>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪

emily: i am emily chang, and this is "bloomberg technology." coming up in the next build your hour, own bikes. as peloton looks to cut costs, the company is planning a redesign so customers can assemble their own bikes at home. will customers spin for it? we discuss. plus, activist investor dan loeb is calling for changes at disney. details on his new stake, and why he is urging a spinoff of espn. and, how google maps routinely misleads people searching for abortion clinics. why, and why it is ever more critical in a post-roe world. more on our bloomberg analysis later this hour. we will get to that in a moment. first, stocks rising for a second trading day in a row. nasdaq outperforming with tesla,

apple, microsoft and nvidia leading the gains. kristine aquino joins us for more. >> we started the week with bad news out of china, coming in the form of a surprise rate cut. after some big misses in july, but you really would not know that just looking at the price action in the u.s. equity market today. it is green across the board, the s&p 500 0.4% higher on the day. that is coming off a string of four weeks of gains already propelling the index up 18% from year to date lows we saw in june. and of course, nasdaq one hundred also following in the s&p 500 footsteps, up even higher, 0.7% on the day. and of course one of the big corporate stories of the day is disney. i know you will be digging into that later. it is making headlines today because of dan loeb and his

company taking a stake in the company. he was very much not shy about suggesting some of the changes he would like to see to disney ceo, bob chapek, and some of them include a potential spinoff of the espn division. and of course, the semiconductor index as well, rebounding towards the end of the day. it was down earlier but finished the day 0.3 percent higher. if you look at some of those chinese adrs, he would be hard-pressed to see the impact of the china news. early barbara of course, -- alibaba, of course, bearing the brunt of the pain, trading lower by 0.6%. some of its more notable competitors, pinduoduo and jd.com are higher, and what were the clear outperformer, up more than 4%. if you zoom out to the

performance of china tech versus u.s. tech over the last year, the divergence is very clear. the golden dragon china index still extending gains. it is down 30% over the past year. the nasdaq 100, well it is still down on a one-year timeframe it has staged that recovery since june, and pared those declines to just 10% over the past year. we will be digging into those stories there. there is a feeling of summer markets but still lots to talk about. emily: thank you very much. and to that disney story, activist investor dan loeb, urging disney to make sweeping changes to boost shareholder value, including new board members and spinning off espn. taking what he calls a significant stake in disney. joining us now is bloomberg's

liana baker. some of the changes downloa:: four are not necessarily new ideas, i mean, we have heard about spinning of espn for years. what is dan loeb suggesting and why? liana: that's right, in the letter, he says disney might be working on these things already although sources at disney say there isn't going to be an espn spinoff anytime soon. some other things loeb is calling for like cost cuts and buying a stake in hulu, these are things investors have been expecting for years. this is loeb's second bite of the apple at disney. in 2020, remember, he had also taken a stake and asked for changes, like disney scrapping the dividend and putting that investment into the streaming product, things that disney never really did. we will see if he has a better shot this time around. loeb is a big name in the world

of activist investing, he has shaken up companies like yahoo! and sony over the years, but he does have a mixed record in seeing the changes he is asking for. emily: loeb's letter to disney starts off fairly flattering to disney ceo bob chapek, then he digs in. espn currently generates significant cash flow but we believe a strong case could be made that espn should be spun off to shareholders with an appropriate debt load that will alleviate leverage to the parent company. disney responding with sort of, thanks, but not quite thanks -- [laughs] -- saying, we welcome the views of all of our investors. the disney company continues to deliver strong results, powered by our world-class storytelling and valuable content and distribution ecosystem. paul, what do you make of this?

paul: it is always good to stir the pot. dialogue is always helpful. it is interesting to put out these ideas. but if i were bob chapek, i am keeping espn, not spitting it off. espn does a lot of things for disney. sports, for one, it does a couple of things that no other form of entertainment does. one is, you: have loyalty. someone is more likely to tune out the next season of "the mandalorian" if they don't like the plot twist or the casting, but they are not likely to stop watching major league baseball or whatever they watch on espn. there is appointment viewing, which still exists in sports because i game is taking place when it takes place and people want to watch. there is a lot of benefit to having espn as part of that portfolio. it is not an accident that every other media company disney competes with has a major sports entity as part of their mix.

