1 00:00:02,200 --> 00:00:05,560 Speaker 1: From the heart of where innovation, money and power collive 2 00:00:06,320 --> 00:00:10,880 Speaker 1: in Silicon Valley and beyond. This is Bloomberg Technology with 3 00:00:10,920 --> 00:00:26,880 Speaker 1: Emily Jay. I'm Emily Check in San Francisco and this 4 00:00:26,880 --> 00:00:29,240 Speaker 1: is Bloomberg Technology. Coming up in the next hour. Mean 5 00:00:29,360 --> 00:00:33,720 Speaker 1: stock mania is back. Bed Bath and Beyond surgeons in 6 00:00:33,840 --> 00:00:37,480 Speaker 1: defiance of Wall Street as retail investors get a second win. 7 00:00:37,680 --> 00:00:40,120 Speaker 1: I'll chat with the CEO of stock Twits about how 8 00:00:40,159 --> 00:00:44,559 Speaker 1: social media is impacting market moves. Plus you know who 9 00:00:44,560 --> 00:00:47,559 Speaker 1: else is back? Adam Newman. Yes, we work, founder who 10 00:00:47,600 --> 00:00:50,839 Speaker 1: lost billions for investors in one of texts most spectacular 11 00:00:50,880 --> 00:00:54,680 Speaker 1: flame out. He's just raised money yet again, getting the 12 00:00:54,720 --> 00:00:59,160 Speaker 1: biggest check ever. Written by Andres and Harowitz. Silicon Valleys 13 00:00:59,160 --> 00:01:02,760 Speaker 1: water cooler is all a buzz. We will take you there. 14 00:01:04,000 --> 00:01:07,039 Speaker 1: And big tech companies like Microsoft and Amazon have pledged 15 00:01:07,160 --> 00:01:10,000 Speaker 1: to go green, but critics say they're also helping big 16 00:01:10,040 --> 00:01:14,280 Speaker 1: oil prolong the fossil fueled age. We'll tell you how. 17 00:01:14,959 --> 00:01:16,880 Speaker 1: Let's take a look now at a three week chart 18 00:01:17,000 --> 00:01:20,080 Speaker 1: of Bed Bath and Beyond. The stock up four d 19 00:01:20,880 --> 00:01:24,280 Speaker 1: despite at least three downgrades on Wall Street. Shares were 20 00:01:24,280 --> 00:01:27,200 Speaker 1: halted after spiking this morning. A Shore sign the meme 21 00:01:27,240 --> 00:01:28,880 Speaker 1: traid is alive and well, I want to bring in 22 00:01:28,959 --> 00:01:31,600 Speaker 1: Richie Conna, now CEO of stock twits, a social platform 23 00:01:31,680 --> 00:01:34,720 Speaker 1: for investors. So Richie, curious what kind of activity you 24 00:01:34,800 --> 00:01:39,000 Speaker 1: saw on stock twits ahead of this surge. Hey, Emily, 25 00:01:39,040 --> 00:01:41,240 Speaker 1: thanks for having me on um. Yeah, so we saw, 26 00:01:41,319 --> 00:01:43,760 Speaker 1: you know, kind of at the end of July, beginning 27 00:01:44,240 --> 00:01:48,520 Speaker 1: of August, we saw bed Bathroom Beyond rocket up to uh, 28 00:01:48,520 --> 00:01:50,360 Speaker 1: you know, one of on the top leader boards in 29 00:01:50,440 --> 00:01:53,360 Speaker 1: terms of activity. So since August first, it's been second 30 00:01:53,400 --> 00:01:55,840 Speaker 1: only to a m C and activity and you know, 31 00:01:55,880 --> 00:01:58,840 Speaker 1: historically lastics once bed Bathobyond has not cracked the top 32 00:01:58,880 --> 00:02:02,400 Speaker 1: you know, ten twenty um. And also since August first, 33 00:02:02,440 --> 00:02:05,600 Speaker 1: we've seen it grow it's followers by thirty you know, 34 00:02:05,640 --> 00:02:08,560 Speaker 1: approaching fifty thou followers on stock twits. And I think 35 00:02:08,600 --> 00:02:11,160 Speaker 1: the most interesting thing also has been the stocked with 36 00:02:11,320 --> 00:02:14,560 Speaker 1: social sentiment over the last you know, four or five months. 37 00:02:14,560 --> 00:02:18,240 Speaker 1: Since about April has been mostly negative on bed Bath 38 00:02:18,320 --> 00:02:20,400 Speaker 1: and Beyond, and then there was a spike in early 39 00:02:20,480 --> 00:02:23,600 Speaker 1: July in its sentiment, and then since August first, it 40 00:02:23,639 --> 00:02:26,520 Speaker 1: has moved to an extremely positive position and has maintained 41 00:02:26,520 --> 00:02:28,840 Speaker 1: that position and you kind of see that correlated with 42 00:02:28,840 --> 00:02:30,839 Speaker 1: a run up in price, you know, from the five 43 00:02:30,880 --> 00:02:33,480 Speaker 1: dollars that it's been at for most of the last uh, 44 00:02:33,480 --> 00:02:36,160 Speaker 1: you know, six plus months to I don't know where 45 00:02:36,160 --> 00:02:39,720 Speaker 1: it closed that today twenty bucks. Right, So we've seen 46 00:02:39,760 --> 00:02:42,799 Speaker 1: a lot of really interesting activity and activity that started 47 00:02:42,840 --> 00:02:46,360 Speaker 1: in July onto bed Bath and Beyond side. So here's 48 00:02:46,400 --> 00:02:51,119 Speaker 1: a question, why why are retail investors on this train? Yeah? 49 00:02:51,160 --> 00:02:53,520 Speaker 1: I think you know, there's a couple of factors in 50 00:02:53,520 --> 00:02:55,600 Speaker 1: bed Bath Beyond is probably the interest one. But overall, 51 00:02:55,720 --> 00:02:57,920 Speaker 1: meme stocks that you know we've seen over you know, 52 00:02:58,000 --> 00:03:01,240 Speaker 1: has has seen less capitulation and um in the retail 53 00:03:01,320 --> 00:03:03,760 Speaker 1: markets then some of the other ones. So AMC has 54 00:03:03,760 --> 00:03:07,240 Speaker 1: maintained its position, you know, game Stop has been steady. Uh, 55 00:03:07,280 --> 00:03:09,520 Speaker 1: and so the interest there from the retail world has 56 00:03:09,600 --> 00:03:12,320 Speaker 1: has maintained better than some of the other stocks, uh, 57 00:03:12,400 --> 00:03:14,440 Speaker 1: you know, Bed Bath and Beyond. I think there's probably 58 00:03:14,480 --> 00:03:16,600 Speaker 1: a lot of factors at play here. There's you know, 59 00:03:16,639 --> 00:03:18,560 Speaker 1: the short interest report that came out at the end 60 00:03:18,560 --> 00:03:21,480 Speaker 1: of July. Uh. You know, I think the Ryan Cohen 61 00:03:21,520 --> 00:03:25,120 Speaker 1: news obviously today yesterday was probably a big catalyst and factor. 62 00:03:25,560 --> 00:03:27,800 Speaker 1: And you know, in the summer we've had generally speaking, 63 00:03:27,840 --> 00:03:31,640 Speaker 1: you know, low low volumes uh and uh, and so 64 00:03:31,680 --> 00:03:35,160 Speaker 1: I think all these pieces come together, and retail definitely 65 00:03:35,160 --> 00:03:38,559 Speaker 1: still seeks out these you know, kind of um opportunities. 66 00:03:38,720 --> 00:03:42,240 Speaker 1: Retail trainers and investors seek out these opportunities of dislocations, 67 00:03:42,240 --> 00:03:45,400 Speaker 1: whether it's short interest or or just price movements. And 68 00:03:45,720 --> 00:03:47,520 Speaker 1: Bed Bath and Beyond has been the beneficiary as a 69 00:03:47,560 --> 00:03:51,120 Speaker 1: stock over the last you know, three weeks, I guess, right. 70 00:03:51,160 --> 00:03:52,760 Speaker 1: So we'll talk a little bit about the power of 71 00:03:52,840 --> 00:03:56,920 Speaker 1: Ryan Cohen in particular. Obviously he's the chair of of 72 00:03:57,320 --> 00:04:00,680 Speaker 1: Game Stock, which is sort of the original meme stock. 73 00:04:00,720 --> 00:04:02,680 Speaker 1: But how much of this is driven by him and 74 00:04:02,720 --> 00:04:06,200 Speaker 1: how much of this is truly driven by general retail 75 00:04:06,240 --> 00:04:11,040 Speaker 1: investor sentiment. Um. You know, I think definitely in the 76 00:04:11,480 --> 00:04:15,120 Speaker 1: in the retail fanning community, the Wall Street best community, 77 00:04:15,200 --> 00:04:19,799 Speaker 1: you know, the the kind of meme stock community, Ryan 78 00:04:19,839 --> 00:04:24,320 Speaker 1: Cohne seems to have uh, some pretty significant sway on 79 00:04:24,400 --> 00:04:26,560 Speaker 1: the markets. You know, I don't know personally, I can't 80 00:04:26,600 --> 00:04:29,080 Speaker 1: speak to anything of that nature, but you know, I 81 00:04:29,120 --> 00:04:31,800 Speaker 1: think if you look at you know, when he takes 82 00:04:32,279 --> 00:04:36,400 Speaker 1: when he takes positions, the markets move, right. So the 83 00:04:36,440 --> 00:04:38,720 Speaker 1: move we saw today and that Beth and beyond after 84 00:04:38,839 --> 00:04:42,280 Speaker 1: already a massive move. Uh. You know, it can probably 85 00:04:42,320 --> 00:04:44,560 Speaker 1: highly be attributed to the news that he took, you know, 86 00:04:44,640 --> 00:04:47,680 Speaker 1: the out of money call auctions. Uh. You know, I 87 00:04:47,680 --> 00:04:49,479 Speaker 1: think that came out last night or this morning or 88 00:04:49,480 --> 00:04:52,320 Speaker 1: whatever it did. But so, you know, it's he's an 89 00:04:52,360 --> 00:04:55,839 Speaker 1: interesting person in this place obviously, uh, kind of first 90 00:04:55,839 --> 00:04:58,400 Speaker 1: with the game stop, but you know, uh, you know, 91 00:04:58,480 --> 00:05:00,359 Speaker 1: has has made a lot of moves over over the 92 00:05:00,400 --> 00:05:03,640 Speaker 1: last eighteen months that have