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

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

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

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Speaker 1: is Bloomberg Technology. Coming up in the next hour, Tech Tenacity, stocks,

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Speaker 1: and the week on a high with tech Shares helping

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Speaker 1: Snap a seven week losing streak and yes that Snap

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Speaker 1: pun is intended, plus lessons learned. I speak with the

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Speaker 1: CEO of Solar Winds two years after that nightmare hack

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Speaker 1: that started with Russia and blindsided Key customers and making

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Speaker 1: money in the metaverse. We'll sit down with Roadblocks CEO

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Speaker 1: David Bazuki to talk about the weird, the wonderful, and

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Speaker 1: the lucrative as the form works to build a digital

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Speaker 1: but civil community for kids around the world. We will

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Speaker 1: get to all of that in a moment, but stocks

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Speaker 1: climbing first. After another volatile day in week, tech stocks

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Speaker 1: in particular bouncing back. Let's stick with the markets and

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Speaker 1: the moves in tech this week and joining me from

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Speaker 1: San Francisco, Mark Leman, CEO at j MP Securities, Mark,

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Speaker 1: thank you so much for joining us. You know I

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Speaker 1: asked at the same question, how are you making sense

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Speaker 1: of all this week. You know, first the bottom falling

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Speaker 1: out from under us, and now now suddenly investors are

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Speaker 1: okay with it. Well, i'd say kind of yes. So

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Speaker 1: a week and as that claimed a thousand points off

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Speaker 1: the bottom at about three o'clock East coast time last

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Speaker 1: Friday to today, it's almost a thousand point rally, and

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Speaker 1: that's historic, um. But it shows you the amount of

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Speaker 1: pessimism that was in the market. And look what's happened

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Speaker 1: in a week. Okay, we like we've heard rates has

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Speaker 1: stayed relatively tepid two or on the tenure, We've rallied massively,

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Speaker 1: and we've actually had some earnings revisions that have been

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Speaker 1: somewhat negative. But the market I think has seen some

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Speaker 1: of those and said, you know, they're not as bad

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Speaker 1: as I once would have thought. We've seen the consumers

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Speaker 1: slow down a little bit, which is also a positive

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Speaker 1: sign that this runaway inflation may be tempering a little bit.

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Speaker 1: And I think most importantly, I think companies are getting

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Speaker 1: more realistic and the market is getting more realistic. But

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Speaker 1: the public market and the private market, and that is

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Speaker 1: I think amplify about what we saw some m and

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Speaker 1: A this week, So you take all those factors. Yeah,

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Speaker 1: I'm not going to predict the other thousand point rally

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Speaker 1: in the NAZAC this week, but I think we came

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Speaker 1: so far so fast that we needed a little bit

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Speaker 1: of some good news, and this week even some of

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Speaker 1: the more moderate news was perceived as good news. That's

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Speaker 1: a great sign. So let's go back to them. That

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Speaker 1: snap pun is the snap case isolated to SNAP or

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Speaker 1: two maybe social media stocks, and not potentially such an

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Speaker 1: indication of such a broader narrative. Listen, I think Snaps

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Speaker 1: over the zealousness at the last quarter is reaping some

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Speaker 1: of the downside that we saw this week. So they

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Speaker 1: put out a terrific fourth quarter, if you remember, and

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Speaker 1: the stock zoomed up no pun intended to a much

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Speaker 1: higher lofty level after that. And then when we saw

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Speaker 1: this tempered note about the rest of the year, stock

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Speaker 1: got punished greatly. And I think some of that quote

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Speaker 1: unquote a rational exuberance from before they're paying for You

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Speaker 1: also see some people like Workdre today which did not

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Speaker 1: put out a particularly good report. The stock was down five,

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Speaker 1: but that on a on a day like last week

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Speaker 1: would have been down a lot more and when you

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Speaker 1: see companies putting out more tepid guidance and the stocks

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Speaker 1: really not getting creamed, I think that's a sign that

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Speaker 1: investors are getting comfortable with multiples and maybe the worst

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Speaker 1: is behind them, and that again is a good sign.

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Speaker 1: The fastest way for things to go up is for

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Speaker 1: things to stop going down, and I think we've seen

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Speaker 1: some of that this week. And I think this is

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Speaker 1: a really interesting point because again the consumer is slowing down,

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Speaker 1: the high end consumer still has ample capital, and I

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Speaker 1: think the market reflects that. We also saw one of

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Speaker 1: the biggest tech deals in history sealed this week Broadcom

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Speaker 1: and v n where. Of course, you know we've seen

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Speaker 1: some big deals in the last few months, Microsoft Activision,

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Speaker 1: of course, this potential deal Elon Musk buying Twitter. Are

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Speaker 1: these unique one offs or are we going to see

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Speaker 1: a trend in M and A. I think you'll see more,

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Speaker 1: and I'll tell you why. Um companies obviously have balance

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Speaker 1: sheets that are fortified. So you're seeing big tech have

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Speaker 1: balance sheets that are fortified. You're seeing capital on the

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Speaker 1: sidelines for interesting deals. It's ready to get deployed for this.

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Speaker 1: So when you announce it to the market, the stocks

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Speaker 1: obviously are working because they see the combination of those

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Speaker 1: two companies working. Now we see some other things in

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Speaker 1: the on the name m and A World, or to

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Speaker 1: go private world with Twitter that are different. But when

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Speaker 1: you see that kind of activity that we've seen earlier

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Speaker 1: this year we saw with Tomo Bravo taking company private,

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Speaker 1: those are signs that there's lots of capital on the sidelines.

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Speaker 1: Evaluations are getting to a point where private equity really

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Speaker 1: likes them, or public currency is enough where they want

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Speaker 1: to use them again. That's another sign that there's lots

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Speaker 1: of capital out there, and at these prices, buyers are

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Speaker 1: going to show up. So if you're looking at the

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Speaker 1: numbers right now, what do you think are the biggest risks?

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Speaker 1: What are the names you see as most risky, What

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Speaker 1: do you think could potentially behave in profitless tech continues

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Speaker 1: to be a place that people are worried about. And

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Speaker 1: I think companies, every boardroom, every venture capitalist, every private

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Speaker 1: equity person has told their companies, show me your path

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Speaker 1: to profitability and show it to me now. And I

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Speaker 1: think that's really showing up in the boardrooms and showing

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Speaker 1: up in investor's psyches, and frankly, showing up in private

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Speaker 1: evaluations too. They were in denial because when you stay private,

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Speaker 1: you can tell anybody what do you think you're worth it.

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Speaker 1: You can tell what the last round you raised, and

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Speaker 1: that probably was inaccurate if you did it at some point.

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Speaker 1: So profitless tech with no path of profitability is worrisome.

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Speaker 1: What I would point towards some of the darlings of

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Speaker 1: last year that are not the darlings of this year.

