>> i'm selina wang. this is "best of bloomberg technology," where we bring our top interviews from this week in tech. coming up, the roadblocks are piling up as elon musk tries to take tesla private. we discuss who is on board and if government officials can step in to stop the deal. ofs, what is the status cisco's transition to a more subscription-based model? we hear more from the ceo. and highlights from the

bloomberg players summit. nba playergh profile on court and tech on the side. first, to our top story. elon musk is facing some roadblocks to take tesla private. the company has received basic peanut from the exchange commission indicating the regulatory scrutiny of the statements and tweets reaching a more serious stage. musk may belon looking to saudi arabia's private wealth fund to secure the capital it needs, but it could give the fund leverage to exert significant influence. we discuss with david welch and bloomberg businessweek's max chafkin. >> with the trump administration, it is not totally clear how the government body that regulates this sort of thing, foreign investment in u.s. companies, would treat something like this. earlier this year, the trump administration stopped the

broadcom-qualcomm deal on national security grounds. the idea that if qualcomm were taken over, it would somehow hurt the u.s. and our interests. you can imagine a similar argument made with electric vehicles and especially batteries because tesla has a big chunk of the total electric vehicle production, definitely in the u.s., and plans to have a huge amount of battery production. you can imagine that being an issue and it will be one of many headaches that tesla and elon musk will have to deal with in the coming weeks, months, maybe even years. selena: meantime, this report on the subpoena. walk us through the continued hurdles that remain to getting a deal done. david: elon has a lot of things he has to get done here. first of all, the issue with the sec seems to be getting worse and if this does mean they are opening an official investigation, you have this

now. it will take a long time to wind through this unless the sec weekly concludes he didn't do anything wrong. there are shareholder lawsuits out there. he was sued when they did that former deal with solarcity. it didn't hold things up then, but this is now related to whether or not he had funding lined up and if he manipulated the stock. these are running in parallel with the sec is doing. poor hurdles that could take time. -- more hurdles that can take time. he has to get a number of shareholders to agree to exchange their public shares per a private holding. something less liquid and something controlled by a man who obviously doesn't like scrutiny and may -- certainly won't be as transparency want the company's private -- once the company's private. he has to do that and convince the saudis to buy out ones who don't want to go with him. lots of steps he has to get done

just to get to the point where he can really push the deal. emily: meantime, the board is even -- under even more scrutiny and looking at the board dynamics, elon musk has said he will abstain from these discussions, as will his brother, who is on the board. you also have some tesla board members on the board with spacex. there are reports tesla board is lawyering up. talk to us about the very complicated board dynamics. a normal buyout situation, this would be rough. the ceo has a huge amount of control and influence over the company and it is hard to have an arms length transaction. this situation is worse for two reasons. first, because elon musk is so central to tesla's valuation. if he were to resign or be pushed out, you would imagine the stock price would probably fall because a lot of people believe he is crucial to the company's future. the second problem is the board makeup, where a majority of the

board members have very close connections to elon musk. it is hard to imagine how they are going to evaluate the transaction objectively. you could imagine further lawsuits from disgruntled shareholders who may say they are not getting the best deal possible. on the other hand, we are not seeing any deals right now. it is not clear there is enough hunting to make the original deal possible so we may be getting ahead of ourselves. emily: meantime, david, you have more store -- a story out about the saudi government wealth fund has revealed they would be a big part of this at the same time we're in the middle of administration that is working to limit the investment of foreign stakeholders in u.s. technology. how does this and had an additional big wrinkle? david: yeah, this gets very interesting. the saudis have close to 5% in

tesla, according to elon. the sovereign wealth fund, according to elon, has strongly hinted they would take on a bigger stake to help take the company private and he has been talking to them since 2017 about doing that. one analyst estimates they could end up with a stake is large as elon's, around 20%. if that happens, he is out of the public markets and doesn't have a bunch of short-sellers sniping at them on social media and analysts asking questions on earnings calls, but what he does have is now a new shareholder sitting on his shoulders that has a stake potentially as large as his. the saudis aren't like bill ackman or carl icahn in the sense they will tell him how to run the company, but if you look at the investments they have made, they often like those companies to make investments or higher people in saudi arabia. that is part of what they do is bring technology, knowledge, jobs into the kingdom.

