Alphabet. We will have details. Wework went from one of the most anticipated ipos to a floundering Coworking Company just trying to survive. We will look at what it faces in the new year. But first, our top story. Bloomberg was the first to report the iphone maker has a secret team working on a satellite technology, striving to find new ways to beam data directly to its devices. This is all according to people familiar with the matter. The company has about a dozen engineers from the aerospace satellite, and antenna Design Industries working on the project with the goal of deploying their results within five years. For more, i want to bring in bloomberg technologys mark gurman. What do we know so far . It is topsecret. It is operating like a startup in apple. It has the right funding. It has the ear of tim cook. It has a bunch of Aerospace Engineers and executives working on a plan to let iphones and other apple devices receive their data directly from apple developed antenna towers, satellites, and equipment that interacts with satellites, bypassing or aiding some of the wireless carriers around the world. Taylor taylor what are they hoping to achieve with this . Mark this is part of apples goal under steve jobs and actually written by tim cook. If it was apples call, they would not have to deal with anyone. Entityd be the complete in terms of the supply chain and the companies they need to work with. They are working on new chips to replace intel on the iphone in terms of its modems, computer processors freddie macs. They have done also to new components. Satellite is another way of enable that to get the most important things in these devices and data. Taylor where are we in this long process . Mark we are very early. We are in about year two or initiative, this thinking inside apple, and i would say we have another three to five or even seven years to go. This is a very long time i. Very stealth, very early, very small, and exploratory team. Taylor you talk in your story about how apple really goes into initiatives they cannot see some profitability or a light at the end of the tunnel. How do they see that, and went . When . Way ofhey see it as a enabling stuff in. Imagine beaming data from satellite to the devices in your home and im not needing to rely on the carriers. The future is superlong. They are in no rush to do this permit if it takes 10 or 15 years to do, that is still good enough. Apple is not going away anytime soon. Taylor they often talk about trying to learn from previous failures that you highlighted in the story because this hardly guarantees success. What are some failures that came before them that they can learn from . Been atar link, that had big name working on this. Facebook butchered their effort. Google was trying internet balloons in some developing regions for years. Essentially that has gone nowhere. You have seen spacex and amazon doing more in the satellite space. They are talking about doing filings with Government Agencies on this but you do not see the light at the end of the tunnel here. Apple is not as far as them in their implementation is likely to be different. Taylor it is often about the men leading the project. What do we know about the men starting this all . Mark there are men and women involved. Taylor nice correction, mark. Mark they were Top Aerospace executives at google, and they are leading the project. They have a team. They hired a person named ashley williams, who was a big time executive at aerospace corporation, working on satellite and Wireless Technology and also to space endeavors. People from Satellite Companies called fsl, but another one which is part of the larger google ecosystem. A lot of people working on this. Bothr and correcting me, men and women behind the scenes making that project come to life. Mark gurman, thanks for joining us. Now to another story out of this world. But we might have a problem. Star lineres of spacecraft lifted off perfectly from Cape Canaveral today, but the engine burn did not go properly and now nasa says the council will not be able to meet up with the International Space station as planned. Unmanned,flight was but the Company Hopes to begin flying manned flights on the star liner next year. Justin bossman joins me now over the phone with more. Justin, what do we know so far about the star liner failing to reach the International Space station . Justin what we know, the early stage of this is that when it separated from a rocket in space, there was a timing system issue. Essentially, the spacecraft was operating on a clock that was not set the right time. It was doing some things out of sequence. It burned an engine to move to a place at the wrong time. Right now, what happened was that used a lot of fuel in that process and did not want to try to get to the space station. What is happening is nasa says they will land early sunday morning in new mexico and call that the end of this flight. Taylor you talked a lot about burning too much fuel too early. This is a technology show. Im curious about the Technology Behind that. How difficult or easy it is to correct that next time. Justin well, i think that is the central question right now because with that clock issue, which showed the mission elapsed time, boeing does not really know what caused that. They are going to be very keen to investigate, which has already started, but specially after the landing, to try to figure out why in all of the scenarios that were