>> 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 in san francisco and this is bloomberg technology. coming up, musk may have a

whistleblower on his side. former head of the security in twitter are alleging there are agree just deficiencies -- agree just deficiencies in how the company handles data. u.s. lawmakers have vowed to investigate into $44 billion lawsuit. zoom transitions from an essential pandemic tool to a juggernaut may take longer, the company reported the lowest the sales gain. zoom cfo joins us this hour. meta learns about its lawsuit, via a tweet. could this be a new norm under the new chair? we will get to that in a moment. first to third it down day for the markets in a row. katie with us now. katie: third it down day but it was a mixed bag overall. if you look at the big benchmark, the s&p 500 and the nasdaq 100 falling slightly a

few tense of a percent. you look at the philadelphia semiconductor, really the outperformer today, up .7%. that was a bright spot in a sea of red. you look at some of the corners of the market, arc innovation, etf up there, down .5% -- down 5% -- down .5%. the federal reserve, jackson hole summit still if you days ago. let's look at the craze. you can see bed, bath & beyond it down a whopping 62% over the past four days. we think about where we were this time last week. it was a much different story. that seems to be a thing of the past. when you think about what we were -- red bath and beyond shares, prodding out to fundamental stories, as a look at some of the big movers in the market. it's earnings season, we heard from a jd.com.

arrays quarter, quieting some of the fears that we have been having of a slow down when we saw in alibaba. shares up over 3%. we heard from palo alto networks yesterday, really strong billings numbers, reflected in shells today -- shares today, more than 12%. twitter, where all the drama was today, you walked us through the missile blower emerging -- whistleblower. elon musk lawyers have already issued a subpoena requesting that whistleblower. emily: drama in deed -- indeed. twitter's former head of security, blowing the whistle. he filed an official complaint alleging deficiencies in how the platform handles data. twitter refuting the claim, calling them opportunistic. how could this change elon musk's change to get out of the

billion-dollar deal? here to discuss bloomberg's jef f, and kurt who covers twitter. what has he claimed? >> this is someone who was incredibly well respected in the industry. he came to twitter in late 2020. you may remember in the summer of that year there was a big reach -- reach, a couple of high profile companies were hacked by teenager. the ceo had a plan to bring in someone with real reputation in stock in the industry. it -- she was there until early this year of 2020 he was fired by the ceov --by the ceo agrawal . emily: twitter responding to his claim saying this is from the ceo agrawal, reviewing the

claims about what they've seen so far, false narrative riddled with inconsistencies and presented out of context. give us more details on what he is claiming? >> he is saying that the company has not taken the appropriate steps to protect user data. he is saying them not taken appropriate steps to update basic software on their data servers. the big thing, this is a thing elon musk is jumping on, is, the company doesn't actually know how many bots it has on the platform. it is more nuanced than that. generally, when you hear that in your elon musk, your ears perk up. this is what you've been arguing all along, the company doesn't know how many bots they have. this is a top senior executive, reaffirming what elon musk has been saying. emily: they've already been saying they want to talk to this guy, how can this it change the case? what will happen in this hearing? >> first and foremost, let's stop for a second and state is

way too early to know whether this guy has the goods or not. people are going have to dig in and see whether there is meat on the bone for these allegations. tomorrow, is not about this guy, it's about allegations that the most people have made that the twitter folks are biting, witnesses with specific knowledge of the spam and the bot counts. they are offering up executives and directors who do not have specific knowledge. the judge will decide whether or not twitter has to make the people with the goods available. emily: kurt you've been talking to a lot of sources. there has been reaction within the company, what are people saying? >> there's a number of employees that are not thrilled to see someone who was recently on the staff level of the company, now coming forward in making these accusations.

