1 00:00:02,200 --> 00:00:05,520 Speaker 1: From the heart of were Innovation, money and power, CALLI 2 00:00:06,360 --> 00:00:10,880 Speaker 1: in Silicon Valley and Beyon this is Bloomberg Technology with 3 00:00:10,920 --> 00:00:26,960 Speaker 1: Emily Jay. I'm Caroline Hyde in New York in Family 4 00:00:27,000 --> 00:00:28,880 Speaker 1: Cha and this is Bloomberg Technology. Coming up in the 5 00:00:28,920 --> 00:00:32,160 Speaker 1: next hour. Details on a report that Elon Musk's deal 6 00:00:32,240 --> 00:00:35,480 Speaker 1: to buy Twitter is in serious jeopardy Washington Post saying 7 00:00:35,479 --> 00:00:38,880 Speaker 1: that Musk's team has stopped engaging in some discussions around 8 00:00:38,880 --> 00:00:41,320 Speaker 1: the forty four billion dollar deal. But also we're back 9 00:00:41,320 --> 00:00:43,640 Speaker 1: at Sullen Valley. Of course, we will chat with event 10 00:00:43,680 --> 00:00:46,320 Speaker 1: Bright chairman and co founder Kevin Hearts about the consumer 11 00:00:46,360 --> 00:00:49,000 Speaker 1: demand of live events, as they've made a big return 12 00:00:49,040 --> 00:00:52,080 Speaker 1: post pandemic. And we stay in sun Valley and chat 13 00:00:52,159 --> 00:00:55,640 Speaker 1: with Major League Soccer Commissioner Don Gaba details about the 14 00:00:55,680 --> 00:00:58,920 Speaker 1: new partnership between MLS and I'm g Arena to double 15 00:00:58,960 --> 00:01:02,720 Speaker 1: down on sports. Adding later this hour Johnny us now 16 00:01:02,800 --> 00:01:05,640 Speaker 1: Billie bergs Ed Ludlow out there in some valley where, 17 00:01:05,720 --> 00:01:07,720 Speaker 1: of course Elon Musk is meant to be landing soon, 18 00:01:09,560 --> 00:01:12,320 Speaker 1: right exactly, And the key thrust of that Washington Post 19 00:01:12,360 --> 00:01:15,280 Speaker 1: report is that Elon Musk's team working on this deal 20 00:01:15,959 --> 00:01:19,720 Speaker 1: do not believe that the data Twitter is providing about 21 00:01:19,760 --> 00:01:23,479 Speaker 1: the level of bots on the platform is verifiable. According 22 00:01:23,520 --> 00:01:27,840 Speaker 1: to the Washington Post reporting that they've stopped engaging with 23 00:01:27,880 --> 00:01:31,520 Speaker 1: potential equity partners as part of the financing of the deal. Um, 24 00:01:31,520 --> 00:01:33,839 Speaker 1: and this is you look at the after hours reaction 25 00:01:33,840 --> 00:01:36,840 Speaker 1: we saw on Twitter stock down five or six percentage points. 26 00:01:36,920 --> 00:01:39,960 Speaker 1: This does put the deal in serious doubt, with Elon 27 00:01:40,080 --> 00:01:43,720 Speaker 1: Musk not yet here in some valley and us about 28 00:01:43,720 --> 00:01:48,400 Speaker 1: the bots. I thought they just reiterated guidance about them. 29 00:01:48,440 --> 00:01:53,200 Speaker 1: I mean this. The timing of this is bizarre and spectacular, frankly, 30 00:01:53,200 --> 00:01:57,840 Speaker 1: because earlier today Twitter executives briefed that and reiterated that 31 00:01:58,280 --> 00:02:01,480 Speaker 1: less than five percent of users on the platform are bots. 32 00:02:01,720 --> 00:02:05,480 Speaker 1: Twitter beliefs, according to these executives, that a third party 33 00:02:05,600 --> 00:02:08,720 Speaker 1: cannot verify it because it's a mix of publicly and 34 00:02:08,880 --> 00:02:12,360 Speaker 1: private data that Twitter holes as the operator of the platform, 35 00:02:12,680 --> 00:02:15,520 Speaker 1: and as has been reported by multiple media outlets, they 36 00:02:15,520 --> 00:02:17,760 Speaker 1: have been going above and beyond it seems to give 37 00:02:17,800 --> 00:02:21,079 Speaker 1: Elon Musk that extra data. Anyway, So if that Washington 38 00:02:21,120 --> 00:02:24,079 Speaker 1: Post report is to be believed, um, it's going to 39 00:02:24,200 --> 00:02:27,280 Speaker 1: make for an awkward situation here at the Allen and Co. 40 00:02:27,280 --> 00:02:30,400 Speaker 1: Conference and an awkward situation end that could last year's right, 41 00:02:30,520 --> 00:02:32,720 Speaker 1: because I mean, he can't just back out of a 42 00:02:32,760 --> 00:02:35,280 Speaker 1: deal that he said he didn't need due diligence on anyway, 43 00:02:36,880 --> 00:02:38,400 Speaker 1: I think this is really interesting. You know, have been 44 00:02:38,400 --> 00:02:40,080 Speaker 1: speaking to a lot of folks in the on the 45 00:02:40,080 --> 00:02:42,760 Speaker 1: mountain bike trails here of some valley, and you know 46 00:02:42,880 --> 00:02:44,880 Speaker 1: the idea that they put forward is that the reverse 47 00:02:45,000 --> 00:02:48,320 Speaker 1: termination fee on this deal one billion dollars in either direction, 48 00:02:48,400 --> 00:02:52,000 Speaker 1: is not straightforward. It's relatively codified what they agreed. The 49 00:02:52,080 --> 00:02:54,400 Speaker 1: concern would be that Twitter would say, we'll hold on. 50 00:02:54,600 --> 00:02:56,440 Speaker 1: We're going to fight this in a legal battle. The 51 00:02:56,440 --> 00:02:58,679 Speaker 1: other side of that argument is that could be a 52 00:02:58,800 --> 00:03:01,800 Speaker 1: very long, drawn out, an expensive thing for Twitter to do, 53 00:03:01,840 --> 00:03:05,080 Speaker 1: which you know, frankly doesn't have the most boastful or 54 00:03:05,120 --> 00:03:10,480 Speaker 1: fantastic balance sheet or finances. Elon Musque has taken off, 55 00:03:10,520 --> 00:03:13,960 Speaker 1: according to the jet tracker on Twitter. Sources here tell 56 00:03:14,040 --> 00:03:16,000 Speaker 1: me that he was expected to come this change his 57 00:03:16,080 --> 00:03:19,919 Speaker 1: arrival time multiple times. Parags All, the CEO of Twitter, 58 00:03:20,000 --> 00:03:22,519 Speaker 1: is here, and Ned Seagal, the CFO, is here. Let's 59 00:03:22,520 --> 00:03:26,920 Speaker 1: see what happens, Kara, Let's see what happens plenty to 60 00:03:27,000 --> 00:03:28,959 Speaker 1: come from our own end. Lud Alone, We're pleased to 61 00:03:29,000 --> 00:03:31,040 Speaker 1: say we're going to be going back to Sun Valley 62 00:03:31,160 --> 00:03:34,160 Speaker 1: an event. Bright chairman Kevin Harts in a moment. Meanwhile, 63 00:03:34,320 --> 00:03:37,160 Speaker 1: I's get you up to speed with a verdict in 64 00:03:37,840 --> 00:03:40,720 Speaker 1: for Remesh Sunny bel Wanni. You remember him, the former 65 00:03:40,760 --> 00:03:42,880 Speaker 1: president