General motors is ready to announce the sale of the struggling european union. Is said tor vauxhall be worth about 2 billion u. S. It would give gm an answer from a business that has lost it more than 9 billion from 2009. Breaking news right now a prosecutor accusing samsung of conspiring to hide bribes. We will continue to follow this story and give you more details as we get them. We are watching a live picture there out of seoul on these announcements. Again, a prosecutor accusing the samsung heir of conspiring to hide bribes. More on that later on. This is bloomberg. Caroline i am caroline hyde. This is the best of Bloomberg Technology. We bring you all of our top interviews from this week in tech. Coming up, snap. The big picture. We get you up to speed on the trading day debut as tech ushers in its first ipo of the year. Plus, Travis Kalanick gets his closeup, and it is not a good look. How ubers ceo was caught on a tape in a video handed over to bloomberg. We head over to barcelona and the annual mobile world congress. What the new sec had has to say about Net Neutrality changes ahead. First, to our lead 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. Will its debut open the pipeline for other companies . We caught up with Bloomberg Ipo reporter alex barinka and sarah frier. It seems like the sweet spot. 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 plus on day one. Facebook, glitch, was less than 1 . Somewhere in between seems like the sweet spot. When i look at trading and how the stock slithered 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 down to its Closing Price of 24. 48, but it seemed like a decent way to go out in your debut. No one is complaining about the return for investors. Looking at this ipo scoreboard, you look at facebook now almost triple its initial ipo value. Twitter on its debut opened up more than 73 but after year was down 10 , now down 65 . It is worth remembering that what happens on the first day of an ipo does not always remain. Talk us through the managing of expectations. The roadshow was not all smooth. There were some bumps that they had 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 the companies you just compared it 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 snaps 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. 18 times being logged in a day, that is Pretty Amazing statistics. You and i were down on the stock exchange, it was a frenzy rid frenzy. 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. We were both there for that. 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 open. It was so important to find that sweet spot where they thought the shares would trade out to get this pop. You saw them price at 17 a share, even though our sources say 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, lets say, 200 million more at 18 a share, doing that kind of rewards the shareholders who are willing to take a bet on them on listing day, saying we will give you a little extra wiggle room for your return. Even though we are not taking so much money off the table, 200 million, so we can ease our way through that in 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 days, weeks, months, years. There are other companies waiting to enter the Public Market. How do you think it has been digested in Silicon Valley by the Investor Base and startups . This is a highstakes ipo, because there are so Many Private Companies that have ballooned in valuations into the billions and in some cases tens of billions, Companies 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 a little bit volatile. They are looking at this snap ipo, a big company, really the biggest social media ipo since twitter, and saying if they can do it, that shows 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 . Are they lining up who they should be talking to next . Basically yes. To sarahs point, the average company is staying private for nine years. Snap is younger than that. That used to be the ammo for Companies Going public. 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, more stability. But snap is coming out with an Unprofitable Company whose Business Model is only probably about six quarters old, and the deal itself did well. There are still question marks about the longterm returns, where the stock goes, how the company fares, but this is a bit of a proof point, saying, maybe staying private forever is not necessarily the best thing. Maybe having your judgment day out 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. The question marks that alice is putting out there. 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 in august copied one of snaps most populars feature most popular features, 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. Facebooks app whatsapp is a popular chat app. More than a billion users over the world. It 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 does harm 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 certainly interesting. One positive side, i want to point out that advertisers say it is a little counterintuitive advertisers say they can actually 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, we will stay on the story of the week, and we catch up with one of the First Investors in snap, jeremy liew , partner at Lightspeed Venture partners. The New York Stock Exchange president tom farney discusses snaps trading debut. Take a listen. This is bloomberg. I take great comfort the stock opened at 24 and is trading smoothly around that number. That is exactly what you want on the first day. Especially with a large ipo. Caroline back to the tech story of the week. Snap open to strong on its first day of trading. 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, especially Lightspeed Venture partners. It was one of the First Investors. It began as a 485,000 investment. We caught up with the very first investor, lightspeed investor partner 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 like a highlight reel for your life, that was creating performance anxiety for people. Unless they were looking pretty and perfect, they were not putting themselves on social media, and that meant that 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, emotion, and authenticity of communication that people have always had with their close friends. 