WEBVTT - Meme Stock Mania, A16z Funding Adam Neumann's Startup 0:00:02.200 --> 0:00:05.560 From the heart of where innovation, money and power collive 0:00:06.320 --> 0:00:10.880 in Silicon Valley and beyond. This is Bloomberg Technology with 0:00:10.920 --> 0:00:26.880 Emily Jay. I'm Emily Check in San Francisco and this 0:00:26.880 --> 0:00:29.240 is Bloomberg Technology. Coming up in the next hour. Mean 0:00:29.360 --> 0:00:33.720 stock mania is back. Bed Bath and Beyond surgeons in 0:00:33.840 --> 0:00:37.480 defiance of Wall Street as retail investors get a second win. 0:00:37.680 --> 0:00:40.120 I'll chat with the CEO of stock Twits about how 0:00:40.159 --> 0:00:44.559 social media is impacting market moves. Plus you know who 0:00:44.560 --> 0:00:47.559 else is back? Adam Newman. Yes, we work, founder who 0:00:47.600 --> 0:00:50.839 lost billions for investors in one of texts most spectacular 0:00:50.880 --> 0:00:54.680 flame out. He's just raised money yet again, getting the 0:00:54.720 --> 0:00:59.160 biggest check ever. Written by Andres and Harowitz. Silicon Valleys 0:00:59.160 --> 0:01:02.760 water cooler is all a buzz. We will take you there. 0:01:04.000 --> 0:01:07.039 And big tech companies like Microsoft and Amazon have pledged 0:01:07.160 --> 0:01:10.000 to go green, but critics say they're also helping big 0:01:10.040 --> 0:01:14.280 oil prolong the fossil fueled age. We'll tell you how. 0:01:14.959 --> 0:01:16.880 Let's take a look now at a three week chart 0:01:17.000 --> 0:01:20.080 of Bed Bath and Beyond. The stock up four d 0:01:20.880 --> 0:01:24.280 despite at least three downgrades on Wall Street. Shares were 0:01:24.280 --> 0:01:27.200 halted after spiking this morning. A Shore sign the meme 0:01:27.240 --> 0:01:28.880 traid is alive and well, I want to bring in 0:01:28.959 --> 0:01:31.600 Richie Conna, now CEO of stock twits, a social platform 0:01:31.680 --> 0:01:34.720 for investors. So Richie, curious what kind of activity you 0:01:34.800 --> 0:01:39.000 saw on stock twits ahead of this surge. Hey, Emily, 0:01:39.040 --> 0:01:41.240 thanks for having me on um. Yeah, so we saw, 0:01:41.319 --> 0:01:43.760 you know, kind of at the end of July, beginning 0:01:44.240 --> 0:01:48.520 of August, we saw bed Bathroom Beyond rocket up to uh, 0:01:48.520 --> 0:01:50.360 you know, one of on the top leader boards in 0:01:50.440 --> 0:01:53.360 terms of activity. So since August first, it's been second 0:01:53.400 --> 0:01:55.840 only to a m C and activity and you know, 0:01:55.880 --> 0:01:58.840 historically lastics once bed Bathobyond has not cracked the top 0:01:58.880 --> 0:02:02.400 you know, ten twenty um. And also since August first, 0:02:02.440 --> 0:02:05.600 we've seen it grow it's followers by thirty you know, 0:02:05.640 --> 0:02:08.560 approaching fifty thou followers on stock twits. And I think 0:02:08.600 --> 0:02:11.160 the most interesting thing also has been the stocked with 0:02:11.320 --> 0:02:14.560 social sentiment over the last you know, four or five months. 0:02:14.560 --> 0:02:18.240 Since about April has been mostly negative on bed Bath 0:02:18.320 --> 0:02:20.400 and Beyond, and then there was a spike in early 0:02:20.480 --> 0:02:23.600 July in its sentiment, and then since August first, it 0:02:23.639 --> 0:02:26.520 has moved to an extremely positive position and has maintained 0:02:26.520 --> 0:02:28.840 that position and you kind of see that correlated with 0:02:28.840 --> 0:02:30.839 a run up in price, you know, from the five 0:02:30.880 --> 0:02:33.480 dollars that it's been at for most of the last uh, 0:02:33.480 --> 0:02:36.160 you know, six plus months to I don't know where 0:02:36.160 --> 0:02:39.720 it closed that today twenty bucks. Right, So we've seen 0:02:39.760 --> 0:02:42.799 a lot of really interesting activity and activity that started 0:02:42.840 --> 0:02:46.360 in July onto bed Bath and Beyond side. So here's 0:02:46.400 --> 0:02:51.119 a question, why why are retail investors on this train? Yeah? 0:02:51.160 --> 0:02:53.520 I think you know, there's a couple of factors in 0:02:53.520 --> 0:02:55.600 bed Bath Beyond is probably the interest