>> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. emily: i'm emily chang in san francisco and this is bloomberg technology. coming up in the next hour, texas governor greg abbott says the gunmen who killed 19 children and two adults used facebook to talk about his plans, but the social network clarifies, claiming the posts were actually private messages.

we will bring you the latest as we learn more about this horrific turn of events. plus, lessons learned from twitter's annual shareholder meeting. investors voicing concerns about elon musk's looming and just after the meeting, musk files to change the balance of equity and that in the deal. our own ed ludlow will join us live from the ground. and amazon holding their annual meetings as well. it is the first one for amazon ceo andy jassy. how he addressed growing concerns about worker safety at the company's market cap threatening to dip back below $1 trillion. all of that in a moment but first let's get a look at the markets, stocks climbing after a volatile trading day in the tech heavy nasdaq 100. outperforming. bloomberg has the latest. why the turn from yesterday? >> it is quite interesting that we do see stocks finishing the day in the green. and as you mentioned, nasdaq 100, really outperforming here and a lot of that down to some of the heavyweights, apple and

amazon in particular, leading that index higher. i will point out that a lot of the impetus, the momentum really started gaining after the fed minutes. were starting to see traders paring back expectations in how aggressive the pace of rate hikes maybe. that is those growth fears, sue did not see change in a 10 year yield, but the two year yield, which is more sensitive to fed policy changes just taking a little higher. then i do have to touch on nvidia, they had their earnings out. you see the stock down some 7% in after-hours trading. missed analyst estimates for they have been expecting robust profit and growth. on a year-to-date basis, this stock down 40% or so. it is quite surprising. in november, we were talking about it being close to a one trillion dollars market cap valuation, but this is a story broader in the chip space crude we saw chips surging after the chip shortage, but what we are seeing this year is that momentum has really started to

wane. nvidia mentioned the key issue about supply chain issues. foremost covid china lockdowns, but valuations. because investors have been shunning some of these haidi stocks and particularly chipmakers. emily: i do want to get to these annual general meetings all happening today. many of them in tech. twitter, amazon and meta, we are following these good what were your key takeaways? >> twitter was closely watched. buzz because the drama surrounding elon musk's takeover drama, but that actually is said to have been at a later date. we got the news that founder jack dorsey is stepping down off the board and a key director also failing his reelection bid. let's move onto amazon because the shareholders are rejecting all of the proposals that were in place to make the conditions better for the workers. this company has come under a

lot of scrutiny because of those conditions for workers as we know. and also, the stock split being approved by shareholders at 20 to one, that is set to take pace in june. emily: thank you for that round up. meantime, we're learning new details about the deadly and devastating shooting in texas. texas governor greg abbott saying the 18-year-old gunman who killed 19 children and two teachers at rob elementary school posted about his plans in facebook the minutes before the attack. >> as of this time, the only information that was known in advance was posted by the gunmen on facebook approximately 30 minutes before reaching the school. the first post was to the point of he said i am going to shoot my grandmother. the second post was i shot my

grandmother. the third post was maybe less than 15 minutes before arriving at the school, i am going to shoot an elementary school. emily: facebook spokesperson andy stone clarified indirect replies on twitter that the messages the governor described were private one to one text messages were discovered after the tragedy occurred. i want to bring in bloomberg technology editor tom to discuss. what we know about these messages? there is a distinction between a public post in a private message. tom: major distinction and what a horrific set of developments. what we know is that when these things happen, there is always a question about what role social media laid in either broadcasting them, glorifying them, was social media involved in any way? could this have been prevented?

