>> from the heart of where innovation and technology 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." up in the next hour, crude cyber

attack, freezing fuel shipments to large swaths of the country. the latest information about the ransomware attack and what the white house is doing about it. plus, bargain-basement borrowing costs. amazon cannot resist refinancing debt even though of tens of billions in cash it does not really need to. it is one of the many companies to take advantage of wide open bond markets and spreads at three year lows. and, it is a hussle with the doge father himself takes at deep dive on saturday night live, but was he joking or serious when he called the doge, a hustle? we will discuss. tech shares leading stocks down, inflation concerns could tech could derail a rebound. kriti: not a great day for tech.

so much selling you saw dragon all three benchmarks. the highlight in terms of selling, that new york faang index that houses all big tech heavyweights here and around the world. alibaba is in this index and you can see it is down 10% from its peak. we are officially in correction territory. let's look at what is underneath the hood and some big tech names individually, i want to look at add names and you can see a lot of red here emphasizing the selling and we start with google and facebook. city warning of an ad growth slowed down, putting cold water on some of the optimism we saw after earnings. we also have qualcomm dropping on report of apple using a five ttip to power its iphones instead of going to qualcomm, not great for that stock. lastly tesla getting dragged down with those names as well. i want to look at cybersecurity stocks. in your intro you talked about how exciting you saw the hacking thing effect was having on the ghastly market.

it showed up in the stock market -- in the gasoline market. cybersecurity stocks down with the exception of fireeye which is higher on the day with an investigation on the colonial pipeline. emily: we will talk about the next, thank you. president biden said, while there is no evidence russia is involved in the colonial pipeline attack late friday, there is evidence that hackers or software used, are quote in russia. a white house official said, the fuel pipeline has not suffered damage and can be brought online relatively quickly. north america's biggest petroleum pipeline may take several more days to recover after being forced to halt shipments of gasoline, diesel, jet fuel, and raising fears of shortages if local reserves run out. i want to bring in bloomberg's cybersecurity reporter. william, what is the latest reno? >> -- what is the latest that we know? >> we learned today, president

biden said they did not think it was connected to russian intelligence. we learn more about the hackers and more people are saying that hackers are based in russia. we still do not know what the status of the ransom negotiations is. but we reported this weekend, and addition to locking up computers, the hackers store 100 gigabytes of data, which is becoming increasingly, and ransomware. not only will they lock up computers but they will steal sensitive data and threatened to leave it a publicly if you do not pay ransom. emily: so we do not know if they have paid that ransom yet at all, is that correct? >> that is correct. we do not know if they have, if they will, or what the statuses. -- of what the status is. the hackers seem to of made a massive strategic error and that they have attracted the ire of the full force of the u.s. government here shutting down this pipeline. as we saw a statement from the

hackers this morning, they're quickly trying to backtrack and maybe regretting what they have done. emily: so, talk to us about attribution here. this group, the dark, out of eastern europe. what we know about them and why they might do something like this? >> these groups are primarily financially motivated. there is a blurred line between criminal groups in eastern europe and russia, and intelligence services there. just because that is true does not mean they are always cooperating together but cyber security forces say they sometimes do collaborate. and they are a relatively new group on the scene, but everyone acknowledges they are advanced. they are able to go after big game, if you will. and there ransomware is comparable to that of other groups. emily: the government is still dealing with the fallout from solar wind and the microsoft

exchange hack, and now this. what can the white house to at this point? >> that is a great question. i think the government could invest more in cybersecurity. but they found it hard to deter groups like this. even if you manage to deter groups like this and improve cybersecurity, a lot of cybersecurity is nothing is unhappy goal -- nothing is on hackable, it does not exist. even with best efforts put forth, it is -- emily: sounds like william, we just lost him. but we have another special guest here to talk about this. general keith alexander, founder and chair at iron net cybersecurity. general alexander served as the director of cybersecurity and commander of u.s. cyber command protecting our country. general, we were talking to

