WEBVTT - Bed Bath and Beyond Drops, Better and Palantir Team Up 0:00:02.240 --> 0:00:05.520 From the heart of where innovation, money and power COLLI 0:00:06.360 --> 0:00:10.879 in Silicon Valley and Beyond. This is Bloomberg Technology with 0:00:10.920 --> 0:00:26.960 Emily jay I. Remember Wi Chang in San Francisco, and 0:00:26.960 --> 0:00:30.400 this is Bloomberg Technology coming up. Ryan Cohen sells out. 0:00:30.560 --> 0:00:33.360 Shares of bed Bath and Beyond are plunging after the 0:00:33.400 --> 0:00:37.519 memestock idol sold his stake. Will explain why he did it. 0:00:39.080 --> 0:00:42.599 And some of Silicon Valley's richest exaction investors are campaigning 0:00:42.720 --> 0:00:48.280 against multi family housing coming to their neighborhood, including Mark Andreason. Yes, 0:00:48.320 --> 0:00:51.360 the investor who just gave controversial we Work founder Adam 0:00:51.440 --> 0:00:55.760 Newman a huge check to re envision well rental housing 0:00:56.720 --> 0:00:59.440 and last year was the most lavish on record for 0:00:59.440 --> 0:01:02.920 executive chex by almost any measure. More than thirty public 0:01:02.960 --> 0:01:07.679 company executives were paid a hundred million dollars according to 0:01:07.760 --> 0:01:10.360 the Bloomberg Pay Index. We will dig in well, let's 0:01:10.400 --> 0:01:12.640 get back to that bed Bath and Beyond stock, the 0:01:12.760 --> 0:01:16.480 latest meme stock target sliding. Activist investor Ryan Cohen first 0:01:16.480 --> 0:01:19.560 sparked this frenzy when his firm r C Ventures disclosed 0:01:19.800 --> 0:01:22.760 a nine percent stake back in March and called for 0:01:22.800 --> 0:01:26.280 a sale of the company shares have plunged now that 0:01:26.360 --> 0:01:29.600 Cohen has officially taken a steak to zero. I want 0:01:29.600 --> 0:01:33.119 to bring in Bloomberg's John Edwards for more on this. John, 0:01:33.160 --> 0:01:35.360 what sort of intel do we have on why Ryan 0:01:35.440 --> 0:01:38.840 Cohen sold out here? Well, we haven't heard from him 0:01:39.040 --> 0:01:42.200 directly yet, but it looks like he's just lost patients 0:01:42.319 --> 0:01:45.559 with this, uh, this struggling retailer. You know, he came 0:01:45.600 --> 0:01:49.720 in uh you know back in the spring, uh in March, 0:01:49.920 --> 0:01:54.000 thinking that he could really affect a turnaround here. Uh, 0:01:54.040 --> 0:01:57.520 and it looks like he has lost patients with that 0:01:57.680 --> 0:02:01.160 and bailed out. You know. He uh, he made a 0:02:01.160 --> 0:02:06.280 lot of changes. You know, he brought in three independent directors. 0:02:06.920 --> 0:02:11.120 Then in June, um, you know, as that patients started 0:02:11.120 --> 0:02:15.000 wearing thin, Uh, he uh sort of backed the outster 0:02:15.280 --> 0:02:19.640 of the CEO, Mark Tritton. Uh. And um, you know 0:02:19.720 --> 0:02:22.920 they thought then, was that Cohen thought that, you know, 0:02:23.200 --> 0:02:26.839 Bed Bath and Beyond should sell it's uh, either sell 0:02:26.880 --> 0:02:30.320 it self entirely or sell it's bye bye baby unit, 0:02:30.320 --> 0:02:32.240 which is doing better than the rest of the chain. 0:02:32.720 --> 0:02:36.400 But it looks like he is just run out of patients, 0:02:36.440 --> 0:02:39.200 and bed Bath and Beyond is run out of time 0:02:39.240 --> 0:02:43.320 with him at least welcome through the timeline because obviously 0:02:43.520 --> 0:02:45.600 earlier in the day there was this filing from our 0:02:45.639 --> 0:02:48.880 c ventures they might sell then we learn, uh, they 0:02:48.919 --> 0:02:53.040 have officially sold out. Is there any potential for regulatory scrutiny? 