of the ONUS and the ex boyfriend of one 66 00:03:42,960 --> 00:03:45,640 Speaker 1: Elizabeth Holmes, the founder of that business. He was found 67 00:03:45,680 --> 00:03:47,680 Speaker 1: guilty of fraud for his role in the collapse of 68 00:03:47,680 --> 00:03:50,840 Speaker 1: the nine billion dollar blood testing startup. Thursday's decision comes 69 00:03:51,000 --> 00:03:54,280 Speaker 1: six months after Holmes was convicted of defrauding investors in 70 00:03:54,280 --> 00:03:57,320 Speaker 1: the company. It's been six months. Bal Wanni faces as 71 00:03:57,320 --> 00:04:07,760 Speaker 1: long as twenty years in prison on charges. Let's get 72 00:04:07,800 --> 00:04:09,960 Speaker 1: back out to Some Valley. The conference there in Idaho 73 00:04:10,080 --> 00:04:12,200 Speaker 1: where many of the world's top business leaders are and 74 00:04:12,280 --> 00:04:16,160 Speaker 1: d gathered to talk Dealsberg said, Ludlow is talking about them, 75 00:04:16,200 --> 00:04:20,440 Speaker 1: about deals. We've got a special guest there, Yeah, I do. 76 00:04:20,560 --> 00:04:22,839 Speaker 1: And you know, the conversation in and around Some Valley 77 00:04:22,960 --> 00:04:25,760 Speaker 1: is is a big picture one about inflation, about recession, 78 00:04:26,160 --> 00:04:30,760 Speaker 1: about private markets, public markets, startups, venture capitalists. So I'm 79 00:04:30,800 --> 00:04:33,640 Speaker 1: delighted to be joined by Kevin Hart's of course event 80 00:04:33,680 --> 00:04:36,240 Speaker 1: Bright co founder and chairman. Now in the world of 81 00:04:36,320 --> 00:04:39,719 Speaker 1: venture capital, general partner and co founder of a Star Capital. 82 00:04:40,200 --> 00:04:43,560 Speaker 1: So given that spiel I just gave explain where we 83 00:04:43,600 --> 00:04:46,760 Speaker 1: are in the world right now. But will you know, 84 00:04:46,800 --> 00:04:49,840 Speaker 1: what one would say about an entrepreneur and a in 85 00:04:50,279 --> 00:04:53,159 Speaker 1: an investor is that I'm not a macro person, but 86 00:04:54,040 --> 00:04:56,360 Speaker 1: you know have unfortunately I'm all enough to have been 87 00:04:56,360 --> 00:04:58,880 Speaker 1: through a few cycles, yes, of of ups and downs 88 00:04:58,920 --> 00:05:01,880 Speaker 1: in in you know, I think we're really just in 89 00:05:01,920 --> 00:05:06,400 Speaker 1: the beginning act of of this UM process. I think 90 00:05:06,440 --> 00:05:09,599 Speaker 1: we uh with with the FED stimulus and the action 91 00:05:09,640 --> 00:05:13,560 Speaker 1: taken in March, we kind of delayed and pushed out 92 00:05:14,080 --> 00:05:17,719 Speaker 1: UM and and then now amplified what's what's happening now 93 00:05:17,760 --> 00:05:21,480 Speaker 1: and that's a very dire outlook on on the economy 94 00:05:21,720 --> 00:05:24,720 Speaker 1: over the coming years. So let's pivot to your other role, 95 00:05:24,800 --> 00:05:27,080 Speaker 1: your other life, chairman of event right, And there's there 96 00:05:27,080 --> 00:05:29,520 Speaker 1: seems to be these two competing currents, right, and and 97 00:05:29,600 --> 00:05:31,839 Speaker 1: some value kind of captures that we've come out of 98 00:05:31,880 --> 00:05:36,520 Speaker 1: a pandemic and now we're concerned about a recession. Right. 99 00:05:36,960 --> 00:05:39,440 Speaker 1: But people finally for the first time in a long 100 00:05:39,440 --> 00:05:42,320 Speaker 1: time of getting back together through your event bright lens, 101 00:05:42,360 --> 00:05:46,200 Speaker 1: how do you see the world? Well, we had in Julia, 102 00:05:46,240 --> 00:05:50,279 Speaker 1: the CEO, did a brilliant job of navigating us event 103 00:05:50,400 --> 00:05:53,880 Speaker 1: right through the downturn. We had sold almost five billions 104 00:05:53,880 --> 00:06:00,279 Speaker 1: and tickets. Uh. In in March, we had negative ticketvolume, 105 00:06:00,360 --> 00:06:05,599 Speaker 1: meaning there are more refunds uh and Uh Julia really 106 00:06:05,600 --> 00:06:09,160 Speaker 1: moved insanely quickly to UH to shore up the business 107 00:06:09,200 --> 00:06:12,400 Speaker 1: and and raise funding in the public markets. UH. So 108 00:06:12,440 --> 00:06:14,600 Speaker 1: we feel we've kind of been through what's happened over 109 00:06:14,600 --> 00:06:18,880 Speaker 1: the last six months back in in March of UH, 110 00:06:18,920 --> 00:06:21,360 Speaker 1: and we're now seeing the kind of return of the 111 00:06:21,720 --> 00:06:25,040 Speaker 1: live experience. People are just so hungry to get out, 112 00:06:25,760 --> 00:06:28,640 Speaker 1: but they're not uh spending you know, we've we've got 113 00:06:28,680 --> 00:06:32,120 Speaker 1: this inflationary cycle. They're not spending what they used to 114 00:06:32,240 --> 00:06:35,080 Speaker 1: for like the large concerts that they've maybe traveled to 115 00:06:35,200 --> 00:06:38,080 Speaker 1: or so on. Uh, they're going local. And that is 116 00:06:38,120 --> 00:06:41,760 Speaker 1: really what event right primarily covers is the local events 117 00:06:41,760 --> 00:06:43,800 Speaker 1: in once community, and they tend to be at a 118 00:06:43,839 --> 00:06:47,239 Speaker 1: lower price point. And so we're really seeing a great 119 00:06:47,240 --> 00:06:52,039 Speaker 1: surge based on on that. UH. Brian Testgate Airbnb has 120 00:06:52,080 --> 00:06:55,360 Speaker 1: pointed out similar phenomenon, and that is that people are 121 00:06:55,520 --> 00:06:58,040 Speaker 1: are going local. Now that was during COVID, but that 122 00:06:58,360 --> 00:07:02,440 Speaker 1: habit has has stayed, especially in these inflationary times. Uh 123 00:07:02,560 --> 00:07:05,040 Speaker 1: So staying local is is really what it's about, and 124 00:07:05,520 --> 00:07:07,640 Speaker 1: we think our business as well positioned for it. It's 125 00:07:07,680 --> 00:07:13,680 Speaker 1: interesting you bring up Airbnb, Brian Chesky. We've seen recessions 126 00:07:13,720 --> 00:07:17,400 Speaker 1: and financial crises before two thousand, two thousand and eight, 127 00:07:17,720 --> 00:07:21,800 Speaker 1: and startups, big names came out of that and went 128 00:07:21,840 --> 00:07:24,640 Speaker 1: on has become giant companies. You know, how do you see? 129 00:07:24,640 --> 00:07:28,040 Speaker 1: That is the other opportunities here for the next Google, 130 00:07:28,120 --> 00:07:31,440 Speaker 1: the next Airbnb to emerge. I don't want to sound morose, 131 00:07:31,520 --> 00:07:33,600 Speaker 1: but I get a little bit pleased. I get a 132 00:07:33,600 --> 00:07:36,680 Speaker 1: little bit giddy during like these downturns because it it 133 00:07:36,800 --> 00:07:40,080 Speaker 1: really separates out the you know kind of tourists, uh 134 00:07:40,360 --> 00:07:43,080 Speaker 1: you know, those that could come to the valley or 135 00:07:43,520 --> 00:07:46,640 Speaker 1: go before investors and raised five billion dollars off a plan. 136 00:07:47,040 --> 00:07:51,520 Speaker 1: This is really when great businesses are formed, when uh 137 00:07:51,960 --> 00:07:55,840 Speaker 1: you know, people thinking against the grain are starting companies 138 00:07:55,840 --> 00:07:59,080 Speaker 1: and and will really endure in a capital efficient manner. 