those questions always arise. in this instance, what greg abbott said was taken to mean that somehow, he was publicizing his intentions. that he had made this in a public setting. when you say post on facebook, that makes it sound like he is putting it out there for everyone to hear, suggesting that maybe this could have been prevented. maybe it was facebook in some way involved in this terrible way. quickly, facebook comes out and says wait. these were private 121 messages, not the kinds of things that could have been seen by the public. we are trying to get clarification from governor abbott's office as we speak to determine what he meant by that. was he referring to some public or semi public part of facebook? maybe in groups. was there something out there that we could have seen? now, none of us has seen we on facebook. obviously that would be blasted all over social media. if somebody had used the public

newsfeed to talk about this kind of thing. we do not have any evidence of that. we are seeking clarification from abbott's office as we speak but thus far, facebook has been like this is private 121. emily: can we confirm though that these were on a facebook platform? private. because facebook does not have text messages, if you will, that are direct. tom: there is dm's, whatsapp, you can use instagram, but how much of that does facebook have access to? in a case like this if the shooter or the alleged shooter was a facebook user, facebook would have justification for going into his private messaging, but we do not know which platform on facebook, if it was in fact a facebook platform that he used. emily: andy stone says in this twitter message that they are coordinating and cooperating

with law enforcement in their ongoing investigation. so facebook is now somehow involved in this investigation. what do you make of the way facebook is communicating this though? through direct replies on twitter, not a statement. could they be more clear? taylor: in fairness to facebook, twitter is an official platform. it is recognized as a way of getting the statement out there. tom: i would like facebook, meta, to be more clear about which messaging platform they're talking about here. remember in cases like this, law enforcement will want to move quickly to get private communications. they use the power of subpoena, court orders, they're able to get access to these kind of rings that ordinarily big tech does not want to share. in this instance, meta has a great instance -- interest in

helping law enforcement and the greater public get to the bottom of how it's platform may have been used. emily: incredibly important that we do get to the bottom of it, given the gravity of this situation. tom giles, executive editor, thank you so much for sharing what we know now with us. ok, coming up, were going to talk about what came out of twitter's annual general meeting and about the public and private company. ed ludlow has been on the ground at the meeting, covering it all day. ed: changes to the terms of the deal and some shareholder concern. at twitter hq, we will have all of that next. this is bloomberg. ♪

emily: jack dorsey is off twitter's board, that is one of a few developments from twitter's annual shareholder meeting for it is urgent was announced earlier this year, but it is still notable, since it was the first time since 26 -- 2006 that he is had no formal role of the company. no detail on elon musk's takeover was shared, but his shadow loomed large. he opened his are marked by addressing information about bias more broadly. >> we are constantly improving our product, policies and processes. we believe twitter is a place for different voices and perspectives to be heard. our ultimate goal on contents and accounts and our policies remain neutral to political

identity and ideology. emily: ed ludlow joining us as we have been following the meeting all day. no vote on the elon musk deal, but just how big was his shadow over this meeting today? ed: shareholders found a way to get the references in there. there was one proposal which you knew really well on have a new board member with a high level of expertise in human and civil rights, so the points they made were had twitter had a better track record in human civil rights, it would have a better track record on freedom of expression and we would not be where we are with the world's richest man trying to take the company private to fix the issue of freedom of speech, which is one of the big rationales behind his decision to buy the company, he says. emily: now, just after the meeting ends, elon musk files a new 13 d, where he boosts the equity portion of the deal, but

reduces the debt portion of the deal. can you explain why this is significant? ed: it is significant, so the equity portion is at 83.5 billion dollars. he is essentially removing altogether the margin loan component. that is significant because the margin loan component had a loan to value ratio of 20%, so elon musk had to stump up a big number of tesla shares to meet the dollar value as collateral. that is gone. he in turn concurrently, concurrently, is adding another $6.25 billion of equity financing that is part of the filing that we've learned he is talking to existing shareholders about rolling their public shares into the private entity. something he stated previously he would do. jack dorsey is among those shareholders that he is speaking to. significant because it essentially d risks the entire thing. interested to hear what your next guest has to say on that point, but we are also interested in seeing who he brings and because he is talking

about, even though his added billions in equity financing that he's backing, who else might join this. interesting names there. very ellison, the big question i have is is this elon musk searching for cash? or are there strategic elements here in terms of the people he is bringing in for a new look private twitter? emily: ed ludlow outside twitter headquarters in san francisco. i want to bring in that next guest from gerber kawasaki, ce though and president, also a twitter shareholder. there was no vote taken today, but if you could have voted argue for or against? ross: i am for it 100%. i cannot wait for to happen and i think he will do a phenomenal job fixing this wonderful asset. emily: have you increased your twitter position since the selloff? are you continuing to boost it ahead of this deal? ross: absolutely, absolutely. the fact that people do not believe that elon musk is serious about taking this company over just proves how