0:02:53.440 --> 0:02:57.399 He uh, you know, some uh, some shareholders have made 0:02:57.400 --> 0:03:00.920 some noise about you know, filing complaint. It's about the 0:03:00.960 --> 0:03:04.000 way that that Cohen has handled this, you know. He 0:03:04.200 --> 0:03:07.760 uh again came into the stock with a lot of fanfare, 0:03:07.960 --> 0:03:11.160 and then uh, you know, there was that filing that 0:03:11.560 --> 0:03:15.600 was made officially on on Tuesday, but disclosed yesterday that 0:03:16.560 --> 0:03:19.360 they were thinking about getting out of their entire steak, 0:03:19.400 --> 0:03:21.960 and then of course the new filing that they have 0:03:22.080 --> 0:03:25.919 indeed taking their steak down to zero. So a lot 0:03:26.000 --> 0:03:29.600 of these retail investors who piled into the stock are 0:03:30.160 --> 0:03:34.920 certainly upset with Cohen at this point, and some might 0:03:34.960 --> 0:03:38.080 be looking to take action, but it's unclear if if 0:03:38.160 --> 0:03:43.680 he's actually done anything you know wrong, per sect. All right, 0:03:43.760 --> 0:03:46.240 we will keep following that blue bus. John Edwards, thank 0:03:46.280 --> 0:03:50.280 you for that update. Meantime, billionaires living in one of 0:03:50.320 --> 0:03:53.120 the wealthiest hip codes in the world are pushing back 0:03:53.160 --> 0:03:57.600 on plans for more housing. Top investors and executives from Apple, Facebook, 0:03:57.600 --> 0:04:00.640 Google and more. I want to stop all Fornia from 0:04:00.680 --> 0:04:05.280 allowing businesses and multi family housing in Atherton. One of 0:04:05.280 --> 0:04:08.120 the most vocal is none other than Mark and Reason, 0:04:08.160 --> 0:04:11.400 Bloomberg's Ellen here. He wrote about the pushback in Bloomberg 0:04:11.440 --> 0:04:14.160 Business Week, So talk to us about what's going on here. 0:04:14.600 --> 0:04:18.920 So there was just this interesting moment where public comment 0:04:19.040 --> 0:04:21.760 in the town of Atherton was put online and people 0:04:21.839 --> 0:04:25.080 discovered that, um, you know, even though Mark and Reason 0:04:25.920 --> 0:04:29.159 has been very vocal publicly about the need for states 0:04:29.160 --> 0:04:32.200 like California to build more in order to fix its 0:04:32.200 --> 0:04:36.800 housing shortage, turns out when people propose um changes in 0:04:36.839 --> 0:04:39.400 the town of Atherton that would allow for multi family housing, 0:04:39.920 --> 0:04:43.279 the neighbors get very upset. And Atherton is the richest 0:04:43.560 --> 0:04:46.840 place in America, and that's why the people who are 0:04:46.920 --> 0:04:48.960 upset tend to be some of the biggest names in 0:04:48.960 --> 0:04:51.880 tex So. As you mentioned exacts and vcs. So let's 0:04:52.200 --> 0:04:55.160 we actually have the letter from Mark and Reason. He 0:04:55.240 --> 0:04:59.560 says he's writing to communicate his immense objection to the 0:04:59.600 --> 0:05:03.880 creation of multifamily housing in Atherton. Please immediately remove all 0:05:03.960 --> 0:05:09.119 multi family housing. This is in all caps overlay zoning projects. Um, 0:05:09.200 --> 0:05:13.560 they will massively decrease our home values and immensely increase 0:05:13.920 --> 0:05:17.960 the noise, pollution and traffic. And you referenced a blog 0:05:18.000 --> 0:05:20.359 post that he wrote a couple of years ago that 0:05:20.440 --> 0:05:24.560 it's time to build, uh, indicating you know it was 0:05:24.600 --> 0:05:26.520 it was you know, pretty big picture, not a lot 0:05:26.520 --> 0:05:29.280 of details about what he was saying, it was time 0:05:29.320 --> 0:05:32.839 to build and how um. But this, of course on 0:05:32.920 --> 0:05:35.000 the back of a very big check he wrote to 0:05:35.600 --> 0:05:39.720 the controversial founder of We Work, Adam Newman, to re 0:05:39.839 --> 0:05:45.240 envision housing. There's some irony. I think it's just the 0:05:45.320 --> 0:05:48.479 classic Nimby mentality, which stands for, as you probably know, 0:05:48.600 --> 0:05:51.520 not in my backyard. Of course we want housing, but 0:05:51.560 --> 0:05:53.839 as soon as it's proposed an Atherton, which many people 0:05:54.240 --> 0:05:57.080 you know, Atherton is just a strange town. It's extremely wealthy. 