WEBVTT - Roe v. Wade and Airbnb Earnings 0:00:02.240 --> 0:00:05.520 From the heart of where innovation, money and power Colli 0:00:06.320 --> 0:00:10.880 in Silicon Valley and beyond. This is Bloomberg Technology with 0:00:10.920 --> 0:00:27.319 Emily Jay. I'm Emily Check in San Francisco, and this 0:00:27.360 --> 0:00:29.880 is Bloomberg Technology coming up in the next hour. Travel 0:00:30.000 --> 0:00:33.239 is back and will continue to boom. This according to Airbnb, 0:00:33.800 --> 0:00:36.879 out with an earnings beat that shows despite inflation and 0:00:36.960 --> 0:00:40.560 global macro economic uncertainty, people are on the move. We 0:00:40.680 --> 0:00:44.120 will break down their report, plus the leak heard across 0:00:44.320 --> 0:00:47.199 the country, a draft opinion of the Supreme Court reveals 0:00:47.200 --> 0:00:51.120 plans to overturn row versus Weight, hitting the US like 0:00:51.400 --> 0:00:56.639 a bombshell. Some businesses are taking a stand, and how 0:00:56.640 --> 0:01:00.000 do you use deep tech to tackle society's biggest problem? 0:01:00.040 --> 0:01:03.760 Plus but can you solve climate change and still make 0:01:03.800 --> 0:01:06.880 a profit? More on that later this hour. All of 0:01:06.880 --> 0:01:08.920 that in a moment, But first we are watching Lift 0:01:08.959 --> 0:01:12.360 and Airbnb and another volatile day for stocks. Investors waiting 0:01:12.360 --> 0:01:14.800 for more clues about just what will happen if the 0:01:14.800 --> 0:01:17.400 Fed raises rates later this week as expected. Are at 0:01:17.480 --> 0:01:19.880 Ludlow here to break it all down. And yeah, we 0:01:19.959 --> 0:01:22.480 swung between gains and losses on the NASDAC one hundred 0:01:22.560 --> 0:01:25.800 multiple times, very tech heavy index ultimately close up just 0:01:25.840 --> 0:01:27.920 a tenth of one percent. The other way looking at it, 0:01:27.920 --> 0:01:29.840 it was the first back to back or two day 0:01:29.880 --> 0:01:32.800 gains and then as that one since April nineteen, so 0:01:32.840 --> 0:01:35.600 a couple of weeks. We're expecting a fifty basis point 0:01:35.680 --> 0:01:38.200 hight from the FED on Wednesday, and we care. Why 0:01:38.200 --> 0:01:39.840 are we talking about the FED and rate heights in 0:01:39.880 --> 0:01:43.120 a tech show Because tech stocks that are judged on 0:01:43.200 --> 0:01:47.240 their future growth future profits are more sensitive to hire 0:01:47.280 --> 0:01:50.320 interest rates because it discounts that rate of future profits. 0:01:50.360 --> 0:01:52.560 We're all eyes glued on the FED. It's been one 0:01:52.560 --> 0:01:55.640 of the main pieces of psychological driver for the market, 0:01:55.680 --> 0:01:58.600 at least around tech stocks. Also interesting see bitcoin drop 0:01:58.840 --> 0:02:02.639 below thirty eight dollars per token on Tuesday. It's lowest 0:02:02.720 --> 0:02:05.720 level since February and kind of caught up in this 0:02:05.800 --> 0:02:09.080 kind of treading water moment we're in right now ahead 0:02:09.120 --> 0:02:11.560 of that key FED meeting, but we're in the depths 0:02:11.560 --> 0:02:14.000 of earning season. As you say, two key companies for 0:02:14.040 --> 0:02:17.160 a read on the economy. The first lift down how 0:02:17.200 --> 0:02:22.000 twenty as well a change quickly two in after hours. Frankly, 0:02:22.080 --> 0:02:25.120 the number of riders that they reported were lower than expected. 0:02:25.360 --> 0:02:28.200 Even if First Corner revenue beat analyst projections, they have 0:02:28.280 --> 0:02:31.040 seventeen point eight million active riders in the quarter below 0:02:31.080 --> 0:02:33.000 what the street was looking for. Important to note that 0:02:33.080 --> 0:02:35.680 the CEO saying that they expect demand to pick up 0:02:35.760 --> 0:02:37.880 in the second half of the year. A different story 0:02:37.919 --> 0:02:41.400 with Airbnb. Airbnb giving a revenue projection for the current 0:02:41.480 --> 0:02:44.520 quarter of two point zero three to two point one 0:02:44.520 --> 0:02:48.320 three billion dollars, well above street expectations, but there's fighting 0:02:48.320 --> 0:02:51.720 talk with the