>> 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. finance is walking away from buying after -- ftx. bloomberg broke the news on the u.s. investigation into the ftx liquidity crisis. we will have coverage of the crypto blowup throughout the show. plus, 11,000 employees at meta laid off as mark zuckerberg admits his metaverse vision was a mistake. we check in. emily huffman joins us to talk about the next decade of tech innovation and how big the future is for ai. we talk about how tech in silicon valley survives a looming recession.

first, before we get a check of the markets, you may have read that this is my last week hosting bloomberg technology. after 12 years sitting right here, i will be expanding our coverage with new shows focused on the most important people and issues at the heart of tech business. i'm not going to cry. i'm going to try not to cry yet but i might tomorrow. that will be my last day officially in this chair. i don't want to linger but i want you to know that every day has been special and there is so much more to come. now, let's get a look at the markets which reversed after three days of gains. emily griffey a is with us. take it away. >> technology stocks sinking into the close. a very risk off day and markets as we head into the cpi report tomorrow. i'm looking at disney, its worst one-day decline since 2001 after reporting disappointing earnings. meta was one bright spot, up over 5% on the day.

they announced the plan to layoff one that -- 11,000 workers. the big technology market story is all about crypto. binance saying they are walking away from that deal to acquire ftx. we are seeing those crypto prices absolutely tumble. bitcoin down over 25%, falling below 16,000. we have the latest news. this is a rapidly evolving situation. ftx saying, they have an $8 billion shortfall. roughly one year ago today, we were looking at bitcoin at its all-time record high, right near 69,000 u.s. dollars. what a difference one year makes for bitcoin. emily: all right. thank you so much for checking in. u.s. financial regulators are investigating whether ftx properly handled customer funds. binance walks away from a deal to save the exchange. katie greifeld covers the

markets with us. what just happened in the last 24 hours? katie: almost as quickly as binance said it would come to the rescue, it is already backing away from the deal. there's two big concerns. that big financial hole that binance was looking into. there is great reporting on the bloomberg terminal breaking in the last few minutes. they told investors that ftx was going to need a cash injection or it's going to file for bankruptcy. ftx told investors that the company faced a shortfall of up to $8 billion. that's quite the whole. the other side is, what is going on with the customer funds? another bloomberg news exclusive today, breaking the news that new wet -- u.s. regulators are looking at that issue, whether ftx improperly handled customer funds. look at the statement that binance put out. both of those issues were top of mind when they were considering

whether to go through with this takeover. emily: the ceo of coinbase called into the show yesterday to talk about his take on the deal. we asked whether coinbase had thought about acquiring ftx. take a listen to what he said. >> i had a number of conversations with people over the last 24 hours. there's reasons why that would not make sense. i'm not at liberty to share the details right now. i will let other people share that if and when they are ready. it will probably all come out eventually. emily: some foreshadowing there may be? what should we be looking out for going forward? katie: the big question among many big questions is what actually happens to ftx users right now. in that interview which i was tuned into, brian armstrong made the point that if the deal does fall through, ftx customers would face losses. that's what is at stake here. if you think back all the way to

yesterday, we got a tweet saying that all assets will be covered one-to-one. this is one of the main reasons why they asked binance to come in. without liquidity for those massive withdrawals that ftx is facing, it's unclear what happens here to those actual customers. emily: all right. another one of we will continue to watch every twist and turn. thank you for that update. the meta ceo saying the company will cut more than 11,000 jobs. this is the first major round of layoffs in their history. for more, i want to bring in alex barinka. 11,000 is a lot of people. what departments are these people coming from and how were these decisions made? alex: no team was spared here. mark zuckerberg toward the organization this morning that every single app would be affected as well as their metaverse efforts which in reality.

there are two that seem to have been hit the hardest. that's recruiting. they have a hiring freeze in effect. some of their business teams will be restructured. in a memo that went out to employees that was reviewed at bloomberg, existing employees who are staying, it was said that the highest levels of leadership made these decisions and most managers didn't find out about it until this morning. emily: let's talk about mark zuckerberg's words here and what he took accountability for. i believe he used the word sorry. he said, i want to take accountability for these decisions and how we got here. i know this is tough for everyone. i'm especially sorry to those impacted. how much further did he go in terms of talking about the big metaverse pivot? alex: he said, he got it wrong. not so much about the metaverse pivot but the bet they are

making right now that this big shift to online shopping and spending more time online that we saw during covid with continue. they staffed up to be ready for that. not only is that bet flailing here, they have this massive bet on the metaverse. a really tough time for them. shares are down 7% this year even with that little pop we saw today. maybe some questions for where mark zuckerberg is guiding both the social media part of the business and this new decade-long bet that we will spend more time potentially in virtual reality. emily: what's the mood like inside facebook right now? my sources are telling me that it seemed random in terms of how the decisions were made. folks weren't necessarily consulted. they found out early this morning. how are folks feeling? alex: it's pretty gloomy. imagine.

