1 00:00:02,400 --> 00:00:05,760 Speaker 1: From the heart of where innovation, money and power collive 2 00:00:06,519 --> 00:00:11,080 Speaker 1: in Silicon Vallet and beyond. This is Bloomberg Technology with 3 00:00:11,119 --> 00:00:26,520 Speaker 1: Emily Jay. I'm Emily Tanging in San Francisco and this 4 00:00:26,560 --> 00:00:28,920 Speaker 1: is Bloomberg Technology. Coming up in the next hour. We 5 00:00:29,000 --> 00:00:31,960 Speaker 1: are live at the Port of l a after fiery 6 00:00:32,000 --> 00:00:35,479 Speaker 1: comments from President Biden on soaring inflation and what he 7 00:00:35,640 --> 00:00:41,080 Speaker 1: calls the exploitation of oil companies that spiking gas prices, 8 00:00:41,880 --> 00:00:44,720 Speaker 1: Plus developing news out of Tesla. The company is asking 9 00:00:44,760 --> 00:00:48,080 Speaker 1: shareholders to authorize a three for one stock split, and 10 00:00:48,200 --> 00:00:52,960 Speaker 1: there's a surprising departure from the board of directors. Plus 11 00:00:52,960 --> 00:00:56,680 Speaker 1: a culture clash at Disney Drives the TV chief out, 12 00:00:56,720 --> 00:00:59,200 Speaker 1: We're gonna talk about the future of the entertainment giant 13 00:00:59,320 --> 00:01:02,480 Speaker 1: undersea out Bob Cha Peck. I want to get back 14 00:01:02,520 --> 00:01:06,240 Speaker 1: to those inflation numbers now. President Biden paying a visit 15 00:01:06,280 --> 00:01:09,120 Speaker 1: to the Port of Los Angeles and talking about surging 16 00:01:09,160 --> 00:01:13,720 Speaker 1: prices as inflation hits a forty year high, including some 17 00:01:13,760 --> 00:01:17,360 Speaker 1: of the biggest jumps ever in gas prices. The President 18 00:01:17,440 --> 00:01:20,800 Speaker 1: going after Exxon, which is seen not only record profits 19 00:01:20,880 --> 00:01:24,200 Speaker 1: but also a record rise in its share price. Take 20 00:01:24,200 --> 00:01:26,920 Speaker 1: a listen to what the President had to say, Exxon 21 00:01:27,040 --> 00:01:30,600 Speaker 1: made more money than God this year. And by the way, 22 00:01:30,600 --> 00:01:32,560 Speaker 1: nothing's changed and they're not by the one thing I 23 00:01:32,600 --> 00:01:35,240 Speaker 1: want to say about the old companies. They talked about 24 00:01:35,280 --> 00:01:39,560 Speaker 1: how we have they have nine thousands permits to drill, 25 00:01:40,560 --> 00:01:44,840 Speaker 1: they're not drilling. Why aren't they drilling? Because they make 26 00:01:44,920 --> 00:01:48,720 Speaker 1: more money not producing more oil. Joining us now from 27 00:01:48,880 --> 00:01:52,280 Speaker 1: the Port of l A. Bloomberg's Atlin Law, so walk 28 00:01:52,400 --> 00:01:55,320 Speaker 1: us through the President's message. He got pretty heated at 29 00:01:55,360 --> 00:01:58,120 Speaker 1: times he did, and it was interesting. He started on 30 00:01:58,640 --> 00:02:01,040 Speaker 1: hit port of Los Angeles is the work they've done, 31 00:02:01,080 --> 00:02:04,600 Speaker 1: the coordination between the different tentacles of the ports system, 32 00:02:04,680 --> 00:02:08,720 Speaker 1: the truckers, the operators, the shipping companies. But he also 33 00:02:08,840 --> 00:02:11,399 Speaker 1: talked a lot about the broader problem around supply chains, 34 00:02:11,440 --> 00:02:14,240 Speaker 1: which included impact from the war in Ukraine. He didn't 35 00:02:14,280 --> 00:02:16,480 Speaker 1: just have kind of ire for the oil companies, where 36 00:02:16,520 --> 00:02:20,040 Speaker 1: he basically wants oil production to increase so prices come down. 37 00:02:20,200 --> 00:02:23,560 Speaker 1: But he also talked about foreign shipping companies. And the 38 00:02:23,600 --> 00:02:25,960 Speaker 1: reason he did is that a big driver of inflation 39 00:02:26,000 --> 00:02:30,040 Speaker 1: has been the rate that retailers in this country, Walmart's targets, 40 00:02:30,400 --> 00:02:33,720 Speaker 1: Amazon's pay to move goods from A to B and 41 00:02:33,840 --> 00:02:36,960 Speaker 1: he essentially said those rates are unpalatably high. He called 42 00:02:37,000 --> 00:02:39,520 Speaker 1: on Congress to do something to bring them down. But 43 00:02:39,560 --> 00:02:41,639 Speaker 1: you know, we tracked this data at Bloomberg. Of course 44 00:02:41,639 --> 00:02:44,200 Speaker 1: I do. On my Bloomberg terminal, I see that since 45 00:02:44,200 --> 00:02:48,200 Speaker 1: September shipping rates have come down. So he kind of 46 00:02:48,240 --> 00:02:52,399 Speaker 1: did this rapid spray. Look at what's happening. The underlying message, though, 47 00:02:52,639 --> 00:02:56,079 Speaker 1: things here have improved them. So let's talk about the 48 00:02:56,160 --> 00:02:59,800 Speaker 1: role of technology here. Obviously tech companies have been acutely 49 00:02:59,840 --> 00:03:02,960 Speaker 1: in pacted by the supply chain delays. What does this 50 00:03:03,000 --> 00:03:06,240 Speaker 1: all mean for check? So we're on a tech show. 51 00:03:06,400 --> 00:03:08,239 Speaker 1: You and I talked about the cutting edge of say 52 00:03:08,360 --> 00:03:11,320 Speaker 1: drones and and ask fishal intelligence, et cetera. But in 53 00:03:11,360 --> 00:03:14,280 Speaker 1: this case, it's the lack of technology. It's a very 54 00:03:14,320 --> 00:03:17,359 Speaker 1: manual process. A container gets lifted off a ship by 55 00:03:17,360 --> 00:03:20,560 Speaker 1: a crane, put down on the bottom of a truck cab, 56 00:03:20,840 --> 00:03:22,960 Speaker 1: and they're driven off to his destination or he gets 57 00:03:23,000 --> 00:03:26,080 Speaker 1: moved onto a rail. The message I'm hearing over and 58 00:03:26,160 --> 00:03:29,160 Speaker 1: over from executives and officials is rail is letting us 59 00:03:29,240 --> 00:03:32,200 Speaker 1: down because they have cranes that take the containers of 60 00:03:32,360 --> 00:03:35,760 Speaker 1: ships directly onto rail lines, but there are no rail 61 00:03:35,840 --> 00:03:37,920 Speaker 1: carts to meet them, so they just pile up and 62 00:03:38,120 --> 00:03:41,880 Speaker 1: left idly. A positive is Friday. Let's end on a positive. 63 00:03:42,320 --> 00:03:44,400 Speaker 1: I think the sports system, the executives, I suppose to 64 00:03:44,400 --> 00:03:47,360 Speaker 1: you throughout the day are really happy about the administration 65 00:03:47,760 --> 00:03:51,080 Speaker 1: getting out their checkbook putting money into the ports system 66 00:03:51,120 --> 00:03:53,680 Speaker 1: to the tunes of billions of dollars to modernize that. 67 00:03:53,720 --> 00:03:56,960 Speaker 1: We can get more automation. We can have software systems 68 00:03:57,080 --> 00:03:59,120 Speaker 1: that get all of these folks talking to one another, 69 00:03:59,320 --> 00:04:00,760 Speaker 1: and so we prove and what we saw in the 70 00:04:00,800 --> 00:04:03,680 Speaker 1: lost happening eighteen months from happening again. Ludlow. Thanks, We're 71 00:04:03,680 --> 00:04:05,000 Speaker 1: going to see you a bit later in this show 72 00:04:05,040 --> 00:04:08,480 Speaker 1: when we talk about the president's push for electric cars 73 00:04:08,560 --> 00:04:11,520 Speaker 1: and the role Tesla plays in all of that. I 74 00:04:11,520 --> 00:04:14,320 Speaker 1: want to continue this conversation on inflation and the broader 75 00:04:14,320 --> 00:04:18,320 Speaker 1: market implications and bringing Tim Sullivan, the CEO of Oceanic. Tim, 76 00:04:18,320 --> 00:04:19,880 Speaker 1: thank you so much. What do you make of the 77 00:04:20,279 --> 00:04:23,479 Speaker 1: notes that the President struck today? Um? I think there's 78 00:04:23,640 --> 00:04:26,359 Speaker 1: you know, a lot more to inflation that includes monetary 79 00:04:26,440 --> 00:04:30,359 Speaker 1: policy and demand pull and cost push. I think the 80 00:04:30,400 --> 00:04:36,240 Speaker 1: manufactured demand by you know, strinkling five trillion dollars out 81 00:04:36,240 --> 00:04:39,840 Speaker 1: of the economy over COVID, UH created you know, kind 82 00:04:39,839 --> 00:04:43,240 Speaker 1: of a virtual demand. UM supply in fact diminished some 83 00:04:43,279 --> 00:04:46,120 Speaker 1: of the things that were shut down during COVID haven't 84 00:04:46,200 --> 00:04:50,080 Speaker 1: haven't restarted and and may never restart, So diminished supply 85 00:04:50,200 --> 00:04:54,560 Speaker 1: and and manufactured demand that's now decreasing. The combination is 86 00:04:55,240 --> 00:04:58,920 Speaker 1: leading to inflation that's kind of at a runaway pace 87 00:04:59,040 --> 00:05:00,960 Speaker 1: right now. Obviously the Feds got a lot to do. 88 00:05:01,920 --> 00:05:04,120 Speaker 1: So are you saying that the President shouldn't just be 89 00:05:04,120 --> 00:05:07,480 Speaker 1: blaming X on there are other factors at play. Uh, 90 00:05:07,600 --> 00:05:09,880 Speaker 1: there's definitely other factors at play in as far as 91 00:05:10,360 --> 00:05:12,880 Speaker 1: Exxon goes or any of their old companies for that matter. 