139 00:07:59,080 --> 00:08:02,160 Speaker 1: And we'll see, absolutely see some great businesses. So putting 140 00:08:02,160 --> 00:08:06,760 Speaker 1: on my eight Star Capital hats Um. You know, I'm 141 00:08:06,800 --> 00:08:10,920 Speaker 1: just excited. I'm seeing a pickup of investments coming coming 142 00:08:11,000 --> 00:08:14,760 Speaker 1: in and we are very excited to find that next Airbnb. 143 00:08:14,920 --> 00:08:17,280 Speaker 1: I had the good fortune of being a seed investor 144 00:08:17,320 --> 00:08:21,240 Speaker 1: in Airbnb back in two thousand nine. UM, you got 145 00:08:21,280 --> 00:08:23,240 Speaker 1: to know Brian Naton Joe and they were scrappy and 146 00:08:23,280 --> 00:08:26,520 Speaker 1: they were hungry, and it was a recession, and they 147 00:08:26,560 --> 00:08:28,520 Speaker 1: had what it took to survive, had what it took. 148 00:08:29,080 --> 00:08:31,840 Speaker 1: Talking about survival, I hear a lot of competing things 149 00:08:31,840 --> 00:08:34,400 Speaker 1: over the last few days. Some say keep your power 150 00:08:34,400 --> 00:08:38,040 Speaker 1: to dry, do not deploy capital because of volatility and 151 00:08:38,040 --> 00:08:41,079 Speaker 1: public markets they're spooked. Others say, no, I'm going to 152 00:08:41,160 --> 00:08:45,000 Speaker 1: go out there. I see opportunity. Are there any industries 153 00:08:45,080 --> 00:08:48,880 Speaker 1: or is any sort of THEMATICUM direction that you're taking 154 00:08:48,920 --> 00:08:52,640 Speaker 1: with your investment thesis. That's that's uh, that's a very 155 00:08:52,640 --> 00:08:57,360 Speaker 1: important question. I've traditionally been really founder focused, so like 156 00:08:57,440 --> 00:08:59,800 Speaker 1: a Bryan Naton Joe at Airbnb, for example, or a 157 00:08:59,840 --> 00:09:04,520 Speaker 1: next straordinary team. UM was the investor in pinterest Ben Silverman, 158 00:09:04,600 --> 00:09:07,280 Speaker 1: who who actually after a dozen years has just stepped 159 00:09:07,320 --> 00:09:10,040 Speaker 1: down as CEO of it, has built a great business. 160 00:09:10,480 --> 00:09:13,280 Speaker 1: UM so what what generally happens that the seed stages 161 00:09:13,480 --> 00:09:16,640 Speaker 1: you you you invest in great people UM and they 162 00:09:16,679 --> 00:09:20,600 Speaker 1: create these new industries. We are of course very excited 163 00:09:20,640 --> 00:09:24,560 Speaker 1: about you know, this stage of aire. We're many chapters 164 00:09:24,559 --> 00:09:28,520 Speaker 1: into the AI revolution and and there's much more to 165 00:09:28,559 --> 00:09:33,280 Speaker 1: be done in that UM. Clean tech has risen so 166 00:09:33,360 --> 00:09:36,120 Speaker 1: quickly UM, and it is very exciting to see something 167 00:09:36,200 --> 00:09:40,640 Speaker 1: that that can actually drive a real business and and 168 00:09:40,880 --> 00:09:45,000 Speaker 1: drive real results, but also really help us understand in 169 00:09:45,800 --> 00:09:51,000 Speaker 1: UM kind of slow this this environmental issue we're facing today. Uh. 170 00:09:51,080 --> 00:09:53,800 Speaker 1: So there's a there's a myriad of spaces and and 171 00:09:53,920 --> 00:09:55,800 Speaker 1: you know, if you just look at back at uh, 172 00:09:55,840 --> 00:09:57,720 Speaker 1: you know, Elon Musk, who would have ever thought that 173 00:09:57,920 --> 00:10:01,840 Speaker 1: space would be a segment or there you had to 174 00:10:01,880 --> 00:10:04,640 Speaker 1: go to Elon you know, I know, well we had 175 00:10:04,720 --> 00:10:07,280 Speaker 1: to leave it there. Kevin Hart's general partner, co founder 176 00:10:07,280 --> 00:10:09,640 Speaker 1: of a Star also bent Bright chairman and co founder 177 00:10:09,640 --> 00:10:12,760 Speaker 1: of course Caroline Great Private Markets Taken What's going on 178 00:10:12,800 --> 00:10:14,520 Speaker 1: in the world. It really was and it was a 179 00:10:14,559 --> 00:10:17,440 Speaker 1: great interview Ed Ludlow, We thank you so much. Let's 180 00:10:17,480 --> 00:10:20,160 Speaker 1: just for a moment before we of course returned to 181 00:10:20,280 --> 00:10:23,359 Speaker 1: Ed with his interview on the Major League Soccer Commissioner 182 00:10:23,480 --> 00:10:26,240 Speaker 1: Don Garba. That's going to be another key focus on 183 00:10:26,280 --> 00:10:29,400 Speaker 1: the long term partnership with IMG Arena. We're good to 184 00:10:29,440 --> 00:10:32,760 Speaker 1: be talking again, of course about one Elon Musk, and 185 00:10:32,840 --> 00:10:36,000 Speaker 1: let's talk about the Musk deal. Apparently Twitter and serious 186 00:10:36,080 --> 00:10:38,360 Speaker 1: jeopardy that deal, so says the Washington Post Twitter and 187 00:10:38,360 --> 00:10:40,400 Speaker 1: our responding saying and it tends to close the deal 188 00:10:40,800 --> 00:10:43,200 Speaker 1: with the Musque at a greed Terms said that all 189 00:10:43,240 --> 00:10:45,559 Speaker 1: along of course rear traits. It will continue to share 190 00:10:45,600 --> 00:10:48,439 Speaker 1: information with Musk, particularly around the bots comments and an 191 00:10:48,440 --> 00:10:50,960 Speaker 1: email statement. And Judge is also confirming that it is 192 00:10:51,000 --> 00:10:54,679 Speaker 1: indeed cutting jobs in its talent acquisition team. That was 193 00:10:54,760 --> 00:10:58,920 Speaker 1: really previously reported by Reuters. Plenty more on that deal. 194 00:10:59,280 --> 00:11:21,000 Speaker 1: Some other stuff were to this Bloomberg. Tech giants, including