many people did not really understand elon musk after all of these years. so he is dead serious on completing this deal. and it is at a price of over $54 and there is no renegotiation going on. so, you know, i very much believe he is going to complete the deal. emily: some shareholders are excited like you, stop shareholders are skeptical. natosha lam as i mentioned, very skeptical about how elon musk will handle free-speech, human rights, civil rights issues. what do you think about those more nuanced and very complicated issues? ross: well, i think it is silly to think that elon musk is going to be the arbitrator of free speech on twitter. that is not his call in taking over the company. i think what he is trying to do is put in a management team and a transparent system, so that the users of twitter fully understand what is not allowed on the platform. what i think most people are

upset about, including myself with twitter, is the arbitrary nature of decisions being made and the lack of transparency. i think by bringing transparency, which he has already been pushing hard on twitter, at twitter, to get more transparency, i think it will be very beneficial for the users of twitter. emily: interestingly we heard them reiterate the company's mission to serve a diversity of this. earlier this month, you on musk announced that he will be voting republican. how does that strike you? is that good for twitter? ross: elon musk and i are in the same camp. we are both x democrats and i am never going to be a republican, because i cannot stand them. but you know, i have become an independent voter appeared in ethic what elon musk was saying is true. i have worked very, very hard to get joe biden in as president and im a big believer in the values that the democrats represent and they have achieved nothing. they have achieved none of the

agenda that they set out to achieve and they have really disappointed big supporters like myself and especially entrepreneurs who they have attacked and constantly said that we do not pair our fair share, when we do. so it's just -- they have pushed -- you know, successful osborne oars out of the democratic party. and i'm out of them too. emily: jack dorsey, the era of jack dorsey is officially over. we knew this was coming, nor formal role of the company now, but we can assume he will have influenced or his tweets will carry some influence. what you think is the significance of jack dorsey leaving? ross: i think he will be back. i think you will be back. emily: how so? what do you mean? ross: i would be surprised if he is not working with elon musk at all. he seems to be on twitter jumping on arguments and

defending elon musk positions. so, i am not really sure what is next for jack. i think he is focused on square, which is a square shareholder, i want him to be. i think you will play a role in the new twitter. emily: meantime, silverlake's durbin did not get enough votes. shareholders did not reelect him to the board. what is your reaction? ross: it's hard to understand, you know, why certain shareholders are on the board and not on the board especially when they have large stakes in the company or that might have changed. so i find that to be significant that silverlake is a major player, but i think it has to do with the changing nature of what is going on. so there might be some conflicts of interest involved as well. maybe they are involved with the new takeover, so they do not really have a conflict by having some on the board. it is hard to tell why these moves are being made. emily: meta held its shareholder meeting today, peter no longer

on the board there, so that is the end of an era. he is going to work more on the trump agenda. can i ask for your thoughts on twitter versus facebook question mark i know you have a minister position in facebook. also versus snap especially given social media stocks getting pummeled and snapped coming out and saying that they are going to miss their guidance. ross: right. and we spent a good day looking at snap and i have friends at snap, so i was trying to figure out what's going on. these are three different story and i think that they are out differently. snap is getting in there is not much more to it. tiktok is like a vacuum of young people's eyeballs and it is just snapchat has not been able to compete. and there is nothing more to it than that. meta in facebook and instagram are also suffering from the tiktok thing and the apple privacy changes, which are really affecting instagram and facebook in their targeting, but also a lot of people are saying hey, you need tiktok.

so that is what's happening and that puts pressure on facebook and meta, not to mention the really has not been any innovation there in a long time and the younger generation is not using facebook. and then with twitter, it is really to me the news. it serves a different demographic than the snapchat, instagram's book demographic. and it serves people who are looking for information and it is a much more powerful and valuable platform. in fact, twitter is probably the most valuable, you know, information platform, you know, in the world. if you look at the depth of the global leaders and users, there really is nothing like it. and as an investor, i cannot even imagine trying to be an investor and not use twitter. i think twitter has a lot more in terms of value than the other platforms. emily: all right. ross gerber president and ceo of gerber kawasaki. always love having your views here. thank you.