0:05:57.160 --> 0:05:59.240 All the big names lived there, and they like it 0:05:59.279 --> 0:06:02.880 because it's private, it because it's really not dense, and um, 0:06:02.920 --> 0:06:05.320 you know, they're surrounded by other very rich neighbors and 0:06:05.360 --> 0:06:09.760 so there's a strong um, well, of course we like housing, 0:06:09.800 --> 0:06:12.040 but not you know, not where I live. Um. And 0:06:12.080 --> 0:06:15.040 I think that's just a very common attitude, and it's 0:06:15.080 --> 0:06:16.640 funny to see it show up here. And it's not 0:06:16.680 --> 0:06:19.720 just Mark Andreason you know, a number of different folks 0:06:19.760 --> 0:06:23.279 posting here. You you singled head to quote from Anthony Nodo, 0:06:23.640 --> 0:06:26.800 the CEO so FI, talking about how his family has 0:06:26.800 --> 0:06:30.000 had to get private security because crime is on the rise. 0:06:31.080 --> 0:06:33.720 Can we substantiate that? No? I mean, I think it's 0:06:33.760 --> 0:06:36.080 just it's bringing up all these fears that people have 0:06:36.200 --> 0:06:38.919 about increased housing, which honestly, in my opinion or you 0:06:39.080 --> 0:06:41.960 tend to be fear around change like they like the 0:06:42.000 --> 0:06:43.360 town the way it is. You know, one of the 0:06:43.440 --> 0:06:45.360 quotes in the story is you know Atherton as we 0:06:45.440 --> 0:06:47.920 know it will come to an end, and only you 0:06:47.960 --> 0:06:50.760 are to blame for that speaking to the town council's 0:06:50.800 --> 0:06:54.400 given that you reported so heavily on we Work and 0:06:54.520 --> 0:06:58.960 Adam Newman, what's your take on this? Andreason check. I 0:06:59.000 --> 0:07:02.120 think that they want to send a really strong, a 0:07:02.120 --> 0:07:05.640 little trollish signal saying like, hey, we're not afraid to 0:07:05.800 --> 0:07:09.600 back founders who have had um you know a lot 0:07:09.680 --> 0:07:12.600 of bad press around some of their back their past examples, 0:07:12.600 --> 0:07:15.360 and that we really believe in kind of the iconoclastic, 0:07:16.080 --> 0:07:19.040 brash person at the head of a company. Um, whether 0:07:19.080 --> 0:07:21.560 that's going to end up being a smart check or not, 0:07:21.640 --> 0:07:23.960 I guess we'll see. You know, if you look at 0:07:24.000 --> 0:07:26.680 we work, the people who really got screwed as investors 0:07:26.680 --> 0:07:28.280 are the ones who came in later, not the ones 0:07:28.280 --> 0:07:30.920 who wrote some the earliest checks. So Andrews and may 0:07:30.960 --> 0:07:33.280 have actually made a pretty smart move here back in 0:07:33.360 --> 0:07:36.920 Newman early, but it all remains to be seen. We 0:07:37.040 --> 0:07:40.880 shall see, maybe fought or for another very long podcast someday. Okay, 0:07:41.080 --> 0:07:52.440 Ellen Hwitt, thank you. The U s housing market is 0:07:52.520 --> 0:07:56.480 quickly changing. Homes are more unaffordable than they've been in 0:07:56.600 --> 0:08:00.440 forty years, and home sales have fallen for six month straight. 0:08:00.680 --> 0:08:03.720 The home buyer Affordability Index is at its lowest point since, 0:08:04.920 --> 0:08:08.320 which means, in theory, more than half of families can 0:08:08.720 --> 0:08:11.840 get on the property ladder. Still, the online housing business 0:08:12.080 --> 0:08:14.440 is growing, and better dot Com wants a leg up 0:08:14.520 --> 0:08:17.520 on that ladder, partnering with Palenteer to create a new 0:08:17.560 --> 0:08:20.680 mortgage platform that will into leverage data to help borrowers 0:08:21.040 --> 0:08:24.760 qualify for better loans. Here to discuss better CEO Vishall 0:08:25.000 --> 0:08:27.520 Guard Vishall, thank you so much for joining us. So 0:08:27.640 --> 0:08:32.160 how will this marketplace work exactly? Well, thank you so much, Emily. 0:08:32.679 --> 0:08:35.560 We have thirty two major institutional investors that are on 0:08:35.600 --> 0:08:40.000 our platform today that actively buy loans, and what this 0:08:40.040 --> 0:08:42.800 will prolibrate them to do is to use far more 0:08:42.840 --> 0:08:48.360 granular data to UH make loans to UH c r 0:08:48.400 --> 0:08:53.160 A eligible loans, UH Low moderate income eligible loans, loans 0:08:53.200 --> 0:08:56.360 for homes with solar things that have traditionally been very 0:08:56.440 --> 0:09:02.440 difficult for mortgage investors to provide discounts on or to 0:09:02.520 --> 0:09:06.920 make more affordable. Yeah, we're heading into what could be 0:09:07.040 --> 0:09:11.200 a very prolonged economic downturn. We're already in it. You know, 0:09:11.559 --> 0:09:13.640 this is never a good time for the housing market. 