it's hit or miss in terms of who is staying on teams. also, we are hearing that this restructuring could take some time. what the company would look like, that's not written in stone as of today. on the back of the twitter news on their big layoff a week ago, tacking on these additional 11,000 jobs, that's 15,000 people in social media that are out of a job in the last week. not only is it gloomy on the outside but if you spent any time on linkedin today, you see folks looking for new prospects. you have to think it's a tough world if you are a susu media expert in terms of who might hire you once you are out the door of meta. emily: all right. thank you so much for that update. we will continue to watch your reporting on this. earlier today, president biden said elon musk's ties to other countries are worth looking at. though he declined to say a few felt elon musk has been doing anything inappropriate. we will talk more about twitter

later in the show. reid hoffman will be joining us to talk about that and much more. coming up, what the big tech layoffs mean for tech markets in the world of venture capital. we get into it all and more in an exclusive interview with initialized capitals gary tan. that's next. this is bloomberg. ♪

emily: with a wave of tech layoffs including meta, what does this mean for the silicon valley ecosystems? from startups to the world of venture capital. i want to bring in gary tan for more on this.

thank you so much for joining us. as you know, it's a special week for me and the show. you know, so much has changed since i started covering silicon valley. i'm wondering where you were 12 years ago when bloomberg tech launched. gary: oh gosh. i was a software engineer working on my startup which was a company. i hadn't become a partner yet. in 2008, we closed our $700,000 seed round the day lehman died. for people who are watching right now who might be affected, i do feel for you. this type of day, it is such a shock. also, 2008, 2009 was such an incredible time to start companies. you know, you have to take the good with the bad. emily: 11,000 people laid off at meta alone today.

how bad does this get in your view? gary: you know, i really feel for those families. i feel for every single person who is going through that magnitude of layoff. but one of the things that i'm sort of excited about, there is a silver lining. these are really smart, dedicated people. facebook has an incredible hiring bar. i think about a lot of human capital, a lot of human heart and minds that now can be applied to frankly all of these other problems that are facing society and humanity. i'm excited about what that has unlocked here. you know, for practically three to five years, the number one thing that startups really faced was how to find people who are as smart as a facebook engineer or any of those roles.

so on the one hand, this is a sad day. on the other hand, i'm excited to see where all of these people are going to go. some of those people are going to start new companies that actually become the next facebook, the next meta. i think that is something that i'm excited to see. emily: there are some people saying silicon valley is turning into a wasteland, that san francisco is over. they were saying this before these layoffs even started to happen as a result of the changes from the pandemic alone. i know you are very seat in the culture of san francisco. i'm guessing you disagree. what do you think? gary: i think san francisco is a place for dreamers and doers to come and try their hand at their own future. there is something very special about technology in san francisco. we've brought together some of the smartest minds and they go on to create products and

services for a billion people. we might have gone through a big wave over the last decade but there's a new wave. i keep meeting new 25-year-olds, 30-year-olds. people who are just starting their career. some of them might be leaving some of these tech giants. we are realizing, we can start a company, we can create a product or service. it comes from solving real problems for customers. whether it's crypto or software across the board, even though this is a time of destruction, there's creation that's growing out of the ground from the wreckage of some of these quite regrettable situations right now. the seed is in there and it's growing. we are going to hear about the next meta, the next billion-dollar company that is

starting exactly like a start up my startup started the day lehman died. emily: what does this actually mean for early companies right now? and for investors like yourself at the earliest stages. how do you make decisions about where to put your money and whether to put money in anything at all, given the way the economy is going? gary: the very special thing about early-stage is that you are starting from small numbers. a startup equals growth. when you are small, you can outrun any macro situation. the macro situation might be the heights of 2021 when we were starting to tell people, hey, but where, there might be recession ahead. that was something that we started saying towards the end of last year. or we might be all the way down on a day like this. i think all of us are trying to

figure out, what does this mean and how much lower doesn't go? in that time or this time, there's the ability for a small team to build a product or service and grow to x, four x, 10 x per year. even if the macro situation goes down 20, 30, 40% from here, if an individual company can show that it can grow three x, five x, 10 100x over several years, that will outrun the worst even a great depression if you can do it. this is propelled by technology. things like generative ai are blowing people's minds, and i think the fruit of the next great companies, it comes from that technology and from the builders who are being unlocked right now. emily: well, speaking of building and disrupting, elon musk taking over twitter.

