First, snap wrapped up its first day of trading thursday. Shares closed up 44 from its listing price. It reached a high of just over 26. It closed at 24. 48. The maker of the disappearing photo app ended a long tech ipo drought. We caught up with Bloomberg Ipo reporter alex barinka and sarah frier. If you think about the range, a typical ipo you like to see 20 to 30 . This one will have more buzz baked in. Twitter was 70 percent plus on day one. Facebook less than 1 . When i look at trading and how the stock was around that 25 mark all day, it was stable. There was not a lot of swinging going on. We saw it selloff towards the end of the day, but it seemed like a decent way to go out. No one is complaining about the return for investors. If you look at the ipo scoreboard, facebook now almost triple its ipo value. Twitter, down 10 , now down 65 . It is worth remembering that what happens on the first day of an ipo is not always remain. Talk us through the managing expectations. The roadshow was not all smooth. There were some bumps 2iron over. Bumps to iron over. Many questioning the user growth. Absolutely. This is a company trying as hard as it can to not set up those comparisons to facebook and twitter. This is a company that does not want to be judged on its user growth, but it will be judged on its user growth. That is a metric that slowed in the Fourth Quarter. If you dont have the users, you cant make the money off the ads, but the argument is the User Engagement on its app is so immersive and so frequent, it kind of does not matter the quantity as much as the quality. They do have some Pretty Amazing statistics. Goldman sachs had their role cut out for them. They were stabilization for the entire trade, and they took their time. They did. That is kind of what they are known for. What i can tell you now is, you saw bobby and evan ring the bell. I disappeared, chasing them down, because they went over to goldman to watch the first trade happen. They had to work through that, and the shares finally started trading at 11 19, so you can see the gap between the 9 30. It was so important to find that sweet spot to get this pop. You saw them price at 17 a share, even though the deal was 10 times oversubscribed. Maybe they could have priced a little higher, but if you think about the companys impetus for pricing it at 17 instead of making 200 million more at 18 a share, doing that kind of reward for shareholders willing to take a bet on them on listing day, saying we will give you a little extra wiggle room for your return. We are not taking too much money off the table. We can ease our way through that trading going forward. Sarah, you were out there in Silicon Valley. So much hope was riding on the success of this ipo and how it trades in the next few months and years. There are other companies waiting to enter the Public Market. How do you think it has been digested in Silicon Valley among the Investor Base and startups . This is a highstakes ipo, because there are so Many Private Companies that have ballooned into the billions and tens of billions like uber. People have been waiting for these companies to go public, but it has not been necessary because there is so much capital available to them on the private market. Also, the markets were volatile. They are looking at this snap ipo, the biggest social media ipo since twitter, and saying if they can do it, there is an appetite on the market for these kinds of deals and for highly valued stocks. Alex, you are talking to sources already. What are they saying . To service point, the average company is not is about private for nine years. Snap is younger than that. They would go public when they were less mature. That hasnt been the case these days. Snap is going against the grain by going out as early as it was, and there has been these arguments in the past year where the buy side in equity markets has been risk off. They want to see more profitability instability. But snap is coming out with an Unprofitable Company whose Business Model is probably about six quarters old, and the deal itself did well. There are still . There are still question marks about the longterm returns, where the stock goes, how the company fares, but this is a proof point saying maybe staying private forever is not necessarily the best thing. Maybe having your judgment day in the Public Market is just as good as doing it privately with basically the same investors, these big crossover names. Uber, airbnb sara, you also cover facebook. One of the questions is they can copy what they do and do it better with a bigger user base . They can and they have. Instagram copied the stories feature where people can create daily reality tv shows of their lives. This is a product people are now using on instagram as much as on snapchat or maybe even more by this point. This will continue to happen. Whatsapp is a popular chat app. More than a billion users over the world had a similar feature added earlier this year. Facebook is considering doing it too, so this is a constant drumbeat of copying snap. Yes, it harms the potential. We will never know how much faster they could have grown if it werent for that. The company does not attribute their loss of growth to instagram, but it is interesting. One positive side, i want to point out that advertisers say it is a little counterintuitive advertisers say they can justify buying snap ads because the format is now the same as ads they can buy on instagram. Caroline bloombergs alex barinka and sarah frier. Still ahead, the story of the week, and we catch up with one of the First Investors in snap, jeremy liew of Lightspeed Venture partners. The New York Stock Exchange president tom farney discusses snaps trading debut. Take a listen. I take great comfort the stock opened at 24 and is trading smoothly around that number. That is what you want on the first day. Especially with a large ipo. Caroline back