caroline: i am caroline hyde at bloomberg headquarters in new york. ed: i'm ed ludlow in san francisco. this is bloomberg technology. caroline: tesla falling by the most since 2020 after deliveries they missed. sam bankman-fried pleads not guilty as the ftx founder faces trials in october the same day the top u.s. banking watchdogs send up a warning about crypto activity. caroline: a slow in ad spending will shake up silicon valley like google and meta as netflix and tiktok come into play. we will bring you expert analysis. first, on this first day of 2023 trading and it is good to be back with you and we check in on these markets. i'm afraid it was not all that good in technology. we see s&p up for tens of a percent off of the lows earlier in trading. nasdaq up three quarters of a percent. tech was hit the hardest. bonds caught a bid so we are

still wearing about the federal reserve and the whole world wind of jobs data that we get but actually people decided we will be seeing a buy into bonds. the best art to the year for u.s. treasuries we have had in at least a decade as may be we feel the past selloff is behind us. a little bit more of a dovish taken from the bond market. let's take it to a different asset class right now. i am looking at bitcoin across the crypto world. happy birthday to bitcoin, 14 years ago to the day the first block was mind. we saw a little bit of reprieve but it was higher on january the second. we saw a bit of easing concerns about the reopening of china and some homes that indeed we will see that opportunity building as china reopens in terms of economy. we are seeing a slip down and that was a story of the dollar strength in bitcoin weakness.

ed: happy birthday to bitcoin and happy new year toyou. new glasses, no one noticed. never mind. same story for markets. we are still worry about growth and the outlook for rates. the tech sector did not really open in one direction. you saw amazon making gains for the two stocks to watch her apple and tesla. apple dropping below the 2 trillion mark. it was a last name out there in the world the global tech giants. aramco with the 2 million market cap no more. going back to 2021, march the last time apple had a market cap below 2 trillion. it tesla biggest drop since september of 2020 trading in the lowest level since august of 2020. fourth-quarter deliveries coming in below expectations. interesting because the last three trading sessions of 2020, tesla rebounded, rallied slightly. we thought we are past the idea of the risk around elon musk paying too much attention to

twitter. now we are back to those same concerns which are largely about demand. caroline: indeed and how supply mary's with demand. we love you new glasses ed. but people don't love the numbers that came out of tesla. why was that a shock to the 420,000 vehicles that they promised. >> is about expectations. this is a clear miss. elon musk spent the last earnings call talking about tesla was going to have an at big year and we saw on social media that the chief designer was at the delivery center helping to hand over the cars. everyone was expecting the numbers will be close to consensus with a misted it by a mile. even the own -- the company's own consensus. you can't be that way when you are this kind of a company in the s&p 500. people are expecting things to be better. the other thing is that over 34 thousand cars were quote unquote in transit. tesla is a big company and they

had this logistical problem in terms of getting cars into the hands of customers at the end of every quarter. ed: third consecutive quarter of missing delivery estimates. the other thing that jumped out to me was that they didn't quite make that 50% average annual growth rate. a lot of analysts have cut price. what is the depiction now for tesla going forward in 2023? dana: they report earnings later this month and the big question is a hit to margin. they tried to make the delivery target and they did not works another will be a great hit to gross margins. guidance also why did they lower their guidance? elon musk shared -- sold shares in december when he had a clear look at what demand was like for the quarter. he unloads his stock and everyone else's holding the bag, and then they miss by several units. going into earnings, everyone was cutting their targets and everyone wants more conservative guidance for the year going

forward. ed: all right. bloomberg's dana hull. want to continue with brett winton. we'll get to the call will tesla shortly but first your reaction to the fourth order deliveries missed? we are down to the third consecutive missed for deliveries for tesla. >> it's ironic that you qualify it as a miss when the company delivers 40% year on year growth against an auto market that is declining 8%. i think it is very clear from our perspective that electric vehicles will become the dominant drivetrain for emotive of -- automotive over the next five years and we think there will be 60 billion ev's sold in 2020 tesla will take up though rally of that. they have a huge tail wind behind them. equities are priced on the base -- basis of future cash flow not

