tv Bloomberg West Bloomberg September 2, 2015 11:30pm-12:01am EDT
emily: breaking news. twitter's board will discuss the company's ceo search tomorrow. new details and what investors want to hear. emily: this is "bloomberg west." targeting apple, and the virtual augmented reality technology landing the most intricate capital. will it ever go mainstream? ludicrous is here. we hear about that coming up.
we begin with the markets for the selloff took a breather today and tech shares led the rebound. i'm going to get to matt miller. break it down for us. matt: we had a bounce back in the markets. it wasn't huge considering we lost 2000 points since the highs in may. all of that came off the board in august we had a 200 points there. we added almost 2% on the nasdaq. tech stocks were the driver behind today's gains. let me go through the individual movers. interesting stories. intel is coming out with a chip that should be twice as fast as the chips they have out.
it will use less energy. you can do as much on a laptop like this but in a tiny package. plug it into any monitor or screen. interesting stuff. apple was a big mover. the biggest point addition as far as well we saw on any index listed today. piper jaffray says there is a 60% chance apple will build a car. it may take longer than you think. maybe 10 years from now but they will be a luxury product and an electric car, much like the tesla that we know and love and a lot of us can't afford. i'm looking at tesla because we have been is that has just come across looking for the news, we should be getting breaking tesla news. the model three will star in two
years. tesla's making an announcement on twitter about the third model. they have the roadster, the model s was the first big model. the model excommunicate cia prices. you see the model three, the more affordable model will be out in two years. they will start production on the smaller lower cost. all this coming on twitter as we speak. emily: i'm looking at those tweets now. matt: i want to point out a star action i got involved in, i had the privilege of playing halo with ludacris at a best buy store.
he beat me by a lot. emily: i am not surprised. we will be speaking with ludacris later. thank you for that update on tesla. i want to get back to our lead. breaking news out of twitter. pressure on the board mounting as the search for a permanent ceo continues. according to people familiar with the matter they are scheduled to meet tomorrow and discuss the results from the search so far. they have been under pressure to give us an update. here is what we have learned so far. a number of people have received calls for the job. most people believe interim ceo jack dorsey is the top contender. joining me we have sarah frier who has been pounding the pavement with me on this story.
we have an early investor in twitter and joining us via skype, crawford del brett. what is the latest? what are we going to hear? guest: what we are here from investors as they want to hear something. if it is not a decision on the candidate they want to hear an update, that it has been narrowed down, that there is progress that can help ease their fears after a declining stock price, high level departures in the product group. they want to hear something. whether it is going to be jack dorsey are not, he does seem to be an internal candidate despite the fact the board has they are only considering someone full time. dorsey has a ceo job at square, which he doesn't seem to want to leave.
it gets complicated. emily: square has filed for an ipo. as far as we know jack dorsey will remain the ceo of square. there are no signs that point to the contrary. what do you want to hear? guest: i want them to take their time to get a world-class ceo in place. i don't think the stock market should force their hand. this is a world-class company and hopefully it will get a world-class ceo. emily: who do you think should be on the board? guest: somebody full-time. they deserve it. emily: you don't think jack dorsey can do both. guest: i think it is hard to be ceo of one public company. emily: if he did not have square with jack be your pick? guest: i can't imagine him giving up on square. emily: we talked about the problems facing twitter, trying to turn this into a mainstream product. what are you hearing? what direction should they go?
guest: i agree, when you look at the progress they are going through they need to get the best candidate and need to take their time. it makes you wonder if the fact that jack dorsey is showing interest in the role, and trying to figure out his role with square and twitter, is that paralyzing the process? does he need to bring clarity to say i am in and this is the way i would be in, which is impossible to believe based on the idea at square, or does he need to bow out? i believe that the letter is the better option for twitter and they need to focus on their next chapter. it is not a chapter with jack in charge. emily: twitter has said many times, this is a real surge. -- search. we are looking inside and
outside the company far and wide. there seems to be a disbelief that any outsiders are being considered, even though they were contacted. guest: you have this political situation. your current board, they have three former ceos on it. that kind of make up leads us to an internal candidate, some of the knows the politics and the direction the company who is not going to cause more shuffling at the top. they have simple. a lot of top talent. maybe need some stability at this point. although they have these things to accomplish they want to bring someone in who knows the product and people, who knows how to move into a new direction with confidence. as you've spoken to people about before i founder has the moral authority to make the risky decisions others might not.
emily: as an investor what direction would you like to see twitter take? what concerns you when it comes to the user growth numbers? guest: there is no doubt user growth should be better. everyone has been public about that. the underlying asset is stable. if you look at long-term retention of users it has never been better. it is still the cultural voice of america and the world. there is no singular media outlet the way twitter is. it is worth them taking a time. it is unique property. emily: there are so many amazing nuggets inside twitter but it is still so difficult to find them, even for me as a power user. i can't are people i know are on twitter. how do they begin to overcome these challenges? guest: they have to stop thinking about consume and create as equal entities. it needs to be more of a consumption platform. tools to find people more easily.
ways to present data that is relative, relevant to you, being able to quickly see something on television integrate that, and find out the thread you are looking for to be part of that entire conversation. they are too focused on equality. it is not about quality, it is about consume. emily: thank you for your reporting. we are going to be watching for the board meeting tomorrow and see if there is news coming out of the. next, will virtual-reality transform your workout? what is the difference between the next big thing and a passing fad? ♪
we turn our attention to a munich-based startup using virtual reality to transform traditional workouts. >> we really wanted to make work out more attractive. with the equipment you can train your lower back muscles, your abs, your shoulders, your balance and reflexes in a playful way. we started with the in 2012 and we were aiming on people that are not used to going to the gym on a regular basis. we also have some kind of surrounding or you can fly around and enjoy the views. we did talk to experts and we have them in our development.
