We begin with one of the top stories and companies of 2013, twitter and its ipo. The social blogging site began trading on the new york stock exchange. The sevenyearold company has had a storied history, its cofounders came together to celebrate the next chapter. They were joined by twitters ceo dick costolo. I caught up with him on the floor and asked him about the ipo process. I think the thing that surprised me most about the ipo process is the almost spectacular understanding of the service that so many of the investors we met with across the country had. I would go to meetings with potential investors and these are meetings were i am going in to sell them and they would show me tweets from folks like sean lennon tweeting about what got him into house arrest in china. All sorts of examples like that, so the opportunity to talk to people who youre trying to help understand your vision and have them show you why they already know it is so important is obviously tremendous. Lets talk about making money. You and i both know that you can turn on the profit whenever you like. What would tell you that it is time . I think we believe we have a tremendous amount of investment we want to do in service to the kind of strategy that we already know is working for us. Twitter and tv work we have been doing. Twitter has increasingly become the Second Screen for the live experience, the Second Screen to what people are watching right now. Continuing to invest in that, making sure we have the right team on the ground internationally to invest in unique regional content and driving that unique regional content internationally into the platform to make sure that we are the outlook realtime public realtime conversational distributor platform. That is really important because most of your users are international. Yes, over 70 of our users are outside the united states. It was expensive to recruit preipo, how does it not get more expensive . It is competitive out there. One of the things i try to talk to the company about is setting a broad direction, a specific direction but with some broad room for them within which they can innovate. It is very important to me that the innovation, the specific ideas that are developed within the broad direction are built from the ground up. When you have the opportunity to within your team build an innovation that you conceived of and take it to the Senior Management team and you have the authority and accountability to deliver against that thing you conceived of yourself, that is tremendously motivating and an incredibly motivating work environment. You told me getting to a billion users is more important than a billion dollars in revenue. In terms of users, some people still come to twitter and are confused. It takes time to figure out who to follow. How do you improve that from the perspective to get to a billion . Once you get it it becomes indispensable to them. People tell me when they get up in the morning it is the first thing they do. It is an indispensable companion. It is a live experience. So many people already understand that. For us it is all about bridging that gap between the massive Global Awareness of twitter and engagement on the platform, getting people to that moment where they realize it is an indispensable companion. A lot of people are going to make a lot of money today. A lot of numbers being shouted around. In terms of the culture of twitter, how do you keep it from affecting the culture in a bad way . One of the things i told investors over the last couple of weeks is, with over 2. 4 billion connected people in the world, were less than 10 penetrated. Everyone in the company has five or six examples of why the know the service could be so valuable to anyone and why should be valuable to anyone in the world. For all of us we have an extreme focus on bridging that gap and reaching every person on the planet. A lot of drama about the founding story of twitter. From your perspective, how fair was the portrayal . Was that really how it played out . We have so much work to do. We have so much work ahead of us in service to fulfilling everything we know the company could become, i have zero time to look back over something that happened three years ago and think about it or even have thoughts about whether i think it is something to Pay Attention or not. I could spend 18 hours a day 28 hours a day focused on the road ahead of us. You only have 24. And thus the comment. There are four hours that i already dont have. Given the turmoil of twitter, how confident should investors be that that is really behind you guys . We have a Management Team with a spectrum of experience across the media and technology landscape. The cfo previously to that zynga and yahoo , our coo is previously at pixar. I could go on and on. I could keep enumerating and go a couple levels down in the company. We have every confidence in the team you establish now. We have established right now. We Work Together well. Think we have healthy conversations in our staff meetings. How long do you want to keep doing this . I havent given that a moments thought and i dont think about my life that way. One of the Interview Questions i would get in the past is any company or job i would go to is where you see yourself in five years . I dont think about my life that way. What were focused on right now and all the work we have in front of us, that occupies entirety of my perspective about my work. That was twitter ceo speaking with me. While the company did face criticism for not having a woman on its board when it went public, it has since added marjorie scardino. Star wars fans await the next installment of the series. We talk to disney ceo bob next on bloomberg west. This is bloomberg west. Im emily chang. Were bringing you the best of our coverage from 2013 and that includes an interview with disney ceo bob iger. Are Jon Erlichman spoke more about star wars and its really date for december 2015 with disneys ceo. This is obviously one of the most important films that you are working on right now. One of the things that was very important to us was that we give the creative team, jj abrams and his writing team, the