coming up, twitter, as we said, not the only one holding a shareholder meeting today. meta as well and amazon, it was andy jassy's first as ceo. we will get an update on how it all went down. this is bloomberg. ♪

emily: amazon holding its annual shareholder meeting, the first four ceo andy jassy. i'm joined by spencer who covers amazon for us. what were the big takeaways in andy's responses to these resolutions. spencer: a big one, there were several regarding worker treatment and he had to respond to that. and just these high entry rates. amazon was hiring a lot of people through the pandemic and andy jassy was trying to explain that a lot of them were new to industrial work environment,

therefore injury rates climbed even though amazon made this pledge to make it the best place to work into really target reducing the injury rates. so he is deftly trying to buy some time by explaining the unique circumstances around the pandemic. there was an advisory builds on pay and it was a big deal because you have andy jassy who was promoted into this role as he oh, not someone who built the company, but was promoted to succeed jeff bezos. you know, some influential advisory firms saying andy jassy and two other executives, their pay is not linked strongly enough to company performance. want to see people paid a substantial amount of money more directly tied to the performance of the company. emily: on that you got amazon shares dipping nearly below $1 trillion. how concerned are shareholders about that, quickly? spencer: that did come up in andy jassy addressed it.

shareholders are firing 70 directions, sony things going on, and making the comfy more possible. andy jassy's response to that was we had amazon web services when it was and its gestational time and infancy stage, people were cortical of that or had questions about that, so it was a big gamble and we turned it into a huge multibillion dollar business. i guess he's trying to make a case that you cannot afford to not invest in things, even when profitability is down. emily: bloomberg's spencer, thank you for giving us the round of on andy jassy's first conference. coming up, snapped snapping back a bit after the massive selloff that wiped aliens off its market cap, but the concerns remain about the future of digital advertising into the health of the macro environment. we will talk about it all next. this is bloomberg. ♪ ♪ ♪

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emily: welcome back to bloomberg technology, i am emily in san francisco. getting back now to the markets. social media stocks, take it away. >> let's start off with broader markets, which we did see moving higher today. it was the nasdaq 100 that outperformed crude your heavier weights, your amazon, your apple, pushing that index of higher today. rikita: that impetus came out after the fed minutes. the idea that fed policymakers were not as aggressive as the market was expecting. you did not see much changes in the 10 year yield, the two year

yield has more sensitivities to fed policy changes and that didn't take a touch higher. i point to the big sellers, the big h. this was lower today and this is as we get a bit more of a risk on yield today. peaking of risk on, you mentioned social media stocks plunging yesterday for your we are seeing them -- we saw them in big today, snap bouncing back nearly 11%. but we know that these stocks behind me, perhaps investors thought they were oversold yesterday and there's will be on bond yields. on a year-to-date basis, they were down in the double digits as concerns of a slowdown, what that means for ad revenues, but it is not just social media companies suffering this year. that is represented by the orange line on my chart. they are down some 37% on a year to date races, but it is also the index, the ipo index, the nasdaq golden dragon index, which is chinese tech, having its own regulation challenges.

you can see clearly investors are shining speculative on risky assets and honing in on some of those safe plays. emily: all right, thank you. while we did see that slight rebound in social media and tech stocks in general, big concerns looming about the future of digital ads. joined by mark, senior managing director. snap bounce back a little bit but lost 43% yesterday, so we gained about 10% of that today. how concerned are you about snap? mark: i think i share most of the markets concerns. the open question is how much of this is macro, which is impacting all, which therefore impacts a bunch of names, particularly added name and how much of this is snap specific. i guess i started off taking this was macro. thinking the company at face value, but there is a track record here and his company has had a couple of surprises along