the quarterly delivery results. i expect that over the long term, this will resolve and will be seen as just a blip. ed: you called ironic. all i'm saying is that we need a yardstick or benchmark by which to go by, right? it is three consecutive quarters of ms. against consensus but you also mentioned the 40% annual growth. tesla set out in 2022 hopes of reaching a 50% annual average growth target. they did not had that either. do you expect them to hit going forward? brett: yeah, whether or not they had their growth target is a function of production not demand. right now the market is talking a lot about demand. i think it is probably true that consumers are confused by the u.s. regulation in which ev's will qualify and what makes and models will. there is probably a demand hiccup as people try to assess and wait out kind of tax

guidance for getting money off the vehicle starting in the new year. but ultimately, it is a question of whether or not tesla can scale production, and they have demonstrated over time that they can. i think we are making a huge transition from one drivetrain to another. tesla is at least three to four years ahead of the industry and driving that transition, and we believe they will continue to scale drive down costs of manufacturing. that is not a scenario where you end up with a problem on even margins, as dana mentioned. who knows what the margins look like this quarter. over time the company has delivered in ability to expand gross margins and operating margins as they had this credible tailwind of demand for electric vehicles, which is the way in which we will run aground. caroline: tells about the competition. you said we are well ahead of it but it is coming and coming fiercely. brett: sure. tesla released the model three

and 2017 and it took the industry for years before there was a range and cost competitive vehicle with the model three. with that 2017 model three in their cars have not stayed the same. in march we think tesla will announce a new vehicle platform and the cost of manufacture for that vehicle platform will be roughly half the cost of the model three. if you look at what happened when they released the model three, they had a massive gross margin expansion and massive unit volume expansion over multiple years. i think the same thing is going to happen with the new vehicle platform that they announce in march. they are going to set the standard for the industry again. it will be four to five years behind again and for shareholders, it's a great outcome. you end up with a company establishing a strategic footprint in a massive, literally trillion dollar plus orchids. -- market. it is likely to dominate and soak up all the prophets the industry as the rest of the competitors struggled to catch

up. caroline: even in china? brett: that is a slightly different market than the u.s. and western markets. i think that tesla will remain at the higher end of the chinese market, and clearly they have a beneficial and synergistic relationship with the government in china and that they are providing demand for the chinese battery ecosystem and releasing a product into the market that the chinese domestics really enjoy and love. and that market is likely to be more competitive just because of the cost of manufacturing is so much lower there. ed: brett, arc is a long-term call on the stock $4600 per share which we expect to materialize in 2026. i asked twitter users and followers are audience what they wanted to ask you. many wanted to ask about that call whether it is still intact. they wanted to ask him much of it is reflective of the promise

of full sale driving away from the simple business of selling vehicles? brett: sure. just a note, that $4600 a share was pre-stock split you have to make an adjustment for the stock split for the current adjusted share price expectation. our expectation it hasn't changed. in fact, we are going through the process of updating our 2027 numbers right now. keep an eye out for that as well as the overall ev forecast in our big ideas report that we will release later this month. roughly one third of the value of the business is the ev manufacturing of the business. it two thirds of the value of the business is expectations for robo taxi and that is an important consideration here. people act like this unit number in 2022 matters tremendously in the scheme and scope of the business model, if they can

deliver. driving that can transfer the company. one time profitability from each asset sold to ongoing cash flow generation from every asset in field per and on a go forward basis as these individually owned vehicles that are used 5% of the time and spend 95% of their time part turn into robo taxis that can take five or 10 people around in a day and deliver ongoing returns to shareholders. it will be a business value transformation if and as a deliberate. the evidence on the ground is they will be able to. i use it every day and it makes driving safer, less stressful, and i am less tired after driving. it's a great product. by the way, it improved yesterday while it was sitting in my driveway. the car i owned today is better than the car i owned there's almost no other vehicle in the world you can say that about. i think promise of that

transformation to the business model is really extreme, and you don't need to assume is going to happen in order to underwrite a really material return for the company. caroline: brett, thank you for coming on a do come back with a 2027 updated numbers. brett: it's a pragmatic case. let's be honest, this is a world-class product that people love and that makes them safer and gets them to and from places faster and easier. i don't expect that to change. we expected to continue. caroline: we thank you. have a great start to 2023. thanks for coming on. all things tesla and all things pragmatic. what to expect from tech stocks more broadly next. we will be asking evercore isi senior manager mark mahaney. that is next. this is bloomberg.