william about what the white house, but more the government could do at this moment. having been in that position, what can they do and what are they dry behind the scenes? >> the biggest seen -- the biggest thing that can do and what we need to address a nation is, need to figure out how to work together between the public and private sector. the government's job specifically, the defense department, and cyber command, is to defend the country from attacks. but they cannot see those attacks in time to do something about it. as a consequence it is an incident response and that is too late. so we need to build, in my world -- and my words, a radar picture, air traffic control picture, of attacks coming into our country, from the private sector side, in an anonymized way that can be shared with the government, so they can respond. this is really important. because i think our nation is going to be continuously tested in this space. as you mentioned, solarwinds and

you look the microsoft hack and you see a number of attacks by china and russia, and by groups like darkside, that are hitting us with ransomware. yet, right now, every company is defending itself. that is crazy. we have to work together. like a radar picture, show the government what is coming after us and allow the government the opportunity, to defend this country. we have to get good at it. emily: when you look at this hack, what do you see here? what is at stake and is this, does this look different that other ransomware attacks, to you? >> it is interesting listening to what mike said and i kind of agree with him on parts of it. i think they went after this as a target and got and probably through phishing. they got in and grabbed information and brought it back and thought this is a lucrative target. i think they underestimated how big a target this would be for our nation. as a consequence, they probably

put themselves into an area where they now will be aggressively pursued by the fbi and others. so that i think was overseeing. the issue brought up with them though, russian involvement. almost, for sure, some of these folks came out of russian hacker groups, dei you, svr , something like that-- giu, svr, their moonlighting or already out. but if they are in russia moonlighting on something like this the government almost for sure knows what they are doing. so this is something we have to get out in front. we have to attribute and hold these people accountable. we need to make them pay a price if we are going to get this to stop. the only way to do that, is to catch them in time to stop them. emily: do you have any indication here, they, that there was any motivation other than profit? for example, in the worst case they intend to blow up the pipeline or are they just trying to make a dollar -- a buck?

>> i would say most probably, just trying to make money off of two areas. encrypted data and make them pay for that. steal data and make them pay to get it back. those two, they'll get paid twice for this thing or they will try to. it could be, if you step back with a question you asked is one that deserves merit, something that has to be looked at. is this being used as a test to see, can they get in? fire i cleaned it up. can they maintain access even after the cleanup? and can they do something going from the i.t. system which is what they hit, over into the ot system? i think this is a good place where the white house is -- has done a good job bringing this together, as one of their 108 things. let's go after the -- as one of their 100 day things. let's bring energy and i.t. together and create this

collective defense for energy and oil and others and i think that is the right approach the white house has. but we have to go be that, in my opinion. emily: it does make you think about the worst case scenario, in a company using computers connected to the internet, when it does something as important as transporting fuel. what is the worst case scenario, in your view? >> well, i mean, shutting down the network they have is, you know, about is that. could they do things to the industrial control systems? the concern the government has and why they are putting a focus on it? absolutely want to do that. i will tell you my experience. the energy sector at large, and i deal with a number of them, they are laser focused on defending the grid and other parts of our sector. i am singularly impressed with that ceos of many of these companies leading forward and saying, we will work together, to defend this nation and we will share that with the government. so they have the right approach. we have to help them cross that bridge from the private sector

to the public sector to actually do that. then things can happen for sure. you see that in hospitals, industrial control systems, and it could be in the same in energy and oil and gas, and others. but i am impressed with the way the energy sector and oil and gas are working. but they cannot go by themselves. and that is today what is happening. every company out there is defending itself, and it cannot get that information to the government in time for the government to help stop it. we have to change that. that way we are doing business has to change. real-time collective defense i think is the future for cybersecurity. emily: so, let's talk about that and the colonial pipeline itself. they are saying they should be able to get back online by the end of the week. we do not know yet if they have paid this ransom. what approach should they take? should they pay? do you know if they have paid? and how long after that, doesn't

normally take far ransomware victim to get back online -- how long after that, does it normally take for eight ransomware victim to get back online? >> they have to go through all of those systems and clean them up and clean up the malware. fireeye i'm sure is all over that and they are great at that and they are doing this together. that is one step. i think they will not pay but i do not know that for sure. i think they are cleaning up and they will do that. the second question is, what about the 100 gigabytes of data, what do they do about that? that was stolen and it could be given out, and i think, again, i do not know if they're going to pay or not. i think they would be reluctant to pay. i think that is where government has to step in and help colonial. they are a victim here. we cannot treat them like they are the bad guys, they are the victim. a nationstate or people with nationstate like tools attacked them. we cannot treat them as the bad guy here.