92 00:05:13,440 --> 00:05:18,200 Speaker 1: UM investments in energy over the last eight to ten 93 00:05:18,279 --> 00:05:20,400 Speaker 1: years have have not been what they should have been. 94 00:05:20,800 --> 00:05:23,800 Speaker 1: UM money has been kind of transitioned over to green 95 00:05:23,839 --> 00:05:27,960 Speaker 1: projects under the things. And at this time when there's 96 00:05:27,960 --> 00:05:31,120 Speaker 1: a war in Russia and we're basically reduced by three 97 00:05:31,120 --> 00:05:34,440 Speaker 1: million barrels a day, the OPEC increase it's coming in 98 00:05:34,560 --> 00:05:37,200 Speaker 1: July four and fifty thousand barrels a day is a 99 00:05:37,279 --> 00:05:39,480 Speaker 1: drop in the bucket, and and we're going to obviously 100 00:05:39,480 --> 00:05:42,080 Speaker 1: feel that as a country. So how long do you 101 00:05:42,160 --> 00:05:45,560 Speaker 1: think this inflation and this general market funk is going 102 00:05:45,600 --> 00:05:47,520 Speaker 1: to be with us? I mean, that's one of the 103 00:05:47,560 --> 00:05:51,400 Speaker 1: toughest questions I think out there. I personally see my market, 104 00:05:51,440 --> 00:05:55,919 Speaker 1: which is the private markets, uh, existing at least, you know, 105 00:05:55,960 --> 00:05:58,840 Speaker 1: through the end of the year, it being a tumultuous, 106 00:05:58,920 --> 00:06:03,000 Speaker 1: choppy at best, and recovery hopefully starting sometime next year. 107 00:06:03,160 --> 00:06:05,360 Speaker 1: So let's talk about what it's going to take, you know, 108 00:06:05,400 --> 00:06:07,600 Speaker 1: otherwise to get inflation under control. Are there are other 109 00:06:07,680 --> 00:06:10,680 Speaker 1: things that the administration, in your view, could and should 110 00:06:10,680 --> 00:06:15,000 Speaker 1: be doing to alleviate the pressure on consumers. That's a 111 00:06:15,000 --> 00:06:17,320 Speaker 1: tough one. I think. You know, they're using every tool 112 00:06:17,360 --> 00:06:20,200 Speaker 1: that they can to moderate inflation, and you know, using 113 00:06:20,240 --> 00:06:24,719 Speaker 1: tightening and trying to manage the workforce and employment numbers 114 00:06:24,760 --> 00:06:27,800 Speaker 1: things like that. So it's, you know, it's become a 115 00:06:27,800 --> 00:06:30,240 Speaker 1: bit of a whip saw right now, and inflation numbers 116 00:06:30,279 --> 00:06:33,640 Speaker 1: are obviously getting pretty tough. I see milk at the 117 00:06:33,640 --> 00:06:36,320 Speaker 1: grocery store ten dollars a gallon here in California and 118 00:06:36,360 --> 00:06:40,240 Speaker 1: gas over seven dollars um. It's it's gonna be tough 119 00:06:40,279 --> 00:06:41,920 Speaker 1: for a lot of people to night. I don't think 120 00:06:41,920 --> 00:06:45,000 Speaker 1: there's an instant panacea that the government has that they 121 00:06:45,040 --> 00:06:47,600 Speaker 1: can employ. You're also a venture capitalist, and I'm curious 122 00:06:47,640 --> 00:06:50,320 Speaker 1: what the impact is that you're seeing on the private markets. Obviously, 123 00:06:50,360 --> 00:06:52,680 Speaker 1: we see what's happening in the public markets. We're hearing 124 00:06:52,720 --> 00:06:57,880 Speaker 1: that companies are having trouble raising money, doing um down rounds, 125 00:06:58,160 --> 00:07:02,800 Speaker 1: slashing their valuations, lay offs, hiring freezes. You know, what 126 00:07:02,880 --> 00:07:06,120 Speaker 1: do you think the fallout from this period of time 127 00:07:06,160 --> 00:07:07,960 Speaker 1: is going to be on all of these private companies 128 00:07:08,000 --> 00:07:10,080 Speaker 1: that were, you know, living high on the hog for 129 00:07:10,120 --> 00:07:13,000 Speaker 1: a while there. Yeah, I mean I've seen this in 130 00:07:13,120 --> 00:07:16,640 Speaker 1: two thousand and two thousand and eight, and uh, it's 131 00:07:16,680 --> 00:07:18,840 Speaker 1: to me, it's kind of like, uh, one of these 132 00:07:18,840 --> 00:07:21,600 Speaker 1: California fires that we have. It. It's horrible and horrendous 133 00:07:21,600 --> 00:07:24,880 Speaker 1: and and terrifying UM and a lot of companies will 134 00:07:24,920 --> 00:07:29,240 Speaker 1: will be absorbed in. Other companies will just disappear UM. 135 00:07:29,280 --> 00:07:32,920 Speaker 1: But at the end, typically a situation like this creates 136 00:07:33,080 --> 00:07:35,239 Speaker 1: a lot of new growth. And in the private markets, 137 00:07:35,800 --> 00:07:38,640 Speaker 1: we are really the public markets are leading indicator for 138 00:07:38,680 --> 00:07:41,040 Speaker 1: the private markets. So a lot of the private company 139 00:07:41,200 --> 00:07:45,840 Speaker 1: valuations are are pegged off of uh, you know, public 140 00:07:45,880 --> 00:07:49,680 Speaker 1: company valuations on future value, and if the public company 141 00:07:49,720 --> 00:07:54,520 Speaker 1: valuations decrease significantly, the future value of those few private 142 00:07:54,520 --> 00:07:56,480 Speaker 1: companies that are buying to be number one. In some 143 00:07:56,600 --> 00:07:59,360 Speaker 1: cases there's only two or three market leaders in the 144 00:07:59,400 --> 00:08:01,880 Speaker 1: private company space, they are all going to take a 145 00:08:02,000 --> 00:08:04,400 Speaker 1: huge hit. And so, like you said, we are seeing 146 00:08:05,160 --> 00:08:09,680 Speaker 1: um difficulty, challenges with financing terms that are changing, liquidation 147 00:08:09,720 --> 00:08:12,120 Speaker 1: preferences that are increasing, you know, from one to two 148 00:08:12,160 --> 00:08:15,280 Speaker 1: to three to who knows what um, and and of 149 00:08:15,320 --> 00:08:18,040 Speaker 1: course to manage cash flow, people are gonna get laid off, 150 00:08:18,040 --> 00:08:20,280 Speaker 1: and it's it's going to be it is going to 151 00:08:20,320 --> 00:08:23,400 Speaker 1: be a rough road for for everyone. Tough. Indeed, Tim Salivan, 152 00:08:23,480 --> 00:08:26,720 Speaker 1: CEO of Oceanic, thank you for giving us your view 153 00:08:27,240 --> 00:08:30,560 Speaker 1: there on what we're dealing with. Thank you well. Tesla 154 00:08:30,640 --> 00:08:33,480 Speaker 1: shares are up in late trading as it plans for 155 00:08:33,559 --> 00:08:35,760 Speaker 1: a three for one stock split, the ev maker joining 156 00:08:35,800 --> 00:08:38,600 Speaker 1: other tech companies with lofty share prices that have taken 157 00:08:38,640 --> 00:08:42,960 Speaker 1: similar steps to make ownership more accessible to individual investors. 158 00:08:43,200 --> 00:08:46,320 Speaker 1: Tesla also announcing Oracle founder Larry Ellison will step down 159 00:08:46,400 --> 00:08:49,000 Speaker 1: from the Tesla board. Will have more on this developing 160 00:08:49,000 --> 00:09:01,480 Speaker 1: story later this hour. Stopping counter it luxury goods. Stock 161 00:09:01,679 --> 00:09:03,480 Speaker 1: x has taken a leading role in this and as 162 00:09:03,520 --> 00:09:05,880 Speaker 1: new data out on the rise of counterfeit items that 163 00:09:05,920 --> 00:09:09,200 Speaker 1: are flooding the market. Joining me now, stock x CEO 164 00:09:09,600 --> 00:09:11,839 Speaker 1: Scott Cutler. Scott great to have you back with us. 165 00:09:11,840 --> 00:09:14,240 Speaker 1: So just how many more of these things are flooding 166 00:09:14,280 --> 00:09:17,640 Speaker 1: the market now? Well, just taken a step back. If 167 00:09:17,640 --> 00:09:21,480 Speaker 1: you look at the trends for consumers. Consumers are inspired 168 00:09:21,520 --> 00:09:24,320 Speaker 1: by what they see with brands, and brands are going 169 00:09:24,320 --> 00:09:28,080 Speaker 1: more directly to consumer, but they're also releasing product, their 170 00:09:28,080 --> 00:09:31,680 Speaker 1: best product in scarce quantities and sometimes it's very difficult 171 00:09:31,720 --> 00:09:35,080 Speaker 1: to get and so consumers are going to marketplaces to 172 00:09:35,160 --> 00:09:38,480 Speaker 1: actually get product that they can't get in other channels. 