we had lots of testers from pilots, doctors. we even went to the european space center last week and had experts on the devise. the first version will definitely be some kind of a pro version used at gems and hotels. we are aiming at a version that you can buy for your home. this will be in a later stage. the third and final prototype will be presented in october of this year. this is only want to start selling the product. production will start in about two months and then we will be able to deliver this year. guest: back with me to discuss the opportunities and challenges facing the market, you see four or five companies a week. how do you decide which is going to go the distance?
guest: i think we were early investors in oculus. i think we try and separate from the pitch the founder is making and focus on the consumer experience. emily: what will it take for virtual reality to go mainstream? it is cool but i don't know i want to spend 10 minutes of my day going to do that. guest: it is all about content. the fact that there is a platform war between amazon and netflix and hbo is making great tv content. there is a platform war between oculus and facebook, it ensures we are to have some amazing content. emily: how optimistic are you on the content? guest: i have a long list of experiences. i don't think it is just games. i think we will see narrative and animated content that is powerful.
emily: let's talk costs. we're expecting it to cost over $1000. how can it go mainstream? guest: the price will obviously come down. the american public. something like $7 billion worth of plasma televisions. that was to get a tv that was a couple inches bigger and brighter. this is an immersive experience, people will pay for it. emily: you said you think they're going to be new disney's and pixar's to be built. guest: of course. disney and pixar, they were technology companies. i think the right content companies will be that really great mixture of a creative leader with strong technical backgrounds. emily: do you see entertainment as the primary use for virtual-reality? guest: it is the first.
entertainment is the thing we want to escape into and that is what virtual reality is. it will have a thousand other applications. emily: what are those? guest: travel, education, communication, many things we feel we want to spend hours on a computer versus two-minute on a cell phone to do. emily: will it have an iphone moment? it changed everything? guest: the iphone was at $4 million in sales before there was content. it will take a little while. i don't think it is a 3-5-year. i think we are 1-2 before it goes mainstream. emily: thank you for joining us. tomorrow we are going to continue our focus on virtual-reality. we bring you a company that changes the way you socialize. next, ludacris partners with roadie.
artist announcement or chris "ludacris" bridges. thank you for being here. chris i will start with you, what has made you excited about this opportunity? guest: i am glad you said live from atlanta georgia. this application we launched in january of this year, we are advantage of the rising tech world here in atlanta, georgia. georgia tech is here. so many students that are just doing their thing. mark is doing a great job of taking advantage of that. this is revolutionary because i use applications all day every day and we are taking it to another level in terms of people helping each other out.
we call it fringe shipping. ups is one of the investors. this is a faster way, more efficient way for people to get packages and employ individuals who are the ones getting the packages to the next person. it is a great way to revolutionize packages in my opinion. if you are already on the way somewhere, it is a great way to get something miles and miles, even hundreds of miles within the same day, even on weekends. as you can see, i can talk all day about this. emily: i can feel the enthusiasm chris. i like the term friend shipping. why is it more than a career service?
guest: i gotta watch it if he is talking that much, i may not have a job. it is really -- it is not just a mobile app. it is a shipping company. it is a community of people helping each other out and they happen to be taking stuff on trips that they were already taking. there is this transportation heat map of all the places we go every day. whether you are going to work, vacation, to see your girlfriend in the mountains or a traveling sales guy. it is more any time than right now, any of the traditional carriers. that is what we are taking advantage of. it allows you to do crazy things. we had a shop in atlanta that needed to ship to florida. 350 miles away. roadie picked it up, same day delivery 350 miles away. emily: why what may company like uber do this any your lunch? -- and eat your lunch?
guest: they have their hands tied for a lot of other things. when it comes to these applications, it is about focusing on one thing at a time. when it comes to people feeling safe and feeling that they have insurance on one particular thing, in this instance it is about getting packages delivered to you, you want to know the individual bringing it is 100% doing their job and focused on bringing you the package and not other things. in my opinion it is great because i think we left out the fact that you can track your package, the same way there are people who use google maps, you can literally see who the person is. you have their drivers license information. you can look at your package on the way to you the entire time. again, it is exciting to know that this is going to take the world by storm. emily: mark, how much does this
cost? if i am driving to tahoe and i forget my skis, how much might want to shell out for this? guest: it depends on the distance and the size or drivers can make anywhere from a-$200 on a gig. you could do 100 mile trip easily for $25 to $30. if you left your keys, or you needed to get the skis to the slopes, that is easier than going back to get it. there are corridors of people moving around. think of the fall for college students and parents consulate forgetting stuff that need to get it back and fourth. emily: you are an entrepreneur. your interest in technology. are we going to see you do more start up investing?
what areas, ask him what are you excited about? guest: i think it is only smart and strategic, and it is -- this is a world that we live in now, the present and 100% the future. absolutely. i want to take advantage of this growing tech community, not only in georgia but everywhere. i use applications every day. i will be investing again. it is more about focusing energies on one thing at a time. that is why roadie is so important. people need to download the application literally right now. you will see the advantages we are talking about. emily: we need to hire you as our spokesperson for bloomberg west. i am convinced. chris bridges, a.k.a. ludacris, thank you for joining us. we will check out. that does it for this edition of bloomberg west. ♪