one. But overall, 0:02:55.720 --> 0:02:57.920 meme stocks that you know we've seen over you know, 0:02:58.000 --> 0:03:01.240 has has seen less capitulation and um in the retail 0:03:01.320 --> 0:03:03.760 markets then some of the other ones. So AMC has 0:03:03.760 --> 0:03:07.240 maintained its position, you know, game Stop has been steady. Uh, 0:03:07.280 --> 0:03:09.520 and so the interest there from the retail world has 0:03:09.600 --> 0:03:12.320 has maintained better than some of the other stocks, uh, 0:03:12.400 --> 0:03:14.440 you know, Bed Bath and Beyond. I think there's probably 0:03:14.480 --> 0:03:16.600 a lot of factors at play here. There's you know, 0:03:16.639 --> 0:03:18.560 the short interest report that came out at the end 0:03:18.560 --> 0:03:21.480 of July. Uh. You know, I think the Ryan Cohen 0:03:21.520 --> 0:03:25.120 news obviously today yesterday was probably a big catalyst and factor. 0:03:25.560 --> 0:03:27.800 And you know, in the summer we've had generally speaking, 0:03:27.840 --> 0:03:31.640 you know, low low volumes uh and uh, and so 0:03:31.680 --> 0:03:35.160 I think all these pieces come together, and retail definitely 0:03:35.160 --> 0:03:38.559 still seeks out these you know, kind of um opportunities. 0:03:38.720 --> 0:03:42.240 Retail trainers and investors seek out these opportunities of dislocations, 0:03:42.240 --> 0:03:45.400 whether it's short interest or or just price movements. And 0:03:45.720 --> 0:03:47.520 Bed Bath and Beyond has been the beneficiary as a 0:03:47.560 --> 0:03:51.120 stock over the last you know, three weeks, I guess, right. 0:03:51.160 --> 0:03:52.760 So we'll talk a little bit about the power of 0:03:52.840 --> 0:03:56.920 Ryan Cohen in particular. Obviously he's the chair of of 0:03:57.320 --> 0:04:00.680 Game Stock, which is sort of the original meme stock. 0:04:00.720 --> 0:04:02.680 But how much of this is driven by him and 0:04:02.720 --> 0:04:06.200 how much of this is truly driven by general retail 0:04:06.240 --> 0:04:11.040 investor sentiment. Um. You know, I think definitely in the 0:04:11.480 --> 0:04:15.120 in the retail fanning community, the Wall Street best community, 0:04:15.200 --> 0:04:19.799 you know, the the kind of meme stock community, Ryan 0:04:19.839 --> 0:04:24.320 Cohne seems to have uh, some pretty significant sway on 0:04:24.400 --> 0:04:26.560 the markets. You know, I don't know personally, I can't 0:04:26.600 --> 0:04:29.080 speak to anything of that nature, but you know, I 0:04:29.120 --> 0:04:31.800 think if you look at you know, when he takes 0:04:32.279 --> 0:04:36.400 when he takes positions, the markets move, right. So the 0:04:36.440 --> 0:04:38.720 move we saw today and that Beth and beyond after 0:04:38.839 --> 0:04:42.280 already a massive move. Uh. You know, it can probably 0:04:42.320 --> 0:04:44.560 highly be attributed to the news that he took, you know, 0:04:44.640 --> 0:04:47.680 the out of money call auctions. Uh. You know, I 0:04:47.680 --> 0:04:49.479 think that came out last night or this morning or 0:04:49.480 --> 0:04:52.320 whatever it did. But so, you know, it's he's an 0:04:52.360 --> 0:04:55.839 interesting person in this place obviously, uh, kind of first 0:04:55.839 --> 0:04:58.400 with the game stop, but you know, uh, you know, 0:04:58.480 --> 0:05:00.359 has has made a lot of moves over over the 0:05:00.400 --> 0:05:03.640 last eighteen months that have definitely been followed by the 0:05:03.640 --> 0:05:06.039 retail community in the investing community. So you know, I 0:05:06.040 --> 0:05:08.560 think you can't ignore what he does, at least in 0:05:08.640 --> 0:05:13.440 short term bursts. In general. You know, we're hearing you know, 0:05:13.480 --> 0:05:15.200 we've seen this talked about on Reddit, We're seeing the 0:05:15.200 --> 0:05:17.640 stuff talked about on Twitter. What would you say the 0:05:17.720 --> 0:05:21.080 role is of social media in stock pork at movements 0:05:21.120 --> 0:05:24.640 these days? You know, I think the rule of social 0:05:24.880 --> 0:05:27.920 media and you know, kind of social platforms in general 0:05:28.160 --> 0:05:32.200 is uh, you know, we