Apple, Microsoft, Google, 195 00:11:21,240 --> 00:11:24,520 Speaker 1: whe they're actually all facing questions about whether their handover 196 00:11:24,640 --> 00:11:28,680 Speaker 1: uses personal data to authorities pursuing evidence on abortion seekers, 197 00:11:29,040 --> 00:11:32,120 Speaker 1: each company bracing for the multi state legal quagma that 198 00:11:32,160 --> 00:11:35,800 Speaker 1: will govern privacy in a post row world. Bloomberg's Dina 199 00:11:35,840 --> 00:11:38,920 Speaker 1: Bass wrote all about this in a fabulous piece for Bloomberg, 200 00:11:39,200 --> 00:11:40,920 Speaker 1: and we just want to dig in, Dina, and really 201 00:11:41,559 --> 00:11:45,120 Speaker 1: what are some of the issues legal labyrinth that you're 202 00:11:45,160 --> 00:11:47,960 Speaker 1: expecting to crop up here. Well, first of all, we 203 00:11:48,000 --> 00:11:50,920 Speaker 1: have to remember what's different now than pre row. Now 204 00:11:51,040 --> 00:11:54,520 Speaker 1: everybody keeps everything online, So there's this digital trail of 205 00:11:54,520 --> 00:11:57,439 Speaker 1: breadcrumbs that investigators could use if they wanted to get 206 00:11:57,480 --> 00:11:59,679 Speaker 1: to someone who had had an abortion or someone who 207 00:12:00,120 --> 00:12:02,840 Speaker 1: help them in any way, which is you know, increasingly 208 00:12:02,880 --> 00:12:06,000 Speaker 1: becoming illegal in U. S. States. So the problem is 209 00:12:06,120 --> 00:12:08,560 Speaker 1: all of these different tech companies, these different apps have 210 00:12:08,679 --> 00:12:11,079 Speaker 1: little bits of data on you and actually not a 211 00:12:11,080 --> 00:12:14,200 Speaker 1: little bit of volumes, and the data is in all 212 00:12:14,240 --> 00:12:16,800 Speaker 1: sorts of different places, and it's going to be governed 213 00:12:16,840 --> 00:12:19,600 Speaker 1: by a patwork of laws. Because imagine you have a 214 00:12:19,600 --> 00:12:22,720 Speaker 1: patient who's potentially in Texas. Maybe they're trying to secure 215 00:12:22,760 --> 00:12:25,880 Speaker 1: abortion drugs from New York. Now, maybe they get an 216 00:12:25,880 --> 00:12:29,680 Speaker 1: email receipt to their to a Microsoft email account, maybe 217 00:12:29,679 --> 00:12:32,640 Speaker 1: they search for those drugs using Google. Those companies are 218 00:12:32,640 --> 00:12:35,000 Speaker 1: in two different states, and they sort their data in 219 00:12:35,080 --> 00:12:37,880 Speaker 1: tens of different data centers and other states in the US. 220 00:12:38,400 --> 00:12:41,079 Speaker 1: The question then becomes if an investigator, if a court 221 00:12:41,160 --> 00:12:43,640 Speaker 1: wants to get a hold of that data, whose laws 222 00:12:43,679 --> 00:12:47,840 Speaker 1: take precedence from a previous reaction function. Now this is 223 00:12:47,920 --> 00:12:51,880 Speaker 1: a have to reiterate once again an incredibly politically divided 224 00:12:51,960 --> 00:12:54,520 Speaker 1: and charged conversation that we're having, Dina, and of course 225 00:12:54,760 --> 00:12:58,160 Speaker 1: about one third of those that answer peace surveys do 226 00:12:58,240 --> 00:13:00,800 Speaker 1: indeed degree that we should have anti bullshit laws. So 227 00:13:00,840 --> 00:13:04,960 Speaker 1: we understand basically the division hand. Does it stop and 228 00:13:05,000 --> 00:13:08,040 Speaker 1: restrain these sorts of tech companies from responding and how 229 00:13:08,040 --> 00:13:11,480 Speaker 1: they would have done previously? Uh, you know, we don't 230 00:13:11,520 --> 00:13:14,080 Speaker 1: know what they're going to do. That's that's part of 231 00:13:14,120 --> 00:13:16,760 Speaker 1: what we're waiting for. The major tech companies have not 232 00:13:16,880 --> 00:13:19,840 Speaker 1: been willing to comment to to me or other reporters 233 00:13:19,880 --> 00:13:22,240 Speaker 1: who have asked them as to whether they'll fight these 234 00:13:22,280 --> 00:13:25,520 Speaker 1: sorts of data requests. We have some amount of history 235 00:13:26,040 --> 00:13:28,640 Speaker 1: of what they've done with other types of data requests. 236 00:13:28,679 --> 00:13:32,000 Speaker 1: Each of these major companies publishes every six months a 237 00:13:32,080 --> 00:13:35,440 Speaker 1: report on government data requests and how many they've complied 238 00:13:35,480 --> 00:13:38,320 Speaker 1: with where they've come from or the national security So 239 00:13:38,360 --> 00:13:42,840 Speaker 1: we know that the companies like Facebook, like Apple, like Microsoft, Uh, 240 00:13:42,880 --> 00:13:46,080 Speaker 1: they do comply, like Google, they comply with the majority 241 00:13:46,120 --> 00:13:49,040 Speaker 1: of requests that they get, but they do fight some. 242 00:13:49,280 --> 00:13:51,760 Speaker 1: So we've had very high profile cases of both Apple 243 00:13:51,800 --> 00:13:55,320 Speaker 1: and Microsoft fighting data requests they considered to be unlawful. 244 00:13:55,840 --> 00:13:57,840 Speaker 1: What we don't yet know is whether they'll do that 245 00:13:57,880 --> 00:14:01,199 Speaker 1: in these cases with with women who have abortions or providers. 246 00:14:01,440 --> 00:14:04,599 Speaker 1: But also what data is protected DNA and like on 247 00:14:04,720 --> 00:14:08,280 Speaker 1: the HIPPA. I think a period track is on on apps? 248 00:14:08,679 --> 00:14:12,640 Speaker 1: Is that yet being identified to something that's protected? So 249 00:14:12,679 --> 00:14:14,920 Speaker 1: a period tracker is does not, as far as I know, 250 00:14:15,040 --> 00:14:17,080 Speaker 1: qualified for Hippa. So I think that's part of what 251 00:14:17,080 --> 00:14:19,280 Speaker 1: people need to realize a lot of things that people 252 00:14:19,320 --> 00:14:21,160 Speaker 1: consider health data and they think, well, I go to 253 00:14:21,200 --> 00:14:23,280 Speaker 1: my doctor and I have to sign that form about 254 00:14:23,280 --> 00:14:25,320 Speaker 1: who it can be released to. A lot of your 255 00:14:25,320 --> 00:14:28,640 Speaker 1: health data is not under hip, but what Hippo governs 256 00:14:28,640 --> 00:14:32,040 Speaker 1: health plans and the providers who accept those health plans. 