definitely been followed by the 93 00:05:03,640 --> 00:05:06,039 Speaker 1: retail community in the investing community. So you know, I 94 00:05:06,040 --> 00:05:08,560 Speaker 1: think you can't ignore what he does, at least in 95 00:05:08,640 --> 00:05:13,440 Speaker 1: short term bursts. In general. You know, we're hearing you know, 96 00:05:13,480 --> 00:05:15,200 Speaker 1: we've seen this talked about on Reddit, We're seeing the 97 00:05:15,200 --> 00:05:17,640 Speaker 1: stuff talked about on Twitter. What would you say the 98 00:05:17,720 --> 00:05:21,080 Speaker 1: role is of social media in stock pork at movements 99 00:05:21,120 --> 00:05:24,640 Speaker 1: these days? You know, I think the rule of social 100 00:05:24,880 --> 00:05:27,920 Speaker 1: media and you know, kind of social platforms in general 101 00:05:28,160 --> 00:05:32,200 Speaker 1: is uh, you know, we do disseminate, you know, information quickly, 102 00:05:32,279 --> 00:05:34,840 Speaker 1: We allow you know, kind of the communication and sharing 103 00:05:34,880 --> 00:05:38,320 Speaker 1: of ideas. Uh. And and I think you know, the 104 00:05:38,360 --> 00:05:42,240 Speaker 1: ability for retail, especially to you know, kind of communicate, 105 00:05:42,680 --> 00:05:45,039 Speaker 1: you know, in some extent they've organized in the past, 106 00:05:45,160 --> 00:05:47,600 Speaker 1: right like as as we remember in the uh kind 107 00:05:47,600 --> 00:05:50,599 Speaker 1: of the major meme stock Moment of of twenty one. 108 00:05:51,240 --> 00:05:53,080 Speaker 1: Uh And I think, you know, social media has a 109 00:05:53,160 --> 00:05:55,760 Speaker 1: strong role to play, and you know, platforms like stock 110 00:05:55,800 --> 00:05:59,200 Speaker 1: twits to you know, kind of give retail a place 111 00:05:59,240 --> 00:06:03,320 Speaker 1: to you know, learn to collaborate, to share and uh 112 00:06:03,440 --> 00:06:06,160 Speaker 1: and and you know ideally to you know, kind of 113 00:06:06,400 --> 00:06:08,159 Speaker 1: do it in a way where they where they profit 114 00:06:08,200 --> 00:06:10,839 Speaker 1: from it and they learn in a positive way. So uh, 115 00:06:10,839 --> 00:06:13,320 Speaker 1: it's it's a powerful tool. I think, you know, it 116 00:06:13,600 --> 00:06:15,520 Speaker 1: can be used for good and bad and and uh 117 00:06:15,560 --> 00:06:17,479 Speaker 1: you know, but there's a lot of uh, you know, 118 00:06:17,640 --> 00:06:20,520 Speaker 1: education and learning and you know, partnerships that kind of 119 00:06:20,560 --> 00:06:22,719 Speaker 1: come out of it from from a community perspective. I 120 00:06:22,720 --> 00:06:26,680 Speaker 1: think any regulatory concerns for stock twits h at a 121 00:06:26,720 --> 00:06:30,000 Speaker 1: moment like this, um not, you know, no, not not 122 00:06:30,120 --> 00:06:32,359 Speaker 1: so much. I mean, we're we're you know, we do 123 00:06:32,480 --> 00:06:34,320 Speaker 1: we have our house rules and stuff, but those are 124 00:06:34,360 --> 00:06:37,719 Speaker 1: our rules and uh, um, you know, we cooperate where 125 00:06:37,760 --> 00:06:41,159 Speaker 1: you know, there are issues you know, potentially on the board. Um, 126 00:06:41,200 --> 00:06:43,400 Speaker 1: you know, we do know obviously some of the bigger 127 00:06:43,440 --> 00:06:46,320 Speaker 1: agencies like the SEC and stuff are are paying attention. 128 00:06:47,080 --> 00:06:48,479 Speaker 1: But no, I mean, you know, we don't you know, 129 00:06:48,520 --> 00:06:53,240 Speaker 1: see any massive regulatory issues um, you know, along the 130 00:06:53,240 --> 00:06:55,880 Speaker 1: lines of social media. Not in not in the current 131 00:06:56,120 --> 00:06:59,560 Speaker 1: kind of environment. I don't think. All right, uh rich 132 00:06:59,760 --> 00:07:02,440 Speaker 1: kind of CEO of stock Twitz, thank you for joining 133 00:07:02,480 --> 00:07:05,800 Speaker 1: us on the latest addition to the meme craze. All right, 134 00:07:05,839 --> 00:07:08,880 Speaker 1: coming up. Silicon Valley's best known venture capitalist just wrote 135 00:07:08,880 --> 00:07:13,480 Speaker 1: its biggest check ever to controversial We Work founder Adam Newman, 136 00:07:13,800 --> 00:07:18,800 Speaker 1: sparking an outcry about yet another tech guy failing up. 137 00:07:19,400 --> 00:07:33,280 Speaker 1: This is Gloomberg. Tech venture capital pioneer and reason Harrowitz 138 00:07:33,320 --> 00:07:35,880 Speaker 1: has just made one of its biggest ever bets on 139 00:07:35,960 --> 00:07:39,360 Speaker 1: the man behind we Work. Will someone call it the 140 00:07:39,440 --> 00:07:42,440 Speaker 1: we Work disaster? The firm writing it's the largest single 141 00:07:42,520 --> 00:07:46,640 Speaker 1: check investment million dollars to Flow, a residential real estate 142 00:07:46,720 --> 00:07:49,520 Speaker 1: startup founded by Adam Newman. According to Mark entres and 143 00:07:49,640 --> 00:07:52,400 Speaker 1: Flow is rethinking the entire value chain, from the way 144 00:07:52,440 --> 00:07:55,480 Speaker 1: buildings are purchased and owned, to the way residents interact 145 00:07:55,520 --> 00:07:59,560 Speaker 1: with their buildings, to the way value is distributed among steakholders. 146 00:07:59,640 --> 00:08:03,400 Speaker 1: Joining me now to discuss Bloomberg Businessweeks. Max Chafkin a 147 00:08:03,400 --> 00:08:07,320 Speaker 1: lot of tweets today about this. Max, a lot of tweets, 148 00:08:07,960 --> 00:08:11,400 Speaker 1: what's Adam Newman's angle here and why is Mark Andreason 149 00:08:11,440 --> 00:08:14,400 Speaker 1: betting on it? Right? Well, it feels like and again 150 00:08:14,600 --> 00:08:17,560 Speaker 1: the details here are are so sketchy, and I think 151 00:08:17,600 --> 00:08:19,120 Speaker 1: that's part of the reason that that there's a lot 152 00:08:19,160 --> 00:08:22,200 Speaker 1: of skepticism. It feels like Adam Newman is trying to 153 00:08:22,280 --> 00:08:25,120 Speaker 1: do something very similar to what he did with We Work, 154 00:08:25,160 --> 00:08:29,360 Speaker 1: which is to take a traditional real estate business. With 155 00:08:29,480 --> 00:08:31,800 Speaker 1: We Work, of course it was commercial real estate offices. 156 00:08:32,360 --> 00:08:37,040 Speaker 1: Here we have with flow residential real estate apartments and 157 00:08:37,320 --> 00:08:40,480 Speaker 1: kind of give it a text sheen, and that worked 158 00:08:40,520 --> 00:08:42,959 Speaker 1: for for uh, you know, quite a while. With We Work. 159 00:08:43,000 --> 00:08:45,720 Speaker 1: We saw the valuation climbed to something like fifty billion 160 00:08:45,760 --> 00:08:48,520 Speaker 1: dollars um and then of course, um, as you said, 161 00:08:48,640 --> 00:08:50,600 Speaker 1: it kind of fell apart and and what we have 162 00:08:50,720 --> 00:08:54,679 Speaker 1: now is a much more conventional real estate company that 163 00:08:54,960 --> 00:08:56,439 Speaker 1: a lot of investors lost a lot of money in. 164 00:08:56,679 --> 00:08:59,760 Speaker 1: So it's sort of hard to understand why Mark and Reason, 165 00:08:59,800 --> 00:09:02,800 Speaker 1: why Andreas and Horrowich would be writing such a large check, 166 00:09:02,800 --> 00:09:04,920 Speaker 1: although you you just have to think they see this 167 00:09:05,000 --> 00:09:07,720 Speaker 1: as you know, another long shot. Bet you know, maybe 168 00:09:07,720 --> 00:09:10,560 Speaker 1: this is a contrarian angle. It kind of seems weird 169 00:09:10,600 --> 00:09:14,160 Speaker 1: to have, you know, backing a billionaire as a contrarian angle. 