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Speaker 1: From the heart of where innovation, money and power COLLI

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Speaker 1: in Silicon Valley and beyond. This is Bloomberg Technology with

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Speaker 1: Emily Jay. I'm Emily Check in San Francisco and this

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Speaker 1: is Bloomberg Technology. Coming up in the next hour. A

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Speaker 1: security incident at Octa, the latest details on just what

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Speaker 1: hackers got access to, as President Biden warns US businesses

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Speaker 1: to harden their cyber defenses against Russia plus Robin Hood

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Speaker 1: and veils a new debit car that will prompt users

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Speaker 1: to round up their small change and invest it in

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Speaker 1: stocks and even crypto as you spend an exclusive interview

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Speaker 1: with the chief product officer. Coming up and how to

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Speaker 1: get more women into n f T S and web three,

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Speaker 1: the so called future of the Internet will be speaking

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Speaker 1: with Randy Zuckerberg. But how she's trying to make sure

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Speaker 1: nobody gets left behind in the next technical wave. Let's

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Speaker 1: dig in now to the Octa breach. What exactly happened,

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Speaker 1: What did hackers get their hands on? How serious is it?

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Speaker 1: I want to bring in Bloomberg's Jeff Stone, who covers cybersecurity. Jeff,

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Speaker 1: the initial reporting of this was that it was a

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Speaker 1: security breach, often now saying their service wasn't breached. What

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Speaker 1: happened here, that's correct. What Octa is saying Emily doesn't

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Speaker 1: quite fit with the hackers. He might not be surprised

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Speaker 1: to learn. But essentially, what the company said this afternoon

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Speaker 1: is that someone an attacker, had access to a third

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Speaker 1: party employees excess account for five days, which would give

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Speaker 1: them um really what appears to be a dramatic amount

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Speaker 1: of access into the systems at the company. The nature

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Speaker 1: of the breach, though, still is under investigation. This is

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Speaker 1: really important because Octa is a service that is used

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Speaker 1: by businesses around the world to keep them safe. Looking

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Speaker 1: this most recent blog post buy Octa, they're saying the

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Speaker 1: service hasn't been breached, it remains fully operational. There are

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Speaker 1: no corrective actions that need to be taken by our customers.

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Speaker 1: So what do you read into about how significance this significant?

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Speaker 1: This breach, if you will, was anytime a security firm

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Speaker 1: or an identity management firm in the case of Octa,

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Speaker 1: goes through an incident like this, it's a serious concern

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Speaker 1: because of the amount of information that they carry about

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Speaker 1: their customers. Without really knowing the depth of the incident,

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Speaker 1: Octus customers certainly have reason to be on guard. We've

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Speaker 1: seen UM some early reporting out from cloud Flair, for instance,

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Speaker 1: indicating that cloud Flare also detected this and they had

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Speaker 1: some further safety measures in place that prevented them from

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Speaker 1: being affected. We hope that other customers are are in

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Speaker 1: the same boat. Do we know who's behind lapses? And

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Speaker 1: also I believe Telegram played some sort of role, that's correct.

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Speaker 1: CIS is a new UM digital extortion group. They are

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Speaker 1: using the messaging app Telegram to essentially announce their purported

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Speaker 1: breaches and auction off their data and and hopefully recruit

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Speaker 1: insiders for access for further access at companies UM like Octa.

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Speaker 1: They also have claimed breaches at Microsoft, Ubisoft, a number

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Speaker 1: of other firms. Do we know of LAPSES is tied

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Speaker 1: to a nation state, of course, you know, with these

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Speaker 1: threats of more cyber attacks coming from Russia, coming from

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Speaker 1: President Biden himself, it's hard not to jump to that conclusion. UM.

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Speaker 1: One thing that we need to keep in mind as

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Speaker 1: this invasion of Ukraine continues is that financially motivated hacking

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Speaker 1: still is going UM, if not accelerating. LAPSES appears to

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Speaker 1: be a financially motivated group researchers initial research at least

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Speaker 1: suggests that they appear to be located in South America

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Speaker 1: or in Brazil. That's based on some of their targeting

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Speaker 1: UH and some victim data, but they don't appear to

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Speaker 1: be particularly skilled at the other end of the spectrum.

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Speaker 1: They also claimed to have access to Microsoft source code,

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Speaker 1: so difficult to say. So that said, give us some

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Speaker 1: more context on President Biden's warning that businesses US businesses,

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Speaker 1: businesses around the world should be hardening up their cyber defenses.

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Speaker 1: They're preparing for Russian cyber attackers to double down. That's correct.

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Speaker 1: We were expecting a much louder, noisier, perhaps more devastating

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Speaker 1: cyber war, if you will, when Russia's invasion of Ukraine

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Speaker 1: got underway a few weeks ago. That hasn't really happened

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Speaker 1: in the way that analysts initially expected. UM, but the

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Speaker 1: warning yesterday certainly UM gives US companies reason to be

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Speaker 1: on guard again. Some of the reporting that we're starting

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Speaker 1: to hear is that, while there may not be specific

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Speaker 1: technical details in the announcement from the White House, that

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Speaker 1: update may have been based on intelligence that would indicate

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Speaker 1: that as Russia's invasion hasn't on according to plan, they

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Speaker 1: may resort to cyber activity to either raise money or

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Speaker 1: create havoc in different ways. We know that US companies

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Speaker 1: certainly are on guard, all right. Jeff Stone, who covers

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Speaker 1: cyber for Bloomberg, thanks for helping us break down some

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Speaker 1: of these complex issues happening in cyberspace. Coming up robin

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Speaker 1: Hood's new cash card. We're gonna hear from Cheach product

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Speaker 1: officer Aparna China Progatta on how they want to make

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Speaker 1: investing in stocks and crypto as easy as buying a

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Speaker 1: cup of coffee. This is Bloomberg. If you're a crypto

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Speaker 1: curious gen z and millennial, you can you need and

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Speaker 1: kind of like go deep into the rabbit hole of crypto.

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Speaker 1: You can just you know, round up the speed change,

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Speaker 1: invest in a a in bitcoin, or invest in crypto

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Speaker 1: without kind of like going off the deep end. And

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Speaker 1: I think we think that that's actually one of the

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Speaker 1: things that will be pretty interesting too. Or you can

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Speaker 1: split your paycheck and get some of the money in crypto.