you are a twitter power user. i'm curious what you think of what he has done so far on what the plan seems to be, and maybe if as a power user you have any advice for elon musk. garry: that is a great question. i love twitter, and i think the number one thing is i am also feeling for my friends over there who are sleeping under their desks working through it. all i can say is take care of your people and take care of us as users. i know that he is much maligned by certain people right now, but i am rooting for them, i'm rooting for twitter is a company and as a user. emily: i spoke with representative ro khanna earlier and you will hear part of the conversation in a moment, but he called for more regulation of big tech, which may be more unlikely depending on how the votes shake out. i know you are heading to the white house with one of your portfolio companies. what you think the role of

washington should be in the next generation of tech innovation, and perhaps not repeating some of the mistakes or lack of action that we have seen in the past? garry: yeah, i'm heading to d.c. with one of our initialized companies that is creating a universal chat app. one of the things we want to do is take away the green bubble, blue bubble problem. that is a silly example in one sense, but it is actually emblematic of a much bigger problem, and those are things we hope to solve with the innovation and choice act online and the open act markets act, which, frankly, we hope senator schumer will actually bring to the floor. he has claimed that the votes aren't there, but we are pretty sure there are more than enough of votes. when i look at early stage, it is really about making sure there is a fair and level playing field. it is really clear to me that we don't have that right now. apple and google certainly mean well, but they are still looking

out for their main interests, and we want choice and freedom, and we need to protect the ability of founders perhaps in the garage and san francisco and mountain view, wherever they are in the world. we want them to create something that touches people, and that is what we want with these two bills, a fair and open dialogue and a way for consumers to actually win. emily: i have a minute left, garry, and i would love to get your advice now for the folks who were let go today. what would you say to them? garry: i mean, go home and hug your kids if you've got them. but at the same time, maybe if you have been playing it safe this whole time in your career, it might be time to go out and find some frontier tech, something you are interested in, and research the startups.

research what you think might change the world. you don't have to take a job offer, but interview at a bunch of them and figure out, is there a fit, is this place right for me. building equity in helping build new things that have never existed before, it is the most exhilarating experience that i have ever had professionally. i just really hope -- i think that it's just a hard moment right now. the future is a little bit uncertain in terms of whether there is a recession or not. the macro picture doesn't look that great. but i just want people to remember that new technology is still being built and there are companies big and small that are still fighting that fight. they need your help. dust yourself off and we are going to go build the future. emily: build indeed. garry tan, thank you so much for joining us and sharing all that on a hard day, and we are excited about your next chapter,

founder and partner of initialized capital. garry: thanks for having me. emily: coming up -- thank you -- my discussion with california representative ro khanna about the outcome of the midterms and elon musk. his thoughts, next. this is bloomberg. ♪

emily: back to the midterms and what impact it will have on the future of tech regulation in congress. representative ro khanna was with us earlier. take a listen. rep. khanna: on a human level i'm saddened and concerned about the layoffs. i represent the district in the bay area, and many of those people and families are in my district. but more broadly, we are going to need more investment in content moderation that respects

the first amendment but that is not allowing speech that incites violence or that is spreading blatant conspiracies and lies just to get more attention. that is something that congress needs to regulate. we haven't, and we need to regulate on privacy. otherwise, those social-media platforms are spewing off real poison into our democratic discourse. emily: you've got a new label on your twitter profile identifying you as a u.s. representative. some accounts are being labeled official. what is your opinion on the approach elon musk is taking at twitter so far and the difference between the right to free speech and the right to amplification of free speech? rep. khanna: well, look, i know elon musk, and i will give him the same advice privately as i do publicly, which is he shouldn't be running twitter.

