Twitter fits the bill, what is different about this versus facebook?
There are more similarities than differences.
In the last 48 hours.
No question, we are not the facebook ipo -- but the document reads the same, the disclosure is similar, the price increase has been similar.
They did not increase the number of shares poor -- shares personnel.
Hopefully we will not see a market malfunction.
Who has the responsibility to price these shares, is it a company, is a goldman sachs, j.p. morgan and the underwriters.
Or is it just the twitter vigilantes?
There will be a pricing call.
How many people on that call?
The lead underwriters and the company, they will decide what the price is, we hear it is 40 times 250 fries -- to 50 times oversubscribed.
You say facebook is the wrong comparison, it is actually pandora we should be looking to.
If you strip away the data business, twitter as a data business, they sell data.
If you strip away international and look at the u.s. advertising business, they have a mobile product, 70% of usage is immobile, similar to pandora.
Their sales force is about the same size as pandora.
Their sales force productivity and the amount of monetization per user is almost an exact match to pandora.
From a revenue perspective, they are similar.
From a cost perspective, different.
Pandora spent 50% of revenue on music content.
Twitter spends nothing on content.
The thing about pandora is it has been a way to play the rise of mobile.
They get most of their revenues from mobile, so does twitter.
Facebook does not at this point, it is growing, but it is not.
If investors want a piece of the mobile trend, it is a that -- a bet up.
Facebook has been catching up with the mobile environment, which has turned over since facebook launched.
Twitter and pandora are mobile native businesses.
Cpm's our -- are lower in mobile.
This is one thing that new insurgents are figuring out better than older companies.
One thing i am fascinated by with twitter, we understand it in the media.
What does your grandma need it?
Twitter put an about us page on their website to explain themselves, what you can use twitter for.
What does that tell you?
If you read the s-1 offering document, it is focused on its place in society.
Not long ago, when myspace was trying to make a comeback, they put out a derogatory bumper sticker that said "your mother is on facebook.
-- that turned out to be a good thing.
We hear a lot of churn, it is not clear what growth opportunity they have left in the u.s it is for us and our friends, maybe not for grandma.
Facebook mentioned during earnings last week on the call that teens are not spending as much time.
This is something we have talked about, the audience can move.
Myspace is a good example.
Sometimes the audience will pick up and leave.
You not good enough for twitter?
-- you are not predicting that for twitter?
pinterest has been valued at close to $4 billion.
D.c. links with 1999, companies that are not making a profit that are valued enormously.
Not really, these budgets are going to move.
The advertising is happening, twitter monetizes a lot like pandora right now.
Could it get some of the budget it is asking for, that is what investors are betting on.
Neil irwin with us talking federal reserve.
His book is "the ultimate ear canal is this -- "the alc hemist." is this helpful to bankers where we can get back to agp -- a g dp bernanke is talking about.
They have had more impact on financial markets than the real economy.
How many employees does twitter have?
Not that many, that is not the company driving mass expansion in jobs, that is what the fed wants to see, improvement in the job market.
As much as the stock market is up, that is an indirect effect, a wealth effect.
Do you believe in a multiplier effect where the twitter's of the world down across america?
It is not just companies like twitter going public, our companies across the board saying stock prices are high, the cost of capital is low, i will build a new factory, hire 100 people.
Until that happens, this economy will not -- going back to tesla, tesla has less than 3000 employees versus 200,000 at gm.
The promise of innovation is
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