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

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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 remember the check in San Francisco, and

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Speaker 1: this is Bloomberg Technology coming up in the next hours.

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Speaker 1: Some of the world's most recognizable brands, from Apple to

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Speaker 1: Coca Cola, are being worn to pull advertising from Twitter,

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Speaker 1: depending on how Elon Musk moderates content or not. But

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Speaker 1: it's not just Twitter that has an ad problem. All

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Speaker 1: major social networks are re link from fewer AD dollars

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Speaker 1: will even go to social media in the future or

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Speaker 1: fleet to streaming we'll discuss. Plus Airbnb gets a reality

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Speaker 1: check as consumers shift away from higher cost rentals that

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Speaker 1: thrived in the pandemic. CEO Brian Chesky joins us to

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Speaker 1: talk about his outlook on travel and address those high

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Speaker 1: cleaning fees, and as tensions between the US and trying

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Speaker 1: to persist, how do businesses change their strategy? Plus where

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Speaker 1: is Jack mob? A former Ali Baba Exact will join us,

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Speaker 1: but first a little bit more about Twitter and advertising.

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Speaker 1: Elon Musk taking over Twitter at one of the most

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Speaker 1: precarious moments for big tech companies that have built massive

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Speaker 1: businesses based on ad revenue. Platforms we've taken for granted,

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Speaker 1: like Twitter, Facebook, Instagram have been free to users thanks

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Speaker 1: to those ads. But that I'm beginning to change and

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Speaker 1: could continue to change fast from where I want to

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Speaker 1: bring in Bloomberg's Kurt Wagner. Kurt, before we go any farther,

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Speaker 1: what's actually happening with Twitter's ad products right now? We've

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Speaker 1: there's been talk about a potential advertiser boycott elon musks,

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Speaker 1: but some ideas out there about a subscription. Where do

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Speaker 1: we stand right now? Yeah, I mean right now everything

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Speaker 1: is sort of where was, you know, last week, But

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Speaker 1: you just mentioned there's some looming things that could be

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Speaker 1: incredibly impactful. The first is this potential boycott, right like

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Speaker 1: this idea that advertisers are going to say, hey, we're

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Speaker 1: not going to spend money on this platform and unless

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Speaker 1: you do certain things around speech or or policing of speech.

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Speaker 1: And we saw that with Facebook a few years ago,

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Speaker 1: Emily you probably remember, and it was a big deal.

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Speaker 1: But Facebook was able to weather that storm um for

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Speaker 1: a couple of reasons, and one of them was that,

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Speaker 1: you know, they had Cheryl Stamberg out there talking to

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Speaker 1: advertisers and other senior leaders. Now all the senior leaders

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Speaker 1: that Twitter who would be having those conversations are gone.

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Speaker 1: And so that's why I feel like an advertising boycott

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Speaker 1: at Twitter could be kind of dicey um. If indeed

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Speaker 1: that is the route that some people go, which you know,

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Speaker 1: as we've seen they'd be willing to do it before,

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Speaker 1: I wouldn't be surprised if that something like that happens again. Meantime,

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Speaker 1: you know, Twitter is grappling with the fact that advertisers

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Speaker 1: are potentially going elsewhere in general, and also facing a

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Speaker 1: massive econom mic slowdown. How our advertisers thinking about whether

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Speaker 1: to spend their dollars on social media or look to

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Speaker 1: things like streaming. I mean, this sounds so obvious, but

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Speaker 1: if you're an advertiser, especially right now, when budgets are

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Speaker 1: a little bit tighter, when there's this massive inflation issue

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Speaker 1: that's going on, You're only going to spend money where

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Speaker 1: you can see a return on that investment, Right. So

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Speaker 1: that historically has been places like Google and Facebook, places

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Speaker 1: with really strong direct response businesses. Right. So I put

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Speaker 1: a dollar in and I know, with some you know, consistency,

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Speaker 1: I'm going to get a dollar fifty and sales out now.

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Speaker 1: Twitter is always been different than that. They've always specialized

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Speaker 1: in what's called brand advertising, right. It's the kind of

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Speaker 1: stuff you see around the super Bowl or on a

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Speaker 1: billboard or whatever that is not necessarily something that is

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Speaker 1: easy to measure for r O. I, it's not the

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Speaker 1: kind of thing that I think when uh, you know,

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Speaker 1: times are tough and money is that you want to

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Speaker 1: go spend a bunch of money on that. So I

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Speaker 1: do think, regardless of what's going on with Ellen, I

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Speaker 1: just think aending money on Twitter right now is probably

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Speaker 1: a tough you know, sell, just given the environment that

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Speaker 1: we're in economically. We heard a little bit from Kathy Would,

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Speaker 1: who seems excited about Elon Musk's plans per usual. Let's

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Speaker 1: take a quick listen to what she had to say

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Speaker 1: on Bloomberg earlier today. This subscription advertising model is a

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Speaker 1: very smart move if he goes in that direction. The

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Speaker 1: verification that little check is very important to people and

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Speaker 1: could help clean up the platform considerably. You know, it's

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Speaker 1: not surprising that someone like Kathy Would would be excited

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Speaker 1: about Elon Musk's plans, But you know, what do you

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Speaker 1: make of her support and whether you know there will

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Speaker 1: be a wave of advertisers and and people out there

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Speaker 1: who like what Ellen is doing. Yeah, I'm smiling, not

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Speaker 1: because you know, I I necessarily disagree that the blue

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Speaker 1: check has value. I'm just not sure that this idea

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Speaker 1: that it's going to clean up the service of FO

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Speaker 1: really makes a whole lot of sense. We've seen Elon

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Speaker 1: talk about this as well, right that, well, once I

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Speaker 1: start charging for the blue check, you know, bots won't

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Speaker 1: pay for the blue check, and then we'll know who's

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Speaker 1: real and who's not. Well, that implies, emily that regular

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Speaker 1: people are going to pay for a blue check mark

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Speaker 1: two and eight dollars a month. Uh, is not, you know,

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Speaker 1: necessarily something that people are willing to fork over for

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Speaker 1: you know, proven to Elon Muskata that they are a

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Speaker 1: human being. And so I'm curious to see how this works.

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Speaker 1: To me, it feels relatively rushed. Um, maybe there's more

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Speaker 1: nuanced to it that we just haven't learned yet, right

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Speaker 1: because a lot of this he's just conveying via his

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Speaker 1: own tweets. So perhaps there's a much broader plan that

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Speaker 1: we're just not seen. But at least on the surface,

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Speaker 1: I feel like this idea of you know, we're suddenly

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Speaker 1: gonna know who the humans are and who the bots

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Speaker 1: are because the humans are the ones who are gonna pay.

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Speaker 1: It just doesn't feel realistic when you have, you know,

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Speaker 1: hundreds of millions people on the service, Not that many

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Speaker 1: people are gonna want to pay for this? All right?

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Speaker 1: Uh so much more, tv D, Blueworks, Kart Wariner, thank you.