just like jeff bezos doesn't run "the washington post" and people who own cnn don't run cnn, and michael bloomberg does not sit there running bloomberg television, i think he should appoint an independent board of people who will make the day-to-day decisions. some of the ideas of getting rid of bots, those are good ideas. the bots are responsible for some of the worst algorithmic application. i don't think elon wants to be sitting there making decisions about which tweets should be on in which it should be all. emily: full interview at bloomberg.com, and we would like to know that mike bloomberg is the founder and majority owner of bloomberg lp and the parent company of bloomberg news. reid hoffman, the one and only, is with us next. this is bloomberg. ♪

emily: welcome back to "bloomberg technology." i'm emily chang in san francisco. computers are creating never before seen images in seconds. it is called generative artificial intelligence, and investors are betting big on the future of this technology. reid hoffman is one of them. the linkedin founder sold a collection of his ai art for charity. thank you for joining us. you have been such a huge part of the show for the last 12 years and for that i am very grateful. i'm so curious to hear your thoughts on what is going to define the next decade of innovation in technology. if it was networks for the last decade, is ai the next? reid: i think it is. as hot as it was this year, next year it will be harder. the equivalent of having professional aide, a copilot for engineers, in five years, present for every profession.

it will be for journalists, vc's, doctors, lawyers, the whole thing. those tools will start, and they will be central to how -- at greylock we have been investing for years because we have seen this coming. i cofounded inflection. but this will be a trend of human amplification thru these artificial intelligence companies, which we have never seen its like before in human history. emily: the question is how do we maintain the human. how do our everyday lives, everyday working lives, intersect with the future of work in ai? reid: this is one of the reasons that i wrote this essay on linkedin because the natural worry is that it will take jobs from graphic designers and graphic designers will be out of

work. what i realized from having the time to play with it is whatever your graphic skills are, between none, a little, a lot, it is an amplifier. it will be like learning adobe photoshop. i need to have this as part of my professional tool for how i am operating. that is what is going to be true for all of it. there will be changes, transitions, you have to learn a new tool, and one of the things when you are another professional like me, learning a new tool can be a little stressful and challenging. but it is doable. currently it goes by the geek name "prompt engineering." hopefully we will have a better term than that. we are not so good at marketing new innovations in the tech industry. but that is what is coming across everything -- doctors and lawyers and graphic designers and coders and writers and journalists, research analysts,

vc's. emily: generator ai specifically is getting so much attention, and you have been talking about it for a long time. just how big is this going to be, and how much money is there to be made? is this where the next facebook or google is going to come from? reid: well, we certainly hope so. that is one of the reasons why at greylock we made all of these investments. what i think it is this it will -- it is kind of like -- it will be even more of an amplifier in terms of what you have seen from everything from microsoft office and the internet. i think that because when you think about -- you take a linkedin definition of what the brother professional is, which is you get better at your job and you output some thinking and decisions and information, ai will be helpful across all of it.

there is a lot of work to going to make it happen. it will take years for adoption and crafting it to make sure it is the right kind of human application versus potentially destructive effects. i'm fully optimistic on the human amplification part of it. emily: let's talk about amplification. we have just gone through the midterm elections. you yourself have said that midterms often signify major turning points in american politics. i'm curious what the turning point you think is that is happening now. we saw candidates who amplified the big lie get more engagement. we saw social-media platforms then profit from that engagement. how dangerous could this get? reid: it is super dangerous, which is why protection of democracy is the most important thing, why i've been engaging in

saying this is an important issue for businesspeople on linkedin because linkedin is about business and amplifying that. i think the results of the midterms have been good and generally bad for the election deniers and proponents of the big lie. it is generally a pro-desantis, anti-trump spread within the republican party. it is maybe the best kind of result for a midterm result for a president in the last 20 years. normally it is really bad for the sitting president of the party. the fact that it is the best in the past 20 years is a positive endorsement of biden. i think the general view is to be democracy matters. peaceful transition of power matters. rule of law matters. the fact that we have a democracy by which we vote for who are representatives are, we should not encourage insurrections or acts of

violence like january 6, that is bad. all of us as americans, all of us as leaders, all of us as businesspeople need to firmly get behind it, and we are seeing that broadly through the elections. i think it has been a general good referendum in these midterms. emily: you and elon musk go way back, and i know you haven't commented publicly yet on his takeover of twitter. i have to ask, what do you think? what do you think of what he has done so far? reid: elon, no surprise, is one of the amazing entrepreneurs of our generation, revolutionizing multiple industries in doing so against people like me who said i don't think it will work, like spacex. i was the second or third person he pitched you and i said, ah, difficult, outer space industry. he created a new one with satellites and revolutionized electric vehicles.