0:09:13.679 --> 0:09:15.520 Why do you think now is the right time to 0:09:15.640 --> 0:09:19.640 launch this? I think affordability matters more than ever before. 0:09:20.240 --> 0:09:24.760 And we've got three trillion dollars of capital that's been 0:09:24.840 --> 0:09:28.199 raised for e s G funds and most of it 0:09:28.240 --> 0:09:31.160 never makes its way into the mortgage market. So by 0:09:31.200 --> 0:09:35.720 creating Bloomberg for Loans effectively working with Palenteer, what we're 0:09:35.720 --> 0:09:39.400 going to be able to do is help families that 0:09:39.600 --> 0:09:42.040 are in sectors that are favored by E s G 0:09:42.160 --> 0:09:46.920 investors actively connect with those investors and effectively be able 0:09:46.960 --> 0:09:50.560 to lower their cost of home ownership. Now, what are 0:09:50.600 --> 0:09:52.920 the challenges that you think you're going to face in 0:09:53.200 --> 0:09:56.160 trying to build out a home mortgage business at a 0:09:56.240 --> 0:10:00.680 time when the housing market is slumping, if not crashing. 0:10:02.080 --> 0:10:05.600 I think the demand for houses is down, but there's 0:10:05.600 --> 0:10:08.839 still millions of homes being bought and sold every year 0:10:08.840 --> 0:10:12.320 in the United States today, and better dot Com has 0:10:12.320 --> 0:10:15.480 grown fairly rapidly. We've grown from nothing to doing almost 0:10:15.520 --> 0:10:20.480 a hundred billion of mortgages UH this year and um 0:10:20.559 --> 0:10:24.240 so while the market is down, we are still less 0:10:24.240 --> 0:10:27.200 than one percent market share, and we hope that we 0:10:27.280 --> 0:10:31.080 can continue to grow and by making housing more equitable, 0:10:31.360 --> 0:10:35.880 we can actually grow addressing one of the issues that 0:10:36.400 --> 0:10:40.280 most homeowners face today. You've got a huge capital infusion 0:10:40.280 --> 0:10:42.920 from soft Bank. Is this you putting that capital to work? 0:10:42.960 --> 0:10:45.800 And how else should we see you putting the money 0:10:45.840 --> 0:10:48.400 to work? Yeah, we we did get a huge capital 0:10:48.440 --> 0:10:53.240 infusion from soft Bank, and making homeownership more equitable while 0:10:53.400 --> 0:10:58.600 driving our business is the most wonderful type of innovation 0:10:58.640 --> 0:11:01.719 that we can hope for. And so this is at 0:11:01.760 --> 0:11:04.959 the cutting edge. By partnering with Palentteer what we were 0:11:04.960 --> 0:11:08.120 going to do in five to ten years. We've been 0:11:08.160 --> 0:11:11.840 able to leverage our soft bank capital to actually make 0:11:11.920 --> 0:11:16.760 live this year. Now I have to ask you about this. 0:11:17.200 --> 0:11:19.120 The macro picture, of course, has been challenging for a 0:11:19.120 --> 0:11:21.800 lot of companies. In the last year, you've had layoffs, 0:11:21.880 --> 0:11:25.320 laid off nine of the company, nine people you laid 0:11:25.320 --> 0:11:29.760 off via Zoom than an additional three thousand. I know 0:11:29.800 --> 0:11:31.440 you've got a lot of heat for that. When you 0:11:31.480 --> 0:11:34.000 look back on that, what would you have done differently? 0:11:34.160 --> 0:11:39.000 What do you think went wrong? I think we did 0:11:39.040 --> 0:11:41.920 a lot of things that were very wrong. Um, I 0:11:41.960 --> 0:11:46.679 should have handled the layoffs with more care and more empathy. 0:11:47.120 --> 0:11:50.720 We were very lucky that because of the fact that 0:11:50.760 --> 0:11:54.400 we're a digital mortgage company and a digital home ownership platform, 0:11:54.440 --> 0:11:56.440 we were actually able to see the downturn in the 0:11:56.480 --> 0:11:59.960 market that is evidence today and that you see many 0:12:00.080 --> 0:12:03.839 many other mortgage originators laying off thousands of people. We 0:12:03.840 --> 0:12:06.839 were able to see that as early as late last year, 0:12:07.360 --> 0:12:08.960 and so we've been able to get ahead of it. 0:12:09.360 --> 0:12:12.920 We've been able to downsize to a burn. We've taken 0:12:12.920 --> 0:12:16.920 over a billion dollars in expense line items out of 0:12:16.960 --> 0:12:20.480 the company's cost structure, and we're using that savings to 