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Speaker 1: Of course, all of your reporting on Twitter will continue

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Speaker 1: to follow. Uh your stuff. Let's get back to earnings now,

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Speaker 1: with Airbnb reporting big revenue and net income numbers, but

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Speaker 1: shares falling after the company gave a disappointing outlook for

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Speaker 1: bookings in the fourth quarter, closing down more than I

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Speaker 1: want to bring in see O Brian Chesky to address

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Speaker 1: it all now, Brian, thank you as always for joining us.

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Speaker 1: So one point to billion in net income, two point

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Speaker 1: nine billion in revenue. These are big numbers, um, but

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Speaker 1: investors still pretty disappointed. What's your response to this big

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Speaker 1: stock plunge. I believe it's the biggest stock market job

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Speaker 1: for Airbnb since going public. Well, you know, I've tried

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Speaker 1: to make sure that we focus on what we can

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Speaker 1: deliver in your ami, we delivered a record quarter a

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Speaker 1: billion and a half of ibada, nearly a billion dollars

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Speaker 1: in freak ash flow, three point three billion dollars in

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Speaker 1: the trailing twelve months. I think that you know, people

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Speaker 1: in the world, this is a very uncertain time and

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Speaker 1: everyone's really looking for indications of what the future holds.

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Speaker 1: Um We've tried to make very clear on the call

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Speaker 1: that we're actually feeling very confident about Q four. So

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Speaker 1: people are traveling, that's why results were really good in

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Speaker 1: Q three, and we're actually feeling really confident. I don't

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Speaker 1: want to make sure people know that. So let's hold

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Speaker 1: on in on this moderating of booking growth that you see.

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Speaker 1: If we are heading into a long term recession, who's

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Speaker 1: to say that that consumers aren't going to cut back

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Speaker 1: on travel or aren't going to choose to stay in cheaper,

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Speaker 1: closer places rather than splurge on that trip abroad, and

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Speaker 1: that that's going to add up for Airbnb. Well, this

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Speaker 1: is a great point, Emily. One of the things I

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Speaker 1: just say, though, is that one of the things we

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Speaker 1: learn in the pandemic is that we have a very

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Speaker 1: adaptable business model. For example, member recall in air bing

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Speaker 1: b was the first company to rebound in all of travel.

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Speaker 1: That's partly why we had such a six sus y

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Speaker 1: p O. And the reason why is we are a

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Speaker 1: more affordable option. We have never nearly every type of

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Speaker 1: space in nearly every community, so if people cut back

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Speaker 1: cross border travel, they might start working more from Airbnb.

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Speaker 1: So we found a very brasilient model and that's something

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Speaker 1: I'm feeling really confident about. Chris Bryant, are Bloomberg opinion columnist,

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Speaker 1: had an interesting take. He suggested, if Airbnb has a

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Speaker 1: problem is that you're making too much money, how do

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Speaker 1: you respond to that? No one whatever told us that

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Speaker 1: two and a half years ago we were losing two

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Speaker 1: d fifty million dollars a year in Evada, And of

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Speaker 1: course now we delivered a billion and a half dollars

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Speaker 1: in Evada in the quarter. You know, we are increasingly

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Speaker 1: investing more in the customer experience every year. The reason

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Speaker 1: we're getting more profitable is we're more efficient. We're incredibly disciplined.

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Speaker 1: We only have six thousand employees. We spent a lot

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Speaker 1: less on marketing than any other travel company of our

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Speaker 1: size in the online space. But you know, with air cover,

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Speaker 1: we're investing a lot more in the customer experience this year.

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Speaker 1: So we're going to continue to be more efficient, but

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Speaker 1: we're going to continue to deliver more more for customers.

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Speaker 1: And I also understand that people really care about value.

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Speaker 1: They want to make sure that Airbnb is still a

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Speaker 1: brand you can come to get a great value. We're

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Speaker 1: known for affordable travel, and I know that people are

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Speaker 1: really concerned about whether or not our our aerbans will

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Speaker 1: continue to be affordable, and they will be. We're going

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Speaker 1: to continue to focus and making sure our prices are competitive,

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Speaker 1: and so that's what we're focused on. So let's talk

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Speaker 1: about the transparency around pricing that you hinted at. I

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Speaker 1: think we've all had that feeling of looking at a

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Speaker 1: rental on Airbnb. Then we click all the way through

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Speaker 1: and and the price change is given, all the fees,

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Speaker 1: the cleaning fee, et cetera. What can we expect that

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Speaker 1: transparency to look like? Well, yeah, and I think there's

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Speaker 1: two things going on. The first is people, we want

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Speaker 1: people to understand our pricing not be surprised. The second

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Speaker 1: is we want to make sure that when they do

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Speaker 1: see the final price, they feel really good about the

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Speaker 1: final price and it's still a great value. So we

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Speaker 1: are working on updating some of the designs for our

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Speaker 1: platform to make everything even more intuitive, and we're gonna

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Speaker 1: have some updates very very soon, so stay tuned. Let's

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Speaker 1: talk a little bit about average daily rates. There's an

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Speaker 1: expectation those are going to come under pressure in the

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Speaker 1: next quarter given the strong dollar, if the bookings mix

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Speaker 1: shifts to potentially cheaper rentals. Can you give us some

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Speaker 1: insight on consumer preferences right now? What do consumers want

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Speaker 1: that you're seeing through the holiday season and we're not

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Speaker 1: seeing a major change. I mean, what I would say

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Speaker 1: is the reason that price per night on abomy has

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Speaker 1: gone up in the last couple of years is before

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Speaker 1: the pandemic, most people were using Airbnb to cross the

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Speaker 1: border and stay in a city and stay in a

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Speaker 1: one bedroom, two bedroom a place. Now a lot of

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Speaker 1: people are booking three, four or five bedroom homes and

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Speaker 1: they're doing it because they're going with their friends, their families,

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Speaker 1: their coworkers, or they're living in the house. And so

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Speaker 1: now the average duol rates higher because the homes are bigger.

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Speaker 1: What we think is when Asia recovers, that could moderate

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Speaker 1: price per night a little bit. But that's a good

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Speaker 1: thing because that will actually lead to a lot more

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Speaker 1: volume because you get an entire continent to be traveling

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Speaker 1: a lot more. And I do think you're gonna see

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Speaker 1: that grow. So we actually are expecting a pretty stable

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Speaker 1: average daily rate. We're not seeing major shifts and the

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Speaker 1: way people use air VnB just yet. Long term stays

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Speaker 1: still hugely popular. About of nights book give us some

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Speaker 1: insight on that trend, because I wonder, is it plateau

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Speaker 1: ing at all? Is it slowing down? I mean, is

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Speaker 1: the growth that you saw there over No? No, I

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Speaker 1: mean honestly, long term stays is still the fastest growing

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Speaker 1: segment by length of state on Airbnb. Now because the

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Speaker 1: short term states have recovered, it's now been stable at

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Speaker 1: I do expect in the coming years ahead, though, long

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Speaker 1: term stage will probably increasingly grow as a percentage of

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Speaker 1: a business. And the reason why is because increasingly, I

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Speaker 1: think more people are gonna be flexible, fewer people have leases.

