joining us for more is cory johnson and selina wang., but an ambit of an embarrassment on stage. park as does not self you might expect. even a cheap ford can do it. it's interesting to see him any companies can work with this. we tend to focus on tesla because it's a silicon valley company but automakers from startups like this or companies like ford and many others, audi and bmw, all working on a lot of these ideas. -- tesla might have pointed the way but a lot of companies are coming fast into the space. the chinese billionaire was at the event. it was him -- he called it a bit lazy. tell us more of at the billionaire behind this company. very well-known in china and is known for being very brash and ambitious, sometimes too ambitious. a local i.t.t as guy at bureau and made his fortune in a publicly traded company which is like the netflix of china. from there, he has expanded into a slew of other businesses ranging from smartphones, virtual reality headsets, you name it and he has expanded into it. but we are seeing that he may hav

we discussed with editor at large cory johnson and selina wang.are able to work on these kind of technologies. to focus on tesla because it is a silicon valley company. whether startups like this are companies like ford and many others are all working on a lot of these ideas. tesla might have pointed the way, but a lot of companies are coming fast into this space. >> the chinese billionaire was there at the event. it was him when there was a embarrassment made, so tell us about the billionaire behind this company. china,s well known in known for being brash, ambitious, sometimes too ambitious. he started out at a local tax bureau and made his fortune and a publicly traded company, which is like the netflix of china, growing very fast. he has quickly expanded into other businesses from smartphones, vr headsets, tvs, movies, you name it and he has expanded into it. we are seeing he may have expanded to aggressively. he wrote in an internal memo that they are moving too fast and having trouble raising cash, but he is a brash, well known person in chi

and we discussed with cory johnson and selina wang.ing to see how many companies work in this technology. it's not all tesla's game and we talk about it because it's a silicon valley company. but the automaker startups like this or companies like ford and many others, audi, b.m.w. all working on a lot of these ideas, porsche, a lot of interesting work around electric cars. tesla might have pointed the way but a lot of companies are coming very fast on this phase. caroline: the chinese billionaire was there at the event and it was him that was slightly embarrassment made the car didn't quite park and i think he called it a bit lazy that day but tell us about the billionaire behind this company. selena: the billionaire behind it, he goes by y.t. and is well known in china and known for being very brash and very ambitious, sometimes too ambitious. he actually started out as the local i.t. guy on the tax bureau and made his fortunes on the publicly traded company which is like the netflix of china and growing very fast but from there expan

joining us now is selina wang who covers the company. what they are trying to do is cut costs. be helped by the job cuts? they are limiting 6% of the workforce and if you do the math that is just a relatively small proportion of the $200 million. pretty high and paling -- paring back the expenses. another interesting thing that was buried in this announcement is that they want to reset performance incentives to retain employees. they say james park is looking to reduce their salary to one dollar. this will have one impact -- that will have an operating impact on the expenses you parkine: we spoke to james and he sounded optimistic. , we think our numbers show are number one in a most every country we are competing in. >> is this a fitbit problem? caroline: he was talking the big talk but you are right. this is not just a fitbit problem but a secular decline. a slowdown recently as we have seen companies from job on the, pebble, microsoft, nike startled to gain traction in the markets. fitbit is still the market leader in this industry. they are as you mentioned facing increasin

karl ine: that was bloomberg's technologies, selina wang and our editor at large, cory johnson.es it for the best of bloomberg technology. we'll bring you the latest in tech throughout the week. tune in each day 5:00 p.m. new york and 2:00 p.m. san francisco and 6:00 a.m. in hong kong. be sure to catch our show monday and when we'll hear from e.u. competition commissioner margaret vestiga on the e.u.'s case on apple's technology. that's all for now. this has been blerpg. ♪ . . . . david: did you think you would grow up to be the ceo of a large company like pepsi? indra: it is a dream come true. david: when you get advice do you ever listen to it? indra: you never know if a nugget can translate into a success for the company. david: not long ago an activist showed up. indra: my job is to make sure the company is performing very well. david: suppose somebody has a product from a company that is based in atlanta and you see it in their refrigerator, what do you do? indra: i let it be known i'm very unhappy. >> would you fix your tie, please? david: people wouldn't recognize me if m