important is it to keep the peace, especially six weeks
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through the holidays? stephen: absolutely. look, there is a bifurcation going on in the tech world and supply chains. china looking a bit more inward and trying to be more self-sufficient for chips for other high-tech products. they are looking at the domestic economy. but the united states needs those imports from china and taiwan as well, where the supply chain is crimped. there is an interesting story in the bloomberg terminal this morning, but it is a lengthy piece, by encourage our viewers to read it, about this new division in china called --. it is basically government-backed, slowly with the purpose of identifying suppliers in china who came supply chain high-tech -- supply chain is
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china's high-tech ambitions. products made by chinese companies so they are less reliant on u.s. suppliers. emily: you can check the story out on the bloomberg terminal or at bloomberg.com. stephen engle. , we appreciate your view from hong kong, thank you. meantime, amazon has decided not to go forth with a major office expansion in jersey city. earlier this month, bloomberg reported that amazon had been close to a lease with the realty company. bloomberg learned the deal fell apart after amazon backed out last minute. coming up, shares of peloton going higher after the company said it would sell about $1 billion in stock. could this keep the company's post-pandemic momentum going? we discuss that next. ♪
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emily: shares of the term rising. the maker of bikes and treadmill saying it will sell $1 billion worth of stock. shares have fallen 45% since peloton slashed its annual revenue forecast by as much as $1 billion earlier this month. mark gurman joins us with more. what exactly does this share offering mean? mark: this means there is a secondary market of shares that peloton is selling to investors to build up more capital. they expected to build up more than $1 billion of capital here. their share prices in the mid-$50 range after falling by nearly half. the share price they will be selling these additional shares at, in at $46 a share, quite a bit of savings there, in order
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to raise that over billion dollars in capital. and we sort of see how to get your stock out of a funk. you do it like this. emily: is it going to work? or will they get the numbers to back it up? mark: shares went up today, they closed up 16% from yesterday, so it did work at least from today, people being able to come in at the much lower price. this is the first time since the ipo a few years ago that peloton did a major public offering. they say they may be profitable again by fiscal 2023. investors will want to see that happen before they continue to invest heavily beyond this initial $1 billion raise. emily: walk us through the challenges that peloton is facing. their grim forecast, and what he will be looking for throughout the holiday season. mark: this is a self-inflicted wound. in one respect, they should not have provided those forecasts. three months ago they said they would be making a billion
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dollars more than they will actually make in fiscal 2022. that doesn't impact the overall business the numbers would, either same, we just would not -- the numbers would have been the same, we just wouldn't know about the forecasts. they anticipated stronger results coming out of covid. they will continue to have to invest in their marketing and other strategies and other types of categories of products to get people hooked onto peloton in order to get back to those levels of profitability. next year they will be releasing the peloton guide. this will be a product that comes in at less than half the price of their like, a home strength-trading device, a key way to add people to the ecosystem as they get people connected to digital subscriptions. . they do have a compelling case to make. even though covid is nearing the end in terms of economic reopening's, they're still probably is a place for people working at home, and peloton really wants to be the king of
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that. emily: what is the main competition here? is it other bike and tread makers? is it the gym? or is it coming out of a pandemic and everyone not being on lockdown? mark: i think it is a mix. tonal is there big competitor in strength training, although there device is more expensive than the electron guide. it is the lower and treadmills that people are buying for a few hundred dollars on amazon, that are a big competitor right there. i also think the complications of covid, a combination of the missed estimation of demand, underperforming supply chain, all these are red flags that have basically torn apart the peloton story for the next few quarters. emily: so what is next? what are you watching? mark: obviously, the peloton guide coming out in early 2022, we will want to see reception to that, how the product integrates with their other devices. there are also other products --
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there is a rowing machine they have been working on. i want to see them find a way to come out with a treadmill that is even less expensive, right now there treadmill is a $2500. . if they can get it down by $1000 that could, your nice sweet spot for people -- down by $1000, that would a nice sweet spot for people. and advertising different products at a monthly rate, a stronger push into that. perhaps some partnership with a dedicated credit card of some sort get people hooked onto peloton, really hooking people to that prescriptions and making it so that there is lower churn, all those things combined could be compelling for the company. in addition to wearables. they are coming out with their first monitor that connects to the peloton guide. it will be also available for their other products. eventually turning that into a completely standalone device, could be fairly compelling as well. there is a whole ecosystem of accessories for the fitness
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market they can get people hooked onto. also, a commercial position for them to get into, existing gyms, hotels, college campuses getting. electron outside the home is a potential strong area for them to alleviate concerns abound -- getting peloton outside the home is a potential strong area for them, helping them drum up their bottom line. emily: mark gurman, thank you for sharing that with us. lots to watch out for. coming up will be speaking with roblox ceo david zwicky in a nice interview you don't want to miss. from the future of gaming to the metaverse and beyond, all of that coming up next. this is bloomberg. ♪ berg. ♪
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innovation, we have over 21 executives from the company sharing different areas of our product stack. we talked a lot about a foundation of safety and stability running throughout the company and everything we do. we talked about our amazing community that powers everything on a roblox, the millions of experiences all built by this amazing community. emily: roblox just overtook activision as the world's most valuable gaming company. are we seeing a changing of the guard here in terms of the kind of games people want to play now and into the future? david: we shared a vision today
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of this future category sometimes called the metaverse. we think of it as the human co-experience that supports people coming together to socialize, to learn, to play, to work, to experience entertainment and amazing brand. we don't usually think of ourselves as a videogame company. that said, our millions of creators make amazing games and experiences on the platforms that sometimes are games and sometimes are music contacts. -- music concerts. i don't know if it is a changing of the guard, but perhaps just a new category. emily: how far away is metaverse, and how is roblox, get us there? david: this firm has been in the genre of futurist writers, sci-fi authors, there has been a dialogue around this in the last 30 to 40 years. we are actually in the middle of it right now.