you could see pressure on elon to build a giga factory in saudi arabia. they will want something in exchange for helping with this each product. that project. up, turkey's president calls for a boycott on american-made electronics in response to u.s. sanctions. what a prolonged crisis in turkey could mean for the iphone and more. if you like bloomberg news, check us out on the radio. you can listen on the bloomberg app, bloomberg.com, and on sirius xm. this is bloomberg. ♪

selina: present and erdogan remained defiant in response to u.s. sanctions in turkey, vowing to boycott american electronics like the iphone and stand firm in the face of what he calls a "explicit economic attack." this is what he said in on a thishers week -- ankar week. product we buy should be produced by ourselves and we sell them to others, instead of buying them from others. usa,ronic product of the we will boycott them. the u.s. has shown no signs of relenting, warning there will be no negotiations about sanctions until a detained american pastor is released. we are joined to discuss the boycott. >> market share in terms of

smartphone os usage is small, 20%, but this news is significant optically. now people are saying why is the iphone banned in turkey all of a sudden? new if is the start of a thing where different countries are asking apple to build iphones locally or they will make it more difficult for them to sell. we have seen this in india already and now we have the china-u.s. trade war and now turkey. will this continue to be a domino effect and we will see more of this in the future. >> tim cook did meet with president trump over the weekend. here is a clue on what might have been discussed. tim cook discussed the trade dispute on the earnings call a couple of weeks ago. listen to what he said. tim: our view on tariffs is they show up as a tax on the resultingand wind up in lower economic growth, and

sometimes can bring about significant risk of unintended consequences. that said, the trade relationships and agreements that the u.s. has between the u.s. and other major economies are very complex and it is clear several are in need of modernizing. >> in need of modernizing. tim cook hedging a little there. what do you imagine transpired in the conversation with the president? how much does -- sway does apple have? >> it is the most valuable company in the world and is a major employer and has a major economic impact not just on california but a lot of other states, as well. tim cook knows that. also point out this isn't unusual. anytime you have a ceo of one of the world's largest companies -- think in the past at names like

general electric are boring -- boeing, they all had to good relationships with the administration that was in power at the time. in the interest of furthering their business and making sure the economic environment was stable enough to facilitate whatever it was they were trying to sell. emily: so the president of turkey has called for turkish citizens to buy venus smartphones, made by vestal electronics. how do their products compared to the iphone? romaine: two different worlds. the iphone is this premium market and when you think about the iphone's market in turkey, i saw a stat today on bloomberg x,icating that an iphone about 5x the cost for some people in turkey. the iphone x is not an affordable home, percent --

affordable phone, percent. certainly not in the u.s., but definitely in turkey. they do not have asthma distribution. only two apple stores across tourney. -- turkey. in the short term, not a big deal but the big problem long-term is if other countries start tacking onto this and ask bit -- apple to build things locally. emily: given the strength of the turkish lira in general, what is the actual purchasing power of people living in the country to even by american electronics in general? romaine: it is not high. mark just talked about the five times of what the income is. keep in mind, and iphone x, the lowest model would be about 7500 lira and today's exchange rate, that is around 1200 or 1300 u.s. dollars. pretty pricey, particularly for in economy that isn't at the same level as the u.s.. mind, even for other

electronics, this isn't a big market for imported electronics. when you think about the amount of product that turkey imports from the u.s., electronics is less than 1/10 of that and when you get into things like smart phones and other things, it is less than that. this isn't really an economy that was in a position to afford a lot of these higher-end models to begin with and now, with the depreciation of the currency, it is looking less likely they would be able to afford it given all that has happened. i think as a message from certain it is moot to a extent, at least until this economy gets back on track. most of its citizens probably aren't going to be able to afford these products. emily: the same for broader american economy -- products? mark: the turkish lira simply makes these products unaffordable to people in turkey. apple has their struggles in turkey. i am looking at this from the long game right now. how is this going to affect apple and many other countries? emily: perhaps these threats are

more bark than bite. staying on apple, hedge fund manager gabe -- sold shares an apple before across the $1 trillion threshold. increases -- changed his position according to regulatory filings. we are expecting more of these 13f filings in the coming days. will we see more of the same from other tech hedge funds? romaine: i did look earlier today. you didn't get other hedge funds like piedmont, which had a significant reduction in holdings. this one was interesting considering einhorn is considered a valid -- considered a value investor. it is an sure, but he has been on the wrong side of a lot of trade this year, including tesla and gm. as we get more filings, the shares did have a pretty good run prior to the end of the