time to design, write and produce the film so that we can optimize quality or so that we can create a great film, so they can create a great film. Very very important. At one point we considered the summer of 2015, but it felt like with some changes that we made in writing team that that was going to create a rush and so we didnt think he was optimal for obvious reasons. Christmas 2015 became the day. It happens to be the day that avatar which is the number one movie of all time was released. We like that, certainly it will hopefully bring us good luck. Christmas is a good time we think for a film like star wars, which will have obvious interest from young and old alike, for everyone. No doubt. Obviously these films are an anchor for other parts of the disney empire. There has been so much discussion on blogs about the exciting things you reference last quarter coming at disneyland. Some people wondering if tomorrowland becomes star wars land. Anything new you can share on that front . The only thing i can share, which i dont think we have really talked about much, is there is a fair amount of Development Going on at Disney Imagineering right now to expand the star wars presence in california and in orlando and eventually in other parks around the world. We will we do have star wars in other theme parks, france, paris and in tokyo. We havent made anything specific made any specific announcements and what will be in shanghai or hong kong after we build an ironman attraction, but i think it is probably likely that star wars will be in more than just our two domestic parts. Parks. All right, thanks for sharing on that front. You have earnings today. Star wars release date and you started the day with this announcement of a new deal with netflix for original tv shows type to the marvel characters. There was no financial attachment or numbers tied to that deal, but how financially significant you think a deal like that could be . There are numbers, i promise you. We are getting paid for those. This is a really smart deal we think for netflix because they have done well already with some investments in original programming and turning to branded programming i think is a smart and big step for them. Marvel certainly provides that. This gives us an opportunity to create and own four new series that netflix will have exclusivity for for a. For a period of time, starting in 2016 when the series are made available to them. We are obviously getting paid a price that makes sense for us. We are not going to be specific about what that is, but these will be well produced series that will take production investment to deliver the kind of quality that we promised netflix and so from an Economic Perspective the money we are being paid is something that makes sense to us, given what will be the investment in production. Were waiting for an update and contract talks from one particular paytv operator. Anything you can shed in terms of would you like to get the deal resolved soon . What i can say is that we have had ongoing negotiations. They have been quite part of productive. There are still terms that are to be negotiated and it could take a little more time, but we are reasonably hopeful that we will be able to nick concluding conclude negotiation and hopefully avoid a program interruption. But nothing more to say in terms of when to expect a deal to be done. We think about what if apple comes out with a fullscale television. You are on the apple board so you cant talk about that, i know. But do you think a single device is capable of transforming the entire media landscape given that we are already seeing a number of new devices for watching television . Youre right, im not going to comment about apple, but look , there are things as Game Changers in this is news. Business. When apple first came out with its ipad, the tablet, that it was a game changer. When you sit in a meeting look around the table and there are 20 people there and everyone has an ipad, and it is only a few years since it was launched, that says a lot. We forget that a few years back these didnt really exist and now they are ubiquitous. They are very important parts of our lives, whether it is to be entertained or informed. Can there be another a game changer . Yes. In what form it is i just dont know. In television, i think mobile has been a game changer. Its impact is just going to be felt, though. Starting to be felt, though. It has been a game changer and i think it is suddenly causing the entire industry to think about providing its product in ways that go well beyond the home. Why that is a game changer is that suddenly the consumer has the ability to consume more because theyre not going to be confined to one place or one space. There is nothing that will confine them. If you are creating content, that is a fantastic Game Changing development. I think it is a good time to own intellectual property. Is not for the faint of heart. You have to be really willing to adapt to change, to challenge your old business models, to abandon a status quo strategy because it is not a winning strategy. Disney ceo bob iger talking with our west coast correspondent Jon Erlichman. . Welcome back, im emily chang. This is bloomberg west streaming on your phone, your tablet and bloomberg. Com. Paypal cofounder max levchin. He is the chairman of yelp, yahoo board member and a founder of a firm. He began a conversation talking about how he thinks global apps may change the world. Glows apps may change the world. Im not sure why it is so expensive and there are a lot of good explanations but im pretty sure we have to make it cheaper or we will spend all her money on that. Our money on that. We chose infertility because it is particularly a poorly covered area for Health Insurance. If you dont live in massachusetts odds are good you are not going to get covered for any in fertility treatments. We wanted to build an app that helps people conceive naturally, increases their odds of conceiving naturally faster, to reduce their outofpocket costs of conceiving. Glow first, a companion product is a help fund. This subsidizes infertility treatment. Its 50 a month to join and if you