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Speaker 1: Robin Hood just unveiled a new debit card that will

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Speaker 1: prompt users to take their spare change and invested in

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Speaker 1: small increments for you. That means, if you buy a

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Speaker 1: cup of coffee, round up your purchase to the nearest dollar,

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Speaker 1: robin Hood will invest it in the assets of your choice,

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Speaker 1: including crypto. We caught up with robin Hood chief product

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Speaker 1: officer Aparna Chinna Pergatta exclusively to discuss. Of course, we're

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Speaker 1: working on you know, many other products that are that

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Speaker 1: make investing easy for an entire generation of folks to

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Speaker 1: get started with. But particularly excited to share here the

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Speaker 1: robin Hood cash card um and what it does is

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Speaker 1: it's basically suspending account and a cash card, a debit

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Speaker 1: card that allows you not only to spend on things

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Speaker 1: that you need, but will help you turn that into

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Speaker 1: investing on things that you want. What do I mean

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Speaker 1: that it does three things really really well. One is

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Speaker 1: it does actually help you kind of round up the

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Speaker 1: spare change you buy a cup of coffee, will turn

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Speaker 1: that into a spare change that you can invest in

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Speaker 1: crypto or stocks, uh so turning spending into investing. The

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Speaker 1: second it also we robin Hood will give you a

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Speaker 1: weekly bonus to reward you for that and help pitch

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Speaker 1: in and support your investing journey. And finally, we're also

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Speaker 1: working with merchants and retailers to say, how can we

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Speaker 1: help you get even more savings, especially in this context

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Speaker 1: of inflation and price rise. Now your question is valid,

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Speaker 1: which is what why this? And we think of this

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Speaker 1: is just another step. The next big step in investing

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Speaker 1: is really tackling spending because we think that this is

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Speaker 1: expanding the definition of investing. You don't have to wait

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Speaker 1: till you grow accumulate wealth to be able to then

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Speaker 1: invest to grow it. You start investing at the beginning

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Speaker 1: of the financial journey right when you start spending. So far,

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Speaker 1: robin Hood earned the majority of its arab A you

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Speaker 1: from trading activity. What are the signs you have that

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Speaker 1: a cash card or spending account is something that robin

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Speaker 1: Hood users want. There's a couple of things. First of all,

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Speaker 1: we have a cash management customers that have been using

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Speaker 1: it as part of the brokerage account. We do know

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Speaker 1: based on customer research, that the next generation of m

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Speaker 1: folks are debit primary. They're wary of credit card bills,

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Speaker 1: they're wary of kind of the pitfalls. But at the

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Speaker 1: same time, they have high interest in investing, whether it's

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Speaker 1: being stock market or in crypto. And so we think

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Speaker 1: that this is a way that we can actually help

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Speaker 1: them not only just like go about their everyday existing behavior.

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Speaker 1: This doesn't require them to change anything, but as they

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Speaker 1: do so, they'll start to kind of like put away

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Speaker 1: a little bit of money towards their tomorrow, towards their futures.

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Speaker 1: So the early signs that we're getting from our product

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Speaker 1: testing are very strong that people love this connection between

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Speaker 1: spending and investing. One customer in our research described it

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Speaker 1: as this is a debit card with all the trappings

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Speaker 1: of a credit card and none of its pitfalls. So

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Speaker 1: how much revenue do you expect to earn from this product?

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Speaker 1: In particular, I think there's a couple really strong things

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Speaker 1: that we're looking for here. One, of course, is our

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Speaker 1: customers really who sign up for it, really loving the product,

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Speaker 1: using that for their everyday spending, turning that those you know,

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Speaker 1: cups of coffee into investing. Uh. And of course, like

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Speaker 1: just like many other fintech products, there's the interchange fees

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Speaker 1: that that we have that have been interchange that we

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Speaker 1: learn from this. But the second thing, which is also

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Speaker 1: really powerful for customers as well as us as a business,

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Speaker 1: is it starts this virtual cycle of spending turning into investing.

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Speaker 1: That is really good for customers for their longer long term.

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Speaker 1: Obviously compound interest is great um, but also great for

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Speaker 1: us as a business, more diversified and more connected and

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Speaker 1: we have multiple product lines. Now. You mentioned in your

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Speaker 1: announcement that for gen Z credit cards just aren't as

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Speaker 1: popular as a payment method for millennials. Why do you

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Speaker 1: think that is and how does that change the future

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Speaker 1: of financing. Yeah, and this is fascinating, Emily, because you know,

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Speaker 1: when you dig into it, there's a few different reasons. One,

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Speaker 1: of course, the default assumption you go in with there's oh,

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Speaker 1: of course they're still building their credit and therefore you

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Speaker 1: know the credit cards are not accessible to them. There's

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Speaker 1: some truth to that. But there's two other reasons. One

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Speaker 1: is we found a lot of interest from customers in

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Speaker 1: terms of like being in control of their cash flows

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Speaker 1: right and not being and being very wary of like

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Speaker 1: predatory rates that dig a deeper and deeper hole of

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Speaker 1: debt and that they're not able to come out of.

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Speaker 1: So that's I think one key reason. I think the

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Speaker 1: second reason you think about is there's always a catch,

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Speaker 1: and this is verbating. Some how people describe it that

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Speaker 1: there is a catch in terms of the rewards are

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Speaker 1: restricted for a few. Right, if you pay or you know,

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Speaker 1: X hundred dollars fee per year, then you get this

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Speaker 1: beautiful card. If you pay this much money, then you

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Speaker 1: get all of these points and so on. We just

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Speaker 1: like we have trying to do, we have been trying

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Speaker 1: to do on the investing side, We said, what does

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Speaker 1: it mean and what does it take for us to

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Speaker 1: give whatever was reserved for the few for everyone? Right?

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Speaker 1: Great looking card, great app with lots of in app

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Speaker 1: security features, intuitive design, and rewards for that that feel

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Speaker 1: like a credit card without any of the catch. Robin

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Speaker 1: Hood's chief product officer a Pargata. There. You can catch

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Speaker 1: a full interview at Bloomberg dot com. Meantime, Mackenzie Scott

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Speaker 1: has made the largest publicly disclosed gifts since she pledged

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Speaker 1: to give away the majority of her wealth. Back in

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Speaker 1: Scott donated four thirty six million dollars to the home

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Speaker 1: building nonprofit Habitat for Humanity. Scott is the ex wife

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Speaker 1: of Amazon founder Jeff Bezos. According to the Bloomberg Billionaires Index,

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Speaker 1: she is worth more than fifty four billion dollars n

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Speaker 1: f T S the collectible art projects could be the

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Speaker 1: future of content creation, but how do we get more

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Speaker 1: women creating them? That is the focus of Randy Zuckerberg,

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Speaker 1: who was launching a new class featured on Creatively to

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Speaker 1: teach women how to participate in the rapidly evolving n

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Speaker 1: f T landscape. I want to bring in Randy Zuckerberg

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Speaker 1: now for more on this, along with Stacy Vendett, who

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Speaker 1: co founded Creatively and is also the creative director and

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Speaker 1: CEO of Alice and Olivia, one of my favorite brands.