170 00:09:14,240 --> 00:09:17,120 Speaker 1: But you know, Mark Andres is more successful than I am, 171 00:09:17,120 --> 00:09:19,960 Speaker 1: so maybe he knows something I don't. Well, mass actually 172 00:09:19,960 --> 00:09:23,120 Speaker 1: sound lost almost nine billion dollars on we work. Why 173 00:09:23,160 --> 00:09:25,760 Speaker 1: do you think, Mark, Why does Mark Andreason think that's 174 00:09:25,800 --> 00:09:27,959 Speaker 1: not going to be his fate? I mean, is he 175 00:09:28,080 --> 00:09:32,160 Speaker 1: the smartest VC ever or is he also being hoodwinked? Well? 176 00:09:32,200 --> 00:09:34,360 Speaker 1: I mean, you know, of course, Adam Newman, you know, 177 00:09:34,559 --> 00:09:36,520 Speaker 1: if you if you read some of the published accounts, 178 00:09:36,640 --> 00:09:39,640 Speaker 1: was very effective at talking rich people out of their money, 179 00:09:39,679 --> 00:09:42,680 Speaker 1: and so so that maybe, um, part of what's going 180 00:09:42,679 --> 00:09:45,920 Speaker 1: on here. Andres and clearly has you know, a soft 181 00:09:45,920 --> 00:09:48,880 Speaker 1: spot for trolling and that sort of thing, So so 182 00:09:48,920 --> 00:09:51,720 Speaker 1: maybe that is playing into it. Um. You also, if 183 00:09:51,720 --> 00:09:54,600 Speaker 1: you read between the lines of the blog post he 184 00:09:54,640 --> 00:09:57,640 Speaker 1: wrote that was published yesterday, it sounds like there's gonna 185 00:09:57,679 --> 00:10:00,720 Speaker 1: be some sort of crypto or tokenized the angle here, 186 00:10:00,960 --> 00:10:04,440 Speaker 1: which of course Andres and Horowitz has been um very into. 187 00:10:04,520 --> 00:10:06,480 Speaker 1: I mean, I think the jury is still very much 188 00:10:06,520 --> 00:10:08,760 Speaker 1: out on whether or not that's gonna work. Um, but 189 00:10:08,840 --> 00:10:11,200 Speaker 1: it feels like, hey, maybe we've got we work, but 190 00:10:11,280 --> 00:10:13,600 Speaker 1: with apartments and a little bit of crypto mixed in 191 00:10:13,679 --> 00:10:15,480 Speaker 1: and you know, yeah, you be the judge of whether 192 00:10:15,480 --> 00:10:18,160 Speaker 1: that's a good idea or not. Sounds like a recipe 193 00:10:18,160 --> 00:10:21,680 Speaker 1: for something, all right, Bloomberg's Max Chafkin, thanks for weighing, 194 00:10:21,679 --> 00:10:23,240 Speaker 1: and we're gonna get some more reaction to this now. 195 00:10:23,280 --> 00:10:25,920 Speaker 1: The real question, of course, is in a valley where 196 00:10:25,960 --> 00:10:29,760 Speaker 1: it is notoriously hard for some founders to raise money, 197 00:10:29,760 --> 00:10:33,160 Speaker 1: why is it so easy for some founders who failed 198 00:10:33,280 --> 00:10:36,560 Speaker 1: or messed up to raise money again. Alison Buyers, an 199 00:10:36,559 --> 00:10:40,800 Speaker 1: early stage founder and angel investor, tweeted, I'm obviously outraged 200 00:10:40,840 --> 00:10:43,160 Speaker 1: by the A sixteen Z news. If you follow me, 201 00:10:43,600 --> 00:10:46,200 Speaker 1: rage is likely all over your feet. I'm also not 202 00:10:46,240 --> 00:10:50,720 Speaker 1: surprised at all. This isn't new, it is how VC operates. 203 00:10:51,080 --> 00:10:54,640 Speaker 1: Joining me now, Alison Buyer's founder and CEO of Scrubys 204 00:10:54,679 --> 00:10:59,200 Speaker 1: Allen Alison, why do you feel so much rage? Yeah? 205 00:10:59,360 --> 00:11:02,360 Speaker 1: So uh. Whenever something big like this comes out a 206 00:11:02,360 --> 00:11:06,839 Speaker 1: big funding round, a lot of underrepresented founders, particularly women 207 00:11:06,880 --> 00:11:09,520 Speaker 1: people of color, are asked why why the outrage? Why 208 00:11:09,520 --> 00:11:12,839 Speaker 1: do you have this emotion? Uh, well, it's because only 209 00:11:13,080 --> 00:11:16,360 Speaker 1: two percent of VC dollars go to women, two percent 210 00:11:16,440 --> 00:11:19,800 Speaker 1: go to Latin X founders, point six seven percent go 211 00:11:19,880 --> 00:11:22,840 Speaker 1: to black founders, and there are less than one hundred 212 00:11:22,880 --> 00:11:25,920 Speaker 1: black women total who have raised more than a million 213 00:11:25,960 --> 00:11:30,880 Speaker 1: in DC funding. That's the outrage. It's visceral. It hits you, 214 00:11:31,559 --> 00:11:35,480 Speaker 1: but then it also quickly becomes a muted rage because, 215 00:11:35,600 --> 00:11:38,880 Speaker 1: as they tweeted, it is expected. It is not a surprise. 216 00:11:38,960 --> 00:11:41,640 Speaker 1: We are used to it. But you you have to 217 00:11:41,720 --> 00:11:44,960 Speaker 1: feel that rage when you are part of that community 218 00:11:45,000 --> 00:11:50,599 Speaker 1: that is just historically blocked from accessing this funding. That's it. 219 00:11:51,240 --> 00:11:53,800 Speaker 1: We waved out to a lot of female investors today. 220 00:11:53,840 --> 00:11:57,920 Speaker 1: Privately they feel like you. Publicly they don't want to 221 00:11:57,920 --> 00:12:02,520 Speaker 1: talk about it. Why do you think that is? Uh well, 222 00:12:02,640 --> 00:12:05,480 Speaker 1: it is really difficult to talk about in any industry 223 00:12:05,520 --> 00:12:08,640 Speaker 1: where you are marginalized, or where you can have repercussions 224 00:12:08,679 --> 00:12:11,920 Speaker 1: for speaking out, it can be a scary thing to do. Right. 225 00:12:12,600 --> 00:12:15,120 Speaker 1: There's risks. There's risks to my business, there's risks to 226 00:12:15,160 --> 00:12:17,800 Speaker 1: those who associate with me when I am outspoken. But 227 00:12:18,440 --> 00:12:21,200 Speaker 1: I also really believe that in order to have any 228 00:12:21,280 --> 00:12:26,360 Speaker 1: kind of change or awakening of these reactions within other 229 00:12:26,480 --> 00:12:29,600 Speaker 1: populations and segments. You can do something about it. You 230 00:12:29,720 --> 00:12:32,680 Speaker 1: have to talk openly about it. And to me, it's 231 00:12:32,720 --> 00:12:35,960 Speaker 1: just a clear choice in the community that comes around 232 00:12:35,960 --> 00:12:39,000 Speaker 1: in and opportunities like this that come from it is 233 00:12:39,040 --> 00:12:42,520 Speaker 1: how you catalyze public discourse and really make a change. 234 00:12:42,960 --> 00:12:45,040 Speaker 1: So here's what Mark Andreson wrote about this. He says, 235 00:12:45,120 --> 00:12:48,800 Speaker 1: Adam is a visionary leader who revolutionized the second largest 236 00:12:48,800 --> 00:12:52,199 Speaker 1: asset class in the world, commercial real estate. Adam and 237 00:12:52,240 --> 00:12:56,040 Speaker 1: the story of lee work have been exhaustively chronicled, analyzed, 238 00:12:56,080 --> 00:13:00,360 Speaker 1: and fictionalized, sometimes accurately. We understand how difficul that is 239 00:13:00,400 --> 00:13:02,840 Speaker 1: to build something like this, and we love seeing repeat 240 00:13:02,920 --> 00:13:07,200 Speaker 1: founders build on past successes by growing from lessons learn. 241 00:13:08,440 --> 00:13:13,200 Speaker 1: What's your response to that? So my response to that is, 242 00:13:14,120 --> 00:13:17,679 Speaker 1: regardless of anything or what you believe may or may 243 00:13:17,720 --> 00:13:22,680 Speaker 1: not have been fictionalized, he knowingly perpetrated fraud and lost 244 00:13:22,760 --> 00:13:28,520 Speaker 1: billions of dollars. It's a fact. What is a major 245 00:13:28,559 --> 00:13:35,360 Speaker 1: prestigious investment house doing backing fraud a second time? There 246 00:13:35,559 --> 00:13:38,840 Speaker 1: is no excuse for that, and there has to be 247 00:13:38,880 --> 00:13:43,240 Speaker 1: the ability to separate what is a good business idea 248 00:13:43,360 --> 00:13:46,880 Speaker 1: that has the potential to be a good investment from 249 00:13:47,120 --> 00:13:51,280 Speaker 1: the person who is behind that idea and executing on it. 250 00:13:52,000 --> 00:13:54,800 Speaker 1: And what I would say is, let's let's think about 251 00:13:54,880 --> 00:13:57,640 Speaker 1: where does and Reason's money come from or any investment house. 252 00:13:58,080 --> 00:14:02,280 Speaker 1: It comes from endowment, it comes from wealthy individuals, it 253 00:14:02,320 --> 00:14:06,400 Speaker 1: comes from pensions, it comes from other fiduciary backers. Is 254 00:14:06,520 --> 00:14:11,719 Speaker 1: that where those people want their capital to be deployed? 255 00:14:12,640 --> 00:14:16,640 Speaker 1: And Reason is the steward of that capital? Do they 256 00:14:16,640 --> 00:14:21,800 Speaker 1: want three hundred and fifty million dollars in a single check, 257 00:14:22,080 --> 00:14:25,880 Speaker 1: the largest check written to go to a person who 258 00:14:26,120 --> 00:14:31,960 Speaker 1: knowingly committed fraud and lost billions of investor dollars to me, 259 00:14:32,840 --> 00:14:37,120 Speaker 1: I don't know how you justify that. Taking on and 260 00:14:37,240 --> 00:14:41,840 Speaker 1: Reason Harrowitz Allison is bold. I mean you might never 261 00:14:41,880 --> 00:14:46,320 Speaker 1: get a check from them. Why take that risk? Okay? 262 00:14:46,840 --> 00:14:51,760 Speaker 1: I honestly what is signaled to the world and particularly 263 00:14:51,840 --> 00:14:55,680 Speaker 1: to underrepresented founders. Again, only two of females have written 264 00:14:55,760 --> 00:14:58,000 Speaker 1: two percent of VC dollars go to women. I don't 265 00:14:58,040 --> 00:15:00,000 Speaker 1: think I am getting a check from them, But also 266 00:15:00,000 --> 00:15:04,160 Speaker 1: so it signals that their check is not for me. Unfortunately, 267 00:15:04,200 --> 00:15:08,000 Speaker 1: it signals that venture may not be for many founders, 268 00:15:08,000 --> 00:15:10,840 Speaker 1: and that's just not true. Um, But you do have 269 00:15:10,960 --> 00:15:13,760 Speaker 1: to be intentional and realistic about where you put your 270 00:15:13,800 --> 00:15:15,840 Speaker 1: time as a founder if you want to build a 271 00:15:15,840 --> 00:15:19,000 Speaker 1: successful company, and intentional about whose money it is that 272 00:15:19,080 --> 00:15:23,840 Speaker 1: you're taking. For me. Ethics, business ethics and competency and 273 00:15:23,880 --> 00:15:28,640 Speaker 1: honesty are paramount along with the viability of the idea 274 00:15:28,720 --> 00:15:30,400 Speaker 1: of my business and the difference that I want to 275 00:15:30,400 --> 00:15:33,000 Speaker 1: make in this industry. I do not want investors who 276 00:15:33,000 --> 00:15:35,600 Speaker 1: don't believe in that. I do not want an investor 277 00:15:35,640 --> 00:15:40,840 Speaker 1: who clearly says it is okay that you overstated yourself 278 00:15:40,920 --> 00:15:43,520 Speaker 1: and your business. We're still going to write you a check. 