Focus is talk of a zuckerberg cage fight heats up. Plugging a 48 billion dollar blackhole, Artificial Intelligence could fuel a rebound at softbank is the japanese conglomerates vision fund seeks to snap five quarters of losses. We go live to lisbon as a key leader response to portugals probe into a European Telecom giant. First, lets get a quick check on the markets, the nasdaq 100 is basically flat, up 0. 4 . The tesla news sees the tesla declines accelerating and dragging down. The yield on u. S. 10 year treasury is below 4. 2 . That has been the story, the selloff in bonds and the push higher in yields and its impact to the equity market. Apple is down for a fifth consecutive day. We had earnings last thursday and now we are worried about the labor market and later we will bring you details of this. Valentines down and thats a stock thats getting more than 130 since its last earnings were word. The streak expects one cent of earningspershare. The name we are watching so closely, the surprise story this monday kirkon stepped down as the tesla ceo. Hes been at the company 13 years and became the cfo in early 2019 and is a big factor behind the prophet at tesla, some of the key categories. The chief accounting officer will transition to the cfo role and kirkon will stay to the end of the year to oversee that transition. We discuss this, your reaction to the step down . Im very disappointed because zach was an exceptional ceo for in his ability to provide very specific numbers. He gave a good sense of what was happening in the sense of control and understanding of how the big tesla Machine Works at tesla was impressive and im going to miss him. I was not expecting him to leave. Hes very young. 30 years at tesla and four years elsewhere and a lot of things he can do with his life and quite a great amount of money in his bank account because of tesla and going through such a Strong Performance means he got paid very well for his time. Tesla is a company that attracts talent, the best in the world. Its a company that has the most difficulty to retain them because its a come its a country thats making careers and making peach people rich rapidly. Ed the next cfo has been the chief accounting officer, do you know anything about him . I dont have the chance to meet him personally. Tesla is very protective with their executives. Hes basically coming from the ranks of tesla. Im very confident he will do a great job and i hope i will forget soon my regrets of seeing zach leaving. Ed you and i have talked about the term key man risk. The thing we talk about in the context of zach was that he was a handful of stated executive officers. You have drewbglino and they have executive coming from china but does the key men risk conversation get amplified . Zach is been such a stable force is now gone. Its a very good question. You cannot ignore this key man risk. That makes complete sense. There is risk reflected in a move like that. He is a key man in an organization like that but if you look at how elon musk likes to manage the multiple businesses he has, he likes to be directly speaking to technical people like drew typically then he likes to have a cfo or chief officer whos in charge of running the show. Thats the model of spacex in the model of tesla with no real coo but zach and potentially brains of the business from the financial and commercial perspective. That model once again is extremely resilient as long as you have the capability of harnessing patterns and bringing them up the pyramid. Look at the story of tesla in china, its similar to that trajectory. These people came in highly selected by tesla and with all the talent tesla has, they are promoting very fast and very young talents. As long as the mission is there, looking at the stock in the long term, i feel like the key men risk is what it is. I feel relatively confident that we shouldnt be excessively worried. Ed i agree, grateful for your time. No reaction to what was a surprise piece of news this morning. Lets stick with elon musk. Over the weekend, he posted on x that he would have an mri on his neck and upper back and you will find out whether he will need surgery. This is ahead of a proposed cage fight with the meta cofounder Mark Zuckerberg. Jackie joins us now and we been through all of the timelines and all of the ideas. What do we know is the latest about this proposed cage fight . We know that the cage fight is still up in the air. Our audience shouldnt put their bets on just yet. We know that elon musk put the kibosh on what seemed to be in advancement in a proposed match between the two tech billionaires because of his injury to his upper neck and upper back. Its seems to be escalating earlier in the day because when elon musk first posted that sunday, they thought it would be livestreamed and the proceeds would go to charity. Mark zuckerberg actually responds to that and said i suggested that we have this on august 26 but i havent heard back. A physical match may not be playing out but they are throwing punches at each other on their respective platforms already. Ed the platforms are at the heart of this. You mentioned zuckerbergs response with dreads being more reliable. Outside of the text, what do we know about the training going on . Is this