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Speaker 1: I'm not saying no one will, I'm just saying enough

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Speaker 1: for this market to continue to grow. So this is

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Speaker 1: gonna be a huge new grows owth opportunity for us

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Speaker 1: in the coming years to come. It's so fascinating just

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Speaker 1: how much how people use Airbnb has changed just in

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Speaker 1: the last couple of years. Do you have any concern

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Speaker 1: that Airbnb is over reliant potentially on long term stays. No, because, um,

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Speaker 1: you know, we just got to make sure that each

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Speaker 1: segment is growing and the long term stays aren't really

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Speaker 1: coming at the cost of short term stays. So as

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Speaker 1: long as short term stays continue to grow, think of

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Speaker 1: it as another layer. It's kind of like Amazon sales

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Speaker 1: books and now they sell electronics, now they sell another category.

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Speaker 1: We don't think these categories will necessarily cannibalize. These are

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Speaker 1: really different use cases, and a lot of people are

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Speaker 1: coming Airbnb just to list monthly stays, so this I

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Speaker 1: think can open up a lot. I actually think monthly

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Speaker 1: stays can make short term stays more popular because some

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Speaker 1: people might book an air be for a long term

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Speaker 1: stay and say, hey, that wasn't so bad staying at

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Speaker 1: someone else's home. Maybe I'll do it for a short

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Speaker 1: term stay. So may actually have a way of bringing

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Speaker 1: more customers into Airbnb. That's at least what we what

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Speaker 1: our theory is interesting. You do have some analysts out

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Speaker 1: there who seem to be thinking Airbnb is priced too

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Speaker 1: high compared to some of your travel peers, especially if

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Speaker 1: the bookings mixes changing. What are your thoughts on that.

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Speaker 1: I mean, our gusts still tell us that Aaron b

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Speaker 1: is the best value. That being said, we do want

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Speaker 1: to make sure that as the economy slows down, our

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Speaker 1: value is even better. And we do know that hotels

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Speaker 1: are starting to lower prices, and we want to make

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Speaker 1: sure that our pricing is as dynamic. So what are

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Speaker 1: things we're doing is we're investing a lot more in

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Speaker 1: pricing tools for hosts so that they can have more

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Speaker 1: dynamic pricing. And if hotels lower rates and they want

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Speaker 1: to lower rates more competitive, they can do that. So

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Speaker 1: I still think we'll offer a great value, but there

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Speaker 1: is no question that there's a lot more we can

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Speaker 1: be doing on value, and that's something we're gonna be

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Speaker 1: really focused on over the next six months in time

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Speaker 1: for next travel season. So longer term, I don't you know,

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Speaker 1: obviously you've launched categories which I know you're really excited about.

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Speaker 1: Supply is going to be key. How do you see

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Speaker 1: growth in supply over the next two years compared to

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Speaker 1: the growth you saw on supply over the last two years,

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Speaker 1: And how do you convince all of these new would

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Speaker 1: be hosts to choose Airbnb first and only potentially. I

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Speaker 1: think it's a great question. Um well, let me say this.

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Speaker 1: Number One, I expect a lot more new supply over

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Speaker 1: the next two years than the last two years. Um.

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Speaker 1: The last two years actually been pretty hard because of

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Speaker 1: the pandemic. Not everyone wanted other people in their homes.

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Speaker 1: I think the next two years they're gonna be a

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Speaker 1: lot more interested for two reasons. Number One, the further

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Speaker 1: the pandemic is behind us, the less resident they are.

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Speaker 1: But more importantly, Emily, as you recall, we started during

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Speaker 1: two thousand eight Airbnb during the Great Recession, and during

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Speaker 1: the Great Recession a lot of people needed to make

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Speaker 1: extra money and they turned to Airbnb to host for

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Speaker 1: the first time. I think that's going to happen again.

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Speaker 1: And the final thing I'll say, I'm gonna give a

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Speaker 1: plug on November six at a a m. Eastern time.

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Speaker 1: We're gonna enveil a whole new, super easy way to

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Speaker 1: list your home on Airbnb, and I think that is

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Speaker 1: going to be a big driver of a lot. More so,

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Speaker 1: we have some really cool new products. They're going to

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Speaker 1: be launching in fewer than two weeks, and I think

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Speaker 1: that's going to add an acceleration. Alright, November sixteenth, we

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Speaker 1: will be watching. Last question. Airbnb was started in the

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Speaker 1: middle of the financial crisis. You obviously survived and thrived

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Speaker 1: ultimately in the pandemic. What's your strategy on costs through

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Speaker 1: this downturn? Are you considering M and A given all

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Speaker 1: that cash and potentially opportunistic or advantageous valuations out there,

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Speaker 1: you know, how are you mapping this out? Given we

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Speaker 1: could be in this for a couple of years. That's

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Speaker 1: a great question to um. Let me tell you a

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Speaker 1: really important lesson I learned in the pandemic. You know,

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Speaker 1: in between a February in in April of two thousand

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Speaker 1: and twenty, we were one of the first companies hit

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Speaker 1: by the pandemic. We lost eighty percent of our business

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Speaker 1: in eight weeks, and a thousand of us gone to

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Speaker 1: foxhol and we rebuilt the company fair ground up. And

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Speaker 1: the company we rebuilt was a much smaller, much leaner,

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Speaker 1: much more discipline company. The reason we did three billion

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Speaker 1: dollars in free cash the last twelve months is because

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Speaker 1: of that discipline and what I told the team is,

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Speaker 1: no matter how good the economy is, no matter how

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Speaker 1: bad the economy is, we are going to try to

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Speaker 1: not ever run the company differently because of the economy.

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Speaker 1: But you can only do that if you stay disciplined, right,

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Speaker 1: You don't ever want to have to get more disciplined.

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Speaker 1: So I said, we should be prepared for a storm.

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Speaker 1: Whenever it comes. We're not going to change the way

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Speaker 1: we're on the company. And because of that, beginning this year,

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Speaker 1: we were only, for example, forecasting hiring seven percent more

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Speaker 1: employees this year. When other tech comes, we're gonna hire.

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Speaker 1: Now they have to pull back. We're not pulling back.

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Speaker 1: In fact, we're not pulling on the brakes. We're gonna

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Speaker 1: step on the gas. But stepping the gas doesn't mean

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Speaker 1: we to spend a lot more money. It's just a

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Speaker 1: lot more velocity to be a speed innovation and taking

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Speaker 1: more market share. All right, Brian Chesky, we'll keep that

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Speaker 1: in mind. CEO of Airbnb, thanks for making the time today, Brian,

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Speaker 1: appreciate it. Thank you very much. We're gonna be right

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Speaker 1: back with more of Bloomberg Technology after this quick break.

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Speaker 1: This is Bloomberg. China is making moves that will severely

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Speaker 1: curtailed shipments in and out of the world's largest iPhone factory.