279 00:15:43,520 --> 00:15:47,920 Speaker 1: We're ignoring that to the exclusion of others who have 280 00:15:48,320 --> 00:15:52,800 Speaker 1: more viable business ideas and better business ethics. You allude 281 00:15:52,800 --> 00:15:54,800 Speaker 1: to that in your jet where you say founders value 282 00:15:54,800 --> 00:15:57,120 Speaker 1: your time. Getting a meeting does not equal getting a check. 283 00:15:57,280 --> 00:16:01,280 Speaker 1: Choose widest ly. You also told to Crunch you could 284 00:16:01,320 --> 00:16:02,840 Speaker 1: be mad about this all day long, but you have 285 00:16:02,880 --> 00:16:05,840 Speaker 1: a lot of other female founder you know what to do. 286 00:16:06,480 --> 00:16:08,680 Speaker 1: What do you what do you mean by that? I 287 00:16:08,720 --> 00:16:11,600 Speaker 1: assume you're talking about all the extra bird and that 288 00:16:11,680 --> 00:16:15,240 Speaker 1: comes with being a female founder what's all this extra 289 00:16:15,320 --> 00:16:19,840 Speaker 1: female founder stuff. Yes, of course, I think it's that 290 00:16:20,000 --> 00:16:23,320 Speaker 1: sentiment again, it's that muted rage. It's the it's the 291 00:16:23,440 --> 00:16:26,520 Speaker 1: known element for anyone who is on the receiving end 292 00:16:26,840 --> 00:16:29,840 Speaker 1: of this that this is how it is. And if 293 00:16:29,880 --> 00:16:31,360 Speaker 1: we're going to run our businesses, we have to run 294 00:16:31,360 --> 00:16:34,240 Speaker 1: our businesses. It is harder for us. The numbers don't lie. 295 00:16:34,320 --> 00:16:35,960 Speaker 1: We do not get the funding, we do not get 296 00:16:36,000 --> 00:16:38,640 Speaker 1: the resources, we do not have the access to the networks. 297 00:16:38,680 --> 00:16:42,760 Speaker 1: Are metrics that we are assessed by for signals of 298 00:16:42,800 --> 00:16:46,320 Speaker 1: growth and potential are much harder than others. And this 299 00:16:46,360 --> 00:16:50,600 Speaker 1: goes for women, but also a lot of other underrepresented groups. Uh, 300 00:16:50,680 --> 00:16:52,960 Speaker 1: and you just have to keep going. I don't have time. 301 00:16:53,120 --> 00:16:55,080 Speaker 1: I don't have time for this to consume my day. 302 00:16:55,080 --> 00:16:57,520 Speaker 1: I'm building a successful business and I'm going to earn 303 00:16:57,520 --> 00:17:00,320 Speaker 1: a profit for my investors. So yeah, I have my 304 00:17:00,360 --> 00:17:04,360 Speaker 1: bleek to do. I gotta go do it. Let's talk 305 00:17:04,400 --> 00:17:09,479 Speaker 1: about that. Your company, SCRUBYUS helps companies, helps people with 306 00:17:09,560 --> 00:17:15,959 Speaker 1: their own pitching. What's your big idea? Yeah, so, um, 307 00:17:16,480 --> 00:17:19,280 Speaker 1: thank you for bringing up SCRUBYUS. Um. So, our company 308 00:17:19,280 --> 00:17:21,600 Speaker 1: it's two years old. We're started to extem from my 309 00:17:21,680 --> 00:17:24,359 Speaker 1: last experience where I did successfully raise ten million for 310 00:17:24,440 --> 00:17:27,080 Speaker 1: a startup medical device company that I help launch and 311 00:17:27,080 --> 00:17:30,480 Speaker 1: co run, where I experienced extreme gender bias during the 312 00:17:30,480 --> 00:17:35,560 Speaker 1: fundraising process. So with scrubyus UH, we are product tizing 313 00:17:36,000 --> 00:17:38,760 Speaker 1: what you would get from working with a pitch coach 314 00:17:38,920 --> 00:17:42,760 Speaker 1: or having access to resources that teach you how investors think, 315 00:17:43,040 --> 00:17:46,080 Speaker 1: so that you can present yourself as an investible because 316 00:17:46,160 --> 00:17:50,200 Speaker 1: if you have been traditionally blocked from accessing those resources, 317 00:17:50,240 --> 00:17:53,200 Speaker 1: whether by network or whether because of funds, because those 318 00:17:53,240 --> 00:17:57,560 Speaker 1: are very expensive things to access for quality material, you 319 00:17:57,680 --> 00:18:00,880 Speaker 1: don't know that you are not presenting in a compelling way. 320 00:18:01,119 --> 00:18:04,560 Speaker 1: It is not intuitive to understand how investors think. UH. 321 00:18:04,640 --> 00:18:06,920 Speaker 1: And then on the other side of that, we are building, 322 00:18:07,000 --> 00:18:10,320 Speaker 1: not yet launched. We have launched that founder side, a 323 00:18:10,440 --> 00:18:14,160 Speaker 1: data driven way to curate in a hyper curated way 324 00:18:14,680 --> 00:18:17,320 Speaker 1: what investors see that so that it will speak to 325 00:18:17,520 --> 00:18:19,840 Speaker 1: them and what they want to write checks to both 326 00:18:19,960 --> 00:18:24,240 Speaker 1: the idea and the person, which is where we need 327 00:18:24,320 --> 00:18:29,000 Speaker 1: the checks from at the early stage. Allison, thank you 328 00:18:29,400 --> 00:18:32,520 Speaker 1: for having the current to talk to us today, UM 329 00:18:32,560 --> 00:18:36,680 Speaker 1: and for sharing our story. Appreciate you stopping by. Thanks 330 00:18:36,720 --> 00:18:49,359 Speaker 1: founder and CEO Alison buyers a few other stories we're watching. 331 00:18:49,359 --> 00:18:51,600 Speaker 1: Coin Bay shares fell as much as seven percent today 332 00:18:51,600 --> 00:18:54,159 Speaker 1: after announcing in a blog post that it will temporarily 333 00:18:54,720 --> 00:18:58,400 Speaker 1: pause new Ethereum and the r C twenty token deposits 334 00:18:58,520 --> 00:19:03,640 Speaker 1: during the merge. It is a temporary precautionary measure. Theorium 335 00:19:03,880 --> 00:19:09,600 Speaker 1: anticipates the merge will be completed on or around September 336 00:19:11,720 --> 00:19:13,560 Speaker 1: and after a number of delays, Apple has set us 337 00:19:13,560 --> 00:19:17,240 Speaker 1: September fifth deadline for its corporate workers to be in 338 00:19:17,280 --> 00:19:20,160 Speaker 1: the office at least three days a week. COVID surges 339 00:19:20,240 --> 00:19:23,639 Speaker 1: delayed the company's plans multiple times. Apple has been making 340 00:19:23,760 --> 00:19:27,400 Speaker 1: other COVID related adjustments. It's also dropped its mask mandate 341 00:19:27,720 --> 00:19:32,560 Speaker 1: in office common areas, and according to people familiar with 342 00:19:32,600 --> 00:19:35,120 Speaker 1: the matter, Apple is laid off many of its contract 343 00:19:35,200 --> 00:19:38,040 Speaker 1: based recruiters. In the last week. About a hundred contract 344 00:19:38,080 --> 00:19:40,880 Speaker 1: workers fired at the world's most valuable company were told 345 00:19:40,920 --> 00:19:43,400 Speaker 1: these cuts were made due to changes in Apple's current 346 00:19:43,400 --> 00:19:46,200 Speaker 1: business needs. We reported last month the company was joining 347 00:19:46,240 --> 00:19:49,159 Speaker 1: many other tech firms and hitting the brakes on hiring. 348 00:19:58,040 --> 00:20:00,600 Speaker 1: Welcome back to lumber Technology and Emily Changin's fan Francisco 349 00:20:00,920 --> 00:20:04,680 Speaker 1: President Biden has now signed the seven billion dollar healthcare, 350 00:20:04,720 --> 00:20:07,800 Speaker 1: Climate and Tax bill into law, capping more than a 351 00:20:07,880 --> 00:20:11,000 Speaker 1: year of negotiations, as Democrats had into mid terms this fall. 352 00:20:11,440 --> 00:20:14,399 Speaker 1: Known as the Inflation Reduction Act, the bill aims to 353 00:20:14,400 --> 00:20:18,440 Speaker 1: reduce inflation while encouraging greener industries to develop. And big 354 00:20:18,480 --> 00:20:21,040 Speaker 1: tech has been vocal about wanting to go green for 355 00:20:21,119 --> 00:20:24,680 Speaker 1: some time now, except big tech has actually been helping 356 00:20:24,880 --> 00:20:28,640 Speaker 1: big oil make more profits than ever. Let's hear more 357 00:20:28,920 --> 00:20:33,720 Speaker 1: about how Bloomberg's Mark Bergen, who covers Alphabet, joins US. Now, So, Mark, 358 00:20:34,160 --> 00:20:39,159 Speaker 1: is there some hypocrisy here? I sense that's certainly the 359 00:20:39,240 --> 00:20:43,240 Speaker 1: criticism from both from outside environmentalists and then from you know, 360 00:20:43,320 --> 00:20:46,920 Speaker 1: even employees at these companies. So Microsoft actually has been 361 00:20:47,000 --> 00:20:51,359 Speaker 1: the leader and the energy market UM Paul, coming