run before the launch that this particular outcome was not something fourseam. The nasa administrator emphasized today this is exactly why you have a test flight. Because they want to find things like this that were not expected. Taylor justin, we have been talking all day about boeing. They are a clear leader in this space, but there was also a company we talk about frequently, spacex. Where are both of them involved in this process . Justin indeed there is. Spacex is another of the two vendors for this nasa commercial crew program. Essentially, nasa has hired both companies to fly their astronauts to the space station. What happened earlier this year in march, spacex flew their crew capsule to the space station and dock for several days before returning. They are doing some additional testing. The inflight abort system so if there were a problem with the rocket, the crew capsule would be ejected safely. But with what happened today, one of the Big Questions will be, how much does that set the plans for manned flights next year into later in the year as opposed to earlier in the year . Taylor it sounds like spacexs technology could be a little bit ahead of boeings. Am i reading too much into that . Justin i think maybe a little bit, just because nasa has to sign off on everything before they are ready to fly personnel. I think that with the issue today on this elapsed timing clock issue, there is a similar system at spacex. So everybody wants to fully understand what happened with that technology and the system. Because nasa did emphasize if there was anything applicable to the spacex system, that will also be looked at. I think right now the question is just, what happened . What is the fixed . And then set the schedule from there on. A realistic is timeline for commercial space trouble travel . Justin that is a very good question. I think nasa would like to see 20 20 be the year where they rotate their personnel to and from the space station on two commercial companies, boeing and spacex. After that, boeing and spacex would both like to sign up additional clients who do not work for nasa, dont work for government, but have the means to fly, and just take them. Both of these spacecraft have additional seats that can be used, can be sold. Beyond that, Virgin Galactic said next year they will be taking their first customers into space. There have been similar plans by blue origin, which has a lot of funding from the creator of amazon. I think that in the next 12 to 18 months, you will see a Real Movement because these companies are at a point where they have done years of development, testing, engineering. And now it is the point where this is either going to work or not going to work, but they need to fly. Taylor i never thought i would live to see the day of potential commercial space travel, but thank you to bloombergs justin for breaking that all down. Coming up, tesla stopped records this week. We will discuss this turnaround in 2019 and whether ceo elon musks lofty goals can be met. Analyst insight, it is all next. If you like bloomberg news, you caplisten on the bloomberg or in the u. S. On sirius xm. This is bloomberg. The year withends shares reaching record, nearly touching the 420 million share price that ceo elon musk made a goal. It was the beginning of the year that tesla stocks slid due to the pretty concerns and the delay of the model wide crossover. Investor worries were alleviated , raising over 2 billion. We started to see some lofty goals with at least 360,000 deliveries. As of now, the target remains possible if the company can hit 100 deliveries in the fourth quarter. This year, tesla began selling in australia, taiwan, and china. Those investors are very focused on china as tesla will begin deliveries from its shanghai factory soon. Tesla said it will lower the model three price tag by 20 or more next year. What events are analysts zeroing in on . For that, craig irwin in new york. The book make a market in shares of tesla. You are sitting across the table from me so lets start with you. Another record high. 405 price target now on the shares. What do you make of the recent record highs . I think two things are going on. First recall that investors were surprised by the strong gross margin the company put up. Now it is becoming apparent that competing companies are not able offer. Tesla looks competitive going into 2020, more than we thought. Taylor crag, what do you make of the recent runup in shares . Craig we have been believers in the china market longterm, but i think people have really aggressive expectations for 2020 and beyond. The reality is people are missing that the character of the million e. V. Sales in china is different from the typical e. V. Sales in america. The model three is not a comp. The safety profile and overall range and expectations and cost is different. People are just getting getting around big numbers out of china without understanding the direct comp being for the vehicle. Taylor so both of you went straight to china. I want to show you a chart i am showing to our bloomberg audience inside the terminal, which is all of auto sales within china. Frankly, the picture has not been good on a yearoveryear basis. You are basically looking at declines in every month of the year. Does tesla have enough demand to offset what looks like a pretty big macro headwind, joe . Joe there will be a segment of the market they will be able to penetrate. You are seeing negative