173 00:09:38,760 --> 00:09:40,800 Speaker 1: So stock x has been at the forefront of being 174 00:09:40,840 --> 00:09:45,640 Speaker 1: a marketplace that connects buyers and sellers and we've authenticated 175 00:09:45,640 --> 00:09:48,960 Speaker 1: over thirty five million products that have gone through our 176 00:09:49,040 --> 00:09:52,960 Speaker 1: rigorous authentication process and it's a service that we provide 177 00:09:53,000 --> 00:09:57,160 Speaker 1: to our customers to essentially ensure that they're getting access 178 00:09:57,559 --> 00:10:02,160 Speaker 1: to great product from brands at authenticated. So what kind 179 00:10:02,160 --> 00:10:06,520 Speaker 1: of fake stuff are you seeing more of? Well, if 180 00:10:06,760 --> 00:10:09,440 Speaker 1: you look at the last twelve months alone, we have 181 00:10:09,520 --> 00:10:15,040 Speaker 1: protected customers by rejecting over three hundred thousand products worth 182 00:10:15,080 --> 00:10:18,679 Speaker 1: more than a hundred million dollars. Those products range from 183 00:10:19,120 --> 00:10:25,680 Speaker 1: sneakers to apparel, accessories, handbags, across a broad category of 184 00:10:25,840 --> 00:10:29,640 Speaker 1: goods that today consumers are defining as a next generation 185 00:10:29,760 --> 00:10:34,520 Speaker 1: asset class. But when we reject an item for being inauthentic, 186 00:10:34,960 --> 00:10:37,679 Speaker 1: what's interesting When you peel back the report that we 187 00:10:38,160 --> 00:10:42,160 Speaker 1: put out this week, you'll realize that the most common 188 00:10:42,240 --> 00:10:45,480 Speaker 1: reason for us rejecting something as a manufacturing defect, it 189 00:10:45,480 --> 00:10:49,400 Speaker 1: could be a glue stitching, it could be the way 190 00:10:49,440 --> 00:10:54,000 Speaker 1: that product was manufactured, damaged, boxed, use product, and then 191 00:10:54,080 --> 00:10:56,920 Speaker 1: fake product. So essentially we're looking at that end to 192 00:10:57,040 --> 00:11:00,040 Speaker 1: end experience and want to be able to deliver for 193 00:11:00,240 --> 00:11:04,320 Speaker 1: that customer, as you know, a legitimate brand experience that 194 00:11:04,400 --> 00:11:08,320 Speaker 1: they quite frankly expect from us. So obviously we know 195 00:11:08,559 --> 00:11:11,000 Speaker 1: what stock X does to keep these kind of things 196 00:11:11,040 --> 00:11:13,640 Speaker 1: off the market. Is there something more broadly that you 197 00:11:13,679 --> 00:11:17,480 Speaker 1: think should be happening to prevent these black markets, if 198 00:11:17,520 --> 00:11:20,520 Speaker 1: you will, from flourishing. Well, if you look at where 199 00:11:20,520 --> 00:11:24,679 Speaker 1: the consumer is today, as I said, going to places 200 00:11:24,880 --> 00:11:27,160 Speaker 1: where they can't find product, and so they're going to 201 00:11:27,480 --> 00:11:31,360 Speaker 1: other marketplaces that range from social networks to peer to 202 00:11:31,400 --> 00:11:35,480 Speaker 1: peer marketplaces. And the challenge with these marketplaces is that 203 00:11:35,840 --> 00:11:41,679 Speaker 1: there's a lack of quality. Uh, there's no certification around authenticity, 204 00:11:41,720 --> 00:11:45,000 Speaker 1: and typically it's a bad user experience. And so when 205 00:11:45,040 --> 00:11:48,760 Speaker 1: we started, we created the highest standard among the industry 206 00:11:48,800 --> 00:11:53,599 Speaker 1: for marketplaces and quite frankly, revolutionized a process to authenticate 207 00:11:54,120 --> 00:11:57,560 Speaker 1: every single product that's sold on our platform before it 208 00:11:57,600 --> 00:11:59,880 Speaker 1: gets to the consumer. And so I think the cha 209 00:12:00,040 --> 00:12:03,280 Speaker 1: challenge and quite frankly, I think the challenge to marketplaces 210 00:12:03,400 --> 00:12:06,840 Speaker 1: is to stand up for your consumer, authenticate that product, 211 00:12:06,920 --> 00:12:10,400 Speaker 1: and stand by the product that's being sold on your platform, 212 00:12:10,480 --> 00:12:12,760 Speaker 1: and take responsibility as a platform, which is what we 213 00:12:12,800 --> 00:12:16,839 Speaker 1: do every single day. Now, you've been in the midst 214 00:12:16,840 --> 00:12:19,720 Speaker 1: of this ongoing legal battle with Nike. Nike suit you 215 00:12:19,960 --> 00:12:22,920 Speaker 1: over an n f T series based on Nike shoes 216 00:12:23,000 --> 00:12:28,600 Speaker 1: and then more recently accused sock x of selling counterfeits. 217 00:12:28,840 --> 00:12:32,080 Speaker 1: You know what's your response to this response to this 218 00:12:32,160 --> 00:12:36,360 Speaker 1: latest salvo. So from a from a legal perspective, we 219 00:12:36,440 --> 00:12:40,120 Speaker 1: believe the original case has no merit. The additional amendment 220 00:12:40,280 --> 00:12:43,000 Speaker 1: equally has no merit. We have the right to use 221 00:12:43,240 --> 00:12:47,800 Speaker 1: any brand's name and trademarks when selling products, and that's 222 00:12:47,840 --> 00:12:50,800 Speaker 1: well established under current law. I think as it relates 223 00:12:50,840 --> 00:12:53,640 Speaker 1: to the experience, and that's the experience in the most 224 00:12:53,720 --> 00:12:57,600 Speaker 1: recent recent claims is just backed up by the facts 225 00:12:57,679 --> 00:13:01,160 Speaker 1: that we authenticate one of the products that are sold 226 00:13:01,200 --> 00:13:03,280 Speaker 1: on our platform. And I think we have a really 227 00:13:03,320 --> 00:13:07,199 Speaker 1: symbiotic relationship with great brands that are releasing great product 228 00:13:07,480 --> 00:13:10,520 Speaker 1: because stock x you can see every single day what 229 00:13:10,720 --> 00:13:13,240 Speaker 1: is this great product worth and what could it be 230 00:13:13,320 --> 00:13:16,640 Speaker 1: traded for? And we provide an economic opportunity for those 231 00:13:16,640 --> 00:13:20,000 Speaker 1: sellers that hold onto those assets and then sell them 232 00:13:20,000 --> 00:13:22,600 Speaker 1: to buyers. But we stand in the middle of that 233 00:13:22,640 --> 00:13:26,760 Speaker 1: transaction to authenticate every single one and so you know, 234 00:13:26,840 --> 00:13:29,800 Speaker 1: to claim that we're not doing that is patently false. 235 00:13:30,080 --> 00:13:33,559 Speaker 1: But most importantly for us, it's really about ensuring that 236 00:13:33,720 --> 00:13:37,319 Speaker 1: user experience. So, if that's the case, what went wrong 237 00:13:37,360 --> 00:13:39,800 Speaker 1: with the relationship with Nike, because I assume you have 238 00:13:39,880 --> 00:13:43,400 Speaker 1: to maintain strong relationships with a lot of brands. Well, 239 00:13:43,640 --> 00:13:46,000 Speaker 1: if you if you look at the platform itself, we're 240 00:13:46,000 --> 00:13:52,920 Speaker 1: actually intermediary between sellers and buyers. Those sellers are typically consumers. Um, 241 00:13:53,040 --> 00:13:56,559 Speaker 1: we do have relationships with brands that actually release product 242 00:13:56,600 --> 00:13:59,920 Speaker 1: and sub product, but a vast majority of what transact 243 00:14:00,160 --> 00:14:03,200 Speaker 1: on the platform is not coming from a brand directly, 244 00:14:03,240 --> 00:14:06,600 Speaker 1: but it's coming from consumers to get access to that 245 00:14:06,679 --> 00:14:09,600 Speaker 1: product over time. You know, we have partnered in so 246 00:14:09,640 --> 00:14:14,600 Speaker 1: many different ways with the industry on on counterfeits. In fact, 247 00:14:15,040 --> 00:14:17,679 Speaker 1: even Nike itself have come to us to say, we 248 00:14:17,720 --> 00:14:21,560 Speaker 1: think you're among the highest standards in the marketplace. Partner 249 00:14:21,640 --> 00:14:26,080 Speaker 1: with us with the Department of Homeland Security on other councils, 250 00:14:26,120 --> 00:14:30,160 Speaker 1: participating in in preventing counterfeits for getting to the market, 251 00:14:30,560 --> 00:14:32,520 Speaker 1: and so I think we work in partnership with the 252 00:14:32,560 --> 00:14:36,160 Speaker 1: industry and hold ourselves to those standards. Now, you spent 253 00:14:36,240 --> 00:14:38,320 Speaker 1: a lot of time at the New York Stock Exchange, 254 00:14:38,360 --> 00:14:41,000 Speaker 1: and I'm curious what unique perspective that gives you on 255 