closely 362 00:20:51,400 --> 00:20:55,640 Speaker 1: behind mine by AWS, Amazon, UM. You know, these companies 363 00:20:55,720 --> 00:20:58,160 Speaker 1: will say and have said multiple times that the reasons 364 00:20:58,200 --> 00:21:00,560 Speaker 1: that they're purnering with the oil and gap industry is 365 00:21:00,640 --> 00:21:03,840 Speaker 1: to help them with the energy transition to clean, renewable 366 00:21:03,920 --> 00:21:07,200 Speaker 1: sources of low carbon. We know we started off this 367 00:21:07,240 --> 00:21:09,840 Speaker 1: report to sort of interrogate that idea. It looks like 368 00:21:09,880 --> 00:21:11,760 Speaker 1: so far a lot of the work has been their 369 00:21:11,760 --> 00:21:15,480 Speaker 1: existing oil and gas production, whether that's making that more 370 00:21:15,520 --> 00:21:17,840 Speaker 1: efficient in some cases, you know, the the oil and 371 00:21:17,840 --> 00:21:22,000 Speaker 1: gas companies say they're lowering the carbon footprint of those operations. UM. 372 00:21:22,080 --> 00:21:24,879 Speaker 1: You know, there's there's certainly evidence that they haven't slowed 373 00:21:24,920 --> 00:21:28,920 Speaker 1: down oil production. And especially now when you're seeing gas 374 00:21:28,920 --> 00:21:32,040 Speaker 1: prices but so high this summer, there's there's political demand 375 00:21:32,160 --> 00:21:35,639 Speaker 1: for the oil companies to be producing more UH, and 376 00:21:35,680 --> 00:21:38,879 Speaker 1: the cloud companies are really there's powerful data assets that 377 00:21:38,960 --> 00:21:43,520 Speaker 1: let them do that more efficiently. I recently spoke with 378 00:21:43,560 --> 00:21:46,320 Speaker 1: Thomas Carrie, and the head of Google Cloud, about Google 379 00:21:46,440 --> 00:21:51,480 Speaker 1: Clouds deal with Saudi around COO. Take a listen to 380 00:21:51,560 --> 00:21:54,639 Speaker 1: what he had to say. We work with their system 381 00:21:54,680 --> 00:21:58,200 Speaker 1: integration division to provide our technology to customers in different 382 00:21:58,240 --> 00:22:00,600 Speaker 1: parts of the Middle East. We said that again and 383 00:22:00,640 --> 00:22:03,240 Speaker 1: again that we don't work with the oil and gas 384 00:22:03,359 --> 00:22:05,920 Speaker 1: division within the ram cole or with the system integreation 385 00:22:05,960 --> 00:22:11,040 Speaker 1: of our outcome. Does what do you say? Said? They're 386 00:22:11,240 --> 00:22:16,639 Speaker 1: underscore what UM you're trying to explain here? I think so. 387 00:22:16,840 --> 00:22:19,119 Speaker 1: I mean, you know, there's certainly employees at Google have 388 00:22:19,160 --> 00:22:22,840 Speaker 1: been very vocal about this, UM as of employees in 389 00:22:22,880 --> 00:22:26,879 Speaker 1: Amazon and Microsoft and in some ways, if you're you know, 390 00:22:26,960 --> 00:22:29,240 Speaker 1: just a Google shareholder, you might think, well, I want 391 00:22:29,280 --> 00:22:31,520 Speaker 1: them to be more active in the industry. Like there's 392 00:22:31,560 --> 00:22:35,359 Speaker 1: a lot of money in the oil and gas sector 393 00:22:35,480 --> 00:22:38,080 Speaker 1: right now, whether that's their their regular sort of production 394 00:22:38,280 --> 00:22:41,040 Speaker 1: and exploration businesses, and even some of this, you know, 395 00:22:41,080 --> 00:22:45,000 Speaker 1: the Chevron and and VP and these big majors have 396 00:22:45,080 --> 00:22:47,359 Speaker 1: talked about a big game about investing a lot of 397 00:22:47,359 --> 00:22:50,119 Speaker 1: money in reeable energy. And so I think in some 398 00:22:50,160 --> 00:22:53,800 Speaker 1: ways Google is sort of and behind this sector. Whether 399 00:22:53,880 --> 00:22:55,760 Speaker 1: or not that's because they intentionally sort of put one 400 00:22:55,840 --> 00:23:00,120 Speaker 1: arm behind their back as far as limiting their their work. Um, 401 00:23:00,160 --> 00:23:02,480 Speaker 1: but I do think that's that's attention, you know, but 402 00:23:02,560 --> 00:23:05,840 Speaker 1: it doesn't seem to be slowing down Microsoft and Amazon. 403 00:23:06,080 --> 00:23:09,159 Speaker 1: And in their defense, they're saying that, you know, these 404 00:23:09,359 --> 00:23:13,919 Speaker 1: oil companies wouldn't be able to move into the renewables 405 00:23:13,920 --> 00:23:18,439 Speaker 1: and clean energy as quickly without us. Interesting, all right, 406 00:23:18,560 --> 00:23:21,359 Speaker 1: We'll continue to watch your coverage on this, Bloomberg's Mark Brikin, 407 00:23:22,000 --> 00:23:25,520 Speaker 1: thank you well. The Inflation Reduction Act, the lower drug 408 00:23:25,640 --> 00:23:28,000 Speaker 1: costs as well. I want to bring in Jason Kelly, 409 00:23:28,000 --> 00:23:30,640 Speaker 1: now the CEO of the biotech firm Get Go bioworks 410 00:23:30,640 --> 00:23:35,080 Speaker 1: to discuss. So, Jason, how is this bill being signed 411 00:23:35,240 --> 00:23:40,240 Speaker 1: into law impact your corner of the biotech universe. Yeah, 412 00:23:40,680 --> 00:23:44,480 Speaker 1: there's actually two reason bills. So there's the Chips in 413 00:23:44,520 --> 00:23:47,160 Speaker 1: Science Act and then the Inflation Reduction Act. Both both 414 00:23:47,160 --> 00:23:50,040 Speaker 1: of them are relevant in biotech. Um. So, on the 415 00:23:50,080 --> 00:23:54,040 Speaker 1: Inflation Reduction Act, you saw these you know, forty tax 416 00:23:54,080 --> 00:23:56,720 Speaker 1: credits being expanded. You know that that's really to create 417 00:23:57,400 --> 00:24:00,080 Speaker 1: you know, a growing market for carbon capture. And and 418 00:24:00,080 --> 00:24:02,000 Speaker 1: I think biology if you like look out the window 419 00:24:02,080 --> 00:24:05,320 Speaker 1: right now, you will see plants out there pulling CEO 420 00:24:05,359 --> 00:24:08,200 Speaker 1: two out of the air and fixing it. Um you know, uh, 421 00:24:08,640 --> 00:24:11,119 Speaker 1: and and so biology we see as one of the 422 00:24:11,160 --> 00:24:14,760 Speaker 1: few really scalable technologies for doing carbon capture. But I 423 00:24:14,800 --> 00:24:17,200 Speaker 1: think the Chips Bill actually is just as important from 424 00:24:17,200 --> 00:24:21,119 Speaker 1: my standpoint. Why do you think it's so important? Yeah, So, 425 00:24:21,119 --> 00:24:22,880 Speaker 1: so if you look at if you look in that bill, 426 00:24:22,960 --> 00:24:25,960 Speaker 1: I think two things are critical. So one, I think 427 00:24:25,960 --> 00:24:28,080 Speaker 1: you see the U s sort of kind of getting 428 00:24:28,119 --> 00:24:31,240 Speaker 1: our mojo back when it comes to like industrial policy 429 00:24:31,280 --> 00:24:33,159 Speaker 1: and the and the government saying hey, this sort of 430 00:24:33,160 --> 00:24:35,800 Speaker 1: technology is important for us to have on shore. Um 431 00:24:35,840 --> 00:24:37,920 Speaker 1: you know, actually get Ginko. We just acquired a company 432 00:24:37,920 --> 00:24:41,000 Speaker 1: on in California. Are announced that we're gonna acquire a 433 00:24:41,000 --> 00:24:43,960 Speaker 1: company in California called Examergen. You know, this is a 434 00:24:44,000 --> 00:24:46,679 Speaker 1: really build on the foundry technology we have at Ginko. 435 00:24:46,880 --> 00:24:49,520 Speaker 1: You know, my view is we we want to be 436 00:24:49,520 --> 00:24:51,960 Speaker 1: doing that so that we're not doing a bio chips bill, 437 00:24:52,320 --> 00:24:54,200 Speaker 1: you know, twenty years from now and having to bring 438 00:24:54,240 --> 00:24:57,040 Speaker 1: that back on shore. These types of growth of these 439 00:24:57,040 --> 00:24:59,560 Speaker 1: bio foundries here in the US, I think is important, 440 00:24:59,560 --> 00:25:01,480 Speaker 1: and you see that reflected in the bill. You know, 441 00:25:01,480 --> 00:25:05,080 Speaker 1: they it directs a National Engineering Biology R and D 442 00:25:05,160 --> 00:25:08,720 Speaker 1: Initiative where OSTP is is supposed to direct NSF and 443 00:25:08,800 --> 00:25:10,520 Speaker 1: d O E and d O D to spend on this. 444 00:25:10,840 --> 00:25:13,320 Speaker 1: And then also that has the OSTP established a National 445 00:25:13,359 --> 00:25:16,679 Speaker 1: Genomic Sequencing strategy, So you actually see bio in the 446 00:25:16,720 --> 00:25:19,280 Speaker 1: bill alongside chips. So so I think it's a really 447 00:25:19,680 --> 00:25:21,520 Speaker 1: uh it's a good signal by the government that these 448 00:25:21,520 --> 00:25:24,200 Speaker 1: types of technologies are critical for the U. S. You've 449 00:25:24,240 --> 00:25:27,640 Speaker 1: become a sort of regular voice for US through the pandemic. 