0:12:20.600 --> 0:12:25.080 now innovate and continue to serve customers. So what are 0:12:25.120 --> 0:12:28.800 you doing differently now to manage costs, to manage hiring, 0:12:28.880 --> 0:12:32.200 to make sure you've learned from those lessons and something 0:12:32.240 --> 0:12:37.079 like that doesn't happen again. I think managing the up 0:12:37.120 --> 0:12:41.040 and down cycle of the cyclicality of the mortgage industry 0:12:41.080 --> 0:12:43.400 is something that's new to us, where again only a 0:12:43.440 --> 0:12:46.360 six year old company, and there are companies in the 0:12:46.400 --> 0:12:48.640 mortgage space that have been able to manage that far 0:12:48.720 --> 0:12:51.720 superior to us. So what we're keeping our pulse on 0:12:52.160 --> 0:12:57.079 is uh customer demand, customer demands specifically for new products, 0:12:57.520 --> 0:13:01.240 and legging into growing those new ducts, not at the 0:13:01.320 --> 0:13:03.199 rate that we did in two thousand twenty, where we 0:13:03.240 --> 0:13:08.880 grew almost but slowly, legging into customer demand, rather than 0:13:09.720 --> 0:13:11.760 what in startup whend you get taught to do with 0:13:11.920 --> 0:13:16.200 just a blitzcale. You're also being sued by one of 0:13:16.240 --> 0:13:19.839 your former executives, Sarah Pierce, alleging you misled investors in 0:13:19.880 --> 0:13:22.680 the process of trying to go public Vias back. She's 0:13:22.720 --> 0:13:27.720 also alleging retaliation. The SEC is now looking into this 0:13:28.400 --> 0:13:33.079 what's your response to all of this. I think it's 0:13:33.440 --> 0:13:36.880 very hard for me to comment on matters that are 0:13:36.880 --> 0:13:40.600 an active litigation or subject of an SEC inquiry. All 0:13:40.679 --> 0:13:42.640 I can say is every day we wake up and 0:13:42.679 --> 0:13:47.120 we find gratification in helping make homeownership cheaper, faster and 0:13:47.160 --> 0:13:51.960 better for more and more American families. And the more 0:13:52.080 --> 0:13:55.320 we can keep on doing that, the better the world 0:13:55.360 --> 0:13:59.240 will be. You're also trying to take the company public. 0:13:59.760 --> 0:14:02.800 I've leaves still Vias back and I know there's a 0:14:02.800 --> 0:14:05.600 deadline coming up for that. Is that still the plan? 0:14:06.080 --> 0:14:09.280 And um, you know, especially given that this back market 0:14:09.280 --> 0:14:12.440 has fizzled, how are you thinking about whether now is 0:14:12.480 --> 0:14:17.439 really the right time. We're evaluating all of our opportunities, 0:14:17.800 --> 0:14:21.640 and again I can't comment publicly on it. All I 0:14:21.680 --> 0:14:26.200 can say is that we remain committed to achieving greater 0:14:26.320 --> 0:14:29.760 capitalization so that we can have the funding to serve 0:14:29.800 --> 0:14:32.800 our customers, and we're open to all the different options 0:14:32.800 --> 0:14:35.840 out there uh than enable us to continue to be 0:14:35.920 --> 0:14:39.480 really well capitalized. So I'm curious for your thoughts on this. 0:14:39.520 --> 0:14:42.160 We've been talking a lot about the funding that Adam Newman, 0:14:42.200 --> 0:14:44.440 the founder of we Work, just received the biggest check 0:14:44.480 --> 0:14:49.760 ever from Andres and Horowitz to you know, potentially revolutionize 0:14:50.040 --> 0:14:52.120 residential real estate, or at least that's what Mark and 0:14:52.240 --> 0:14:55.600 Reason seems to be hoping for according to his blog post, 0:14:55.640 --> 0:14:58.560 What do you make of that funding? I am so 0:14:58.640 --> 0:15:03.640 happy that the venture capital community and entrepreneurs are still 0:15:03.680 --> 0:15:07.960 interested in revolutionizing the residential real estate market. Here we 0:15:08.000 --> 0:15:11.800 have a forty trillion dollar industry where consumers still pay 0:15:11.880 --> 0:15:15.240 six percent to buy or sell a home, where consumers 0:15:15.240 --> 0:15:17.760 spend over ten percent of the value of their home 0:15:17.880 --> 0:15:22.480 just transacting, where it takes sixty days to transact, and 0:15:22.560 --> 0:15:26.000 so there are so many aspects of the residential real 0:15:26.080 --> 0:15:30.760 