the way including the september quarter last year, when they had said they would not have any impact. but they said they did. so there is a bit of a greater credibility issue. i assume they are seeing a lot of macro pressures. the company has exposure to brand advertising, that would be the first to get cut in a recession. they also have substantial exposure to europe, which is a reasonably -- one could assume that is going to see pressure before the u.s. does, so a lot of what they are seeing probably is a broader look at names. so there's a couple of times this has happened, so maybe it is not terribly surprising this stock gets taken down more than the other add names. emily: how much of this could be tiktok eating snaps launch specifically? mark: look, you are asking the right question. if it isn't that, what could it be? in addition to macro, what other factors could there be? it could be tiktok. it could well be add budgets that slipped over to snap in the wake of the apple privacy

changes, slip back to facebook. it could be additional apple privacy changes. there is a series of things that apple could still do to tighten the screws on the add ecosystem that could be having an issue on snap. it could be this company is more exposed to brand advertising than the market realizes. again, that is probably a part of internet advertising in a downturn that gets hit first. and it would get hit last. of course google but a lot of facebook, that would be hit last. it is more performance market base. tiktok is an issue, a couple of other things could be piling up on snap. it is such a surprise to have that guidance change in just a month. it is probably macro but it could well be a few other factors. emily: there is a big question of what this means for social media companies, even though they are all in the middle of some fairly different narratives. twitter for example wrapping their agm today. lenovo -- no vote on elon musk,

but concerns and excitement about the deal looming large over that meeting today. you know, what is your take on what direction this is going to go? we saw a elon musk raises equity portion of the deal. mark: well, i assume he is not going to walk away from the deal. i assume that he would love to get a lower price rid whether he can get it or not will really come around to whether those shareholders that he talked with and i think convinced that he would be a good buyer of their stock with a 5420 price, whether they would be willing to sell it to him at 45 for 40 or some lower price. i don't know who has the most leverage in that environment. maybe he does. i assume he really wants to have this asset, that he does not want to waste a billion dollars. of course i would take twitter's shares down. at the end of the day elon musk wants to own twitter. my guess is that this gets

negotiated at a lower price or we are going to be spending a lot of time in courts for the next year which would be unfortunate for everybody involved. emily: how insulated do you think twitter and facebook are from the problems that snap is facing? are they really in the same boat? mark: i don't think they are insulated, i don't think twitter is insulated. twitter has got relatively material exposure to europe and it is very heavily into brand advertising. that is probably the weakest part of internet advertising ecosystem and that is 75% of twitters total revenue, so if that is what is being hurt, that is what is taking down snap, it would be taking down twitter in droves. dislocation of twitter. this was a hostile takeover, what do you expect? disenfranchised or disincentivize is the better word. a lot of uncertainty over whether people keep their jobs, so it will certainly lead to

execution. that will pile up and probably hurt twitters fundamentals near term. this does not help with the issues that snap talks about if in fact they are seeing loss of add funds. if there seeing macro pressure on display advertising, twitter will see that. his book less so but they will see a smidgen of that and google the least of all of those. remember these major recessions, you and i watched this. google went -- cratered to 3% during the great financial crisis and during the covid quarter, it went negative. google is not immune to full loan advertising recession. emily: let's talk about another big tech company, where the gains from the pandemic have been completely erased and that is amazon. we are seeing amazon's market cap get close back to that $1 trillion mark. amazon holding their annual shareholder meeting today. it is andy jassy's first one at the helm. what were your takeaways from what we heard there? and, you

know, whether amazon can turn it around? mark: amazon can turn it around. i look at amazon as a thq dislocated high-quality stock. it is the most successfully diversified tech asset that i followed could i don't follow apple, but is the most success we diversified in terms of advertising retail and other targets that they can go after him putting logistics and business supplies. etc. and groceries fall into retail, but i think that is a big area for them. i'm not worried about the long-term outlook for amazon. they can execute their way and they got growth initiatives. the nuance from the headlines and we have not picked them all up, is the focus on cost efficiencies. so i think the company did something rare. i do not recall amazon ever coming out and saying be overbilled. that is what they said on the march quarter earnings call, that they made the mistake, the