company saying that they're seeing substantial quote 0:02:51.919 --> 0:02:55.760 demand going into key summer months. And all right, blood Law, 0:02:55.960 --> 0:02:58.720 thank you. I want to stick with Airbnb and left 0:02:58.800 --> 0:03:02.160 now and bring in Brentville of Jeffreys. Brent, great to 0:03:02.200 --> 0:03:04.000 have you back with us. Want to get your headline 0:03:04.040 --> 0:03:07.880 takeaway from Airbnb to start, I mean substantial drought travel 0:03:07.919 --> 0:03:11.240 demand that Airbnb is seeing despite the fact that we're 0:03:11.280 --> 0:03:14.400 in the middle of an ongoing war in Europe, for example, 0:03:14.440 --> 0:03:19.360 we're facing global macronomics at macroeconomic uncertainty and forty year inflation. 0:03:19.680 --> 0:03:24.079 What's your takeaway from that? Hey, Emily, We're tired of 0:03:24.120 --> 0:03:27.040 being inside doing zooms. We all want to get out, 0:03:27.160 --> 0:03:29.680 and I think the travel pent up demand from what 0:03:29.720 --> 0:03:33.520 we can see at Jefferies is like no other, which 0:03:33.600 --> 0:03:36.800 is we're shifting from you know, outfitting our home to 0:03:37.000 --> 0:03:40.880 outfitting our outdoors in our life and the amount of 0:03:41.040 --> 0:03:46.840 travel cross border, the return to cities, the actual return 0:03:46.920 --> 0:03:51.440 to European travel is all ramping significantly. And if you 0:03:51.480 --> 0:03:53.760 look at the number of trips that you know, we 0:03:54.040 --> 0:03:57.760 just survey, uh that that you know, consumers are willing 0:03:57.840 --> 0:04:01.400 or wanting to take the summer, obviously, it's it's incredible. 0:04:01.400 --> 0:04:03.840 And so I think the cross borders combined with return 0:04:03.920 --> 0:04:07.080 to cities is the biggest return and help for Airbnb. 0:04:07.800 --> 0:04:10.880 And I think ultimately we've we've also shifted, you know, 0:04:11.000 --> 0:04:13.840 to to quote Brian Chesky, their CEO, I mean, I 0:04:13.880 --> 0:04:16.040 really do believe this, and we don't like like to 0:04:16.080 --> 0:04:19.600 pair it with CEO say, but ultimately the world has 0:04:19.680 --> 0:04:22.039 changed in the sense of how we work, where we work, 0:04:22.640 --> 0:04:25.000 and and how productive we can be. And I'm an 0:04:25.000 --> 0:04:29.520 affirm believer, uh that they're gonna participate uh in that. 0:04:29.720 --> 0:04:33.160 So yeah, the big concern is as inflation hits and 0:04:33.200 --> 0:04:35.360 we have less dollars in our pocket, is our mortgage 0:04:35.440 --> 0:04:37.680 rates are highering our car payments are higher. You know, 0:04:37.760 --> 0:04:40.200 does this pinch travel? I don't think it will in 0:04:40.200 --> 0:04:44.120 the short term, because there's such pent up demand uh 0:04:44.160 --> 0:04:46.560 to go and be out, be out, and right now, 0:04:47.080 --> 0:04:49.000 no one wants to sit and have a summer like 0:04:49.040 --> 0:04:52.719 we did last summer or the summer before. And you know, 0:04:52.839 --> 0:04:55.760 that's that's only going to help them, uh in the 0:04:55.800 --> 0:04:58.960 interim and and as business travel comes back to and 0:04:59.080 --> 0:05:01.680 in some sense, you know, that will help the return 0:05:01.720 --> 0:05:04.719 to cities and if you're going to uh, you know, 0:05:04.839 --> 0:05:06.560 going if I'm going to New York and I'm going 0:05:06.600 --> 0:05:08.320 to spend a week or two weeks with my team, 0:05:08.360 --> 0:05:10.880 I don't want to stay in a hotel. So I 0:05:10.880 --> 0:05:13.040 think that that also is going to help with the 0:05:13.120 --> 0:05:16.240 return to to the office in some sense that it 0:05:16.320 --> 0:05:20.359 helps uh, the the enterprise business over time, which is 0:05:20.360 --> 0:05:23.200 obviously a smaller piece of the overall pie. I think 0:05:23.200 --> 0:05:25.800 it's interesting too that travelers are booking further and further out. 0:05:25.839 --> 0:05:28.359 They're not doing this last minute waiting to see what 0:05:28.520 --> 0:05:31.960 pandemic or COVID restrictions are. We're seeing the same thing 0:05:32.440 --> 0:05:37.159 potentially with lift also beating estimates. You know, what do 0:05:37.200 --> 0:05:38.920 you think this says about the health of the consumer. 0:05:38.920 --> 0:05:41.000 And I guess I wonder, you know, is this a 0:05:41.080 --> 0:05:47.520 post pandemic pop and what happens later? Yeah, I mean 0:05:47.640 --> 0:05:50.200 everyone is in more uber and lifts. I've been in 0:05:50.200 --> 0:05:51.800 more uber and lifts in the last month than I 0:05:51.800 --> 0:05:54.120 was in the last two years combined. So just look 0:05:54.160 --> 0:05:56.880 at your own consumption personally and from a work perspective. 0:05:57.440 --> 0:06:00.560 I think the challenge with Lift is their EBIT guide 0:06:00.600 --> 0:06:03.400 for the next quarter is way below the street. You know, 0:06:03.440 --> 0:06:05.320 the street was looking for eighty three million, the guy 0:06:05.440 --> 0:06:07.960 to tend to twenty way below. So the stocks getting 0:06:08.040 --> 0:06:11.600 hammered on the increase in investments, and I think this 0:06:11.640 --> 0:06:13.960 is the challenge that we face in many of these 0:06:14.000 --> 0:06:17.919 reopening trades is how much money is are these companies 0:06:17.960 --> 0:06:20.520 willing to reinvest back in the business as they see 0:06:20.600 --> 0:06:23.560 demand come back, to get drivers, to get consumers back 0:06:23.600 --> 0:06:26.440 on the platform, to build the network out and and 0:06:26.480 --> 0:06:28.760 as they said during the pandemic, right they bought it, 0:06:28.880 --> 0:06:31.760 brought the cust structure to the studs. There was no 0:06:31.920 --> 0:06:35.159 walls inside this house. It was studs. And they they 0:06:35.200 --> 0:06:37.480 had that quote back in the middle of the pandemic. 0:06:37.560 --> 0:06:39.279 And I think, you know, they've no right sized and 0:06:39.320 --> 0:06:42.000 now they're they're feeling dollars back. The big worry for 0:06:42.120 --> 0:06:45.960 investors on on Lift is just, you know, candace business 0:06:45.960 --> 0:06:49.280 sustainably make money. And in my opinion, there's way better 0:06:49.320 --> 0:06:53.280 opening trades than lift right Google. Uh sorry, yeah, Uber 0:06:53.440 --> 0:06:57.160 is a global platform with with multiple applications that they 0:06:57.160 --> 0:07:00.320 can benefit. It's a platform, not a point solution. Lift 0:07:00.360 --> 0:07:03.479 is US only right share in the US only, and 0:07:03.480 --> 0:07:06.520 they're really limited to to the US market. So I 0:07:06.560 --> 0:07:10.040 think ultimately there's just better opening trades. So we at 0:07:10.080 --> 0:07:13.720 Jeffreys like booking Airbnb. Uh, and I think Googer is 0:07:13.760 --> 0:07:15.520 in a better position among some of the other tech 0:07:15.560 --> 0:07:19.160 stocks to cover lift. Shairs are way down after hours, Brent. 0:07:19.200 --> 0:07:21.440 Why do you think that is? Well, that's you know, 0:07:21.480 --> 0:07:23.920 it goes back to the ebit dot guide. They just 0:07:23.960 --> 0:07:27.520 they're ramping up the expenses and and ultimately to your 0:07:27.560 --> 0:07:31.480 point on on inflation, look, we're all feeling it. It 0:07:31.520 --> 0:07:34.920 doesn't matter who you are. Uh, you're gonna feel the 0:07:34.960 --> 0:07:38.760 pinch of what's happening with the broader economy starting to slow. 0:07:39.240 --> 0:07:41.440 So as that slows, are we going to see the 0:07:41.480 --> 0:07:44.600 air brakes come on? You know? Consumer spend, and I 0:07:44.600 --> 0:07:46.040 think there's a little bit of concern. I think the 0:07:46.080 --> 0:07:49.520 bearer concern really is around is lift the best way 0:07:49.520 --> 0:07:52.120 to play the opening trade air bbs uplift stocks down. 0:07:52.480 --> 0:07:54.120 You know, there's other stories that are better. And then 0:07:54.160 --> 0:07:55.840 you look at the BA dot guide it was it 0:07:55.920 --> 0:07:59.640 was obviously terrible relative to what the street wanted, and 0:07:59.760 --> 0:08:02.240 it fully they're just being conservative now obviously with the 0:08:02.280 --> 0:08:07.000 new c th place that left. Alright, Brentville of Jeffrey 0:08:07.080 --> 0:08:09.120 is always good to have your analysis here. Thank you 0:08:09.200 --> 0:08:19.880 so much, Brett. This opinion is just off the wall, 0:08:20.480 --> 0:08:23.160 and I'm really shocked fill Leader would have written it, 0:08:23.280 --> 0:08:26.200 assuming you get this is not some fluke. This is 0:08:26.240 --> 0:08:30.800 the result of a decade long campaign by extremists, extremist 0:08:30.880 --> 0:08:34.080 Republicans to overturn rovers this way. I would be even 0:08:34.120 --> 0:08:37.520 more shocked if the other justices um in the majority 0:08:37.960 --> 0:08:41.280 will decide on to this. This is the issue that 0:08:41.440 --> 0:08:45.200 can can decide elections, at least far as women are concerned. 0:08:45.320 --> 0:08:49.520 There are people on both sides of this issue, and 0:08:49.520 --> 0:08:52.320 you know, I think what we need to do, as 0:08:52.360 --> 0:08:56.160 being good participants in a democracy is to listen, listen 0:08:56.200 --> 0:08:59.520 to both sides. This will be a galvanizing issue in 0:08:59.559 --> 0:09:06.000 the upcoming elections. Reaction there after a leak of unprecedented 0:09:06.000 --> 0:09:10.120 proportions a draft opinion from the Supreme Court. That draft, 0:09:10.360 --> 0:09:13.600 written by conservative Supreme Court Justice Samuel Alito and obtained 0:09:13.640 --> 0:09:17.600 by political showed the Justice overturning the nineteen seventy three 0:09:17.720 --> 0:09:20.800 ruling of Row versus Wade. I'm joined now by our 0:09:20.840 --> 0:09:23.920 Washington correspondent Emory Horden for more on this extraordinary turn 0:09:23.920 --> 0:09:26.800 of events for reaction from the White House, So Emery, 0:09:26.880 --> 0:09:28.520 first of all, what do we know about this leak 0:09:28.880 --> 0:09:32.400 so far? So there's really two parts of story, Emily. 0:09:32.480 --> 0:09:35.120 First is the fact that this is an unprecedented leak, 0:09:35.280 --> 0:09:37.760 and you actually have a lot of Republicans all day 0:09:38.160 --> 0:09:40.840 pointing to the fact that this was a leak, and 0:09:40.880 --> 0:09:45.880 this is going against really this institution that many believe 0:09:46.480 --> 0:09:49.280 should be guarded in terms of how they have their 0:09:49.320 --> 0:09:51.959 normal operating procedure. And then you have the Supreme Court 0:09:52.280 --> 0:09:54.160 come out and saying they're going to go after the 0:09:54.240 --> 0:09:57.120 leaker for this egregious act. Then, of course you have 0:09:57.240 --> 0:10:00.680 the leak itself, the contents of that lead, and as 0:10:00.679 --> 0:10:04.000 you outlined there, what this leak does show is that 0:10:04.080 --> 0:10:07.800 the Supreme Court, as of February, this draft opinion would 0:10:07.800 --> 0:10:11.760 be overturning the ninety three Row v. Wade and basically 0:10:11.800 --> 0:10:15.360 saying that a woman's right to an abortion that constitutional right. 0:10:15.679 --> 0:10:17.920 They would be striking that down and then this would 0:10:17.920 --> 0:10:20.320 be up to the states to decide. And as you 0:10:20.400 --> 0:10:25.199 can imagine, this has really set off fireworks in Washington, 0:10:25.320 --> 0:10:28.400 d C. Tell us more about what President Biden had 0:10:28.440 --> 0:10:31.560 to say in response to this today. President Biden has 0:10:31.559 --> 0:10:33.800 made a number of comments today, first a written statement 0:10:33.840 --> 0:10:36.760 and then he also brief reporters on his way to Alabama. 0:10:36.880 --> 0:10:39.200 So he's talking about the fact that this would go 0:10:39.240 --> 0:10:42.280 against basic fairness given the fact that this is about 0:10:42.280 --> 0:10:45.160 a fifty year old law. Take a listen to a 0:10:45.160 --> 0:10:46.680 little bit more about what he had to say, calling 0:10:46.679 --> 0:10:53.280 it a rep it goes far beyond if it becomes 0:10:53.280 --> 0:10:57.760 a law and if what is written is what remains 0:10:58.400 --> 0:11:01.680 beyond the concern whether or not there is like to 0:11:01.760 --> 0:11:08.600 choose to as Biden also pointed to the fact that 0:11:08.640 --> 0:11:11.080 he did get a phone call saying that this draft 0:11:11.160 --> 0:11:14.920 document was authentic, and the Supreme Court also said that 0:11:14.920 --> 0:11:17.800 they said this draft document is real but does not 0:11:18.000 --> 0:11:21.680 mean that that opinion will be upheld. So this is 0:11:21.920 --> 0:11:24.800 basically how we're going into Potentially we're going to get 0:11:24.800 --> 0:11:28.280 that opinion finalized and the unveiling of that in June. 0:11:28.600 --> 0:11:31.640 The President also, emiline is written statement clearly pointed to 0:11:31.640 --> 0:11:35.280 the fact that if this was to be overruled that 0:11:35.360 --> 0:11:39.280 now it is up to elected officials and also voters 0:11:39.280 --> 0:11:42.319 in America in November to go to the polls. So 0:11:42.360 --> 0:11:47.120 now this has become a hot button election issue. Hot 0:11:47.160 --> 0:11:50.760 button indeed Bloomberg's Emory Harder and thank you. I want 0:11:50.800 --> 0:11:54.440 to continue this conversation and talk about how companies are 0:11:54.440 --> 0:11:57.120 reacting to this news. I'm joined now by Laura Speakerman. 0:11:57.160 --> 0:11:59.640 She is the co founder and chief revenue officer of Alloy, 0:11:59.720 --> 0:12:04.680 which has been rather proactive and offering reprojective benefits to employees. So, Laura, 0:12:04.880 --> 0:12:08.079 you made the decision back in January to cover legal 0:12:08.120 --> 0:12:11.280 fees up to five thousand dollars if an employee or 0:12:11.320 --> 0:12:15.040 a partner faces legal issues due to anti abortion laws. 0:12:15.040 --> 0:12:18.920 You're also giving them a travel stipend medical cost stipend. 0:12:19.000 --> 0:12:22.640 Why did you decide to do this? Yeah, that's right, only, Uh, 0:12:22.720 --> 0:12:25.760 this was important to us for a lot of reasons, 0:12:26.080 --> 0:12:28.360 but I think the two that will highlight today is 0:12:28.400 --> 0:12:33.160 that Alloys Mission were a fintech company. Um, we we 0:12:33.720 --> 0:12:37.079 really want to see equitable outcomes. Financial services industry plays 0:12:37.080 --> 0:12:39.600 a big role in that for people, particularly people of color, 0:12:39.640 --> 0:12:43.480 particularly women, and so this supporting this really aligned very 0:12:43.480 --> 0:12:45.760 well with our values as a company and our mission 0:12:45.800 --> 0:12:49.040 and vision as a company. The second reason, potentially more tangible, 0:12:49.360 --> 0:12:51.760 is it supports our hiring and retention. We already have 0:12:52.200 --> 0:12:55.200 tons of policies and benefits in place, as do many 0:12:55.240 --> 0:12:59.760 companies that help us attract and retain the best talent possible, 0:13:00.240 --> 0:13:02.640 and so this was an easy way to sort of say, look, 0:13:02.880 --> 0:13:07.199 this just adds on to our medical benefits, are PTO policies, 0:13:07.240 --> 0:13:09.480 all sorts of stuff, and so it was it was 0:13:09.520 --> 0:13:11.400 to us a necessary thing we had to do to 0:13:11.679 --> 0:13:17.080 remain competitive. Now, you told Blueberg News that reimbursing workers 0:13:17.160 --> 0:13:20.559 for abortion related travel is the low bar of what 0:13:20.640 --> 0:13:24.520 they can do. What more should companies be doing? Well, Look, 0:13:24.559 --> 0:13:28.320 I think this is one piece of of how to 0:13:28.400 --> 0:13:32.000 make life a little bit better for the poor, you know, 0:13:32.120 --> 0:13:35.080 the people who have to go through this in their lives. 0:13:35.440 --> 0:13:37.360 It's not something anyone wants to have to deal with. 0:13:37.720 --> 0:13:40.680 It's just one piece of it. And so I think 0:13:40.720 --> 0:13:43.960 our policy will evolve as we decide how how other 0:13:44.240 --> 0:13:46.880 you know, other potential benefits we could offer, or sort 0:13:46.880 --> 0:13:50.960 of evolving um what reproductive rights means even for for 0:13:51.000 --> 0:13:53.840 our population at alloy and I hope other companies would 0:13:53.880 --> 0:13:56.560 do the same. I think we're seeing that we it's 0:13:56.559 --> 0:13:59.880 a really competitive talent industry, this is probably a low 0:14:00.120 --> 0:14:03.320 ish bar, and that it's a relatively inexpensive set of 0:14:03.320 --> 0:14:05.880 benefits related to you know, if you looked at what 0:14:05.960 --> 0:14:07.959 we spent on healthcare, for example, all sorts of stuff 0:14:07.960 --> 0:14:09.840 incredibly expensive. And so I think there's a lot more 0:14:09.920 --> 0:14:12.360 there that we and other companies can do and probably 0:14:12.360 --> 0:14:14.200 have to do, to fill in the gaps that the 0:14:14.240 --> 0:14:19.800 government has left us with. Cheryl Samberg of Meta posted 0:14:19.800 --> 0:14:22.040 today saying, this is a scary day for women across 0:14:22.080 --> 0:14:25.640 our country. Every woman, no matter where she lives, must 0:14:25.680 --> 0:14:29.080 be free to choose weather and when she becomes a mother. 0:14:29.360 --> 0:14:31.880 A few things are more important to women's health and equality. 0:14:31.920 --> 0:14:33.360 And I just want to underscore that this is a 0:14:33.440 --> 0:14:37.840 draft opinion. It doesn't necessarily signal where the Supreme court 0:14:37.960 --> 0:14:41.160 stands at this very moment. But we're seeing, you know, 0:14:41.200 --> 0:14:44.200 a lot of criticism about how, you know, other companies 0:14:44.200 --> 0:14:48.440 are handling reproductive benefits. For example, Amazon came out um 0:14:48.560 --> 0:14:51.600 with their package earlier this week. There's some criticism there 0:14:51.640 --> 0:14:54.000 that it doesn't cover contract workers, who are kind of 0:14:54.040 --> 0:14:58.200 the lifeblood of keeping the trains running on time at Amazon. 0:14:58.480 --> 0:15:02.560 Do you think their policy is lacking. I haven't looked 0:15:02.560 --> 0:15:05.000 at that policy in detail. I would assume if it 0:15:05.040 --> 0:15:06.960 does not cover contract workers, that does seem like a 0:15:06.960 --> 0:15:09.920 big gap, considering that's a big part of their workforce. UM. 0:15:09.960 --> 0:15:11.520 I think that's true of a lot of companies who 0:15:11.560 --> 0:15:14.760 are probably contemplating this. That being said, we haven't seen 0:15:14.800 --> 0:15:16.800 that many companies do this. I was really happy to 0:15:16.840 --> 0:15:20.240 see yelp Uh, City Bank, Amazon do this all in 0:15:20.240 --> 0:15:22.880 the last few days. Really, I think, um, I would 0:15:22.960 --> 0:15:25.920 encourage Facebook Meta. If that's how they feel about women, 0:15:25.960 --> 0:15:28.680 they should probably put something in place off for really 0:15:28.680 --> 0:15:31.720 good benefits. We know they have a ton of money, uh, 0:15:31.920 --> 0:15:35.160 sitting around ton of cash. This is a pretty easy 0:15:35.280 --> 0:15:37.520 thing for them to implement. I would encourage any company 0:15:37.560 --> 0:15:41.440 that has the luxury of doing that to do it now. 0:15:41.480 --> 0:15:44.760 Alloy has a history of taking a public stance on 0:15:44.880 --> 0:15:49.160 political issues. For example, Uh, you prohibit companies from using 0:15:49.200 --> 0:15:52.640 Alloys products if they would deny customers access based on 0:15:52.680 --> 0:15:56.520 their immigration or citizenship status. Have you found taking these 0:15:57.080 --> 0:16:03.240 public political stands has hurt business at all? No, we haven't. UM, 0:16:03.600 --> 0:16:05.400 I can't promise you it never will, and we'll have 0:16:05.440 --> 0:16:07.160 to cross that bridge when we get there. We haven't. 0:16:07.160 --> 0:16:11.480 I think, Uh, the benefits of what it has given, 0:16:11.760 --> 0:16:14.560 sort of the the alignment between us, our values and 0:16:14.720 --> 0:16:18.600 our team again and kind of keeping folks engage, getting 0:16:18.600 --> 0:16:20.800 them on board, getting them excited about us in our mission, 0:16:21.120 --> 0:16:24.440 has outweighed any potential negative impacts we've seen so far. 0:16:24.920 --> 0:16:27.760 I don't think that there will be zero negative impacts. 0:16:28.080 --> 0:16:30.720 We work with a bunch of banks which are historically 0:16:30.800 --> 0:16:33.880 much more conservative, as you can imagine, so I would 0:16:33.920 --> 0:16:35.920 anticipate some fallow at some point for us. There's been 0:16:36.040 --> 0:16:41.520 basically no negative impacts thus far, and the moral imperative 0:16:41.960 --> 0:16:43.520 as well as the business case I can make for 0:16:43.560 --> 0:16:46.600 this really outweigh to me the risk that we're or 0:16:46.800 --> 0:16:49.680 make the word risk very much worth it. I'm curious 0:16:49.680 --> 0:16:53.000 what the internal reaction has been. You know often companies 0:16:53.000 --> 0:16:55.520 don't want to take political stance because you know it, 0:16:55.760 --> 0:16:59.680 you know it might impact their retention and recruiting efforts. Certainly, 0:17:00.360 --> 0:17:03.920 not necessarily everyone agrees with your policies, even people who 0:17:03.920 --> 0:17:06.240 work at your own company. What's been the reaction internally 0:17:06.920 --> 0:17:10.280 so far? Really positive? UM. Again, there may be people, 0:17:10.320 --> 0:17:12.360 I'm sure there are people who disagree with this who 0:17:12.400 --> 0:17:16.480 work at alloy UM, and we are open to the 0:17:16.520 --> 0:17:18.440 idea that you don't have to agree with every single 0:17:18.480 --> 0:17:20.680 thing we do or everything I agree with their my 0:17:20.680 --> 0:17:23.840 cobounders agree with to be at alloy UM. However, the 0:17:23.880 --> 0:17:26.600 response I've seen has been unilaterally positive. I've gotten a 0:17:26.680 --> 0:17:29.080 ton of messages and d m s from people both 0:17:29.119 --> 0:17:31.640 when we announced the policy in January UM and today 0:17:31.640 --> 0:17:33.280 when we put out a statement given the leak that 0:17:33.320 --> 0:17:37.679 happened last night. UM. Just really positive feedback that this 0:17:37.760 --> 0:17:39.880 is something that aligns with their values and that they're 0:17:39.880 --> 0:17:42.400 proud to work here. UM. I got a message today 0:17:42.440 --> 0:17:44.760 from someone in one of the states that I think 0:17:44.840 --> 0:17:46.960 is the you know, going to be the most impacted. 0:17:47.200 --> 0:17:50.600 UM who who just said, you know, they really appreciate 0:17:50.640 --> 0:17:52.080 it and it means a lot to them. So that 0:17:52.160 --> 0:17:56.639 was especially sort of haartning to hear all right, Laura Speakerman, 0:17:56.800 --> 0:17:59.920 co founder of Ali, thanks for joining us to thank you. 0:18:00.000 --> 0:18:05.680 Ammution coming up between supply constraints and COVID lockdowns, why 0:18:05.720 --> 0:18:09.200 Apple's third quarter forecast has analysts worry at is next? 0:18:09.480 --> 0:18:23.800 This is Bloomberg. Apple investors and Wall Street analysts were 0:18:23.840 --> 0:18:28.240 initially excited when Apple reported its second quarter earnings. The 0:18:28.280 --> 0:18:31.960 company said it generated nine billion dollars in revenue, with 0:18:32.080 --> 0:18:34.720 fifty billion of that coming from the iPhone and another 0:18:34.800 --> 0:18:38.320 twenty billion coming from a very strong services quarter, but 0:18:38.400 --> 0:18:41.840 the jubilation was short lived. After announcing the results for 0:18:41.920 --> 0:18:45.120 Q two, Apple said that Q three would be a challenge. 0:18:45.760 --> 0:18:48.800 Apple said it's expecting a four billion dollar to eight 0:18:48.800 --> 0:18:52.879 billion dollar negative hit to revenue due to COVID related lockdowns, 0:18:52.920 --> 0:18:55.880 the ongoing chip shortage, and global issues like the war 0:18:55.920 --> 0:18:59.560 in Ukraine. That means with Apple reports Q three results 0:18:59.560 --> 0:19:02.359 in ju Law, the overall remedy number will be up 0:19:02.400 --> 0:19:04.960 to eight billion dollars less than it could have been. 0:19:05.680 --> 0:19:08.320 This led to questions from analysts to CEO Tim Cook, 0:19:08.680 --> 0:19:11.240 such as should the Apple supply chain be shifted to 0:19:11.320 --> 0:19:14.360 avoid these ongoing issues? In China and the chip problems. 0:19:14.760 --> 0:19:18.000 Cook of course defended his infrastructure, but said that Apple 0:19:18.040 --> 0:19:21.520 is always looking at making tweaks. Analysts are still pegging 0:19:21.560 --> 0:19:24.080 a year or a year revenue increase for the current quarter, 0:19:24.440 --> 0:19:27.440 a number around eighty four billion dollars that of course 0:19:27.480 --> 0:19:32.440 remains fluid. Several Apple suppliers and assembly partners were temporarily 0:19:32.440 --> 0:19:36.560 closed in April amid China's ongoing crackdown on COVID cases. 0:19:37.359 --> 0:19:39.760 So far, that's led this some delays the high end 0:19:39.840 --> 0:19:43.040 versions of the Maple pro and supply problems for the iPad. 0:19:43.520 --> 0:19:47.080 Apple's intense warning, however, indicates that consumers may just have 0:19:47.119 --> 0:19:49.359 a hard time finding other Apple products in the coming 0:19:49.359 --> 0:19:52.800 weeks and months, including the iPhone and Apple Watch. I'm 0:19:52.800 --> 0:19:59.199 Mark Erman. This is power On. Don't forget. You can 0:19:59.240 --> 0:20:02.679 subscribe to marks weekly power On newsletter at Bloomberg dot 0:20:02.720 --> 0:20:05.920 com and seeking with Apple. Bloomberg has learned the tech 0:20:05.960 --> 0:20:09.720 giant has hired someone who helped lead safety efforts and 0:20:09.880 --> 0:20:14.280 vehicle engineering at for This assigned that the iphonemaker is 0:20:14.400 --> 0:20:18.159 once again ramping up development of an electric car. Desi 0:20:18.359 --> 0:20:23.280 Wakashchevitch worked it forward since, most recently serving as its 0:20:23.280 --> 0:20:28.840 global director of Automotive Safety Engineering. A bipartisan group of 0:20:28.920 --> 0:20:32.320 US senators wants to loosen Google's grip on the digital 0:20:32.320 --> 0:20:35.200 ad market. Bloomberg has learned they planned to introduce legislation 0:20:35.200 --> 0:20:37.480 that would force Google to sell off parts of its 0:20:37.640 --> 0:20:41.200 lucrative ad tech business. The measure could also have implications 0:20:41.200 --> 0:20:46.119 for Amazon and Facebook parent Meta and the SEC is 0:20:46.160 --> 0:20:49.280 beefing up its crypto enforcement team. The Wall Street Regulator 0:20:49.320 --> 0:20:52.760 adding twenty staffers to its unit focused on policing crypto 0:20:52.800 --> 0:20:56.119 market abuses from new coin offerings and crypto exchanges to 0:20:56.240 --> 0:20:58.960 defy platforms and n f t s. The office has 0:20:59.000 --> 0:21:03.120 brought more than eight enforcement actions since launching in love. 0:21:03.200 --> 0:21:05.560 More on that in our crypto report later this hour. 0:21:14.600 --> 0:21:17.160 Welcome back to bloomber Technology. I'm emily checking San Francisco. 0:21:17.240 --> 0:21:21.040 Let's get back to Elon Musk's evolving a vision for Twitter, 0:21:21.160 --> 0:21:25.680 taking the company private but not blocking out the possibility 0:21:25.680 --> 0:21:29.199 of becoming public again in the future. Are Ed Ludlow 0:21:29.320 --> 0:21:31.760 here to discuss. We're getting some new information in a 0:21:31.880 --> 0:21:34.879 report from dal Jones. What now So? Dal Jones is reporting, 0:21:34.920 --> 0:21:38.840 according to their sources, that Elon Musk is telling potential 0:21:38.840 --> 0:21:41.080 co investors, because remember he's still trying to line up 0:21:41.119 --> 0:21:44.320 the equity portion of this deal that he could eventually 0:21:44.359 --> 0:21:47.280 take Twitter public again, and he could, according to dal 0:21:47.400 --> 0:21:49.879 Jones sources, do that within a three year time frame, 0:21:49.920 --> 0:21:53.400 which is interesting because he's trying to take Twitter private. So, 0:21:53.880 --> 0:21:56.800 you know, talk to us more about what he has said, 0:21:57.480 --> 0:22:00.159 what clues we have about you know, his you know, 0:22:00.160 --> 0:22:03.040 how he plans to evolve Twitter and how it would 0:22:03.080 --> 0:22:04.960 then ultimately make four for stands for it to be 0:22:05.000 --> 0:22:08.160 a public company again. Eventually. I mean, in the letter 0:22:08.240 --> 0:22:10.159 to Twitter's board when he first made the offer for 0:22:10.160 --> 0:22:12.679 the company, said these changes which I want to enact 0:22:12.720 --> 0:22:14.800 can only be done if Twitter is private, and those 0:22:14.880 --> 0:22:18.480 changes range from removing bots, open source and the algorithm 0:22:18.520 --> 0:22:21.280 having a time limited edit button. He's talked about, you know, 0:22:21.359 --> 0:22:23.280 he's talked in tweets, who was at the met gala 0:22:23.359 --> 0:22:26.439