emily: liana, what do we know about loeb's track record and how likely it is he will be successful here, especially with a company like disney? liana: it is hard to say. there was a vaguely threatening line in the letter where he said there is a talent gap on disney's board and he has good connections and can make some introductions to disney. now, i don't know who disney needs to meet that he doesn't know already, but the idea is that he is floating out with investors to see if maybe they will support him in a board fight. disney, the window for directors would open for later this fall. loeb has a mixed track record at taking over boards. at yahoo! back in 2012, he had a lot of success, although history will tell whether marissa mayer was the right move. at sotheby's, the company went private, but it was a long haul,

it took several years. sony hasn't made a lot of changes that he wanted. so, where he is a big name, it is not clear that even though he is going after a blue-chip company that is a slam dunk, that all of this will come true. emily: i remember covering the yahoo!-loeb-marissa mayer story. what do you make of the other changes, new board members, ownership of hulu? again, as i said earlier, not necessarily new ideas, but something that several investors have been calling for for a while, but hasn't happened. paul: i think disney buying the share it doesn't own in hulu from comcast is a good idea, so i agree with dan loeb on that one. there is a lot of tension within disney because on the one hand, there is a deadline to execute this deal by 2024. so obviously, it is in disney's best interest for the price of that chunk to be as low as possible. so it is almost like a weird

motivation to drive down the value of hulu. that is just a very tense situation that is going to unfold for the next couple of years. disney has a controlling interest in hulu, and, in my view, they are doing a great job with hulu. i don't see they should fold it into disney plus necessarily. i think it is a strong brand on its own. so i see a lot of value in disney executing on this earlier, even if as dan loeb says, they have to pay a premium for it. emily: alright, we will continue to follow this evolving story. we will see how long it lasts. bloomberg's liana baker and paul verner of bloomberg intelligence. thank you. more changes for peloton after last week's layoffs and price hikes. think diy. it is retooling its bikes for self-assembly. that means customers will be able to put them together themselves. this is part of a wide-ranging turnaround by the new ceo, who is also planning to

launch a rowing machine this year. bloomberg's mark gurman covers peloton for us. peloton just raised its prices, now it wants customers to put them back together themselves? mark: i wonder if dan loeb will try to get his hands on peloton. [laughter] clearly, they have a lot of changes to implement here. initiative last week as part of one layoffs was taking costs and dropping them significantly when it comes to distribution and warehouses. right? so they are laying of over 500 people that work in distribution. now, if you have ever bought a peloton before, this is how it works -- you order it online, they bring it in and unbox it and set it up for you, a $400 fee to consumers and very expensive for the company to make happen. that is why they went into warehouses. now, they will start to move to third-party companies to do that white glove service. the next step is having consumers set these devices up themselves.

they are in the process right now, the cea told me in an interview last week, of redesigning equipment so they can ship via ups or fedex. whatever you want. you take it home, it arrives at your doorstep, you opened the box, and put it together yourself. that is not a great customer experience compared to white glove service, but it would be cheaper for the customer, no longer paying the $400 setup fee. it would be cheaper for allerton, and if they redesigned it in a way where it is a 15 minute process with a few parts, it is pretty convenient rather than having people come into your house. emily: we have covered safety issues with peloton products. are there any safety issues with this? mark: obviously, if you set up a bike incorrectly, or the room were or treadmill incorrectly, and it falls apart because you didn't do a good job setting up the device, that is a clear liability issue. that comes down to their engineering, supply chain,

operations, to figure out a way to make these devices work and set up reliably. if you have to have the equipment to do it, the right screwdriver, that could be complicated. that is a consideration. we just have to hope that peloton has engineered these things so they can be set up quickly and safely. emily: you have also reported on products to come -- a rowing machine, what else can we expect mark:? a rowing machine is the next major product for allerton. the rowing machine has been in the works several years now. mccarthy says they will probably launch during the holiday season. he hinted at some supply chain snags related to covid. let's see if they will be able to get that launch. they launched a tv device with a camera to follow along and analyze your workout and tell you how you are doing. after that, they have been working on a machine similar to tonal, another strength training machine. there are wearables in the works, they have a heart rate monitor.