over extrapolated when they were making their plans, the distribution center old uplands, the end of 2020 and beginning of 21 they over extrapolated trends. i don't blame them for doing that, i think the market obviously did that. amazon did that and now they've got excess capacity on the labor force side and the fiscal side. the investor question is is how long will it take you to work through that and for going into a recession that will make that capacity build backup. longer and longer. but i think they will get through this and i think if i look at the stock right now, you are a long-term investor, not a trader but an investor, you should be buying partial positions in amazon today. emily: certainly will be interesting to watch. andy jassy steers this ship. mark, always good to have you. thank you. coming up, bitcoin at $8,000. could go up. one investor think so. were going to hear from him next. this is bloomberg.

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>> we are probably going to be hit $8,000. 8000 into we totally flush. if i were, i would be short. emily: bitcoin fell as low as $8,000, that was guggenheim chief investment officer scott minerd speaking. he is a known skeptic on crypto p or do i one point a couple years ago, he was optimistic enough to predict bitcoin would hit $400,000 bid of course, we are far from that. i want to bring in know well

from genesis trading. a currency prime broker. what do you think? what's going to come first, that are 400? noel: it is certainly quite a wide range. if you're going to predict, predict with wide ranges, right? thank you for having me. i do have to say that anything i say are my opinions, not those of my employer. nothing i say is investment advice. first of all, mr. menard was one of the first institutional investors, one of the early ones to look at bitcoin and he did do his homework in the day. later on in the interview that you showed, he did say his production of 8000 was based upon a technicals, because there is nothing else. and that is overlooking the growing adoption and the fixed supply. this is something people tend to forget, that no matter how high the bitcoin price or how large the demand, the supply it remains fixed.

that is a fundamental feature right there, bitcoins demand, which is growing could multiply by 1000 times. at the base supply will remain fixed. if price could go up by 10, supply will remain fixed. that is a compelling investment case right there. emily: i want to ask you about some of the wreckage in the wake of this disaster. they now have a new plan that has been approved to split the blockchain into terra classic and luna classic. what do you make this is a path forward? noelle: crypto twitter is having a field day with this. i must say that anything that gives those that lost a lot of money a chance to get some of that money back should be entertained. that would be a very good development. that said, a lot of trust has been broken here. a lot of trust needs to be recovered, which when you come to think of it is quite ironic, that trust is still such a firm

component of a system that was designed to not need centralized trust to be able to have a decentralized trust mechanism. it shows that you cannot get rid of the trust component after all. emily: so, i wonder what the path forward is then also four regulars grew we know that the house committee on financial services is going to be talking about digital assets, for example, could fed -- you know, fed central-bank digital dollar, so to speak, be possible? noelle: it is certainly possible and in fact in some parts of the world, we already are seeing central-bank digital currencies. my opinion is yes, we will see it central-bank tendril currencies be commonplace within five years. and the form this will take is being hotly debated. it has many potential efficiency it features that are also some risks we need to be careful. what is most interesting and going back to what you mentioned earlier about the implosion is that this will accelerate

regulatory clarity, not just about crypto assets, but about stable coins and potential use in global trade. potential convenience for consumer services as well. it is a fascinating field and standing here in the middle of it, where it is all happening, watching what is arguably one of the most profound transformations of how we transact with each other as entities, individuals, as sovereigns even, it is an exciting time to be looking at this space. emily: someone who is optimistic is jason horowitz. they just announced a record four and a half billion dollar kuro -- crypto fine print what you make of the influence that they have on the crypto ecosystem more broadly? they got quite a bit of money. noelle: they have a lot of money and that is their main influence, but what they have announced is a reminder of just how much money is still sitting on the sidelines. we have had a frothy time of it in crypto markets recently,