450 00:25:27,840 --> 00:25:30,719 Speaker 1: What are the biggest post pandemic storylines in biotech right 451 00:25:30,760 --> 00:25:35,040 Speaker 1: now that aren't being talked about enough. Yeah, So I 452 00:25:35,040 --> 00:25:38,160 Speaker 1: think the big one UM is going to be certain 453 00:25:38,240 --> 00:25:41,360 Speaker 1: types of technologies that got built out in the during 454 00:25:41,400 --> 00:25:44,359 Speaker 1: the pandemic are going to stick around for ongoing prevention. 455 00:25:44,480 --> 00:25:47,879 Speaker 1: So we actually just announced yesterday morning, UM is up 456 00:25:47,880 --> 00:25:50,520 Speaker 1: to sixty one million dollar contract with the Centers for 457 00:25:50,560 --> 00:25:53,440 Speaker 1: Disease Control here in the US to do monitoring on 458 00:25:53,440 --> 00:25:56,479 Speaker 1: an ongoing basis at airports in the US where we 459 00:25:56,600 --> 00:26:00,439 Speaker 1: basically collect samples from plans that come in internationally and 460 00:26:00,440 --> 00:26:03,280 Speaker 1: then sequence the DNA to look for new variants. And 461 00:26:03,320 --> 00:26:05,159 Speaker 1: this program we did as a pilot with the CDC 462 00:26:05,640 --> 00:26:07,240 Speaker 1: caught the first cases of b A two and b 463 00:26:07,359 --> 00:26:10,679 Speaker 1: A three uh in the US that we're sequenced. Well, 464 00:26:10,800 --> 00:26:12,680 Speaker 1: now now that CC is funding this up to have 465 00:26:12,720 --> 00:26:14,879 Speaker 1: it stick around, I mean to me, this type of 466 00:26:14,920 --> 00:26:17,760 Speaker 1: thing eventually will be kind of like a smoke detector, 467 00:26:18,080 --> 00:26:20,680 Speaker 1: right it we should be on the lookout for infectious disease. 468 00:26:20,880 --> 00:26:24,000 Speaker 1: And that's a change. I think that happened because of COVID, 469 00:26:24,000 --> 00:26:27,399 Speaker 1: But we'll stick around after COVID. Are we prepared to 470 00:26:27,440 --> 00:26:29,639 Speaker 1: go back to school? You know? As a parent, I 471 00:26:29,680 --> 00:26:32,879 Speaker 1: feel like there are still conflicting messages about masks. No 472 00:26:33,119 --> 00:26:37,840 Speaker 1: masks testing, Like, what are the rules supposed to be? Yeah, 473 00:26:37,880 --> 00:26:40,879 Speaker 1: so so CC did just update some some guidance on this. 474 00:26:40,960 --> 00:26:44,480 Speaker 1: So I think where we're headed towards is I think 475 00:26:44,480 --> 00:26:46,720 Speaker 1: you're gonna see the SAC starting to reflect a little 476 00:26:46,760 --> 00:26:49,000 Speaker 1: more how people have been operating. I think you're gonna 477 00:26:49,000 --> 00:26:50,639 Speaker 1: see you seeing relief in some of the things like 478 00:26:50,680 --> 00:26:53,800 Speaker 1: the distancing rules and mask wearing making it easier where 479 00:26:53,840 --> 00:26:56,680 Speaker 1: if you had an exposure, you don't need to quarantine, 480 00:26:56,560 --> 00:26:58,639 Speaker 1: you know, just to be clear, if you have COVID 481 00:26:58,640 --> 00:27:00,639 Speaker 1: you still need to quarantine, right, So I think there's 482 00:27:00,680 --> 00:27:02,440 Speaker 1: been some misinterpretation a little bit on that. You know, 483 00:27:02,480 --> 00:27:04,320 Speaker 1: so if you're a positive or COVID, you should quarantine, 484 00:27:04,640 --> 00:27:07,240 Speaker 1: but for folks that have been exposed you don't need to. 485 00:27:07,320 --> 00:27:09,560 Speaker 1: That's gonna help a lot um in terms of having 486 00:27:09,600 --> 00:27:13,399 Speaker 1: classes full. I think the regular monitoring what you know, 487 00:27:13,440 --> 00:27:15,280 Speaker 1: which we do, and as you know, like you know 488 00:27:15,320 --> 00:27:17,840 Speaker 1: ten or fifteen states across the country where you're doing 489 00:27:17,880 --> 00:27:22,199 Speaker 1: weekly testing in a group. This actually allows for schools 490 00:27:22,200 --> 00:27:24,600 Speaker 1: to stay open, right because you can identify, you know, 491 00:27:24,640 --> 00:27:26,320 Speaker 1: if there's a positive case in the class, you can 492 00:27:26,440 --> 00:27:29,200 Speaker 1: pick it out, send that one student home to quarantine 493 00:27:29,200 --> 00:27:31,880 Speaker 1: but not the whole class, and then prevent big outbreaks 494 00:27:31,880 --> 00:27:33,639 Speaker 1: in schools, which I think if we let it just 495 00:27:33,720 --> 00:27:35,320 Speaker 1: kind of rip, you will see a lot of that 496 00:27:35,359 --> 00:27:38,520 Speaker 1: type of disruption, you know, in various places. And so 497 00:27:38,520 --> 00:27:41,720 Speaker 1: so I think you'll end up seeing monitoring stay, you know, 498 00:27:41,800 --> 00:27:44,680 Speaker 1: masking go, distancing go. And then the big wild card 499 00:27:44,800 --> 00:27:46,800 Speaker 1: is is there some new variant that flips that all 500 00:27:46,840 --> 00:27:48,640 Speaker 1: on its head and that's certainly still in the range 501 00:27:48,640 --> 00:27:52,080 Speaker 1: of possibilities. Well, on that note, do you think there 502 00:27:52,119 --> 00:27:55,639 Speaker 1: will be a universal COVID vaccine in the future or no? 503 00:27:55,840 --> 00:27:58,560 Speaker 1: Because you know, the virus is just gonna keep changing. 504 00:27:59,680 --> 00:28:02,280 Speaker 1: So I mean, you know, I think you will see 505 00:28:02,280 --> 00:28:04,400 Speaker 1: the virus keep changing. UM. You know, I think people 506 00:28:04,440 --> 00:28:05,919 Speaker 1: are working on this. There's ways to get at it 507 00:28:05,920 --> 00:28:09,239 Speaker 1: in the in the scope of biotech, you know, like 508 00:28:09,320 --> 00:28:10,920 Speaker 1: over the next tense what of years, I think we 509 00:28:10,920 --> 00:28:13,560 Speaker 1: should will get dramatically better at this UM. But we 510 00:28:13,640 --> 00:28:15,760 Speaker 1: you know, obviously we've been fighting flu and we do 511 00:28:15,880 --> 00:28:18,879 Speaker 1: updated vaccines annually. I think you'll see things like that 512 00:28:19,119 --> 00:28:21,239 Speaker 1: in the near term. But folks are definitely working on 513 00:28:21,280 --> 00:28:24,199 Speaker 1: that UM and and so you know, we you know, 514 00:28:24,440 --> 00:28:26,160 Speaker 1: we can hope, but I'd say in the near term 515 00:28:26,200 --> 00:28:29,360 Speaker 1: it's more likely to be just updated versions of the vaccine. 516 00:28:29,960 --> 00:28:32,480 Speaker 1: All right, well, we can hope, indeed can go. Bioworks 517 00:28:32,480 --> 00:28:35,119 Speaker 1: CEO Jason Kelly always good to have you, Jason, thanks 518 00:28:35,520 --> 00:28:39,720 Speaker 1: for stopping by. Alright, coming up, why is Jesse Pale 519 00:28:39,920 --> 00:28:43,320 Speaker 1: still so bullish on bitcoin? More on that and wider 520 00:28:43,440 --> 00:29:00,240 Speaker 1: institutional sentiment on crypto next, Mrs Bloomberg. It's hard to 521 00:29:00,280 --> 00:29:02,360 Speaker 1: know what the private markets, you know. Obviously we were 522 00:29:02,360 --> 00:29:05,880 Speaker 1: not tracking the price UH on a minute by minute 523 00:29:05,920 --> 00:29:09,640 Speaker 1: basis like markets are, so it's it's really hard to know. 524 00:29:09,720 --> 00:29:12,360 Speaker 1: You know. We haven't been out raising capital. We've got 525 00:29:12,960 --> 00:29:15,720 Speaker 1: a very long runway cash in the bank. We're profitable, 526 00:29:15,880 --> 00:29:18,880 Speaker 1: so we don't need to go do another financing anytime soon. 527 00:29:19,120 --> 00:29:21,080 Speaker 1: I think we'll probably wait for the market to improve 528 00:29:21,160 --> 00:29:25,480 Speaker 1: before we do another another round. It is time now 529 00:29:25,560 --> 00:29:27,880 Speaker 1: for our crypto report. And that was cracking CEO Jesse 530 00:29:28,000 --> 00:29:30,600 Speaker 1: Powell talking about what he thinks of the current crypto 531 00:29:30,640 --> 00:29:33,600 Speaker 1: bear market in an interview earlier on bloom Box Crypto 532 00:29:33,640 --> 00:29:35,760 Speaker 1: Show with Kaylee Lines. Let's talk about it more with 533 00:29:35,840 --> 00:29:39,400 Speaker 1: our own crypto contributor, Snelli Bosti. CHANNELI give us an 534 00:29:39,480 --> 00:29:44,000 Speaker 1: update on the crypto markets and whether Jesse Powell is 535 00:29:44,120 --> 00:29:46,719 Speaker 1: right by just waiting it out. Well, Jesse Powell had 536 00:29:46,760 --> 00:29:48,840 Speaker 1: bought in more out about eighteen thousand, and you saw 537 00:29:48,920 --> 00:29:52,479 Speaker 1: bitcoin did reach twenty five thousand for a bit. This 538 00:29:52,640 --> 00:29:55,800 Speaker 1: month it has come down below two thousand again. So 539 00:29:55,800 --> 00:29:58,280 Speaker 1: where does that leave us, Emily? It doesn't leave us 540 00:29:58,280 --> 00:30:00,080 Speaker 1: at the price that he thought it would hit it 541 00:30:00,160 --> 00:30:01,960 Speaker 1: last year. Do you remember he told you and me 542 00:30:02,160 --> 00:30:05,840 Speaker 1: that bitcoin would be worth Lamborghini. But even though it 543 00:30:05,840 --> 00:30:08,640 Speaker 1: has not hit that price, you do see it about 544 00:30:08,680 --> 00:30:11,080 Speaker 1: half the price it was at this time last year, 545 00:30:11,440 --> 00:30:14,360 Speaker 1: but double where it was two years ago. It'll be 546 00:30:14,400 --> 00:30:16,040 Speaker 1: interesting to see the market kind of sort out the 547 00:30:16,120 --> 00:30:18,719 Speaker 1: natural price of bitcoin as you make it through another cycle. 