but what i really think is that they need to probably make a cheaper bike. the cheapest but right now is about $1500. i think the sweet part of something like this is probably south of they have been $1000. pushing the refurbished models. maybe they can make a low-end self-assembled bike with a , smaller display, that could compete with bikes from other companies that are simply not charging as much as peloton. emily: alright, we will continue to follow your reporting on peloton. mark, appreciate it. meantime, sock monday is the deadline for hedge funds to disclose their u.s. equity investments for the second quarter. this is one of the few ways we get insights on how hedge funds and some family offices actually invest. one hedge fund but eli lilly and moderna. tiger global took new positions in zillow, according to their

filing. tiger global also exited their positions in docusign, zoom and salesforce, reducing sales in snowflake and microsoft. coming up, dozens of facts have -- dozens of spacs have fallen through this year, and there could be more to come. we will tell you why, next. this is bloomberg. ♪

emily: the spac world continues to unravel. at least four planned mergers to go public have been canceled since the market closed last friday, bringing the year's tally to 42. concerns have pushed 89 backers to withdraw plans to refresh capital for blank checks. here to explain, bloomberg's

bailey lipshultz. just how many of these are we talking about here, and why are we seeing so many of them? bailey : as you saw in the chart, we have seen a growing number that has shut up since the start of the year, as we have seen over 600 blank-check company's on the hunt for deals, racing against deadlines that are built-up in the first quarter of next year, some going into the second quarter of next year. a little over 700 spacs either with signed deals or racing to find target companies to bring public. when you look at the break up the last few days, the circular in things like electronic vehicles or crypto-currencies, a lot of high-growth technology companies that are a long ways away from generating any kind of ibitda. that is something we have seen fallout across public markets so that is part of the reason the plug has been pulled on some of these deals. emily: talk to us about the broader market for spacs and what this bodes for the rest of

the year. bailey: we have seen more than 60 close their deals this year. another 100 are livedeal's so -- live deals, so there is a partnership between the sponsorship team and the target company. you can expect to continue to see these getting across the finish line, but the way that these spacs are trading, 22 honey to class is down median 48%. markedly underperforming those who went public through ipo's. you can expect to see some deals getting across the finish line, but there is expectations for liquidations like we saw with the bill ackman spac, like the one announced last week, in addition to expectations that some of these deals will be broken just because these terms were agreed to back in december or even april, where the market was in different shape compared to where we are right now, with the concerns about a potential recession and what

lies ahead with expectations for the fed to continue to hike interest rates. emily: does the trend pickup when or if the markets get better? or longer-term, are investors souring on this as a means to do business? -- as a means of doing business? bailey: sponsors are really optimistic that they can get deals done. we saw chamath palihapitiya announcing that they plan to push back two deadlines to sometime next year kind of , reading the room from talking to investors, the idea that as the market rebounds there will be demand for some of these deals to get across the finish line. for experienced sponsors to find and bring private targets public. but the expectation from the people i talk to is that, the future iterations of spacs in 2023 and 2024 will look like what it did in 2019 where you have 50-60 spacs filing to go public, taking some of these smaller target companies public that may don't have the following to get a bank like jp morgan or goldman sachs to

underwrite their ipo, and will find ways to get deals across the finish line. but the expectation is that the go-go days we saw in 2020 and 2021 is very much a thing of the past and more of an anomaly. emily: interesting. bailey, thank you for covering that story for us. coming up, how conspiracy theorist alex jones made even more money after being taken down from major social media platforms. we will have more. this is bloomberg. ♪

emily: in the summer of 2018, apple, facebook, spotify, twitter, and youtube all banned the media company of conspiracy theorist alex jones, in

fowars. that meant taking down his broadcast, after jones threatened robert muller. they cited content policy violations to deplatform the controversial host, which was supposed to relegate jones to relative obscurity. as it turns out, his business became more lucrative than ever. max took a deep dive at this. how is this even possible? max: there are two things going on. one is that, although the big-tech companies ban inf owars' pages and in some cases alex jones, they did not stop the circulation of sandy hook-related conspiracy theories, they did not stop other people posting alex jones videos either in support or criticism of him. as a result, even though he was

banned, you have seen quite a lot of alex jones on social media, in the form of appearing on podcasts. we have seen the contrarian, edgy types like joe rogan have alex on their shows, as well as people just criticizing him. on the other thing is that alex jones used this and turned it into a storyline where he became this martyr. he does not make money through a traditional company, he does it by selling products. so, there may be a situation where, although his audience is not huge numbers, he is making money off the audience he does have, because he has been able to activate them by spinning this narrative of martyrdom, which, as we learned during the trial, is not true. he is doing really well financially. emily: you mentioned the trial, the judge awarding the parents of one of the sandy hook victims tens of millions of dollars. there is also a texas verdict, another one coming up. are these verdicts, these