to the tech story of the week. Snap decision higher than its original listing price. Ending the day on its initial listing higher than its original listing price. A number of Silicon ValleyVenture Capital firms will make a small fortune from their investment, like Lightspeed Venture partners. It began as a 485,000 investment. We caught up with jeremy liew and asked what made snap such an attractive investment. Take a listen. When we met evan and bobby and heard about their vision, they talked about how there was something missing from social media, how it had almost become a highlight reel for your life, that was creating performance anxiety for people. Instead of being able to see that 360 degrees of someones life, they are getting a little sliver. What snapchat did was to bring back the spontaneity, authenticity of communication. It is quite amazing. You then committed to two subsequent rounds, more than 8 million. What did you see in terms of the growth, what potential, that now the market is questioning and do still see in terms of Growth Potential . When we first met the company, they had less than 100,000 daily active users. Most recently it is 158 million daily active users, so it has grown a great deal. What we saw at the time was this amazing engagement. Many people using the apps many times a week, many times a day. That continues to be the case. Today, people are now opening the app 18 times a day. When you see that, it has become a habit for people, and when you become a habit, you can build interesting companies. Many feel the growth has fallen below 60 in the last quarter of last year. Is that something you think will accelerate . When you become part of Popular Culture and see that user base aging up so it started off with mostly young women, mostly teenage women, teenage girls i suppose, but today, you see that has been spreading to people in their 20s and 30s and beyond. As you see that broadening, you gain a lot of confidence. What about geographically speaking . They have committed to the developed world only. They said you need highspeed, powerful phones. Where else other than the United States we are almost hitting saturation point when it comes to the u. S. Is there more room to grow in the United States, where else geographic . If you think about the place with highspeed Internet Connections today, the u. S. , north america, which has 70 million daily active users. Europe is also big, and the rest of the world encompasses more Populated Areas with developed telecoms, the middle east and others as well. Do you need to extend past gen x, millennials . If you look at norway, back in the fall of 2012, snapchat hit the top three in the app store for norway. That was the one place it got big faster than the u. S. , and there you see it being used by people all across the spectrum, in terms of age and gender. It has become embedded in society. It gives you confidence that this is something that can become broadly used by everybody. What about hardware . How does that become an important factor . The spectacles are fine. I was wearing them this weekend. I went skiing with my kids. It was the perfect way to be in the moment and capture some of those memories without it being intermediated with the phone, so it has been a terrific experience. Jeremy, i have to ask you. There has been a lot of reporting about your own relationship with evan spiegel. How is your relationship with the business now . Some of the lack of it shareholder control has lifted because of some arduous, onerous point of view you put on as seed investors . Over the course of five years, there will be friction in every relationship. What is more important is whether you can work through it amicably and find a decision you a common solution everyone feels good about and you can work towards a common goal. We did that with snap. The ipo is not an end goal, but an important milestone for the company. I think it is worth celebrating. Do you think the restrictions you put in place were onerous . Or is that part of being an investor going into these Young Companies . We were clear that we were interested in what they were doing and would love to invest in the company in the future, and that is what we have been able to do. Caroline that was jeremy liew. Now to another big tech story this week. Uber fighting battles on many fronts. This week started off with the Senior Vice President of engineering resigning after Sexual Harassment allegations from his previous job at google. He has denied the allegations. On tuesday, bloomberg obtained a [no audio] videoreceived a dashcam from a longtime opera driver who is unhappy about the direction it has been going. He said that to us. Have a listen. This conversation takes place on super bowl sunday. He is talking about the culture of uber. Have a listen. Ryan, you had to cancel many a ceo. It isou tell them true of any company. How do you try and get to the root of what is going on . You have to be actively and aggressively and figure out how to truck solve it quickly. I cant say that we thought a lot about whether to write the story. It seemed to me that traviss personality is central to all of this. This is a company that has changed how cities work. He is talking about the culture of uber and showing his audacious miss. Have a listen to the second clip where the driver challenges him about issues around driver pay, and he responds somewhat forcefully. You know what . What . Some people dont like to take responsibility [indiscernible] brad, that was some pretty surprising stuff. What do you think this reflects in terms of ubers culture . When the ceo says pugnacious things like that, what does it mean for the Overall Company . This is why the company has been successful. Travis doesnt suffer fools. He has bowled over every regulatory and competitive challenge in his way. He has to be a politician now. He has to deal with these sensitive