257 00:14:32,840 --> 00:14:35,480 Speaker 1: Lawyers I spoke to said it may probably also cover 258 00:14:35,640 --> 00:14:39,000 Speaker 1: a cloud provider if they're providing cloud services storing data 259 00:14:39,040 --> 00:14:42,920 Speaker 1: for that health plan. But a period tracker and your 260 00:14:43,520 --> 00:14:47,080 Speaker 1: your Apple Watch, your fitbit, that's not a Hippo data. 261 00:14:47,200 --> 00:14:50,960 Speaker 1: And also if you get a court order signed by 262 00:14:50,960 --> 00:14:54,400 Speaker 1: a judge, that can allow a Hippa entity to release 263 00:14:54,440 --> 00:14:56,920 Speaker 1: the data anyway, even if it's governed by Hippa. So 264 00:14:57,760 --> 00:14:59,680 Speaker 1: one of the issue that we're facing here is that 265 00:14:59,680 --> 00:15:02,800 Speaker 1: we don't really have precedence here, and lawyers that I 266 00:15:02,840 --> 00:15:06,600 Speaker 1: spoke to, advocates people the Electronic Frontier Foundation think we're 267 00:15:06,600 --> 00:15:08,760 Speaker 1: in for a number of years of lawsuits to try 268 00:15:08,800 --> 00:15:11,160 Speaker 1: to figure out how this is going to go. Dana Bass, 269 00:15:11,280 --> 00:15:13,240 Speaker 1: we thank you so much as a great story, and 270 00:15:13,360 --> 00:15:15,280 Speaker 1: let's get to someone who's thinking an awful lot about 271 00:15:15,280 --> 00:15:18,520 Speaker 1: these sorts of issues. Atlanta Echoitz, founding partner at spring 272 00:15:18,560 --> 00:15:20,960 Speaker 1: Bank Collective. It invests in early stage companies building the 273 00:15:21,080 --> 00:15:24,160 Speaker 1: very infrastructure to enable working women families to thrive across 274 00:15:24,200 --> 00:15:27,200 Speaker 1: the careers. And Alanta, of course, you were former Ofbarma administration, 275 00:15:27,200 --> 00:15:30,560 Speaker 1: technology policy official across Obarma, Biden transition team, the SEC 276 00:15:30,760 --> 00:15:33,560 Speaker 1: and sectary Clinton's office of the State Department. You have 277 00:15:33,600 --> 00:15:35,920 Speaker 1: a lot of interaction with administration. But now in the 278 00:15:35,960 --> 00:15:42,360 Speaker 1: funding environment, this is difficult, right, Yeah, and from a 279 00:15:42,400 --> 00:15:47,520 Speaker 1: difficulty perspective, thanks for having Yeah, so you know, it's 280 00:15:47,520 --> 00:15:50,120 Speaker 1: difficult than a whole bunch of ways. Um, you know, 281 00:15:50,760 --> 00:15:53,200 Speaker 1: with the with the following row, we already had the 282 00:15:53,240 --> 00:15:56,040 Speaker 1: digital health care companies stepping in kind of overnight to 283 00:15:56,120 --> 00:15:58,600 Speaker 1: fill in some of the care gap created by these policies, 284 00:15:58,640 --> 00:16:02,160 Speaker 1: So we thought companies like kill Club with a demand 285 00:16:02,160 --> 00:16:05,320 Speaker 1: for emergency contraceptions spiked by five thousand percent within just 286 00:16:05,400 --> 00:16:07,920 Speaker 1: a couple of days of the overturning of ROW. Patients 287 00:16:07,920 --> 00:16:10,520 Speaker 1: are clearly worried about being denied access to care, and 288 00:16:10,520 --> 00:16:13,400 Speaker 1: we've seen some hoarding behavior UM with some of the 289 00:16:13,400 --> 00:16:16,840 Speaker 1: emergency contraception. You know, we're seeing companies like Hey Jane, 290 00:16:16,920 --> 00:16:20,640 Speaker 1: a telehealth medication abortion provider, with huge spikes of interest, 291 00:16:20,720 --> 00:16:23,640 Speaker 1: and we're also needed. We're also starting to see women's 292 00:16:23,640 --> 00:16:26,960 Speaker 1: health tex players who are UM not necessarily in core 293 00:16:26,960 --> 00:16:30,160 Speaker 1: reproductive health, also needing to adapt. So, for instance, maybe 294 00:16:30,280 --> 00:16:33,440 Speaker 1: a women's health Unicorn that is a digital health platform 295 00:16:33,480 --> 00:16:36,200 Speaker 1: for women's soldier employers. UM added a wallet app to 296 00:16:36,240 --> 00:16:39,280 Speaker 1: help users calculate the cost of reproductive procedures and actually 297 00:16:39,320 --> 00:16:43,120 Speaker 1: facilitate reimbursements. And at the same time, employers are facing 298 00:16:43,120 --> 00:16:46,080 Speaker 1: a tremendous amount of uncertainty, not just tech employers, of course, 299 00:16:46,400 --> 00:16:49,280 Speaker 1: given the US is fragmented health SCARECESM employers have always 300 00:16:49,280 --> 00:16:52,360 Speaker 1: played a major role in healthcare for American workers, and 301 00:16:52,360 --> 00:16:54,640 Speaker 1: that's only going to grow. Since fifty percent of Americans 302 00:16:54,640 --> 00:16:57,840 Speaker 1: get their health insurance through their employers. So what company 303 00:16:57,880 --> 00:16:59,720 Speaker 1: you work for has always mattered for your health care, 304 00:16:59,760 --> 00:17:02,120 Speaker 1: and now where your job is located and where that 305 00:17:02,160 --> 00:17:05,199 Speaker 1: employer is located, it's gonna have really outside role in 306 00:17:05,240 --> 00:17:08,080 Speaker 1: the kind of kind and quality of care you can receive, 307 00:17:08,200 --> 00:17:10,960 Speaker 1: especially as a woman. And for a lot of these companies, 308 00:17:11,000 --> 00:17:12,879 Speaker 1: they're just in the earliest days of figuring out what 309 00:17:12,880 --> 00:17:17,520 Speaker 1: the actual implications are of actually implementing policy to support 310 00:17:17,560 --> 00:17:21,600 Speaker 1: to support these workers across HR, across healthcare, across their 311 00:17:21,680 --> 00:17:24,480 Speaker 1: legal team and on the has been of handwringing and 312 00:17:24,600 --> 00:17:27,800 Speaker 1: concerns and worry and lack of charity. But it feels 313 00:17:27,840 --> 00:17:32,720 Speaker 1: like there is innovation there as well at this moment um. Absolutely, so, 314 00:17:32,920 --> 00:17:36,000 Speaker 1: you know, I think women's healthcare companies are going to 315 00:17:36,080 --> 00:17:38,879 Speaker 1: continue to innovate. Frankly, they have to innovate in this moment. 316 00:17:39,680 --> 00:17:41,480 Speaker 1: Over the last couple of years, we've seen an increasing 317 00:17:41,520 --> 00:17:44,840 Speaker 1: interest in digital health companies that are serving the healthcare 318 00:17:44,920 --> 00:17:48,240 Speaker 1: needs of women. In one those kinds of companies raised 319 00:17:48,280 --> 00:17:50,879 Speaker 1: one point four billion, That was two x a year prior. 