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Speaker 1: Beijing is imposing a seven day lockdown on the area

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Speaker 1: in Jung Joe, this after the number of COVID cases

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Speaker 1: in the city almost quadrupled from Monday to Tuesday. And

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Speaker 1: it's a profit in sales miss for Paramount Global, the

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Speaker 1: parent company of CBS, Nickelodeon, and MTV Networks, reporting earnings

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Speaker 1: and the big problem continuing weakness in advertising. Still, there's

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Speaker 1: been a turnaround in Paramounts Film Studio, with revenue up

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Speaker 1: for in the third quarter and Top Gun Maverick is

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Speaker 1: the highest grossing film so far this year. Meantime, Amazon

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Speaker 1: also feeling the heat on its ad business and it's

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Speaker 1: now taking more drastic measures to align expenses with a

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Speaker 1: slowdown in sales. So it's just telling Bloomberg that the

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Speaker 1: world's largest e commerce company is freezing staff level in

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Speaker 1: its profitable ads business. Amazon will continue to fill vacancies

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Speaker 1: in this unit, but won't create any new jobs. Welcome

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Speaker 1: back to bloomber Technology and Emily Chang in San Francisco.

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Speaker 1: The banking sector says people and businesses are paying more

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Speaker 1: and more in the wake of ransomware attacks. Banks reported

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Speaker 1: one point to billion dollars in ransomware payments last year alone,

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Speaker 1: nearly five times as much as and that is just

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Speaker 1: a taste of what Jeff Stone will explore with Bloomberg's

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Speaker 1: weekly cyber Bulletin newsletter, including exclusive coverage inside the world

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Speaker 1: of hackers and cyber espionage and how businesses are playing defense.

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Speaker 1: Jeff tell us more about cyber Bulletin and what your

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Speaker 1: goals are here. The goal here is to help people

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Speaker 1: understand emily that cybersecurity is a lot more than ones

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Speaker 1: and zeros in the latest big data breach, There's all

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Speaker 1: kinds of characters involved in this world now, cryptocurrency fraud

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Speaker 1: as part of this, disinformation as part of this, all

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Speaker 1: kinds of influence operations, and everyone trying to monetize data.

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Speaker 1: So that's what we're trying to explore here and really

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Speaker 1: help people understand how they can protect themselves more urgently. Now.

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Speaker 1: Cyber threats have been on the rise for a while.

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Speaker 1: Why now are you launching this? We're busier than ever.

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Speaker 1: Mostly we figured we'd take on one more project, but

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Speaker 1: basically since since the invasion of Ukraine really has highlighted Uh,

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Speaker 1: this big explosion of ransomware as you as you just

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Speaker 1: alluded to, UM, it is urgent for people to get

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Speaker 1: a better sense of really what these threats look like

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Speaker 1: and how to respond in cyberspace. Again, I think people

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Speaker 1: are used to this world of email scams and different

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Speaker 1: kinds of fraud through your apps that you're still trying

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Speaker 1: to get a handle on. But we're really going to

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Speaker 1: dig in and help people, um straighten out how to

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Speaker 1: protect themselves at a more urgent time than ever. All right, Bloomberg,

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Speaker 1: Jeff Stone. You can sign up for that weekly Bloomberg

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Speaker 1: cyber Bulletin newsletter at Bloomberg dot com. Thanks, Jeff. We'll

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Speaker 1: stay tuned well for more on the state of cybersecurity.

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Speaker 1: I want to bring in Christopher Alberg, the CEO of

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Speaker 1: the cybersecurity firm Recorded Future, which is actively tracking the

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Speaker 1: cybersecurity threat level in Ukraine. Uh, Chris, give us the

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Speaker 1: latest there. You've been involved for for several months. Now,

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Speaker 1: tell us what you're most worried about at this time,

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Speaker 1: you know, it's it's really interesting. We started basically we

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Speaker 1: had worked a little bit with one particular part of

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Speaker 1: the Ukrainian government, their national search on the morning of

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Speaker 1: the four February, we sort of stood up publicly can

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Speaker 1: check out our nice tweet on that, and said, look,

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Speaker 1: we would get behind these guys and and help them

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Speaker 1: in every every in any way we can. And so

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Speaker 1: now our our intelligence platform is in the hands of

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Speaker 1: seven agencies over there, and look, it's it's been interesting,

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Speaker 1: uh AT. In the lead up of the war, there

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Speaker 1: was a whole bunch of Russian activity at the very

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Speaker 1: sort of crossover into the war. They killed a bunch

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Speaker 1: of communications and infrastructure. The Russians has taken a part

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Speaker 1: a bunch of systems. They have certainly been running a

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Speaker 1: whole bunch of destructive malware campaigns against uh called Ukrainian power,

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Speaker 1: infrastructure and the like ongoingly. What's actually been very impressive

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Speaker 1: is how the Ukrainians, together with foreign firms and foreign

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Speaker 1: intelligence agencies and help people helping them, have been able

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Speaker 1: to withstand this. That's actually the most impressive. But the

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Speaker 1: dear Russians are ongoingly going at it, and we may

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Speaker 1: not hear too much about it because office is as

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Speaker 1: much as when bullets and the like fly in the air,

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Speaker 1: a lot of other things may go to the back.

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Speaker 1: But it's it's full full speed head there. For sure.

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Speaker 1: You've been donating software g political intelligence to Ukrainian agencies.

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Speaker 1: How long are you prepared to do this for no

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Speaker 1: no ending, no ending to that. We we came out

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Speaker 1: and said we would go in all in and and

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Speaker 1: try to help them in every way we could. We

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Speaker 1: announced the big hiring initiative or hiring another hundred people

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Speaker 1: in Ukraine. We're sort of to your point. We've given

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Speaker 1: them software and access to our intelligence cloud in seven

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Speaker 1: different agencies and they're using it to to go at

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Speaker 1: cyber attacks, disinformation and helping on the battlefield. We think

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Speaker 1: it's been quite impactful. You know, obviously we can only

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Speaker 1: do our little part, but we will do it as

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Speaker 1: long as it can, as we as we can and

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Speaker 1: help them in every way they can. They need to

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Speaker 1: to be able to help them basically crush the Russians,

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Speaker 1: because that's I think what this is all about. If

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Speaker 1: I'm slightly blunt, are We've got some big midterm elections

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Speaker 1: coming up in the United States? How would you rate

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Speaker 1: the cyber threat level more broadly and what are you

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Speaker 1: most concerned about when it comes to these upcoming elections?

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Speaker 1: So I would say that it's interesting that there's sort

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Speaker 1: of the broad sort of set of disinformation activity around

430
00:22:50,240 --> 00:22:53,080
Speaker 1: that is ongoing, and it's sort of at the same

431
00:22:53,200 --> 00:22:55,879
Speaker 1: level as we saw in I think there's been a

432
00:22:55,960 --> 00:22:58,200
Speaker 1: lot of good work done by the U. S. Government

433
00:22:58,280 --> 00:23:01,040
Speaker 1: as a lot of other sort of of firms, whether

434
00:23:01,119 --> 00:23:03,280
Speaker 1: it's the social media firms and people sort of on

435
00:23:03,440 --> 00:23:05,640
Speaker 1: top of that in terms of sort of fighting back

436
00:23:05,880 --> 00:23:09,000
Speaker 1: on some of this. The Russians are still there by

437
00:23:09,200 --> 00:23:12,960
Speaker 1: no no question. I lay the Internet Research Agency in

438
00:23:13,000 --> 00:23:15,960
Speaker 1: Saint Petersburg. They're still trying to go at it, targeting

439
00:23:16,040 --> 00:23:18,520
Speaker 1: maybe a little bit sort of very targeted audiences that