estate market that need to be optimized and made work 0:15:30.800 --> 0:15:36.120 for consumers rather than brokers or transactional intermediaries. And uh, 0:15:36.200 --> 0:15:38.240 we really welcome the fact that there's going to be 0:15:38.240 --> 0:15:41.240 more innovation and more capital and more innovation in the space, 0:15:41.800 --> 0:15:43.800 even if it's going to Adam Newman, who at the 0:15:43.920 --> 0:15:48.560 very least is a very controversial founder. Adam Newman is 0:15:48.560 --> 0:15:51.720 a controversial founder, but he did revolutionize the idea of 0:15:51.720 --> 0:15:54.800 office space. Many of our offices are in we Work space. 0:15:55.200 --> 0:16:00.720 And so while I can't speak to any and all 0:16:00.760 --> 0:16:03.320 of the opinions that are out there in the market 0:16:03.360 --> 0:16:06.560 about him. We are delighted users of the product that 0:16:06.600 --> 0:16:10.080 he helped create, and so if he can do the 0:16:10.120 --> 0:16:15.479 same for residential real estate, good luck. All right, Ballgard, 0:16:15.840 --> 0:16:19.080 CEO of Better, We'll be watching your marketplace and following 0:16:19.120 --> 0:16:22.040 this new partnership with Palenteer. Thank you for joining us. 0:16:23.160 --> 0:16:25.920 Much more coming up right after this break, This is Bloomberg. 0:16:44.120 --> 0:16:46.200 Qualcom is taking another run at the market for server 0:16:46.320 --> 0:16:49.160 chips in an effort to decrease its reliance on smartphones. 0:16:49.240 --> 0:16:53.000 The company taking customers for a product standing from last 0:16:53.040 --> 0:16:55.840 year's purchase of the chip startup Nuvia This according to 0:16:55.840 --> 0:16:59.720 Bloomberg sources. They also say Amazon's a WS is one 0:16:59.760 --> 0:17:02.720 of the biggest server chip buyers and has agreed to 0:17:02.720 --> 0:17:07.240 take a look at what Qualcom has to offer. China 0:17:07.359 --> 0:17:09.760 is lashing out at a fifty two billion dollar program 0:17:09.800 --> 0:17:14.439 to expand American manufacturing of semiconductors and industry associations, as 0:17:14.480 --> 0:17:17.960 it contains elements that violate fair market principles and targets 0:17:18.000 --> 0:17:21.440 China's own efforts to build a chipmaking industry. The legislation 0:17:21.480 --> 0:17:24.960 prohibits companies that receive funding from expanding production of advanced 0:17:25.040 --> 0:17:30.400 chips in China, and it's the biggest annual television deal 0:17:30.520 --> 0:17:33.640 ever for a college sports conference. The Big Ten has 0:17:33.640 --> 0:17:37.080 reached an agreement on a seven year contract with Fox, CBS, 0:17:37.119 --> 0:17:39.960 and NBC. According to The Wall Street Journal, this is 0:17:39.960 --> 0:17:42.640 worth about seven and a half billion dollars. The price 0:17:42.680 --> 0:17:46.280 of college football broadcast rights has soared, and no one's 0:17:46.320 --> 0:17:49.640 cashed in more than the Big Ten and the Southeastern Conference, 0:17:49.680 --> 0:18:01.040 both of which are expanding to sixteen teams. Welcome back 0:18:01.080 --> 0:18:04.560 to Bloomberg Technology. I'm Emily Chang in San Francisco. Incredible Health, 0:18:04.680 --> 0:18:08.480 a career marketplace for permanent healthcare workers, announced eighty million 0:18:08.520 --> 0:18:11.800 dollars in series be funding the company's valuation now one 0:18:11.840 --> 0:18:16.040 point six five billion Unicorn status. This at a time 0:18:16.040 --> 0:18:18.720 when the nursing shortage is still a huge problem in 0:18:18.760 --> 0:18:22.919 the United States, a recent report from McKenzie estimating the 0:18:23.000 --> 0:18:26.040 US will be short at least two thousand registered nurses. 0:18:28.000 --> 0:18:31.000 Let's bring in Dr emmon abo zid Now for more 0:18:31.040 --> 0:18:33.840 on this year's the CEO and co founder of Incredible Health. 