320 00:17:50,920 --> 00:17:53,679 Speaker 1: So I think we're gonna keep seeing that energy. You know, 321 00:17:53,720 --> 00:17:56,240 Speaker 1: I will say, just also follow on on what the 322 00:17:56,280 --> 00:17:59,720 Speaker 1: reporter who preceded me with discussing. In terms of these 323 00:17:59,760 --> 00:18:03,359 Speaker 1: data issues, I still believe there's a tremendous amount of 324 00:18:03,400 --> 00:18:06,320 Speaker 1: room for innovation. I also think that uncertainty creates a 325 00:18:06,359 --> 00:18:09,200 Speaker 1: real challenge for innovation. And right now we have really 326 00:18:09,240 --> 00:18:12,520 Speaker 1: really deep uncertainty around how these policies are going to 327 00:18:12,560 --> 00:18:14,880 Speaker 1: play out at the state level. Um. And I think 328 00:18:14,920 --> 00:18:16,520 Speaker 1: that you know, this is something I've seen both in 329 00:18:16,560 --> 00:18:18,639 Speaker 1: the government and now as an investor, is an enormous 330 00:18:18,680 --> 00:18:22,240 Speaker 1: uncertainy around regulation and policy enforcement can really stifle innovation 331 00:18:22,280 --> 00:18:24,840 Speaker 1: for new players who are trying to solve really important 332 00:18:24,840 --> 00:18:27,840 Speaker 1: women's health and population help health problems. And of course 333 00:18:27,840 --> 00:18:31,159 Speaker 1: it creates lots of costs and burdens for consumers, you know, 334 00:18:31,200 --> 00:18:34,120 Speaker 1: for instance, the Googles and the Apples of the world. Um. 335 00:18:34,200 --> 00:18:36,200 Speaker 1: You know, when it comes to challenging potentially some of 336 00:18:36,240 --> 00:18:39,160 Speaker 1: these data requests undoubtedly have the money and the lawyers 337 00:18:39,160 --> 00:18:41,760 Speaker 1: to do so. But one imagine, you know, especially if 338 00:18:41,760 --> 00:18:44,719 Speaker 1: you're a smaller startup, that that could you know, an 339 00:18:44,800 --> 00:18:47,320 Speaker 1: enormous sort of legal burden, legal liability to put you 340 00:18:47,320 --> 00:18:51,120 Speaker 1: out of business. One of course, that you yourself backing 341 00:18:51,200 --> 00:18:54,880 Speaker 1: certain companies unicorns like Chief for example. You know you've 342 00:18:54,880 --> 00:18:57,320 Speaker 1: been trying to look, I'm sure, across the US, but 343 00:18:57,480 --> 00:18:59,760 Speaker 1: now suddenly are we going to see pockets of health 344 00:19:00,040 --> 00:19:04,280 Speaker 1: innovation suddenly just become in New York, in California rather 345 00:19:04,359 --> 00:19:07,280 Speaker 1: than perhaps in the Austin's or all the new areas 346 00:19:07,280 --> 00:19:10,720 Speaker 1: of technology. Yeah. Absolutely, you know, I think that the 347 00:19:11,640 --> 00:19:14,119 Speaker 1: Jobbed ruling and some of the subsequent implications at the 348 00:19:14,119 --> 00:19:16,160 Speaker 1: state level, which of course you're just beginning to play 349 00:19:16,200 --> 00:19:19,199 Speaker 1: out right now, might make employment and or investment in 350 00:19:19,240 --> 00:19:22,720 Speaker 1: certain states more or less appealing. So right now, for instance, 351 00:19:22,760 --> 00:19:25,600 Speaker 1: you know, we're we're always excited about innovations and fertility 352 00:19:25,640 --> 00:19:28,520 Speaker 1: care to make it more affordable, more accessible for for 353 00:19:28,560 --> 00:19:30,359 Speaker 1: anyone to build the kind of family that they would 354 00:19:30,359 --> 00:19:32,280 Speaker 1: like to build. UM. And right now, if you're an 355 00:19:32,320 --> 00:19:35,280 Speaker 1: innovator building a venture back company and fertility care, frankly, 356 00:19:35,400 --> 00:19:37,560 Speaker 1: probably just makes sense to build your company a state 357 00:19:37,600 --> 00:19:40,560 Speaker 1: like California and New York which will continue presumably to 358 00:19:40,600 --> 00:19:42,600 Speaker 1: support these business and then not create a lot of 359 00:19:42,720 --> 00:19:47,480 Speaker 1: uncertainty around the treatment of embryos, the treatment of fertility care. UM. 360 00:19:47,520 --> 00:19:49,239 Speaker 1: You know, that's just one one example but I think 361 00:19:49,280 --> 00:19:51,080 Speaker 1: we're going to see that play out across the board 362 00:19:51,200 --> 00:19:55,320 Speaker 1: study seconds. You still bullish on the space though, UM, 363 00:19:55,359 --> 00:19:59,960 Speaker 1: I am absolutely permanently bullish about improving the lives of women, 364 00:20:00,000 --> 00:20:02,600 Speaker 1: and I will always be bullish about the opportunities in 365 00:20:02,600 --> 00:20:04,359 Speaker 1: women's health. And one of the important things to remember 366 00:20:04,440 --> 00:20:06,280 Speaker 1: that when we talked about women's health, that doesn't just 367 00:20:06,359 --> 00:20:10,159 Speaker 1: equal reproductive health. It never has. Um you know, women, 368 00:20:10,440 --> 00:20:13,240 Speaker 1: there's all sorts of health conditions that are enormous, multibillion 369 00:20:13,280 --> 00:20:16,800 Speaker 1: dollar markets where it impacts women much differently than men, 370 00:20:16,960 --> 00:20:19,600 Speaker 1: whether it's all time or it's heart disease, type you, diabetes. 371 00:20:19,960 --> 00:20:22,560 Speaker 1: It wasn't until six that women were even allowed to 372 00:20:22,560 --> 00:20:25,280 Speaker 1: participate in clinical research and trial. So I just think 373 00:20:25,600 --> 00:20:28,800 Speaker 1: reproductive health is obviously a core component of where we 374 00:20:28,840 --> 00:20:30,560 Speaker 1: can be investing in women's health, but it is so 375 00:20:30,640 --> 00:20:33,280 Speaker 1: much bigger than that, and we're gonna keep investing and 376 00:20:33,320 --> 00:20:36,520 Speaker 1: founders are going to keep building amazing hard things. Coming 377 00:20:36,600 --> 00:20:38,640 Speaker 1: from one of the coolest looking bonds in New York, 378 00:20:39,000 --> 00:20:41,720 Speaker 1: we thank you at Anna Oh. It's taking time out 379 00:20:41,720 --> 00:20:43,399 Speaker 1: of a vacation to spend some time with us in 380 00:20:43,480 --> 00:20:46,919 Speaker 1: Springbank Collector. Fascinating. Thank you Sam, you for having me. 381 00:20:54,880 --> 00:20:57,320 Speaker 1: This is putting technology. I'm Caroline Hand in New York. 382 00:20:57,440 --> 00:20:59,680 Speaker 1: Now the Sun Valley Conferences under way, of course, and 383 00:20:59,760 --> 00:21:01,960 Speaker 1: I to with many of the world's top business leaders, 384 00:21:02,119 --> 00:21:04,719 Speaker 1: gathering that to talk deals, to talk you know, masks. 