your on your comparisons on a very large number. China is the largest auto market in the world. It is the largest tv market in the world. They want to sell half a Million Units in china, unreasonable. Can they get to a couple tens of thousands per month . I think probably they can. Over the long term, they will need to successfully penetrate other markets. Taylor crag, as we take a look at china, do they have enough demand with the 20 price cut on the model threes to offset a big drop right now car sales in china . Craig that is the key point of our bearish thesis, that we will see some fairly substantial deceleration of growth in 2020 versus 2019. We are looking at unit growth falling to Something Like 27, 20 6 from 47 this year. That is a major drop off. When you see the u. S. Market down 40 yearoveryear in the Third Quarter for tesla, is china going to be big enough to backfill that volatility . Obviously there is other pieces with the model y. But frankly, we dont see it. Be bigt think there will growth on the 47 this year. We think it will be tepid. We think we will see continued deceleration in out years. Taylor you talk about other markets outside of china. In the introduction, we talked about australia, u. K. , eastern europe. Where do you need to see other areas pick up slack if you see drop off in say the u. S. And china . Joe to be honest, it will be europe and other developed markets, and none of them will be as developed as china, but it is important to keep this in context in two ways. Craig just pointed out fairly that growth is decelerating. Find me another auto company with 27 year on year growth. What is happening is enormous market share growth. I think they are going to need to be successful with the model y. They will need to put effort other segments. If this company can continue to grow in the double digits, probably the stock will continue to do well. Taylor crag, i want to switch over from geography to the composition mix when we look at what cars they are selling. In your note, you talk about how the model y could cannibalize the model 3. Is that ok given the y is more profitable . Craig frankly, the more profitable cars have been the model s, model x. At the beginning of this year, we saw some cannibalization take shape their. That is one of the reasons he was down in the Third Quarter. That has continued. The model 3 has continued to cannibalize with much larger portions. The model y may start with higher margins, but it will significantly pressure preexisting demand. We dont think it will be additive to the model three. We think it is a substitution play and does not expand the market much beyond what is already served by the model 3. Taylor joe, you are nodding. What do you make of the composition mix . Joe i agree with a lot of what craig is saying. For starters, the y will cannibalize the x significantly. It will be the margin hit. There will be cannibalization of the model 3 as well. However, it is important to not lose sight of the larger picture, which is coming into 2020, has audi gotten their act together . Porsche, mercedes, ford . No. It is a little surprising given how long we have known electric vehicles are important that no one really stocks up with tesla in this mid premium segment. Taylor crag, weigh in on that. Where is the competition . Craig joe and i agree on a bunch of things but one thing i disagree on significantly is the assessment of porsche and some other vehicles. Porsche drivers care about how the vehicle goes down the road. If you look at the success going around the takon, it questec. The model s cannot get around it. They had to strip the vehicle, at extra capacity, etc. , to try to get there, and they still failed and will try to come back and do it again. Porsche drivers care about the experience in the vehicle. Epa mileage numbers do not matter as much. Vehicle will be a large success for that company. There are potential buyers for tesla vehicles. They will be switching to porsche and other oems over the course of the next year. Taylor i wonder as we look at another chart im looking at in my terminal, what has been the big hesitation from the street to catch up to the share price . The median price target is only 293. Is it elon musk himself . What is it that makes people so nervous, so cautious, i should say, about this company . Is joe i dont think it must. Must has been blessed for a while. It is not anything new. The stock has moved quickly and is expensive. I got caught wrongfooted. You have analyst looking at it saying, do i really want to jump on board here one stocks spike like this . Particularly because people doing detailed work like crag and me know margins will likely be down in q1 as they load the china factory. People are unwilling to jump on the train here. Taylor craig, what is the biggest overhang for you on the stock as you look at the difference in the shares trading in the median target . Craig tesla is no longer a starter. Tesla is a maturing company. It is not an emerging growth. So why does it deserve to trade at 40 or 50 times earnings . It doesnt. This is a company where margins, overall shareholder returns matter. That is a transition that shortterm investors really skipped but they drive volatility in the stock. The big institutions are the ones that drive evaluations. I dont see major institutions loading up the truck on the stock here. You are much likely to see people buyers closer to the 250 target. Ours is 249. You