certainly not because of the price, but valuations have been high. hiring has been accelerated. i know of many investors who have been uncomfortable, they are sitting it out because they think evaluations are crazy good i know of many osborne ores that have walked out of initial pitch meetings -- entrepreneurs that have walked out of meetings. investors anecdotally have told me that if they do not come up with the term sheet after the first meeting, they are out of the deals. that is a crazy time, it is frothy not because of price unlike other frothy markets we've had. what happened in the market crash on may 11 was a cold jet of water on the entire system. it has knocked a lot of the froth out, so the vast amount of money that has been sitting on the sidelines, a lot lot of it coming jason horowitz and their funds will now have better opportunities in which to invest. we will be able to take their time and really do some due diligence and perhaps be more careful. that is another thing the implosion reminded all of us, that we do need to be careful and really think things through. regulators also no doubt are

going to be taking a more careful look at some of the stable coins and some of the other projects, because protection is part of their role. but now that the froth seems to have a slightly different tone, i expect us to see different kinds of investment deals. a lot of money out there and a lot of believe in the potential of the crypto industry to transform not just finance, but many other aspects of our culture. that is going to be very exciting. emily: i wonder quickly and ethic about a company like microstrategy, how do you think these massive price fluctuations will impact institutional sentiment quickly? noelle: one thing that needs to change the accounting crystals for companies like microstrategy, that is a very different issue. it has taken a hit, but it is certainly not gone away. it is a sign that we see at genesis every dated we are talking to them, they are investing, they are trading. but a bit more caution is definitely the tone that we are seeing. emily: all right. noel, genesis trading, thank you for sharing your thoughts.

coming up, the future of aia and keeping people safe on the road. and fuel efficiency. i will chat with the ceo that is trying to make that happen. ♪

emily: let's talk now about the future of ai in helping to make driving safer. new motive, the tech company formerly known as keep trucking raised a new funding round of nearly $3 billion evaluation and planning to invest in artificial intelligence capable it is, including cameras that can identify unsafe driving trip for more i am joined by motive cofounder and ceo oh. thank you so much for joining

us. talk to us about how the technology works, specifically the cameras. >> thank you for having me. it is great to be here. so really, at motive, our mission is to unlock the potential of the physical economy. we serve industries like construction, energy, transportation, agriculture and what we do is build technology that allows them to improve safety and productivity in their operations. one of our products, as you mentioned is the ai dashcam, which is marketing technology that helps our customers understand out there drivers are performing on the road and actually in real time improve driving performance by observing the driver, alerting them of unsafe behaviors. now, in our analysis, we have observed almost a 22% reduction in accidents and road fatalities for our customers who employ this technology. emily: who are your customers and what are the growth

opportunities you see ahead? shoaib: we serve we call the physical economy. these are industries that move things, build stuff, serve customers in the physical world. industries like construction, agriculture, transportation, logistics, and really it is a segment of the economy that has been underserved from a technology perspective. these industries have not had modern technology to drive the efficiency gains, the productivity gains that are necessary for them to keep up with what is a continuously expanding demand for their output. so, we build technology that enables businesses to thrive. emily: so, let's talk about what you are going to do with this funding. you know, do you have expansion plans in mind, perhaps beyond the united states? shoaib: yeah, so we are investing in growth. monitoring the macro environment and the health of our customers closely, to make sure that we

are taking the right actions and making sure we are building great products for them. but also, you know, react to what is an evolving market condition. our customers are facing incredible inflationary pressures, the cost of their inputs is rising crude and our technology in that sense can actually be fundamentally deflationary if we deliver on our promise of driving safety, productivity, helping reduce fuel costs and maintenance costs, we can help businesses be more efficient and thrive, no matter what happens into the macro environment. so we are pretty much investing in growth. there are three key areas that we are doubling down crude ai powered automation, the physical economy is going to come through productivity gains that are happening through automation. number two, we are investing in fintech, so we recently launched the motive car. it is a zero the corporate car

that helps our customers save on fuel, maintenance, tires, the things that they save money on. but also give them controls to be able to reduce excess spend. so we'll be doubling down and also serving archer and larger customers. emily: all right, cofounder and ceo of motive. we will keep watching you. and that does it for this edition of bloomberg technology. we are back here tomorrow. thomas, the ceo of google cloud will be with us. you do not want to miss it. do not forget to check out our podcast pretty good find that anywhere you get your podcast. get your daily bloomberg technology round up i'm emily chang in san francisco. this is bloomberg. ♪