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Speaker 1: Um Randy, talk to me about this class that you're

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Speaker 1: launching to teach creatives. What do you want students to

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Speaker 1: get out of this? Sure, well, I think first of all,

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Speaker 1: n f t s are an incredible gateway into learning

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Speaker 1: more about crypto and finance. They're also an incredible platform

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Speaker 1: for artists and creatives to collect directly with their audience

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Speaker 1: for the first time. I know for me, I've collected

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Speaker 1: a lot of art I've invested in the theater and shows,

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Speaker 1: and I've always just missed having that one on one

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Speaker 1: connection with the artists themselves. N f T s provide

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Speaker 1: the perfect way to do that. So I'm really excited

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Speaker 1: to be partnering with Stacy on this course. Stay see

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Speaker 1: why are you teaming up with Randy on this You're

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Speaker 1: launching an n f T blouse which I believe Randy

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Speaker 1: is wearing. Talk to us about the link that you

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Speaker 1: see between n f T s and real world fashion. Well,

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Speaker 1: I feel like for brands, n f T s are

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Speaker 1: an amazing way to connect with your customer. But Randy

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Speaker 1: inspired me to use our blouse is a way to

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Speaker 1: bring more women into the crypto space. So a lot

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Speaker 1: of women are overwhelmed by how to purchase their first

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Speaker 1: n f T, what to do with an n f T,

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Speaker 1: what an n f T is, and so we thought

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Speaker 1: that if we could create a blouse that's one of

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Speaker 1: our best selling blouse shapes with a fun, beautiful print

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Speaker 1: and give the n f T away with it, it

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Speaker 1: was a way to win vite more women into the

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Speaker 1: crypto space. Um And and Randy offered to teach a

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Speaker 1: class to the Creatively community, which are young creatives and

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Speaker 1: to the Alis and Olivia customers and women who want

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Speaker 1: to learn about n f T s. I think you know,

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Speaker 1: obviously we saw a lot of n f T hype

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Speaker 1: last year, and some seem to think that the n

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Speaker 1: f T hype is slowing down, Like if you look

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Speaker 1: at the average trading volume, Randy, it's dropping. How do

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Speaker 1: you make sense of that, and how does this new

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Speaker 1: audience of of potential creators make sense of that? Whether

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Speaker 1: or not to invest in this space, it's a great question.

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Speaker 1: And I don't know if it's slowing down as much

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Speaker 1: as it's changing. It's evolving. Six or seven months ago,

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Speaker 1: it was differentiated enough to just be a woman creating

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Speaker 1: n f t s put a collection out there and

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Speaker 1: sell out. Today it's not like that anymore. The marketplaces

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Speaker 1: evolving n f t s need to come with utilities

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Speaker 1: like a blouse, like jewelry, like event tickets or me

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Speaker 1: it ups with a v I P or a mentor.

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Speaker 1: And so I think we're in a little bit of

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Speaker 1: a transition point with n f t s and crypto

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Speaker 1: right now, where we're going from this world where was

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Speaker 1: just these collections of JPEG's and art to really thinking

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Speaker 1: how do these become investments with long term utility. There's

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Speaker 1: a big concern that women are going to get left

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Speaker 1: out of n f t s and crypto, like we

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Speaker 1: saw women largely get out left out of you know,

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Speaker 1: the big consumer tech wave, and Stacy, I know you

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Speaker 1: spent the early days of your career coding websites for

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Speaker 1: some of the world's biggest fashion brands in a very

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Speaker 1: male dominated space. How has your experience sort of driven

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Speaker 1: your interest in this initiative? And you know, how do

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Speaker 1: we make sure that women don't get left behind again? Well,

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Speaker 1: we need to educate them, we need to inspire them,

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Speaker 1: and we need to teach them. And so we're hoping

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Speaker 1: that Brandy's classes thousands of women that join to learn

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Speaker 1: about n f T S and crypto and everything in between.

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Speaker 1: And I want to add that I think that of

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Speaker 1: the things you know right now, we saw this boom

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Speaker 1: in you know, billions or hundreds of millions being spent

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Speaker 1: on art world in the n f T space. But

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Speaker 1: there's a whole another side to the n f T

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Speaker 1: space that allows brands to connect with customers, brands to

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Speaker 1: connect with women, um brands to allow n f T

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Speaker 1: s to be this gateway to you know, sort of

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Speaker 1: give all kinds of different incentives and you know, surprises

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Speaker 1: to their customers. So I think we're just beginning to

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Speaker 1: see what the n f T world can offer to

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Speaker 1: both the art world to creatives to consumers, and I

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Speaker 1: think Granny and I both agree that it's really important

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Speaker 1: for women to understand it and engage in it um

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Speaker 1: and I think we're both determined to make sure that

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Speaker 1: women are not left behind in the space. Randy, there's

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Speaker 1: a question of how you strike the right note with

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Speaker 1: your audience. You recently put together a very well produced

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Speaker 1: video focused on Cranto and n f t S and

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Speaker 1: there was a strong response to it, not all of

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Speaker 1: it was positive. What was your goal with this video

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Speaker 1: and and what do you make of the response? Yeah, Well, Emily,

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Speaker 1: you've known me for a long time. We sang together

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Speaker 1: in college, so anyone who knows me should not be

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Speaker 1: surprised that I would put something like this out. But

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Speaker 1: I'm gonna be honest that the crypto world, um, you know,

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Speaker 1: all that we talk about with getting more women into

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Speaker 1: the space, Unfortunately, the crypto world right now is not

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Speaker 1: very welcoming. It's not very inviting for newcomers. It feels intimidating,

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Speaker 1: it feels um you know, challenging to be a woman

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Speaker 1: walking into an industry that's ent mail. And so for me,

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Speaker 1: everything I do in the space, my education, my courses.

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Speaker 1: These videos is designed to make Crypto feel fun and

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Speaker 1: welcoming and inviting because it's not hard and there's incredible opportunity.

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Speaker 1: And so you know what if some of the O

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Speaker 1: g s that they call themselves in Crypto don't like

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Speaker 1: that I'm coming in here to have fun and welcome women,

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Speaker 1: well my content is not for them. My content is

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Speaker 1: for the millions of women and people and newcomers who

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Speaker 1: are going to be coming into Crypto this year and

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Speaker 1: in the coming years. My producers, Randy, are asking me

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Speaker 1: for more details on us singing together in college, so

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Speaker 1: thank you for that. I have last I have a

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Speaker 1: last quick question about the metaverse, because obviously you can't

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Speaker 1: talk about Crypto and Web three and n f t

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Speaker 1: S without talking about the metaverse. Randy, what is your

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Speaker 1: vision for the future of the metaverse? Is this somewhere

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Speaker 1: we're going to be living and working and playing in

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Speaker 1: or is it just gonna be you know, you know,

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Speaker 1: a small subset of our lives. Well, first, I'm just

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Speaker 1: excited to be getting back to the actual verse after

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Speaker 1: two years of living on zoom. Um. I am very

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Speaker 1: excited though about the metaverse. I think um some of

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Speaker 1: the n f T collections that I'm working with are

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Speaker 1: working on building schools and education in the metaverse for

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Speaker 1: girls around the world who can't go to school, who

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Speaker 1: are in areas where it's too dangerous or it's not allowed.

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Speaker 1: I'm excited it about the opportunity for performances and art

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Speaker 1: in the metaverse. So I do think that we, you know,

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Speaker 1: the last two years, as crazy as it's been, has

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Speaker 1: trained everyone to spend more and more of our lives

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Speaker 1: online and to care about our lives and our identity online.

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Speaker 1: So it'll be interesting to see what comes all right.

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Speaker 1: Randy Zuckerberg, tech entrepreneur who also sang Acapella UM with

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Speaker 1: me a lad with Alison Olivia, Creative director at CEO,

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Speaker 1: Stacy Bendett, will be watching this course and see how

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Speaker 1: it all plays out. Thank you. This is a great

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Speaker 1: day for the factory and uh, you know it's uh.