mahaney

the investors have not had to focus on business fundamentals for a long. of time. they have been driving -- writing the lower inflation cycle in stock prices as a result of that. tech investors are having to do the work that we have been doing as active stock pickers our entire career. that's why we think there is a lead opportunity there, but you really need to be stock pickers. caroline: trina dudley there with some tough love for tech investors as we enter this new year. that's continue the conversation with a man who does a lot of fundamental analysis, mark mahaney of evercore. it is great to start the year with you mark.

tell us about what was cautious and muted in 2022 do -- 2022 turns constructive. some of your best ideas and one of them is over. we just finished the conversation on the heels of tesla robo taxis. what fundamentally does it look like to you mark? mark: happy new year to you. last year was a terrible year. it was the worst performing year for stocks especially for growth equities since 2008. that was very challenging. going into this year we try to be tactically constructive which is to look for companies that are somewhat recession resistant. somewhat recession resistant and have new revenue streams that have taken cost actions because we need to do that if demand is going to soften. that leads us to two stocks in particular, over and netflix. the ridesharing part of the business is more utility than a discretionary spend environment.

we still need to commute and have our weekend outings. we still have some airport trips . demand trends seem to be holding up very well. that part of the business holds up well. the company has taken a lot of costs out. it was forced to and probably to his own benefit. they have now turned the corner on free cash flow and should be able to continue to grow it. as the story changes from a growth at all cost company to eight free cash flow company, i think you will find a letter valuation support for the name and that is why it think the stock can outperform this year. caroline: interesting they are you're already getting to the nuts and bowls and fundamentals of why you are picking certain companies that perform over others. do you think it's true that a lot of technology investors out there have not done their fundamental analysis were unable to set up for an environment that is completely at odds with what they are used to which is lowered rates for longer? mark: there's no question that easy money time with practically zero interest rates allowed

multiples for one to get at times very aggressive. there was a fools following fools and i was certainly one of those fools from time to time on certain stocks. we all make mistakes. i've made more than my share. in terms of the fundamentals, i stick with those and i think a lot of investors do. i don't think it is rising interest rates at that has caused names like amazon or google or meta to underperform as stocks. i think there are other issues increasingly cyclical risk. in the case of meta, apple privacy changes. there is some ms. execution on their part and full exposure to inflationary concerns. there were a lot of issues besides rising rates. that affected those long-term profitable and near-term profit less companies. that would be names like shopify for example. that's why you saw names like that with the highest multiples

correct the most last year. ed: caroline and i spent a lot of the last few weeks of the you're talking about layoffs and hiring freezes and cost-cutting. i'm trying to summarize your points that you seem to be suggesting all the pain is gone, like it has been done, we have gone through and d wrist. is that your conclusion going into this year? mark: no i would not go that far or be that bold. multiples have been de-risk. they have fallen pretty dramatically and you have a good number of these large names trading at five years off multiples. it does not mean they can go down further but a lot of the risk has been taken out. same thing with estimates. one of the thing that has caused estimates to go down is companies taking costs out the business of the 6% rate reduction of force 13% and met up. these companies at amazon have yet to do this.

