Transcripts For BLOOMBERG Bloomberg Technology 20240711

We will hear from the head of west coast listings jeff thompson. Lucids desert oasis just finished a listing in san francisco. We will get a picture of supply and demand with first, u. S. Stocks started the month off by hitting records on stimulus talks and covert progress. Salesforce says it will proceed with plans to buy lack for 7. 7 billion to buy slack for 7. 7 billion. Slack prices up, salesforce had dropped. What do we see after hours . Abigail both shares are down. The idea that salesforce. Com would buy slack, now lo and behold, that is happening. As you mentioned, 27 point 7 billion in cash and stock. Some are wondering about the cash piece. Salesforce. Com does have a lot of cash, so using it here for this deal, and i think the bigger thing to take a look at is the fact that salesforce. Coms Ceo Marc Benioff has made more than 60 acquisitions, as you know, in his 21 years, making salesforce. Com the conglomerate of all these different pieces. Now they have this Communications Platform along with their Relationship Management software, making them once again a big competitor to microsoft, giving them an extra bell and whistle. Going forward, though, it is interesting because they also reported this news, but the forecast Going Forward is slightly disappointing. Not that surprising to see that happen, the Company Giving themselves a bit of wiggle room. As you mentioned, slack at this point, because of this deal and the speculation last week absolutely taking off. The deal price is about 55 above where the stock had been last week. You can see just going up parabolic lay on the report, a little bit of sell the news. Emily put this in the context of what we have seen in broader markets today, given this essentially positive news around stimulus as we head into the holidays. Abigail stocks did not react too much to the news of stimulus, the news that there is a proposal of 908 billion, far 2. 5 trillion dollars democrats want, but stocks clearly in a good mood for the day. Apple having a great day, up 3 . It was not just big tech. It was also small caps. The cyclical sectors, the banks, all in. You do have investors in a bullish mood, and i think a lot of it has to do with the vaccine. A did fall on the day after soaring after the announcement they are applying for eu approval. Certainly a bullish push for stocks, so netthat, the bulls are out once again. , the bulls are out once again. It will be interesting to see longerterm what the reaction is. Emily thanks so much. We will talk a little bit more about that deal right now. We knew this deal was going to happen. We were just waiting for it to be sealed. Is this good for salesforce . Is this good for slack . Quick thanks for having me on the program. I think overall, this is a really great deal. As abigail mentioned, salesforce continues to expand their playbook. They have grown to be a highly diversified company. On even are taking bigger news and a bigger challenge by acquiring slack and entering a market they had previously not been part of it, and that market has some very large competitors, and overall, i think it is a really good move on both their parts. Doing slack has been incredibly well as an independent company, especially in the midst of the pandemic. Do you see slack on a continued upward trajectory, or would some of that growth stop accelerating as we come out of the pandemic, as vaccines are successful, and as they continue to compete with microsoft . Chris yeah, yeah, i think they definitely have an opportunity to continue to accelerate their growth rate, especially now with salesforce helping them and putting the entire salesforce sales engine behind the company. Salesforce already has relationships with all of these enterprises they are trying to help, so that is going to be a big advantage and a big win and probably part of the reason why you see the premium paid. They think they can increase the growth rate and they know slack has a really good competitive product and offering, and they believed together they can grow even faster and generate a really nice return. Emily how big a competitive threat is microsoft at the moment, with their teams product and with teams being a gateway to other microsoft products . Chris it is definitely a very real competitor. I was actually at google when we were competing against microsoft in the communication and collaboration space. Its very hard. They are very good at what they do. The teams product you could not comparable to slack exactly, but the way they offer it is a bundled solution. Its a hard, competitive battle, and thats why i think it makes sense to team up with someone like salesforce where you can now get some synergies between the two, both from a sales perspective but also from a product perspective, and they can Work Together to deliver more innovation and be more competitive. Reminded of microsoft buying linkedin back in the day and how big a deal that was. What do you make of the personalities . Mark any off has a big personality. Has a bignioff personality. Stuart butterfield has a big personality. Hes always on social media sounding off. Chris thats a good question. I feel it can work. Stuart has always been flexible. The whole slack story, it feels they have always been flexible and focused on continuing to build a more valuable company, and mark has obviously proven they can make even large acquisitions like tableau, which was 15. 