constituencies. This is maybe an example of him putting his best foot forward. Ryan, im curious to hear what you think. You are friends with some of these folks on the uber management team. You have known travis for a long time. Do these ceos and founders have a responsibility to be less pugnacious and more politically astute . I think in companies that have to ascend that have ascended in the way they have, you are fighting as an outsider for a long time. There is a transition that needs to happen. Some make it and some dont, and they are going to that transition now. Im curious to see, you guys get Something Like this dropped on your doorstep. How do you think about the process of assessing that and whether you publish it or not . Uber is a utility now. It has changed the way cities operate, and travis personality and ubers culture is so very much in the news right now. So, it seemed to me that we did not have any choice. It is very much topical, and it is another one of these unscripted glitches about the man and the company. Caroline still ahead, we head to barcelona and bring you our interview with the fcc new chairman ajit pai. This is bloomberg. Caroline now to barcelona where we reported live this week from the annual mobile congress. It was not just tech leaders. Regulators were there, too. Including ajit pai. We caught up with him and asked for an update on the at ttime warner deal. It is limited to these particular affects, and, as i understand it, the parties have structured the transaction so it will not come before us. Give us what the market life is. The market is already expecting it. Are we going to see more m a in 2017 . Will you allow that to go through . This is a decision for the private sector to make. My job is rather humble and frankly a boring one which is to review the papers put before me, and take a look at the facts, and make a decision bassed on decision based on the law and precedents longestablished. We spoke with tom wheeler, your predecessor at the fcc, and he was of the view that four players in the mobile space in the United States is what is needed for a competitive market. You said at the moment is is extremely competitive. I wonder if three would be enough. I cant say what the optimal competitive structure is. However, it is currently extremely competitive. After the fcc started its investigation of free data offerings, all four now have unlimited data plans. That is a good thing for consumers. In the process of any transaction, our focus is always going to be on the public interest. If it is in the public interest, then we would be more favorably inclined to approve the deal. If tmobile was sprint, would you still allow for a competitive space . I cant find any papers that present the facts before me. You move to roll back some of the privacy rules surrounding broadband at the moment. This being where customers would have to opt in into certain Internet Service providers to use their data. You want to scrap that. The question is if this going to be bigger . Will we see a rollback of Net Neutrality and that type of protection no longer in force . This is one of the rules that is putting a positive on the rule that was going to come into effect on march 2. The only question is what Regulatory Framework can we adopt that preserves a massive incentive to invest in infrastructure across the United States. Caroline speaking of regulation, while europes top tech execs were making the case for less regulation on the continent. The ceo of europes Biggest Phone Company by market value, deutsche telekom, he called to easement in the transition to a fifth generation of Wireless Services that would spur growth. Take a listen to this conversation. For me, it is more important across the globe, for these Global Connected industries. We are connected to people across the globe. We need the same standards in all markets where we operate. It cant be we have 28 regulations in europe. I want to have a harmonized and standard one. The European Market is a more liberal market, so it is better to operate there. It is easier for the networks, so i think the u. S. Model is a good one for the world. What about m a in europe . There has been push back against some m a across some continents. How much is that a frustration . Do you feel consolidation is needed in europe . In europe it was fine. Consumer prices, which are significantly lower than other markets, there is this huge competition we have. In most markets, we have four mobile operators. If youre trying to build another network and build synergies with the network, we are not allowed to do so. It is a quite difficult ecosystem, and if we could cooperate more in the European Market, there would be another reignition of investment. Caroline coming up, snaps shares soared during its trading debut, but the Company Still has to address slowing user growth. We will dive into the metrics next. If you like bloomberg news, check us out on the radio. You can listen to us on the Bloomberg Radio app, bloomberg. Com, and in the u. S. On sirius xm. This is bloomberg. Caroline welcome back to the best of Bloomberg Technology. Im caroline hyde. Now back to the stop story top story of the week. Snap shares closing up 44 from its listing price, yet the Company Still has some things to prove. When big concern for investors is slowing user growth. On the roadshow, the company told investors it was due to an issue with its android product, but some were skeptical. We dove into it all with cory johnson and Bloomberg Intelligence. Cory fundamentally, for this company to grow in the valuation it is at right now, it will have to be a better business. It is priced as if a lot of things will work. When i looked through the filings, statements, one of the biggest issues was this rapid decline in user growth. We discussed it a little bit. They have acquired a lot of users, rabid users. They like to talk about