there's been a lot of speculation as to the timing. we are in the middle of this contentious deal. suddenly this feels like a wrapped gift for elon musk. there as well. ultimately this adds more chaos and confusion to what is an uncertain time to a company like this. emily: how often does this happen that someone comes forward claiming to have the smoking gun at the perfect time in a high profile business case like this? >> it has happened before in a case. it's not unusual to have whistleblowers emerge when there is publicity about the big fights. everything has been drama central in this case. it's not surprising that we've had this development. emily: what are you watching for? what is next? >> we have this hearing

tomorrow, which will decide whether or not he gets more access to the lot -- bot stuff. we are keeping an eye on the process of gathering ammunition, both sides are gathering ammunition to make their case. we are hurtling towards october 17. a huge trial of the century in delaware. emily: you are going to be very busy that day. along with our own kurt wagner. thank you both, you will keep us posted on this drama. coming up, hbo gets a huge win with house of the dragon. how good of an omen is this for streamers, next. this is bloomberg. ♪

emily: the game of thrones a fan club was in house sunday for house of the dragon. the premier drew nine point 9 million viewers on television and online leaking at the best ever series debut in hbo history. it is becoming a battle of epics between hbo and amazon which is about to debut its lord of the ring spinoff, the rings of power. joining us now, house of the dragons, rich what did you think? >> this is what hbo does best. big, epic, super, tens of millions of dollars on episodes. this is the bread-and-butter of hbo. the big question for investors is going to be, how does this

evolve over the course of the next 12 months? as you know, warner media was acquired by discover, the companies came together to merger. at some point summer, discovery plus will basically be mass together with hbo max, probably still called hbo max. we're going to see how those two brands come together into one service. i think when you look at something like house of the dragon, this is everything hbo is known for over the last 20 years. incredibly well produced, high-end premium content. emily: we are already seeing some of those growing pains, as discovery tries to merge these two cultures. what is your expectations about how it is all going to play out? >> you got a company, the reality is for discover, this was a save. discovery did not have a future

as a standalone company. they were going to be in deep trouble, just being in the cable network world. especially in the nonfiction -- that world is not going to look pretty over the course of the next 5, 10 years. i don't think anyone believed in the future of discovery plus. so, because at&t needed to get out of the warner media business, it is this unique opportunity for assay for john malone -- save for john malone, they wind up being in control of one of the largest media companies. the negative is they have a lot of depth. your sing a lot of cost-cutting strategically. the question is, this is an incredible group of assets and how much of their focuses on building for the future? there's no doubt in my mind that the future of television is going to be streamed. linear tv is dying. how does warner media, which

still has a tremendous amount of cable network, broadcast cable network, how to they transform that into the future? can they do it with that much debt load? your sing a lot of investors who are skeptical of their prospects so far. emily: does the success of house of dragon -- house of the dragon bode well for the lord of the rings project and all of the money and time they spent on it? >> it's funny you bring them -- bring up lord of the rings, because it is a great example of the different strategy you are now seeing, as warner bros. /discovery versus the old management team. if any of the viewers watching this, turn on amazon's prime video, they can actually watch all of the original lord of the rings. those are warner bros.. though should be on hbo max and they are on hbo max but they are also on amazon's prime video.

you see this culture that's really changing inside of warner media, where instead of making it the exclusive home of content, there going back to more of a licensing model. where it is on hbo max but now you can also get it on amazon prime. where that never would've happened with the prior management team. your sing a focus on licensing to generate profits, versus the northstar, which was streaming hbo max. hbo max is no longer the sole focus of warner bros./discovery. they're looking to make money, like licensing to third parties like amazon. emily: we are seeing streamers making more moves into sports. amazon is going to show thursday night football in bars and restaurants as part of a deal with directv. you talked about, for the first time ever there being more viewers on streaming then on cable. is sports the only way to take

the streamers to the next level, to that next generation or chapter of growth? >> sports is a great way to to get people to come in. if you have champions league, which is what paramount plus acquired, its the only way you can watch champions leagues. if you want to watch wwe wrestlemania you have to have peacock. each of these platforms is buying exclusive sports rights. the negative is, you don't own these -- you don't own the content. you have to keep fighting every three or five years, if the keep fighting for the content because you don't own it the way you own a piece of content. netflix owns a stranger things forever. it's not disappearing. they don't have to rebid for rights. sports is a double edged sword. what is interesting is it is the last thing that has been holding the bundle together. right now, you can't name and