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Speaker 1: I just like to thank everyone who helped. Thank you,

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Speaker 1: thank you very much. Uh it's really made a very

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Speaker 1: big difference UM and to the community. And U, I

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Speaker 1: mean Tesla will make sure that this is a gem,

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Speaker 1: you know, a gemstone for the area, for Germany, for

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Speaker 1: Europe and for the world. You heard it. Tesla is

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Speaker 1: up and running in Germany. I want to get straight

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Speaker 1: to our Ed Ludlow, who has been tracking the story,

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Speaker 1: and something Ed got Ellen dancing. Something got him dancing,

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Speaker 1: whether it was the fact that the Berlin plants or line,

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Speaker 1: or even the share price. Just look at this chart

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Speaker 1: over the last six days. Rub almost on Tuesday, as

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Speaker 1: the Berlin plant got up and running, the stock jump

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Speaker 1: eight percent, biggest jump in almost two months. It's up

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Speaker 1: for six straight days, best streaks since October, and it's

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Speaker 1: back above trillion dollars in market cap. A lot to

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Speaker 1: be happy about. And must did make good on his

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Speaker 1: promise to dance at the opening of the Berlin plant,

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Speaker 1: just as he did in Shanghai. I mean, I mean,

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Speaker 1: what do you say, what do you say when you

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Speaker 1: see images like that that quite some moves? Huh, he's

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Speaker 1: got some. Well I'm not going to comment on that,

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Speaker 1: but you know, the Berlin plants so important for Tesla.

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Speaker 1: They actually managed to do it pretty quickly, two years

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Speaker 1: or so since it was announced, going right, and the

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Speaker 1: first thirty vehicles delivered today. But this is the chart

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Speaker 1: that matters, right, This is the projected production for Tess

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Speaker 1: or over the next couple of the years. Shanghai, the

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Speaker 1: orange section, Fremont yellow section. You see the two slivers

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Speaker 1: of pink and blue Berlin and in Austin in texts

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Speaker 1: of course, which has not yet come online, and you

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Speaker 1: can see how slowly analysts expect the ramp to be

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Speaker 1: at these plants. So, yes, good news, they're underway, but

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Speaker 1: there's gonna be some some difficulties. You US talked about

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Speaker 1: how by the end of this year they want Berlin

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Speaker 1: to produce around five to ten thousand vehicles a week.

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Speaker 1: Today it was just the first thirty. But they've experimented

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Speaker 1: with technology. Will be really interesting with this backdrop of

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Speaker 1: supply chain crunch, how well they'll be able to ramp.

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Speaker 1: All right, Well, one thing we know for sure, to

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Speaker 1: our viewers who will never be able to unsee Elon

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Speaker 1: Lask dancing at Lund, thank you. I want to get

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Speaker 1: to another story where continuing to follow the discontent at

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Speaker 1: Disney over CEO Bob Jpex response to that controversial Florida

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Speaker 1: bill better known as Don't Say Gay. On Tuesday, employees

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Speaker 1: across the company many parts of the company walked off

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Speaker 1: the job, including one of the biggest stars of the

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Speaker 1: Disney Channel. What's up with the cast of Ravens Home

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Speaker 1: and the EPs? And we are walking out today in

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Speaker 1: support of this ridiculous bill. We don't like it. We're

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Speaker 1: working mad. It's still we love everyone and um support support,

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Speaker 1: support by Raven Simone there and the cast of Raven's Home.

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Speaker 1: It wasn't just big celebrities though, it was employees across

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Speaker 1: the board joining me now Chris Paul Mary, who attended

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Speaker 1: a walk out in l A. Chris talked to us

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Speaker 1: about the turnout. Well, this is something we've been wondering

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Speaker 1: when this verse was announced by a group of employees

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Speaker 1: about a week ago, that they were asking people to

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Speaker 1: take time off every day, culminating in this big full

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Speaker 1: day walkout today. It's just how big this was. It's

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Speaker 1: not huge. There was about a hundred people in the

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Speaker 1: park that I saw who many of them had locked

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Speaker 1: earlier in front of the Burbank headquarters of Disney. Uh.

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Speaker 1: They're a very passionate goog Though I listened to them speak,

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Speaker 1: I spoke to them. Uh, you know, they feel very

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Speaker 1: strongly about this topic and they're they're not gonna let

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Speaker 1: Bob say back. The CEO of Disney off easy on

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Speaker 1: this topic. So what's your sense of how Bob cha

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Speaker 1: Peck is weathering this. I mean, obviously seems like, you know,

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Speaker 1: he conceded to making a mistake not taking a position initially,

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Speaker 1: but now they have course corrected. A hundred and eighty

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Speaker 1: degrees isn't enough? Uh, Yeah, I mean he corrected very quickly.

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Speaker 1: Remember it was just a couple of days he said

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Speaker 1: he reversed this position. He was going to take a

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Speaker 1: public stance. He's he's had to come out apologize a

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Speaker 1: couple of times. Yesterday, Big Town Hall of all employees. Uh,

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Speaker 1: he's it. He's going to go on a global listening

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Speaker 1: tour uh and talk to folks with other senior leaders

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Speaker 1: he know, put aside of management pow wow that they

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Speaker 1: were supposed to have next week in Orlando to do that. Uh.

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Speaker 1: Took a strong position against the Texas Tech in order

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Speaker 1: that deals with a similar topic. So so he's really

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Speaker 1: trying to to to make amends for this with the

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Speaker 1: community of Disney employees. So is it gonna work? I mean,

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Speaker 1: there's been speculation that he has a year left on

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Speaker 1: his contract, you know, that could be the end. Yeah,

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Speaker 1: I mean this part of the problem for is this

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Speaker 1: dovetails with a lot of other issues that there's a

431
00:24:37,080 --> 00:24:40,639
Speaker 1: perception that he is not as strong as people person

432
00:24:40,880 --> 00:24:43,119
Speaker 1: as his predecessor Bob Iger was. He doesn't have the

433
00:24:43,160 --> 00:24:47,920
Speaker 1: relationships with talent that I developed over the years. And

434
00:24:48,280 --> 00:24:51,719
Speaker 1: so this is just sort of one example in in

435
00:24:52,160 --> 00:24:55,520
Speaker 1: that narrative of an executive whom maybees to do a

436
00:24:55,560 --> 00:24:58,440
Speaker 1: lot better job in connecting with the people who create

437
00:24:58,480 --> 00:25:02,040
Speaker 1: the content for Disney. Where is Iger in all of this?

438
00:25:02,280 --> 00:25:06,000
Speaker 1: He obviously came out against the bill fairly early on.

439
00:25:06,280 --> 00:25:08,680
Speaker 1: You know, the speculation has arranged to you know, Bob

440
00:25:08,760 --> 00:25:11,960
Speaker 1: check Chpeck could be out, Bob Iger could be coming back.