440
00:23:18,640 --> 00:23:21,200
Speaker 1: they can come at. They obviously are quite busy on

441
00:23:21,280 --> 00:23:25,440
Speaker 1: the home front. The Iranians have also been pretty busy

442
00:23:25,520 --> 00:23:27,760
Speaker 1: on the home front, so maybe not not as much

443
00:23:27,960 --> 00:23:30,480
Speaker 1: we we could all have read over the last couple

444
00:23:30,480 --> 00:23:32,800
Speaker 1: of days about some interesting things with the Chinese are

445
00:23:32,840 --> 00:23:35,359
Speaker 1: going at it. So there are threats there, but I

446
00:23:35,480 --> 00:23:37,440
Speaker 1: think we're will be in good shape. The election is

447
00:23:37,480 --> 00:23:39,680
Speaker 1: gonna be safe. It's gonna be a good election. And

448
00:23:39,960 --> 00:23:42,679
Speaker 1: and even though these guys are trying, I think we're

449
00:23:42,720 --> 00:23:47,480
Speaker 1: doing better. So what's keeping you up at night right now?

450
00:23:47,720 --> 00:23:51,480
Speaker 1: That we're not talking about enough. So I think it's

451
00:23:51,600 --> 00:23:54,280
Speaker 1: you because obviously you know you've heard it in Jeff

452
00:23:54,440 --> 00:23:57,040
Speaker 1: sort of point here just now. There's plenty of cyber

453
00:23:57,080 --> 00:23:59,840
Speaker 1: activity and it's not great. But I think we haven't

454
00:24:00,040 --> 00:24:02,280
Speaker 1: been really sorted yet. I like to say that over

455
00:24:02,320 --> 00:24:04,800
Speaker 1: the last twenty five years, the world of sort of

456
00:24:04,920 --> 00:24:08,960
Speaker 1: slowly migrated onto the Internet. Uh, next twenty five years,

457
00:24:09,600 --> 00:24:11,920
Speaker 1: the Internet is sort of where it starts and the

458
00:24:12,040 --> 00:24:15,359
Speaker 1: world ends up being a reflection of the Internet. Whether

459
00:24:15,480 --> 00:24:20,960
Speaker 1: it's world power or business, or currency or money or identity,

460
00:24:21,240 --> 00:24:23,280
Speaker 1: it all is going to emerge out of the Internet.

461
00:24:23,680 --> 00:24:26,479
Speaker 1: And in that world, we better have our act together.

462
00:24:26,920 --> 00:24:29,719
Speaker 1: We think that is an incredible opportunity to build an

463
00:24:29,720 --> 00:24:32,520
Speaker 1: intelligence company. We want to be the Bloomberg of cyber

464
00:24:32,560 --> 00:24:34,960
Speaker 1: if you want. But in that but the world better

465
00:24:35,040 --> 00:24:38,399
Speaker 1: habits act together because the this Internet centric world is

466
00:24:38,800 --> 00:24:41,880
Speaker 1: going to be quite wild, and so we better all

467
00:24:42,160 --> 00:24:45,719
Speaker 1: be all be ready for a ride. I wonder how

468
00:24:45,840 --> 00:24:48,239
Speaker 1: you think about, you know, Elon Musk taking over at

469
00:24:48,280 --> 00:24:52,480
Speaker 1: Twitter potentially having a more open minded approach to to

470
00:24:52,680 --> 00:24:57,000
Speaker 1: content moderation. Does the world to have its act together?

471
00:24:58,960 --> 00:25:02,760
Speaker 1: So so dangerous subject to get into. I think he'll

472
00:25:02,800 --> 00:25:06,240
Speaker 1: do good with it. I'm sort of a very positive person,

473
00:25:06,600 --> 00:25:08,840
Speaker 1: even though I maybe sound a little bit scared there before.

474
00:25:09,280 --> 00:25:12,639
Speaker 1: I think he will have new smart ways to go

475
00:25:12,720 --> 00:25:16,320
Speaker 1: out condom moderation. Uh you know so, so I'm an

476
00:25:16,359 --> 00:25:19,159
Speaker 1: optimist about that. But you know, and if he screws

477
00:25:19,200 --> 00:25:22,000
Speaker 1: it up, the dangerous part or not dangerous dangerous part

478
00:25:22,080 --> 00:25:25,960
Speaker 1: for him is that these are pretty fleeting sort of audiences.

479
00:25:26,040 --> 00:25:28,680
Speaker 1: They'll go anywhere else. And and you know, actually maybe

480
00:25:28,840 --> 00:25:31,280
Speaker 1: one danger here is that if he doesn't handle this

481
00:25:31,440 --> 00:25:34,560
Speaker 1: one well, we might see too much of this audience

482
00:25:34,640 --> 00:25:37,040
Speaker 1: going over in the hands of TikTok. And to be honest,

483
00:25:37,080 --> 00:25:39,720
Speaker 1: I'd much rather have Ill and Musk run a great

484
00:25:39,760 --> 00:25:42,760
Speaker 1: platform or even maybe not such a great platform here

485
00:25:42,760 --> 00:25:46,480
Speaker 1: in the United States than having our sort of upcoming

486
00:25:46,560 --> 00:25:50,320
Speaker 1: generations living their social life on TikTok. I take to

487
00:25:50,760 --> 00:25:53,760
Speaker 1: take take Twitter over that any day. And why is that?

488
00:25:54,400 --> 00:25:57,600
Speaker 1: Because I think if our dear Chinese friends are controlling

489
00:25:57,680 --> 00:26:00,600
Speaker 1: the information flow on TikTok, when they're that sort of

490
00:26:00,680 --> 00:26:04,399
Speaker 1: controlling the news flow, being able to intercept communications on

491
00:26:04,560 --> 00:26:07,959
Speaker 1: that in that sort of you know, much too too

492
00:26:08,040 --> 00:26:11,800
Speaker 1: much control in the hands of the Chinese government to

493
00:26:11,960 --> 00:26:14,359
Speaker 1: be Frank or Chinese intelligence, and he said, not a

494
00:26:14,440 --> 00:26:18,320
Speaker 1: good thing. All right, Well, appreciate you navigating waiting into

495
00:26:18,400 --> 00:26:22,280
Speaker 1: some tricky territory with ask Christopher Allberg, CEO of Recorded Future,

496
00:26:22,359 --> 00:26:25,280
Speaker 1: thank you for sharing your thoughts here. We'll have to

497
00:26:25,359 --> 00:26:28,680
Speaker 1: have you back soon. Coming up the line between traditional

498
00:26:28,760 --> 00:26:32,600
Speaker 1: finance and de centralized finance, getting blurb, We're going to

499
00:26:32,640 --> 00:26:35,760
Speaker 1: talk a little bit more about how next this is Bloomberg.