00:14:41,040 --> 00:14:44,800 Speaker 1: the market turmoil that we're seeing now, and you specifically 256 00:14:44,840 --> 00:14:48,320 Speaker 1: oversaw listings, you know, you know, do you think this 257 00:14:48,480 --> 00:14:50,560 Speaker 1: I p O window is shut? And what does that 258 00:14:50,600 --> 00:14:53,080 Speaker 1: mean for stock X, which we were expecting to go 259 00:14:53,160 --> 00:14:57,120 Speaker 1: public potentially soon. Well, you know, everybody is watching the 260 00:14:57,160 --> 00:14:59,840 Speaker 1: headlines in the markets today. What I would say is 261 00:15:00,480 --> 00:15:04,480 Speaker 1: for the market overall, today's headlines are rarely tomorrow's history, 262 00:15:04,600 --> 00:15:07,480 Speaker 1: so we will get through this time. UM. It's certainly 263 00:15:07,480 --> 00:15:11,280 Speaker 1: a very difficult time for the consumer. UM for us specifically, 264 00:15:11,480 --> 00:15:15,920 Speaker 1: I can't comment on rumors speculation about us, but we 265 00:15:16,000 --> 00:15:20,680 Speaker 1: are focused on executing our business, growing our business during 266 00:15:20,720 --> 00:15:24,680 Speaker 1: these challenging times, and expanding into other exciting categories and 267 00:15:24,760 --> 00:15:29,560 Speaker 1: areas to attract this next generation of consumer to our platform. 268 00:15:29,800 --> 00:15:34,440 Speaker 1: Stock X also sells collectibles like trading cars, figurines. You know, 269 00:15:34,600 --> 00:15:37,680 Speaker 1: talk to us about your plans for non shoe alternative 270 00:15:37,720 --> 00:15:40,320 Speaker 1: assets and the kind of demand you see from gen 271 00:15:40,440 --> 00:15:43,480 Speaker 1: Z and millennials, especially in the midst of a downturn. 272 00:15:44,280 --> 00:15:46,640 Speaker 1: Well in two thousand and six, team we started with 273 00:15:47,080 --> 00:15:49,840 Speaker 1: with this idea of creating a real time marketplace for 274 00:15:49,960 --> 00:15:53,520 Speaker 1: high demand consumer goods. We started with sneakers. Our second 275 00:15:53,600 --> 00:15:57,000 Speaker 1: category actually was in watches, and then handbags, and then 276 00:15:57,040 --> 00:15:59,560 Speaker 1: we got into apparel and that's expanded now and to 277 00:15:59,640 --> 00:16:02,320 Speaker 1: collect to bowls. It's all part of a big trend 278 00:16:02,400 --> 00:16:05,680 Speaker 1: that I think includes digital assets, include some of these 279 00:16:05,680 --> 00:16:09,800 Speaker 1: physical assets where the next generation consumer gen Z jen 280 00:16:09,920 --> 00:16:14,760 Speaker 1: A actually looking at different things besides oil and commodities 281 00:16:14,800 --> 00:16:17,920 Speaker 1: and even the market itself as a place to invest 282 00:16:18,440 --> 00:16:21,560 Speaker 1: their time, their energy, their passions, and now you have 283 00:16:21,600 --> 00:16:26,480 Speaker 1: opportunities to actually turn that passion into an economic opportunity. 284 00:16:26,840 --> 00:16:29,320 Speaker 1: And so it's a big trend across all the things 285 00:16:29,360 --> 00:16:32,640 Speaker 1: that trade into our platform that these are considered assets 286 00:16:32,640 --> 00:16:36,400 Speaker 1: by this set of consumers. All right, Scott Cutler, CEO 287 00:16:36,600 --> 00:16:38,360 Speaker 1: of stock X, Great to have you with us. Thanks 288 00:16:38,360 --> 00:16:41,280 Speaker 1: Scott for stopping by. Coming up another stock split in 289 00:16:41,400 --> 00:16:43,280 Speaker 1: the tech sector. This time it's Tesla. Why the e 290 00:16:43,360 --> 00:16:46,880 Speaker 1: V maker is eyeing a three for one split? Up next, 291 00:16:47,080 --> 00:17:01,680 Speaker 1: this is Bloomberg now today is on Tesla that broke 292 00:17:01,880 --> 00:17:04,480 Speaker 1: just after the US market closed, the e V company 293 00:17:04,600 --> 00:17:07,040 Speaker 1: saying in a proxy statement it is asking shareholders to 294 00:17:07,119 --> 00:17:09,199 Speaker 1: vote on a three for one stock split. Joining us 295 00:17:09,240 --> 00:17:11,719 Speaker 1: now on the phone for more Bloomware, Stata Hall, who 296 00:17:11,800 --> 00:17:14,440 Speaker 1: covers Tesla Flora, So it works for Alphabet, it worked 297 00:17:14,440 --> 00:17:17,200 Speaker 1: for Amazon, giving the stocks a bit of a jump 298 00:17:17,200 --> 00:17:19,119 Speaker 1: when they did their own stocks. That's why is Tesla 299 00:17:19,200 --> 00:17:22,600 Speaker 1: doing this? Dantum, well, Tessaly the stock split a couple 300 00:17:22,640 --> 00:17:25,480 Speaker 1: of years ago that was wildly popular with retail investors 301 00:17:25,520 --> 00:17:29,240 Speaker 1: because you know, fans of the company loved the company, 302 00:17:29,359 --> 00:17:31,600 Speaker 1: loved the stock. But as the stock price rises, it's 303 00:17:31,640 --> 00:17:33,480 Speaker 1: harder for them to get an entry point, and so 304 00:17:34,040 --> 00:17:36,520 Speaker 1: Tesla wants to do this not just for retail shareholders, 305 00:17:36,560 --> 00:17:38,520 Speaker 1: but also for its own employees. I mean, they give 306 00:17:38,560 --> 00:17:41,080 Speaker 1: stock options to employees and it's a big part of 307 00:17:41,119 --> 00:17:44,160 Speaker 1: the compensation. And um, you know, I think the last 308 00:17:44,160 --> 00:17:46,400 Speaker 1: stock split was just wildly popular and there's no reason 309 00:17:46,520 --> 00:17:50,119 Speaker 1: not to do it again. Meantime, Tesla also announcing that 310 00:17:50,160 --> 00:17:52,320 Speaker 1: Larry Elson is stepping down from the board, which is 311 00:17:52,359 --> 00:17:55,760 Speaker 1: interesting given that Larry is one of the big backers 312 00:17:55,840 --> 00:17:59,160 Speaker 1: of Elon Steal to buy Twitter. What do you make 313 00:17:59,160 --> 00:18:02,720 Speaker 1: of this? Yeah, that was a surprise. Larry has been 314 00:18:02,720 --> 00:18:07,720 Speaker 1: on the board since lateen He is considered an independent director. Um, 315 00:18:07,760 --> 00:18:09,960 Speaker 1: he just is not standing for re elections and his 316 00:18:10,080 --> 00:18:12,919 Speaker 1: charm is up and he's not gonna, you know, be 317 00:18:13,200 --> 00:18:15,760 Speaker 1: be reelected. The board is gonna shrink from eight members 318 00:18:15,800 --> 00:18:18,480 Speaker 1: to seven. Um. You know, I don't know what is 319 00:18:18,560 --> 00:18:20,920 Speaker 1: behind that. Um. I mean we know that Mr Ellison 320 00:18:20,920 --> 00:18:23,200 Speaker 1: spends a lot of his time in Lamai, Hawaii. Maybe 321 00:18:23,240 --> 00:18:25,520 Speaker 1: he just didn't have time to come to all the 322 00:18:25,520 --> 00:18:27,720 Speaker 1: board meetings or wants to do other things. But he 323 00:18:27,760 --> 00:18:31,000 Speaker 1: has been a pretty instrumental player on the board. And yeah, 324 00:18:31,000 --> 00:18:34,480 Speaker 1: obviously is backing Elon's bid to buy Twitter. So I'm 325 00:18:34,480 --> 00:18:37,520 Speaker 1: not entirely sure went what went on there. We were 326 00:18:37,560 --> 00:18:40,840 Speaker 1: just covering Bloomberg's big takes focused on Larry Allison and Lanni. 327 00:18:40,960 --> 00:18:44,720 Speaker 1: How does this change the constitution of the Tesla board 328 00:18:45,040 --> 00:18:50,040 Speaker 1: in the meantime? Uh, well, Larry's departure just means that 329 00:18:50,080 --> 00:18:54,160 Speaker 1: the board shrinks and um and so, you know, seven 330 00:18:54,160 --> 00:18:56,800 Speaker 1: people is pretty small for a company of Tesla size. 331 00:18:56,840 --> 00:18:58,879 Speaker 1: I mean most boards are going in the opposite direction, 332 00:18:58,920 --> 00:19:02,439 Speaker 1: adding members, add more diversity. Tesla is kind of you know, 333 00:19:02,520 --> 00:19:06,240 Speaker 1: shrinking its numbers even though it's become this massive company. 