can get there with the margin missed that joe is referencing that is likely to materialize in the fourth or first quarters. And the disappointment around china. The expectations around china are really lofty. Taylor both of you sound a bit more neutral than the other big bulls i have heard out there. I want to ask a final question to both of you. What needs to happen in 2020 for you to change your opinion on tesla and become a bit more bullish . Joe, i will start with you. Joe to be honest, im looking for an entry point. I have been positive and sang for a wild the Company Makes the best e. V. s in the market. They still do. Waiting for the more modest set of q1 expectations. Taylor craig, your thoughts . Craig i will look for expectations versus what i think is a fair outlook. I did upgrade the stock to buy around the 200 level this year. Part of my bullishness really was china. I thought people were far too bearish on the financing outlook and china. We really do see china being a real market, but you know if china ends up being 300,000 unit market, yes, i can turn positive absolutely. I dont see that in the realm of possibility right now. Taylor thank you, craig irwin and joe osha. Hear why the Trump Administration came to the defense of the tmobilesprint merger and why they think it will benefit consumers. That is next. This is bloomberg. Taylor the Justice Department and sec are supporting the tmobilesprint merger. Not beid it should blocked. They said the combination would benefit consumers, not harm them. Twitter removed almost 90,000 accounts linked to the Saudi Arabian government. Researchers identified as part of a Propaganda Campaign to spread their political interests. They were using their large volumes to aggressively like and retweet things related to western politics. Numerous possibilities with a new pay package. How much is the new alphabet to elearning . We will find out next. This is bloomberg. This is bloomberg technology. Im taylor riggs. Ceo is getting a hefty pay raise. About 242 million if he hits all of his performance targets. Googles cofounders larry page and sergey brin step down and named pichai to the top job. We are joined by mark bergen. This is the first time they have compensation to performance. Why now . Mark i think in part because sundar is the man in charge. Larry and sergey have stepped down away from the company. I imagine this is where the board is turning it into more of a managerial, conventional company in some ways. Google has said they are not a conventional company and part of that is how they structured the executive compensation. A lot of it was about retention. They built incentives to keep sundar around. Now the board feels this is tying it to performance is something that is necessary. Taylor what are some of those performance metrics . Mark the performance of the stock of the company. Google is still 99 of the sales. I dont see that happening in the next three years really dramatically changing. You have waymo, the self driving cars. The market speculates if they spin those units out entirely, whether that would affect the stock. The stock is primarily looking at a couple of things. One is growth of the core advertising business and any progress they are making in new areas like cloud and youtube and hardware. Taylor do you think three years is long enough to avoid the shortterm risktaking to boost the stock, but also try to manage for the longterm . Mark i think so. Three years, that is certainly where we have seen some earlier reports that is where google is hoping to get. Somewhere close to second or first. Certainly show much more progress in the Cloud Business. The Cloud Business has been the top priority for the company. They talk a lot about it in earnings calls. They are in third place behind microsoft and amazon. Next year, they will start breaking it out and showing it to wall street. Not necessarily true. Google has been historically slow about and not very transparent on that. That would be some evidence for investors that the Cloud Business is making progress and they are continuing to invest in that. Fairly that timeframe is realistic. Taylor it has only been a few weeks, we should say, but he is running the whole show. Any update on how it is going . Mark nothing crashed and burned yet. Some of the best subsets of google are longterm companies and operations. Self driving cars or something where we see a little bit of progress with waymo in arizona. Their tests there. They are further behind than expectations. Sergey brin was saying 2012, 2013, they will athletes of selfdriving cars. We are sort of their but there is long evidence that we are a long way to go before it is operational before they have people in cars without a driver in the front seat. So, daytoday changes. A lot of sundars job is effectively being a resource allocator. Deciding waymo gets this much money for the quarter, this much money goes to the cloud, this much goes to youtube. What theill decide businesses we are investing in and the ones we are not. Taylor mark bergen, thank you for joining us. Coming up, the spectacular rise and fall of wework. We will break down what was supposed to be one of the years biggest ipos. Thats next. This is bloomberg. Taylor lets get to the weeklong series tech 2019 rewind where we take a look at the worlds Biggest Technology companies and the challenges they face over the last year. In less than one year, we work went from having a 47 billion valuation and being the darling of the Venture Capital world to needing an 8 billion infusion to avoid running out of money. There was a big rebrand. It was broken up into three distinct business lines. Wework, welive and wegrow. In july, wework was looking to go public in september and was targeting a share sale of 3. 