entertainment show on traditional television that people care about. the only thing that is holding the traditional multichannel video bundled together has been sports. even now, sports are finally starting to move to streaming. that is why you have seen a record pace of cutting of 7%. it is become a real problem for all of these legacy media companies, because they have moved so much great content including sports the streaming. tech companies are coming in and bidding on the sports rights. withing the next thing you will see in the next four weeks, we believe apple will buy sunday tickets which has been on directv for years. that will move over to apple. you are seeing real seismic change that is going to have big problems for anybody in the cable network business in 2023. emily: i know you are prolific tweeter. we were speaking earlier about this whistleblower who has come

forward that could give elon musk an edge in this battle royale to get out of the $44 billion deal to buy twitter. what is your take? >> it comes down to one fundamental issue. did twitter falsify its public files? the deal that elon musk agreed to did not talk about the percentage of bots. it relied on the validity of twitter's public filings. if if you read the public filings, it says we make a lot of assumptions and how we look at the bot number, we think it is under 5% but we could be wrong. if twitter knowingly knew the number was far larger than 5% and everyone at twitters filings -- every one twitters filings was fraudulent, then musk has a case. i find it hard to believe that jack dorsey and the entire

management team at twitter has willfully for years been filing false documents, it's obviously possible. i think it is unlikely. unless those documents and filings would -- are knowingly false, twitter has already said they could have made mistakes in how they did this. this is not an exact sign. will be paying -- elong will be paying if that is the case -- elon will be paying if that is the case. emily: is not the number of bots overall. that is what they are referring to with that 5% number. >> correct. there are good bots, that you would want their. in terms of the spam part that should not be counted, monetized double -- that is the term

twitter uses, they have said repeatedly that the percentage of bots on a quarterly basis is sub 5% based on their analysis. that analysis could be flawed. you would have to believe that they knowingly new, that they actually knew the number was north of 5% and shows to view different disclosure in the filing, that is the only way musk gets out of this. emily: right. mr. greenfield, always great to have you here. thank you for stopping by. zoom that on the enterprise, payoff. we talk more with the cfo. next. this is bloomberg. ♪

emily: zoom was the pandemics golden child, and may not happen

as quickly as some expected. we will talk about that in more with the cfo kelly steckelberg. let's talk about the good news and the last good news. you are seeing growth from enterprise customers but you are losing consumers and small businesses. let's start there. when, how, where, do you expect that to stabilize? >> great to see you, emily. we are pleased with the performance in the enterprise which grew 27% year-over-year. you talk about zoom phone, strong performance there. the online segment of the business, there were headwinds. a lot of it do to strengthen the dollar, as well as impacts we are seeing from the war in europe. but also, slower acquisition of new customers at the top of the funnel which is having impact. people are moving around the world and going to happy hour with her friends rather than

doing it over zoom. emily: sales among the corporate customers, is that a sign of slowing corporate demand or because of the macroeconomic issues we are seeing? >> we had a very strong quarter from an enterprise perspective. our overall booking came strong, revenue a 27%. we are starting to see our enterprise sales cycle moving towards more normalized enterprise cycles which meant they were little more backend loaded in the quarter. that led to higher than deferred revenue, just a little less contribution to revenue in the quarter itself. but, zoom phone had a strong performance. we crossed in august which we are excited to talk about. where to record deals -- we had it to record deals. we are seeing strengthen our new products including contact center and sales. emily: bigger picture there, this narrative that pendulum

swing back to the office, employees are pushing back, yes, but this is still the policy. i know zoom did its own survey on hybrid work. you found that investors want the hybrid work environment. how are you adding all of this up and trying to figure out how this will translate into demand? >> the great thing about zoom technology is it enables work at home and in the office. they're both really important. we think organizations need to make changes for employers working at home. technology like zoom room, smart gallery, workplace reservation, allow them to interact with those employees in the office in an inclusive way. having the right technology in her conference room is becoming more important everything will day. we have become used to sing everyone's face on a square.

technology, like smart gallery enables that, even if you are one, like me, who i moved out of california to texas, see everyone in that room, to feel very included in the conversation. we are excited about the cop -- conversation about hybrid work and zoom is there to support it. emily: what is the next year of growth look like to you? what is that most --does most of that growth come from? >> it is going to come from our enterprise segment. we are focused on new initiatives in the online segment that will drive it first to being flat, but eventually a growth driver as well. emily: kelly steckelberg, cfo of zoom always good to have you here, thank you for stopping by. coming up, the sec is breaking tradition, letting companies -- copies know about lawsuits -- companies know about lawsuits the hard way. this is bloomberg. ♪