334 00:19:06,359 --> 00:19:08,919 Speaker 1: All right, well, we'll continue to follow your reporting on this. 335 00:19:09,000 --> 00:19:12,719 Speaker 1: Dana Hall of Bloomberg News, who covers Tesla for us. 336 00:19:12,800 --> 00:19:23,800 Speaker 1: Thank you Dana for that update. Welcome back to Bloomberg 337 00:19:23,800 --> 00:19:26,320 Speaker 1: Technology and Emily Chang in San Francisco. This week, the 338 00:19:26,359 --> 00:19:29,320 Speaker 1: Biden administration announced new steps to build out the first 339 00:19:29,440 --> 00:19:34,160 Speaker 1: ever national network of five thousand electric car chargers along 340 00:19:34,280 --> 00:19:36,920 Speaker 1: US highways and in select neighborhood. This is a key 341 00:19:36,920 --> 00:19:40,600 Speaker 1: piece of the bipartisan Infrastructure Law. Let's get back to 342 00:19:41,119 --> 00:19:43,399 Speaker 1: ad Ludlow joining us down from l A, where President 343 00:19:43,440 --> 00:19:46,080 Speaker 1: Biden spoke just a few hours ago. So I talked 344 00:19:46,080 --> 00:19:49,360 Speaker 1: to us about these new charging stations and just how 345 00:19:49,440 --> 00:19:54,880 Speaker 1: much this could supercharge electric car ownership. This is a 346 00:19:54,920 --> 00:19:58,040 Speaker 1: case of build it and they will come right. Biden's 347 00:19:58,040 --> 00:20:00,840 Speaker 1: administration laid out seven and a half BI in dollars 348 00:20:00,880 --> 00:20:04,320 Speaker 1: for charging infrastructure, and they were very specific in the 349 00:20:04,440 --> 00:20:08,760 Speaker 1: wording of the rules. They basically want an America where 350 00:20:08,760 --> 00:20:10,800 Speaker 1: the standards are the same. It doesn't matter if you 351 00:20:10,880 --> 00:20:14,240 Speaker 1: drive yourself a Tesla, a Ford, Mustang, Marquis and Nissan 352 00:20:14,400 --> 00:20:18,280 Speaker 1: Leaf that you should dependably be able to drive up 353 00:20:18,280 --> 00:20:20,520 Speaker 1: to the nearest service station, plug in your e V 354 00:20:21,040 --> 00:20:23,960 Speaker 1: and off you go. There's been skepticism that this money 355 00:20:24,000 --> 00:20:27,359 Speaker 1: materializes in the numbers promised. There's been skepticism that it 356 00:20:27,400 --> 00:20:29,000 Speaker 1: will be built in time. But there are also a 357 00:20:29,080 --> 00:20:32,119 Speaker 1: number of private sector players. Right you have Electrify America 358 00:20:32,280 --> 00:20:35,479 Speaker 1: charge point and they have all gone about, along with Tesla, 359 00:20:35,560 --> 00:20:40,119 Speaker 1: building out these networks relatively quickly. The discussion around adoption 360 00:20:40,240 --> 00:20:43,240 Speaker 1: is still a debate because the pre order numbers for 361 00:20:43,280 --> 00:20:46,159 Speaker 1: the F one fifty Lightning for example, or a Riviewan 362 00:20:46,280 --> 00:20:48,879 Speaker 1: or even the backlog that you see in Tesla shows 363 00:20:48,880 --> 00:20:51,119 Speaker 1: that there's demand here in the United States, but the 364 00:20:51,160 --> 00:20:55,840 Speaker 1: backward looking data speaks for itself. Basically, the ev adoption 365 00:20:55,960 --> 00:20:58,359 Speaker 1: is just a few percentage points of all new car sales. 366 00:20:58,480 --> 00:21:01,560 Speaker 1: In China, it's almost twenty percent. So that's why I 367 00:21:01,600 --> 00:21:04,359 Speaker 1: say it's a question of building and will and will 368 00:21:04,440 --> 00:21:07,200 Speaker 1: they come. That's what the Biden administration hopes that making 369 00:21:07,200 --> 00:21:10,800 Speaker 1: this infrastruction more commonplace will make EVIED option more commonplace 370 00:21:10,840 --> 00:21:15,359 Speaker 1: as well. Now, something really curious, and we've seen a 371 00:21:15,560 --> 00:21:19,200 Speaker 1: rift grow between President Biden and Elon Musk, who you 372 00:21:19,240 --> 00:21:22,639 Speaker 1: would think is a natural ally in this administration, and 373 00:21:22,680 --> 00:21:27,159 Speaker 1: in this push to electric cards, we've seen barbs from both, 374 00:21:27,640 --> 00:21:30,920 Speaker 1: you know, in in you know, towards each other. Why 375 00:21:31,119 --> 00:21:34,080 Speaker 1: is this? Why haven't they been able to form some 376 00:21:34,160 --> 00:21:40,720 Speaker 1: sort of alliance? You know? I remember very vividly when 377 00:21:40,880 --> 00:21:43,800 Speaker 1: I sat in l a at CODE conference or RECO 378 00:21:43,800 --> 00:21:46,480 Speaker 1: conference and Elon Musk sat in the chair and said 379 00:21:47,000 --> 00:21:52,440 Speaker 1: that President Biden is leading the Russian quote Russian revolution 380 00:21:52,960 --> 00:21:55,840 Speaker 1: in electric vehicles. We've known since early in the year 381 00:21:56,280 --> 00:21:59,600 Speaker 1: that Elon Musk and the President don't have a direct 382 00:21:59,640 --> 00:22:02,560 Speaker 1: relation ship. We know that When President Biden talks about 383 00:22:02,560 --> 00:22:05,840 Speaker 1: the electrification movement, he is kind of primarily name check 384 00:22:05,960 --> 00:22:10,720 Speaker 1: forward in GM's leadership in that despite Tesla dominating the 385 00:22:10,800 --> 00:22:14,920 Speaker 1: sale of electric vehicles in this country and globally. Frankly, 386 00:22:15,480 --> 00:22:17,120 Speaker 1: but there's the other side of the story as well. 387 00:22:17,160 --> 00:22:20,720 Speaker 1: Elon Musk has an unwunusual way of doing things. Tesla 388 00:22:20,840 --> 00:22:23,959 Speaker 1: is not a union shop. It does not have unionized labor. 389 00:22:24,320 --> 00:22:27,040 Speaker 1: Biden is the president of the labor movement. He's very 390 00:22:27,080 --> 00:22:29,600 Speaker 1: open about that. And now we see this shift where 391 00:22:29,600 --> 00:22:32,760 Speaker 1: Elon must has shifted his politics. The thing is, Elon 392 00:22:32,840 --> 00:22:35,199 Speaker 1: Musk is the world's richest man and he himself is 393 00:22:35,240 --> 00:22:38,520 Speaker 1: incredibly popular, and we won't be able to quantify it, 394 00:22:38,720 --> 00:22:40,760 Speaker 1: but it will be interesting as we approach November in 395 00:22:40,800 --> 00:22:44,160 Speaker 1: the mid terms. Does Elon Musk take some votership away 396 00:22:44,160 --> 00:22:47,400 Speaker 1: from Biden. That's a question I'm going to be asking. Fascinating, 397 00:22:47,440 --> 00:22:50,800 Speaker 1: fascinating question. All right at Lunlow. Thank you from the 398 00:22:51,000 --> 00:22:54,800 Speaker 1: Port of l I appreciate your reporting. Meantime, we continue 399 00:22:54,840 --> 00:22:58,119 Speaker 1: to celebrate pride. This month of June, Bloomberg Television is 400 00:22:58,160 --> 00:23:01,440 Speaker 1: focusing on a wide range of topics highlighting what equality 401 00:23:01,520 --> 00:23:05,520 Speaker 1: means for the economy, companies and investors. Today, we're speaking 402 00:23:05,520 --> 00:23:09,760 Speaker 1: with neuroscientists and entrepreneur Dr Vivian Ming, who founded SOCO Slabs, 403 00:23:10,040 --> 00:23:14,080 Speaker 1: which uses AI driven research to address inclusion and gender 404 00:23:14,480 --> 00:23:17,600 Speaker 1: in business. Dr Meng, thank you so much for joining us. 405 00:23:17,680 --> 00:23:20,440 Speaker 1: You and I first met when I was researching my 406 00:23:20,560 --> 00:23:23,800 Speaker 1: book pro Topia, and I'm so fascinated by a very 407 00:23:23,840 --> 00:23:26,880 Speaker 1: unique perspective in this industry. Let's start with AI. How 408 00:23:26,920 --> 00:23:29,920 Speaker 1: can I, or AI driven research, as you say, address 409 00:23:30,000 --> 00:23:35,080 Speaker 1: some of these really deep seated problems. Well, let's be honest, 410 00:23:35,119 --> 00:23:40,040 Speaker 1: what I believe we humans could potentially solve these problems. 411 00:23:40,760 --> 00:23:43,680 Speaker 1: But AI is an incredibly powerful tool. I once had 412 00:23:43,680 --> 00:23:48,440 Speaker 1: the opportunity to scratch an itch what drives wage gap? 413 00:23:48,960 --> 00:23:53,919 Speaker 1: And we built UH. And I say we I built 414 00:23:54,040 --> 00:23:58,480 Speaker 1: an AI that went out analyzed websites of sixty thou 415 00:23:58,760 --> 00:24:03,040 Speaker 1: different companies, looked at their quarterly reports, analyzed the photos 416 00:24:03,119 --> 00:24:05,879 Speaker 1: of the board and the leadership team, and we found 417 00:24:05,920 --> 00:24:10,240 Speaker 1: the single biggest UH predictor of wage gap within a 418 00:24:10,280 --> 00:24:14,080 Speaker 1: company all around the world was the number of male 419 00:24:14,160 --> 00:24:18,040 Speaker 1: faces UH in those pictures. The more women, the lower 420 00:24:18,040 --> 00:24:21,720 Speaker 1: the wage gap. A pretty unique finding. It took one 421 00:24:21,880 --> 00:24:25,359 Speaker 1: day and as it turns out, one person in that sense, 422 00:24:25,840 --> 00:24:29,560 Speaker 1: AI can be an incredibly powerful tool to explore questions 423 00:24:29,560 --> 00:24:34,040 Speaker 1: of inclusion. Um. Although there's some pretty notorious stories of 424 00:24:34,040 --> 