second quarter. it wouldn't be surprising to see some hedge funds cash in their chips. you could have looked at this stock at the end of june and thought that was the top. the releases -- there really isn't much farther to go. it is not like they lost money on this trade. apple has been a fantastic trade for the time these funds ran it. up, tencent has suffered its first profit drop in over a decade as the chinese government cracks down on new game releases. can the tech giant recover? champion wants to build a winning team for his tech investment. we hear from the golden state warriors superstar. this is bloomberg. ♪

selina: amazon has decided to take on its video rival youtube in a bid to grab a larger slice of the advertising pie. amazon is pursuing live streaming deals with dozens of popular media companies and personalities. offering minimum guarantees as much as millions of dollars here, as well as advertising sales and prescription revenue. it looks like facebook has company when it comes to disappointing tech earnings. time, the results out of china where tencent posted its first drop in at least a decade. shares plunged in reaction to the news. the chinese social media china has lost more than $160 billion in market value of january. chinese regulators forced tencent a halt distribution of a popular videogame and frozen approvals of game licenses and made a government shakeup. despite that, gaming and its popular wechat at are going

strong. we spoke to the managing partner of -- in beijing. space in china, we have seen substantial amounts of government involvement around regulation, consumer protection. it has been a theme the last few weeks. we have had faulty vaccines, peer-to-peer lending issues. it is not surprising to see them have struggles with games coming out of the gate. in the long, those can be corrected. for the sake of tencent, some of the bigger issues lie with the losses in total share of user time. other competitors are cropping in, taking up 10% of what used to be a market dominated by tencent in that space. emily: sort of china's version of youtube. mobile gaming revenue declined 19%. of much of this is a result bigger issues at play, whether it is trade tensions or the

chinese government crackdown? >> the largest cause of the substantial drop his domestic regulatory processes and problems. there is a bureaucratic shakeup happening in the government now and because of that, a power vacuum. --d that, no beer cap bureaucrats want to make a change that could severely hurt the government's broader censorship policy. these licenses have been halted for several months. tencent was seen as this unshakable social media giant, but people forget that at its core come it is a gaming company and they make a significant portion of their profits, revenue from gaming and because of this, they can't cash out on some of their biggest block esther games like fortnight. that one of their biggest blockbuster games was forced to be recalled after it was announced shows that they are not immune to the issues of the chinese government and that is why we are seeing this reaction. emily: it is ironic given that the chinese government has helped the chinese tech giants flourish, in part by blocking

u.s. technology companies from operating in the country. you have any insight into why regulators are cracking down on these games, in particular and is there any end in sight? china has been suffering from an epidemic of gaming addiction. at 23stimates put it million individuals in china suffering from addiction your -- here. consumer protection has come to the forefront of the agenda and they will continue to look at different modes, platforms. hit for grabbing huge amounts of time and sucking accounts drive. this will continue to be a trend for the foreseeable future, particularly in games. emily: talk a little about the competition. where else are you -- users spending their times? selina: in the gaming landscape, they have a lot of competitors

but the regulatory crackdown is affecting industrywide. wechat, of engagement, tencent is facing similar problems that facebook is. becoming so dominant a are reaching saturation and the growth rate is slowing. a new aggregation app has their eyes on strong artificial intelligence that is able to draw in users and keep them in the ecosystem. there are also a slew of other video sharing apps that are gaining a lot of traction in china. that said, tencent still is the dominant place where chinese internet users spend their time in addition to we chat, they have their financial arm. they have a mini program app that will draw users. users will be able to directly use services within wechat. a lot of services are trying to keep people within their thesis -- ecosystem but they have a lot

of competitors. emily: what is your short and long-term outlook? ben: in the short-term, they will struggle. i don't see light at the end of the tunnel for some of these games. some could get stuck in the regulatory approval process until next year. i think their main revenue ,river is going to be hit gaming. there is plenty of potential for them to expand what they do. they continue to squeeze the juice out of wechat through improving payment mechanisms. to add additional services, as they have with identification, biometrics, things like that and expanding along to new revenue streams. we saw with ins like cloud computing and payment search for them. in this quarter, 81%. advantagean ingrained over someone like alipay because people are already in the app