5 billion. But september came and the company was said to consider a valuation between 20 billion and 30 billion in the ipo. By the end of the month, the ipo was delayed and the ceo stepped down. We go over to october. Softbank came in with a 9. 5 billion rescue plan for 80 stake of the company. Had 1. 7, wework billion in financing led by goldman sachs. I want to bring in Rhett Wallace and phil haslett, both in new york. Thank you both for joining me. I want to start with you. I want to look at what happened with the ipo. Was it something specific with wework or was it purely Investor Sentiment changed about growth at any cost and wework was caught in the middle . Rhett i think there has been much think spilled about the situation but our perspective on it was fairly straightforward. The loss profile of the company was so big that investors needed to be able to do work and figure out how they were not going to be losing 2 billion a year. The company sort of year in and year out spent about two dollars for every dollar of revenue is generated. Our perspective is if the disclosure had been different, you would have a very different reception from the buyers of a stock like that. Of course, the unforced errors of the governance stuff. Nothing we heard from our customers indicated the poor proposition was objectionable, it was the way the offering itself was handled. Taylor phil, what is your take . Phil i think this was the straw that broke the unicorns back. The First Company trying to go public with 2 billion of losses, 20 times sales, and it gave a reminder that theres a difference between being a Technology Software company and being a tech enabled company. This is kind of the big breaker between lyft, uber and a couple of other companies that had tech within their product but still in legacy sectors. Taylor rett, you mentioned a point that have the information been presented differently, the ipo might have been able to stand a chance. What would you have liked to see differently in that offering statement . Rett the tragedy is the Company Since put out all that information. A 49 page deck they have released of all of the good kpis somebody would need to build at the unit level. Again, a little bit heartbreaking to see they had it all along. They just decided it is not clear what the reasons were to not give investors advantages that all private investors had, looking at the actual metrics at the unit level for the company. I think what phil said is right. Investors know how to evaluate a company. When you have a company that is not something that is easy or customary to evaluate, you have a burden of proof to get people the things they need to do the extra work, especially at this kind of negative. Even at 47 billion was not the right number, we are talking about a very Large Company and large transaction. Sadly, the metrics are all on hand and now all public. Taylor phil, had they come out and say we are realistic company, we dont want to be valued like an overvalued tech company, with this thing have gone through . Phil it would have been successful but at the same time, they would not have been able to raise enough cash with the audacious plans. When the story got started 10 years ago, they were really going to invest technology to reach much more scale which kept the eye off the ball being a traditional real estate company. I think what this brings to the forefront is there is going to be a slew of Enterprise Staff companies that are far more recognizable and comparable to be jesting things in the market with great margins and revenue growth, and hopefully profitability as well, that the market will get really excited about. Taylor this conversation to present day. The cost cut you have seen so far, are they enough . Rett at wework . It is really hard to say with the daytoday operating plan is now. You have a company that is basically going to be private for some time even though it is making disclosures beyond what a private company would do. We have been looking at this company that there are a lot of very smart, capable, experienced people around the company. Im surprised, especially with the sort of parade of wakeup calls we have had, if the company didnt really get itself back on track, if that makes sense, as opposed to the optics put forward to the market when they tried to go public in the fall. The other thing we can say about weworks impact on the market, a lot of people were worried it would take the tech market done with it. With bill. Com and other names we saw recently, it was corentin into being its own little thing, whether it is real estate or whatever it is. It is not representative of the mainstream Tech Companies a lot of people looking forward come to the market in 2020. Taylor rett, as you have analyzed the company, a lot of the worry with this was a company that had not been tested with a Business Model that had not been tested in an economic downturn. Are there any other disclosures or things the company could do that if there were a downturn, they are able to pass on some of those risks and share in that risk burden . With that make you comfortable . Rett