441
00:25:13,880 --> 00:25:16,640
Speaker 1: He gave an interview last month where he said, no,

442
00:25:16,640 --> 00:25:20,760
Speaker 1: no way, that won't happen. Uh. That said, he's a

443
00:25:20,840 --> 00:25:24,120
Speaker 1: very careful political guy in a way, lift his firestorm

444
00:25:24,240 --> 00:25:27,879
Speaker 1: for for Chapec by coming out and taking a stand

445
00:25:27,880 --> 00:25:32,080
Speaker 1: against this bill before Disney had, and that really sort

446
00:25:32,119 --> 00:25:34,960
Speaker 1: of put started people then started asking, well, what's Disney's

447
00:25:35,000 --> 00:25:39,200
Speaker 1: overall position, and that's when Chai ultimately responded a couple

448
00:25:39,200 --> 00:25:42,920
Speaker 1: of weeks later. So, you know, the relationship between the

449
00:25:42,960 --> 00:25:47,520
Speaker 1: two men is not great. I think chafed at the

450
00:25:47,560 --> 00:25:51,280
Speaker 1: control that Iger had as chairman for almost two years.

451
00:25:52,080 --> 00:25:55,520
Speaker 1: Uh and uh and and Iger maybe feels like he

452
00:25:55,600 --> 00:25:58,879
Speaker 1: wasn't listened to enough during that time period. All Right,

453
00:25:58,920 --> 00:26:01,240
Speaker 1: we'll continue to watch a report on this CRISP Bloomberg's

454
00:26:01,280 --> 00:26:04,800
Speaker 1: christ pal Mary, thank you. Coming up, Could Ethereum be

455
00:26:04,880 --> 00:26:08,359
Speaker 1: taking over Bitcoin? We'll have more on the recent crypto

456
00:26:08,400 --> 00:26:11,040
Speaker 1: market trends and what it means for VC investing. Next,

457
00:26:11,400 --> 00:26:29,280
Speaker 1: this is Bloomberg Time for our Crypto report now and

458
00:26:29,400 --> 00:26:32,760
Speaker 1: a look at what's happening in crypto markets. Crypto assets

459
00:26:32,800 --> 00:26:36,119
Speaker 1: getting a booze, but divergence seems to be forming between

460
00:26:36,160 --> 00:26:39,560
Speaker 1: the two largest cryptocurrencies. Our next guest Bradley Tusk of

461
00:26:39,680 --> 00:26:44,400
Speaker 1: Tuskic Ventures, for his take on markets and crypto specifically.

462
00:26:44,600 --> 00:26:47,800
Speaker 1: Rad thanks so much for joining us. Obviously if you're

463
00:26:47,800 --> 00:26:50,359
Speaker 1: looking at the crypto space, but from the perspective of

464
00:26:50,720 --> 00:26:54,040
Speaker 1: a venture capitalist, how are you advising clients where to

465
00:26:54,080 --> 00:26:58,040
Speaker 1: put their money given the additional scrutiny, you know, looming

466
00:26:58,080 --> 00:27:02,800
Speaker 1: regulatory uncertain see and what's happening with Russia and Ukraine

467
00:27:03,160 --> 00:27:07,760
Speaker 1: and these sanctions. So those are all really good points.

468
00:27:07,920 --> 00:27:10,920
Speaker 1: I'm definitely a crypto believer. My fund has invested in

469
00:27:11,160 --> 00:27:14,400
Speaker 1: companies like coin based circles, so we're certainly in it.

470
00:27:14,440 --> 00:27:17,440
Speaker 1: But at the same time, I do think that regulation

471
00:27:17,680 --> 00:27:20,840
Speaker 1: is the greatest threat to cryptocurrency, and I think that

472
00:27:20,880 --> 00:27:25,080
Speaker 1: the crypto community misinterpreted the executive order the President Biden

473
00:27:25,160 --> 00:27:28,560
Speaker 1: issues two weeks ago around it. I think people because

474
00:27:28,560 --> 00:27:31,480
Speaker 1: it didn't say, you know, we're shutting crypto down, people

475
00:27:31,520 --> 00:27:34,639
Speaker 1: were kind of breathe a sigh of relief, But in

476
00:27:34,760 --> 00:27:37,960
Speaker 1: reality it reinforced all the power that the SEC and

477
00:27:37,960 --> 00:27:41,080
Speaker 1: other agencies have to regular crypto however they see fit.

478
00:27:41,400 --> 00:27:43,639
Speaker 1: So I think there should be a bigger concern than

479
00:27:43,680 --> 00:27:48,080
Speaker 1: it has been so far. How big a concern, Well, look,

480
00:27:48,119 --> 00:27:51,440
Speaker 1: I mean Gary Ginsler certainly not a crypto fan, and

481
00:27:51,840 --> 00:27:55,720
Speaker 1: there's really no reason why he couldn't say, you know,

482
00:27:56,040 --> 00:27:58,920
Speaker 1: we are going to impose these kinds of reporting and

483
00:27:59,000 --> 00:28:02,200
Speaker 1: requirements or taxation in a way that basically makes consort

484
00:28:02,200 --> 00:28:06,840
Speaker 1: of transaction possible or prohibiting uh, you know, margin based

485
00:28:07,600 --> 00:28:13,000
Speaker 1: lending or requiring a stable coin currency reserve. That's unreasonable.

486
00:28:13,119 --> 00:28:16,639
Speaker 1: So they could do a lot to her crypto. And

487
00:28:16,680 --> 00:28:19,360
Speaker 1: I think the point here to me is the crypto

488
00:28:19,440 --> 00:28:22,959
Speaker 1: world has to grow up politically and recognize that because

489
00:28:22,960 --> 00:28:26,760
Speaker 1: their greatest threat is regulatory risk. Uh, they have to

490
00:28:26,800 --> 00:28:29,200
Speaker 1: get political in the way that pharma and lots of

491
00:28:29,240 --> 00:28:32,720
Speaker 1: other industries are, and they find it distasteful. Um, but

492
00:28:32,800 --> 00:28:35,439
Speaker 1: they've got to do with the protectives. Now there's this

493
00:28:35,440 --> 00:28:39,200
Speaker 1: big debate happening bitcoin versus a theory. And we heard

494
00:28:39,240 --> 00:28:43,240
Speaker 1: what Shinali was talking about earlier. I just asked Serena Williams,

495
00:28:43,240 --> 00:28:46,480
Speaker 1: who's got her own venture capital fund, now what she thinks.

496
00:28:46,520 --> 00:28:49,560
Speaker 1: Take a listen to what she had to say. I

497
00:28:49,600 --> 00:28:52,360
Speaker 1: think a bitcoin has had an amazing boom and it's

498
00:28:52,360 --> 00:28:55,960
Speaker 1: continues to do something amazing and it's it's huge. Right.