and it makes it easy to use things like payments that they will have to cope with the new regulations by the chinese government that increases the reserve rate. emily: tencent has invested $93 million in hundreds of other companies, including snap and tesla. are there any upsides to these investments tencent will benefit from? selina: they blamed some profit declines on a few investment gains in order to bankroll investments and other services. their snapchat investment, we have yet to see but so far, they have not done well this year. tesla, there is a lot of question about where that stock goes. tencent has a u.s. investment arm that is very strategic. in the bay area, they look at a lot of early-stage startups and looking at the data, they have been relatively active. those are really focused on very

early stage for tech investment. emily: -- their friends up, on the basketball court, but rival investors off of it. we hear from golden state warriors' star andre iguodala on his investment rivalry with his teammate. check us out at technology and be sure to follow our mobile breaking news network at tictoc on twitter. this is "bloomberg businessweek." ♪ -- this is bloomberg. ♪

♪ welcome back to "the best of bloomberg technology." andre q put all of to his name but he has a host of hot tech investments including limebike and allbirds. he is one of the growing number of sports stars making a name in the world of venture capital, and he says it is a lot like building a championship basketball team. chang spoke exclusively with andre iguodala. andre: to invest in people, in entrepreneur.

jeff jordan has taken me under his wing, helped test taken his team -- my team under his wing. , have been on both sides investing and entrepreneur. people are genuine, people have a passion. people that really want to work hard and have the credentials, those are the ones that most likely well help you see through your investments. emily: what is the parallel view found investing off the court and on the court? andre: i had a really good relationship with our gm. putting theot about right personalities together and putting the right coach in place . you put a team together to win a championship and it is similar with investing. nvc, you have the entrepreneur, -- in vc youen vc,

have the entrepreneur, the cfo. you are seeking the best recruits. emily: talk a little bit about what your portfolio looks like and where you have had success. andre: i have been investing in a lot of different companies, whether it be consumer products. e-sports, tsm, was my last investment. of that'sers, a lot another product. -- another product. platform and i have dealt with sleep deprivation and doing yoga, meditating, changed my entire diet. that is something close to home

that i can preach about every day to not just those in the sports world but normal walks of life. emily: have you made any money? andre: i have had some companies who are killing it. i have companies who i passed on and i regretted it. i just got the last round and that is the shoe marketplace, a large shoe marketplace platform. i passed on it because i was like, this is my introductory noting and i kind of did quite know what to do with it, but it was a great learning experience. luckily i was able to get in on the last run. the court, teammates kevin durant and steph curry are in the pc game. -- vc game. he discussed his relationships and investment strategies. andre: we share information.

there are some deals i passed on that steph got in. they have been in some of the big funds. i look at it as african-american men getting into a space that we really have not had much to do with, or have not had much access to. i looked at all of those as positives. the players technology summit is going on right now and you see a lot of diversity, african-american men. make 1000 or lose your investment, that is something you leave is a test look at as a positive. -- look at as a positive. emily: the culture fund was launched. -- it is toroceeds make money, but the proceeds go to boosting black nonprofits. what is your take on this fund? andre: i am not a part of that

but i have great relationships with a lot of those guys. chris lyons, you probably would not expect me to say his name but he is a close friend working hard with that. mark and ben. but for me, a lot of those people are within that fund and it is a great thing. they had ingenious project is an oakland-based project where they teach african-american young men how to code and follow them throughout the rest of their lives. we have all-star code which is an east coast-based group which is looking to spread and collaborate. communityou see our being embraced and then we take that and give it back to our kids, that is when we start to see change and when you start to

see our culture being able to be equal. that is a quality, giving access and having opportunities that we did not have previously. a company million for that has a $1.5 billion under management, does not seem like much. there has been chatter that it is not that big of a fund. andre: it is awareness as well, because it could be bigger. the awareness, that conversation is good. it is not enough. what a regal to do to make it bigger? do we do it on our own? you see that with lebron james and the amazing thing he did with the i promise school and how that has caused a lot of chatter. kevin durant is doing some ,mazing things with conway

track and field facilities for colleges and schools. michael jordan supposedly did not give enough of a backing of lebron, but his jordan brand gives out scholarships to kids every single year. just starting a conversation or providing starts, and hopefully we will continue to grow it every year. selina: that was our exclusive interview with andre iguodala speaking about the bloomberg players technology summit. a group of tinder founders have sued iac and match group, claiming the owners are trying to cheat them out of billions of dollars in options. includes and courts -- the former ceo sean rad, saying they are avoiding paying them money due under options agreements. dropbox ceo drew houston on running a company and the recent departure of dennis woodside.

