max chafkin and then bang, thank you -- and ben bain, thank you both. salesforce is the latest tech company to embrace the idea of having two chief executives. it has produce -- promoted keith block to run the company alongside cofounder marc benioff. he serves as vice-chairman and will remain a director. daily active users on the decline. are snap's best days behind it? we will discuss next. if you like bloomberg news, check us out on the radio. listen on the bloomberg app and in the u.s. on sirius xm. this is bloomberg. ♪ postedon tuesday, snap quarterly revenue gains that show it can compete in the mobile app market dominated by facebook and google. the catch, snap reported its first ever decline in daily active users. that worried analysts who were looking for rapid growth, yet snap did win the approval of prince al-waleed bin talal, who has taken a big stake. has snap hit its peak, or is this a bump in the road? for more, we have an analyst who has a perform rating on the stock and our own david kirkpatrick. how substantial is this decline in users

emily: that was tasha keeney of ark investment and bloomberg businessweek's max chafkin.till ahead, seems like selling consumers on cool tech gear just proved easier than convincing investors of it. stumbling on the public market, next. and later this hour, earnings forecasts fell short this week. a rare miss for the company. we will speak with square ceo. this is bloomberg. ♪ emily: uber announced it will shut down its self-driving truck service as it chooses to focus solely on car development. uber started this in 2016 in the effort to remake freight trucking. a self driving car service has been surrounded by controversy following a lawsuit against uber claiming that levandowski stole trade secrets. as competition heats up, uber says it will move self driving truck employees to other roles in the autonomous vehicle department. meantime, shares of wireless speaker maker began trading thursday on the nasdaq after an underwhelming initial public offering. they raised about $208 million. that gives sonos a market value of around $1.5 billion. in april, the company hoped for

we caught up with bloomberg's max chafkin and ben bain. e question -- did musk's tweet violate sec fair disclosure rules? max: the sec has been kind of clear that companies or individuals can make announcements about material, nonpublic information through social media. so on its face, tweeting this out on twitter is not necessarily a violation. but the issue, as you talk to people, is really going to be about if the sec decides to look into this -- and we do not know if they will or are going to -- is whether what he says was actually true. if the funding is secured. that said, funding is secured. so people will be wondering, what does that actually mean, and does he indeed have what that tweet indicates? he doubled down on it a few hours later on tuesday, saying that, indeed, he did have investors. so i guess we're going to have to see how this plays out. but it will come down to how sure was what he said at that time, and how much did that actually reflect what the reality was? emily: he did double down, saying, quote, investor support i

we discuss with bloomberg's detroit bureau chief david welch and bloomberg businessweek's max chafkin. max: the issue is that with the trump administration, it is not totally clear how cfius, which is the government body that regulates this sort of thing, foreign investments in u.s. companies, would treat something like this. earlier this year, the trump administration basically stopped the broadcom-qualcomm deal on national security grounds. the idea being that if qualcomm were taken over, it would somehow hurt the u.s., hurt our interests. and you can imagine a similar argument made with electric vehicles and especially batteries, because tesla obviously has a big chunk of the total electric vehicle production, at least definitely in the u.s., and plans to have a huge amount of battery production. so you can imagine that being an issue and it will just be one of many headaches that tesla and elon musk will have to deal with in the coming weeks, months, maybe even years. emily: meantime, this report on the sec sending a subpoena. david, walk us through the continued hurdles that rema

joseph, and our very own max chafkin, thank you for weighing in. i'm sure there will be another twist on monday. elon musk may not be the only tech ceo to be subpoenaed in recent days. the house energy and commerce considering twitter's ceo according to a congressional aide familiar with the matter. there is a september 5 hearing on foreign influence on their platforms from google, twitter, and others. china is beating the u.s. on 5g. we discussed how it fits into the u.s., china trade dispute. that is next. this is bloomberg. ♪ emily: a recent study shows the u.s. falling behind china when it comes to money spent on five you technology. no only are they spending billions more, but they are building more so sites. here's what a few ceos talk 5g roll say about the out in the united states. >> 5g is imperative. the nation's leadership is at stake and we have fallen behind to china. t-mobile and sprint are the only companies that can change that. >> we have driven the 5g ecosystem by pushing the industry to adopt the next generation, several years ahe

we bring in bloomberg businessweek's max chafkin. seeming to bes the words about sustainable profitability and cash flow positive. is it possible? max: the big question on profitability is when will they start making investments in these future products? elon musk has talked about a smaller suv than the model x. all of the things he wants to do will cost a huge amount of moneyb, but it appears the big expenses are not going to come until next year so maybe you'll the able to swing it. the big headline for me as production numbers. we knew they made 5000 and one week, but tesla is indicating they have hit this number multiple weeks and expect to get to 6000 next week -- at the end of this month. that would be impressive and address investor concerns. emily: we know a little bit more about the production issues and what they were. he went overboard with the robots and put the production line inside of the tent. humans seemed to be making the cars faster than the robots. believe the 6000 car a week target? ivan: i think it could be reach

emily: that was max chafkin and bending. its 15ths launched mission of the year. elon musk, other company deployed an indonesian satellite into orbit early tuesday. the reusable falcon nine rocket lifted off cape canaveral eight minutes after launch. the first stage landed on a drone ship in the atlantic ocean. spacex is targeting 30 total missions this year, up from the wreck -- record 18. snaps quarter second -- quarter revenue was solid, but users are on the decline. if you like bloomberg news, check us out on the radio, listen on the bloomberg app, bloomberg.com, and on serious xm. emily: snap posted quarterly revenue gains that showed it can compete in the mobile ad market. the catch, they reported the first decline in daily active users. that worried analysts, who were looking for rapid growth. snap did win the endorsement of the saudi billionaire, who has taken a $250 million stake. has snap hit a peak or is this a bump in the road? who has anth a guest eye on the stock. us that thewarned changes they made to the app last year have caused disruption and so,

emily: that was bloomberg businessweek's max chafkin and then a bane.eanwhile, spacex has launched its 15th mission of the year. elon musk, other company -- elon musk's other company deployed an indonesian satellite into orbit early tuesday. the reusable falcon nine rocket lifted off from cape canaveral in florida. about eight minutes after launch, the first stage landed on a drone ship in the atlantic ocean. spacex is targeting 30 total missions this year, up from the record 18 in 2017. coming up, snap's revenue was second quarter solid, but daily active users are on the decline. snap's best days behind us? and if you like bloomberg news, check us out on the radio, listen on the bloomberg app, bloomberg.com, and on serious xm. this is bloomberg. ♪ emily: on tuesday, snap posted quarterly revenue gains that showed it can compete in the mobile ad market dominated by facebook and google. the catch, snap also reported the first decline in daily active users. that worried analysts, who were looking for rapid growth. but snap did win the endorsement of the s

here to talk about it all is max chafkin. he covered bloomberg business week. >> morning. >> let's start with the tweet. musk said he was driving, talking about wanting to take his company private. >> never a good sign to tweet while driving and it's particularly true if the thing you're tweeting about is the largest buyout in corporate history, which that was. this was a crazy story when it happened just because of the idea of musk taking tesla private would have been a big deal, biggest buyout. what made it even crazier was it appeared he didn't have any money to do it, which is fine like if you or i say, oh, i'd like to buy, you know, that car. but, you know, he has investors. the s.e.c. is now involved. and it's become this huge story that is really distracting from what had been the story. >> he hasn't even run it by the board. it's particularly strange. i mean -- yeah. >> one of the jumpout moments iffer me in reading that "times" article is for years they've been trying to find the ceo. has it intensified because of that article at this point? >> we don'