real . Are they really gearing up for this fight . They both been posting pictures of them training. We saw the post that Mark Zuckerberg had of him with this heavy best that he was bragging about how fast he could do a particular training session. They are really putting themselves out there. At least for Mark Zuckerberg, its a little uncharacteristic of him but for elon musk not so much. At the end of the day, this is not about a cage match. What a lot of tech watchers realized is that the competition between the two really has intensified because of this titfortat about the social platforms themselves. I think this is a culmination and a more entertaining one that we normally see play out but certainly one that is a little up in the air. Ed thank you very much. We spent the last couple of weeks talking about the rebranding of twitter to x but what does the codesigner of the original twitter logo have to say about the change . I think what the letter form itself, its a tough solve them to come up with because its angular and sharp and it has an aggressive construction. I think the challenge they will have is how to define what x means and how to make it feel welcoming and approachable in its own way. Its an Incredible Opportunity to have a single letter domain. There are only a few of them in the world and they get the chance to say the final letter in the alphabet, the same way people think about the bird today. 10 years ago, there wasnt this emotional attachment to the bird we see as it starts to pull away and change to x. Ed coming up, take a look at zoom shares, weve been talking and asking if this is the end of the Remote Worker . The darling of the Remote Worker says come back to the office. Though shares are down 1 and thats next. This is bloomberg. If youre trying to get a view of the whole organizational Financial Health and youre trying to do that through multiple systems, that makes it very, very cumbersome. Its not just tech, its not just people. Its how they Work Together to provide that experience to the customer. As a finance organization that is what you want to do. Ed another piece of news paypal is launching a stablecoin. The latest crypto payment and whats interesting is is the first by Large Financial Company and its significant. Joining us now issonali basak. Paypal is the og name in payments and you follow the modern era discussion around crypto this is a significant piece of news. Sonali we talk about the paypal mafia all the time. Its not surprising to see paypal be the first to come out and make a stablecoin announcement. They are also working with paxos which is a longer stablecoin issuer and is regulated heavily in the United States. They are trying to get something off the ground in a way thats already regulated and well known by the regulators and it makes sense especially because if you think about the way stablecoins are used as an onramp offramp and on the people the House Financial Services committee trying to proceed with a new bill for stablecoin legislation. A lot of movement on that front but unclear what the endgame is. Paypal has 430 million users that are right for the taking when you think about the movement to digital payments. Ed the basics of stablecoin is a crypto token thats pegged to a real asset like the u. S. Dollar. Is that the case with the Paypal Stablecoin . Sonali its fully backed by u. S. Dollar deposits, treasuries and cash equivalents. It will be interesting to see how that works overtime and who they work with. Its like what circle has done. They have used black rock to manage that kind of treasury of cash and equivalents as weve seen over time, thats been an interesting thing to look under the hood. Initially, they had money in Silicon Valley bank and that bank failed and they had to move some money. The linkages here to the u. S. Financial system will be interesting. The partners that they have. I think of circle because of the way coinbase for example uses circle and usdc to manage their kind of Cash Holdings as almost a proxy, given that its backed so much by very stable liquid u. S. Dollars in treasuries. The expansion of how paypal works with the existing crypto ecosystem in that way, how much can you use the Paypal Stablecoin given that its backed by treasuries and cash . When more Companies Like coinbase feel comfort in doing that, will they work with paypal in the future . Ed bring up that shark again. Look at the market for stablecoin. It is clearly dominated by one name, break down the market for us. Tether is a big part of the stablecoin market and i think you have to look at this because 21 is usdc and how much are people using stablecoin inside and outside the United States and paypal is still a u. S. Domiciled company so there is a rationale for them to work with paxos. Pack sosas been a truck should issue in the United States with a lot of u. S. Adoption in particular. Ed all things crypto out of new york, the push to get tech work is back in the office. This time, the back Office Announcement comes from the darling of the work from home europe zoom to discuss, this is when i did not see coming. Zoom said pretty much what everybody else has said is we will work better in the office, come back in two days a week and see your colleagues. Whats