penalties actually changing the narrative around him, or are they making him potentially more powerful? max: it is hard to know. you have the jury award in texas, the $50 million mentioned. you also have the case in connecticut. in both of those cases, jones was found to have defamed the families, and you have juries deciding on the damages. it is tempting now to say this is probably the end of alex jones' career, he has gone too far. but people have been saying this , for a long time and you still have lots of companies basically enabling and making money off of this stuff. alex jones has a book coming out. it is near the top of amazon's bestseller list. there is a sympathetic documentary that had just come out, so you have lots and lots of media types still, like i

said, eating off of these conspiracy theories in some way or another. and it is depressing, because the cruelty, as we saw during the trial, of these conspiracy theories towards the parents was disturbing. emily: bright. whew. yes. you can read more of that in max's story. thanks for bringing that issue to light. we will follow the verdict from the upcoming trial. coming up, new analysis from bloomberg finds google maps repeatedly misleads people looking for abortion clinics. we will have more on that later in the show. this is bloomberg. ♪

this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app.

emily: we have been covering the changing digital privacy landscape in a post-roe world,

the issues with the power that tech companies have to safeguard that information. well, it turns out that even google maps regularly misleads people searching for abortion clinics. this according to new analysis by bloomberg news. let's take a deep dive on this with bloomberg's jack gillam, who went through all of the data for us. so, tell us what you found, jack. jack: so, emily, we wanted to just start out as if somebody wanted to find an abortion clinic, a very straightforward search. when we did that through all 50 states and the district of columbia, the results were pretty surprising. these bases encourage women to not get an abortion when they come in even though they will masquerade themselves as a bona fide abortion clinic or doctor's office. you know, this is very different than if you may be type in, a

fast food chain or a type of restaurant, they will give you alternatives. in this case, post-roe, it has led to some confusion among folks we have spoken with who say they think it is an abortion clinic and they go there, and in some cases they are in for a pretty bad surprise. emily: what does this practically mean for those seeking an abortion? jack: it means that if somebody is in need of this procedure and they go to one of these places and it is a crisis pregnancy center, they can be drawn in and told, sometimes, very erroneous medical information that they don't need. we spoke with one woman who, in fact, googled an abortion clinic, ended up going to a crisis pregnancy center and then quickly realized that it was not an abortion clinic. was given a rubber fetus. confided in them that she was in an abusive relationship, and they tried to convince her that,

if you just stay in this relationship with the baby, things will get better. it is unclear what sort of emotional damage that did to that woman or other people , particularly if they are seeking an abortion. it really raises questions in a quarter of these cases that we found, what happens when somebody is in need and they search and get a wrong result. emily: what is google doing about this? jack: they say they have extra layers of verification in place, that they have policies around this and people can report. the critics we have spoken to ask, is google doing enough given that they index the world's information, and some of these websites are clear that they don't provide abortion. is there a way to modify the algorithm and take some of those erroneous results into account? emily: alright, jack gillum, we appreciate it.

thank you for bringing that story to life. for more on the implications of the power of tech in a post roe world and the impact on tech investing at large, i want to bring in the managing partner and former executive of aol. susan, as we were talking about tech platforms having incredible power, in a post-roe world, they obviously have some decisions to make about how they use that power. what are you most concerned about, from the perspective of an investor, as we see these issues play out? susan: that is a really good question. i think about it more as just opportunities that exist. it is very clear that women are not being served, certainly in the 20 states that have banned abortion. additionally, i think there is going to be a huge impact on business overall.

so, that always creates opportunity. there will be founders out there who are looking for solutions that enable companies to address the retention and recruitment issues, and the challenges in a post-roe era. i mean, there are 2 million fewer women in the workforce today than there were before covid. a lot of women left for multiple reasons. remote learning, daycare centers closing, and just the overall caregiver issues that fall to women. most of those women have not come back. this new ruling is going to just exacerbate that. you're going to see fewer women in the workforce, fewer women advancing at companies, and we all know that gender-

diverse teams perform better. so unless companies find a way to begin to mitigate this, i think we will have big challenges? emily: how is this impacting your own investment thesis? susan: we back female and diverse founders who bring new thinking tech sector's where a lot of change is overdue, so it is health care, work, climate, all areas where diverse founders have been traditionally overlooked. but one of the things we have overlooked in the nine years we have been doing this is that people with lived experience, as well as learned experience, people who really understand the users of a tech platform, the people whose lives will be better for it, are generally the