7 billion, i believe, very successful. That was a wellestablished company, and it seems some of these others like velocity are going to continue to grow, and a lot of those leaders are helping to grow, and i think they will find a way to make it work. Emily interesting to hear your perspective, especially about your time at google. Thanks for stopping by. We will be talking about this throughout the show. Coming up, diversity in the boardroom. One of wall streets biggest names rewriting the rules. Next. This is bloomberg. Emily nasdaq is joining Goldman Sachs in an aggressive push for more diverse board for companies that want to list on its exchange. Under its proposal, most firms would have to include at least one female director and one who identifies as an underrepresented minority or lgbtq. Todaq now seeking approval implement the proposed rule. Joining us now, the head of listings for nasdaq. Thanks so much for joining us. What was the impetus to do this . This was not part of a national law of any sort. Why did nasdaq decide to take this big step . Nasdaq has been focused on diversity for a while now. We signed up for various frameworks like securities pledge, 30 coalition more recently. The board challenge. It has been something we have been looking at as i while at something we have and looking out for a while as a National Stock exchange. One of the things we focused on his corporate standards for our company. It was not long ago, back in 2003 when we said we wanted to see the majority of directors be independent. At the time, it was controversial. We decided now was the time to put forward this new disclosure framework where companies have a consistent way to report their Board Composition as well as their Board Diversity philosophy or all their stakeholders, including investors. Emily now there will be a Public Comment period. What kind of pushback are you expecting and have you gotten so far from companies themselves who might say this is a pipeline problem . We did a lot of research on this issue before we put forward our proposed rule. We also spoke to dozens of organizations such as the aclu and naacp. We feel really positive about the way we structured this rule filing, and be pink its going to be a really nice way to be a first step in this journey to bring more diversity into the boardroom. We also announced today a so candidates can join us on the journey to have a more diverse board. Isly the way the rule written, nasdaq has given companies and out. They can simply give reasons why they dont have four meet these requirements and move forward. Goldman sachs on the other hand drew a firmer line. Do you think you might actually make this an official requirement, and what would the impetus to do that . I think the one thing everybody we spoke to about this agreed on was there is a lack of disclosure, and that is really the first step in addressing the issue, making sure there is a consistent disclosure framework. A number of states have enacted legislation to require certain numbers of either female or diverse directors, but there has not been a consistent national framework, so that is one of the things that this rule proposal highlights. It allows investors and Company Stakeholders the ability to see what companies have in terms of their current level of diversity and what their goals are for the future. We think by taking the first step in making these disclosure standards along with a compliance framework, that will give companies the ability to articulate their position on the issue. Emily if this is a first step, do you see nasdaq taking more steps . I think we have been on the journey for a long time in terms of what is the right structure for Corporate Governance for all of our listed companies . It is something we are always looking at. One of the big trends in the Capital Markets these days is the topic of esgfocused funds and investment. Investors now are looking for much broader disclosure. Rather than just the financials, they want to understand how they are addressing things like the environment, society, as well as governance standards. I think this is part of a broader trend for investors looking for more and broader disclosures. Emily about to ask you about this salesforce slack deal. Obviously, slack is a listing you fought hard for as the head of west coast listings. What is your take on the deal and your views on Software Consolidation in general . If you look at what has happened this year due to the pandemic, theres been this huge work from home trade that has been on. If you look at the nasdaq 100, we are actually up 40 this year versus 4 for the Dow Jones Industrial average. Part of that is starting to reverse with the announcements of some positive results from vaccines from some nasdaqlisted companies, but overall, you can see companies that are leading Digital Transformation and that are innovative in their sectors are the ones investors are really rewarding, and now we are starting to see the next phase in that growth in terms of acquisitions for high flyers. Emily when you talk to startups, how do you convince them that going public is the way to go in this environment persists acquisition . It is obviously something every company has to decide for themselves. It used to be there was a dual track. Now we are seeing the triple track. We have had over 50 billion raised on nasdaq this year for specialpurpose Acquisitions Companies looking to merge with private companies to bring into the Public Market, so theres no more ways than ever for private companies to access the Public Market and the liquidity and ability to raise capital that it represents. Emily nasdaq will also be the home for every and be when it gets to the Public Markets later just anth, potentially week from now. What are you expecting as we end the year, and what seems to be a lot of pent up demand for ipos in this environment . We have an incredible lineup of ipos coming this december between airbnb, wish, just to name a few. We are actively discussing with a number of companies targeting some pretty big ipos in q1 and q2 next year. We dont see any signs of this slowing down. Emily the