google is one where they have five quarters of the world accelerating at record high employee adds up through september quarter of last year. that is a little bit shocking in hindsight. i am surprised the company did not start tempering down its number of new employees. i think they will have to start reducing that employee footprint or they will be under a lot of pressure. ed: we took to twitter to ask our audience how they see 2023 and asked are you bullish or bearish on tech? these are the results. we'll bring them up for you. mostly bullish, 46 percent of respondents bullish. what would it take to make you bullish on technology broadly going into the rest of the year? mark: i am surprised that the survey was that bullish frankly. i am surprised by that. want to be tactically constructive. i want to get across the point here that demand trends are going to continue to soften. when the q4 results come out

over the next month we will see that revenue trends for online retail and advertising and cloud computing companies are all continuing to soften. i think they will continue in the middle and through 2023. i hope in the market hopes that fundamental trends stabilized. revenue growth starts to accelerate. if that happens, you will see multiples go up. with cost taken out, you have revenue growth re-acceleration on a lower cost space. you get the slingshot opportunity that will cause the stocks to work well. the market is hoping and thinking that will happen in the back half of 23. the question we need to ask ourselves is the market going to be too early or too late on that call? ed: mark mahaney from evercore. thank you. coming up, sam bankman-fried pleads not guilty. what that means for the ftx case next. this is bloomberg. ♪

caroline: it was sam bankman-fried's day in court. the ftx founder appeared before a judge in manhattan and pleaded not guilty to criminal charges. he said to face a trial act over. winning us from the courthouse is should know he he. what is next? >> what a day it has been caroline. in addition to pleading not guilty eight criminal counts here, there was a lot else that happen. the trial date has been self -- set for october 2. if everything goes correctly and that does happen on october 2, this is expected to take a number of weeks to play out in terms of the trial that will be later this year. in the coming weeks, we expect the u.s. to start presenting their evidence at greater scale on the charges that they have made. remember there is a process by

which sam bankman-fried and his lawyer set forward their motion. there is a process and things could change before october certainly. we did get a lot of information today about the nature of what will play out ahead in the timeline in which we are luminarias lee operating on. -- preliminarily operating on. sam aikman free to came in wearing a suit and a north face backpack and sat with his arms crossed as prosecutors asked to amend the terms of his bail package. this is very interesting because bloomberg has reported that u.s. prosecutors are separately investigating this idea here of money being transferred out of ftx in alameda wallets. remember part of the bail amendment now is for them to state that sam bankman-fried himself cannot take any cryptocurrency assets or any other assets from alameda and ftx wallet.

he himself has tweeted as we know that he has not done so. but the prosecutor has said the assistant attorney said this was something they have seen him lie about before in general. a point of contention here. we will see this play out in real time. ed: thank you ,sonali. that story is dominated headlines. coming up the ipo bubble appears to have popped in 2022. will that continue in 23? we will have the outlook for venture capital and startups this year. this is bloomberg. ♪ ♪ - [announcer] imagine having fuller, thicker,

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caroline: welcome back to

bloomberg technology. i am caroline hyde. ed, big tech story out of the world of hedge funds. ed: this was one of the most read stories on the bloomberg and online. so go cap debuted on -- surgocap debuted on tuesday. $1.8 billion. we have been writing a lot about how hedge funds suffered in 2022. the private markets fared better but this is interesting based on what surgocap will be based on. founder will be using data science to invest in themes that look at how technology can improve standard areas and how it enhances financials, industrials, health care, enterprise data. why we care here is this is the

largest debut of a woman led hedge fund and industries history given all the volatility literally around this industry and the underperformance in 2022. it was a headline that caught my eye and this is a name we want to keep our eye on going forward. caroline: we are seeing history being made in politics as well. we want to bring you the headline. mccarthy had a drawn out speaker vote and they will be adjourning now until tomorrow wednesday at noon after failing to elect a speaker of the house. that is a united states politics. for now, we see an adjournment after three rounds of votes to elect a speaker of the house. let's get back to our bread-and-butter. let's get back to technology and pre-seed investing in this environment many saying this will be humming along quite nicely. the ceo of tech stars is with us. she is invested and many early-stage startups making her one of the largest pre-seed