499
00:28:56,160 --> 00:28:59,960
Speaker 1: I'm personally, um, really in love with ethereum. I think

500
00:29:00,120 --> 00:29:05,080
Speaker 1: gets it's just um, it's more accessible. Brod are you

501
00:29:05,120 --> 00:29:08,719
Speaker 1: a bitcoin or an ethereum guy? And why so? I

502
00:29:08,720 --> 00:29:11,360
Speaker 1: will say this if I don't invest in the actual

503
00:29:11,400 --> 00:29:15,080
Speaker 1: currency either way. My view is we can assess whether

504
00:29:15,200 --> 00:29:17,880
Speaker 1: or not we think a company will succeed, and then

505
00:29:17,920 --> 00:29:21,800
Speaker 1: we can impact the company's future and activities and everything else.

506
00:29:22,200 --> 00:29:24,479
Speaker 1: But whether bitcoin or etherorum will go up and down

507
00:29:24,320 --> 00:29:27,440
Speaker 1: in any given day is usually kind of beyond my

508
00:29:27,600 --> 00:29:30,560
Speaker 1: pay grade. But look, I think there are certain things

509
00:29:30,560 --> 00:29:33,240
Speaker 1: to Ethereum in terms of the type of watching that

510
00:29:33,280 --> 00:29:37,560
Speaker 1: it's on and it's accessibility that Serena is probably right.

511
00:29:37,800 --> 00:29:39,760
Speaker 1: It's easy to see why it's started to become a

512
00:29:39,800 --> 00:29:43,720
Speaker 1: real competent. I'm kind of curious many investors like you

513
00:29:43,760 --> 00:29:47,640
Speaker 1: are investing in crypto infrastructure given some of these uncertainties

514
00:29:47,680 --> 00:29:51,880
Speaker 1: around the future around regulation. But from a purely valuation standpoint,

515
00:29:51,920 --> 00:29:54,560
Speaker 1: are you worried at all that perhaps maybe too much

516
00:29:54,600 --> 00:29:58,640
Speaker 1: money is slowing into infrastructure companies at a time where

517
00:29:59,360 --> 00:30:04,680
Speaker 1: there's worries about a disconnect between private and public valuations. Yeah, look,

518
00:30:04,760 --> 00:30:07,640
Speaker 1: it's a very fair point. And I think back to

519
00:30:07,720 --> 00:30:10,000
Speaker 1: when we invested in a company called the Wheel, which

520
00:30:10,480 --> 00:30:13,520
Speaker 1: telemedicine matching engine based in Austin, Texas that just had

521
00:30:13,560 --> 00:30:17,440
Speaker 1: a billion dollar valuation, and I remember literally thinking, if

522
00:30:17,480 --> 00:30:20,320
Speaker 1: I believe in the future of digital health, then I

523
00:30:20,320 --> 00:30:22,800
Speaker 1: should invest in the Wheel, right. I kind of think

524
00:30:22,840 --> 00:30:25,240
Speaker 1: it's the same thing here. Um. I do think the

525
00:30:25,280 --> 00:30:28,880
Speaker 1: regulation is an existential risk to cryptocurrency, but I also

526
00:30:28,920 --> 00:30:31,120
Speaker 1: think it's here to say and here for the long term.

527
00:30:31,440 --> 00:30:33,800
Speaker 1: And so look, if it is a piece of infrastructure

528
00:30:34,200 --> 00:30:37,520
Speaker 1: that the community really needs. I think it makes total sense.

529
00:30:37,560 --> 00:30:40,440
Speaker 1: I think one problem we often have adventure is because

530
00:30:40,480 --> 00:30:42,920
Speaker 1: there's so much money in the sector right now, people

531
00:30:42,920 --> 00:30:45,680
Speaker 1: are investing companies that solve problems that don't really exist

532
00:30:45,720 --> 00:30:48,320
Speaker 1: in the first place. So whatever problem you're solving has

533
00:30:48,360 --> 00:30:49,840
Speaker 1: to be a real prop And how do you think

534
00:30:49,840 --> 00:30:53,280
Speaker 1: about crypto investing versus broader Web three? Do you think

535
00:30:53,320 --> 00:30:56,240
Speaker 1: that the crypto part of the landscape is under or

536
00:30:56,360 --> 00:31:00,280
Speaker 1: over invested in here? Look, right now, it's over is

537
00:31:00,320 --> 00:31:03,120
Speaker 1: simply because we don't have any Web three investments in

538
00:31:03,240 --> 00:31:05,480
Speaker 1: very few people do, because no one exactly knows what

539
00:31:05,640 --> 00:31:08,280
Speaker 1: that means yet, right. But to me, where the to

540
00:31:08,440 --> 00:31:11,480
Speaker 1: get really interesting is when Web three is here, when

541
00:31:11,520 --> 00:31:14,000
Speaker 1: we're in the metaverse. That's in my view, and crypto

542
00:31:14,000 --> 00:31:16,560
Speaker 1: goes from being an asset class to an actual curmancy.

543
00:31:16,960 --> 00:31:21,120
Speaker 1: When tons of transactions are happening completely within the metaverse,

544
00:31:21,400 --> 00:31:24,760
Speaker 1: totally digital. That's when it really makes sense for vendors

545
00:31:24,760 --> 00:31:27,160
Speaker 1: to say, yes, we take m X and visa, but

546
00:31:27,200 --> 00:31:30,360
Speaker 1: we also take you know, ethereum and basically um. And

547
00:31:30,400 --> 00:31:33,600
Speaker 1: so I think that the two really converge when the

548
00:31:33,640 --> 00:31:37,280
Speaker 1: metaverse and Web three is actually here. Who runs the

549
00:31:37,320 --> 00:31:40,320
Speaker 1: metaverse of the future in your view, and how is

550
00:31:40,360 --> 00:31:44,560
Speaker 1: that guiding your investment decisions. Yeah, that's a great question.

551
00:31:44,640 --> 00:31:47,479
Speaker 1: So the answer is, you know is nobody knows. Um.

552
00:31:47,600 --> 00:31:50,840
Speaker 1: But I think where we should take note is, Look,

553
00:31:50,880 --> 00:31:55,400
Speaker 1: you have companies like Facebook and Microsoft and Apple spending

554
00:31:55,560 --> 00:32:00,560
Speaker 1: tens of billions of dollars on metaverse development. Um. They

555
00:32:00,600 --> 00:32:04,040
Speaker 1: want to build walled gardens that basically keep you inside

556
00:32:04,040 --> 00:32:06,920
Speaker 1: of their ecosystem and infrastructure and spending money on their

557
00:32:06,960 --> 00:32:09,640
Speaker 1: stuff as opposed to somebody else's. And I think that

558
00:32:09,640 --> 00:32:12,560
Speaker 1: that I wrote a memo about two months ago on

559
00:32:12,600 --> 00:32:14,840
Speaker 1: how to regulate the metaverse. And the reason I did

560
00:32:14,840 --> 00:32:17,600
Speaker 1: it was because I know that if we follow the

561
00:32:17,640 --> 00:32:21,040
Speaker 1: typical path where a technology company comes up with a

562
00:32:21,040 --> 00:32:23,840
Speaker 1: new idea, they launch it, and then after some period

563
00:32:23,880 --> 00:32:26,560
Speaker 1: of time government realized it exists, start starts to try

564
00:32:26,600 --> 00:32:29,680
Speaker 1: to regulate it, that almost never works, right, Um, And

565
00:32:29,720 --> 00:32:31,320
Speaker 1: you got to get ahead of these problems in the

566
00:32:31,320 --> 00:32:33,320
Speaker 1: first on the front end. And so I think that

567
00:32:33,360 --> 00:32:36,880
Speaker 1: if we want government to have some say over the metaverse.