do disseminate, you know, information quickly, 0:05:32.279 --> 0:05:34.840 We allow you know, kind of the communication and sharing 0:05:34.880 --> 0:05:38.320 of ideas. Uh. And and I think you know, the 0:05:38.360 --> 0:05:42.240 ability for retail, especially to you know, kind of communicate, 0:05:42.680 --> 0:05:45.039 you know, in some extent they've organized in the past, 0:05:45.160 --> 0:05:47.600 right like as as we remember in the uh kind 0:05:47.600 --> 0:05:50.599 of the major meme stock Moment of of twenty one. 0:05:51.240 --> 0:05:53.080 Uh And I think, you know, social media has a 0:05:53.160 --> 0:05:55.760 strong role to play, and you know, platforms like stock 0:05:55.800 --> 0:05:59.200 twits to you know, kind of give retail a place 0:05:59.240 --> 0:06:03.320 to you know, learn to collaborate, to share and uh 0:06:03.440 --> 0:06:06.160 and and you know ideally to you know, kind of 0:06:06.400 --> 0:06:08.159 do it in a way where they where they profit 0:06:08.200 --> 0:06:10.839 from it and they learn in a positive way. So uh, 0:06:10.839 --> 0:06:13.320 it's it's a powerful tool. I think, you know, it 0:06:13.600 --> 0:06:15.520 can be used for good and bad and and uh 0:06:15.560 --> 0:06:17.479 you know, but there's a lot of uh, you know, 0:06:17.640 --> 0:06:20.520 education and learning and you know, partnerships that kind of 0:06:20.560 --> 0:06:22.719 come out of it from from a community perspective. I 0:06:22.720 --> 0:06:26.680 think any regulatory concerns for stock twits h at a 0:06:26.720 --> 0:06:30.000 moment like this, um not, you know, no, not not 0:06:30.120 --> 0:06:32.359 so much. I mean, we're we're you know, we do 0:06:32.480 --> 0:06:34.320 we have our house rules and stuff, but those are 0:06:34.360 --> 0:06:37.719 our rules and uh, um, you know, we cooperate where 0:06:37.760 --> 0:06:41.159 you know, there are issues you know, potentially on the board. Um, 0:06:41.200 --> 0:06:43.400 you know, we do know obviously some of the bigger 0:06:43.440 --> 0:06:46.320 agencies like the SEC and stuff are are paying attention. 0:06:47.080 --> 0:06:48.479 But no, I mean, you know, we don't you know, 0:06:48.520 --> 0:06:53.240 see any massive regulatory issues um, you know, along the 0:06:53.240 --> 0:06:55.880 lines of social media. Not in not in the current 0:06:56.120 --> 0:06:59.560 kind of environment. I don't think. All right, uh rich 0:06:59.760 --> 0:07:02.440 kind of CEO of stock Twitz, thank you for joining 0:07:02.480 --> 0:07:05.800 us on the latest addition to the meme craze. All right, 0:07:05.839 --> 0:07:08.880 coming up. Silicon Valley's best known venture capitalist just wrote 0:07:08.880 --> 0:07:13.480 its biggest check ever to controversial We Work founder Adam Newman, 0:07:13.800 --> 0:07:18.800 sparking an outcry about yet another tech guy failing up. 0:07:19.400 --> 0:07:33.280 This is Gloomberg. Tech venture capital pioneer and reason Harrowitz 0:07:33.320 --> 0:07:35.880 has just made one of its biggest ever bets on 0:07:35.960 --> 0:07:39.360 the man behind we Work. Will someone call it the 0:07:39.440 --> 0:07:42.440 we Work disaster? The firm writing it's the largest single 0:07:42.520 --> 0:07:46.640 check investment million dollars to Flow, a residential real estate 0:07:46.720 --> 0:07:49.520 startup founded by Adam Newman. According to Mark entres and 0:07:49.640 --> 0:07:52.400 Flow is rethinking the entire value chain, from the way 0:07:52.440 --> 0:07:55.480 buildings are purchased and owned, to the way residents interact 0:07:55.520 --> 0:07:59.560 with their buildings, to the way value is distributed among steakholders. 0:07:59.640 --> 0:08:03.400 Joining me now to discuss Bloomberg Businessweeks. Max Chafkin a 0:08:03.400 --> 0:08:07.320 lot of tweets today about this. Max, a lot of tweets, 0:08:07.960 --> 0:08:11.400 what's Adam Newman's angle here and why is Mark Andreason 0:08:11.440 --> 0:08:14.400 betting on it? Right? Well, it feels like and again 0:08:14.600 --> 0:08:17.560 the details here are are so sketchy, and I think 0:08:17.600 --> 0:08:19.120 that's part of the reason that that there's a lot 0:08:19.160 --> 0:08:22.200 of skepticism. It feels like Adam Newman is trying to 0:08:22.280 --> 0:08:25.120 do something very similar to what he did with We Work, 0:08:25.160 --> 0:08:29.360 which is to take a traditional real estate business. With 0:08:29.480 --> 0:08:31.800 We Work, of course it was commercial real estate offices. 