amazing entrepreneur, strong vision, drive through brick walls, multiple brick walls and all of these industries. i wouldn't have handled twitter at all the way he is doing it. i think the chaos of it, the suddenness of the layoffs, a bunch of other things. obviously, i have a different view of the politics of it. i disagree with his vote republican. i would say vote anti-maga, anti-election denying, whether democrat or republican, relative to your specific race. i think he has a hard challenge in front of him. i think we all want him to succeed, and even though i wouldn't do twitter the way he's doing it, he has proven me wrong before by the sheer grit and determination and vision. and i always respect that about him, i think we want the public square that is healthy, that has an emphasis on human and anti-bots and everything else.

emily: where do you draw the line between the right to free speech and the right to the amplification of free speech? and i am so curious if you have talked to him at all about this or any part of it, and how he has responded. reid: so, i haven't. i don't have any inside information. obviously, elon is a friend and i'm always delighted to help if he would call. the key thing is there is a right to free speech in the political arena can which is not the government cannot quell you. we do that so to not have our best ideas quelled by government or political power. it is a little bit different between the business side is why we have a clean, well-lit place in linkedin with a clear design and all the rest. if you look at linkedin, you get how i think of these things.

you should maximize a bunch of expression from individuals, but you should also think about the health of the group and the health of the ecosystem. for example, let's take something slightly less charged on partisan issues, like vaccine deniers. enormously bad for the health of a society, for the health of not just the country, but the world. you go, ok, and there is clear medical expertise against that. that should not be given regionalism someone coming out and saying i think vaccines were invented by martians. fine, be on your little soapbox, say that. but the medical side of it is what allows society to function successfully, part of flu successfully, part of flu vaccines and other things proven through centuries of work. that kind of thing you have to distinguish between freedom of speech and freedom of reach, and you do so with a very broad view of the health of society, the health of the network.

you have to do both. it is not just individuals, it is not just network and society, it is both. you have to be good stewards of that. emily: let's talk about the health of silicon valley. 11,000 people just laid off at meta, thousands of people laid off at twitter, hiring freezes at apple and alphabet. layoffs in a lot of places. you have seen so much of silicon valley history. how does the valley survive this? what does it look like on the other side, and how bad does it get before we get there? reid: i think it will certainly continue back for at least six months. it could go a year-plus. the valley has gone through multiple recessions, actually, some contractions.

refocusing and saying this is what our business is fundamentally about and how we do it. i think it is a good thing. obviously painful for families and those changes. on the other hand, silicon valley will continue to thrive. there is a lot of capital investing in the future and a lot of these folks will be able to find other jobs reasonably soon, because i think there is still lots of companies being created. at greylock we have been investing in them, not just ai companies, but enterprise companies, security companies. other firms are doing the same. it is the ability to go and create the future. it is one of the things that silicon valley has gone through multiple recessions. it is a crucible. it is a temperance function, because you need to be efficient and effective, not "it always works!" how is this good for your employees, how is this good for society?

be focused on doing a few things and a few things well. that is the period we are going through, but while as painful as it is, a downturn is just another phase of business as usual. emily: it sounds like you are long san francisco, long silicon valley, which is what i expected. reid, always appreciate you joining us in your optimism. reid hoffman, greylock partner and founder of linkedin, thank you. coming up, jesse powell talks about the importance of having reserves in the wake of the latest crypto blowup. he joins us next. this is bloomberg. ♪

>> we are seeing this in real time, how this is unfolding in real time. we saw it in the spring as well, in real time, that investors are getting hurt. lack of disclosure. we have seen the use of other people's money and trading ahead and using other people's money, but we have also seen the use of leverage. emily: sec chair gary gensler in the wake of crypto turmoil. cryptocurrencies tumbling after binance backed out of the ftx acquisition. the ceo saying binance will start showing proof of reserves to garner trust in the crypto community. the u.s. is investigating ftx. jesse powell is the outgoing founder of crypto exchange transparent about proof of

-- founder of crypto exchange kraken, which has been transparent about proof of reserves. jesse, what just happened? it was happening and now it is not. jesse: yeah, it seems like there was a deal between two of the largest exchanges, binance to acquire what might remain of ftx which from the outside looks like mostly a pretty big crater. i think they took a look at it and decided this was a hole too big to fill, with too much radioactive regulatory scrutiny around it, which looks like it might've been a big headache to deal with. unfortunately, right now it looks like ftx might be heading into a bankruptcy process the likes of which we have seen frequently recently, unfortunately. for some like the clients of voyager, you might be aware that ftx was just appointed the trustee to manage the voyager payout process to acquire those accounts.