0:18:33.960 --> 0:18:36.879 Doctor obviously great to have you back here on the show. 0:18:37.560 --> 0:18:40.760 You talked about the nursing short shortage right here earlier 0:18:40.840 --> 0:18:44.480 in the pandemic, what's that shortage like now? So the 0:18:44.520 --> 0:18:47.560 big difference has happened in the last twelve months is 0:18:47.600 --> 0:18:51.320 that this is a this is a workforce that is overworked, 0:18:51.400 --> 0:18:56.120 burnt out, and experiencing excessive streuss. Our most recent third 0:18:56.160 --> 0:18:59.680 annual report on nurses in the US showed that one 0:18:59.720 --> 0:19:03.000 third nurses are considering leaving the profession permanently by the 0:19:03.080 --> 0:19:07.280 end of the year. So how has the pandemic changed, 0:19:07.720 --> 0:19:12.000 you know, potentially this industry for the longer term. I mean, 0:19:12.040 --> 0:19:15.520 are we expecting the impact of the pandemic to impact 0:19:15.560 --> 0:19:18.840 the availability of nurses for years to come? Absolutely? I 0:19:18.840 --> 0:19:21.439 mean even before the pandemic, our demand for healthcare as 0:19:21.440 --> 0:19:24.399 a country kept was increasing because our population is aging. 0:19:24.680 --> 0:19:27.560 But pandemics are certainly demand shocks on the system that 0:19:27.640 --> 0:19:30.240 put more constraints on the more strain on the health 0:19:30.240 --> 0:19:33.040 care system, and and the need for even more healthcare 0:19:33.119 --> 0:19:36.399 workers to to fill that demand. The CDC just announced 0:19:36.560 --> 0:19:40.920 a huge overhaul of the agency, acknowledging mistakes they made 0:19:41.000 --> 0:19:44.520 during the pandemic, acknowledging a need to be more nimble 0:19:44.520 --> 0:19:48.639 and respond more quickly. What do you think went wrong there. 0:19:48.880 --> 0:19:51.040 I mean, there was certainly some challenges with how the 0:19:51.119 --> 0:19:54.280 CDC collaborated and and the way the community they communicated 0:19:54.320 --> 0:19:57.320 with the public, which you know, they have some responsibility 0:19:57.320 --> 0:20:01.160 in terms of of how intense and challenging COVID became 0:20:01.200 --> 0:20:03.560 in the US, and that you know, in effect had 0:20:03.640 --> 0:20:07.000 affected the healthcare workforce as well. They were massively overworked. 0:20:07.520 --> 0:20:11.159 Uh and uh and hopefully with these changes when there, 0:20:11.160 --> 0:20:14.199 when and if there is a future pandemic, uh, you know, 0:20:14.400 --> 0:20:17.000 it won't affect or decimate the work the healthcare workforce 0:20:17.040 --> 0:20:19.240 as much as this last pandemic. To what are the 0:20:19.320 --> 0:20:23.080 implications for the doctor in hospital marketplace? What are you 0:20:23.160 --> 0:20:27.160 seeing on your platform? Um? You know what what we're 0:20:27.200 --> 0:20:29.720 seeing is, you know, you know, we now work with 0:20:29.760 --> 0:20:32.840 over six hundred hospitals and health systems across twenty five states, 0:20:32.880 --> 0:20:35.639 including very large ones like Kaiser, Permanente and hc A 0:20:35.680 --> 0:20:38.840 Healthcare and academic medical centers as well like Johns Hopkins 0:20:38.840 --> 0:20:42.680 and Cedar Sinai and others. And uh, you know, every 0:20:42.720 --> 0:20:44.760 single one of these hospital executives that we're working with 0:20:44.880 --> 0:20:48.080 is dealing with this problem. Uh. They are, uh, they 0:20:48.119 --> 0:20:51.920 are tackling you know, shortages and and understaffing on on 0:20:51.960 --> 0:20:55.120 all their nursing units. There's even thirty of the employers 0:20:55.119 --> 0:20:57.600 on our platform are now using US for new graduate nurses, 0:20:57.760 --> 0:21:00.560 which was not the case before the pandemic. So this, 0:21:00.760 --> 0:21:04.639 this challenge is continuing to increase and labor expenses and 0:21:04.720 --> 0:21:11.439 labor costs is negatively impacting hospital financials as well. How 0:21:11.840 --> 0:21:14.879 do you hope Incredible Health will help bridge some of 0:21:14.920 --> 0:21:19.040 these gaps? So you know, our our focus is on 0:21:19.400 --> 0:21:22.440 ensuring that nurses are able to get the best permanent roles, 0:21:22.680 --> 0:21:25.520 but we also invest heavily in features and tools for 0:21:25.680 --> 0:21:28.840 nurses that are completely free. We offer free continuing education 0:21:28.880 --> 0:21:31.760 for nurses, free salary estimators. We even have an advice 0:21:31.800 --> 0:21:35.160 platform for nurses built into our apps, and