568
00:32:36,920 --> 00:32:39,800
Speaker 1: And the reason why that's important is all of the

569
00:32:39,920 --> 00:32:43,640
Speaker 1: lack of privacy and portability and data ownership that we

570
00:32:43,720 --> 00:32:46,080
Speaker 1: have an Internet two point oh in this country. I

571
00:32:46,080 --> 00:32:48,880
Speaker 1: think most people would like to have more protections when

572
00:32:48,920 --> 00:32:51,320
Speaker 1: the metaverse comes and when Web three comes, and so

573
00:32:51,400 --> 00:32:54,960
Speaker 1: if government doesn't proactively say how do we protect and

574
00:32:55,000 --> 00:32:58,160
Speaker 1: look out for consumers in the metaverse, then no one's

575
00:32:58,200 --> 00:33:00,400
Speaker 1: going to uh and people are gonna have our time.

576
00:33:00,520 --> 00:33:03,240
Speaker 1: I have another question here about venture capital and how

577
00:33:03,280 --> 00:33:06,560
Speaker 1: it changes as it pertains to crypto. Given that people

578
00:33:06,600 --> 00:33:08,800
Speaker 1: are raising money in so many new and different ways

579
00:33:08,800 --> 00:33:11,479
Speaker 1: in the crypto landscape, do you think if the VC

580
00:33:11,560 --> 00:33:16,960
Speaker 1: space doesn't adapt that they risk competing very heavily with

581
00:33:17,640 --> 00:33:21,600
Speaker 1: crypto investment. Yeah, yeah, for sure. So well yes, you know,

582
00:33:21,720 --> 00:33:26,320
Speaker 1: actually yes, because you're seeing crypto companies themselves start doing

583
00:33:26,360 --> 00:33:30,200
Speaker 1: internal venture investing. You're seeing funds that are specifically focused

584
00:33:30,400 --> 00:33:32,960
Speaker 1: just on crypto and nothing else, and they're going to

585
00:33:33,080 --> 00:33:35,920
Speaker 1: have advantages in terms of the ability to see deals,

586
00:33:35,920 --> 00:33:39,520
Speaker 1: to analyze deals, and everything else. At the same time,

587
00:33:40,240 --> 00:33:43,760
Speaker 1: when times are really flush, everyone's throwing the money. And

588
00:33:43,800 --> 00:33:47,560
Speaker 1: if either because of regulation or some other problem, you know,

589
00:33:47,600 --> 00:33:51,360
Speaker 1: the price of crypto decline significantly, all these companies making

590
00:33:51,440 --> 00:33:55,000
Speaker 1: kind of side investments and other crypto startups and infrastructure

591
00:33:55,080 --> 00:33:58,239
Speaker 1: everything else may end pretty quickly. So I don't know

592
00:33:58,320 --> 00:34:00,840
Speaker 1: that the competition has longevity, but I do think that

593
00:34:00,960 --> 00:34:05,240
Speaker 1: right now they have some advantages. All right, Bradley Tusk

594
00:34:05,360 --> 00:34:17,479
Speaker 1: Tesk Ventures along with our Shinali Bossk, thank you both well.

595
00:34:17,520 --> 00:34:20,800
Speaker 1: As corporate life slowly gets back to a new normal,

596
00:34:20,840 --> 00:34:23,959
Speaker 1: the fintech startup Ramp is taking advantage, the company raising

597
00:34:24,000 --> 00:34:28,000
Speaker 1: another seven fifty million dollars valued at now over eight

598
00:34:28,400 --> 00:34:31,319
Speaker 1: billion dollars. All will continue to grow. Joining me now

599
00:34:31,360 --> 00:34:34,719
Speaker 1: the CEO of Ramp, Eric Glenman. Eric, thanks so much

600
00:34:35,080 --> 00:34:37,120
Speaker 1: for joining us, so talk to us a little bit

601
00:34:37,120 --> 00:34:39,480
Speaker 1: about ramps business, what you do and why it's important

602
00:34:39,520 --> 00:34:43,880
Speaker 1: in the fins tech landscape today. Person Emily, thanks so

603
00:34:43,960 --> 00:34:47,520
Speaker 1: much for having me. So. Ramp is a finance automation platform.

604
00:34:47,560 --> 00:34:50,520
Speaker 1: We offered the fastest curring corporate card in America with

605
00:34:50,520 --> 00:34:54,799
Speaker 1: built in expense management, bill payments and accounting automation uh

606
00:34:54,840 --> 00:34:57,040
Speaker 1: in the impact that we tried for companies as we

607
00:34:57,080 --> 00:34:59,880
Speaker 1: help the average companies spend three point three percent less

608
00:35:00,480 --> 00:35:05,200
Speaker 1: each year, enclose their books eight times faster. You're competing

609
00:35:05,200 --> 00:35:10,480
Speaker 1: with giants like American Express. What do you have on them? Yeah? So, first,

610
00:35:10,560 --> 00:35:14,400
Speaker 1: it's a fundamentally a design that's focused on our customer UH.

611
00:35:14,440 --> 00:35:16,719
Speaker 1: And so where there's others in this space have thought

612
00:35:16,719 --> 00:35:19,320
Speaker 1: a lot about how to design points programs that incentivize

613
00:35:19,320 --> 00:35:22,360
Speaker 1: companies to spend more than they intended or more revenue

614
00:35:22,360 --> 00:35:25,280
Speaker 1: for the company. We design our products with the intent

615
00:35:25,480 --> 00:35:28,799
Speaker 1: of helping business owners spend less money and spend less time.

616
00:35:29,080 --> 00:35:31,000
Speaker 1: And that's why we believe we were able to grow

617
00:35:31,040 --> 00:35:33,360
Speaker 1: revenues by a factor of ten times and for the

618
00:35:33,440 --> 00:35:35,799
Speaker 1: number of car holder juicy Ramp by fifteen times year

619
00:35:35,800 --> 00:35:37,680
Speaker 1: over year. And you think that a line approach, it's

620
00:35:37,719 --> 00:35:41,560
Speaker 1: what business owners are looking for eight point one billion

621
00:35:41,600 --> 00:35:44,399
Speaker 1: dollars and certainly half the evaluation. How do you plan

622
00:35:44,520 --> 00:35:50,720
Speaker 1: to invest this new capital? Primarily on on hiring. Today

623
00:35:50,920 --> 00:35:54,000
Speaker 1: RAMP is about three hundred people UH and we intend

624
00:35:54,040 --> 00:35:58,320
Speaker 1: to double that over the coming year, primarily hiring in

625
00:35:58,920 --> 00:36:02,120
Speaker 1: research and development, engineering, product design, trying to come up

626
00:36:02,160 --> 00:36:06,000
Speaker 1: with software that entoufis work companies are wasting time. UM.