investors such as uber and twilio. it is wonderful to have you here in new york. how are you feeling as we enter 2023? how are the companies would you help fund it feeling? >> i think 2023 will be one of the trickiest years on record for the dock -- since the.com bubble for investors and startups because there are so many things to help happening at the same time. ipo not happening and as a result of that, we expect a lot of companies are going to fail. at the same time, we are seeing an influx of early stage ids and entrepreneurs on the back of some the tech layoffs that have meant some the headlines. the bc industry is going through a fundamental restructuring and what looks more and more like a consolidation. tricky year for everyone. caroline: rick eight. many say from the ashes rise the

roses. we saw that after the financial crisis with the birth of uber and airbnb in the likes. what you look for the moment and the people that you want to beat helping or mentoring or giving money? how are we starting to see a focus on the profit side of the equation? maelle: we have been investing in early-stage for 15 years and we look for the same thing. we want resilience and unstoppable founders who are working on really innovative ideas in big markets. the reason why 2023 for early-stage investors like us is exciting is because we see a lot of, again i'm talking about the tech layoffs, a lot of tech workers coming in and being like i want to be in on tripper nur. -- i want to be an entrepreneur. there's a massive pool of innovation happening. i don't think there has been a better time to be in early-stage investor actually. ed: one of the conversations

caroline and i had towards the end of 2022 was about the positives that come out of layoffs. quarterly tough losing your job, but actually if you look back at the prior recessions, dot, bubble of 2008, those layoffs go on to be entrepreneurs and their own right and start their own companies. do you agree with that school of thought? maelle: absolutely and we are seeing it right now. the number of entrepreneurs who are teaching us to become their investors who come from the googles have increased dramatically so that is extremely positive across multiple industries and geographies. we are seeing that. the other positive that is not always talk about is for early-stage companies there was a letter pressure on compensation to higher tech workers and with the layoffs that have happened in 20, the pressure on compensation is decreased and it has been easier

for a lot of portfolio companies to hire the head of product they had always dreamed about or the cfo they had always dreamed about. ed: you have a billion dollars in assets on the management but you look at pre-seed that is very different size and scale to the industry as i understand it. lots of players in the seed stage or pre-seed have tens or maybe a hundred million dollars. it makes me think about consolidation and this idea that actually small venture capital firms are all trying to buy it for similar promising names. what do you spend industry to experience this year? maelle: because we are one of the major deal flows to the venture world, we talk to thousands of investors every year and we are seeing now some that is not yet reflected in the data. we are seeing an increasing number of emerging managers who have less than a hundred million dollars of assets under management who have raised one or two funds telling us behind

closed doors we are not going to raise our next fund. we expect that the number of small venture capital firms will decreased her medically and potentially up to 50% of the venture capital firms that exist today sitting practically -- seizing to function in the next few years. caroline: background is fascinating. we speak here as it europeans talking about u.s. opportunities buckle global for us. you have led businesses in russia and europe. you are from france. what are the global opportunities here? is everything going to revert to the mean and the normal of we will back tech entrepreneurs out of silicon valley and they will look like us? maelle: i don't think so. what is happening right now is a lot of other places are creating a very vibrant ecosystems. look at the middle east and africa. right now it is booming. a lot of entrepreneurs and lots of capital flowing there.

big markets that are complete the untapped. even europe where we are both from, paris has done a phenomenal job of creating an extraordinary ecosystem. we at tech stars are very bullish in opportunities in the u.s. which remains a leading market for tech entrepreneurs, but also middle east, africa, in europe for sure. ed: the ipo market grounded to a halt last year. will revive this year? maelle: i don't think so. it looks like it will flatline and continue to flatline. the unknown obviously is around a few of the big ipos which are supposed to be in the pipe, things like instacart or stripe. that may change to sentiment on the market but as of today, we advise our pro folio companies to look at an alternative. if they are desperate for an exit, they probably already lost the battle. they should be focusing on alternative options, down round

of venture debt or m&a as an alternative to ipo. ed: we do get a little bit hung up on ipos, this northstar that you look to to go public but it precedes seed stage. you have options, strategic skin acquire you. you can basically shop yourself to a bigger party. what are some those options? do you see m&a broadly taking place in 2023? maelle: absolutely, and again behind closed doors because of our large portfolio we have a lot of conversations with a lot of people in the market. what we are seeing is an increasing number of large companies looking at m&a because the valuations are going down and it makes it more attractive for them. because the founders are struggling to fund raise from the vc world, they are more amenable to having this conversation. i would expect a lot more m&a this year and next year. caroline: let's talk industries

or problems needing to be fixed right now. you talk about m&a and the issues about m&a are sometimes regulatory. people can't make that acquisitions they would like to. what are the problems that people want to fix that they would like to fix right now? what are you seeing from the entrepreneurs that are perhaps getting adolph from the big companies that can do purchasing right now? maelle: number one climate tech. it is at a point right now where i'm starting to wonder if there is going to be a big bubble specifically in climate tech, but the market of hot -- is hot. there are big problems to solve so that's an interesting market. we are seeing a lot of things happening in food tech and adds attack, in particular following the war in ukraine and the problem with supply chains. i think a lot of people have started realizing that actually we needed to be more focused on creating food for the world. then at health tech is also

booming. lots of things happening in the environment, especially in developing countries where people are starting to get access to better health care. caroline: good to have some time. ed? ed: we are focused on the sexy end of the startup curve, the growth stage companies. everything you and i have heard in recent weeks says look at seed and pre-seed stage because that is where we will see activity in 2023. maelle gavet, ceo of tech stars. thank you. coming up, from the ipo drought to the ad drought. how will meta and google affair as advertiser market moves out of their neighbor. what does that mean for media? this is bloomberg. ♪

ed: we'll get to the headlines across the terminal this hour. twitter is easing its political ad policies in effort to boost revenue. we will dig into that as we get more information. a slowdown in advertising markets could present a big problem protected this year. u.s. advertising growth is expected to half from 10% to 5% in 2023 according to an analysis published tuesday by bloomberg intelligence. here to discuss this is mark douglas ceo of mountain, software to help ceos marked direct -- launch direct campaigns. let's discuss that the market

will slow from 10% to 5% in 2023. is that what you are seeing? mark: yes and for a couple of reasons. you look at paid search and paid social like instagram and tiktok and those kind of platforms, what you are seeing is a lot of concerns about brand d about the put a cold discourse on these platforms and the shared performance. apples changing -- changes had an impact in terms of identification of devices on meta and snap and others. when you look at the television market, there's a supply and demand imbalance. you have a lot of inventory coming online from netflix, disney plus and other suppliers. while brand advertisers were spending less that will create a price war and you will see climbing prices. the two of those combined are having a negative impact in the

near term on these markets. i you -- i think you will see more growth in the second half. ed: 2022 was packed with news and if you think back to february in the start of the war in ukraine the impact that had on advertising and the shock that meta gave us in february. by the end of the year, we were talking about ad supported tears for disney and netflix in the market changed its conversation. how important were those big ticket items in 2022 in shaking up the landscape in advertising? mark: i don't think that kind of news -- i mean obviously the war in ukraine affected the stock market so i think what we saw was over the summer, advertisers just somewhat panicked and did not know what to do. that started to recover and the second half of the year at least in our business. we ended the year with record-breaking months. if that's any indication of the larger market advertisers. they panicked over the summer and once it got to the holiday

season they realized they have to spend money to reach consumers. i think ultimately the market in the second-half kind of stabilize, but again these macro forces especially like price wars coming from so much supply it, those kinds of things are just having a big overall effect. i think it will create a better future meaning that there is no longer this duopoly of just google and meta dominating advertising. television is now digital and it will really have a big impact on the overall markets. caroline: who wins there, mark, from your perspective? mark: in terms of tv it's a big players. you will see a lot of m&a. there are new advertisers coming into the market. tv is now -- the way to think of it is there was a duopoly between google and meta. they now control less than half of the advertising markets. their overall control has gone