people who will come up with the better solution. for us, it is looking ahead to where things are right now, to identify where the opportunities exist, and i think we are seeing them in multiple areas. certainly telehealth. it is a really interesting arena right now. in 2020, the restrictions on medication abortions, which used to demand that you go to a hospital or health care provider in order to get prescriptions, that was lifted because of covid . and those restrictions are still gone. so that opens the way for a whole new stream of telehealth solutions, companies that are

both serving women in their own states, but also women internationally. emily: you mentioned the women that we have lost in the workforce post-pandemic, and there has been a big concern about female entrepreneurs also backsliding in the pandemic. for example, under tough market conditions, investors might go back to what they know and continue to back the stereotypical idea of what a founder should look like, which is not necessarily a woman, are you seeing evidence that female entrepreneurs have more of a disadvantage than they were at the start of 2020? susan: i would say no. we have seen more female founders pitching this year than we did last year.

more last year than we did the year before. i think part of the reason is we invest early. we invest in seed states. sometimes pre-seeds. women have not been doing this long enough to have seen hundreds and hundreds of ipos at this point. so, i think the time being, women are slightly advantaged by what has been happening nationally, in fact, the early part of 2022 saw an increase in the percent of rounds that were led by women. emily: what is your broader thesis about the market environment? obviously, we know that we are seeing lots of volatility. we are hearing the potential of the "r" word, lots

of volatility in the public market, the valuations are coming down. what are you seeing and how concerned are you about the macro environment? susan: early on, we told our founders to think hard about how they were spending capital this year. not a good time to have to go out and raise. the company is doing really well , and it sees a path to capitalize on this moment in order to grow sufficiently to a giant round next year. that is great. we are all for that. but there are definitely going to be a number of companies that are good companies. who have just run out of cash this year because venture capital is investing far more slowly. we have seen it multiple times now, where rounds that

ordinarily would have taken a month or six weeks, are taking two months, three months, four months. that is rough on founders and companies, and there are going to be companies that unfairly go under. emily: lots to continue to watch, susan. good to have you back on the show. bbg ventures managing partner, susan lyne. thank you. coming up, galaxy digital wants to end its acquisition of bitco, but the company is fighting back. we will tell you how. this is bloomberg. ♪

emily: elon musk isn't the only walking away from deals in the one crypto world. galaxy digital says it is terminating its acquisition of bitgo. 1.2 billion dollar deal there, citing that bitgo failed to deliver its audited financial statements for the year 2021. investors have been waiting a long time for this deal to close. now we know that galaxy is looking to terminate this deal and bitcoin wants them to pay the termination fee. sonali: and bitgo once them to pay the termination fee. if you look at the statements by bitgo's lawyers, they are saying that it is pretty audacious that mike novogratz and galaxy would blame that on this merger, they

call it absurd. both galaxy and mr. nova gratz have been distracted, they say, by the terra luna fiasco. or it has been acting in bad faith and faces damages of that much or more. again, kind of like twitter here. it is not easy to terminate a deal. while galaxy's shares have been under pressure, they are up on the day. so you see investors uploading the decision to let go of what would have been more expensive last year than this year. emily: i have the general partner at delta blockchain, a capital firm that focuses on blockchain and quicktake. what do you make of this latest development? nova grants trying to get out of this deal? guest: i feel like if anybody in the vc space would look at the dealer and say the valuations are different.

also after the luna fiasco, do we have cash on the balance sheet to do it? they blamed that for the sec filing, they needed more documents, which is easily provable by an exchange of the emails. i generally think it is market sentiment more than anything else, can galaxy afford it, or does it even make sense? sonali: i am curious what this means for dealmaking, going forward. the lot has to be said about confidence, with a deal like this getting broken up. but you look at the investment banks, including galaxy, and they seem to be busy. are these deals born out of a market that is trying to restructure or are deals born out of a chance to build a stronger market at the end? guest: i think it is everywhere. you have deals with

institutional investor accounts to help them with crypto ownership. i feel like the infrastructure play is going on, with respect to crypto companies which exist at the very smallest level. if valuation is still the old valuation, people are backing out. we have been seeing that since the luna fiasco. even at the smallest level, some of the firms who had committed many at the early-stage of investment have backed out or asked for lower valuations. we have been seeing it for the last couple of months. we have seen the shift in the valuations in a massive way, but i think this is one of those cases where the valuations are still the old build and the deal has to be done in a market where you can get a better deal. sonali: another deal in a market worth talking about is this idea that you can pay through reddit for a way to purchase ethereum through an integration with ftx. ftx is not a stock, that is not