cisco gives a bullish forecast for the coming quarter. we will hear from ceo chuck robbins. this is bloomberg. ♪

♪ since going public in march, dropbox has had ups and downs. its ipo andiked on after its first earnings report, only to dramatically fall after the surprise departure of the ceo despite another quarter of strong earnings. we caught up with drew houston and what has changed for him since going public. drew: in some ways, it is kind of back to work or back to business as usual. beingf our past to public, we have been running the company like a public company for the last couple of years so

if anything it is back to recruiting and building. emily: you reported strong earnings and you announced your clo dennis woodside is leaving. investors seem spooked. should they be concerned? drew: i don't think they should be concerned. dennis has been amazing, and incredible partner to me. when i think back to where we were when we joined the company, we were a fraction of the size, and now we are a global company with 2000 people and offices around the world. it is actually because business is in such great shape that he can pass the torch. he has built an awesome team and we will miss dennis. i am sure he will continue to go on and do amazing things, but i am sure the team that he has built and led will as well. emily: what is your plan to get more individuals and corporations paying for these higher priced subscription plans? drew: we have been making

progress and it starts with building a great product. we addedlast quarter, a bunch of improvements to the dropbox experience, things like paper templates and a number of improvements to the admin experience. driving thek about option of the higher tier plans, some of the newer features like are onlynk -- sync available to the highest year individual subscription or the business version of dropbox. we start making the product is do a lotossible and we on the back end to drive conversion and built into the product ways to match people with the paid plan that makes the most sense for them, or functionality they are not using yet. sync andow you smart that has driven a lot of our

expansion and growth in revenue over subscriber. -- revenue of subscriber. emily: you have these cloud giants wanting a bigger and bigger piece of the pie. what will drop box due to differentiate itself? drew: for us, competition is not zero-sum. we have existed aside the companies like microsoft -- microsoft office and google pretty much since the beginning. , they keep suites you within their apps but when we look at our customers and their phones, they have got everything. they have got microsoft, dropbox, google, and nobody is helping them pull that together. the fact that we partner with everyone and that we helped organize all of your content across a different ecosystem place to our strength. emily: the cloud landscape is changing dramatically and i feel

like you and i have been talking over the last eight years or so, and it is always about the competition. giveneeps you up at night how fast the landscape is changing? what do you worry about? drew: there is a war for talent and that continues. making sure we have the best people and make sure we are placing the right portfolio bets. it is striking a balance between improving our core product and developing new products and planting seeds for future products that will be part of the core business. emily: what about acquisitions? do you plan to do any? drew: absolutely. i companies has been a great way for us to build our company so whether that is bringing great talent in, we have done a couple of talent acquisitions, and even company being a public makes it easier to do larger

acquisitions so that is something we will continue to look at. emily: any areas in particular you are interested in? drew: anything that helps us work better together. a pretty wide view of that, and we look at acquisitions in terms of how we bring great talent to the company or how do we accelerate our business. emily: when you look at where the growth will come from, will it come from adding new customers or somewhere else? are focused on subscriber growth and rising subscriber revenue. we have hundreds of millions of people who are monetize a ball users who have registered for dropbox. 11.9 million subs. we still have a lot of headroom among people who use dropbox, to grow. we continue to focus on driving subscriber growth. those numbers have gone way up over the last couple of years. selina: that was dropbox ceo drew houston.

time for the latest installment of our next job series where we look at the careers of the future. tech giants like amazon and alphabet are causing a buzz with their trials for drones, but in rwanda, one company is up and away. zipline has been part of a remarkable network delivering blood to hospitals since 2016. aki ito tells the remarkable story. this is rwanda. nestled between these plantations, village homes, and meandering mountain roads is a patch of land no bigger than a football field. guy launchesis drones that carry blood to doctors racing to save their patients' lives. my name is abdul and i'm a

drone operator. aki: abdul works for a startup called zipline. we catch theere drones, the recovery system. in front of you is where we launch the drones. aki: zipline is headquartered in rest --ia, but it is west of kigali that the company has launched one of the first drone delivery services. >> so beautiful. aki: does it ever get old? >> no. aki: abdul and his coworkers are tackling a deadly problem here. one that is among the poorest countries in the world and much of it is connected by winding, bumpy dirt roads in the mountains that get washed out in the rainy season.