385 00:21:04,920 --> 00:21:07,000 Speaker 1: And he's also expected that this weekend, of course, when 386 00:21:07,280 --> 00:21:09,840 Speaker 1: said Ludlow joins us, Now you've got another special guest, 387 00:21:09,880 --> 00:21:12,840 Speaker 1: and this one, well, people say socco, you and I 388 00:21:12,880 --> 00:21:16,840 Speaker 1: would call it football. Oh, we call it football, and 389 00:21:16,880 --> 00:21:19,200 Speaker 1: that's I get to talk about my two favorite things. 390 00:21:19,720 --> 00:21:23,960 Speaker 1: Technology and football will call it soccer. Don Garba, major 391 00:21:24,040 --> 00:21:29,640 Speaker 1: League MLS Commissioner, you struck a deal with Apple, ten 392 00:21:29,720 --> 00:21:35,000 Speaker 1: year deal stream direct to consumers around the world that 393 00:21:35,080 --> 00:21:38,560 Speaker 1: want Major League Soccer MLS. Why Apple, Well, you know 394 00:21:38,600 --> 00:21:43,000 Speaker 1: they're the perfect company for us, you know, innovative, aggressive, ambitious, 395 00:21:43,520 --> 00:21:46,040 Speaker 1: really thinking hard about what their future is going to 396 00:21:46,119 --> 00:21:49,760 Speaker 1: be in the sports streaming place. For us, every game 397 00:21:50,400 --> 00:21:53,760 Speaker 1: anywhere in the world, on any device is perfect for 398 00:21:54,359 --> 00:21:57,240 Speaker 1: young and very digitally native fan base or radio percent 399 00:21:57,240 --> 00:22:00,479 Speaker 1: of our fans are streaming soccer or football anyway, So 400 00:22:00,520 --> 00:22:02,800 Speaker 1: we couldn't have really picked a better. Well, let me 401 00:22:02,800 --> 00:22:05,119 Speaker 1: ask you this, why not an Amazon or why not 402 00:22:05,280 --> 00:22:08,080 Speaker 1: a linear TV package with some of the names you've 403 00:22:08,080 --> 00:22:10,800 Speaker 1: been associated for the last decade. Well, we'll still have 404 00:22:10,840 --> 00:22:14,320 Speaker 1: some linear deals, will announce those soon. So it's the 405 00:22:14,720 --> 00:22:17,840 Speaker 1: combination of linear and then games that will have in 406 00:22:17,880 --> 00:22:20,320 Speaker 1: front of the Apple paywall, games on Apple TV Plus, 407 00:22:20,400 --> 00:22:23,280 Speaker 1: and then most exciting for us, you know, the first 408 00:22:23,280 --> 00:22:27,840 Speaker 1: global directory consumer subscription channel, as you've mentioned, which is 409 00:22:27,920 --> 00:22:30,480 Speaker 1: really going to break new ground for how we'll connect 410 00:22:30,520 --> 00:22:33,880 Speaker 1: with our fans. Whether it's somebody that's watching a game 411 00:22:34,200 --> 00:22:37,719 Speaker 1: here in Sun Valley, or they're watching it in you know, Spain, 412 00:22:37,840 --> 00:22:40,080 Speaker 1: or they're watching it in South America. They're they're the 413 00:22:40,160 --> 00:22:43,200 Speaker 1: perfect partner to be thinking about how do we become 414 00:22:43,400 --> 00:22:46,880 Speaker 1: a global league in the most global sport. Apple reportedly 415 00:22:46,920 --> 00:22:50,080 Speaker 1: paid two fifty million dollars. I don't know whether you 416 00:22:50,119 --> 00:22:53,360 Speaker 1: can confirm that's accurate. But what are they getting out 417 00:22:53,400 --> 00:22:57,080 Speaker 1: of this? Is there actually a belief that Apple will 418 00:22:57,119 --> 00:23:01,800 Speaker 1: grow it's Apple TV Plus or is own subscription audience 419 00:23:01,920 --> 00:23:04,000 Speaker 1: because there's a demand for mls. Well, you know, it's 420 00:23:04,000 --> 00:23:08,400 Speaker 1: a multibillion dollar deal over time, and I mean for them, uh, 421 00:23:08,480 --> 00:23:10,600 Speaker 1: this is the perfect way for them to be thinking 422 00:23:10,640 --> 00:23:15,080 Speaker 1: about the live sports experience. For their consumers. Uh so 423 00:23:15,520 --> 00:23:17,040 Speaker 1: what it meant to them is a is a good 424 00:23:17,119 --> 00:23:20,520 Speaker 1: question for Apple. As I've mentioned for us when we 425 00:23:20,520 --> 00:23:25,040 Speaker 1: were thinking about aggregating, all of our content are local games, 426 00:23:25,080 --> 00:23:29,199 Speaker 1: our youth matches are Second Division which is called MLS 427 00:23:29,280 --> 00:23:31,760 Speaker 1: Next Pro. Every game that we have, whether it's in 428 00:23:31,840 --> 00:23:34,840 Speaker 1: market or out of market, you now have an experience 429 00:23:34,880 --> 00:23:37,760 Speaker 1: for a fan that is unprecedented, and that for us 430 00:23:37,840 --> 00:23:41,080 Speaker 1: is really really exciting. Does it bring you a global audience? 431 00:23:41,600 --> 00:23:45,280 Speaker 1: Without doubt? So, as you know, we we just signed 432 00:23:45,280 --> 00:23:48,439 Speaker 1: Gareth Bell comes over from Real Madrid. He's playing in 433 00:23:48,480 --> 00:23:53,280 Speaker 1: Los Angeles, and maybe there's some small Argentinean guy that 434 00:23:53,400 --> 00:23:56,719 Speaker 1: might come to our league at some point. So you 435 00:23:56,760 --> 00:24:00,359 Speaker 1: could think that you'd have as many subscribers and fans 436 00:24:00,520 --> 00:24:05,080 Speaker 1: in Buenos Aires, or in Barcelona, or in Madrid or 437 00:24:05,119 --> 00:24:08,080 Speaker 1: in Wales when you sign global players. Were a global 438 00:24:08,160 --> 00:24:11,360 Speaker 1: league needing a global platform, and this will give us 439 00:24:11,400 --> 00:24:14,760 Speaker 1: that opportunity to expand the breath and scope of our 440 00:24:14,840 --> 00:24:19,200 Speaker 1: media business. Football or soccer his corisand soccer. Soccer is 441 00:24:19,320 --> 00:24:22,119 Speaker 1: very enormously in North America. Right You've gone from a 442 00:24:22,160 --> 00:24:25,359 Speaker 1: situation where you're almost at twenty nine teams with the 443 00:24:25,400 --> 00:24:29,720 Speaker 1: expansion three stadiums dedicated to soccer to now twenty six 444 00:24:29,800 --> 00:24:33,439 Speaker 1: something like that. Where do you invest next? Is there 445 00:24:33,440 --> 00:24:35,639 Speaker 1: another deal to be done? What is that? How do 446 00:24:35,640 --> 00:24:38,080 Speaker 1: you grow to the next It's a great question, you know. 447 00:24:38,200 --> 00:24:41,320 Speaker 1: It's ten to fifteen billion dollars an investment in the 448 00:24:41,400 --> 00:24:43,679 Speaker 1: league over the last number of years. A lot of 449 00:24:43,720 --> 00:24:47,119 Speaker 1: that is in these unique almost cathedrals for the sport, 450 00:24:47,200 --> 00:24:49,879 Speaker 1: these twenty six stadiums that you mentioned. We opened up 451 00:24:49,880 --> 00:24:53,560 Speaker 1: a brand new one in in Nashville, Tennessee, thirty thousand fans. 452 00:24:53,600 --> 00:24:57,240 Speaker 1: It's sold out every game. Now the move is on content. 