interested, it is into crypto. what does something like reddit do for them? do we think more social media platforms will partner with them to get the job done? guest: this is not the first one. they did it with bitcoin. i think you will see more and more bitcoin adoption. there will be an extra layer of payment and blockchain if you want to go there. you can see his change is coming and getting new customers. i think it is a very smart way ftx is coming, not only working with social media platforms, but any place where you have an e-commerce option to be done, just add another crypto payment system out there. shelly: thank you, kavita, thank you so much for joining us. always great to have your take on the latest dramatic twists in the crypto business. [laughs] kavita gupta, and our very own

sonali basak. coming up, snapchat's one million paid subscribers. what that means for the efforts to move away from advertising. we will discuss that next, this is bloomberg. ♪

emily: snap says it's paid subscription plan is a hit. the company launched snapchat plus back in june. a plan that gives you early and exclusive access to features for three dollars 99 cents amount, including changing the app icon, and seeing who has watched your story. for more, let's bring in alex for more on this. kind of surprising that snap was able to rack up as many paid subscribers. what exactly are they so excited about? alex: you are, and doing it in just -- yeah, and doing it in

just three weeks since this was launched. these subscribers are the younger users that snap has brought onto the platform and tried to give them interesting and exclusive new ways to monetize. one million is a number that surprised me, but it will also probably be a surprising and important number for snap if they move forward and look for revenue streams outside of their beleaguered ad system. emily: so, how quickly, and how much do you think snap can expand this? alex: i can tell you this is what they are focused on right now. if you remember their last earnings report, they got hammered in the market. they basically came out and said , our advertisers are not spending money on the platform, we are seeing a lot of softness on that side of the business. when you think about snap, there are two places they can really make money. it is advertisers, and then users. in the social media industry, we know it has been pretty tough to get users to pay up.

so this seems to be an early win for snap historically this is a company that has been really good at rolling out pro-dex that they know their users will love and it seems they are finding a winning ticket here, which, again, as advertisers seem to be a little pocketbook-shire right now, will be really good for them going forward. emily: all right. are other social media companies going to do this? roger mcnamee has been pushing for a subscription model of facebook for years. could instagram do this? could tiktok? emily: i think the question will be, what value could it provide? snap is giving people a ticket to the front of the line in celebrity' dm's when you message them. it seems like they are rolling out some other user-focused things that are not

monetizeable, like algorithmically driven seeds or focusing on different types of content. i think this is a place where snap is unique. it is smaller, a bit of a different platform than those other names that you mentioned. and again, they have been laser focused on doing things, zagging when everyone else is zigging, focusing on peer-to-peer messaging when everyone else is focused on broadcasting to the world. probably a unique case here. we saw twitter flirt with this a little bit, but we haven't seen any moves of somebody get to a million users, paying for something within a social media platforms. emily: this is my next question, what will continue to differentiate snapchat in a sea of other options? alex: snap has been focused around this idea of the camera company, and it seems like this is where they are sitting. their filters and lenses continue to be differentiated even though you see tiktok creeping up on them. also, they spend a lot of time

focusing on person-to-person communication, which, again, is not necessarily the main feed, or the home feed on a lot of other apps. snap is kind of winning over this younger market. remind folks, snap is a much smaller user base than what we see out there, their revenue is a lot smaller than giants like meta and facebook and instagram. that being said, it does seem like they are zeroing in on what that younger 18 to 24-year-old demographic wants. and catering how they want to talk and spend time with their friends one-on-one instead of , just broadcasting content of the world. emily: one million in two months, does that mean 12 million in a year? alex: we will see if those numbers shake out and people stick around, paying four dollars a month for these extra

features. emily: alex barinka, as always, thank you for stopping by. and that does it for this edition of "bloomberg technology." tuesday, we will talk about investing in clean energy with jason kelly of ginkgo bio works, as president biden signs the inflation reduction act. and don't forget to check out our podcast wherever you get your podcasts. i am emily chang in san francisco. this is bloomberg. ♪

millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network and most recommended wireless carrier. that's a whole lot of happy campers out there. and it's never too late to join them. get $450 off any new purchase of an eligible samsung device with xfinity mobile. or add a line to your plan today at xfinitymobile.com

yousef: