snapchat's 24-year-old ceo evan spiegel has a image to shake.e has been called cocky, entitled inexperienced, yet his he is leading a startup worth millions of dollars. we ask him why he so rarely does press. he says this --- this hard, and that some things are not just off the record, but off the && f-ing record. david, i want to start with you, because you wrote the book on mark zuckerberg. you followed him for a long time. he is a guy who did not have the most flattering reputation in his earlier years. what similarities princes do you see -- what similarities and differences do you see? david: i see more differences. zuckerberg's reputation when he was younger was more undeserved and flowed from a misleading movie that was quite popular. when you have seen the texts from multiple things that evan spiegel has done that make you question his judgment. but he is only 24. people are entitled to make mistakes when they are 24. only up until recently, we didn't have investors running money at them to make a $14 billion company. it sounds like the

cofounder evan spiegel is telling bloomberg. and go pro gets more competition. i talked to two much for newer's that just merge to give go pro a run for its money with the first live streaming camera. that's ahead on bloomberg west. first to our lead. jony ive has a new role the first chief design officer for apple. he will be shaping the look and feel of apple's products and take on current design products new ideas, future initiatives. he has two deputies who will be taking up his day-to-day managerial duties starting july 1, but what are the implications of this unprecedented move? joining us, tivo's chief experience officer who has helped companies like google and twitter come up with strategies and we also have two other guests. thank you for joining us, all of you. this is the first time i have ever heard of a chief design officer. not a common thing to do. what does this really mean? does this increases power? does it change it? guest: i think it is just a titular recognition of stuff he is been doing already. in some ways, this is the role he took over a

snap chat ceo evan spiegel spoke at the business school graduation.e talked a lot about finding and holding onto a good idea. this is what he said about not selling to facebook. evan spiegel: no matter whether or not you sell, you will learn something valuable about yourself. you will know immediately that it was not the right dream anyway. and if you don't, you're probably on to something. it you might have the beginning of something meaningful. emily: he does not sound like he has any regrets. evan spiegel: people called us a lot of things besides crazy. arrogant and entitled. the same words i have used -- i have heard used to describe our generation. the millennial generation. the "me" generation. it is true. we do have a sense of entitlement. a sense of ownership. this is the world we were born into and we are responsible for it. emily: spiegel does not have a college degree of his own. he left stanford just before graduating to develop snapchat. coming up, grand theft auto is still a hit. but can take to compete with the rise of mobile? we will d

what did we learn about evan spiegel in this interview?nterview for the next 10 months, the first thing anyone can write about evan spiegel is this is the bad frat boy to send a bunch of e-mails in college he regretted. but what is great about this sat down, my colleague with them for 90 minutes to try to get more of who this guy really is. a $15tainly did not build billion company by being a misbehaving frat boy. he's always leading something right. but to get a sense of where that badness comes from, why are you so secretive? he said right away, this, you know what, is hard. and he went on to tell a few stories that were not just off nge record, but off the effi record. you get a sense of who evan speigel is. he said, i know as a young guy, people are not being served by the financial records that are out there, and that is why they need something like snapchat. that he understands what young people want and need in his social network. a plan tooes he have make money for the company? right now snapchat has zero revenue and zero profit. e

first night it seemed like it might be evan spiegel talking about a correction in valuations, but i would that's not been echoed by a wide part of the population here. >> yeah, i mean certainly, i thought the headline coming out of spiegel was the bubble talk and going ipo, wants to go public that was a big part of it and that's a conversation that keeps happening, bubble i think is always a tough wore, because there's not a lot of agreement about what that word means, maybe a little more talk about getting more specific questions or the valuations, becoming more disconnected from the fundamentals, certainly a theme you're hearing. >> behind the scenes in you know quiet conversations, people talk a lot more about valuations being out of whack than they do on camera. no one wants to be the one to yank away the punch bowl. mobile gets said so seldom because it's seemed. if you're talking about being connected, online, talking about phones, you're not talking about pcs or even tablets any more. that's one thing. another thing is the move of digital internet into what we haven't can considere

cofounder evan spiegel is telling bloomberg. and go pro gets more competition.

what co-owner of snapchat evan spiegel tells of the. go pro gets more condition.ore condition. the

cofounder evan spiegel is telling bloomberg. and go pro gets more competition.

evan spiegel is 24 years old and snapchat is valued at more than $15 billion. youra: you are so lucky daughter is not big enough to be on snapchat. pimm: i'm not even going to touch that one. olivia: still to come -- apple's johnny ive is moving up . what does this mean for apple's future? pimm: and california's drought createting new ways to clean drinking water. and a new least on life. this is cool. let's turn to our main economic story -- that are than expected economic data. home sales in april rose 6.8% to an annual rate of 500 17,000 units. j.p. morgan securities chief u.s. economist michael joins us to explain how this. all right, michael, tell us, how -- theu.s. it coming u.s. economy performing? michael: everything performs slightly better than expectations. this probably does reinforce most people's expectations of the second quarter will be better than the first. the first quarter, honestly, point 02%, that's not a high hurdle. drags,saw some of the whether that hit housing, the dollar, some of those things turned and will fade a bit in the midyear.

now snap chat's own ceo, evan spiegel, is warning that these huge values. ashley: 12.art: i think he's well past his teens. ashley: is he? okay. stuart: he says all the high valuations are a sign that we're in a tech bubble and offering a warning because as we know bubbles burst and people can lose their shirts. mary, he says we're in a buzzle -- we're in a bubble because of six years of dirt cheap money. >> yeah it's interesting that he fingers the federal reserve, isn't it stuart? i think he's right about that, but there's another reason why a lot of investment has been going into tech. the internet until this administration has been largely free of government interference, government regulation, so you had this great flowering of apps and flat-- platforms and devices that entrepreneurs took advantage of it. that's changing now, but back to his point, he's right to finger the fed. stuart: when he says it's a tech bubble a lot of investors get very very nervous because some people have made a great deal of money out of technology which have indeed gone straight to the

snapchat ceo average beagle turn -- evan spiegel turned heads with he rejected a $3 billion offer fromk. today he is looking smart. is now valued at more than $15 billion. the founder has big plans for the future. sarah frier spoke to him for this week's cover story and blue --in bloomberg news bloomberg businessweek. sarah: he has been pitching madison avenue. he is telling executives that snapchat cost service -- service, because a vertical video, people do not have to tilt their phones some more people will see them. what do you mean they do not have to tilt their phone? oh, because their vertical. sarah: you do not have to tilt it. by not tilting it, you're more likely to watch the whole ad. betty: that is the big innovation? sarah? sarah: yes. it is so simple. yet, it works in terms of this pitch to advertisers. betty: how are advertisers responding? sarah: it takes more creative effort on their part to develop a vertical ad as opposed to a horizontal one. horizontal at work on facebook and twitter. snapchat is really the only one asking for this now. it is also an expensive thing

it's that time of year, the code conference kicking off next week with big names like mary barra, evan spiegelrancho palas verde. what should we expect this year? >> we've got amazing speakers, every speaker is a star. les moonves from cbs and elizabeth warren. dick costolo. we've got ellen will be a really interesting interview. the ceos of three of the hottest start-ups, slack, houz and stripe. a range of people we're going to be talking to. the founder of oculus. and the editor of buzzfeed. >>. >> you know what, i invited gavin newsom to come as the real person. so we'll see. >> why do you invite elizabeth warren? >> well i think you know, early this year i interviewed barack obama and then hillary clinton and i felt like elizabeth warren is really talking about a lot of issues that i think the audience needs to hear. obviously she's become a power player in the democratic party. we're moving into an election year where she's going to play a big role. she has a lot of opinions about income inequality, gender disparity and all kinds of things that she talks about. i think this audience needs

snapchat founder and ceo evan spiegel told attendees of a conference in southern california yesterday that his start-up needs an ipo and he's planning to do that. he would not provide details on the timing. snapchat was founded by three stanford university students in 2011 and is based in venice, california. >>> time to turn to our weather. low clouds still hanging around and a little bit of wind. spencer christian is outside with the full accuweather forecast. >> i'm glad you mentioned that wind again and seconds ago a strong gust literally pushed me up against the rail, and i had to hold on. let's take a look at live doppler 7 hd. we have mostly sunny skies over the bay and inland. lots of clouds stacked up and low clouds at the coast. let's talk about those winds and we have gusts right now up to 29 miles per hour at fairfield. 28 at sfo. 24 san carlos and in hayward, 22 in livermore and the gusts here on the rooftop feel even stronger. as we move along here is the view of the east bay hills camera looking westward out over the bay. clouds will increase overnight and mainly low clo

be a good read with a couple of coffee over the better part of 20 minutes, but it is all about evan spiegeles doing interviews. he admits it. he is something -- on a happy juice. he has a startup with 330 employees, 100 million people using it. it's the youth, the millenials. he's turning snapchat into what they call a proper business. they are going to advertisers and saying 60% of 13 to 40-year-olds in the u.s. use snapchat. 2 billion videos per day. they are going to want to start going via snapchat. how can you start driving this company to be worth even more? brad stone and sarah frier doing an amazing bit of investigative analysis. i'm getting a great interview. mark: on a lighter note, the french open is taking place in paris. serena williams and raphael myrdal both won -- rafael nadal both won yesterday. serena williams mistimed a high law. it fell on her shoulder. she let out this big laugh. she lost the next two games, but after that, she rattled off the next six games. caroline: who was she playing? mark: andrea hallett cove. she won 6-2 6-3. nadal also moved into the second roun

. >> that was snapchat ceo evan spiegel at the re/code conference today.he famous, talk about this ipo. mark clearly you don't cover snapchat but you cover alibaba and alibaba made an investment in snapchat which values snapchat at $15 billion. did alibaba overpay? >> well again, no investment opinion on snapchat but i thought there were a couple interesting data points 100 million in daily active users, 65% are engaging with the site every day, posting content, those are numbers that are equivalent to twitter and you know the market cap of twitter came out with so that's -- there was interesting data points, saw flexibility from the ceo and now refreshing hearing the ceo not timid about going public for a change. >> you think twitter is the comparable in this mark is this. >> i think people will look at facebook, they're going to look at maybe alibaba, at twitter those will be the two obvious comps and you will have a high gross margin business with the potential long term to have 40% ebitda margins if they execute well those would be the two obvious comp

we have on the one hand evan spiegel talking about maybe a tech bubble and there's too much money and on the other hand the chip space which looks to be going through a period of real consolidation. does this all converge on mobile phones? i mean what is the common thread? >> it does converge on mobile phones and it points to the fact that there is so much money happening in the tech space but when you get down to it a lot of the money we don't know what to do with it. at a certain point things have to converge and consolidate again. that's when we're seeing with mobile chip sets. >> you think we have a bit of a bubble forming here. >> we're in the middle of a bubble. look at the amount of the valuations for companies that have no business plans, aren't planning to be profitable for a years. every other day a company is getting a billion dollar or multibillion dollar evaluation when even spiegel is saying there's too much money out there that says something. >> ari, if you agree, who are the obvious offenders? when i think about an uber i understand it commands a high valuation, needs

evan spiegel going to l.a. it's starting to be a meaningful amount of money to stay here. so people are asking can we do the same thing, but in seattle. the same thing, but in portland. increasingly, the answer is yes. >> very interesting. good to see you. thanks for joining us. >> thanks for having me. thanks. >> there are plenty of countries around the world that would love to create just one other silicon valley. we're lucky to have so many. >> we're going to head to the close. 40 minutes left in the trading session. the dow has turned negative now. s&p up three. same thing for the nasdaq which is up 15 now. >> five points shy of the record it needs there. coming up is it more of anything really is good thing? jeb hensarling making the case of janet yellen to double the appearances on monetary policy. keep it right here. >> transportation stocks indicating a sharp rooigise down the road but goldman still predicting a decline to $45 a barrel by october. so we've got a debate on oil coming up. stay tuned. being a keen observer of the world has gotten you far but what if y

evan spiegel who started snapchat says he thinks low interest rates are leading to some kind of a bubble news. but either way he's a 24-year-old so there's hope for the next generation. >> very good. cnbc's brian sullivan. thank you so much for being with us. "forbes" is out with its 12th annual most powerful women's list and the first time ever the magazine's also ranking the richest self-made women for a first look let's bring in "forbes" assistant managing editor louisa crow. thank you so much for being with us. we're still awe inspired about number one on your self-made mist. >> elizabeth holmes 31 years i would. the richest self-made woman in the world and she's worth $4.5 billion. >> $4.5 billion. she dropped out of stanford her sophomore year. >> wait i thought when you dropped out of college that made you unequipped for life, right? >> it's hard to find somebody that hasn't changed the world in the 21st century that didn't drop out of college. >> very true. but her story a very personal story on why she started this blood lab. >> her uncle died of skin cancer. as the story goes s