they disclose all this stuff. The occupancy rates and what it cost them to build it. I think even though it is a new Business Model, it is not particularly difficult to understand that they run out of a bunch of office space and then rented out at a higher rate. I wish they put forward more evidence because they certainly made the claim that the company was very recession proof and my pickup occupancy during a recession. That is the kind of thing that could be easy to prove if they decided to do that. That is something people will be looking for, especially as we get deeper into the cycle. Taylor phil, i want to come back to you and take a look at the fundraising we have seen from the company. A 5 billion capackage. How long does this last the company until they have to fundraiser get . Phil it is a unique path for one of the socalled unicorns to go through this wave of large equity rounds, followed by credit packages and rescue packages. I think are some good bones in this business and they will have to accept that new pricing will be the reality. I think that is what happened when we recalibrated with the softbank injection. It resets the market and let Institutional Investors and Retail Investors know, hey, we have come away from this 47 billion rosy scenario. We will bring things down. I think it will be interesting even with the private equity markets, things will be relatively tame. Taylor what are some of the biggest lessons some of these other unicorns we talk about have learned this year from wework . Phil more corporate governance, independent board directors, profitability. It is a pretty long list. What i think what will be interesting is companies will learn they need to bring in more corporate structure, bigger voices to the table. They will also have to sacrifice a little bit of growth at all costs for the sake of profitability but it does not happen overnight. You will have a lot of busy finance departments over the holidays unfortunately because companies will be eager to come up and go public probably before you bring in a lot of uncertainty towards the end of the year with the upcoming election. Taylor rett, i was speaking to a few analysts yesterday. Tom forte, one of them. We were talking about uber and lyft in the fact they had to readjust. Be positive by 2041 and we have lost 35 of our share price since the ipo because they failed to adjust to that sentiment that phil described, that you cannot be growth at any cost. Where there any other ripple effects that you saw in the industry that was sort of outside just being affected or being hit to wework . Rett i go to a very simplistic place on that which i think the reason investors like the staff companies, like bill. Coms, is recurring subscription revenue is a lot easier to understand with the longterm prospects of the company are going to be. 12 or so Companies Like that went public this year versus the marketplace Companies Like uber and lyft. Wework would have been in that category as well but the company has to buy each new customer again every time. What you see is a story about much bigger marketing costs than the get big at any price strategy would have indicated is true at this page given the scope of these companies. If i was a big owner of uber or lyft, what i would say is those Customer Acquisition cost metrics is something i am focused on, but getting thrown out of whole markets like london all that once will be a bigger risk for me than a few bucks or cents per rider. It seems to me even though these are really Big Companies at this point, uber is arguably a 50 billion revenue footprint. Accounting reasons we say it is not revenue. Very big company. You would think the longterm profitability equation would be a little more visible and 80 we get to see what that looks like in the coming year, but maybe not because they got big without revealing what that looks like so far. Taylor such a fascinating 2019 conversation. Rett wallace of Triton Research and phil haslett. Still ahead, going above and beyond meat. The ceo tells us about beyond meats banner year and what to expect in 2020. This is bloomberg. Taylor lets get to todays top calls. Amd gained on friday after wedbush raised the price target on exit dictations of Strong Performance of its chips will give amd the ability to charge higher prices. The analyst said of the continuing theme of the cpu vendor supplying competition or even superior parts when compared to rival offerings from intel. U. S. Listed shares of blackberry surged at one point to the highest since midseptember after a reported thirdquarter results that beat excitations. Analysts noted a sequential improvement in the companys Enterprise Software and services business. Rbc Capital Markets said results were better than expected. Bookings Holdings Price target was raised to 2300, which cited increased confidence in the travel companys ability to sustain growth and gain share of the Global Travel market. The analysts see growth slowing but continues to be impressed with Bookings Institution across brands. That was a look at the top tech calls. Now, beyond meat has been one of the hottest companies of the year with shares up 200 since its ipo in may. Bloomberg businessweeks jason kelly and carol massar spoke exclusively with Ceo Ethan Brown about the key to the companys success. Ethan you always want to align yourself with the Market Players and that is what we have done since the beginning. When we decided to