let's break it down with sarah frier.rom a legal perspective, twitter has not dropped its lawsuit. they are still going to court on october 17, right? >> the parties are meeting today. twitter is talking with elon musk. yeah, they have not said sure we trust that this offer you have made is legitimate and we would do this. we have not seen any joint statement or any end to the saga. we are staying tuned for what they may decide, and hey, if they do not come to an agreement, then we might see elon musk deposed for next couple of days and disco to court as scheduled. emily: our understanding is twitter could ask the court to provide a consent judgment, if you will and create an agreement between the court, twitter, and elon musk. not just twitter and elon musk, that would be enforceable in a court of law. we are getting a glimpse into his vision for the social media platform. what does he mean by the x app? >> he talked about the idea of having an app that would compete with wechat in china. we have seen this from mark zuck

sarah frier, thank you. that does it for this edition of bloomberg technology.e across all developments on this tomorrow and frances haugen is joining us, the facebook whistleblower. one year after her historic testimony before congress. i'm sure she has some thoughts on elon musk owning twitter as well. i'm emily chang in san francisco. this is bloomberg. ♪ don't like surprises? [ watch vibrates ] proactive notifications from fidelity keep you tuned in all day long. so when something happens that could affect your portfolio, you can act quickly. that's decision tech, only from fidelity.

sarah frier, thank you. that does it for this edition of bloomberg technology.e across all developments on this tomorrow and frances haugen is joining us, the facebook whistleblower. one year after her historic testimony before congress. i'm sure she has some thoughts on elon musk owning twitter as well. i'm emily chang in san francisco. this is bloomberg. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. ™ >> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates or its employees.

sarah frier. we will continue to watch in the days and weeks ahead. us now to continue is jason goldman, one of the founding members of twitter and former white house chief digital officer under president obama. jason, you have been helping us make sense of this for the last several month -- last several months. how are you feeling? >> i do not know if we have arrived at a version of sense you can write down. we did arrive at at least a season finale of this chapter. the deal is done. now we get to see what elon is going to do. emily: we have heard predictions of the death of twitter. it is certainly the end of an era. how much do you think will change? >> for a long period of time, people have been predicting the death of twitter. i think it is unfair to say something is going to change today. there's many different versions of death on the web. myspace still exists, it just doesn't matter. it is going to take a long time, slower than people think for product changes to rollout on the platform. the problem is that mistakes can begin almost right away

emily: ed ludlow with sarah frier and dan flatley, we will follow all of your reporting to the weekend. coming up, snap sends a warning to social media shareholders. we will discuss that next. this is bloomberg. ♪ emily: anxious investors are selling out of social media stocks with $35 billion in market value wiped out just at the open. this following snap reporting the slowest quarterly sales growth on record. i want to bring in craftsmen founder and ceo alex. what does this mean to you? alex: there is a different macro environment should talk about where we are shifting from brand advertising spend to performance spend. it is more geared toward brand advertisers but the lack of first party data that apple has recently changed with the att framework really relying on first party to drive that value. snapchat doesn't have first party data. and opposite of tiktok, which is a very sticky platform driving a lot of engagement, it doesn't have the stickiness factor and it took a big hit today in the markets. emily: how much do you think these are short-term issues or are they long-term issu

we will get an update with sarah frier who leads bloomberg technology coverage.t as much of a big surprise that he released all the board. the layoffs are looking at 25% of the employees to be let go. what are you hearing about what elon musk feels like he is doing now. is this cleaning the deck? clearing the way to bring in his own people? what is a strategy? >> absolutely has wasted no time in putting his mark on twitter. we reported, he has tesla engineers come into twitter headquarters, they are reviewing the code of twitter employees trying to determine, help them make a determination over what should stay and what should go. who should stay and who should go. it is a really nerve-racking time if you are a twitter employee. the stock vest if you are an employee tomorrow, a lot of people are counting down will i get fired before the stock vesting happens. beyond that, wondering what parts of twitter musk will bring back or cut away. we have heard, he will restore fine coming wants to make google pay for verification. there are all sorts of ideas percolating.

we are bringing in sarah frier.ur latest reporting is engineers from tesla have gone to twitter to review their code, and that the twitter code has been frozen ahead of a pending deal, so no changes can be made at the 11th hour. what is the latest? sarah: it looks to us that the tesla engineers are there to review the code, to help elon musk assess it and to think about what needs to be done. companies that have been around for as many years as twitter has, their code can be confusing to newcomers, so he is bringing in trusted folks from his company, tesla, which he also runs. in terms of the note to advertisers this morning, i think elon musk is trying a little bit of a reversal of what has been said out there about what he is going to do. we all know he has this free-speech plan for twitter. what that is going to mean is lifting up moderation standards and bringing on content that could make advertisers uncomfortable. so i am not exactly sure how he will do both things at once. as i wrote today, you can't have a c