so it is history repeating itself with crypto. we saw a similar situation back in 2014 when another trustee had deposited funds from bitcoin and it got in and they subsequently got hacked and clients got a double penalty. still waiting 10 years later to be paid out. hopefully it does not take that long here. unfortunately another blackeye on the industry, and it is going to be really tough times for the consumers and the clients of that exchange. emily: i asked the coinbase ceo ryan armstrong the same thing i'm going to ask you -- would kraken be interested in buying ftx? jesse: i'm sure they have some assets that are interesting, that have some value. we have already got quite a bit of the same infrastructure. there is a lot of redundancy between exchanges. maybe we are talking about user accounts. maybe they have subsidiaries and specific things we would be interested in or possibly some licenses. but i don't think there is going to be value anything close to what the hole seems to be.

i think the process is likely going to go into bankruptcy. there is going to be an organized auction for these assets. at this point i'm not sure whether they even would be allowed to sell these assets, which might belong to the creditors at this point. emily: has ftx approached kraken at all? jesse: we have spoken to them about this. we are in the loop and we are looking to get more information at this point. emily: ok. does kraken -- do you have any exposure to ftx or alameda, and if so, how much? jesse: no, we don't. we steered clear of the token. we don't trade ftt on the spot exchange or futures exchange. we are in the clear on this one, fortunately. we are a very conservative business in terms of our operations. we don't operate a hedge fund on the side. there are no strange

relationships like that. we are not trading with client'' funds, we are not lending out clients' funds and they don't know about it. we are a relatively conservative business. we have been around for 11-plus years. people should really look at this space when they are looking at a new venue to trade at. look at that history, look at whether they have done something like proof of reserves, which kraken has done twice in the last year. look at their longevity in the space. the bear market is really the tide going out, and you see who is swimming naked when that happens. some of these are seeing their first bear market for the first time and getting called out and it is apparent who is swimming naked. emily: so who is swimming naked? are crypto funds next? hedge funds, for example? jesse: you know, there is a lot of leverage out there. i don't think we have seen the end of it. i think there could still be some other "liquidity crises" to come.

i think that is a euphemism for an insolvency. i think that people are marking some of these really liquid assets like ftt, for example, which are highly centrally owned and controlled, they are marking them 100% value, when the reality is maybe they should be marked at 10, 20% of the value, because the market is so thin, you could not sell all of that if you had to. it is heavily centralized in the control. there is an extreme risk. binance, a competitor of ftx, owned a huge supply of this token that ftx was using as collateral to borrow against. when that asset started declining in value, i'm sure they started getting margin calls, and it turns out that they just didn't have the money to make good on those loans.

emily: all right, well, the situation continuing to unfold. really appreciate you joining us to share your perspective on it. kraken founder jesse powell. we will be right back after this quick break. this is bloomberg. ♪

emily: some of the stories we are following. in china, the world's largest iphone factory will still face some tough covid restrictions. the city ended a lockdown in the district where the plant is located, but some areas are still considered high risk, including one where the foxconn factory is. the restrictions have led apple to warn it will ship fewer iphones than anticipated. in the u.s., the likelihood of a prolonged housing slowdown is

rippling through the industry. redfin is shutting down its home-flipping business and laying off 860 workers, 13% of the staff. since the end of april, the company has reduced its workforce by 27%. here is what the ceo told me back in august about the first wave of layoffs back then. >> we laid off 6% of our workforce, and i am the one accountable for that. i feel so ashamed about it. i was so blue. i still am. that is what we had to do to run a profitable business. and now i think we feel more optimistic about the future, but we are still running on a knife's edge. emily: and tesla ceo elon musk sold more than $3.9 billion worth of shares in the electric carmaker just days after closing his buyout of twitter. he has now unloaded about $36 billion worth of shares in the company in the last year.

according to loup ventures come "he is preparing for twitter to be a money hole." that does it for this edition of "bloomberg technology." thursday, we have got a very special lineup. lisa su will be joining us. some of the most prolific venture capitalists. it is going to be a very special show for me. i'm going to try my best to get through it, and i hope you all will watch. thank you so much for tuning into this edition of "bloomberg technology." i'm emily chang in san francisco. this is bloomberg. ♪

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