funny about that is this zoom facilitated work from home and without them we would probably be using skype. Whats interesting here is that zoom wont say this aligns closely with their current strategy. They recognize that a lot of companies are going back at least part time and they work on developing software for in office collaboration. They figure to make these tools, it makes more sense for their workers to be in the office at least part of the time. Ed the reality of this story is in the postpandemic world, zoom has struggled to keep its pace of growth. Tell me about the reasons why. Most Tech Companies ended up peeking around late 2021 and zoom take the full year earlier. There was just this elation when everybody said we are working at home forever. We have companies all over the place that said they were never going back to the office. It became clear that some of these old ways of working will creep back and thats whats happening. They have a fantastic single product and most people will say is better than the competition but its hard to make a successful Platform Company on one product especially when most people who want that product have already purchased it. Ed lets be clear about the ceo position on this. He Still Believes in hybrid work. Thats whats interesting, a lot of companies that are increasingly pushing workers back to the office will say we are staying hybrid but the question is whether that numbers continues to creep up. It started to an next year it was more, are we in a three days a week white collar workweek forever . If you look at finance, some places are five days per week area even sales positions among Tech Companies are getting four days a week now. The question is whether it stabilizes hybrid or will continue creeping back to the old ways. Ed brody ford live from our office in new york. Any other Tech Companies you cover that are taking a similar approach . A lot of Tech Companies have said if you live near an office, you have to go. A lot of hiring was forbidden in the vent pandemic. Amazon is saying that if you dont live near an office, you have to move, you have to come back and to me that was unprecedented within the Tech Companies. If you look at finance or others, its been harder for a while now. Ed always good to catch up, thank you. Coming up, a french is really billionaire publicly addressing criminal corruption allegations against his Telecommunications Company for the first time. We will bring you details next and we are keeping a close eye on shares of palantir, reporting numbers after the bell and the stories around Artificial Intelligence, its a stock thats jumped more than 130 since the last Earnings Report there is skepticism in the market they will have to start showing tangible evidence that the hype around ai is transloading to sales. The street seeing just one single cent of earnings per share after the bell. We will track it, this is bloomberg. 76 of 23andme Health Customers surveyed reported taking healthier actions. Because they know health isnt just a future state. Health happens now. Start your dnapowered Health Journey today with personalized insights from 23andme. Ed patrick from altis said he was betrayed by a group of individuals. This was in response to a criminal can corruption charging portugal centered on key figures in his telecommuting visions empire. Lets go back to the beginning, how did some saltis officials, come up against a portuguese probe against the company . Portuguese police searched about 90 homes and offices in portugal and the the cofounder ofaltis was one of the people question. Present it is believed they rigged procurement contract in a way that harmed the groups own companies for their own benefit. Such practices could be taking place in other countries where the group operates. The irony of this is that altis has earned a name for cutting costs. A union leader tell me that when they bought virtual telecom, he said he had to cut about 5000 jobs which is about half of the workforce. Now he is suspected along with a group of other people of allegedly setting up businesses that supply contracts his pockets. Ed altis in europe as a telecom giant. What happens if this escalates beyond portugal to other European Countries or even the u. S. . Thats the key question. Altis has alleged to be a victim of foul play and for now, the damage is limited to portugal but the fact that one of its cofounders is under house arrest has raised other questions an investigation could spread to other countries where it operates like france and the u. S. One alarm bell has been the release of their chief procurement officer in the u. S. He and his wife made headlines in 2002 for buying a 70 million apartment in manhattan. If authorities in the u. S. Get involved, altis could face fines for the biggest concern is there huge debt pile. The companys debt has ballooned to more than 60 million after years of acquisitions. At the same time, they are getting more fragile. Ed thank you for your on the ground reporting. We will continue to track the story. Coming up, a rebound for softbank and white Analysts Expect the Japanese CompaniesVision Fund Unit to report a modest profit after five quarters of losses. 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