go into retail into thousand nine, the First Company we called was whole foods and that we proliferated out. When you look at our venture history, the First Venture firm we worked with was Kleiner Perkins and i we have a great list of many others. If you are now looking at the fast food space, you also want to adopt the same philosophy. Who are the marquee players and how do you become of service to them . That is what we will do whether it is mcdonalds, subway, kfc, jr. , we are constantly looking to serve the very best partners in the space so we can grow with them. Carol what is the focus . Retail or foodservice or if 50 50 split . Ethan our focus is on the consumer. Our relationship with the consumer is what makes the business so special. They told is no gmos, nothing artificial. Keep everything natural so that is what we do. That makes it harder. It would be easier to genetically modified plant material to make a take on the texture and appearance and aroma of animal protein, but we wont do that. We are constantly focused on what the consumer wants. We meet the consumer where they are. If it is quick serve restaurants, we will be there for the. Right now, it is about 5050. Carol so it could change going forward. Jason when you think about the test, lets talk about mcdonalds for a second, what have you learned so far . Because obviously from a volume perspective but a brand perspective, something that everyone, investors included, have been looking at very closely. What have you taken away from that . Ethan i have a great privilege of the in the ontario area a couple of weeks ago. I drove out to the donalds there. I went to three Different Stores and had a burger in each location. They were identical and delicious. It was a fantastic experience for me and one that was very satisfying. A goal i have had for a very long time to be of service to mcdonalds. It is going very well. You heard the ceo of mcdonalds canada say that. We cannot further comment on what they said publicly but i am enthusiastic with our relationship. Carol does it expand to the United States . Ethan that is up to them. What you want is a great test and i think we have every sign that is the case. Carol 10 accounts for 27 of the worlds Meat Consumption by blood volume. They already eat a lot of Plant Protein and they look at meat as a status symbol. What is your approach, expectations for china . Ethan you will see is be very aggressive there. We are aggressive in each market we occupied, whether it is the United States, we have partnerships with mcdonalds, kfc, dunkin. You will see us move with speed and exploit the first mover advantage we have globally in terms of building the brand most associated with the plantbased movement. I cannot expose anything particular, but you can guess i am very excited about that market and very active. Jason lets talk a little bit about chicken. Big chicken fence here. Carol kind of hungry. Jason the kfc test, as it were, down in atlanta, i believe that is where it was. It went gangbusters. How soon can you get into that market in a meaningful way . Ethan you will see some exciting things from us in the poultry space in 2020. I cannot name partners or developments. We look at three core platforms. Beef, pork and poultry. You can see consumers pulling off very quickly beef and pork. You are starting to see some pressure around the poultry industry. Weve done a lot of work there. You will see the fruits of that in 2020. Jason i wonder what you have learned along this very interesting year as the ceo and as a leader of a company that really is about a lifestyle and who we are. Ethan to get up every day and go into an office and work on issues that are so important not only to me personally but to the world, it is a privilege. This year, i think we were recognized by the markets for what we are doing. A dont believe that this is shortlived trend. This is something that has very long legs to it. If you think about what we are doing, we are not suggesting people dont eat meat. We think that would be a big mistake. I love meat. I love fried chicken, i love burgers. The idea behind the company is to provide a better form of meat. To provide meat that provides all of the delicious, satiating experience we have come to love, but does so in a way that is healthy for your bodys and healthier for the earth. If you look at what the mobile phone did in relation to the landline, no one had to denigrate the landline and we dont think we have to denigrate animal protein. We have to provide the consumer with a new and better choice, and let them make the decision. If we are successful, more and more will sign on with us. Taylor that was beyond meat Ceo Ethan Brown. He is part of businessweeks bloomberg 50 list this year. That does it for this edition of bloomberg technology. Bloomberg technology is livestreaming on twitter. Check us out. Be sure to follow or global breaking news network, quick take, on twitter. This is bloomberg. Hank i see this climate risk as the single biggest and most certain and formidable risk mankind faces. David head2head interest in business . Hank the easiest place to get into what is Harvard Business school. David lehman was on the verge of going bankrupt, but was there anything you could have gone differently in respect to lehman . Hank i tell you, i dont think there was. Will you fix your tie please . David people would not recognize me of my time was fixed but ok. Leave it this way . All right