0:08:32.360 --> 0:08:37.040 Here we have with flow residential real estate apartments and 0:08:37.320 --> 0:08:40.480 kind of give it a text sheen, and that worked 0:08:40.520 --> 0:08:42.959 for for uh, you know, quite a while. With We Work. 0:08:43.000 --> 0:08:45.720 We saw the valuation climbed to something like fifty billion 0:08:45.760 --> 0:08:48.520 dollars um and then of course, um, as you said, 0:08:48.640 --> 0:08:50.600 it kind of fell apart and and what we have 0:08:50.720 --> 0:08:54.679 now is a much more conventional real estate company that 0:08:54.960 --> 0:08:56.439 a lot of investors lost a lot of money in. 0:08:56.679 --> 0:08:59.760 So it's sort of hard to understand why Mark and Reason, 0:08:59.800 --> 0:09:02.800 why Andreas and Horrowich would be writing such a large check, 0:09:02.800 --> 0:09:04.920 although you you just have to think they see this 0:09:05.000 --> 0:09:07.720 as you know, another long shot. Bet you know, maybe 0:09:07.720 --> 0:09:10.560 this is a contrarian angle. It kind of seems weird 0:09:10.600 --> 0:09:14.160 to have, you know, backing a billionaire as a contrarian angle. 0:09:14.240 --> 0:09:17.120 But you know, Mark Andres is more successful than I am, 0:09:17.120 --> 0:09:19.960 so maybe he knows something I don't. Well, mass actually 0:09:19.960 --> 0:09:23.120 sound lost almost nine billion dollars on we work. Why 0:09:23.160 --> 0:09:25.760 do you think, Mark, Why does Mark Andreason think that's 0:09:25.800 --> 0:09:27.959 not going to be his fate? I mean, is he 0:09:28.080 --> 0:09:32.160 the smartest VC ever or is he also being hoodwinked? Well? 0:09:32.200 --> 0:09:34.360 I mean, you know, of course, Adam Newman, you know, 0:09:34.559 --> 0:09:36.520 if you if you read some of the published accounts, 0:09:36.640 --> 0:09:39.640 was very effective at talking rich people out of their money, 0:09:39.679 --> 0:09:42.680 and so so that maybe, um, part of what's going 0:09:42.679 --> 0:09:45.920 on here. Andres and clearly has you know, a soft 0:09:45.920 --> 0:09:48.880 spot for trolling and that sort of thing, So so 0:09:48.920 --> 0:09:51.720 maybe that is playing into it. Um. You also, if 0:09:51.720 --> 0:09:54.600 you read between the lines of the blog post he 0:09:54.640 --> 0:09:57.640 wrote that was published yesterday, it sounds like there's gonna 0:09:57.679 --> 0:10:00.720 be some sort of crypto or tokenized the angle here, 0:10:00.960 --> 0:10:04.440 which of course Andres and Horowitz has been um very into. 0:10:04.520 --> 0:10:06.480 I mean, I think the jury is still very much 0:10:06.520 --> 0:10:08.760 out on whether or not that's gonna work. Um, but 0:10:08.840 --> 0:10:11.200 it feels like, hey, maybe we've got we work, but 0:10:11.280 --> 0:10:13.600 with apartments and a little bit of crypto mixed in 0:10:13.679 --> 0:10:15.480 and you know, yeah, you be the judge of whether 0:10:15.480 --> 0:10:18.160 that's a good idea or not. Sounds like a recipe 0:10:18.160 --> 0:10:21.680 for something, all right, Bloomberg's Max Chafkin, thanks for weighing, 0:10:21.679 --> 0:10:23.240 and we're gonna get some more reaction to this now. 0:10:23.280 --> 0:10:25.920 The real question, of course, is in a valley where 0:10:25.960 --> 0:10:29.760 it is notoriously hard for some founders to raise money, 0:10:29.760 --> 0:10:33.160 why is it so easy for some founders who failed 0:10:33.280 --> 0:10:36.560 or messed up to raise money again. Alison Buyers, an 0:10:36.559 --> 0:10:40.800 early stage founder and angel investor, tweeted, I'm obviously outraged 0:10:40.840 --> 0:10:43.160 by the A sixteen Z news. If you follow me, 0:10:43.600 --> 0:10:46.200 rage is likely all over your feet. I'm also not 0:10:46.240 --> 0:10:50.720 surprised at all. This isn't new, it is how VC operates. 