longterm stock there are reports airbnb could do an additional thatng on another exchange also plays to care about sustainability. We also have a focus on longterm value creation. Thats one of the reasons we move forward on this whole initiative around order and diversity. I think any innovations in the Capital Market that drive the longerterm mindset is a good thing. All right, always good to have you on the show. Thanks so much for stopping by. Coming up, bitcoin hit an alltime high yesterday, just short of 20,000, but is the rally sustainable . We will talk to someone who predicted the current price point next. This is bloomberg. Restrictedhas a very supply, even more so than gold has, and investors are finely tuned into the fact that this is a way of protecting the value of their money. Bitcoin is being used as a store of value. People are worried that Central Banks around the world are debasing fiat currency. You are seeing the rise of cash and you are seeing more and more digital forms of payment. It has been going up at a compound annual growth rate of 10 for 10 years. Thats my forecast. I think it will keep doing this. Im not a strong believer of bitcoin. You dont know who owns it. You dont know how much it exists today. Theres nothing tangible behind it. Emily bitcoin just shy of 20,000, bringing a new outlook. O the currency market the bloomberg crypto index, which is designed to measure the coins traded by the u. S. Dollar, up over 50 . For more, someone who andicted this level predicts there is still more room for growth. How much more room is there . I think next year is going to be even more exciting. Im going to give you another price prediction. I think bitcoin hits 3000 within the next six months. Emily really . How do you get that number . Right now, you are having is attritional having institutional fomo. Once it gets past when he went out dollars, theres very little pasttance once it gets 20,000, theres very little resistance. When people see the numbers and revenue behind coinbase, thats going to get people like e trade and Charles Schwab to really jump in the space. I think you hit 30,000 pretty quickly. Emily what about nonbitcoin believers like gary cohn, who i just spoke to yesterday, who said for all the reasons it is successful, those are all the reasons it very well might fail . He is welcome to short it going. That is what makes a great. Institutions believe they could hedge to the u. S. Dollar because the fed is printing money now and all that, or it is a good gold trade if you believe in gold. Can find another goldmine tomorrow and increase supply, where bitcoin, the supply is decreasing every year, essentially. Paypal and square are buying more bitcoin, and bitcoin is being produced every day. Institutions are buying more, which is obviously happening now, due to the price going up quite a bit. When institutions hit 80,000, i think that is when they might taking chips off the table. We have never had individual sales pressure before. Emily we saw visa partner with a startup to offer bitcoin rewards. Will see theme moving in on credit cards . Yes, i do. We have actually had a visa card as well as a mastercard launch in the last couple of years, so we see a lot of these cards launching all over the world, and their rewards are making it even easier for people to get crypto back. They have done a great job marketing these products around the world. This is youraid, business. You have to think about the risks. What are the risks you are most concerned about . What could slow this rundown . The risks are always around regulations. That has been the problem that keeps me up at night essentially. Exchanges during Money Laundering rules, if it becomes too burdensome for people to actually make purchases. That is what i think is the big regulatorsi think know bitcoin is here to stay, and they are trying to make sure they pass rules that are agreeable to everyone and still userfriendly for consumers to keep coming back for more. Emily this may be a rhetorical question, but what is better whats a better store of value crypto, bitcoin, or gold . Thats a great question, and honestly, it depends on the user. The thing about gold, it is a store of value. Crypto has many other uses. Some use it as a store of value, some as a currency hedge, some four minutes. It has many different uses around the world, and that is what makes crypto so great. Emily where are we going to be this Time Next Year, a year from now . Again, i think the price will hit 30,000 fairly quickly, and i think institutions will start selling a little bit. Im not sure where it will end up after that. It could easily hit 40,000. It could be back at 25,000, but i think somewhere between 20,000 and 40,000 next year is safe to say. What is first data, what is strike going to do . The movement is happening. You are seeing Companies Buying bitcoin on the Balance Sheet now, so it is definitely here to stay now. Emily thank you so much. We always love your predictions. Coming up the grand canyon state is becoming home to the electric. Ar we will take you there. This is bloomberg. [narrator] this is kate. Hey. [narrator] she takes two prescriptions. Kates son jack, takes one too. Kate works hard, and thought she had good insurance. But she still pays too much. Thats no good. So kate downloaded the goodrx app. Now she can compare prescription prices, to find the best discounts. She even beats her insurance price. Good for you kate, good for you. Goodrx, stop paying too much for your prescriptions. Download the free app today. Wannits timeight and for aerotrainer. A more effective total body fitness solution. announcer aerotrainers ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time. It allows for over 20 exercises. Do the aerotrainer super crunch, push ups, aero squat. It