engagement how much time users spend on the service, because the size of the user base isnt actually huge yet. It is half of twitter, fraction of facebook, but, maybe more importantly, the growth has slowed down dramatically. They added only 5 million users in the Fourth Quarter of last year. Even the quarter before, the user growth was quite slow compared with historical numbers. The few quarters before, there was an acceleration, then the growth rate fell off dramatically. It coincides exactly with the launch of instagram stories, and that is the most disconcerting thing. Despite the cool filters and other things that snapchat has, instagram is eating their lunch when it comes to storytelling on the mobile app, and you can see it, i think, in the user growth numbers. Caroline the copycat is a key concern. Looking into the bloomberg, we are looking at analyst recommendations. Three, only three, but two are sells, one a hold. Research saying that shares could drop oblique down to 10. Kendra, give us what the opportunities are for scale. You have highlighted that we have seen the revenue perhaps grow, but perhaps a more overall increase in user base slowing, but the potential to exceed its current form. So if you actually look at the user growth issue, and they are blaming it on the andriy android performance issues but if you split it by geography, the rest of the world, not europe, and not north america, show the slowdown. So, they have to show they can be resilient in the face of increasing competition from instagram. If they have bad numbers, there is a serious problem there. What are the opportunities for growth . Critically outside the age range, gen x, millennials . Will they look outside the current age group . I dont really think so. This is a millennialfocused platform. If you look at their strategy, it has been very millennialfocused, and they have shown they get this audience better than most social networks out there. I think sticking to their strengths is a good thing. Having said that, if you look at the last couple of months, there has been an uptick in 35 plus audience. That is interesting, so maybe bringing in celebrities and followers they have under the platform to get some user base could be one of the strategies. They are already celebrities in their own way. We are looking at this demographic breakdown. Potentially, they are already hitting saturation when it comes to the United States. Others say, look at the rest of the developed world. They have been expanding their international reach. Cory internationally, the company has been growing. It appears the service has become suddenly expensive to provide for u. S. Users, or the International Users just cost a lot more for them to provide for. While International Growth might offer some opportunities for them, it is coming at a great expense. This is a business that has had negative Gross Margins for every quarter of its business, so on a training bases, you have negative Gross Margins. There are 552 stocks with over 10 billion market cap. Only snapchat and one other have negative Gross Margins. That is just not a business. The very essence of any business, whether you are making oil wells or selling snapchat, you have to sell something for more than a cost. Than it cost. These guys are not doing that. Caroline when we look at your Bloomberg Intelligence and analysis, you have look at the market capitalization in terms of the ratio of the users they have, the user base they have they say it is significantly less than facebook and twitter. Yes, that is one way of looking at it, but if you look at the big picture and compared to all the key ipos in the last decade, snapchat is coming out at the top of most of them. Those outside valuations bring outsized expectations. Revenue growth is not a worry to me. They just started monetizing it, but user growth if they show any weakness, that would be bad news for the company. Caroline it is interesting, we just had sarah frier on saying it is a bit like when apple went into music streaming, spotifys own Business Model was vindicated to a certain extent. Its facebook doing everything they can to copy snap as they could not buy it . Is this where you want to be . That is why it is a wait and see story. Initially, you have the budget that advertisers spend on everybody, google, facebook, and snapchat as well, but longerterm, if they prove they can hold the engagement among the score Millennial Group that they have and they continue to make it easier for marketers to advertise on the platform, then the revenue can scale. So it is really a show me story at this point. Caroline a quick update on yahoo . This week, the company filed its 10k, an annual report required by the sec measuring a companys financial health. Ronald bell resigned as general counsel, and Marissa Mayer offered to forgo her award and bonus given the 2014 Security Breach occurred during her tenure. Bloomberg news received a statement from Marissa Mayer saying, i am the ceo of the company and since this incident happened during my tenure, i have agreed to forgo my annual bonus an annual equity grant and expressed my desire that my bonus be distributed to a companys hardworking employees who contributed so much to yahoo success in 2016. Coming up, a conversation about facebook tv. A reminder that all episodes of Bloomberg Technology are Live Streaming on twitter. Check us out at bloombergtechtv, 5 00 in new york, 2 00 p. M. In san francisco. This is bloomberg. Caroline an update from amazon after a massive internet outage in the u. S. Earlier this week. Amazon said human error at its Cloud Business forced those outages that lasted for hours. Amazon says an employee accidentally switched off more service than intended causing errors that cascaded through their service. This service is used to house data and manage out and Software Downloads by 150,000 sites. Meanwhile, youtube going