627
00:36:06,120 --> 00:36:08,520
Speaker 1: You know, things like manual expense reports, helping automate that

628
00:36:08,520 --> 00:36:11,960
Speaker 1: a way fully wasting money, identify where certain companies are

629
00:36:11,960 --> 00:36:14,759
Speaker 1: getting charged more than others, and helping combat crisis for

630
00:36:14,800 --> 00:36:18,040
Speaker 1: the nation and ultimately supporting more business owners. We support

631
00:36:18,080 --> 00:36:21,120
Speaker 1: over five thousand companies today in the US, UH, and

632
00:36:21,200 --> 00:36:23,520
Speaker 1: we intend to use the funding to help scale to

633
00:36:23,600 --> 00:36:27,120
Speaker 1: tens of thousands. You're also planning to open a new

634
00:36:27,160 --> 00:36:30,120
Speaker 1: office in Miami later this year. Why Miami and how

635
00:36:30,200 --> 00:36:32,960
Speaker 1: much of your workforce will be coming in to that

636
00:36:33,080 --> 00:36:37,400
Speaker 1: office versus working remotely? Yeah, thanks so much for asking.

637
00:36:37,840 --> 00:36:41,480
Speaker 1: Um So, first, just Miami has become an incredibly dynamic city,

638
00:36:41,920 --> 00:36:45,560
Speaker 1: especially coming into and out of the pandemic. We're seeing

639
00:36:45,560 --> 00:36:50,040
Speaker 1: a lot of new business formation UH founders heading down there. UH.

640
00:36:50,040 --> 00:36:52,880
Speaker 1: And RAMP wants to be where business owners are forming

641
00:36:52,880 --> 00:36:55,960
Speaker 1: new companies, where companies are operating, people are are seeking

642
00:36:56,000 --> 00:37:00,120
Speaker 1: to um treat and grow workforces. UH. And so a

643
00:37:00,160 --> 00:37:03,439
Speaker 1: lot of this is really around supporting businesses down there,

644
00:37:03,600 --> 00:37:06,120
Speaker 1: but also to coming throughout the pandemic. We just see

645
00:37:06,239 --> 00:37:09,360
Speaker 1: that uh. You know a lot of our our workforce

646
00:37:09,520 --> 00:37:12,080
Speaker 1: wants to work in great places. People are used to

647
00:37:12,120 --> 00:37:15,600
Speaker 1: being able to work where they want, UM and how

648
00:37:15,640 --> 00:37:19,800
Speaker 1: they want. And so by June we should open our office. UM.

649
00:37:19,840 --> 00:37:21,880
Speaker 1: You know, we're gonna be hiring locally as well as

650
00:37:21,880 --> 00:37:24,839
Speaker 1: supporting employees who want to spend some time and work

651
00:37:24,880 --> 00:37:27,080
Speaker 1: from a sunny place for part of the year. Given

652
00:37:27,080 --> 00:37:28,759
Speaker 1: that you're working with a lot of small businesses, what

653
00:37:28,800 --> 00:37:32,840
Speaker 1: are they telling you? Given geopolitical uncertainty, inflation, there's a

654
00:37:32,880 --> 00:37:38,520
Speaker 1: lot of pressure and uncertainty about what lies ahead. For sure,

655
00:37:38,840 --> 00:37:41,800
Speaker 1: you know, we we we talked with finance teams, founders

656
00:37:41,840 --> 00:37:44,640
Speaker 1: CFOs day and day out. And I think during this

657
00:37:44,680 --> 00:37:47,160
Speaker 1: period UM, you know, businesses are still trying to do

658
00:37:47,239 --> 00:37:48,920
Speaker 1: the same thing they're always trying to do, which is

659
00:37:49,040 --> 00:37:52,560
Speaker 1: you know, grow UM grow business have a great livelihood

660
00:37:52,880 --> 00:37:55,960
Speaker 1: and support others. But I think what's especially important and

661
00:37:56,040 --> 00:37:58,920
Speaker 1: people are playing for if if capital is harder to access,

662
00:37:59,200 --> 00:38:02,239
Speaker 1: you know, making sure we're being prudent for their funds UH.

663
00:38:02,280 --> 00:38:04,120
Speaker 1: And so you know, for us, a lot of that

664
00:38:04,160 --> 00:38:07,040
Speaker 1: comes down to UM. You know, can we help companies

665
00:38:07,080 --> 00:38:10,360
Speaker 1: identify where there's waste UM you know, where certain companies

666
00:38:10,360 --> 00:38:12,920
Speaker 1: are spending more than others UM and helping companies that

667
00:38:12,920 --> 00:38:15,319
Speaker 1: are that are that are looking to bring down their

668
00:38:15,360 --> 00:38:18,600
Speaker 1: spend UM you know, in designing software that helps them

669
00:38:18,600 --> 00:38:21,239
Speaker 1: achieve that UM. A lot of people are looking for

670
00:38:21,280 --> 00:38:25,240
Speaker 1: support UM for travel, you know, for you know travel

671
00:38:25,640 --> 00:38:28,520
Speaker 1: UM as people as workforces have suddenly become hybrid through

672
00:38:28,560 --> 00:38:31,680
Speaker 1: the pandemic. Even though there's uncertainty globally a lot of

673
00:38:31,840 --> 00:38:33,920
Speaker 1: a lot of Americans, it's starting to see others in

674
00:38:34,160 --> 00:38:37,879
Speaker 1: different offices and locations across the country. UM, and so

675
00:38:38,000 --> 00:38:41,319
Speaker 1: integrated travel management, expense management and like our our hot

676
00:38:41,320 --> 00:38:45,040
Speaker 1: areas and development for ramping our customers. Quick question, when's

677
00:38:45,080 --> 00:38:49,239
Speaker 1: the I p oh, No current flends UM. But like

678
00:38:49,719 --> 00:38:51,920
Speaker 1: we're trying to UM, you know, build a business for

679
00:38:51,960 --> 00:38:55,000
Speaker 1: the long run and aligned incentives and you know that

680
00:38:55,000 --> 00:38:56,920
Speaker 1: that's what we're focused on day in and day out. UM,

681
00:38:57,200 --> 00:39:00,960
Speaker 1: and we'll see where where things take us. Right Eric Lenman,

682
00:39:01,080 --> 00:39:04,640
Speaker 1: CEO of ROMP, thank you so much for joining us.

683
00:39:04,920 --> 00:39:08,120
Speaker 1: And that does it for this edition of Bloomberg Technology.

684
00:39:08,160 --> 00:39:10,920
Speaker 1: We will be right back here tomorrow. Don't forget to

685
00:39:10,960 --> 00:39:14,600
Speaker 1: check out our new podcast. Every episode of the show.

686
00:39:14,719 --> 00:39:17,960
Speaker 1: You can listen on the go on Apple, Spotify, I

687
00:39:18,120 --> 00:39:20,719
Speaker 1: Heart on the terminal. Of course, we'll be right back

688
00:39:20,719 --> 00:39:23,880
Speaker 1: here tomorrow. I'm Emily Chang in San Francisco. This is

689
00:39:23,880 --> 00:39:24,440
Speaker 1: Bloomberg