that has made it incredibly difficult for regional hospitals to procure blood in an emergency, leaving doctors unable to perform any life-saving operations. >> the hospital have to procure the car, drive for three or four hours, get the blood, and then come back. to give access to people who live in rural areas to the health care system. aki: when a hospital asks for blood, the zipline team gets moving. >> you grab the package, launched it. and then you wait for the next order. aki: guided by gps and other sensors, the drum flies itself to one of the hospitals it serves. -- drone flies itself to one of the hospitals it serves. hospital staff retrieve the

supplies and the drone heads back to base. abdul is doing pretty well for himself these days. he has got a job he loves and he is studying for grad school. all that success today is built from unimaginable tragedy. when he was three, the rwandan government stepped up its decades long assault on the , ordering them .o kill in just 100 days, 800,000 people were slaughtered by their neighbors and their friends. >> when the people in the genocide showed up, my father was the first to step up. talking, asking, where

is the rest of the family? they were hitting everyone with a machete. abdul survived. his two siblings and parents did not. his grandma found him and took him in. [speaking native language] >> the first couple years of school was really hard. aki: you were dealing with the trauma. >> after that, i found my life again. i was like, i get my education right and then i am happy with my life. i think i got another chance to live and i think using it for helping the community is what makes it for me.

selina: that was bloomberg's aki ito. reports highero revenue from all regions in all of its major product areas in the latest quarter. we hear from ceo chuck robbins about the company's transformation. this is bloomberg. ♪

selina: in its latest earnings results, six go took a bit of a victim -- cisco took a bit of a victory lap. the ceo discussed the results with jon ferro. quarter. had a good this strategy is clearly working. ovationuct and the an we are bringing to our customers as they navigate this multi-cloud world, they are being well-received.

this transition we talked about, the business model work we have been doing continues to take over with our software and subscription business continuing to grow. question, we have a lot of things happening around us right now for sure. if you look at our performance, i think we have clearly driven a significant amount of innovation in our portfolio. an amazingave done job and at the same time we have had a strong global macro economic environment to operate in. now we have some dynamics with the rising dollar. we have some uncertainty in some of the emerging countries. we have the trade dynamics. those are things we don't necessarily control so we will have to deal with those as they evolve but right now things look really good. jon: we are going to talk about in transition a little more detail. you bring up the u.s. dollar and

it always interests me. how do you handle that? is it something you have hedged or du let it rip and balance over time? chuck: we have gone through this at various times over the years, so our teams know how to manage it. we have a set of processes that our teams deploy when this begins to occur, and then we typically come out the other side. it is something we have dealt with over time and will deal with again. it is the reality of running a multinational global business. jon: more broadly speaking, i want to understand the pickup in business. is it related to the strength in balance sheets in general or are we seeing the spending driven by the modernization of legacy i.t. systems? .huck: i think it is both i talked about this on our call yesterday. there is clearly a lot of business confidence and economic tailwinds. at the same time, the launch

that we did last year in our , therk based portfolio security portfolio, those things are really resonating with our customers. when you look at the catalyst 9000 we launched, it has a software subscription on top of it and it is the fastest ramping product in the history of the company. that is obviously being bolstered by great economic conditions so it is a little bit of both, but we will take both when we get them. give me some insight on what your customers are investing into more generally, and more specifically, what are the areas of lower priority? chuck: if you look at what is happening with our customers, they are undergoing a fundamental shift in that historically, they have run their applications in their private data centers and now they have applications running in their private data centers

but they are consuming applications and services from public cloud providers. their networks and how their traffic is flowing has fundamentally changed, and how they need to deploy security is fundamentally changing. they are having to rethink their i.t. infrastructure, the architecture and the security, and we are at the heart of that. that is a big thing they are focused on. selina: that was cisco ceo chuck robbins speaking to jon ferro. that does it for this edition of "best of bloomberg technology." at 5:00 p.m.day new york and 2:00 p.m. san francisco. "bloomberg technology" is also live streaming on twitter. follow our global breaking news network at tictoc on twitter. this is bloomberg. ♪

♪ nejra: funding secured. two words that could spell legal troubles for elon musk. tesla shares dropped after a subpoena was sent regarding plans to take the company private. turkish turmoil concern grows over the eu bank exposure and is set to take no. hedge funds want clarity. welcome to "bloomberg markets: rules and returns," i'm nejra cehic in london. "rules and returns" is the show where we delve into the