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emily: will come back to bloomberg technology. but is breaking with tradition on its crackdown on big tech. mehta learned of the federal trade commission is suing the company overridden -- virtual reality, via tweet. the fcc -- ftc has a chance to meet with commissioners before filing a lawsuit. to explain what happens our very

own alex. what happened? >> mehta executive lawyers apparently found out from this tweet that the ftc was suing them in an unusual case that we can talk about in a second. basically what happens in these situations is the deal -- if the deal is large enough that the file documents to the ftc, which our sources told us they did. they filed hundreds of documents and data points. if the suit was imminent, their depositions that happen. no depositions happened in this case. the company was alerted to this via tweet. the ftc initially did not comment on the story, they got back to us today saying they found load -- they followed typical protocol. our sources this was unusual to not have any inkling that they would be coming for them to suit a block this virtual reality deal. emily: what does this signal

about the ftc's approach on future cases? >> it is a bit of a different approach under the new chair. she is a biden appointee who was brought into the agency that is meant to enforce antitrust laws. she is taking an aggressive approach. this makes a little used argument called the competition claim, that means that they are suing to block this deal on the future potential of the small industry and they have alleged that mehta -- meta's acquisition can actually clamp down composition because it doesn't give the tech giant to use its resources to create more competition in the space. a lot of unique things happening with this case for sure. it all alludes to this more aggressive posturing, and the

democratic commissioners on the ftc against big tech companies. emily: i spoke with the congressman yesterday and asked him about lena con and her approach and this lawsuit in particular from critics who have said this is a small company wise the ftc bothering with this? mehta has said that cash me -- meta said this would increase competition. >> i don't think we could take any representation from meta or mark zuckerberg seriously. they have been engaged in an anticompetitive behavior. emily: he went on to argue how much meta and facebook are anticompetitive and how supportive he is of the chairs approach. that is just one lawmaker. what do we know about the support that she has in the congress? >> you will remember that the

house came out with the 2020 report, pointing out that mehta alone had -- meta alone had required companies. this is the only time the ftc has a suit preemptively to stop one of those deals. they may be looking at things like the ongoing neck and forth that meta still has regarding instagram and the whatsapp acquisitions. that issue is with the ftc. i think folks who take that approach that he was talking through there, think the ftc has not done enough on the antitrust side to make sure that these giant tech companies are not hoover ring up everyone out there to camp down or sure that they have what they said in this lawsuit is a monopoly on a potential future market. emily: thank you for your reporting on this.

now, moving onto the world of cybersecurity. shares of palo alto networks sword as much as 12% -- soared as much as 12%. they said they expected sales to increase by 20%. will the cybersecurity landscape maintain its growth? great to have you with us as always, nikesh arora. very positive earning reports, good forecast. we have heard a lot of bad news from other tech companies, how so? >> i don't know. maybe i don't know something. we are seeing noise. we are not seeing a signal out there telling us that there is impending doom. we see inflation, we see macroeconomic trends. people thought the flow is going to follow way from under us.

or go to zero dollars. we seem to have power through. i don't think this one is bad as it was two years ago. emily: do expect demand to keep up? or could companies tightened their belts over the next few quarters and could that impact how much software and cybersecurity services they want to buy? >> i've been talking to investors all day. whole bunch of commentators about our stock. the pandemic set a series of transformations of technology because companies saw that they are wanting in many areas, their e-commerce was not up to snuff. dance upgrade because they sold everything on the web. their customer interaction methods were not in place because every customer wanted to interact with them. a lot of technology transformation project started in the midst of the pandemic. and hybrid work.