down in other areas have grown. television connected tv streaming is digital also and is benefiting in the same way that digital advertising benefited google and meta. you see this growth occurring there and more customers coming into the market to. they are spending more and it is diversifying the customer base away from just 1000 or 2000 advertisers to many more. television is coming on strong as a third big scale channel that is now a traditional channel. i don't think that means meta and google lose, but it just kind of means that they no longer dominate in the way that they have in the past. that's really good overall for the advertising industry. caroline: there's new rules of the game that you have to learn when it comes to disney plus or wanting to advertise if you're thinking of alcohol or politics. we just had the headline of twitter going more into political ever testing. how are companies and

advertisers and marketers taking about where they place ads and how they place them in? mark: the advertising market is split into brand advertisers and you don't sell alcohol over the internet. what you shouldn't be. well, you shouldn't be. the brand advertisers that everyone thinks of when they watched sports and other tv, is not that many of them. it's about 1000 to 2000. it is what everyone thinks of. it is a direct response advertisers. meta has 10 million customers advertising on their platform. those are numbers they announced. google has an equal or higher number. you are seeing a lot of them coming to television. those advertisers really don't care about those rules. it is the brand advertisers that worried about how their brand is being perceived. the direct response advertisers that really truly dominate advertising, like if you think

of the direct response marketing the u.s. is three times the brand advertising in television. the direct response advertisers just want to reach consumers wherever they are and they are not worried about and thinking of those rules. all of these things you are seeing in terms of the rules like that at that really just pertains to the advertisers that are not directly measuring the response of their ads, which is what we mean when we say direct response advertising. caroline: market, great to get your direct analysis with us on direct response advertising. mark douglas, we thank you so much. meanwhile, from advertising your and to your own resolutions around work, what about perhaps fewer meetings? shopify put a plea today to and unproductive meetings saying employees just say no. they are currently saying we are

purging right now and removing all recurring meetings if we can't member why or if they started. they are changing the role that on wednesday not a single meeting to be had. ed: that is quite a commonplace thing on the west coast. twilio and meta have no meeting on wednesdays. when i read the story i thought how are they going to make this happen? uni, our calendars are full of meetings and in this story, they say they will be a bought to enforce this appeared every time someone he organizes a meeting, you get this hot pop up and say reminder. you don't need to have this meeting. it's bizarre. it's completely bizarre but it's the opposite effect of the pandemic. we all worked at home but then became so accustomed to doing constant zooms or meats or whatever it is. caroline: it's a money socked. the university of north carolina said hundred million average is lost during meetings. it is operative -- opportunity cost of what you are not doing

when you are in meetings and not being productive. perhaps you are a bit more stress. ed: i can hear the producers in my ear saying don't think about it. you are already late enough to our meetings all the time. caroline: coming up, we have a different sort of conversation to be had but it's one that we need to, the support for him when it thoughts and prayers. we will talk about why. this is bloomberg. will talk about why. this is bloomberg. ♪

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caroline: going viral, an outpouring of support for damar hamlin the 22-year-old the buffaloes safety who suffered from cardiac arrest on monday night football. he is unsurprisingly getting support and well wishes but he

is also getting support and front raising. his gofundme page was set up and 2020 purchase toys for children that was barely $2500. now, the fund has more than four and half million dollars. more than 3 million donated and a seven hour. -- in a seven hour period. the outpouring here is substantial. indeed from some key executives that have kept an eye on. ed: this is our going viral segment and it is fair to say that in those moments after it happened on the field, it did go viral, particularly on twitter. an example bob iger, the return ceo of disney took to twitter and said tonight we should all be praying for damar hamlin. to me, you and i have been covering twitter in particular and social media broadly for weeks and months and this is the first moments where i saw a very widespread support and sympathy and empathy, which has been

missing from that platform for some time. what was so fascinating to me, caroline, is how many people pleaded -- tweeted do not share the footage of the incident itself. caroline: there are times when humanity comes together and in many ways, social media can be a divisive sometimes sport like environment where people had their teams and they go against one another. in this moment, there were no teams, was no division. it was everyone coming together trying to support one individual. there you are. that does it for this edition of bloomberg technology. coming up liz young the head investment of strategy. ed: you're an and spotify. this is bloomberg. ♪

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