primetime, announcing a Service Called youtube you tv and it will deliver an assortment of channels to paying customers for 35 a month. Lucas shaw spoke with the ceo of youtube at an event in los angeles. He started by asking her about the details of the new service. We see on youtube that we have a lot of demand for tv content. We think it is a great opportunity with mobile phones, because everyone is carrying a tv in their pockets but not using it for tv. So, we saw this giant opportunity to take this amazing tv content and make it available to a generation that loves content, but want their content on demand. They what to be able to watch it on any device and not have the commitments currently required for tv. So, we saw a big opportunity to bring the full tv experience to our audience. With these networks, these are owned by companies that youtube has had a relationship fighting piracy and things like that. Did you have to make any reassurances about that . We actually work with all of the large broadcasters and networks to bring that content on to youtube now. We have clips, shows, so we have had a Good Relationship with them. I think they have seen the opportunity to use youtube as a mechanism to get more promotion for their shows, to have time shifted versions of their show on youtube. So, this is taking it to the next level. You have experimented already with paid in youtube read youtube red that you rolled out last year. People think about youtube as this place to get video for free. What have you found about youtube users appetite for paying for something and what is the future of youtube red now that you have this full tv service . We think there is an opportunity for users to be able to also have a subscription service, and so while the free, ad supported model is a wonderful model and we are investing in that, we see an opportunity with tv content to offer that to our users for the 35 a month for the six accounts. So, that is an exciting opportunity to expand to a new type of content and make that available to our users. Do think this service then helps to boost the business of youtube . Does it help to increase your chances of generating profits, advertising revenues . What we see is an opportunity to be able to offer tv content to our users in a way they are used to consuming content. So if you look at the generation of the cord nevers, cord cord cutters, millennials, they expect to be on demand and crossplatform, so we saw the opportunity to bring this amazing tv content to this generation and connect them to content in the way they expect to consume content. You have broadcast networks. You dont have some of the big cable networks. Is that something that will change . It is a new service, so it is always evolving. But we feel happy with what we have now, and we think we offer a great set of content available for a low price of 35 for six accounts. Would you think is the big differentiator between this and other Live Services out there like the ones coming from hulu and directv and sling . We hope the big differentiator is that is a great experience. For our users, everything works the way they expect it. Seamlessly across devices, unlimited dvr storage. You can quickly and easily save everything. You have no commitments when you sign up, and you have great search. These are all things that we as a Technology Company have spent years developing, and now we are excited to bring this youtube will it be available for the 35 Monthly Price or do you have to be a youtube red subscriber . The youtube red originals will be included for the 35 price for our youtube tv product. Right. One thing you have stressed in this service and a lot of new Life Services stress is sports. The goal of this product is to be able to offer tv content and have a great tv content experience which includes lives a lot of live sports. So, our partnerships with broadcast networks we have a comprehensive sports offering for users with this product. Caroline youtube ceo speaking with lucas shaw. We heard some of the biggest names while at the mobile congress in barcelona including ericsson. It is aiming to capture some of the 1. 2 trillion market for a broadband services. In order to be as successful company, you need to make money. You need a bottom line. That is a hygiene factor as i call it. We also need to invest to stay ahead of the game, but it is only by being profitable that we will be able to invest for the future. Do you think some of the pricing pressure is easing at the moment . Likes of huawei no longer putting pressure on the market . Pricing pressure will always be a factor to deal with. We can only combat that with innovation, new Business Model, new service offerings, etc. That is what we will continue to do. We cannot bet on a market change. There is much anticipation and analyst notes that you will sell the Services Side of the business . Im starting my sixth week, so i think i will need more time. We will then start to communicate what we do. When you are communicating what you are doing, many have been focused on the Credit Rating of ericsson at the moment. You look like you are prioritizing the cash balance, the bond market, curtailing dividends. How important is that to keep the investment going . For us, it is important. We like to make sure we have the rating and a strong balance sheet. We are doing really longterm investments and longterm bets. That can only be done if you have financial stability. Longterm investments and thats b bets. Im going to dig and more to the potential partnership, because looking at some of your lower margin areas of the business, is this the time you could be working with other Companies Rather than a standalone basis . We will always work in partnership with companies. We have a partnership with cisco for example. We have partnerships in new areas. So, in the future world, i think we will be much more about ecosystem, partnerships, and