0:10:51.080 --> 0:10:54.640 Joining me now, Alison Buyer's founder and CEO of Scrubys 0:10:54.679 --> 0:10:59.200 Allen Alison, why do you feel so much rage? Yeah? 0:10:59.360 --> 0:11:02.360 So uh. Whenever something big like this comes out a 0:11:02.360 --> 0:11:06.839 big funding round, a lot of underrepresented founders, particularly women 0:11:06.880 --> 0:11:09.520 people of color, are asked why why the outrage? Why 0:11:09.520 --> 0:11:12.839 do you have this emotion? Uh, well, it's because only 0:11:13.080 --> 0:11:16.360 two percent of VC dollars go to women, two percent 0:11:16.440 --> 0:11:19.800 go to Latin X founders, point six seven percent go 0:11:19.880 --> 0:11:22.840 to black founders, and there are less than one hundred 0:11:22.880 --> 0:11:25.920 black women total who have raised more than a million 0:11:25.960 --> 0:11:30.880 in DC funding. That's the outrage. It's visceral. It hits you, 0:11:31.559 --> 0:11:35.480 but then it also quickly becomes a muted rage because, 0:11:35.600 --> 0:11:38.880 as they tweeted, it is expected. It is not a surprise. 0:11:38.960 --> 0:11:41.640 We are used to it. But you you have to 0:11:41.720 --> 0:11:44.960 feel that rage when you are part of that community 0:11:45.000 --> 0:11:50.599 that is just historically blocked from accessing this funding. That's it. 0:11:51.240 --> 0:11:53.800 We waved out to a lot of female investors today. 0:11:53.840 --> 0:11:57.920 Privately they feel like you. Publicly they don't want to 0:11:57.920 --> 0:12:02.520 talk about it. Why do you think that is? Uh well, 0:12:02.640 --> 0:12:05.480 it is really difficult to talk about in any industry 0:12:05.520 --> 0:12:08.640 where you are marginalized, or where you can have repercussions 0:12:08.679 --> 0:12:11.920 for speaking out, it can be a scary thing to do. Right. 0:12:12.600 --> 0:12:15.120 There's risks. There's risks to my business, there's risks to 0:12:15.160 --> 0:12:17.800 those who associate with me when I am outspoken. But 0:12:18.440 --> 0:12:21.200 I also really believe that in order to have any 0:12:21.280 --> 0:12:26.360 kind of change or awakening of these reactions within other 0:12:26.480 --> 0:12:29.600 populations and segments. You can do something about it. You 0:12:29.720 --> 0:12:32.680 have to talk openly about it. And to me, it's 0:12:32.720 --> 0:12:35.960 just a clear choice in the community that comes around 0:12:35.960 --> 0:12:39.000 in and opportunities like this that come from it is 0:12:39.040 --> 0:12:42.520 how you catalyze public discourse and really make a change. 0:12:42.960 --> 0:12:45.040 So here's what Mark Andreson wrote about this. He says, 0:12:45.120 --> 0:12:48.800 Adam is a visionary leader who revolutionized the second largest 0:12:48.800 --> 0:12:52.199 asset class in the world, commercial real estate. Adam and 0:12:52.240 --> 0:12:56.040 the story of lee work have been exhaustively chronicled, analyzed, 0:12:56.080 --> 0:13:00.360 and fictionalized, sometimes accurately. We understand how difficul that is 0:13:00.400 --> 0:13:02.840 to build something like this, and we love seeing repeat 0:13:02.920 --> 0:13:07.200 founders build on past successes by growing from lessons learn. 0:13:08.440 --> 0:13:13.200 What's your response to that? So my response to that is, 0:13:14.120 --> 0:13:17.679 regardless of anything or what you believe may or may 0:13:17.720 --> 0:13:22.680 not have been fictionalized, he knowingly perpetrated fraud and lost 0:13:22.760 --> 0:13:28.520 billions of dollars. It's a fact. What is a major 0:13:28.559 --> 0:13:35.360 prestigious investment house doing backing fraud a second time? There 0:13:35.559 --> 0:13:38.840 is no excuse for that, and there has to be 0:13:38.880 --> 0:13:43.240 the ability to separate what is a good business idea 0:13:43.360 --> 0:13:46.880 that has the potential to be a good investment from 0:13:47.120 --> 0:13:51.280 the person who is behind that idea and executing on it. 0:13:52.000 --> 0:13:54.800 And what I would say is, let's let's think about 0:13:54.880 --> 0:13:57.640 where does and Reason's money come from or any investment house. 