inflates in 30 seconds. Aerotrainer is tested to support over 500 pounds. Lose weight, look great, and be healthy. Go to aerotrainer. Com. Thats aero trainer. Com. Emily welcome back to bloomberg technology. A company which brands itself as offering luxury electric cars is building an arizona factory from the ground up in less than a year in anticipation of production starting next year, but when the Assembly Lines firing up, can lose it keep up with them with demand, and with the euphoria around ev stocks, can they keep up . You built this factory in arizona from the ground up in less than a year. How challenging was that to do, in a pandemic no less . It presented many challenges, but ive got a hugely professional team on the manufacturing side. We were able to plan this very thoroughly from the ground up, and we planned it in phases. What you see is just phase one, which we constructed in under year. That phase one represents 30,000 units a year. Emily lets talk about supply then. How many preorders do you have versus how many cars you believe you are able to make each year . We are very blessed, we have many, many thousands of preorders. Veryulk of those have got significant deposits associated to them, so they are very real preorders. Weve got to build up production in a very progressive manner, starting with focus on policy. Get the policy right and gradually ramp up the can move about 30,000 units per year. Emily does that mean you will not be able to meet as much demand as you have initially . I think it is nicely balanced. I think we can meet that demand. Initially, it will take a while to get to those preorders, but remember, we are going to as we grow our volume, we will be more technical versions, so that will balance the demand and our ability to manufacture. Remember, we start with the iszing transition this not a virtual studio or virtual background i am in here. Im in our Beverly Hills studio. Behind me is an example. We are starting with that in spring of 2021 and hot on the heels of that bringing in the ground touring car at 130 9,000. After that, late next year, touring at 95,000. In early 2022, the car we are pureaiting for, the version, the mainstay of the range, and that will be under 70,000 with the tax credit. Arey you have said you going to announce your International Expansion plan. What are those plans . Your biggest factor is the saudi Public Wealth fund. Will we see you build a factory in the middle east . We have great lands we are putting together right now, and we hope to be in a position to make a formal announcement early next year. We want to do something really meaningful. We want to really be a catalyst in their transition from fossil fuel dependency, and i think ,hat is just a major step making this bold step to Renewable Energy and renewable , and then later, we have plans for china. Emily a factory of the same size . Indeed. Isould also say that arizona our sort of spiritual plan, and can be cascaded out to plants elsewhere in the world. Stocks have been on a tear. Do you feel we are in a bubble, and how is that impacting your plans to go public . I think we have to be very careful how we view this. Success ofn the tesla, which has been a whole ev stocks, i see a lot of stocks going public, but i dont see technology. Lucid is a tech company. We have world leading technology, and it has always been our plan to go public at our time, so, please, watch this space. Emily all right, lucid motors ceo. Coming up only 43 of investors are investing in multicultural foundedcompanies. We speak to Morgan Stanleys vice chair, who is opening a new diversity report who is hoping a new diversity report can shed light on a trillion dollar blind spot. Thats next. Emily as we covered earlier, nasdaq, Goldman Sachs, and a number of Tech Companies are pushing for more diversity on their boards. Meantime, a new Morgan Stanley report shows the intensified dialogue around race and equality has captured investor attention and shifted strategies significantly. While results seem encouraging, it has also found the changing attitude is uneven. Traditional vcs are still less or fromo be women multiculturelead firms. Joining us now to discuss, the vice chair and managing director at Morgan Stanley. Your report sheds light on what you call the trillion dollar blind spot. Talk to us about the continued between seems to exist talk and action. Absolutely. Ill tell you, im encouraged by this report because it does show some progress from this time last year, and i do think of movement hasatter changed our minds. In fact, thats what this report says. It says vcs are now more likely to consider investing in multicultural entrepreneurs. The thing that was really exciting to me, frankly, was they75 now say that believe you can invest in multicultural entrepreneurs and still do well and have outsize performance. That is huge because if you remember 10 years ago, 15 years ago, when people first started this wholethere was question around if you could do well while doing good, and i think to have this admission now is good. There is still huge in equity. Reports show even in 2019 that women received less than 4 of traditional bc dollars and people of color, less than 2 , but the fact that the awareness has shifted in these last 12 months, im very optimistic about what we might see this Time Next Year in the report, especially given the other things the report talks about with respect to people now being more aware of the performance in their own portfolio of the companies they have invested in with multicultural entrepreneurs. For the most art, these companies are doing better in their portfolio, so just paying attention and the awareness i think is going to make a difference. Emily whats your thought on the nasdaqs move requiring companies to have a woman and