collaborations. Caroline still ahead, we get back to our main story of the week, snaps first day of trading. How big of a paycheck are the cofounders bringing home after their first day of trading . We will hear from the bloomberg Billionaire Team next. This is bloomberg. Caroline stock we are watching. Apple hit an alltime high after Research Published a bullish report on the iphone maker. They joined bloomberg daybreak americas on wednesday and reiterated his buy rating. There is a lot of anticipation building up for this new phone in september. There is maybe a difference. We have not had a substantial difference since the six and 6s came out. It seems like the multiple will continue to creep up in little bit more. If you look out a year at 2018 earnings, if they can deliver mid singledigit growth, you can get more run out of the stock. Caroline another stock on the run this week. Of course, it was snap. The companys Public Offering landed over 1. 5 billion to the founders fortune. They are up more than 150 places on the bloomberg billionaire index. If you look back at the course of their fortunes, they were nowhere in 2011 or 2012 all of a sudden in 2014, 10 billion valuation. It closed at about 28 billion valuation today. It is one of the alltime fantastic growth stories. It is just whether it will continue are not. Caroline we will see how much they start spending. How does this rank them and in comparison to the big tech billionaires . The classic names might be jack dorsey. He only has 1. 5 billion. You have to feel sorry for him. He has two jobs. Along with the other startups, unicorn head honchos, the three airbnb founders with 3. 6, just behind travis of uber. Obviously, they are way behind jeff bezos, mark zuckerberg, and bill gates who are up in the 50 billion, 70 billion, and 90 billion range. Caroline we were just looking at a screen there. Talk us through it. The founders made a lot of money, but Venture Capitalist that made big bets in the early days. Benchmark made 900 million and got a 2 billion position, and Lightspeed Ventures, it was a growth story about how evan spiegel wanted to make sure he had voting control at snap, and they got 600 million this year. Caroline 613 million. What about the bounce we tend to see on the first day . We know it is up 44 today. Twitter was up 73 on its first day of trading. These sorts of fortunes arent always stable . The dont really point towards what will happen in the next year. Twitter was up 77 , and now down about 30 . Facebook was flat, and now it is up since its ipo 260 . Caroline how have their fortunes changed in the founding of this company particularly . We were talking yesterday about how it was like a rocket ship and went up so quickly. Is this now the point that they cash out . They both sold 16 million shares in the offering. So they have taken home 272 million. They get taxed on that, they get about 181 million. In terms of snap shares, there are restrictions on when they can start selling. They each have 20 in snap. They started selling that, you assume the value they are the value of their holdings will drop down. But no one can feel sorry for them. They have done very well, and im sure they will be celebrating. Caroline we have been bringing you interviews from snap investors there from the very beginning. Scarlet fu and Oliver Renick spoke to the general capitalist managing director, who gave his thoughts on the companys performance and the first day of trading. The successful start you are seeing his reflection of two things. One is how popular the product and how well the company has executed over the last few years, and the second is there have not been a lot of tech ipos. There is strong investor demand to invest in Companies Like snap. It is great to see. The stock is trading 25 and change. It ipoed at 17. Where do you see it closing and trading in a quarter from now . I cant see the future. The things i can comment on, the company has done a good job of setting expectations at the right levels. I think you see strong Investor Sentiment behind the company. What happens in the next few days is hard for me to predict, but so far so good. The reason i ask is that it could go the way of facebook where it did not have a great debut but the stock is done very well. Or twitter, which did better, but fell below its ipo price. That within a year of it becoming a publicly traded company. What is your confidence that evan spiegel and bobby murphy can guide snap to not go in the way of twitter . This is the key question everybody talks about in Silicon Valley as well. The reality is that every one of these companies is different from each other. Twitter is still a 140 character method for broadcast, but it is different from what snap does which is communication for every day life. There are hundreds of millions of people use in multiple times, 10 times to 20 times a day. So, i look at how evan and bobby executed over the last six years and have many interesting products they have launched, and that is a testament to how different the company is from twitter and even facebook. Caroline that does it for this edition of the best of Bloomberg Technology. We will bring you the latest in tech throughout the week to come including our exclusive interview with the head of googles learning group. Tune in each day. Remember all episodes of Bloomberg Technology are Live Streaming on twitter. Check us out at bloombergtechtv weekdays. That is all for now. This is bloomberg. Carol welcome to bloomberg businessweek. I am carol massar. Oliver i am Oliver Renick. Carol can a ceo lead the u. S. State department . The odds for and against Rex Tillersons success. And how did one of the most liberal and welcoming places in europe become a hotbed for antiglobalization . Oliver all that ahead on bloomberg businessweek. Carol we are here with editorinchief megan murphy. You take a look at rex tillerson