0:13:58.080 --> 0:14:02.280 It comes from endowment, it comes from wealthy individuals, it 0:14:02.320 --> 0:14:06.400 comes from pensions, it comes from other fiduciary backers. Is 0:14:06.520 --> 0:14:11.719 that where those people want their capital to be deployed? 0:14:12.640 --> 0:14:16.640 And Reason is the steward of that capital? Do they 0:14:16.640 --> 0:14:21.800 want three hundred and fifty million dollars in a single check, 0:14:22.080 --> 0:14:25.880 the largest check written to go to a person who 0:14:26.120 --> 0:14:31.960 knowingly committed fraud and lost billions of investor dollars to me, 0:14:32.840 --> 0:14:37.120 I don't know how you justify that. Taking on and 0:14:37.240 --> 0:14:41.840 Reason Harrowitz Allison is bold. I mean you might never 0:14:41.880 --> 0:14:46.320 get a check from them. Why take that risk? Okay? 0:14:46.840 --> 0:14:51.760 I honestly what is signaled to the world and particularly 0:14:51.840 --> 0:14:55.680 to underrepresented founders. Again, only two of females have written 0:14:55.760 --> 0:14:58.000 two percent of VC dollars go to women. I don't 0:14:58.040 --> 0:15:00.000 think I am getting a check from them, But also 0:15:00.000 --> 0:15:04.160 so it signals that their check is not for me. Unfortunately, 0:15:04.200 --> 0:15:08.000 it signals that venture may not be for many founders, 0:15:08.000 --> 0:15:10.840 and that's just not true. Um, But you do have 0:15:10.960 --> 0:15:13.760 to be intentional and realistic about where you put your 0:15:13.800 --> 0:15:15.840 time as a founder if you want to build a 0:15:15.840 --> 0:15:19.000 successful company, and intentional about whose money it is that 0:15:19.080 --> 0:15:23.840 you're taking. For me. Ethics, business ethics and competency and 0:15:23.880 --> 0:15:28.640 honesty are paramount along with the viability of the idea 0:15:28.720 --> 0:15:30.400 of my business and the difference that I want to 0:15:30.400 --> 0:15:33.000 make in this industry. I do not want investors who 0:15:33.000 --> 0:15:35.600 don't believe in that. I do not want an investor 0:15:35.640 --> 0:15:40.840 who clearly says it is okay that you overstated yourself 0:15:40.920 --> 0:15:43.520 and your business. We're still going to write you a check. 0:15:43.520 --> 0:15:47.920 We're ignoring that to the exclusion of others who have 0:15:48.320 --> 0:15:52.800 more viable business ideas and better business ethics. You allude 0:15:52.800 --> 0:15:54.800 to that in your jet where you say founders value 0:15:54.800 --> 0:15:57.120 your time. Getting a meeting does not equal getting a check. 0:15:57.280 --> 0:16:01.280 Choose widest ly. You also told to Crunch you could 0:16:01.320 --> 0:16:02.840 be mad about this all day long, but you have 0:16:02.880 --> 0:16:05.840 a lot of other female founder you know what to do. 0:16:06.480 --> 0:16:08.680 What do you what do you mean by that? I 0:16:08.720 --> 0:16:11.600 assume you're talking about all the extra bird and that 0:16:11.680 --> 0:16:15.240 comes with being a female founder what's all this extra 0:16:15.320 --> 0:16:19.840 female founder stuff. Yes, of course, I think it's that 0:16:20.000 --> 0:16:23.320 sentiment again, it's that muted rage. It's the it's the 0:16:23.440 --> 0:16:26.520 known element for anyone who is on the receiving end 0:16:26.840 --> 0:16:29.840 of this that this is how it is. And if 0:16:29.880 --> 0:16:31.360 we're going to run our businesses, we have to run 0:16:31.360 --> 0:16:34.240 our businesses. It is harder for us. The numbers don't lie. 0:16:34.320 --> 0:16:35.960 We do not get the funding, we do not get 0:16:36.000 --> 0:16:38.640 the resources, we do not have the access to the networks. 