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, do you 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 up to 158 million daily active users, so and has certainly grown a great deal. What we saw at the time was this amazing engagement. People were using the app 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 really interesting and powerful companies. Many feel the growth has fallen below 60 in the last quarter of last year. Is that something you think will reaccelerate . When you become part of Popular Culture and when you see that user base aging up so it started off with mostly young women when we invested, 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. Do you think there is more room to grow in the United States, or where else geographic . If you think about the place that have highspeed Internet Connections today, the u. S. , hash america, which i think 70 million daily active users. Europe is also big, and the rest of the world encompasses more parts of asia that have more , parts of thecoms middle east and some other areas as well. Do you need to extend past gen x, millennials . The parents tolure to snapchat . 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. That gives you confidence that this is something that can become broadly used by everybody. What about hardware . How much does that become an important factor . The spectacles are fine. I was actually just 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 a phone between you and the experience you are having, 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 shareholder control of snap has been lifted was in part because of some arduous, onerous point of view you put on as seed investors . Do you agree with that coverage . 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 a common solution everyone feels good about and you can work towards a common goal. We did that with snapchat. The ipo is not an end goal, but an important milestone for the company and one that i think is worth celebrating. Do you think the restrictions you put in place as a seed investor were onerous . Or is that part of being an investor when you are going into these very Young Companies . We were clear that we were very interested in what they were doing and would love to continue to invest in the company in the future, and that is what we have been able to do. Caroline that was Lightspeed Venture partners 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 the Ride Hailing Company learned of Sexual Harassment allegations from his previous job at google. He has denied the allegations. On tuesday, bloomberg obtained a video of ubers ceo Travis Kalanick boasting of the companys tough culture before parading a driver who asked him about falling fares. You know what . What . Some people dont like to take responsibility blame everything in your life on somebody else. Just enough money for a phone card good luck. Caroline Travis Kalanick in an issued an apology in an email to staff it is clear this video is reflection of me and the criticism we have received is a stark reminder i must fundamentally change as a leader and grow up, and this is the first time i have been willing to admit that i need leadership help, and i intend to get it. It is the latest in a series of embarrassing incidents for the ride hailing giant. Bloombergs brad stone and selena wyatt caught up with a venture partner to discuss. Ubers Corporate Culture has been in the news lately ever since susan fowler, a former engineer, wrote a pretty scathing blog post about her experience with the company. We received basically a dashcam video from a long time uber driver who is unhappy with the direction the pay for drivers has been going. He sent that to us. Have a listen. In this conversation which took place on super bowl sunday, travis is talking to some friends about the culture and how the company is doing. Have a listen. My years coming up [indiscernible] so ryan, you have had to council many a ceo and founder through these unflattering moments. What do you tell them when they are in the vortex of bad news . Mike uber is right now . It is true for any company. In any crisis that happens, it is about truth seeking. How do you get to the root of what is going on . Know that most of the infrastructure and the company around you is there to hold that information away from you, so you have to be aggressively looking for that truth and trying to figure out how to solve it as quickly and communicate as clearly as possible. I cant say we thought a lot about whether to write this story, but it seemed to me that travis personality is central to all these questions. This is a company that has changed how cities work. He is showing some of his pugnacious personality. Have a listen to the second clip where the driver challenges travis about issues around driver pay, and he responds somewhat forcefully. You know what . What . Some people dont like to take responsibility they blame everything in their life on somebody else. Even enough for a phone card. Good luck. Brad, that was some pretty surprising stuff. What do you think this reflects in terms of ubers culture . Is there really a trickledown effect . When you have a ceo saying 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. The issue is that he has to be a politician now. He has to deal with these sensitive constituencies. Here is maybe an example of him not 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 any company that ascends in the way they have, there is a point where you are fighting as an outsider for a long time. You are someone everyone else looks at. There is a transition that needs to happen. Some make it and some dont, and they are going through 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 . I mean, 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 when we got this video, we really did not have a 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 federal Communications Commissions new chairman ajit pai. This is bloomberg. Caroline now to barcelona, where we reported live this week from the annual mobile world congress. It w