conceive you dont get any money back but if you dont conceive, you get some money back. 50 a month is not cheap. Is completely optional. Dont have to do that if youre confident that you can see. It is essentially like an insurance policy. It is a blueprint of what the Health Insurance policy with Health Insurance in this country should look like. To fix health and health care we have to arbitrage prevention and knowledge against correction. By the time you know something is badly broken we are facing massive bills or your insurance is facing them. If you leverage data by yourself, put it into a database that can be mined with other peoples data, find out what going to happen to you, you can at least prepare for it, either save or pool with other people or buy more insurance. That is the way to fix it. I want to ask you about yahoo . Came in right after marissa took over. Talk to us about the m a strategy. It seems like yahoo has bought five companies every day. Its definitely inappropriate for me to comment. I think they are building up a new yahoo and they are doing a pretty good job. Part of it is acquiring talent and smart young driven people that are attracted to the fact that the company has bets to place and think of yahoo as a place to have a bigger lever. Critics have said these companies that yahoo is buying failed. Why would you want telephone talent from companies that struggle to make it . I think it is about as generalized a statement as one can imagine. The one thing i can tell you about the yahoo strategy is that they look at an incredible number of possible acquisitions and choose to acquire an extraordinarily small number. The ratio of pored over with a fine tooth comb and the actual check being written. Im confident. Youre a guy who loves starting companies. How confident are you that the people youre bringing and want to stay and want to be as passionate at yahoo as it were about the companys . I think that is ultimately more on yahoo than on those people. As long as marissa continues to deliver as she has on setting a big vision, pouring out huge goals, and taking big bets and really trying to reestablish yahoo as a shining example of what a successful Silicon ValleyCompany Looks like, people that choose to go would have no reason to leave. I want to talk about the thinking innovation. Elon musk just unveiled the hyperloop. Is set real or is he trying to make a point . I think it is both. I think elon has shown time and again that the boundary for what is real for him is fuzzy. There is one guy in the world i would trust to take it from making a point to making a real. It would probably be him. If this never happens, does it matter . Transportation is one of the worlds biggest markets, expenditures. There will be innovation there. The thing that makes entrepreneurs special and what i aspire to do is just looking at problems that are massive, where most people would say we are not touching that. Elon and his transportation projects in my own world, health care, people dont want to touch it because it is so crazy big. That is exactly why we want to go after. I suspect he would do something and if he doesnt somebody will. One less question about your book which you wrote which you are going to write. You said you didnt end up writing it because your views differ on innovation. What did you disagree on and could it ever happen . The book is still in progress. He is finishing the book on his own at this point. The biggest i wouldnt call it so much a disagreement as priorities shifted in our lives, garys part in the book was written much intellectual analysis of how this country went from being clearly at the forefront of innovation 50s, 60s, 70s to a bit of a slump in the 80s and 90s. That analysis still holds relatively true. In the last few years in Silicon Valley, i felt less and less easy saying innovation is dying, innovation is dead, which i had said on the record a while ago. At this point, between my own projects and elons projects and all the things im exposed to as an investor and advisor, it is not true anymore. Maxlevchin, paypal cofounder and ceo of glow. . Youre watching bloomberg best were we focus on technology. I am emily chang. We went on the road to a number of top tech companies, including ebay. I sat down with john donahoe. We spoke about everything from how the company has doubled its revenue in the last five years to the introduction of sameday delivery service, ebay now. I even ordered a pair of gloves using the service during the show. I asked about his goals for sameday delivery. We have done this year is in three cities, we have partnered with retailers so that when you have a situation and you want Something Like today, you want those gloves, and you dont want to wait, you want them now, you go to ebay now and the courier will have them for you within an hour. When i downloaded the app, there were only a few reviews. Why not tell us how its going . We are building a new consumer experience. The consumers that are use it lot. E using it like it a we think it is successful and we have gone from one market to three and three to five. We just bought a Company Called shuttle. They will help us expand to 25 cities across the u. S. Amazon made headlines talking about delivery by drone. We are not focusing on long term fantasies. Google has a shopping service. Do you think how you have an edge on that . We have 130 million active consumers. We have paypal which makes payments easy and safe. We start with an enormous advantage of an ecosystem and a willingness to partner with retailers, not compete. There will be people trying different innovations. Our focus is on delivering a great experience to consumers of here and in the world around the world. When we talk about googles moon shots, are they important . Is it important to have a moonshot mentality . Bold innovation is important. Our focus is around commerce. The notion of making a storefront window a touchscreen, that is a bold innovation. The notion of saying you can get it delivered within an hour, that is a bold innovation. What we were doing in mobile is a bold innovation. We will do 20 billion in mobile commerce this year.