00:24:37,440 Speaker 1: a going in the wrong direction, tell us a little 425 00:24:37,480 --> 00:24:41,399 Speaker 1: bit about your personal story and you know this perspective 426 00:24:41,680 --> 00:24:44,879 Speaker 1: you have, unlike many other people, about how people in 427 00:24:44,920 --> 00:24:49,520 Speaker 1: Silicon Valley, for example, are treated differently. Yeah, you know, 428 00:24:49,560 --> 00:24:52,640 Speaker 1: it's a funny thing. When I started my first tech 429 00:24:52,640 --> 00:24:55,639 Speaker 1: company was an ad tech company. This was before Corsera 430 00:24:55,840 --> 00:24:58,560 Speaker 1: and con Academy, and we're going out, my wife and 431 00:24:58,600 --> 00:25:02,359 Speaker 1: I together to try and his money. And I remember 432 00:25:02,400 --> 00:25:05,159 Speaker 1: this one case in factor was the first time we 433 00:25:05,200 --> 00:25:10,200 Speaker 1: had an entire partner vote from a venture capital firm 434 00:25:10,320 --> 00:25:13,320 Speaker 1: on us. And this one guy happened to be the 435 00:25:13,359 --> 00:25:16,560 Speaker 1: oldest guy in the room. Uh, No tough questions, no 436 00:25:16,720 --> 00:25:19,719 Speaker 1: questions at all. He literally just patted me on the 437 00:25:19,760 --> 00:25:22,119 Speaker 1: head as I left the room and said, you should 438 00:25:22,160 --> 00:25:24,520 Speaker 1: be so proud of what you built. And then he 439 00:25:24,600 --> 00:25:28,480 Speaker 1: ended up being the one person who voted against fundings. Uh. 440 00:25:28,520 --> 00:25:31,640 Speaker 1: And you know, maybe this is an experience that could 441 00:25:31,680 --> 00:25:34,320 Speaker 1: happen to anyone. It wasn't just that I was a woman, 442 00:25:34,440 --> 00:25:38,200 Speaker 1: or just that I was a married women that were 443 00:25:38,200 --> 00:25:42,119 Speaker 1: the founders. Except this wasn't actually my first company. My 444 00:25:42,200 --> 00:25:46,199 Speaker 1: first company was years before, a film company, and I 445 00:25:46,280 --> 00:25:49,560 Speaker 1: was a man, and in a decade in between, I 446 00:25:49,600 --> 00:25:52,880 Speaker 1: had gone through transition. And let me tell you, it 447 00:25:52,960 --> 00:25:58,720 Speaker 1: was extraordinarily more difficult raising money as a woman, despite 448 00:25:58,760 --> 00:26:01,760 Speaker 1: the fact that in the inner reading years I'd gained 449 00:26:01,800 --> 00:26:05,639 Speaker 1: a couple of PhD s. Uh. In the years since 450 00:26:05,720 --> 00:26:10,959 Speaker 1: that I founded six companies, had five of them acquired 451 00:26:12,160 --> 00:26:15,040 Speaker 1: I We had a good business plan. I truly believe 452 00:26:15,040 --> 00:26:18,400 Speaker 1: what we were trying to build. The people couldn't see it. 453 00:26:19,040 --> 00:26:21,920 Speaker 1: And I will tell you that if you've ever wondered 454 00:26:22,119 --> 00:26:25,040 Speaker 1: whether it's truly different for men and women, for gay 455 00:26:25,080 --> 00:26:29,639 Speaker 1: and straight, black and white, as someone that's seen both sides, yes, 456 00:26:30,080 --> 00:26:34,520 Speaker 1: Silicon Valley can be a wildly different town. As someone 457 00:26:34,560 --> 00:26:37,040 Speaker 1: who's seen both sides and perhaps has one of the 458 00:26:37,080 --> 00:26:42,040 Speaker 1: most decorated resumes of anyone in Silicon Valley, how much 459 00:26:42,160 --> 00:26:45,280 Speaker 1: progress do you think has actually been made over the years. 460 00:26:45,320 --> 00:26:47,879 Speaker 1: Of course, we had um the Me Too movement, that 461 00:26:47,960 --> 00:26:51,080 Speaker 1: Black Lives Matter movement, Then we had the pandemic and 462 00:26:51,119 --> 00:26:55,080 Speaker 1: concerns about backsliding in the pandemic, Do you feel like 463 00:26:55,119 --> 00:27:01,240 Speaker 1: we've made significant steps forward or or not? Yeah? You know, 464 00:27:01,320 --> 00:27:03,639 Speaker 1: I'm a hard number scientist in the end, and so 465 00:27:03,680 --> 00:27:06,320 Speaker 1: I like to collect data. One of the projects we 466 00:27:06,400 --> 00:27:09,760 Speaker 1: run at SOCO SLABS is called the Inclusion Impact Index. 467 00:27:09,880 --> 00:27:15,320 Speaker 1: We collaborate with crunch Base, pitch Book, the US Patent Bureau, 468 00:27:15,400 --> 00:27:19,560 Speaker 1: and the Census collecting data and we look at questions 469 00:27:19,600 --> 00:27:26,640 Speaker 1: like do lgbt founders um raised as much as straight founders, 470 00:27:26,640 --> 00:27:31,240 Speaker 1: how many jobs are created by women starting companies in 471 00:27:31,280 --> 00:27:34,919 Speaker 1: the Southeast, And what we clearly saw, for example, during 472 00:27:35,200 --> 00:27:40,679 Speaker 1: the pandemic is funding of non traditional founders read UH, women, 473 00:27:41,560 --> 00:27:47,280 Speaker 1: ethnic minorities, lgbt Q went down substantially UM. Some of 474 00:27:47,359 --> 00:27:49,359 Speaker 1: that is because many of them were starting companies for 475 00:27:49,400 --> 00:27:52,680 Speaker 1: the first time, and funding for new companies dropped dirt 476 00:27:52,760 --> 00:27:57,280 Speaker 1: with the uncertainty, but the drop for someone like me 477 00:27:57,640 --> 00:28:02,840 Speaker 1: was pronounced lee larger, So there's clearly some backsliding going 478 00:28:02,960 --> 00:28:07,879 Speaker 1: on UH. And that kind of data is incredibly useful 479 00:28:08,000 --> 00:28:10,840 Speaker 1: because I'll tell you I have never talked with a 480 00:28:10,960 --> 00:28:15,160 Speaker 1: VC that wasn't convinced they were the most rational person 481 00:28:15,280 --> 00:28:19,320 Speaker 1: in the entire world. We are moving into an even 482 00:28:19,400 --> 00:28:23,000 Speaker 1: more tech enabled world. You know, this future of the metaverse. 483 00:28:23,080 --> 00:28:25,440 Speaker 1: Who knows if it happens, but you know a number 484 00:28:25,440 --> 00:28:28,320 Speaker 1: of companies are certainly trying to push us in that direction. 485 00:28:28,600 --> 00:28:32,159 Speaker 1: Do you see this posing or presenting more challenges or 486 00:28:32,240 --> 00:28:38,479 Speaker 1: opportunities when it comes to creating a more equal world? Uh? 487 00:28:38,800 --> 00:28:42,840 Speaker 1: You know, let's be blunt, it's both. Uh. We look 488 00:28:43,000 --> 00:28:45,760 Speaker 1: at some new research on the rate of data flow, 489 00:28:45,880 --> 00:28:48,560 Speaker 1: how incredibly connected we are, how easy it is with 490 00:28:48,720 --> 00:28:52,320 Speaker 1: my phone or online for to collect any piece of 491 00:28:52,440 --> 00:28:57,320 Speaker 1: information I want to get, And paradoxically, it's actually slowing 492 00:28:57,400 --> 00:29:01,560 Speaker 1: down innovation. And so in that sense, independent of diversity, 493 00:29:02,120 --> 00:29:07,880 Speaker 1: technology seems to make us explore less and that's deeply problematic. 494 00:29:08,560 --> 00:29:11,040 Speaker 1: But we can fight against that, and we can really 495 00:29:11,240 --> 00:29:15,000 Speaker 1: lean into technology. For example, technology I built from my 496 00:29:15,120 --> 00:29:20,560 Speaker 1: son who has autism, to help him understand people that 497 00:29:20,680 --> 00:29:24,680 Speaker 1: don't have autism without cheering him. He's already got a superpower. 498 00:29:24,800 --> 00:29:27,360 Speaker 1: He sees the world different than everyone around him. He 499 00:29:27,520 --> 00:29:31,080 Speaker 1: just needs a little help and understanding other people. That's 500 00:29:31,280 --> 00:29:34,520 Speaker 1: where technology can make a difference by actually celebrating what 501 00:29:34,760 --> 00:29:37,720 Speaker 1: makes us different and even augmenting it, not just making 502 00:29:37,840 --> 00:29:41,800 Speaker 1: us all sort of boringly the same. So what do 503 00:29:41,880 --> 00:29:45,080 Speaker 1: you see it is next here in this discussion, In 504 00:29:45,160 --> 00:29:47,360 Speaker 1: this conversation, I know there are so many things that 505 00:29:47,440 --> 00:29:50,120 Speaker 1: we don't talk about that, don't you know, we don't 506 00:29:50,200 --> 00:29:54,320 Speaker 1: shed enough light on what should we be talking about. Well, 507 00:29:54,360 --> 00:29:56,320 Speaker 1: I gotta tell you, as was mentioned in some of 508 00:29:56,400 --> 00:30:00,640 Speaker 1: your earlier interviews, Uh, it's a change world in California. 