500
00:26:51,720 --> 00:26:54,920
Speaker 1: I think some people have avoided this asset class. It's

501
00:26:55,040 --> 00:26:58,680
Speaker 1: very risky. It's not appropriate for everyone. In fact, when

502
00:26:58,720 --> 00:27:01,119
Speaker 1: you buy cryptocurrency on so far we say this is

503
00:27:01,160 --> 00:27:04,040
Speaker 1: a risky asset, it's unproven and you could lose all

504
00:27:04,040 --> 00:27:06,840
Speaker 1: of your money. So um what prices down at this level,

505
00:27:06,920 --> 00:27:10,879
Speaker 1: we are seeing people take an opportunity to um, you know,

506
00:27:11,119 --> 00:27:13,600
Speaker 1: experiment with this type of investment and get to know

507
00:27:13,720 --> 00:27:18,439
Speaker 1: the asset better. So if it's Anthony Noto there earlier

508
00:27:18,480 --> 00:27:21,840
Speaker 1: on Bloomberg. As the worlds of traditional finance and defy

509
00:27:22,280 --> 00:27:25,920
Speaker 1: continue to collide, Bloomberg Shonnali Bossik here to explain more.

510
00:27:26,520 --> 00:27:28,840
Speaker 1: What is happening? Should I take it away? Emily, I

511
00:27:28,880 --> 00:27:31,040
Speaker 1: think it's really important to listen to what Anthony Noo

512
00:27:31,119 --> 00:27:32,800
Speaker 1: over it. So far I had to say about crypto

513
00:27:32,920 --> 00:27:36,879
Speaker 1: because there are a traditional financial technology firm that successfully

514
00:27:37,000 --> 00:27:40,320
Speaker 1: acquired a bank and that has helped it really rain

515
00:27:40,440 --> 00:27:43,600
Speaker 1: in a lot of deposit or money from clients, which

516
00:27:43,680 --> 00:27:45,800
Speaker 1: then can potentially be used to do things like by

517
00:27:45,840 --> 00:27:49,159
Speaker 1: a little crypto in a downturn or invest elsewhere. The

518
00:27:49,240 --> 00:27:53,440
Speaker 1: real reality is options here to borrow, to buy asset,

519
00:27:53,680 --> 00:27:56,760
Speaker 1: and to to deposit your money for safekeeping at uh

520
00:27:57,160 --> 00:27:59,000
Speaker 1: you know, so far a higher interest rate than many

521
00:27:59,080 --> 00:28:01,879
Speaker 1: other large banks. That is the choice that you're faced

522
00:28:01,960 --> 00:28:03,760
Speaker 1: with at the end of the day. So that rolls

523
00:28:03,840 --> 00:28:06,080
Speaker 1: us forward too soon after that interview we did with

524
00:28:06,119 --> 00:28:09,480
Speaker 1: the SOFI CEO to comments that were made by the

525
00:28:09,560 --> 00:28:13,040
Speaker 1: CEO of Binance, we know that Finance had considered making

526
00:28:13,119 --> 00:28:14,840
Speaker 1: up as much of a billion dollars or more worth

527
00:28:14,880 --> 00:28:18,280
Speaker 1: of acquisitions, and you have c Z now talking about

528
00:28:18,359 --> 00:28:20,600
Speaker 1: the idea of buying a bank. There are people who

529
00:28:20,640 --> 00:28:24,480
Speaker 1: hold certain types of local licenses, traditional banking, payment service providers,

530
00:28:24,520 --> 00:28:27,760
Speaker 1: even banks, and we're looking at those things, he says,

531
00:28:28,320 --> 00:28:30,159
Speaker 1: And we want to be the bridge between crypto and

532
00:28:30,240 --> 00:28:33,800
Speaker 1: the traditional financial world, he says, So what does that

533
00:28:33,920 --> 00:28:35,920
Speaker 1: really look like? At the end of the day, when

534
00:28:35,960 --> 00:28:39,400
Speaker 1: you think about, you know, Binance getting more into traditional finance,

535
00:28:39,840 --> 00:28:42,520
Speaker 1: can they do it successfully similar to how we've seen

536
00:28:42,560 --> 00:28:45,320
Speaker 1: FinTechs like Sophi do it. They did it by buying

537
00:28:45,360 --> 00:28:47,520
Speaker 1: a bank for less than a billion dollars and getting

538
00:28:47,520 --> 00:28:50,000
Speaker 1: that banking license. I want to show you here what

539
00:28:50,120 --> 00:28:53,200
Speaker 1: it looks like in terms of multiples though, because if

540
00:28:53,240 --> 00:28:54,840
Speaker 1: you look at what it means to be a bank

541
00:28:55,000 --> 00:28:57,760
Speaker 1: or buy a bank. Even coin Base, with that huge

542
00:28:57,880 --> 00:29:00,440
Speaker 1: draw down you've seen in the stock this year, you're

543
00:29:00,440 --> 00:29:02,960
Speaker 1: still seeing them trade at a higher price to earnings

544
00:29:03,200 --> 00:29:05,640
Speaker 1: than you are seeing the biggest banks of the United States,

545
00:29:05,800 --> 00:29:08,640
Speaker 1: both regional and large investment banks trade at that is,

546
00:29:08,680 --> 00:29:10,840
Speaker 1: between nine and eleven times earnings, and you're seeing coin

547
00:29:10,920 --> 00:29:13,480
Speaker 1: based trade at a higher multiple. And when you look

548
00:29:13,600 --> 00:29:16,720
Speaker 1: back again at what cz had said is that when

549
00:29:17,000 --> 00:29:21,480
Speaker 1: traditional crypto firms do pair with finance firms, you do

550
00:29:21,720 --> 00:29:25,480
Speaker 1: see the stock tend to jump of those finance firms.

551
00:29:25,560 --> 00:29:28,880
Speaker 1: And he says by partnering with those companies, maybe taking

552
00:29:28,920 --> 00:29:31,240
Speaker 1: a stake or buying out right, what you can get

553
00:29:31,280 --> 00:29:34,280
Speaker 1: potentially is a higher multiple both for finance and that

554
00:29:34,440 --> 00:29:37,040
Speaker 1: financial firm. So it will be interesting to see what

555
00:29:37,160 --> 00:29:41,320
Speaker 1: kind of deals come out of finance and others as

556
00:29:41,400 --> 00:29:44,040
Speaker 1: we move along, not just through partnership like we've seen

557
00:29:44,080 --> 00:29:46,400
Speaker 1: for the last year or so, but by pure money

558
00:29:46,520 --> 00:29:49,640
Speaker 1: put into traditional financial firms by firms that have gotten

559
00:29:49,760 --> 00:29:53,480
Speaker 1: so large in the cryptospased like finance. All right, Shnali,

560
00:29:53,760 --> 00:29:56,640
Speaker 1: so much more to come there, I know, Shnally boss,

561
00:29:56,840 --> 00:30:08,920
Speaker 1: thank you. Let's take a look now at the behind

562
00:30:09,040 --> 00:30:11,560
Speaker 1: the scenes of one of the world's most influential tech

563
00:30:11,640 --> 00:30:15,560
Speaker 1: companies in China and the world, and that is Ali Baba.