548 00:30:18,840 --> 00:30:20,800 Speaker 1: I wanted to also point out a theoryum on the month, 549 00:30:20,840 --> 00:30:23,400 Speaker 1: because you do see again on the month, you do 550 00:30:23,480 --> 00:30:27,000 Speaker 1: see the price rising because of that anticipation of the merge. 551 00:30:27,200 --> 00:30:29,960 Speaker 1: But in more recent days that excitement has worn off 552 00:30:30,000 --> 00:30:33,000 Speaker 1: just a little bit. You have it rolling around eighteen 553 00:30:33,000 --> 00:30:37,080 Speaker 1: thousand seven d seven right now. It did peak above 554 00:30:37,240 --> 00:30:41,520 Speaker 1: two thousand this month with that anticipation, anticipation of the merge. 555 00:30:41,720 --> 00:30:43,440 Speaker 1: I know we're going to talk a little bit more 556 00:30:43,480 --> 00:30:47,120 Speaker 1: about that next um alright, shall I stick with us? 557 00:30:47,240 --> 00:30:49,080 Speaker 1: I want to talk about this more and how bitcoin 558 00:30:49,080 --> 00:30:52,640 Speaker 1: startups are trying to secure capital as as the crypto 559 00:30:52,680 --> 00:30:57,600 Speaker 1: winter continues. Um our investors buying the industry back up? 560 00:30:57,640 --> 00:30:59,520 Speaker 1: Are they staying cautious? Let's talk about that with at 561 00:30:59,560 --> 00:31:03,080 Speaker 1: least Kill Lean, founder managing partner of still Marks. So 562 00:31:03,120 --> 00:31:06,040 Speaker 1: at least are you on the bullish side like Jesse 563 00:31:06,200 --> 00:31:10,240 Speaker 1: Powell or somewhere else on the spectrum. We're varia bullish 564 00:31:10,360 --> 00:31:14,120 Speaker 1: both about Bitcoin, the asset and the underlying protocol, and 565 00:31:14,200 --> 00:31:17,920 Speaker 1: we have to be because entrepreneur activity has never been 566 00:31:17,960 --> 00:31:21,880 Speaker 1: more robust. In fact, we've seen a pickup in sort 567 00:31:21,960 --> 00:31:25,840 Speaker 1: of the tests that people are willing to take during 568 00:31:25,880 --> 00:31:29,440 Speaker 1: this period when the market is more quiet, When we're 569 00:31:29,440 --> 00:31:32,800 Speaker 1: in the bearer market and there's less consumer activity, it's 570 00:31:32,800 --> 00:31:36,200 Speaker 1: a great time to both dig into the metrics that 571 00:31:36,280 --> 00:31:39,800 Speaker 1: you've produced in bull market times as well as to experiment. 572 00:31:39,840 --> 00:31:42,800 Speaker 1: And that's what we're seeing now from top founders. What 573 00:31:42,840 --> 00:31:44,920 Speaker 1: do you make of the merge because you saw this 574 00:31:45,000 --> 00:31:48,160 Speaker 1: news coming out about coin based really looking to pause 575 00:31:48,200 --> 00:31:51,720 Speaker 1: transactions in and around the merge. Clearly there's going to 576 00:31:51,760 --> 00:31:55,719 Speaker 1: be some technical difficulties around it as people try to 577 00:31:55,840 --> 00:31:58,640 Speaker 1: scam others. That was a warning that they sent out. 578 00:31:58,960 --> 00:32:01,000 Speaker 1: What are you thinking will be near term issues and 579 00:32:01,040 --> 00:32:05,760 Speaker 1: what is a long term prospect? Well coin base coin 580 00:32:05,800 --> 00:32:09,640 Speaker 1: bass is note that they're pausing deposits and withdrawals for 581 00:32:09,960 --> 00:32:13,440 Speaker 1: eight I think is something that's expected, but it points 582 00:32:13,440 --> 00:32:16,640 Speaker 1: out to us the tradeoffs is using a centralized exchange 583 00:32:16,680 --> 00:32:22,240 Speaker 1: to hold to your cryptocurrency. Of course there's some opportunities 584 00:32:22,240 --> 00:32:25,760 Speaker 1: and using a custodian, but the advantage is to people 585 00:32:26,200 --> 00:32:29,480 Speaker 1: using self custody that they themselves set the rules for 586 00:32:29,520 --> 00:32:32,840 Speaker 1: how they use their Bitcoin or their eth or other 587 00:32:32,920 --> 00:32:37,400 Speaker 1: forms of crypto assets. Now, looking ahead to eat two 588 00:32:37,440 --> 00:32:40,520 Speaker 1: point oh, I think that we know we know that 589 00:32:40,600 --> 00:32:44,240 Speaker 1: there's risks and that the etherean community is hoping that 590 00:32:44,280 --> 00:32:46,880 Speaker 1: there's great reward. But one of the things to look 591 00:32:46,880 --> 00:32:50,760 Speaker 1: out for is the centralizing forces of moving from proof 592 00:32:50,760 --> 00:32:53,280 Speaker 1: of work to prove a stake. Of course, we know 593 00:32:53,480 --> 00:32:56,640 Speaker 1: that the majority of the states, the vast majority of 594 00:32:56,720 --> 00:33:02,000 Speaker 1: the state is belonging to these large institutions, and so 595 00:33:02,400 --> 00:33:06,560 Speaker 1: those folks, of course are exposed to US regulators and 596 00:33:06,920 --> 00:33:11,640 Speaker 1: have been tested very recently with O fact coming out 597 00:33:11,720 --> 00:33:16,160 Speaker 1: against Tornado cassion, and the same institutions that comprise the 598 00:33:16,200 --> 00:33:19,160 Speaker 1: majority of state each in fact, are those that have 599 00:33:20,200 --> 00:33:24,360 Speaker 1: complied within days to O fact sanction of Tornado. I'm 600 00:33:24,440 --> 00:33:27,320 Speaker 1: so glad you brought up Tornado cash because earlier today 601 00:33:27,400 --> 00:33:32,240 Speaker 1: Jesse Powell did say that the shutdown was unconstitutional. I'm 602 00:33:32,280 --> 00:33:35,360 Speaker 1: wondering how you see this debate really playing out in 603 00:33:35,400 --> 00:33:40,000 Speaker 1: the market, the good, the bad, and what behaviors might 604 00:33:40,720 --> 00:33:45,640 Speaker 1: not be accepted among these companies moving forward. It's hard 605 00:33:45,680 --> 00:33:48,000 Speaker 1: to know what regulators are going to do, but it's 606 00:33:48,040 --> 00:33:51,720 Speaker 1: easy to know how centralized institutions are going to respond. 607 00:33:52,080 --> 00:33:54,840 Speaker 1: They're going to comply, and that's the value, of course 608 00:33:54,920 --> 00:33:59,560 Speaker 1: of decentralization. So you know, the bitcoin leads with decentralization. 609 00:33:59,640 --> 00:34:03,000 Speaker 1: What that means is that when looking at how the 610 00:34:03,080 --> 00:34:07,880 Speaker 1: protocol is secured, Bitcoin finds it most important to make 611 00:34:07,920 --> 00:34:10,920 Speaker 1: sure that the protocol is secured in a decentralized fashion 612 00:34:11,280 --> 00:34:15,479 Speaker 1: and that any individual user can do two things. One, 613 00:34:16,080 --> 00:34:20,479 Speaker 1: they can validate the code bitcoins, um core protocol and 614 00:34:20,640 --> 00:34:23,799 Speaker 1: its payments and more. Protocol or open source users can 615 00:34:23,840 --> 00:34:26,960 Speaker 1: know the rules the software rules of these systems. But 616 00:34:27,120 --> 00:34:30,640 Speaker 1: number two, users can participate in validating the accuracy of 617 00:34:30,719 --> 00:34:34,440 Speaker 1: the ledger themselves. That's something that's much easier to do 618 00:34:34,520 --> 00:34:37,520 Speaker 1: in Bitcoin than in other protocols, and one of the 619 00:34:37,560 --> 00:34:39,840 Speaker 1: reasons it's important to be able to do that is 620 00:34:39,840 --> 00:34:43,920 Speaker 1: sort of being demonstrated by the news of the last 621 00:34:44,000 --> 00:34:49,040 Speaker 1: couple of weeks and the implications of UM governments imposition 622 00:34:49,400 --> 00:34:53,840 Speaker 1: of UM regulations, for instance, regulations to prevent things like 623 00:34:53,960 --> 00:34:56,840 Speaker 1: money laundering. We're seeing that happen now with Tornado Cash, 624 00:34:57,200 --> 00:34:59,640 Speaker 1: and you know that some of the most critical services 625 00:34:59,680 --> 00:35:03,080 Speaker 1: in the dearium space has has felt the need to 626 00:35:03,120 --> 00:35:07,640 Speaker 1: compline have quickly done so, making users that have received 627 00:35:07,760 --> 00:35:13,080 Speaker 1: even passively transactions from Tornado cash UM sort of lose 628 00:35:13,120 --> 00:35:16,960 Speaker 1: access to services that they depended on. Alice I recently 629 00:35:16,960 --> 00:35:19,920 Speaker 1: sat down with coin based CEO Emily Choi to talk 630 00:35:19,960 --> 00:35:23,200 Speaker 1: about their partnership with black Rock. Take a listen to 631 00:35:23,280 --> 00:35:26,120 Speaker 1: what she had to say. I have wanted to do 632 00:35:26,200 --> 00:35:28,960 Speaker 1: that black Rock partnership since the day I joined coin Base, 633 00:35:29,160 --> 00:35:32,520 Speaker 1: So for this to come together now, actually during the 634 00:35:32,560 --> 00:35:36,160 Speaker 1: crypto winter, is such an incredible testament to where we are, 635 00:35:36,200 --> 00:35:39,040 Speaker 1: where they are, where their customers are. And I think 636 00:35:39,080 --> 00:35:41,760 Speaker 1: the most important point is it speaks to institutional customers, 637 00:35:41,880 --> 00:35:45,800 Speaker 1: very traditional institutional customers wanting to get crypto acid exposure. 