person of color on the board, but not making it a rule companies can simply explain why they dont have one and still move forward, though certainly putting the pressure on them . I think, frankly, it was a profound and provocative statement. When i read it, the first thing leaderships, wow, because they are an important player. For them to make this statement and for them to say theyre going to advocate with the sec to make it a requirement and to put that out there i thought showed real leadership, and i think people will celebrate the change. Emily at the same time, i dont know if you are familiar with the coinbase controversy where the ceo has said they are not going to take on activism around social causes that are not directly tied to cryptocurrency. A number of africanamerican employees have left. A number of other employees have left. At the same time, you see evidence that we are moving two steps forward, this evidence we are moving three steps back. Someyou not let that of these more pessimistic developments hold you back . A glassdisclosure, im halffull kind of gal. The fact that company after company has come out and made a statement around what they stand their focus on diversity and inclusion and equity and then belonging and that they are actively trying to do something about it, i think that far outweighs that one instance. Heres the other thing that makes me optimistic i frankly think that millennials and leaders, which are largely becoming the dominant population in the workforce, they are going to turbo boost that which xers have tried to do the last 20 years. Their idea of excellence is to multicultural leadership. They have seen women lead and they have also been done institutions where they had a smart smart black kid on the left, smart hispanic kid on the right, smart indian kid behind them. When i was walking out of business school, Corporate America was, frankly, six white men at the top. You knew as a person of color that if you wanted to play, being the first and only you in the room. For whatot the case millennials see as excellence, that will compromise any employers objective of being employer of choice. Emily joe bidens Economic Team is rounding out. What do you make of his cabinet picks so far . One word for you exciting. Emily exciting why . Because it is diverse. One of the things i said a lot in public is not as a leader, you should avail yourself of all the talent that is in the marketplace, that if you have homogenous thinking at the decisionmaking table, youre likely to have a gap in your strategy. In order to make sure you are serving all your customers, all your constituents, which, by the way, in this country happens to be a diverse population, you need to make sure you are availing yourself of all the excitedthinking, so im. Emily great to have you on the show. Thank you for your work. Vice chair and managing director at Morgan Stanley. Still ahead, twitter was one of the First Companies to work remotely in the midst of the global pandemic, but dont expect them to be the first to return to the office. I will discuss with twitters ceo cfo next. This is bloomberg. Some breaking news out of texas. Cases of covid19 in texas have risen by more than 18,000. That is a huge jump, breaking the record in a daily new cases. Of course, as we know, cases have in continuing to rise around the country and around the world, something we are, of course, continuing to follow. Even before the coronavirus outbreak hit in the United States and offices closed their doors, twitter was preparing for a future that relied heavily on remote work. Spoke earlier with a cfo about if he feared for the future of productivity. This was a decision that was really separate on the global pandemic. For a couple of years, we sought to decentralize our workforce. What that means is we love the places where we have our 35 offices, but we dont to be tied to those as we grow our team. Some people are more productive on their sofa in fontana and others are more productive in an office because of their personality type or job function, sometimes because of where the rest of their team sits. We want to Leverage Technology and tools to allow people to work where they can be most ducted. This work was well under way but substantially accelerated accelerated when we were all sitting home in march. It gave us an idea to know what it is like when your kids are on the band with for school and youre competing for bandwidth. It has helped us design tools,es, create new license tools from partners to make sure people can be productive. So far, we are really pleased with what we have seen from our productivity perspective, but that does not mean we are shifting as fast as we were before. It also means we have found ways to adapt to allow people to do their best work despite all the challenges cobit has created. Emily does that mean things are moving less quickly in some ways in terms of productivity . I dont think they are moving less quickly, but at the same time, i think it will be years before we know what the true impact is of this time period. Right now, nine or 10 months in, and a lot of the work happening at twitter is based on things we had started earlier, so we are working really hard to create the space for people to be creative, for them to come up with new ideas, for them to have hallway conversations, albeit over a screen, so they can benefit from the interactions they need with their colleagues in order to create the next great feature or function on our service. Employees do you think will actually go back to the office . What percentage of twitter will work in the Office Versus working at home . We have surveyed people a number of times, and what we have found is a lot of what you get back has to do with where we are in the cycle of shelter in place, where