0:16:38.680 --> 0:16:42.760 Are metrics that we are assessed by for signals of 0:16:42.800 --> 0:16:46.320 growth and potential are much harder than others. And this 0:16:46.360 --> 0:16:50.600 goes for women, but also a lot of other underrepresented groups. Uh, 0:16:50.680 --> 0:16:52.960 and you just have to keep going. I don't have time. 0:16:53.120 --> 0:16:55.080 I don't have time for this to consume my day. 0:16:55.080 --> 0:16:57.520 I'm building a successful business and I'm going to earn 0:16:57.520 --> 0:17:00.320 a profit for my investors. So yeah, I have my 0:17:00.360 --> 0:17:04.360 bleek to do. I gotta go do it. Let's talk 0:17:04.400 --> 0:17:09.479 about that. Your company, SCRUBYUS helps companies, helps people with 0:17:09.560 --> 0:17:15.959 their own pitching. What's your big idea? Yeah, so, um, 0:17:16.480 --> 0:17:19.280 thank you for bringing up SCRUBYUS. Um. So, our company 0:17:19.280 --> 0:17:21.600 it's two years old. We're started to extem from my 0:17:21.680 --> 0:17:24.359 last experience where I did successfully raise ten million for 0:17:24.440 --> 0:17:27.080 a startup medical device company that I help launch and 0:17:27.080 --> 0:17:30.480 co run, where I experienced extreme gender bias during the 0:17:30.480 --> 0:17:35.560 fundraising process. So with scrubyus UH, we are product tizing 0:17:36.000 --> 0:17:38.760 what you would get from working with a pitch coach 0:17:38.920 --> 0:17:42.760 or having access to resources that teach you how investors think, 0:17:43.040 --> 0:17:46.080 so that you can present yourself as an investible because 0:17:46.160 --> 0:17:50.200 if you have been traditionally blocked from accessing those resources, 0:17:50.240 --> 0:17:53.200 whether by network or whether because of funds, because those 0:17:53.240 --> 0:17:57.560 are very expensive things to access for quality material, you 0:17:57.680 --> 0:18:00.880 don't know that you are not presenting in a compelling way. 0:18:01.119 --> 0:18:04.560 It is not intuitive to understand how investors think. UH. 0:18:04.640 --> 0:18:06.920 And then on the other side of that, we are building, 0:18:07.000 --> 0:18:10.320 not yet launched. We have launched that founder side, a 0:18:10.440 --> 0:18:14.160 data driven way to curate in a hyper curated way 0:18:14.680 --> 0:18:17.320 what investors see that so that it will speak to 0:18:17.520 --> 0:18:19.840 them and what they want to write checks to both 0:18:19.960 --> 0:18:24.240 the idea and the person, which is where we need 0:18:24.320 --> 0:18:29.000 the checks from at the early stage. Allison, thank you 0:18:29.400 --> 0:18:32.520 for having the current to talk to us today, UM 0:18:32.560 --> 0:18:36.680 and for sharing our story. Appreciate you stopping by. Thanks 0:18:36.720 --> 0:18:49.359 founder and CEO Alison buyers a few other stories we're watching. 0:18:49.359 --> 0:18:51.600 Coin Bay shares fell as much as seven percent today 0:18:51.600 --> 0:18:54.159 after announcing in a blog post that it will temporarily 0:18:54.720 --> 0:18:58.400 pause new Ethereum and the r C twenty token deposits 0:18:58.520 --> 0:19:03.640 during the merge. It is a temporary precautionary measure. Theorium 0:19:03.880 --> 0:19:09.600 anticipates the merge will be completed on or around September 0:19:11.720 --> 0:19:13.560 and after a number of delays, Apple has set us 0:19:13.560 --> 0:19:17.240 September fifth deadline for its corporate workers to be in 0:19:17.280 --> 0:19:20.160 the office at least three days a week. COVID surges 0:19:20.240 --> 0:19:23.639 delayed the company's plans multiple times. Apple has been making 0:19:23.760 --> 0:19:27.400 other COVID related adjustments. It's also dropped its mask mandate 0:19:27.720 --> 0:19:32.560 in office common areas, and according to people familiar with 0:19:32.600 --> 0:19:35.120 the matter, Apple is laid off many of its contract 0:19:35.200 --> 0:19:38.040 based recruiters. In the last week. About a hundred contract 0:19:38.080 --> 0:19:40.880 workers fired at the world's most valuable company were told 0:19:40.920 --> 0:19:43.400 these cuts were made due to changes in Apple's current 0:19:43.400 --> 0:19:46.200 business needs. We reported last month the company was joining 0:19:46.240 --> 0:19:49.159 many other tech firms and hitting the brakes on hiring. 