638 00:35:47,440 --> 00:35:50,719 Speaker 1: She said, to expect more partnerships like this, but every 639 00:35:50,800 --> 00:35:53,640 Speaker 1: day there are more bumps in the crypto road. You know, 640 00:35:53,719 --> 00:35:56,560 Speaker 1: how is this all impacting? Give us a temperature of 641 00:35:56,600 --> 00:36:02,160 Speaker 1: investor sentiment, institutional sentiment. So the black Rock and coin 642 00:36:02,200 --> 00:36:06,040 Speaker 1: Based partnership will launch bitcoin only a black Rock is dealing, 643 00:36:06,160 --> 00:36:11,120 Speaker 1: is allowing its institutional investors to participate, to buy bitcoin 644 00:36:11,600 --> 00:36:14,719 Speaker 1: and to trade bitcoin via coin Based, while still using 645 00:36:14,800 --> 00:36:18,880 Speaker 1: black Rocks software for management and for risk analysis. This 646 00:36:19,080 --> 00:36:20,960 Speaker 1: I think was a response. We see it as a 647 00:36:20,960 --> 00:36:24,959 Speaker 1: clear response to the demand of the very traditional institutions 648 00:36:25,000 --> 00:36:27,840 Speaker 1: that are served by black Rock. Now it's important to 649 00:36:27,880 --> 00:36:30,520 Speaker 1: note here is that providing a new on ramp in 650 00:36:30,520 --> 00:36:34,680 Speaker 1: a familiar environment and with familiar tools is likely to 651 00:36:34,719 --> 00:36:38,759 Speaker 1: act as a very significant catalyst for institutional adoption. I 652 00:36:38,800 --> 00:36:41,239 Speaker 1: want to flip this for a moment, though, Emily and 653 00:36:41,320 --> 00:36:46,240 Speaker 1: say that, well, while we're seeing traditional institutions adot bitcoin 654 00:36:46,560 --> 00:36:49,880 Speaker 1: like black Rock, we know that some of the most 655 00:36:50,120 --> 00:36:54,480 Speaker 1: significant and important adoption of bitcoin and of bitcoin's payments 656 00:36:54,520 --> 00:36:57,920 Speaker 1: network is happening in emerging markets. And so these two 657 00:36:58,000 --> 00:37:02,360 Speaker 1: forms of adoption are happening simultaneously and I think add 658 00:37:02,480 --> 00:37:06,839 Speaker 1: to sort of the fundamental value of the coin that 659 00:37:06,960 --> 00:37:12,320 Speaker 1: Jesse from Crackman spoke to earlier. Mm hmm. Alice, Colleen 660 00:37:12,800 --> 00:37:15,840 Speaker 1: still Mark Capital, thank you so much for sharing your 661 00:37:15,880 --> 00:37:27,520 Speaker 1: views with us today as well as our own. Amazon 662 00:37:27,640 --> 00:37:30,359 Speaker 1: is fighting back against the FTC, and a filing made 663 00:37:30,360 --> 00:37:33,959 Speaker 1: public on Monday, Amazon claims that FTT staff have made 664 00:37:34,200 --> 00:37:37,920 Speaker 1: unduly burdensome demands on the e commerce giant as it 665 00:37:38,000 --> 00:37:41,160 Speaker 1: keeps investigating its subscription services here for more on this, 666 00:37:41,200 --> 00:37:44,640 Speaker 1: bloom ex Emily Berm bomb with us now and Amazon 667 00:37:44,960 --> 00:37:49,200 Speaker 1: also claiming that the FTC is harassing Jeff Bezos. How 668 00:37:49,280 --> 00:37:54,719 Speaker 1: so yeah. So. In this filing made public yesterday, Amazon 669 00:37:54,920 --> 00:37:58,799 Speaker 1: claims that UM the FTC has been overreaching in their 670 00:37:58,840 --> 00:38:03,680 Speaker 1: ongoing consumer textion investigation into Amazon subscription services. So that 671 00:38:03,719 --> 00:38:07,560 Speaker 1: includes Prime and it's actually expanded to include Audible, Kindle 672 00:38:07,880 --> 00:38:12,560 Speaker 1: and some other of Amazon's UH services. So they UM 673 00:38:12,680 --> 00:38:17,080 Speaker 1: the FTC issued what's called civil investigative demands UM, which 674 00:38:17,080 --> 00:38:23,000 Speaker 1: are essentially subpoenas UM to twenty former and current Amazon employees. 675 00:38:23,080 --> 00:38:26,040 Speaker 1: They served them at their houses and that includes Jeff 676 00:38:26,040 --> 00:38:29,960 Speaker 1: Bezos and Andy Jazz, the two top executives at Amazon. 677 00:38:30,160 --> 00:38:33,480 Speaker 1: UM and they say it was unnecessary to give them 678 00:38:33,520 --> 00:38:36,600 Speaker 1: to Jasse and Bezos. UM. These are about a lot 679 00:38:36,640 --> 00:38:38,760 Speaker 1: of different parts of the business. These are the highest 680 00:38:38,840 --> 00:38:41,960 Speaker 1: level executives. UM. You know, there's nothing this is what 681 00:38:42,000 --> 00:38:45,160 Speaker 1: Amazon says. They say, there's nothing that Jasse and Bezos 682 00:38:45,160 --> 00:38:47,279 Speaker 1: can give you that you can't get from documents and 683 00:38:47,480 --> 00:38:53,880 Speaker 1: lower level executives. Is this unusual? It's actually extremely unusual, 684 00:38:54,200 --> 00:38:58,279 Speaker 1: UM in how confrontational it is. What's typical is that 685 00:38:58,360 --> 00:39:02,680 Speaker 1: companies will always fight to narrow down subpoenas and civil 686 00:39:02,719 --> 00:39:05,360 Speaker 1: investigative demands that they get from the government. UM. But 687 00:39:05,400 --> 00:39:08,480 Speaker 1: what's atypical is how public this is, how aggressive they 688 00:39:08,520 --> 00:39:11,360 Speaker 1: are in their rhetoric, you know, calling this very unusual, 689 00:39:11,480 --> 00:39:15,680 Speaker 1: perplexing UM, and UM asking the FTC to par it 690 00:39:15,760 --> 00:39:18,600 Speaker 1: down in such a public way. Remind us why the 691 00:39:18,640 --> 00:39:23,359 Speaker 1: FTC is investigating Amazon and the status of this case. So, 692 00:39:23,520 --> 00:39:27,080 Speaker 1: the FTC has been investigating Amazon UM for several years now. 693 00:39:27,080 --> 00:39:30,120 Speaker 1: It actually began under the Trump administration UM when they 694 00:39:30,120 --> 00:39:36,720 Speaker 1: were given the power to investigate Amazon over antitrust UM concerns. UM. 695 00:39:36,760 --> 00:39:40,879 Speaker 1: It's gotten broader since then. This particular investigation that we're 696 00:39:40,920 --> 00:39:44,880 Speaker 1: talking about is a consumer protection investigation into whether Amazon 697 00:39:45,000 --> 00:39:48,160 Speaker 1: makes it too difficult for consumers to opt out of 698 00:39:48,200 --> 00:39:51,040 Speaker 1: Amazon Prime or other subscription services. But this is only 699 00:39:51,080 --> 00:39:53,560 Speaker 1: one part of a sweeping investigation that looks at all 700 00:39:53,760 --> 00:39:58,319 Speaker 1: parts of Amazon's business, including cloud, including UM streaming. So 701 00:39:58,440 --> 00:40:01,560 Speaker 1: when could we expect this US to draw to some 702 00:40:01,680 --> 00:40:06,480 Speaker 1: sort of conclusion. The filing says that the FTC intends 703 00:40:06,520 --> 00:40:10,040 Speaker 1: to make a decision about whether to sue Amazon over 704 00:40:10,080 --> 00:40:13,280 Speaker 1: the subscription issue by the fall. UM. This is probably 705 00:40:13,280 --> 00:40:15,520 Speaker 1: going to prolong it, so it's probably going to take 706 00:40:15,920 --> 00:40:19,359 Speaker 1: UM more time than that, you know, a couple of months, UM. 707 00:40:19,640 --> 00:40:22,480 Speaker 1: But what's clear from the filing is FTC staff are 708 00:40:22,520 --> 00:40:25,840 Speaker 1: under a lot of pressure by UM the commissioners, including 709 00:40:25,840 --> 00:40:28,400 Speaker 1: FCC chair Lena con to get something done by the 710 00:40:28,440 --> 00:40:31,080 Speaker 1: end of the year. All right, Well, we'll continue to 711 00:40:31,080 --> 00:40:34,399 Speaker 1: follow your reporting on this. Bloomberg's Emily Burnbaum for US 712 00:40:34,440 --> 00:40:37,880 Speaker 1: in Washington. Thank you. Adding so that doesn't for this 713 00:40:38,040 --> 00:40:41,200 Speaker 1: edition of Bloomberg Technology Wednesday, we've got ARM CEO Renee 714 00:40:41,239 --> 00:40:44,400 Speaker 1: Has joining us about the chip landscape and the latest 715 00:40:44,440 --> 00:40:47,480 Speaker 1: with their possible I P O and don't forget to 716 00:40:47,560 --> 00:40:50,880 Speaker 1: check out our podcast. Wherever you get your podcast, you 717 00:40:50,920 --> 00:40:54,040 Speaker 1: can find it on the Terminal, online, Apple, Spotify, our 718 00:40:54,080 --> 00:40:57,320 Speaker 1: Heart Radio, and more. I'm Emily Changing in San Francisco. 719 00:40:57,840 --> 00:41:01,040 Speaker 1: This is Bloomberg four