we are in news about a vaccine, and a lot of other things going on in peoples lives are their kids in school or home for the summer . The broader take away when we step back from a little bit of the noise you get from one survey versus another is that people really value flexibility. They want to be able to work in the office sometimes, and at home or another place other times, and i think that is something that hope we we all take away from this environment , and a lotxibility of people work where they are most productive. I dont think we will really know what that will look like until we are far past the vaccine and people have come back to offices and seen what it is like to have choice as opposed to now where we dont really have much choice. Emily there is running the daily business of twitter and the fact that every crisis, every controversy seems to unfold on twitter. How does that influence your day job . It influences it a lot or all of us, but, thank lee, we have a really strong policy team, a really strong product team, a really strong infrastructure team, all of whom are critical to making sure twitter is there for people, to making sure those moments that we are enacting policies quickly and transparently, and to make sure that the product works in a way where people can find the things that they go to twitter to look for. Emily younger generations, many newer hires perhaps, are increasingly cognizant about the sustainability and social issues. Obviously, the black lives Matter Movement has been incredibly powerful and important over the last few months. Twitter has historically been very active on these issues, issues,showcasing addressing issues within the company. Where is twitter on that today, and how to make sure that those issues stay relevant . The issues of sustainability, of respecting the environment, good Corporate Governance these are things that are important to us as leaders of the company, but they are also so important, as you alluded to, to all of our stakeholders, if its an advertiser who want to align themselves with a platform that they can be proud to have their ads serve on, content owners who want the highlights from their events of showing up on a service where they can be using ourpeople service. One thing we know we need to do a better job of is to bring all this work that we do in support of those goals together for people to see in a cohesive way. We give employees 2000 of matching funds to support the nonprofits of their choice. We invested 100 Million Dollars we announced this a couple weeks ago into low income communities in the United States. We are working in other ways, if its d staggering our board, which we announced a few weeks ago, or buying Carbon Offsets for our data centers and lights to support the environment. Conversationsting there with twitters cfo. Catch more of that online. Meantime, i want to get back to the biggest story of the day, salesforce agreeing to buy slack for 27. 7 billion. 27. 7 million. For more. Joins us now we are getting more details on the deal. I guess the big question is a deal of this size, a company of the prominence of slack and the importance as we continue to work from home is it going to work . Yeah, its a major deal. In order to answer your question, in order to make this benioff willrc have to do is enable slack to continue to have its own personality. Slack has a very definitive user interface. Its very popular with the companies that do use it. I think what you will want to do to keep Stewart Butterfield happy, the ceo of slack, to keep the staff happy and to keep betomers happy is let slack slack and not feel like you have to fold it into every piece of software at salesforce. You want to keep its distinct personality, and that is executives are saying. You dont want to create something thats going to get folded into the salesforce board. Remember that salesforce had its own sort of comparable Workplace Productivity chap called chatter. People just have not been thrilled with it. I have not used it, but we talk to people, we read the responses from people. Chatter did not evolve, nor did it resonate. Recognized that people are looking for a way to communicate, to collaborate in. N efficient way he recognized that this is a product that works. At the same time, you have to look at why did this happen now . If slack is so great, why did this go out . Remember a couple of years ago, amazon was looking at slack. Almost every big company at one stage or another has looked at slack. Why did slack pulled out as long as it did . I think you are seeing right now slack recognized that composition competition from Microsoft Teams is really starting to gather pace. You saw earlier in the year, slack was rising, but now is on a declining trend. I think that is a function of teams. Emily interesting. You answered my exact question. Certainly something to continue to follow. We talked about the personalities of the people earlier, but you mentioning the personality of slack, also a very good. Thanks so much for giving us that update, and thank you all for watching. That does it for this edition of bloomberg technology. Bloomberg daybreak asia is coming up next. This is bloomberg. Its moving day. And while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. It only takes about a minute. Wait, a minute . But what have you been doing for the last two hours . Delegating . Oh, good one. Move your Xfinity Services without breaking a sweat. Now thats simple, easy, awesome. Xfinity makes moving easy. Go online to transfer your services in about a minute. Get started today. Shery welcome to daybreak asia. Todi we are counting down asias major market opens. Wall street ended december with revived stimulus talks and vaccine optimism. The dollar slides to a twoyear low. Supports of new fiscal