we want 0:21:35.160 --> 0:21:39.280 to continue investing in that, including skill growth, educational scholarships, 0:21:39.480 --> 0:21:42.920 relocation support in order to make sure that the Incredible 0:21:42.920 --> 0:21:45.720 Health is a place where nurses can manage their careers 0:21:46.040 --> 0:21:49.600 instead of only the place where they find their permanent job. Meantime, 0:21:49.840 --> 0:21:53.000 the US is dealing with another some would call it 0:21:53.040 --> 0:21:58.440 a crisis, the ROVERSUS Way decision from the Supreme Court. Um, 0:21:58.600 --> 0:22:02.440 is this at all impacting your platform? And the workers 0:22:02.600 --> 0:22:07.920 on your platform, especially those working in states where abortion 0:22:08.000 --> 0:22:12.560 is restricted. So it's not affecting the incredible health platform, 0:22:12.600 --> 0:22:14.840 but that it does affect the nursing workforce in a 0:22:14.880 --> 0:22:17.280 couple of different ways. First, there's going to be an 0:22:17.280 --> 0:22:20.960 increase in volume of patients because when you restrict you 0:22:21.000 --> 0:22:23.200 know that that care, you know you're gonna have more 0:22:23.400 --> 0:22:27.000 topic and more more life threatening pregnancies. Um. So that 0:22:27.000 --> 0:22:30.480 that increases the workload on the healthcare workers. Secondly, you know, 0:22:30.480 --> 0:22:32.960 they have to consider the legal ramifications when they are 0:22:33.080 --> 0:22:36.840 supporting and counseling patients, and so they have to be 0:22:36.960 --> 0:22:38.919 very aware of their code of ethics as well as 0:22:38.920 --> 0:22:41.400 the legal regulations that they have to follow in their 0:22:41.440 --> 0:22:44.359 state and in their hospital. Uh. And then finally, you 0:22:44.400 --> 0:22:47.640 know it will continue. You know, the vaccine band mandates 0:22:47.680 --> 0:22:52.520 were extremely um uh controversial, and so is Rob Wade, 0:22:52.560 --> 0:22:55.280 even among healthcare workers. So that you'll have healthcare workers 0:22:55.320 --> 0:22:56.639 that are going to be on both sides of this 0:22:56.800 --> 0:22:59.879 of this discussion, which creates more you know, angst than 0:23:00.080 --> 0:23:02.920 and the debate and discussion and intensity in the workplace. 0:23:03.440 --> 0:23:05.919 So how are you expecting this to play out over 0:23:06.440 --> 0:23:08.960 the next several years? Where you know, this could potentially 0:23:09.000 --> 0:23:12.800 happen in more states, you know, talking about a bottleneck 0:23:13.240 --> 0:23:18.000 potentially already. You know where are we three years from now? 0:23:19.359 --> 0:23:22.639 I mean we are. Every report we read, every projection 0:23:22.760 --> 0:23:27.080 shows that the shortage of workers is projected to continue 0:23:27.720 --> 0:23:30.280 unless we can do more to support this workforce and 0:23:30.280 --> 0:23:33.760 grow this workforce. The one positive that came out of 0:23:33.760 --> 0:23:36.480 the pandemic, and and you know the ce CE changes 0:23:36.520 --> 0:23:38.960 even will be great, Wade. Is it put more emphasis 0:23:39.000 --> 0:23:41.840 on the importance of the healthcare workforce and how we 0:23:41.880 --> 0:23:44.679 need it to deliver care? All right? M on opposide, 0:23:44.800 --> 0:23:47.119 incredible health CEO and co founder. Good to have you 0:23:47.160 --> 0:23:50.159 back here on the show, Um, and appreciate all your 0:23:50.200 --> 0:23:55.159 insights there. Meantime, tech stocks are staging a comeback, generally 0:23:55.280 --> 0:23:57.959 after a brutal start to the year. The NASTAC one 0:23:58.000 --> 0:24:01.880 hundred was down a month go. Now it sounds se 0:24:02.560 --> 0:24:05.160 year to date. Joining me now, Miriam rivera co founder 0:24:05.680 --> 0:24:09.040 and CEO and managing director of OH Ventures, a seed 0:24:09.080 --> 0:24:14.080 stage firm with two million dollars in assets under management. Um, 0:24:14.080 --> 0:24:17.520 how cautious Miriam, would you say you are right now 0:24:17.720 --> 0:24:21.160 in this investing environment? Well, I've been in Silicon Valley 0:24:21.200 --> 0:24:25.000 since so, I've gone through many cycles here, and one 0:24:25.040 --> 0:24:27.399