564
00:30:15,920 --> 00:30:17,760
Speaker 1: It's the topic of a new book from a former

565
00:30:17,800 --> 00:30:22,360
Speaker 1: Ali Baba executive called The Tao of Ali Baba. Inside

566
00:30:22,480 --> 00:30:24,960
Speaker 1: the Chinese digital Giant that is changing the world. So

567
00:30:25,560 --> 00:30:28,840
Speaker 1: how did Ali Baba take on the world and what's

568
00:30:28,840 --> 00:30:31,840
Speaker 1: it got coming? Next? Let's bring in author Brian Wong

569
00:30:31,960 --> 00:30:35,480
Speaker 1: for more, a former top Ali Baba executives. So, Brian,

570
00:30:35,560 --> 00:30:38,800
Speaker 1: you were the first American that worked at Ali Baba,

571
00:30:38,920 --> 00:30:42,720
Speaker 1: the fifty second employee and a special assistant to Jack Ma.

572
00:30:43,120 --> 00:30:46,800
Speaker 1: So you've seen some things. We should say. What do

573
00:30:46,880 --> 00:30:51,800
Speaker 1: you think is Ali Baba and Jack Ma's secret sauce? Well,

574
00:30:52,000 --> 00:30:54,440
Speaker 1: you know, Emily I, I wrote this book because I

575
00:30:54,520 --> 00:30:58,520
Speaker 1: really wanted to share what my understanding and perception was

576
00:30:58,600 --> 00:31:01,360
Speaker 1: from the nearly twe years I was with the company

577
00:31:01,440 --> 00:31:03,760
Speaker 1: about you know, the essence of sort of Jack Ma

578
00:31:03,960 --> 00:31:06,240
Speaker 1: and Ali Baba, And I think, you know, to put

579
00:31:06,280 --> 00:31:10,160
Speaker 1: it in very um basic terms is uh, Jack really

580
00:31:10,520 --> 00:31:13,760
Speaker 1: um was able to build a company around a very

581
00:31:13,840 --> 00:31:17,560
Speaker 1: deep purpose of solving the world's problems. He uh, he

582
00:31:17,720 --> 00:31:21,480
Speaker 1: created a culture that was very um, optimistic and positive,

583
00:31:21,520 --> 00:31:24,120
Speaker 1: and he was able to align an organization to all

584
00:31:24,240 --> 00:31:26,960
Speaker 1: focus on that that mission, but at the same time

585
00:31:27,040 --> 00:31:30,320
Speaker 1: give them the flexibility to adapt to the constantly changing

586
00:31:30,360 --> 00:31:33,480
Speaker 1: world in the industry that it's operating in order to

587
00:31:33,560 --> 00:31:37,480
Speaker 1: for to become successful. So I've seen the company recreate

588
00:31:37,560 --> 00:31:39,880
Speaker 1: itself over and over over these last twenty years, and

589
00:31:39,960 --> 00:31:41,840
Speaker 1: I think really at the essence of it was what

590
00:31:41,920 --> 00:31:44,360
Speaker 1: I called the Tao. But it's really this kind of um,

591
00:31:44,560 --> 00:31:48,880
Speaker 1: really strong, mission driven and purpose driven organization and culture

592
00:31:48,960 --> 00:31:52,360
Speaker 1: that Jack helped to create. So the question is, can

593
00:31:52,480 --> 00:31:56,400
Speaker 1: Ali Baba reinvent itself again? When the company tried to

594
00:31:56,520 --> 00:32:00,720
Speaker 1: globalize a few years back, it didn't quite work. Should

595
00:32:00,720 --> 00:32:04,520
Speaker 1: Ali Baba revive those ambitions now? And will it work

596
00:32:04,680 --> 00:32:09,600
Speaker 1: when there's others pushing for d globalization. Well, you know,

597
00:32:09,680 --> 00:32:12,600
Speaker 1: one of the amazing things about the company throughout its

598
00:32:12,720 --> 00:32:14,640
Speaker 1: history is how resilient it's been. You know, when it

599
00:32:14,760 --> 00:32:18,720
Speaker 1: was very small, it faced some existential crises. UM. Before COVID,

600
00:32:18,760 --> 00:32:20,760
Speaker 1: there was something called Stars and it was a very

601
00:32:20,840 --> 00:32:24,320
Speaker 1: small company, and the company actually mobilized itself without even

602
00:32:24,360 --> 00:32:26,880
Speaker 1: the direction of the leaders. But the staff came together

603
00:32:26,920 --> 00:32:29,560
Speaker 1: and figured out ways to keep the company operating in

604
00:32:29,680 --> 00:32:31,800
Speaker 1: its early years, but also to launch what we now

605
00:32:31,880 --> 00:32:34,680
Speaker 1: know as one of the major retail businesses called Talbao

606
00:32:35,160 --> 00:32:38,280
Speaker 1: during a lockdown period when you didn't have the conveniences

607
00:32:38,320 --> 00:32:42,280
Speaker 1: that we have today in terms of mobile connectivity in devices.

608
00:32:42,720 --> 00:32:45,080
Speaker 1: So I believe that the company, with its d n

609
00:32:45,160 --> 00:32:49,280
Speaker 1: A and the culture that's been really established in uh

610
00:32:49,840 --> 00:32:52,680
Speaker 1: you know, institutionalized with Ali Baba, it does have great

611
00:32:52,720 --> 00:32:57,680
Speaker 1: potential to continue to grow. But also, as you ask globalized, yes,

612
00:32:58,080 --> 00:33:01,360
Speaker 1: I think that UM, the world now really needs some

613
00:33:01,640 --> 00:33:05,360
Speaker 1: you know, positive forces UM that utilize you know, things

614
00:33:05,440 --> 00:33:08,440
Speaker 1: like technology to actually improve society and frankly, to solve

615
00:33:08,480 --> 00:33:10,680
Speaker 1: a lot of the problems that we're facing. UM, not

616
00:33:10,880 --> 00:33:13,120
Speaker 1: not just in the developed world, but in the emerging markets.

617
00:33:13,480 --> 00:33:17,840
Speaker 1: That said, China's COVID zero policies have had a myriad

618
00:33:18,080 --> 00:33:21,920
Speaker 1: of potentially negative impacts when you're talking about the supply

619
00:33:22,160 --> 00:33:26,680
Speaker 1: chain and you know, basic consumer demand and execution. Some

620
00:33:26,880 --> 00:33:31,400
Speaker 1: people say Ali Baba's glory days are over. What do

621
00:33:31,520 --> 00:33:35,240
Speaker 1: you think, sure, Well, look, I think the challenges of

622
00:33:35,480 --> 00:33:38,240
Speaker 1: zero COVID and the supply chain are more of a

623
00:33:38,360 --> 00:33:41,320
Speaker 1: larger national issue that needs to be resolved, and I

624
00:33:41,400 --> 00:33:43,960
Speaker 1: think the country is trying to work through that. You know,

625
00:33:44,200 --> 00:33:46,520
Speaker 1: we may agree or disagree with how they're handling it,

626
00:33:46,680 --> 00:33:48,880
Speaker 1: but really this is something that needs to take place

627
00:33:49,000 --> 00:33:51,560
Speaker 1: on a national level and then eventually, you know, the

628
00:33:51,640 --> 00:33:53,760
Speaker 1: companies can get back on their feet and do the

629
00:33:53,840 --> 00:33:56,240
Speaker 1: things they need to do. I do think, though, this

630
00:33:56,400 --> 00:33:59,800
Speaker 1: experience has really built up really strong capacity in terms