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there are over 200 million roughly monthly people on the roblox platform every month. they do a lot of things. they have an identity, they have an avatar, they do stuff together. sometimes when they cannot be together in person, they will go to a birthday party together or graduate from high school together. so we are actually in the middle of it. it is such an amazing, big, new category that there is a lot of opportunity ahead as well. emily: facebook just changed its name to meta and seems to want to own the metaverse. will they? will anyone company own this new world? david: we are really early in this opportunity. i think it is going to change the weight people both communicate, share stories. i think ultimately it is going , to allow people to learn together in interesting new ways . as more people are working remotely, it is going to power that, as well.
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we are very optimistic about a big civil society emerging on these types of platforms. but we think we are still actually really early. emily: there is a keyword you just said there civil. ,facebook's own collateralized debt obligation has warned about harassment as an existential threat in this new world. of course there is concern the worst of society could get replicated in this new world. you were really early in thinking about this. what have you learned about creating new norms healthy and healthy behavior in the meta-verse and making sure other companies do the same? david: it is super important. within a munch of launching roblox over 16 years ago, my cofounder eric anaya, we built our first civil safety system and manned the moderation cues. now it is really our top priority. we have thousands of people 24-7 keeping roblox simple and safe. we build it into everything we do. we have an amazing group of
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creative people on the platform, many of them young. we are proud of how they have worked to make it a place where people can come together to be with their friends and do things. it is the foundation of our company. we have no tolerance for alien, for example. -- no tolerance for bullying emily: you see big potential for ,. education in the meta-verse. you were trying to get 100 million students engaged. can you give me examples? does this mean we can visit foreign countries or other areas of the world without having to read about them online? david: in addition to the millions of people learning computer science on roblox, there is also this vision that, side-by-side with books and video, as you mentioned, if we wanted to go to ancient rome, we may go there together and experience it, interact with the environment and see what it is like. there are pillars of education,
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computer science and co-experience, but we are optimistic further off in the future for people who don't have access to education, they may be able to use these 3d-type that forms to join a class and dissect a frog even when they are not near the school. emily: you have been expanding in china but coming across government crackdowns. how was that impacting you? are you reconsidering any plans? david: we have a long-term view in china. we think this type of technology is going to really connect people all around the world. we are conservative financially with our forecasts. we don't roll china into that. as you mentioned, it is a changing political landscape. but we take the long view in everything we do as well as respect our community. and we continue to take the long view in china. emily: roblox had a widespread server outage couple of weeks ago. i believe you were down for three days.
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i am sure those were three long days for you. what lessons did you take from that as you scale and grow? would you consider partnering with aws or microsoft one day to use their cloud capabilities? david: yeah. so we took this very seriously. you are exactly right, this was three long days. we are going to publish an analysis of what happened and share what we're doing to make sure this never happens again. we were really surprised by the outpouring of our community and support. when we came back up, we didn't lose any of the people on the platform, which was very gratifying. but it highlighted the responsibility we have in our community to be a 24-7 utility for them. so we will share more about that in the future. we took it very seriously. emily: adopt me is now the most popular game on roblox, i believe. . you can raise virtual that's on
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there, i believe my kids use this. 64 million players every month. what are your favorite games on roblox? david: this is really fun, almost like asking me which is my favorite child. except i would have millions of children. all of these are created our community ranging from hobbyists who are just starting out and learning to code, to large teams that can have 30 or 40 or 50 people. we are approaching the time when one of the teams on roblox will make $100 million a year. some of the most creative people in the world are working on the platform. i personally have an affinity for railroad-simulation type experiences, and there is a lot on the platform. pretty much anything we can imagine, you will find an experience on roblox. emily: speaking of kids, i am a parent. even though you have parental controls, i still worry. are they safe, are they
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engaging in healthy habits? what advice do you have for parents and people like me who are still trying to understand how we should moderate our children's experiences? david: i think it is twofold. we are being very, very thoughtful. we are very optimistic. more and more as people come together on platforms like roblox, we will be helping with civility and we be giving nudges and hints actually. we would like to make a better place through that. for parents, talk to your kids. this is always a discussion. you can use roblox and other forms of media to have a great discussion about this. we always recommend close communication. emily: thank you for that advice. roblox cofounder and ceo david , baszucki, great to have you back with us. appreciate it. that does it for this edition of "bloomberg technology." make sure you tune in tomorrow. we will have my exclusive
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interview with adamson linsky, ceo of aws, and sandra pichai, ceo of alphabet and google, just another day here in bloomberg tech's that you don't want to miss. i am emily chang in san francisco, this is bloomberg.
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>> our top stories this morning. the fourth annual bloomberg new economy forum is underway. china has supply chains all topping the agenda on day one. >> china cannot develop an isolation of the world, and nor can the world develop without china. china will not waver in

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