509 00:30:00,680 --> 00:30:04,400 Speaker 1: Their requirements about board representation. I have never gotten so 510 00:30:04,560 --> 00:30:08,040 Speaker 1: many board inquiries. I mean, honestly, a transgender women with 511 00:30:08,200 --> 00:30:11,560 Speaker 1: a multi racial disabled family, everybody is calling me up 512 00:30:11,560 --> 00:30:15,720 Speaker 1: and asking if I'll join their board. Um, but I 513 00:30:15,840 --> 00:30:19,280 Speaker 1: think it's performative. What we really need to do is 514 00:30:19,560 --> 00:30:24,600 Speaker 1: see that there is value, uh, in arguable value and 515 00:30:24,760 --> 00:30:30,320 Speaker 1: having people that think differently about problems. Gender, race, sexuality 516 00:30:30,480 --> 00:30:32,960 Speaker 1: are certainly not the only ways in the world people 517 00:30:33,000 --> 00:30:36,200 Speaker 1: think differently, but they are powerful ones. So for the 518 00:30:36,320 --> 00:30:39,880 Speaker 1: last year two we've actually been looking at this fascinating space, 519 00:30:40,000 --> 00:30:43,520 Speaker 1: the neuroscience of trust. Why it is that our brains 520 00:30:43,840 --> 00:30:47,840 Speaker 1: process different people differently and we just need to accept 521 00:30:48,040 --> 00:30:51,120 Speaker 1: in the end that we're human and we're imperfect and 522 00:30:51,280 --> 00:30:54,480 Speaker 1: sometimes it's going to take extra effort to connect with 523 00:30:54,600 --> 00:30:57,840 Speaker 1: someone that's different. Where our brains are just not set 524 00:30:57,920 --> 00:31:01,680 Speaker 1: up to handle it. M Dr Vivian, men, you sharing 525 00:31:01,760 --> 00:31:04,840 Speaker 1: your perspective with us today is truly a gift. Thank you. 526 00:31:16,360 --> 00:31:18,120 Speaker 1: It is time now for our Crypto report and I 527 00:31:18,200 --> 00:31:21,040 Speaker 1: want to talk about securing block change. Joining me now, 528 00:31:21,280 --> 00:31:24,840 Speaker 1: Nko Sandrico, Janapolis. He is the CEO of Metrica, which 529 00:31:24,960 --> 00:31:29,240 Speaker 1: provides monitoring and analytics for blockchain communities. He nicos, thank 530 00:31:29,280 --> 00:31:31,520 Speaker 1: you so much for joining us, So talk to us 531 00:31:31,560 --> 00:31:34,240 Speaker 1: about the problems that you're trying to solve with your company. 532 00:31:35,400 --> 00:31:39,720 Speaker 1: So Metric is trying to make blockchain networks reliable and 533 00:31:39,880 --> 00:31:42,640 Speaker 1: performance so that the Web three world can be built 534 00:31:42,680 --> 00:31:45,680 Speaker 1: on top. So think of it. We've got used to 535 00:31:45,720 --> 00:31:49,920 Speaker 1: the resiliency and the performance of telecommunication networks. We are 536 00:31:50,040 --> 00:31:53,120 Speaker 1: applying and we're building the same tools in the blogsain world. 537 00:31:53,520 --> 00:31:55,360 Speaker 1: And that is very important because if we want to 538 00:31:55,360 --> 00:32:00,200 Speaker 1: build applications for Web three applications that are required figher 539 00:32:00,240 --> 00:32:03,280 Speaker 1: operational requirements. Think of it like the next Zoom, the 540 00:32:03,400 --> 00:32:06,600 Speaker 1: next Facebook, the next Netflix on top of Web three. 541 00:32:06,920 --> 00:32:09,640 Speaker 1: We need the blockchain networks to be performing really well. 542 00:32:10,160 --> 00:32:14,080 Speaker 1: So we were building the tools end to end monitoring, analytics, 543 00:32:14,200 --> 00:32:18,840 Speaker 1: operational intelligence so that anyone who runs infrastructure can run 544 00:32:18,880 --> 00:32:22,400 Speaker 1: it reliably, and also the applications can get that visibility 545 00:32:22,600 --> 00:32:25,400 Speaker 1: and can know how the network performs. The blockchain network 546 00:32:25,480 --> 00:32:30,040 Speaker 1: performed underneath our network. Allergies and attacks on the blockchain 547 00:32:30,240 --> 00:32:35,080 Speaker 1: more serious than they would be on other networks. I 548 00:32:35,200 --> 00:32:38,800 Speaker 1: think they are. I think the the assets that exist 549 00:32:38,880 --> 00:32:44,320 Speaker 1: on the blockchain networks are much more valuable than video 550 00:32:44,680 --> 00:32:49,080 Speaker 1: or voice that exists on conventional telecom networks or the Internet. 551 00:32:49,520 --> 00:32:53,320 Speaker 1: And I think we're putting our banking system, we're putting nuancets, 552 00:32:53,360 --> 00:32:56,480 Speaker 1: We're putting digital assets on those networks. So I think 553 00:32:56,560 --> 00:33:00,960 Speaker 1: both security and performance are much more important than what 554 00:33:01,120 --> 00:33:04,280 Speaker 1: it were in the in the telecom world. And I 555 00:33:04,360 --> 00:33:08,720 Speaker 1: think we're gonna see the highest value bids traversing the world, 556 00:33:09,200 --> 00:33:11,440 Speaker 1: uh than we saw before in the web two world 557 00:33:11,520 --> 00:33:14,880 Speaker 1: in the Internet. So chat to us that about how 558 00:33:14,960 --> 00:33:18,880 Speaker 1: the scales in the future. If you know, these kinds 559 00:33:18,920 --> 00:33:25,040 Speaker 1: of adages and attacks are more serious for blockchain technology. Yeah, 560 00:33:25,400 --> 00:33:26,920 Speaker 1: I mean, just to give you an example of what 561 00:33:27,080 --> 00:33:30,560 Speaker 1: happens today when there is when there is an outage, UM, 562 00:33:30,800 --> 00:33:33,560 Speaker 1: everyone runs a note on the blocks in network and 563 00:33:33,640 --> 00:33:36,400 Speaker 1: they run some kind of local monitoring on those notes, 564 00:33:37,000 --> 00:33:40,880 Speaker 1: and what happens is that everybody sees that their notice 565 00:33:40,920 --> 00:33:44,440 Speaker 1: down and they try to figure out is it the node, 566 00:33:44,720 --> 00:33:47,040 Speaker 1: is it the network, is it the application that is wrong? 567 00:33:47,200 --> 00:33:50,600 Speaker 1: Nobody knows what is going on exactly. So everybody goes 568 00:33:50,680 --> 00:33:53,600 Speaker 1: on social media, they go on Twitter, they go on discourt, 569 00:33:53,760 --> 00:33:56,040 Speaker 1: and they start asking each other are you seeing the 570 00:33:56,080 --> 00:33:58,840 Speaker 1: same thing? Are you experiencing the same things that we see? 571 00:33:59,200 --> 00:34:02,000 Speaker 1: And then there is a long process of coordination for 572 00:34:02,200 --> 00:34:05,800 Speaker 1: bringing a network back in order. So these are operations 573 00:34:05,880 --> 00:34:08,799 Speaker 1: in the early days that we're experiencing. Now. We need 574 00:34:08,880 --> 00:34:12,560 Speaker 1: infrastructure like the one that Metric is building, so that 575 00:34:12,680 --> 00:34:16,440 Speaker 1: we can have monitoring, community monitoring, end to end visibility 576 00:34:16,480 --> 00:34:19,879 Speaker 1: into the network, and so that those outages can either 577 00:34:19,960 --> 00:34:23,480 Speaker 1: be prevented or when they happen, we can very quickly 578 00:34:23,600 --> 00:34:26,360 Speaker 1: recover and the network can be can be back. So 579 00:34:26,440 --> 00:34:29,080 Speaker 1: I think we're seeing things that as we build up 580 00:34:29,120 --> 00:34:31,400 Speaker 1: infrastructure and as we build more tools in the space, 581 00:34:31,600 --> 00:34:35,440 Speaker 1: will start becoming less and less frequent. We've been talking 582 00:34:35,480 --> 00:34:38,920 Speaker 1: a lot about the market turmoil and crypto market terminal. 583 00:34:38,960 --> 00:34:42,600 Speaker 1: Bitcoin still now below thirty dollars. What's your read on 584 00:34:42,680 --> 00:34:47,600 Speaker 1: where this is all headed. I think definitely. The markets 585 00:34:48,400 --> 00:34:51,840 Speaker 1: are in a turmoil and we're we're getting into a 586 00:34:51,920 --> 00:34:54,920 Speaker 1: bare market. But I think for for crypto, this actually 587 00:34:55,040 --> 00:34:57,759 Speaker 1: might be a good thing in the sense that people 588 00:34:57,840 --> 00:35:00,239 Speaker 1: will focus a lot on building. And every time that 589 00:35:00,320 --> 00:35:03,279 Speaker 1: we've seen in the past during burn markets, there is 590 00:35:03,320 --> 00:35:06,680 Speaker 1: a lot of infrastructure being built. The foundations of blockchain 591 00:35:06,760 --> 00:35:10,520 Speaker 1: and crypto are being built. In a movement further along, 592 00:35:10,880 --> 00:35:14,120 Speaker 1: I would say investors also kind of change their appetite 593 00:35:14,200 --> 00:35:17,160 Speaker 1: and they become much more focused on the value of 594 00:35:17,239 --> 00:35:20,840 Speaker 1: what is being built rather than on financial engineering or 595 00:35:20,920 --> 00:35:23,720 Speaker 1: on crypt economics. And I think that's that's a healthy 596 00:35:24,360 --> 00:35:26,799 Speaker 1: kind of phase that we go through. When we've seen 597 00:35:26,880 --> 00:35:29,080 Speaker 1: that in the past, it has never stopped the progress 598 00:35:29,360 --> 00:35:31,839 Speaker 1: in building up more more things in the cryptal world. 