631
00:33:59,800 --> 00:34:02,480
Speaker 1: of with uncertainty, and if you look at how companies

632
00:34:02,560 --> 00:34:05,000
Speaker 1: like Ali Baba, you know, we're able to adapt to

633
00:34:05,880 --> 00:34:08,040
Speaker 1: the situation over the years. I think they're going to

634
00:34:08,120 --> 00:34:11,279
Speaker 1: come out stronger once this is all done. The question is, though,

635
00:34:11,320 --> 00:34:16,319
Speaker 1: how does big tech survive in President She's China. When

636
00:34:16,400 --> 00:34:20,000
Speaker 1: Beijing crackdown on the ant I p O, it basically

637
00:34:20,080 --> 00:34:25,520
Speaker 1: put a scarlet letter on Ali Baba and jack Ma himself,

638
00:34:26,239 --> 00:34:29,720
Speaker 1: what's the way out. Well, look, I think the anti

639
00:34:29,760 --> 00:34:32,840
Speaker 1: I p O situation was one of of of a

640
00:34:33,000 --> 00:34:36,520
Speaker 1: string of events that happened, and probably uh, you know,

641
00:34:36,640 --> 00:34:39,000
Speaker 1: it was so high profile because it was at the

642
00:34:39,080 --> 00:34:41,759
Speaker 1: start of this kind of change in policy. But also yes,

643
00:34:41,840 --> 00:34:44,680
Speaker 1: it was a very major decision and quite sudden. But

644
00:34:44,800 --> 00:34:47,600
Speaker 1: I do think that, you know, what this really indicates

645
00:34:47,680 --> 00:34:50,239
Speaker 1: is a shift in terms of government policy, one that

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00:34:50,400 --> 00:34:53,200
Speaker 1: was previously kind of a late touch sort of governance

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00:34:53,239 --> 00:34:55,759
Speaker 1: model where it allowed for room for innovation, to one

648
00:34:55,800 --> 00:34:58,520
Speaker 1: where it's more heavily regulated. But this is a global issue.

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00:34:58,560 --> 00:35:00,719
Speaker 1: If you think about what we're deal with now in

650
00:35:00,760 --> 00:35:03,480
Speaker 1: the upcoming Supreme Court decisions in terms of anti trust

651
00:35:03,600 --> 00:35:06,840
Speaker 1: and privacy in these issues, this is America, in Europe

652
00:35:06,840 --> 00:35:09,000
Speaker 1: we're dealing with this, and also China, and this is

653
00:35:09,040 --> 00:35:11,960
Speaker 1: where big tech has become, you know, big and influential

654
00:35:12,480 --> 00:35:14,160
Speaker 1: um and governments are trying to figure out how to

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00:35:14,280 --> 00:35:16,759
Speaker 1: how to manage this. So I do think that each

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00:35:17,040 --> 00:35:20,360
Speaker 1: respective country and it's it's governments will figure out the

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00:35:20,560 --> 00:35:23,120
Speaker 1: solution of the policy for that. But I do think

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00:35:23,160 --> 00:35:26,120
Speaker 1: if you're if you're asking about opportunities down the road. UM,

659
00:35:26,280 --> 00:35:29,880
Speaker 1: there are definitely new opportunities in the market. UM, you know,

660
00:35:30,120 --> 00:35:33,480
Speaker 1: in higher quality sort of UM you know industries or

661
00:35:33,640 --> 00:35:37,279
Speaker 1: or or or you know areas. UM. Chinese soundary trying

662
00:35:37,280 --> 00:35:40,520
Speaker 1: to upgrade its industrial capacity and how companies can play

663
00:35:40,560 --> 00:35:42,360
Speaker 1: in those spaces is really going to be the secret

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00:35:42,400 --> 00:35:45,160
Speaker 1: to their future growth and success if they can really

665
00:35:45,239 --> 00:35:48,400
Speaker 1: tap into that. Jack mass still hasn't been seen publicly

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00:35:48,560 --> 00:35:51,680
Speaker 1: in some time. When is the last time you spoke

667
00:35:51,800 --> 00:35:54,520
Speaker 1: with him? Where do you think he is and how

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00:35:54,680 --> 00:35:57,359
Speaker 1: is he doing well? You know, I've been in touch

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00:35:57,440 --> 00:36:00,640
Speaker 1: with Jack, you know, throughout the last two years and

670
00:36:00,840 --> 00:36:03,200
Speaker 1: and and um in communication and you know he's been

671
00:36:03,320 --> 00:36:06,680
Speaker 1: he's been free to move around. He's been laying low obviously. UM.

672
00:36:06,760 --> 00:36:09,920
Speaker 1: You know he's traveled abroad. UM. You know people have

673
00:36:10,080 --> 00:36:12,560
Speaker 1: mentioned they've seen him in Europe and other places in Asia.

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00:36:13,000 --> 00:36:16,239
Speaker 1: But I think he's really um Emily, he's gearing up

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00:36:16,280 --> 00:36:19,840
Speaker 1: for his next act, which is really around philanthropy, education,

676
00:36:20,120 --> 00:36:24,560
Speaker 1: you know, helping uh those areas uh that really need assistance. UM.

677
00:36:24,640 --> 00:36:27,120
Speaker 1: And it's a passion of his is to really help

678
00:36:27,200 --> 00:36:29,840
Speaker 1: those who are kind of the more marginalized parts of

679
00:36:29,920 --> 00:36:33,040
Speaker 1: society to really get on their feet rural communities. Um

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00:36:33,440 --> 00:36:35,279
Speaker 1: but also learning. You know, I think he was doing

681
00:36:35,280 --> 00:36:38,479
Speaker 1: a lot of learning tours, uh in his last two years.

682
00:36:38,719 --> 00:36:41,839
Speaker 1: UM So, so I think he's okay, but I think

683
00:36:41,880 --> 00:36:45,640
Speaker 1: that a lot of people have been wondering. And hopefully

684
00:36:45,680 --> 00:36:48,200
Speaker 1: at some point, you know, he will have his next

685
00:36:48,360 --> 00:36:52,120
Speaker 1: sort of uh, you know, big thing to come out

686
00:36:52,200 --> 00:36:54,040
Speaker 1: in terms of what he wants to do in philanthropy

687
00:36:54,080 --> 00:36:57,520
Speaker 1: and people will know. Brian Wong, former Ali Baba, executive

688
00:36:57,760 --> 00:37:00,840
Speaker 1: author of the Tao of Ali Baba Inside the Chinese

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00:37:00,920 --> 00:37:05,240
Speaker 1: Digital Giant that's changing the world. Thanks so much Brian

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00:37:05,680 --> 00:37:07,359
Speaker 1: for joining us. And that does it. For this edition

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00:37:07,520 --> 00:37:11,200
Speaker 1: of Bloomberg Technology Thursday, we've got the CEO of Aurora,

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00:37:11,719 --> 00:37:15,120
Speaker 1: Chris Urmson, talking about big changes and challenges ahead for

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00:37:15,280 --> 00:37:18,920
Speaker 1: self driving technology. I'm Emily Sharing in San Francisco. This

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Speaker 1: is Bloomberg