you at all of that up we unleashed a series of technology transformations, coupled that with the tremendous amount of cyber activity you have seen, we are seeing a build in security which is more secular. it my get denton on the margin, but it is still one of the safest on the market. emily: how would you describe the threat landscape now? there is this ongoing war in ukraine. the potential,, huge cyber apocalypse that summer warning with that has not materialized. there is tension with china. how do you see these global factors impacting the threat? >> i think, if you step back and look at it, every one of our companies has become visible. every time, you enable businesses you open the door for people being able to enter for whatever they want. we made everybody work from home on top of that. suddenly it expanded, every

employees home is a potential attack it everyone's laptop, every interaction you have with their customers visually as a potential way of you getting hacked. we have seen that in ransomware, in business imo compromise. 70% of incidents were driven from business imo compromise. -- email compromise. every four hours there is a ransomware leak. this is not a nation state threat, it is an economic opportunity for small talk -- hackers or hacker groups to start making these economic demands of a bunch of people. you are seeing that the threat landscape get more diverse. at the same time, they're looking at preparedness because of the ukraine situation. my ready to sustain an attack? we have not seen cybersecurity because we've had devastation constantly crane.

do not underestimate the amount of cyber activity that has gone down in terms of trying to get websites down. there going after russian size because they don't like what rush is doing give seen a tremendous amount of cyber activity compared to before. emily: there's a new whistleblower in social media. this former employee of twitter, claiming negligent security policies, deficiencies and how they are handling personal data. they don't know how many bots there are. there has been pushback on this. it sounds like this could be happening in a lot of companies. >> i don't know the particulars of the situation at twitter. i read about it, recently as you did. i don't know what is happening. i will say that one of the things, we have been hoping for is more awareness at boards about the threats of cybersecurity. cybersecurity is the biggest

business risk in that when he first century. boards are not well prepared to understand the impact that could be had and be able to assess whether the individual companies up to snuff in those capabilities. it's in need of the hour, the ftc is looking at different mechanisms to create regulation around how people disclose tiger -- cyber activity and readiness. emily: there's also this number we have been hearing over again, 600,000 open cyber jobs. you mention it is the responsibility of boards. is that the government who should be stepping into help some of these jobs? >> i heard 3.5 million. i am glad it is 600,000. it's a lot, a lot of jobs. we're are almost at full employment. we need to make sure you train people. this is not a singular problem of finding 600,000 cybersecurity

professionals. the fundamental problem is we have not applied apple automation and security. this requires a bunch of clean data, integration, for cybersecurity which is what we are trying to do. the only result is you can build ai, and stop these attacks while they're happening. today's model will not work. if something happens we collect all of the large data, you look at them and see what actually happened and then we try to solve the problem. those days are over. it requires a lot of automation. we can solve the problem by doing that. we also need more cybersecurity training. emily: curious on your thoughts on this one. you were number two before he launched the vision fund. now we know he has lost tens of billions of dollars on some of these tech investments. what do you make of this and

what you think of the legacy of softbank will be in spite of this? >> masayoshi is a resilient individual. he went from boom to bust he reinvented himself the one thing i loved about him as he has appetite for risk. his ability to forget his failures is what teaches us. ultimately here can -- he can recover from that. so, i have faith in his ability to resurrect himself. i do think he got a bunch of companies on the wrong end. emily: nikesh arora ceo of palo alto networks. thank you for stopping by. coming up, how the crypto winter, coupled with an energy crunch, bypassing bitcoin mining. more on that coming up. this is bloomberg. ♪

emily:

emily: time for our crypto report, the usually volatile crypto, with a narrow range ahead of the jackson coal meeting, covering around -- jackson hole meeting. he talked with crypto share. earlier to talk about the markets impact on bitcoin. >> it has been a difficult time and i was with a bunch of the miners in miami a month ago. the mood is a little darker. the bitcoin pricing under

$20,000 is not good for anyone because profitability tends to flip negative for a lot of large minors around these levels. the cost of machines have gone down. if you are buyer of machines, you're getting a much better price and you were a year ago. energy prices, while there going up, they can be held down a bit by macro at least in the u.s. where there is an oversupply of energy. i believe, based on the metric that looks at the 30 day moving average, relative to the 60 day, flip positive again in the last week after being negative at some point during july. i think a picture phases over -- i think the capitulation phrase is over. i think that speaks to the general strategy that people should have around the balance sheet. there's two strategies that work well. one is a selling your bitcoin every day. that way you can grow out of cash flow.