599 00:35:33,080 --> 00:35:37,200 Speaker 1: All right, Metrica CEO Niko Sanrica Jannapolis, thank you for 600 00:35:37,360 --> 00:35:41,640 Speaker 1: joining us coming up. A clash of styles over at 601 00:35:41,719 --> 00:35:45,759 Speaker 1: Disney led to a veteran, Peter Rice's dismissal, and it 602 00:35:45,880 --> 00:35:49,600 Speaker 1: took CEO Pop j Pack just seven minutes. We'll talk 603 00:35:49,640 --> 00:36:14,239 Speaker 1: about what happened next, Mrs Bloomberg. Peter Rice has one 604 00:36:14,280 --> 00:36:17,040 Speaker 1: of the longer resumes in the entertainment industry, but when 605 00:36:17,120 --> 00:36:19,360 Speaker 1: his time at Disney came to an end. It was 606 00:36:19,440 --> 00:36:21,919 Speaker 1: over in seven minutes. That is how long it took 607 00:36:22,000 --> 00:36:25,040 Speaker 1: Disney CEO Bob J Peck to fire the head of 608 00:36:25,080 --> 00:36:27,360 Speaker 1: his TV division this week and what insiders say was 609 00:36:27,440 --> 00:36:30,880 Speaker 1: a clash of styles at the world's largest entertainment company, 610 00:36:31,040 --> 00:36:34,480 Speaker 1: blooms Chris Paul Mary joins us Now to discuss. So, Chris, 611 00:36:34,800 --> 00:36:37,160 Speaker 1: what happened and why did it only take seven minutes? 612 00:36:38,239 --> 00:36:40,399 Speaker 1: Ha ha ha. Well, this is one of those things 613 00:36:40,480 --> 00:36:42,799 Speaker 1: where we'll look back at this as a data point 614 00:36:42,880 --> 00:36:46,440 Speaker 1: and if you know, the tenure of Bob Kause CEO 615 00:36:46,760 --> 00:36:49,360 Speaker 1: is ultimately a successful one, we'll say, well, there's a 616 00:36:49,400 --> 00:36:52,920 Speaker 1: guy who made quick decisions and uh, you know, I 617 00:36:53,000 --> 00:36:56,400 Speaker 1: wasn't afraid to make hard choices. Uh If if ultimately 618 00:36:56,440 --> 00:36:58,759 Speaker 1: he's not successful, and you know, and it could go 619 00:36:58,840 --> 00:37:01,520 Speaker 1: either way at this point, Uh, people will say, oh, 620 00:37:01,760 --> 00:37:03,719 Speaker 1: you know, boy, there's a guy who had really no 621 00:37:03,880 --> 00:37:07,120 Speaker 1: people's skills and uh, you know, didn't behave the way 622 00:37:07,320 --> 00:37:11,360 Speaker 1: Hollywood normally behaves when it terminates very senior executives like 623 00:37:11,480 --> 00:37:15,640 Speaker 1: Peter Rice. J Peck has obviously been facing some pretty 624 00:37:15,800 --> 00:37:19,040 Speaker 1: tough and kind of public battles what does this say 625 00:37:19,120 --> 00:37:23,759 Speaker 1: about his leadership at this point? Well, in a white 626 00:37:23,800 --> 00:37:26,759 Speaker 1: bigger news this week, uh than Peter Rice, was the 627 00:37:26,800 --> 00:37:29,440 Speaker 1: fact that the Disney's Board of Directors put out a 628 00:37:29,480 --> 00:37:33,440 Speaker 1: statement on Thursday saying that Japec and his team Habits 629 00:37:33,880 --> 00:37:37,680 Speaker 1: have their full support. Uh. And that's significant because this 630 00:37:37,800 --> 00:37:41,440 Speaker 1: guy has definitely been under fire. Stocks down by more 631 00:37:41,480 --> 00:37:44,200 Speaker 1: than a third this year alone. Uh. He had that 632 00:37:44,360 --> 00:37:47,799 Speaker 1: pr debacle in Florida that's ongoing over the school's bill, 633 00:37:47,920 --> 00:37:51,240 Speaker 1: and had a you know this, you know, municipal district 634 00:37:51,320 --> 00:37:54,880 Speaker 1: taken away from them. He had plenty of problems before that, 635 00:37:55,560 --> 00:38:00,840 Speaker 1: internally not popular, moving a lot of US to Florida 636 00:38:01,080 --> 00:38:04,440 Speaker 1: Scarlett Johansson lawsuit last year. If you recall so so, 637 00:38:05,040 --> 00:38:09,160 Speaker 1: Shafick's had more than his share of struggles. Shares are 638 00:38:09,400 --> 00:38:12,200 Speaker 1: way down. I mean, how long though, do you think 639 00:38:12,320 --> 00:38:16,399 Speaker 1: the board is going to put up with this? Well? Uh, 640 00:38:17,040 --> 00:38:19,840 Speaker 1: you know, his contract runs for another few months. I 641 00:38:19,880 --> 00:38:23,239 Speaker 1: would say for certainly he's given the statement that they 642 00:38:23,320 --> 00:38:27,000 Speaker 1: put out just yesterday, he's certainly safe this year. Uh. 643 00:38:27,760 --> 00:38:30,239 Speaker 1: It's coming at a time where you know, Netflix had 644 00:38:30,280 --> 00:38:33,480 Speaker 1: those bad subscriber numbers. The whole media sector is down 645 00:38:33,520 --> 00:38:37,000 Speaker 1: in a big way. So Disney isn't alone. You know, 646 00:38:37,120 --> 00:38:39,319 Speaker 1: the theme park says we've talked about before, are really 647 00:38:39,440 --> 00:38:42,600 Speaker 1: killing it and that's been a savior. That was where 648 00:38:43,239 --> 00:38:47,040 Speaker 1: Speck sort of last served. And uh and and that 649 00:38:47,160 --> 00:38:51,279 Speaker 1: business is doing great, so uh, it's a big test time. 650 00:38:51,280 --> 00:38:54,000 Speaker 1: They're rolling out Disney Plus in a number of new 651 00:38:54,080 --> 00:38:58,360 Speaker 1: markets this summer all over the world. And and Speck 652 00:38:58,400 --> 00:39:00,399 Speaker 1: has promised that the second half of the year will 653 00:39:00,440 --> 00:39:03,600 Speaker 1: show even stronger subscriber growth than the first half, So 654 00:39:04,000 --> 00:39:07,840 Speaker 1: those data points is still to come. Has bot Biker 655 00:39:07,960 --> 00:39:10,879 Speaker 1: had at all a role in the aftermath of all 656 00:39:10,960 --> 00:39:12,799 Speaker 1: of this, I mean, I know there's been some speculation 657 00:39:12,920 --> 00:39:16,400 Speaker 1: of him coming back, which he has said is totally ridiculous. 658 00:39:16,840 --> 00:39:20,160 Speaker 1: Just curious what Eiger is up to. H He hasn't 659 00:39:20,239 --> 00:39:25,040 Speaker 1: publicly commented on SHAPEX leadership, but people have tried to 660 00:39:25,120 --> 00:39:27,640 Speaker 1: read between the lines and some of his public statements 661 00:39:28,000 --> 00:39:33,360 Speaker 1: um people have argued, For example, he tweeted out retweeted 662 00:39:33,600 --> 00:39:37,640 Speaker 1: a statement from President Joe Biden on the Florida Schools 663 00:39:37,680 --> 00:39:40,319 Speaker 1: bill that's sort of in a way made people ask 664 00:39:40,440 --> 00:39:43,600 Speaker 1: what Disney's official position and set in motion that whole 665 00:39:43,680 --> 00:39:47,360 Speaker 1: chain of events Uh. He's also commented public on on 666 00:39:47,480 --> 00:39:50,520 Speaker 1: the decision, uh, saying essentially was a no brainer for 667 00:39:50,640 --> 00:39:54,640 Speaker 1: Disney to oppose the bill, uh, something that SHAPEC had 668 00:39:54,880 --> 00:39:58,000 Speaker 1: initially been reluctant to do so. In a way indirectly, 669 00:39:58,360 --> 00:40:00,640 Speaker 1: he's offered his opinions on the I think so going 670 00:40:00,680 --> 00:40:04,600 Speaker 1: on interesting? All right, Chris Paul Mary, who covers Disney 671 00:40:04,680 --> 00:40:07,320 Speaker 1: for us. We'll stay tuned for the next twist in 672 00:40:07,440 --> 00:40:10,400 Speaker 1: this very dramatic story. And that does it for this 673 00:40:10,600 --> 00:40:13,839 Speaker 1: edition of Bloomberg Technology. My colleague David Weston is coming 674 00:40:13,880 --> 00:40:17,040 Speaker 1: up next with Wall Street Week former Treasury Secretary Larry 675 00:40:17,160 --> 00:40:19,719 Speaker 1: Summers there. He's got some harsh words for the FED, 676 00:40:20,040 --> 00:40:25,440 Speaker 1: calling them delusional on inflation. And don't forget to check 677 00:40:25,440 --> 00:40:28,960 Speaker 1: out our podcast wherever you get our podcasts. Have a 678 00:40:29,040 --> 00:40:32,320 Speaker 1: wonderful weekend. Everyone. I'm Emily Chang in San Francisco. This 679 00:40:32,800 --> 00:40:33,640 Speaker 1: is Bloomberg