colonial was attacked. we should hold the bad guys that actually did this accountable. we have to change that rhetoric going on out there. colonial as a victim. our country should not stand for it. emily: all right, general alexander, you do not mince words. thank you for joining us, coconut and ceo at iron. -- iron net. we have breaking news the fda officially authorized the pfizer and biontech covid vaccine for children ages 12-15. this is a huge leap forward for kids under the age of 16. of course the pfizer vaccine had been approved by the fda for age 16 and up. but the fda has now amended the original emergency use authorization, for the pfizer vaccine. i'm reading from the press release, the fda determined that

pfizer biontech, they are covid-19 vaccine, has met the statutory criteria, to amend the emergency use authorization. and that the known and potential benefits of this vaccine in individuals 12 years of age at older, outweigh the known and potential risks. supporting the vaccines use in this population. pfizer got a jump on madrona in testing in children. but we are awaiting results on moderna. coming up, how one of the social media facebook board members describes the internal process for moderating content. plus response from an activist investor. next. this is bloomberg. ♪

♪ >> they needed some time because the rules are a shambles. they are not transparent, they are unclear and they are internally inconsistent. so we made a series of recommendations about how to make their rules clearer and more consistent. emily: that is michael mcconnell, the cochair of facebook's independent content oversight board on fox news sunday. mcconnell also dismissed concerns that facebook was violating donald trump's first amendment rights by leaving a band from the platform in place. let's get investor inside with -- investor insight with natasha , lamb, an activist investor in facebook. i'm curious your reaction to the board's decision and description there that the rules are a shambles, knowing that basically the board upheld facebook's

decision but also kicked the can down the road and facebook will have to decide again whether to leave the ban on president trump in place six month from now. natasha: i think that's exactly the point, they kicked the can down the road. and, when you think about now, in reaction to kicking the can down the road, you have republicans once again wanting -- calling for the rake above facebook. but in fact that is an area where republicans and democrats agree. when i look at this, i look at it from the perspective of an investor, and try to address the root cause of why content on facebook is so problematic versus the supreme court or the oversight board which appears to , be a band-aid solution, when you've already created a problem and then you are trying to address it at the end of the , pipe. so you look at facebook, and facebook is too big.

it has proven that it cannot effectively manage the platform, with 3.4 billion users between all of its platforms. two, its ad revenue is driven by i'll grab them's. this gets to the root cause. they are designed to propagate the most provocative content. so that drives when you see this disinformation about the election, those algorithms are driving that provocative content and creating public policy wrist -- risk, in the meantime. three, the company is poorly governed and we have been saying this for a long time. it is not just because zuckerberg is the ceo and chair of the board which does not make sense from a governance standpoint. we really think the expertise necessary for this company is absent from the board, so we are

-- which is a human and civil rights expert on the actual board. so we are asking for that again in spring at the annual meeting. what you get with the oversight committee is they ended up talking around the political hot potato of whether trump can come back on the platform or not. and i just don't think that's where we need to be. emily: meantime, you have 44 attorneys general urging mark zuckerberg not to release a version of instagram for kids, something had announced they were planning to do earlier this year, got a mixed reaction. what is your reaction to that reaction? i wonder, is this cool, or is this a parent's worst nightmare? natasha: i'm a mother of a 10-year-old and an eight-year-old and i'm constantly trying to get them away from screens. i don't think anyone has seen any data that social media use improves the emotional

well-being for children. certainly not for teenagers, we know it sets them up for predation, bullying, it sets them up for anxiety and for increased suicide. so when i look at what is , happening here, i think, why is facebook doing this? obviously there is a profit motive, but given how poorly it has upheld its own terms of service on its main platforms , which were made for adults, i'm just surprised they would even foray into this area, because there is so much public policy risk and headline risk when it comes to children and the abuse that they can face online. emily: we are doing a big special on the technology biotechnology ecosystem in boston and how that has grown, especially in light of the pandemic where you have pfizer and moderna both headquartered in boston. you are based in boston.

talk to us about how the recovery is going from your perspective there, and where you see potentially unequal recovery happening. natasha: i think boston has been leading. i think new england has been leading, outside of the sins -- outside of the fact that we have this biotech engine, moderna and pfizer the best examples of that, our population has been less vaccine hesitant. over 60% of folks have received already their first vaccine dose. that's going to be a big positive going into fall and , allowing colleges to stay open, which is a big driver of the economy here in boston. it is a huge education hub. when i look at the pandemic and how folks have reacted here and elsewhere across the country, but what i think about here, and having to work remotely this

year. i used to have a three hour commute. and if you know anything about commuting in boston, it's the worst. it's literally the worst traffic in the united states. because those roads were designed for horse and buggies. there's not a lot of space for new infrastructure. so if you can effectively go , forward and remove the constraint of everybody needing to commute, then there is room -- then you increase headroom for growth and boston which i , think is great. emily: so much to talk about what we will have to leave it they are, natosha lam of arjuna capital. our boston special tomorrow, don't miss it right here on "bloomberg technology." ♪

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emily: pfizer again authorizing -- the fda authorizing the pfizer biontech covid vaccine for kids age 12-15. this is a huge milestone. now, kids as old as can get the 12 vaccine. we will have more after this break. ♪

♪ emily: welcome back to "bloomberg technology." i am emily chang in san francisco. amazon is selling bonds, in its first debt offering in a year. the online retail giant is issuing debt in eight parts, a forty-year security the longest part. amazon will use the proceeds to refinance debt and buy back stock. i want to bring in bloomberg's kriti gupta. talk to us about the details. what do we know so far? kriti: $18.5 billion. that is how much debt they are

actually issuing here amazon , and coming up on an important timeframe. you are seeing a lot of issuers come forward. you can look at it is mostly the structure behind it it is mostly equity that makes up the , capital structure. that is why this debt sale is so important. amazon is one of those companies that has a high rating and a scarcity of bonds. that has helped some of its borrowing costs. you have already seen some of the pricing on its forty-year tranche, drop down from the 115 basis point spread down to 95 basis points. that just means and there is very high demand for these bonds. emily: so, why now? obviously, amazon has a lot of cash. what makes now the right time to do this? kriti: because it can. that is the really simple answer for an important thing you are seeing with a lot of investment-grade issuers. now if you look inside my , terminal, you can see when it comes to investment-grade

issuance, it lags a little bit behind junk bond issuance. what that means is that -- this idea that a lot of people and big companies were trying to get more cash, raising more debt in 2020, when some of the revenue streams were under pressure. so now, it is a question of, you are seeing the economy reopen and the revenues come back. we were also seeing ultra low interest rates. so, why not issue those bombs and try to capitalize on -- why not issue those bonds? and capitalize on that low interest rate environment, and amazon is doing just that. emily: we are coming out now of earnings season. just another week left. are going to see other big tech companies take advantage of that? kriti: it is possible. the thing here is they don't , actually need to take advantage of this. they are not in a cash crunch unlike other sectors. they have these massive cash cushions they are relying on. to see this actually come out, we are seeing amazon set the lead for not only tech companies

but other major firms whether it is financials, retailers. the bigger the company, the more reallythe bigger the company, the more reason to issue bonds , now. this is coming on the idea we could be around an environment where you start to see rates increase. so, despite the sensitivity to rates, they could be setting quite the trend here. emily: bloomberg's kriti gupta, thanks so much for bringing that down. continuing our discussion of amazon, what was once just an online bookstore with low odds of success has grown into one of the most powerful and feared entities in the global economy. brad stone our senior executive , editor for bloomberg's global tech coverage rings on us an -- brings us an unvarnished picture of amazon's unprecedented growth and its billionaire founder in amazon , unbound: jeff bezos and the invention of a global empire. brad joins us from san francisco. brad, a big week for you. this is your second book about amazon.

obviously, this is a company that continues to surprise us every day. what is it you wanted to accomplish in another book about this company? brad: emily, i think we spoke at the end of 2017, as i was starting on this journey, and even back then, i felt like it was important to update the amazon story. i wrote the everything store back in 2012. it was a smaller company, the kindle company. today, it is the alexa company and the cloud company. and so much more. i was researching the book, so whilei was researching the book, so much else happened. there was jeff bezos' personal journey. there was the scrutiny and antitrust and big tech. you had amazon's navigating of the pandemic and becoming a lifeline for millions of customers around the world. when i set out to do was update the history and allow people company. to understand this company. it is not as simple as what a lot of critics and regulators want to make it out to be.

that operates in very competitive industries. it is worthy of scrutiny. in the book, i try to get into what its tactics are and what some of the anti-competitive tactics are and why it is worthy of really understanding it. emily: you talk about so many of amazon's moon shots. thank you for my advance copy. going from alexa to buying whole foods to building aws and blue origin and the one thing that stood out to me was that all of these things were really jeff bezos' ideas and he alone were pushing these moonshot projects that many people told him were not good ideas to start. ultimately he and the company , made it happen. that seems to be somewhat of the theme. brad: yes and no. i mean certainly alexa springs , almost fully formed from his brain. he sends an email to his top executives, we should build a

computer whose brains are in the $20 cloud and is controlled by your voice. certainly the fire phone was his , idea. that was kind of a debacle. amazon's push into movies and tv shows. and bringing that was his idea. that into prime that was his idea. , i also tell the story of the but then i also tell the story of the grocery initiative. while he signed off on that, he does not think it should be a rush. it was one of his deputies who kept pushing that amazon needs to get into groceries, doug harrington. it is strategically important because people shop for food , multiple times a week. the question you raise is a good one. how important is jeff bezos to amazon's inventiveness and what will happen to the company when he is no longer ceo? that is a great question we will see later this year because andy jassy is a great operator but he he is not the innovator that jeff bezos is. when you look at the innovator team, they are not as many technologists as their once

were. jeff says he is not going anywhere. he wants to continue to continue to work on new things. over time, i think they are going to have to find someone with as much of his magic if -- they want to continue to pioneer new industries. emily: you mentioned jeff bezo'' personal journey. alluding i believe to his divorce and what is new going on in his personal life. you do paint that as a kind of turning point. did you see a turning point in jeff bezos the ceo? i believe the way you describe it is amazon employees at a , certain point were still asking, is this still our ceo? talk to us about that change in -- and how dramatic that was for him and for the company. brad: totally dramatic and totally surprising to the people who knew him well and other executives at the company. you know this was someone who , was wholly focused on the business, who was unfashionable, who saw himself as a family man

and integrated that into his public profile. so to have these changes at the , and of 2018 into 2019, i think that represents him stepping out onto the world stage and having interests beyond amazon. i report in the book he is building himself a super yacht. so the idea he spends more time , among the elite is definitely , i think an inevitable one and , it means a little bit less of his time is focused on amazon. emily: what is the future of the company without jeff bezos as it runs into potentially massive antitrust battles? concerns from its workers. concerns from its workers. you know, are they getting paid enough are they being treated , well enough? how do you see amazon battling all of these different fronts? brad: it will remain in the hotseat. its relationship with its workers, that is something jeff in his recent shareholder letter identified as a place for more attention.

going forward, the eyes of the u.s. government and perhaps the european union continue to focus on amazon. it is a complicated target. lookit is a complicated target. , it is not the monopoly that google is. so i think it is somewhat more difficult to get a handle on it. i also think andy jassy will be the figurehead of the company. he will be in the hot seat. bezos is the wealthiest person in the world. he represents a big target. andy jassy i think is a little bit of a humbler target. maybe he would be a little bit more of an effective spokesperson being the guy in the hotseat answering questions from politicians. emily: all right. it will be an interesting next chapter. maybe worth a book number three. brad: don't even say it. emily: [laughter] a few years from now. brad stone, senior executive editor for our global tech coverage. amazon unbound is out this week.

it is incredible, riveting a , page turner as only brad stone could deliver. coming up, the covid-19 pandemic has accelerated a digitization of businesses worldwide. like never before. we are going to speak to a microsoft executive about what industries handle the transformation the best. that is next. this is bloomberg. ♪

♪ emily: a new report by the economist intelligence unit commissioned by microsoft finds 72% of businesses in multiple

sectors claim the pandemic has accelerated their industry's pace in multiple ways. -- pace of transportation -- pace of transformation in unprecedented ways. this, as companies prepare for a gradual return to work. joining us, to discuss, the corporate vice president of worldwide commercial industries at microsoft. she is the latest guest in our work shifting series. talk to us about the trends you found and what surprised you most. >> thanks so much for having me. we commissioned the study to make sure we can learn from the market, learn from our customers and make sure we were lining the -- aligning investments at microsoft the way we want to see them go for customers. that helped us drive things like industry clouds. as i think about what surprised us the most probably was their focus and energy around employee engagement, employee wellness and social consciousness. so we expected to see them say

we know the digital transformation is nice to have, it is a must-have and not just a competitive advantage anymore. it is a need be to accelerate our transformation. that pivot toward customer for us around employee, around social consciousness was nice to see. emily: we are seeing more and more companies now put their stake in the ground, what policy they are going to have about a return to work or not come september. google made an abrupt turn. it seemed like they were going to take a more traditional route and ask for everyone to come back to the office. now they are allowing employees , to work remotely indefinitely. do you feel there is one one right way to go? deb: i don't. this is very cultural. as you go from company to company, the key is to have a plan that you make sure you are clear about what you want to have as an organization, that you take employee feedback.

we mostly expect a hybrid environment. we are driving toward with our customers to enable the , environment. how you manage to work from home and in the office. how microsoft teams and collaboration tools allow us to do that more. we are thinking about a plan and make sure you are clear in getting employee feedback when you are putting that plan together. emily: when you're looking at the companies and industries that met the digital challenge well, it seems like many did rise to the challenge. i wonder where you are seeing industries still lag. deb: i think they did. it was interesting when you said 74% of our customers surveyed said they felt like they were doing fairly well when they think about the transformation. i think organizations that traditionally have a lot of disparate systems, have a harder time gathering data and

information to create great insights. that exists in places like health care, retail is an example has had to think about how they make this incredible pivot with what has happened with the pandemic. rei is a great example when we think about, retail has been in a space where people walk into stores. sometimes they order online rarely are people doing both. . the pandemic has driven these customers to say i have got to be ready to take orders via technology. i have to be ready to deliver curbside. rei is a great example of a customer who has been able to not only deliver on that but also expand from innovation perspective. they are now doing virtual sothey are now doing virtual, shopping and they are creating these opportunities where you can fix bikes online or assemble them online. you can even fit your hiking boots. where we see really interesting opportunities is they take the challenge and they pivot it toward acceleration of their capability. emily: we have been covering this colonial pipeline ransomware attack through the weekend. it is terrifying.

we are talking about large swaths of the country that could be without fuel if things do not get under control. i know microsoft has many cyber defense initiatives. talk to us about the risks of companies being increasingly digitized when the cyber attackers always seem to be one , if not 10 steps ahead. , deb: this is a super important issue to all of our customers and microsoft as well. we deeply care about security. when you think about the things that come forward with us such as industry clouds, security compliance, regulatory opportunities, privacy are all deeply embedded in the clouds we release. so, it is critically important. it has to be part of the plan our customers put together when they think about what they are going to do from a cloud perspective. deeply important to microsoft and something we will focus on. emily: we are in this transition point now where we are coming

out of the pandemic after going into one. i wonder what you think we will be talking about a year from now. how much of the world will have turned back to the normal we knew or will it be a completely different world that is hard to predict? deb: i don't personally think it will be a normal we know. i think companies are going to continue to accelerate the transitions they have started. they are all finding ways to innovate differently. the role of the employee continues to get more important . and to see companies react to the way they have and say we are deeply concerned about our employees and their well-being, i think we are going to see more of that. at microsoft we are focused , deeply on making sure we create skilling opportunities for employees. we have initiatives that have skilled 30 million people in

the world. how do we create opportunity for people to understand the skills they have? and to share them so they have opportunities in the workforce. it is going to take us more towards this environment where we are more technology enabled. more opportunities for more opportunities for we are creating employees. we are also driving better of andwe are also driving better of social consciousness. that was another piece that came out of the survey we did, that everyone feels this role. it is not about them or the company. they recognize they need to do more for the environment as well. mount sinai is a good example. they are using hollow lenses in dynamics 365 to do remote surgeries in uganda. things like that are starting to come out because of the experiences we had. i tend to be optimistic and think we will orient around ways to continue to provide value and enable and power people. emily: interesting. we will have to talk again a year from now if not before to check in on where we are. deb cupp, corporate vice

president of worldwide commercial industries at microsoft. thanks for joining us. coming up, elon musk's appearance on saturday night live did not take dogecoin to the moon. in fact, the fifth most valuable crypto currency retreated after his comments on weekend update. and that word hustle. , more next. this is bloomberg. ♪

>> it is the future of currency an unstoppable financial vehicle , that is going to take over the world. >> so it is a hustle? >> yeah, it is a hustle.

emily: elon musk making a saturday night live debut this past weekend. comments from the self-proclaimed doge father causing the fifth most valuable crypto currency to retreat from its highs. to be fair, doge started going down before snl aired because of all the conversation around the appearance. what do you make of that word? was he serious, or joking about the currency, that is supposedly a joke? ed: it is the first time since may 4 dogecoin has fallen under $.50. the whole run-up was because elon musk was going on saturday night live. you know this was the least , subtle topic. we knew it was coming he tweeted about it constantly. all even open the show with it. of the memes. even open the show with it. he had his mother on stage and she said, i hope you got my mother's day gift. i hope it is not dogecoin. but andy said it is. in that sketch, there was a back-and-forth constant. what is dogecoin? what is dogecoin?

eventually he answers, it is a hustle. it was started as a joke but i thinkit was started as a joke cryptocurrency. ,and i think elon musk continues to treat it as a joke cryptocurrency. emily: so, then, do you believe he believes it is a hustle? is that what you are saying? ed: it is hard to know because the other piece of news that came out on sunday, the following day was that spacex , had accepted payment for a small lunar satellite that spacex will actually carry into lunar orbit in 2022 that was paid for completely in dogecoin. so his business is transacting , using dogecoin. so, you know, saturday night elon musk live is a sketch show. ,he treated it as a sketch show. there were references to him, his quirky nature, him as the rocket scientist. he kept in the spirit of it but being a sketch show. an when he talks about

cryptocurrency, it was in that vein. emily: they certainly covered a lot of topics. all of elon musk's additional interests. i want to talk about some news importantly out of tesla , regarding that crash in texas. we are waiting for more information. the initial reporting said there was not anyone in the driver's seat. the ntsb has confirmed there is video of someone in the driver's seat. tell us the latest. ed: this is the report we have been waiting for from the national transportation safety board. some home security footage shows at the time, the two people who were killed in the incident left their home there was , somebody in the driver seat. we still do not know how that individual ended up away from the driver's seat. because, remember, when the fire was put out in the crash it was , discovered he was in the passenger seat. not the driver seat. that is still unexplained. the ntsb did say he started in but the driver seat.

what is more, they found no evidence that neds driver assistance features were used. they backed up what tesla said, that autopilot was not used in this circumstance. emily: do we have any indication of what caused the crash? ed: only that the speed at which the vehicle traveled, we now it -- we know that at high speed it may impact with a tree, and that cause damage to the lithium ion battery pack which caused the fire. the big question is, where were the passengers sitting definitively, and how did they end up in seats other than the driver seat? emily: we'll be waiting for more information on that thanks to our ed ludlow for breaking that down. that does it for this edition of bloomberg technology. a reminder tomorrow, we will , hear from boston area business leaders including those in biotech and life science. in our boston special do not

, miss it right here on bloomberg technology. this is bloomberg. ♪

>> this is bloomberg deibert period our top stories this morning. hit stocks as commodity stores. we get new cpi data tomorrow. china's once in a decade census showed the population is growing at a slower rate. the nation gets older and more urbanized. tensions