0:19:58.040 --> 0:20:00.600 Welcome back to lumber Technology and Emily Changin's fan Francisco 0:20:00.920 --> 0:20:04.680 President Biden has now signed the seven billion dollar healthcare, 0:20:04.720 --> 0:20:07.800 Climate and Tax bill into law, capping more than a 0:20:07.880 --> 0:20:11.000 year of negotiations, as Democrats had into mid terms this fall. 0:20:11.440 --> 0:20:14.399 Known as the Inflation Reduction Act, the bill aims to 0:20:14.400 --> 0:20:18.440 reduce inflation while encouraging greener industries to develop. And big 0:20:18.480 --> 0:20:21.040 tech has been vocal about wanting to go green for 0:20:21.119 --> 0:20:24.680 some time now, except big tech has actually been helping 0:20:24.880 --> 0:20:28.640 big oil make more profits than ever. Let's hear more 0:20:28.920 --> 0:20:33.720 about how Bloomberg's Mark Bergen, who covers Alphabet, joins US. Now, So, Mark, 0:20:34.160 --> 0:20:39.159 is there some hypocrisy here? I sense that's certainly the 0:20:39.240 --> 0:20:43.240 criticism from both from outside environmentalists and then from you know, 0:20:43.320 --> 0:20:46.920 even employees at these companies. So Microsoft actually has been 0:20:47.000 --> 0:20:51.359 the leader and the energy market UM Paul, coming closely 0:20:51.400 --> 0:20:55.640 behind mine by AWS, Amazon, UM. You know, these companies 0:20:55.720 --> 0:20:58.160 will say and have said multiple times that the reasons 0:20:58.200 --> 0:21:00.560 that they're purnering with the oil and gap industry is 0:21:00.640 --> 0:21:03.840 to help them with the energy transition to clean, renewable 0:21:03.920 --> 0:21:07.200 sources of low carbon. We know we started off this 0:21:07.240 --> 0:21:09.840 report to sort of interrogate that idea. It looks like 0:21:09.880 --> 0:21:11.760 so far a lot of the work has been their 0:21:11.760 --> 0:21:15.480 existing oil and gas production, whether that's making that more 0:21:15.520 --> 0:21:17.840 efficient in some cases, you know, the the oil and 0:21:17.840 --> 0:21:22.000 gas companies say they're lowering the carbon footprint of those operations. UM. 0:21:22.080 --> 0:21:24.879 You know, there's there's certainly evidence that they haven't slowed 0:21:24.920 --> 0:21:28.920 down oil production. And especially now when you're seeing gas 0:21:28.920 --> 0:21:32.040 prices but so high this summer, there's there's political demand 0:21:32.160 --> 0:21:35.639 for the oil companies to be producing more UH, and 0:21:35.680 --> 0:21:38.879 the cloud companies are really there's powerful data assets that 0:21:38.960 --> 0:21:43.520 let them do that more efficiently. I recently spoke with 0:21:43.560 --> 0:21:46.320 Thomas Carrie, and the head of Google Cloud, about Google 0:21:46.440 --> 0:21:51.480 Clouds deal with Saudi around COO. Take a listen to 0:21:51.560 --> 0:21:54.639 what he had to say. We work with their system 0:21:54.680 --> 0:21:58.200 integration division to provide our technology to customers in different 0:21:58.240 --> 0:22:00.600 parts of the Middle East. We said that again and 0:22:00.640 --> 0:22:03.240 again that we don't work with the oil and gas 0:22:03.359 --> 0:22:05.920 division within the ram cole or with the system integreation 0:22:05.960 --> 0:22:11.040 of our outcome. Does what do you say? Said? They're 0:22:11.240 --> 0:22:16.639 underscore what UM you're trying to explain here? I think so. 0:22:16.840 --> 0:22:19.119 I mean, you know, there's certainly employees at Google have 0:22:19.160 --> 0:22:22.840 been very vocal about this, UM as of employees in 0:22:22.880 --> 0:22:26.879 Amazon and Microsoft and in some ways, if you're you know, 0:22:26.960 --> 0:22:29.240 just a Google shareholder, you might think, well, I want 0:22:29.280 --> 0:22:31.520 them to be more active in the industry. Like there's 0:22:31.560 --> 0:22:35.359 a lot of money in the oil and gas sector 0:22:35.480 --> 0:22:38.080 right now, whether that's their their regular sort of production 0:22:38.280 --> 0:22:41.040 and exploration businesses, and even some of this, you know, 0:22:41.080 --> 0:22:45.000 the Chevron and and VP and these big majors have 0:22:45.080 --> 0:22:47.359 talked about a big game about investing a lot of 0:22:47.359 --> 0:22:50.119 money in reeable energy. And so I think in some 0:22:50.160 --> 0:22:53.800 ways Google is sort of and behind this sector. Whether 0:22:53.880 --> 0:22:55.760 or not that's because they intentionally sort of put one 0:22:55.840 --> 0:23:00.120 arm behind their back as far as limiting their their work. Um, 0:23:00.160 --> 0:23:02.480