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Speaker 1: So I point to some of the I p O

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Speaker 1: s last year is a company called legal Zoom that

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Speaker 1: we were part of, trading at three times revenue. There's

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Speaker 1: a smaller company in Israeli company. Israeli companies were the

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Speaker 1: darling of the market last year called Walkbee two times revenues,

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Speaker 1: almost market caps in cash. A big one. Airbnb fallen

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Speaker 1: greatly from the April hives. And just because it's falling

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Speaker 1: doesn't mean it's cheap. Okay, Well, we will see what

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Speaker 1: the next week brings. At least after a holiday weekend

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Speaker 1: here in the United States, we'll be watching crypto trading

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Speaker 1: through the weekend. JMP Security CEO Mark Lehman. Mark, great

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Speaker 1: to have you back with us here. The name Solar

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Speaker 1: Winds and many of us might immediately think back to

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Speaker 1: that major cyber it's hack that originated from Russia. Hackers

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Speaker 1: gained access via a software update to major companies like Microsoft, Intel,

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Speaker 1: and Cisco. Well, nearly two years later, the company is

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Speaker 1: sharing more information about how it's gotten past that massive

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Speaker 1: breach and its new approach to preventing it from ever

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Speaker 1: happening again. I'm joined now by solar Wins President and

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Speaker 1: CEO Sedaka Rama Krishna. Saka, thank you so much for

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Speaker 1: joining us. So solar Wins doesn't actually sell cybersecurity project products,

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Speaker 1: but I t management software to hundreds of thousands of customers.

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Speaker 1: How is your new approach different from the approach you

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Speaker 1: had two years ago? As fall Emily, thank you for

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Speaker 1: having me here. You are right. We selling software and

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Speaker 1: support and serve customers, in fact, more than three hundred

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Speaker 1: thousands of them worldwide. As we came out of the

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Speaker 1: cyber incident and learned some key lessons in terms of

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Speaker 1: how to improve how soft ware is built not only

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Speaker 1: today but into the future. Hopefully. There are some critical

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Speaker 1: things that we've done in the context of what I

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Speaker 1: call secure by Design. One of the fundamental aspects of

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Speaker 1: that is how we actually build software with the key

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Speaker 1: goal of reducing the threat surface and reducing the threat

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Speaker 1: window for attackers to attack supply chains involved in building software.

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Speaker 1: What do you mean by that? So every software product,

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Speaker 1: such as the ones from US or Microsoft or actor

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Speaker 1: who never involves the compilation of a large number of files. Uh,

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Speaker 1: and many times we use third party software in the

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Speaker 1: building of our product. So in essence, similar to hardware

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Speaker 1: supply chains where you build let's call it a television

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Speaker 1: with parts from various suppliers, you're doing the same thing

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Speaker 1: with software as well, and so at every point there

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Speaker 1: is a potential for security threats and hacks. And so

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Speaker 1: what we've done is build a unique model of creating

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Speaker 1: software which involves parallel build systems. So think of it

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Speaker 1: as the same software is built in three different locations.

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Speaker 1: I may not exactly know where they are being built,

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Speaker 1: but at the end of the process we check the

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Speaker 1: integrity across them such that an attack if they have

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Speaker 1: to attack, will have to know these locations and attack

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Speaker 1: them exactly consistently, making it more painful for them to attack. So,

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Speaker 1: aside from building the software in different locations, a year

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Speaker 1: and a half later, what would you do differently. Now

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Speaker 1: when you look back terms of I wouldn't call them

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Speaker 1: so much doing differently because the security posture and the

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Speaker 1: security investments that Sullivan's may commensurate to the industry, but

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Speaker 1: maybe I call it from my industry standpoint. Some key reinforcements.

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Speaker 1: First I would say is you cannot do it alone. Uh,

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Speaker 1: security breaches. No matter how big and how resourceful you are.

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Speaker 1: You could be a Microsoft or an Octa or a Sullivance,

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Speaker 1: you are not immune to it. So the notion of

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Speaker 1: public and private partnerships are incredibly important and incredibly critical.

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Speaker 1: So that is an area where I've been working on

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Speaker 1: and others have been working on as well. We see progress,

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Speaker 1: but we are not quite where we need to be.

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Speaker 1: The second pieces, transparency is extremely important because as sooner

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Speaker 1: we identify and report these issues, the sooner we inoculate,

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Speaker 1: the less the damage. And oftentimes people tend to not

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Speaker 1: come out in the fear of victim shaming or lawyer

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Speaker 1: up and not address the real issues in war. And

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Speaker 1: the other piece I would say, in addition to collaboration

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Speaker 1: is humility because it is not a letter of when

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Speaker 1: or if I should say, but when so let's talk

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Speaker 1: about the when I'm curious if there have been any

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Speaker 1: updates to the actual investigation. Is there any new information

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Speaker 1: about when those hackers first breached solar winds? We we

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Speaker 1: largely concluded our investigation last year and reported our findings,

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Speaker 1: so there has been no new findings since then. It's

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Speaker 1: all been focused on redeveloping our focus on how to

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Speaker 1: build software in the best possible way and engaging with

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Speaker 1: our customers and partners and employees worldwide. But there are

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Speaker 1: still plenty of things that aren't known about this incident

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Speaker 1: or understood. There really hasn't been a public accounting of

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Speaker 1: what happened by the government, for example, and by most

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Speaker 1: of those in the private sector. What questions should we

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Speaker 1: be asking of government and industry officials about it? The

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Speaker 1: key question to really ask is what key improvements in

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Speaker 1: information sharing between public and private have been created and proliferated.

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Speaker 1: That is still a very asymmetric relationship at this point

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Speaker 1: in time. As I pledged, we are driving a greater

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Speaker 1: level of trans spendency and collaboration with the government of parties.

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Speaker 1: The reciprocation has been there, but I would also say

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Speaker 1: that industry wide, it is extremely inconsistent, So I'll give

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Speaker 1: you one statistic here. On an industry survey, more than

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Speaker 1: nine percent of respondents said that public private relationships are

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Speaker 1: important to addressing security issues. However, about said that these

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Speaker 1: are effective today. So there's a wide disparity between what

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Speaker 1: is perceived need versus what is actually there today. So

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Speaker 1: Dr Rama Krishna, CEO of Solar Winds, thank you for

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Speaker 1: sharing some of those lessons you learned with us. Coming up,

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Speaker 1: if your kids are playing video games, they are likely

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Speaker 1: on Roadblocks. My conversation with Roadblocks CEO David Bozuki on

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Speaker 1: Studio one Point up next us it's the online platform

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Speaker 1: kids are going gaga for. I spoke with Roadblocks CEO

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Speaker 1: and co founder David Bozuki about the ind out of

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Speaker 1: building a digital community that is safe and civil while

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Speaker 1: it's gloring new ways to make money and scale a

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Speaker 1: future metaverse on the latest Studio one Point out, Take

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Speaker 1: a listen and um. It goes back to how exciting

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Speaker 1: it is to have a company in this space that

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Speaker 1: I think is ultimately got so many years of growth

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Speaker 1: to it and is a new category following other types

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Speaker 1: of technologies. There's still so much innovation to be done,

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Speaker 1: and there's so much invention to be done in this

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Speaker 1: category that it's mind boggling. The critics think that metaverse

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Speaker 1: the term is just marketing. How do you respond to that?

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Speaker 1: This type of technology is much more difficult than the

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Speaker 1: net or the web, which was another huge thing that

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Speaker 1: we saw predicted and has started to come. But but

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Speaker 1: I think we're seeing early signs of it. When Mark

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Speaker 1: Facebook's name to meta as if it was something new,

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Speaker 1: did that kind of bother you? Um? No, of course not.

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Speaker 1: It's really hard to predict in five to ten or

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Speaker 1: twenty years, what are the companies that really figure it out.

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Speaker 1: And there's so many elements of innovation that are needed. Um,

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Speaker 1: having a U g C community one of our strengths.

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Speaker 1: We think that's like a huge starting point for us.

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Speaker 1: But we're early in our quest for innovation here. Roadblocks

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Speaker 1: has built a huge business selling road bucks. Does this

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Speaker 1: evolve into a much bigger marketplace? It was this revelation

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Speaker 1: that people would ultimately make a living on platforms like

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Speaker 1: this that started this digital currency is very Roadblocks centric

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Speaker 1: in netwere a systems company or utility so it has

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Speaker 1: formed this robust economy. It's allowed us to keep robox.

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Speaker 1: You know, roadblox is free for the vast majority. Would

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Speaker 1: Roadblocks have a partner with some of these other companies

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Speaker 1: working on the metaverse, whether it is Meta or Unity

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Speaker 1: or Epic or Microsoft the core technology of you know,

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Speaker 1: how are we going to ultimately support fifty people in

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Speaker 1: real time on a phone and going to a concert

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Speaker 1: together and waving your friends. I think that's going to

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Speaker 1: be a lot of engineering work that each company is

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Speaker 1: going to be working on, and it's going to be

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Speaker 1: really hard. As far as ultimately can an avatar go

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Speaker 1: from one place to another, I think they'll be lightweight

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Speaker 1: ways of starting to think about that. So what role

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Speaker 1: do you think Apple and Android should play in the

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Speaker 1: metaphors and what their policies need to change to really

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Speaker 1: support this vision? And the biggest thing we would take

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Speaker 1: advantage of if it were to happen is a change

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Speaker 1: in those store fees. We we stay out of it.

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Speaker 1: We let Google and Apple kind of run their businesses.

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Speaker 1: But when we think about more and more developers making

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Speaker 1: a living on platforms like us and having to build stuff,

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Speaker 1: if those store fees were to change, we would move

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Speaker 1: most of that money back to our developers. Your goal

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Speaker 1: is to build an entirely new category of human co experience,

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Speaker 1: the next phase of human interaction. Yeah, how do you

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Speaker 1: moderate that on such a massive scale? Are you doing

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Speaker 1: a good enough job? In the third week when we

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Speaker 1: in our small office. Eric and I said, oh my gosh,

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Speaker 1: safety and civilities, We're going to have to do it.

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Speaker 1: We had maybe a hundred people at the time chatting

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Speaker 1: on roadblocks. We saw a few not that agreed just

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Speaker 1: by early signs, and we just made the call. This

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Speaker 1: is going to be the foundation of what we do

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Speaker 1: in the early years of Roadblocks. As we've gotten bigger,

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Speaker 1: we've gotten to the point where there's thousands of moderators.

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Speaker 1: Every image that goes on our platform gets human reviewed.

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Speaker 1: We filter texts very stringently, especially for thirteen and under players.

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Speaker 1: We use a lot of AI and mL to help

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Speaker 1: do this. We're always getting better, um, but it is

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Speaker 1: a key thing for us. How optimistic are you about

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Speaker 1: AI and tech being able to do that? I'm really

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Speaker 1: actually opt mystic. We would never compare to the real

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Speaker 1: world because our standards are so much more stringent. But

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Speaker 1: I do believe this will just keep getting better and better,

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Speaker 1: and I think over time it will get to the

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Speaker 1: point where if a six year old is on our platform,

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Speaker 1: it's literally as if the parents wanted to be there

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Speaker 1: with them watching everything. We'll be able to offer that

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Speaker 1: type of thing. Now, a lot of parents are terrified.

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Speaker 1: They're terrified of a future metaverse. They don't understand the

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Speaker 1: parental controls. Do you understand that feeling? We do. We

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Speaker 1: actually have to. I think it creates a higher standard

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Speaker 1: for us, because I think we can't assume every parent

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Speaker 1: is going to get that involved with their kids. There

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Speaker 1: have been some serious content challenges. You know, stories about

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Speaker 1: roadblocks being a playground for virtual fascists. Well, there was

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Speaker 1: just this story about Kim Kardashian's own child seeing an

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Speaker 1: ad for a game that claimed to have a sex

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Speaker 1: tape of her. What happened there that was very unfortunate.

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Speaker 1: There was a text blurb very shortly that very very

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Speaker 1: few people saw. We took the place down, We moderated

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Speaker 1: that user, and they're off our platform. It was now

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Speaker 1: the video was never on our platform. There was no

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Speaker 1: imagery on our platform. It was a very short mention,

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Speaker 1: but very unfortunate and um, well, you know, our vision

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Speaker 1: is to be the most civil place for everyone. You

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Speaker 1: can check out the full studio one point at Bloomberg

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Speaker 1: dot com or listen to the podcast and later the

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Speaker 1: company that is partnering with Row Blocks on a brand

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Speaker 1: new f D A approved video game to help kids

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Speaker 1: with a d h D that's up later in the show,

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Speaker 1: and the pay equity start up backed by Steph Curry.

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Speaker 1: Welcome back to Bloomberg Technology. I'm Emily checking in San Francisco.

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Speaker 1: Let's turn out to what is becoming one of the

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Speaker 1: biggest stories of the year, and that is Elon Musk's

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Speaker 1: bid to buy Twitter shares of the company, rising for

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Speaker 1: the third day in a row. Now it's best streak

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Speaker 1: in a month. Twitter chaining at about forty dollars to share,

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Speaker 1: closing that gap, getting a bit closer to that fifty

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Speaker 1: four and twenty cents per share offer from Elon Musk.

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Speaker 1: But in another twist, news that regulators are looking into

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Speaker 1: how Musk said about building his steak in the company,

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Speaker 1: joining me to unpack it all. Who else but our

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Speaker 1: very own ed Ludlow so ed what exactly is the

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Speaker 1: SEC looking at now? So they released the letter on Friday,

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Speaker 1: dated April four, and that's important because April fourth is

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Speaker 1: the date that Elon Musk first disclosed his nine points

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Speaker 1: you percent stating the company and they're asking him for information.

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Speaker 1: Why did you use this particular filing type. The filing

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Speaker 1: type he used was for passive investors, but he had

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Speaker 1: more than five cents steak and as we now know,

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Speaker 1: he had activist intentions. He went on to put a

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Speaker 1: bit in for the company. And there was also a timing.

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Speaker 1: You know, when you build up a steak, you have

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Speaker 1: a window to disclose it, and they asked him why

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Speaker 1: he disclosed it outside or after that window. But the

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Speaker 1: reason we care this is serious. This is the SEC

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Speaker 1: taking a real look at this deal and perhaps the

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Speaker 1: inference being they could look at it even closer. Right,

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Speaker 1: So what could the consequences be or the fall outbeat? Well, simply,

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Speaker 1: did Elon Musk breach any securities laws? We don't know,

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Speaker 1: but that is what the question is at least. So

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Speaker 1: you were at the a g M earlier this week

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Speaker 1: when Dan Durban Silver Lake board member doesn't get the

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Speaker 1: votes to stay on the board, he resigns, but Twitter's

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Speaker 1: board doesn't accept his resignation. Correct, so he's still on

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Speaker 1: the board. And this is, by the way, someone who

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Speaker 1: is an ally or known as an ally who masks.

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Speaker 1: So there was a vote whether he should stay on

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Speaker 1: the board or not. He didn't receive enough votes. Some

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Speaker 1: of the funds that voted against it, for example, said

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Speaker 1: he's on too many boards. He's on like six public

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Speaker 1: company boards. That's too many. So Twitter cited their proxy

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Speaker 1: by laws of theme, and he's saying, we don't accept

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Speaker 1: his resignation from the board. We're keeping him on the board.

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Speaker 1: They exercise the right to do it. And it's as simple.

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Speaker 1: So what's the point of his older's voting. I don't

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Speaker 1: think it's a great question. It's a good corporate governance question.

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Speaker 1: But they basically said the Twitter's management and the rest

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Speaker 1: of the board he has exceptional history skills, he adds

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Speaker 1: incredible value, he understands the industry. He's an asset. We

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Speaker 1: would like him sell on the board. That's the matter.

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Speaker 1: So shares are up, of course, the broader markets are up.

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Speaker 1: Is this also confidence that the deals will happen because

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Speaker 1: we've seen Elon Musk makes some moves this week to

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Speaker 1: restructure the deal. So when we saw the big sell

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Speaker 1: off in tech Stox, Twitter didn't really follow suit, and

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Speaker 1: so the the idea was that why would it. It's

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Speaker 1: kind of up for purchase. The deal has gaining a

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Speaker 1: bit of confidence right that. We call it the spread,

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Speaker 1: the gap between where the shares are currently trading and

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Speaker 1: the offer price four dollar twenty cents. I don't know

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Speaker 1: if we have a chart on that we can show

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Speaker 1: very quickly. But the other big news this week was

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Speaker 1: Elon Musk took out the margin loan component component basically

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Speaker 1: debt to on the deal that's secured against some of

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Speaker 1: his test assault. That's now gone and it's a pretty

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Speaker 1: much majority equity financing deal. He still has to ask others,

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Speaker 1: including Jack Ducy, if they'll participate, maybe rollover existing shares,

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Speaker 1: But I think all told, in a crazy week, we're

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Speaker 1: moving towards a place where the deal could happen. We'll see,

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Speaker 1: all right, Aboma, thank you well, Instacart, PayPal, Microsoft all

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Speaker 1: announced this week that they are cutting staff or slowing hiring.

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Speaker 1: It is part of a larger trend across tech as

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Speaker 1: companies prepare for a possibly prolonged downturn. I want to

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Speaker 1: talk about all this and more with Maria Colacuccio. She

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Speaker 1: is the CEO of Cindio, which helps companies not only identify,

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Speaker 1: but address and resolve pay disparities. Marie, it's great to

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Speaker 1: have you back here on the show. So you have

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Speaker 1: a really unique window into how companies are navigating some

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Speaker 1: major cultural shifts, the move to work from home, the

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Speaker 1: great resignation, now this downturn, and you know, perhaps some

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Speaker 1: rethinking of the potential to resign and how exactly our

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Speaker 1: companies navigating this. Yeah, and thanks for having me. It's

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Speaker 1: a great question. So I think we're seeing a really

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Speaker 1: interesting trend start to unfold here. And if you just

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Speaker 1: look at what you reported on today around Microsoft, you

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Speaker 1: see it very clearly. So Number one, Microsoft just to

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Speaker 1: x their comp in this initiative to increase retention and

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Speaker 1: keep their workers in seat. And on the second, they

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Speaker 1: also just announced that they're slowing down the rate of hiring.

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Speaker 1: So there's this really interesting environment going on right now,

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Speaker 1: particularly in tech, where a lot of us founders, entrepreneur

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Speaker 1: CEOs are thinking about cash preservation. We're thinking about runway,

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Speaker 1: we're thinking about optimizing efficiency, but we cannot lose sight

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Speaker 1: of the fact that we're also still in a very

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Speaker 1: very tight labor market, and so how do we keep

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Speaker 1: the folks that we fought so hard to get into

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Speaker 1: our companies? How do we keep them there well? And

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Speaker 1: so how our employees approaching it? Are some employees rethinking

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Speaker 1: whether or not they want to make that job change

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Speaker 1: right now? Given that we're now seeing layoffs and hiring phrases.

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Speaker 1: We're not seeing that yet, at least amongst our customer set,

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Speaker 1: and we deal primarily with the Fortune two thousand, But

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Speaker 1: I think we will. I think what we'll start to

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Speaker 1: see is a little bit of a weight and see

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Speaker 1: mode coming from employees. I think we'll also see a

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Speaker 1: continuation in employee demands of employers to sort of make

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Speaker 1: sure they want to know, why are you worthy of

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Speaker 1: my labor? So, if I'm going to make a change,

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Speaker 1: particularly in a market that might be a little bit

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Speaker 1: more volatile, I want to make sure I'm going to

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Speaker 1: a place that's going to stick. So how much progress

431
00:24:37,520 --> 00:24:40,440
Speaker 1: our companies really making on pay equity? I mean, there's

432
00:24:40,440 --> 00:24:43,560
Speaker 1: been this concern that let's say women, for example, might

433
00:24:44,080 --> 00:24:47,280
Speaker 1: be backsliding uh in the pandemic because companies are just

434
00:24:47,359 --> 00:24:51,240
Speaker 1: prioritizing staying afloat um and not thinking about these things.

435
00:24:53,040 --> 00:24:55,000
Speaker 1: It's such a good point, and I think the pandemic

436
00:24:55,080 --> 00:24:58,200
Speaker 1: is a key data point in this, and that we

437
00:24:58,240 --> 00:25:02,320
Speaker 1: went backwards and we were already making glacial progress against

438
00:25:02,359 --> 00:25:06,679
Speaker 1: closing the pay gap, and then COVID actually disproportionately added

439
00:25:06,720 --> 00:25:09,320
Speaker 1: a number of years to our progress, so it made

440
00:25:09,320 --> 00:25:11,880
Speaker 1: it worse. And I think there's a real danger here

441
00:25:11,880 --> 00:25:15,360
Speaker 1: of the same thing happening. And particularly among my colleagues

442
00:25:15,359 --> 00:25:19,600
Speaker 1: and friends that are black entrepreneur, entrepreneurs, people of color,

443
00:25:19,840 --> 00:25:22,960
Speaker 1: they're really concerned that people will start using the recession

444
00:25:23,080 --> 00:25:26,480
Speaker 1: as an excuse to go away from some of these

445
00:25:26,520 --> 00:25:31,639
Speaker 1: commitments toward diversity, increasing representation, committing to pay equity. But

446
00:25:31,720 --> 00:25:34,120
Speaker 1: on the flip side, I think this is an opportunity

447
00:25:34,160 --> 00:25:36,600
Speaker 1: for companies because the toothpaste is out of the tube.

448
00:25:36,800 --> 00:25:40,320
Speaker 1: There's really no going back in terms of what employees want.

449
00:25:40,840 --> 00:25:46,280
Speaker 1: And with legislation accelerating around pay transparency California just passed

450
00:25:46,280 --> 00:25:49,560
Speaker 1: a state bill and medium pay gap disclosure on Tuesday,

451
00:25:49,600 --> 00:25:52,560
Speaker 1: this is going to continue. So companies that are really

452
00:25:52,560 --> 00:25:56,040
Speaker 1: progressive and think about how can we maintain progress against

453
00:25:56,040 --> 00:25:59,040
Speaker 1: these initiatives. They're the ones that will ultimately on the

454
00:25:59,080 --> 00:26:01,320
Speaker 1: talent side and out when we come out the other

455
00:26:01,359 --> 00:26:05,280
Speaker 1: side of this. Okay, but California just overturned a law

456
00:26:05,640 --> 00:26:09,520
Speaker 1: SP eight two six that mandated that companies add women

457
00:26:09,880 --> 00:26:14,320
Speaker 1: to their boards. Here we are moving backwards, what like,

458
00:26:14,520 --> 00:26:18,480
Speaker 1: what what happened there? Yeah, So it's interesting because the

459
00:26:18,520 --> 00:26:21,679
Speaker 1: acceleration has really been on the pay transparency side. So

460
00:26:21,720 --> 00:26:25,840
Speaker 1: you've got California joining Washington State, New York City, New Jersey,

461
00:26:26,240 --> 00:26:30,320
Speaker 1: Colorado passing laws that require companies with over a hundred

462
00:26:30,320 --> 00:26:35,560
Speaker 1: employees to post the range of salary for particular roles.

463
00:26:35,600 --> 00:26:38,400
Speaker 1: So you've got that happening on the employee side. And then,

464
00:26:38,440 --> 00:26:41,280
Speaker 1: like you said, you've got the backsliding on the board.

465
00:26:41,720 --> 00:26:44,760
Speaker 1: On the board piece. But I think, I think that's

466
00:26:44,800 --> 00:26:48,080
Speaker 1: going to be a blip in the road, particularly because

467
00:26:48,200 --> 00:26:51,800
Speaker 1: you're going to start seeing and continue seeing institutional investors

468
00:26:51,840 --> 00:26:56,240
Speaker 1: like Goldman Sachs continue to push for more diversity on boards.

469
00:26:56,440 --> 00:26:59,600
Speaker 1: I mean, they've already expanded from saying one board member

470
00:26:59,640 --> 00:27:02,000
Speaker 1: has to be you from a diverse background to two.

471
00:27:02,240 --> 00:27:04,679
Speaker 1: And so I think even as you see things like

472
00:27:04,760 --> 00:27:07,800
Speaker 1: the board decision that was just overturned. You're going to

473
00:27:07,840 --> 00:27:11,239
Speaker 1: see institutional investors. You're going to see a continuation of

474
00:27:11,600 --> 00:27:15,200
Speaker 1: activist shareholders and this coming up in proxy in addition

475
00:27:15,240 --> 00:27:18,679
Speaker 1: to hearing from employees who really want this stuff. Well,

476
00:27:18,720 --> 00:27:21,800
Speaker 1: speaking of investors, Steph Curry is, of course one of

477
00:27:21,840 --> 00:27:25,439
Speaker 1: your investors. And the Warriors just made it officially to

478
00:27:25,480 --> 00:27:31,240
Speaker 1: the NBA Finals. Yeah, go dubs um. How involved is

479
00:27:31,280 --> 00:27:33,840
Speaker 1: he in the business and how has his activism around

480
00:27:33,880 --> 00:27:38,920
Speaker 1: social equity made a difference. It's it's made a really

481
00:27:38,920 --> 00:27:40,520
Speaker 1: big difference. If you think about what's going on in

482
00:27:40,560 --> 00:27:42,840
Speaker 1: sports with the U S women's national team, I think

483
00:27:42,880 --> 00:27:45,520
Speaker 1: we're hearing a lot more from people like Candice Parker

484
00:27:45,640 --> 00:27:48,200
Speaker 1: the w n b A, You're hearing from Eric Armstead

485
00:27:48,200 --> 00:27:50,880
Speaker 1: on the forty Niners, You're hearing from Steph Curry, all

486
00:27:51,040 --> 00:27:54,360
Speaker 1: laying in on this really important topic, not just pay

487
00:27:54,440 --> 00:27:57,760
Speaker 1: equity broadly, but pay equty, particularly in sports. And we're

488
00:27:57,760 --> 00:28:00,320
Speaker 1: starting to see the fruits of that come out. And

489
00:28:00,359 --> 00:28:03,199
Speaker 1: I think what's great about Stephen is that he was

490
00:28:03,280 --> 00:28:07,640
Speaker 1: in this game literally and figuratively, long before it became

491
00:28:07,920 --> 00:28:10,080
Speaker 1: the cool thing to do. I mean, he wrote an

492
00:28:10,160 --> 00:28:13,040
Speaker 1: article about pay equity as far back as two thousand

493
00:28:13,000 --> 00:28:15,560
Speaker 1: and eight team when he had his daughters and was

494
00:28:15,600 --> 00:28:17,960
Speaker 1: really starting to think about the type of world he

495
00:28:18,000 --> 00:28:20,240
Speaker 1: wanted to invest in in order to create a better

496
00:28:20,359 --> 00:28:23,520
Speaker 1: environment for them and others like them. So I think

497
00:28:23,840 --> 00:28:27,159
Speaker 1: what's great about stuff is he's not performative performative. This

498
00:28:27,200 --> 00:28:29,720
Speaker 1: isn't just words and talk. He is truly invested in

499
00:28:29,760 --> 00:28:32,760
Speaker 1: the business and does what he can to help the business. Now,

500
00:28:32,960 --> 00:28:38,120
Speaker 1: Warriors coach Steve Kerr made really impassion remarks, UM, a

501
00:28:38,120 --> 00:28:40,480
Speaker 1: couple of days ago on the day of the you've

502
00:28:40,480 --> 00:28:42,240
Speaker 1: all the shot shooting, and I just want to take

503
00:28:42,240 --> 00:28:45,640
Speaker 1: a moment to listen to what he had to say.

504
00:28:46,160 --> 00:28:49,840
Speaker 1: I'm not going to talk about basketball. Nothing's happened with

505
00:28:49,880 --> 00:28:53,080
Speaker 1: our team in the last six hours. We're gonna start

506
00:28:53,120 --> 00:28:57,040
Speaker 1: the same way tonight. Um, any basketball questions don't matter.

507
00:28:57,240 --> 00:29:02,600
Speaker 1: When are we going to do something? I'm tired. I'm

508
00:29:02,840 --> 00:29:06,440
Speaker 1: I'm so tired of getting up here and offering condulces

509
00:29:06,480 --> 00:29:12,160
Speaker 1: to to the devastated families that are out there. Maria,

510
00:29:12,280 --> 00:29:15,360
Speaker 1: what do you make of of those remarks and him

511
00:29:15,440 --> 00:29:19,600
Speaker 1: using that moment to say what he said, Yeah, I mean, so, Emily,

512
00:29:19,720 --> 00:29:23,320
Speaker 1: you have four kids, I have seven. I think, I

513
00:29:23,360 --> 00:29:27,360
Speaker 1: think what's happening right now and it's really critical that

514
00:29:27,440 --> 00:29:30,360
Speaker 1: leaders pay attention to this. That the Edelman Trust Barometer

515
00:29:30,520 --> 00:29:34,200
Speaker 1: just came out this week saying that workers have the

516
00:29:34,240 --> 00:29:36,160
Speaker 1: most trust in business than they ever have. It's the

517
00:29:36,240 --> 00:29:40,200
Speaker 1: highest amount of trust in any institution, over government, over media,

518
00:29:40,280 --> 00:29:44,360
Speaker 1: over Google, which is new. And with that trust, they

519
00:29:44,400 --> 00:29:47,920
Speaker 1: require transparency. They want CEOs to be speaking out about

520
00:29:48,360 --> 00:29:50,920
Speaker 1: what they believe can be done on some of these issues.

521
00:29:50,960 --> 00:29:53,200
Speaker 1: And I think when you look at Starbucks, you know,

522
00:29:53,240 --> 00:29:56,160
Speaker 1: shutting down stores in Ukraine, you look at Dick Sporting

523
00:29:56,200 --> 00:29:59,520
Speaker 1: Goods saying they're going to stop selling weapons in certain stores,

524
00:30:00,040 --> 00:30:02,760
Speaker 1: the pressure for companies to start having a voice on

525
00:30:02,800 --> 00:30:06,920
Speaker 1: these things is going to increase. And and I also

526
00:30:07,000 --> 00:30:08,920
Speaker 1: think just the human side of this. I mean, what

527
00:30:09,000 --> 00:30:12,760
Speaker 1: Steve Kurt did that was so remarkable is he showed

528
00:30:12,920 --> 00:30:17,120
Speaker 1: his humanness, and in that he he gave other people

529
00:30:17,360 --> 00:30:20,960
Speaker 1: the right and ability to be vulnerable and to also

530
00:30:21,000 --> 00:30:23,200
Speaker 1: show their humanness. I mean, if you're a leader, your

531
00:30:23,280 --> 00:30:26,200
Speaker 1: people are struggling when they see people that look like

532
00:30:26,280 --> 00:30:29,080
Speaker 1: them killed because of their race. They're struggling when they

533
00:30:29,120 --> 00:30:31,800
Speaker 1: see people with children that are the same age as

534
00:30:31,800 --> 00:30:35,720
Speaker 1: their own being slaughtered. So we've got to start thinking

535
00:30:35,760 --> 00:30:38,320
Speaker 1: about not only taking a stand, but leading with empathy

536
00:30:38,360 --> 00:30:41,600
Speaker 1: and understanding that we're all humans and and this is

537
00:30:41,880 --> 00:30:48,000
Speaker 1: tough stuff, tough stuff to process. Indeed, Well, mom to mom,

538
00:30:48,040 --> 00:30:50,760
Speaker 1: thank you for sharing your human nous with us today.

539
00:30:52,600 --> 00:31:08,640
Speaker 1: CEO of Cyndio, thank you well. Crypto had another bad

540
00:31:08,680 --> 00:31:11,200
Speaker 1: week and it may only get worse. Joining me now,

541
00:31:11,320 --> 00:31:15,160
Speaker 1: Katherine Dowling, Chief Compliance Officer and general counsel at bit

542
00:31:15,240 --> 00:31:18,960
Speaker 1: Wise Asset Management. So look in bitcoin right now, trading

543
00:31:19,040 --> 00:31:21,640
Speaker 1: at just under twenty nine thou dollars. Of course it

544
00:31:21,680 --> 00:31:24,760
Speaker 1: will continue trading through the weekend, but we did see

545
00:31:24,840 --> 00:31:29,920
Speaker 1: tech stocks bounce back, why not crypto well, and thank

546
00:31:29,960 --> 00:31:32,680
Speaker 1: you very much for having me. Despite the volatility we're

547
00:31:32,680 --> 00:31:36,120
Speaker 1: seeing in prices, crypto is it is a volatile asset,

548
00:31:36,200 --> 00:31:39,400
Speaker 1: and it is a risky asset, and it's gonna it's

549
00:31:39,400 --> 00:31:41,479
Speaker 1: gonna be affected or impacted a little bit more than

550
00:31:41,520 --> 00:31:44,240
Speaker 1: the general market. But we've we've seen the pullback in

551
00:31:44,280 --> 00:31:47,040
Speaker 1: the stock market, we've seen the pullback and crypto as well.

552
00:31:47,560 --> 00:31:50,760
Speaker 1: But we've had a number of pullbacks and crypto since

553
00:31:50,840 --> 00:31:53,760
Speaker 1: its start, and it has survived each one, and it

554
00:31:53,760 --> 00:31:56,360
Speaker 1: continues to be up into the right. So I think

555
00:31:56,360 --> 00:31:59,760
Speaker 1: my message is really just keep calm and carry on,

556
00:32:00,240 --> 00:32:02,960
Speaker 1: look at the long term horizons. None of the business

557
00:32:03,000 --> 00:32:06,360
Speaker 1: fundamentals have changed, and we will look at this, learn

558
00:32:06,400 --> 00:32:10,959
Speaker 1: the lessons and continue. So, you know, what do you

559
00:32:11,040 --> 00:32:14,840
Speaker 1: think is going to be needed to turn crypto into

560
00:32:14,880 --> 00:32:19,800
Speaker 1: a truly you know, inflation act? Will it ever be that? Well?

561
00:32:19,840 --> 00:32:22,680
Speaker 1: What we've seen happen over this year, I've been calling

562
00:32:22,680 --> 00:32:26,320
Speaker 1: it the Year of the definition. We're getting into a

563
00:32:26,400 --> 00:32:31,960
Speaker 1: more mainstream, pushing into institutional audiences. You've seen Fidelity has

564
00:32:32,000 --> 00:32:35,800
Speaker 1: now added bitcoin as an option in IRA accounts. This

565
00:32:35,920 --> 00:32:39,760
Speaker 1: is huge, This is not going away. And now what

566
00:32:39,840 --> 00:32:43,120
Speaker 1: we're also seeing more of this year is a is

567
00:32:43,120 --> 00:32:46,800
Speaker 1: the crypto education. UM I just came back from the

568
00:32:47,000 --> 00:32:51,880
Speaker 1: DC Blockchain Conference, and what was really positive and compelling

569
00:32:52,400 --> 00:32:56,960
Speaker 1: was seeing the number of Members of Congress who attended

570
00:32:57,000 --> 00:33:01,400
Speaker 1: the event. They were engaged, they were talking about learning more,

571
00:33:01,760 --> 00:33:04,160
Speaker 1: they were engaging in person, which was great to be

572
00:33:04,200 --> 00:33:07,680
Speaker 1: able to have that in person with members of industry

573
00:33:07,800 --> 00:33:10,760
Speaker 1: saying teach us more. We want to learn more about

574
00:33:10,760 --> 00:33:13,520
Speaker 1: these businesses and whether they were taking the approach of

575
00:33:13,960 --> 00:33:16,800
Speaker 1: Corey Brooke Booker, who was taking the approach of my

576
00:33:16,920 --> 00:33:22,920
Speaker 1: constituency needs access and this technology will give my constituency

577
00:33:23,040 --> 00:33:25,920
Speaker 1: access that they haven't had from a number of the

578
00:33:25,960 --> 00:33:29,840
Speaker 1: financial intermediaries that have shut them out of the financial system.

579
00:33:30,240 --> 00:33:32,920
Speaker 1: Or if you're taking the approach of a Senator Haggerty

580
00:33:33,000 --> 00:33:36,200
Speaker 1: who's saying, look, this is innovative and we need to

581
00:33:36,280 --> 00:33:39,880
Speaker 1: keep this business on our shores. The message between that

582
00:33:40,120 --> 00:33:43,200
Speaker 1: is we need regulatory clarity, and we've got a number

583
00:33:43,240 --> 00:33:47,240
Speaker 1: of folks who are really pushing towards regulatory clarity, looking

584
00:33:47,240 --> 00:33:51,680
Speaker 1: forward to seeing the Lemmits Ujila brand bill coming down

585
00:33:51,680 --> 00:33:55,120
Speaker 1: the pike, and all of these are pushing that year

586
00:33:55,160 --> 00:33:58,320
Speaker 1: of the definition where it needs to be get more

587
00:33:58,360 --> 00:34:01,520
Speaker 1: regulatory clarity, which is what this as needs. Okay, so

588
00:34:01,640 --> 00:34:05,880
Speaker 1: teach our audience please this terror situation. How damaging is

589
00:34:05,880 --> 00:34:09,560
Speaker 1: this gonna be when we look back? So I think

590
00:34:09,560 --> 00:34:11,680
Speaker 1: it's gonna be a pets dot com right, I mean

591
00:34:11,880 --> 00:34:14,640
Speaker 1: it's I don't mean to be cute. I know people.

592
00:34:14,680 --> 00:34:18,160
Speaker 1: I'm sympathetic to the that's helpful. The metaphor is helpful.

593
00:34:18,680 --> 00:34:21,520
Speaker 1: I'm sympathetic to the folks who lost money in that investment.

594
00:34:21,560 --> 00:34:24,600
Speaker 1: It was a risky investment, and I think what it

595
00:34:24,640 --> 00:34:26,640
Speaker 1: is is one of the headlines I saw spoke to me,

596
00:34:26,800 --> 00:34:29,440
Speaker 1: which was, you know, the ground shook, but the foundations

597
00:34:29,520 --> 00:34:33,120
Speaker 1: are still solid with regard to the crypto ecosystem. So

598
00:34:33,160 --> 00:34:36,920
Speaker 1: it had its impact and we learn from that. We

599
00:34:37,040 --> 00:34:42,000
Speaker 1: learn from what happened with this particular digital asset, and

600
00:34:42,080 --> 00:34:45,759
Speaker 1: the people who made that investment also learned, Okay, this

601
00:34:45,840 --> 00:34:48,200
Speaker 1: is very risky. Did I make the did I do

602
00:34:48,280 --> 00:34:50,719
Speaker 1: my homework? Did I Did I put it in the

603
00:34:50,800 --> 00:34:54,680
Speaker 1: correct category? It's not backed by fiat currency. There are

604
00:34:54,680 --> 00:34:59,360
Speaker 1: other stable coins that are much less risky UM that

605
00:34:59,400 --> 00:35:02,080
Speaker 1: are pegged and they're backed one to one with real

606
00:35:02,160 --> 00:35:06,279
Speaker 1: assets UM algorithmic stable coins on the other hand, or not.

607
00:35:06,480 --> 00:35:09,960
Speaker 1: It was backed by code, it's backed by you know,

608
00:35:10,040 --> 00:35:11,759
Speaker 1: if you're looking at something that's backed by code, then

609
00:35:11,800 --> 00:35:14,040
Speaker 1: you have to kind of look one step further. Okay,

610
00:35:14,080 --> 00:35:16,200
Speaker 1: what are we looking for? And if you continue to

611
00:35:16,200 --> 00:35:18,480
Speaker 1: look and you can't really figure it out. One gentleman

612
00:35:18,520 --> 00:35:20,439
Speaker 1: at the conference I just attended had a great line.

613
00:35:20,480 --> 00:35:23,160
Speaker 1: He said, you know what, if you can't find the yield,

614
00:35:23,480 --> 00:35:26,319
Speaker 1: chances are you are the yield. So I think on

615
00:35:26,360 --> 00:35:29,200
Speaker 1: the go forward, we learned from this example, and for

616
00:35:29,239 --> 00:35:34,799
Speaker 1: every pets dot com there are hundreds of amazons. Interesting. Well,

617
00:35:34,840 --> 00:35:38,680
Speaker 1: I appreciate the crisp comparisons there, and I think it

618
00:35:38,719 --> 00:35:41,720
Speaker 1: definitely helps us better understand that. Katherine Dowling, bit Wise

619
00:35:41,760 --> 00:35:47,640
Speaker 1: Asset Management, thanks for sharing your definitions with us. Well.

620
00:35:47,680 --> 00:35:49,759
Speaker 1: For most video gamers, playing games is a way to

621
00:35:49,880 --> 00:35:53,040
Speaker 1: unwind or connect with friends, but for some it can

622
00:35:53,120 --> 00:35:55,839
Speaker 1: also be a medical treatment. There is now an AFT

623
00:35:56,000 --> 00:36:00,320
Speaker 1: approved racing game called Endeavor r X that's being prescribed

624
00:36:00,320 --> 00:36:03,799
Speaker 1: by doctors four kids with a d h D. The

625
00:36:03,840 --> 00:36:06,759
Speaker 1: company behind that game, Achille Interactive, just announced a first

626
00:36:06,800 --> 00:36:11,000
Speaker 1: of its kind partnership with Roadblocks. Joining me now, Eddie Martucci,

627
00:36:11,120 --> 00:36:15,200
Speaker 1: CEO and co founder of Achille, So explain to me

628
00:36:15,280 --> 00:36:17,680
Speaker 1: how what are the mechanics of this? How can a

629
00:36:17,960 --> 00:36:22,600
Speaker 1: video game help cure or treat a d h D? Sure,

630
00:36:22,640 --> 00:36:25,120
Speaker 1: no problem, nom only, thanks for having me. This is

631
00:36:25,320 --> 00:36:28,200
Speaker 1: really a digital medicine. That's that's what we've built here,

632
00:36:28,239 --> 00:36:31,000
Speaker 1: and that's what we've spent about a decade building. Um

633
00:36:31,040 --> 00:36:35,839
Speaker 1: It's built on another decade of research on a very

634
00:36:35,920 --> 00:36:40,840
Speaker 1: specific sensory and motor stimuli that activate the midline prefrontal cortex,

635
00:36:40,920 --> 00:36:44,000
Speaker 1: the part of the brain that actually controls attention functioning

636
00:36:44,000 --> 00:36:48,000
Speaker 1: and other related cognitive issues. We coded that into an

637
00:36:48,120 --> 00:36:51,000
Speaker 1: environment that looks and feels an acts every single second

638
00:36:51,080 --> 00:36:53,240
Speaker 1: like a video game. So you can really think about

639
00:36:53,239 --> 00:36:56,520
Speaker 1: this as underneath the hood, there's this really strong neuroscience

640
00:36:56,560 --> 00:36:59,680
Speaker 1: patented has been taken all the way through trials the FDA.

641
00:36:59,760 --> 00:37:02,920
Speaker 1: It's a aura, um, but the delivery of this is

642
00:37:02,960 --> 00:37:06,160
Speaker 1: something that we think, um can really fulfill a need

643
00:37:06,200 --> 00:37:09,239
Speaker 1: in the marketplace, which is medicine that isn't scary but

644
00:37:09,440 --> 00:37:11,880
Speaker 1: actually can be fun. And so we've decided to deliver

645
00:37:12,000 --> 00:37:14,279
Speaker 1: this in a unique way, which is through a video

646
00:37:14,320 --> 00:37:16,320
Speaker 1: game platform. So so what do you say to the

647
00:37:16,360 --> 00:37:19,279
Speaker 1: skeptics that, you know, more video games means more screen time,

648
00:37:19,360 --> 00:37:24,839
Speaker 1: could fuel more addiction to games, which isn't necessarily good. No,

649
00:37:24,920 --> 00:37:27,640
Speaker 1: it's a it's a really fair point, I think, Um.

650
00:37:27,680 --> 00:37:29,719
Speaker 1: I think skeptics are there for a reason. It's usually

651
00:37:29,760 --> 00:37:33,239
Speaker 1: because people have been burned, right, and so certainly, um,

652
00:37:33,280 --> 00:37:35,960
Speaker 1: you have kids, I have kids. We see we see

653
00:37:36,040 --> 00:37:38,120
Speaker 1: children play a whole lot of video games, and we're

654
00:37:38,120 --> 00:37:40,000
Speaker 1: probably nervous most of the time what they're doing to

655
00:37:40,080 --> 00:37:42,440
Speaker 1: their brains. There's a little bit of research out there

656
00:37:42,480 --> 00:37:45,080
Speaker 1: on what they do to the brains. Um Our point

657
00:37:45,160 --> 00:37:49,399
Speaker 1: here is not to significantly increase random screen time. Our

658
00:37:49,480 --> 00:37:52,960
Speaker 1: point here is to say we know parents understand that

659
00:37:53,000 --> 00:37:55,319
Speaker 1: there's good and bad screen time, that there can be

660
00:37:55,320 --> 00:37:59,680
Speaker 1: benefits to using phones and tablets UM, and to in

661
00:37:59,760 --> 00:38:02,120
Speaker 1: our case, have a proven and in this case, the

662
00:38:02,200 --> 00:38:06,279
Speaker 1: only proven and prescription enabled video game. UM. So you're

663
00:38:06,320 --> 00:38:09,799
Speaker 1: really thinking about offsetting some of the screen time that

664
00:38:09,920 --> 00:38:13,759
Speaker 1: children might take for other things YouTube, etcetera, and using

665
00:38:13,800 --> 00:38:16,759
Speaker 1: that to get proven benefits when you have UM a

666
00:38:16,760 --> 00:38:18,600
Speaker 1: condition like a d h D and you need help.

667
00:38:19,120 --> 00:38:23,600
Speaker 1: And you're also working on potentially applying gaming to long

668
00:38:23,840 --> 00:38:26,520
Speaker 1: COVID in addition to this roadblock partnership, tell us a

669
00:38:26,560 --> 00:38:30,040
Speaker 1: little bit bit more about how that will work. Sure, sure, yeah,

670
00:38:30,080 --> 00:38:33,000
Speaker 1: this is not This is not a technology approach that's

671
00:38:33,000 --> 00:38:35,520
Speaker 1: based on any single game or any single population. So

672
00:38:35,560 --> 00:38:38,360
Speaker 1: this is really about a new way to activate neural

673
00:38:38,360 --> 00:38:41,120
Speaker 1: networks in the brain that control attention. We think one

674
00:38:41,200 --> 00:38:45,240
Speaker 1: of the largest unmet needs in central nervous system medicine

675
00:38:45,560 --> 00:38:48,960
Speaker 1: is actually cognitive functioning. It's how the brain's processing information

676
00:38:49,160 --> 00:38:52,120
Speaker 1: on a second by second basis that's been pushed aside

677
00:38:52,120 --> 00:38:54,799
Speaker 1: in medicine that's been treated a little bit more as

678
00:38:55,040 --> 00:38:59,120
Speaker 1: holistic medicine or occupational therapy. We think that's wrong. We

679
00:38:59,239 --> 00:39:01,759
Speaker 1: think that it's something that patients deal with on a

680
00:39:01,840 --> 00:39:03,840
Speaker 1: daily basis. And that is true in a d h

681
00:39:03,960 --> 00:39:07,120
Speaker 1: D where we have a first product FDA cleared, but

682
00:39:07,440 --> 00:39:12,879
Speaker 1: it's true in many other populations depression, multiple sclerosis, autism,

683
00:39:13,000 --> 00:39:15,680
Speaker 1: and yes, even long COVID. And those are all areas

684
00:39:15,680 --> 00:39:18,440
Speaker 1: where we have completed our ongoing clinical trials. Because our

685
00:39:18,760 --> 00:39:21,560
Speaker 1: aim here is really to create a class of medicine,

686
00:39:21,600 --> 00:39:25,400
Speaker 1: a new business um that is specializing in the best

687
00:39:25,440 --> 00:39:28,799
Speaker 1: and ideally most effective and safe way to intervene in

688
00:39:28,840 --> 00:39:35,320
Speaker 1: cognitive function across different ages and across different diseases. Absolutely fascinating.

689
00:39:35,560 --> 00:39:39,480
Speaker 1: Addie Marcucci, CEO of a Chilly Interactive We'll keep watching,

690
00:39:39,600 --> 00:39:41,799
Speaker 1: thank you, and that does it for the decision of

691
00:39:42,000 --> 00:39:45,080
Speaker 1: Bloomberg Technology. Wall Street Week with my colleague David Weston

692
00:39:45,320 --> 00:39:47,360
Speaker 1: is coming up next. Got a great round of guests

693
00:39:47,360 --> 00:39:52,080
Speaker 1: they're including, of course Larry Summers. Um have a wonderful weekend. Everyone.

694
00:39:52,160 --> 00:39:54,960
Speaker 1: Don't forget to check out our podcast anywhere you get

695
00:39:54,960 --> 00:39:57,280
Speaker 1: your podcast, and again you can catch that full Roadblocks

696
00:39:57,320 --> 00:40:02,440
Speaker 1: episode at Bloomberg dot com. Who do we have any

697
00:40:02,520 --> 00:40:03,200
Speaker 1: day to U