or holding the bitcoin indefinitely but using equity strategically and not taking on too much debt and growing at a speed so you don't get caught at the wrong part of the cycle. emily: we think in mid-september the merge may finally happen. ethereum will move from proof of works to proof of state. tell us how the upcoming merge affects your view on how you want to be investing in they kinds of companies? >> i think the bitcoin only miners are going to be a good bet. if you believe in decentralized monetary system it will not function properly under proof of state model. as much as ethereum could be an interesting currency for doing whatever, it is not going to be the same thing that bitcoin is if an moves off from proof of work. i don't think it chains anything. if people want to speculate on

it, it doesn't bother me one bit. but if you want to own truly hard asset with the supply cap that cannot be disrupted or taken over, by anyone party you need to stick with proof of work. liquid mining, at least in north america has a great future. emily: mike lafred there. coming up, what is quite quitting? the concept getting a lot of attention among young workers trying to change office norms. we will discuss, next. this is bloomberg. ♪

emily: workers are fighting executives, pushing for part-time returns to the office. the latest example coming from apple. more than 200 apple employees signed a petition demanding the company to new its flexible work

policy, instead of its plan to return to the office september 5 and requiring employees to come into the office three days a week. they want hybrid schedules with direct reports rather than a corporate link it policy. this comes, when quite quitting making -- is making the rounds on social media. employees do not quit but instead do the bare minimum, to maintain a healthy work life balance. to discuss, the ceo of greenhouse which offers recruiting software-as-a-service. does the apple store resonate with you based on what you are seeing from your clients? >> we have heard a lot of companies who went remote and distributed and now when things are changing again, they want their employees back in the office because they think that being there, equals culture or productivity. what is interesting about the apple story is what the employees are saying is, we are being productive, we are giving

our best. the way we can be the most productive is by working in a flexible way. it is kind of like quitting conversations but it is more of a story about employees crating value on the role of a company either helping them do that or trying to change how they do that. emily: you will see whether apple acquiesces here in any way. sing the pendulum is swinging back to the office -- the pendulum is swinging back to the office and employs her having more power than they did a year ago, when we were just starting to work through omicron? >> we will see. the pendulum has been swinging for decades in favor of employees who have more power and control than ever before. companies are in a position of having people first and taking that on as an opportunity and as a strategy, it has been very

successful. now, company leaders wanted to be the way it was or some try to return to that. some of them are finding themselves stuck. ultimately, value is created by talented people. if you as a leader are not able to put those people in the best position to create value, than you have a real problem. i think, there are some companies like apple quiver huger -- investment in real estate and want to position that as an asset or strength to the employees. some employees want that. some people, no doubt, getting up and going to the office and being with other people is attractive and helpful to them. for others it is not. i think what you are seeing is multiple talent pools well-being, or some talent wants to work from home, other talent wants to work in the office. companies are having to choose which part of the talent pool they want to play in. in all cases they have to choose

on what the talent wants. it is the people first that is driving business decisions. emily: how is this impacting hiring and retention? are you seeing a lot of people quit? >> unemployment is still at historically very low levels. it is easier than ever to get a job. people can swipe left on you swipe left on someone else and you are working at a new company. so, people are resigning in higher numbers than they have been. people are getting hired faster than ever. we got almost two job openings for everyone job seeker in the market today. it. is still a talent market. companies are doing their best to keep up. emily: let's talk about quite quitting and this idea of doing the bare minimum, not going to try too hard, not going to overexert myself. i'm just going to do my job. what impact is this having?

>> there's nothing wrong with just doing your job and not ruining your life in order to achieve. there's a point where liens into this area of quitting or taking advantage of the system. it becomes a problem. with this has shown is that for many companies they don't have a great way of measuring what good and -- what a good employee is. they don't know what output or quality early looks like until they use this thing of how long are you logged into your laptop, are you sitting in your cubicle? instead of knowing, which of my employees are great and what do i do to inspire discretionary effort? the company with people first, asked those questions, they have an advantage and they don't have this problem of employees dropping out without telling them. emily: well, a lot to continue to follow, greenhouse cofounder and ceo daniel chait. that does it for this edition of

bloomberg technology. coming up later this week, don't miss my conversation with the microsoft gaming ceo. check out our podcast. you can find it anywhere you get your podcasts. i'm emily chang in san francisco. this is bloomberg. ♪

haidi: welcome to daybreak australia. annabelle: we are counting down to the major market opens. shery: the top stories this hour. oss