453 00:24:57,720 --> 00:24:59,920 Speaker 1: So how do you invest in delivering the right exp 454 00:25:00,080 --> 00:25:04,080 Speaker 1: variants with our local UH teams in many ways being 455 00:25:04,240 --> 00:25:08,840 Speaker 1: content delivery producers for our news service. How do you 456 00:25:08,880 --> 00:25:11,879 Speaker 1: now think about the next development generation of development of 457 00:25:11,880 --> 00:25:15,360 Speaker 1: our player pool so that when we have the ability 458 00:25:15,400 --> 00:25:18,840 Speaker 1: to develop young players sell them overseas. Big announcement of 459 00:25:18,840 --> 00:25:22,280 Speaker 1: two XMLS players going to the Premier League today, bringing 460 00:25:22,320 --> 00:25:26,200 Speaker 1: in young players in their prime that are playing overseas. 461 00:25:26,240 --> 00:25:29,959 Speaker 1: Being a global player in both the purchasing and selling 462 00:25:29,960 --> 00:25:32,719 Speaker 1: of players, there's going to be an enormous amount of 463 00:25:32,760 --> 00:25:36,080 Speaker 1: investment out in the years to come. Two quick questions. 464 00:25:36,119 --> 00:25:38,880 Speaker 1: The men soccer team going to the World Cup? Does 465 00:25:38,920 --> 00:25:41,439 Speaker 1: that boost the MLS? Oh, without doubt. You know, the 466 00:25:41,480 --> 00:25:45,320 Speaker 1: interest in our league grows with our national team playing 467 00:25:45,320 --> 00:25:47,919 Speaker 1: in the World Cup. We see those boosts of of 468 00:25:48,040 --> 00:25:50,440 Speaker 1: interest and energy. Our league was born out of the 469 00:25:51,320 --> 00:25:53,919 Speaker 1: World Cup. And imagine the rocket fuel that will have 470 00:25:54,040 --> 00:25:57,199 Speaker 1: leaving leading up to the World Cup. Up beyond the 471 00:25:57,200 --> 00:26:00,399 Speaker 1: fact that we have so many young American players, forty 472 00:26:00,480 --> 00:26:03,520 Speaker 1: or fifty of our players will play in for national 473 00:26:03,600 --> 00:26:05,560 Speaker 1: teams that will be in the World Cup. So we 474 00:26:05,640 --> 00:26:09,440 Speaker 1: have players from seventy different countries playing in Major League 475 00:26:09,440 --> 00:26:11,520 Speaker 1: Soccer more than any other league in the world. The 476 00:26:11,560 --> 00:26:13,760 Speaker 1: World Cup is the showcase and platform for that. Before 477 00:26:13,800 --> 00:26:15,680 Speaker 1: I run out of time, there's a chap called Todd 478 00:26:15,680 --> 00:26:20,119 Speaker 1: Bowley who bought a club called Chelsea, which I've supported 479 00:26:20,160 --> 00:26:22,720 Speaker 1: for the majority of my life. As you know, he 480 00:26:22,760 --> 00:26:26,760 Speaker 1: says that the Premier League is undervalued. Our clubs in 481 00:26:26,800 --> 00:26:30,040 Speaker 1: the MLS undervalued. Do you know, listen, I think the 482 00:26:30,119 --> 00:26:33,679 Speaker 1: value in sports has driven by ultimately, you know, what 483 00:26:33,800 --> 00:26:36,800 Speaker 1: the opportunity is, what people are willing to pay and 484 00:26:36,840 --> 00:26:39,320 Speaker 1: how have have owners if you will. League has been 485 00:26:39,320 --> 00:26:42,680 Speaker 1: able to exploit their intellectual property. I do believe our 486 00:26:42,720 --> 00:26:45,639 Speaker 1: teams are undervalued, and Todd could speak better about what 487 00:26:45,720 --> 00:26:47,960 Speaker 1: he thinks about the Premier League. What I'll say is 488 00:26:48,000 --> 00:26:50,960 Speaker 1: that the future of our league and the future of 489 00:26:51,000 --> 00:26:53,480 Speaker 1: the sport of America is is so bright and there's 490 00:26:53,520 --> 00:26:57,760 Speaker 1: so many endless opportunities with the just the overall diversity 491 00:26:57,840 --> 00:27:00,879 Speaker 1: of of our consumer base, the fact that we'll have 492 00:27:00,960 --> 00:27:04,359 Speaker 1: more teams in more stadiums our best years, particularly with 493 00:27:04,400 --> 00:27:06,879 Speaker 1: a new partnership with Apple. I just saw that you 494 00:27:07,000 --> 00:27:10,880 Speaker 1: now you you've mentioned the new IMG arena sports exactly 495 00:27:10,880 --> 00:27:14,360 Speaker 1: what we did. There's so many great inaugural property opportunities 496 00:27:14,359 --> 00:27:17,800 Speaker 1: that we've not yet even fully exploited. So best days 497 00:27:17,800 --> 00:27:21,040 Speaker 1: are still ahead. All right, all eyes on American football 498 00:27:21,160 --> 00:27:23,720 Speaker 1: or soccer and mols commastionon a dongaba. It's just a 499 00:27:23,760 --> 00:27:26,440 Speaker 1: pleasure to have you here on this show talking football 500 00:27:26,880 --> 00:27:30,240 Speaker 1: in tech. Caroline, if you're Stafford Bridge right now, ed, 501 00:27:30,280 --> 00:27:36,679 Speaker 1: what would you sing? We will follow that? No, I'm 502 00:27:36,680 --> 00:27:39,840 Speaker 1: not gonna do it on it, Caroline next time, beautiful, 503 00:27:40,200 --> 00:27:42,880 Speaker 1: So as if you transported us, they're bloodly We thank 504 00:27:42,920 --> 00:27:45,800 Speaker 1: you so much. Meanwhile, let's talk about a bit more sport, 505 00:27:45,840 --> 00:27:48,879 Speaker 1: but athletes within it an Apple Watch with a bigger display, 506 00:27:49,000 --> 00:27:52,600 Speaker 1: larger battery, and a rugged metal casing. Maybe in the 507 00:27:52,640 --> 00:27:55,119 Speaker 1: works Apple is seeing well, it's said to be building 508 00:27:55,119 --> 00:27:58,600 Speaker 1: a new version of the smart Watch for extreme sports athletes. Begsmart. 509 00:27:58,720 --> 00:28:02,040 Speaker 1: German joins us. Now, no singing, but certainly let's talk 510 00:28:02,080 --> 00:28:06,720 Speaker 1: about the watch and how big is this market? You know? 511 00:28:06,760 --> 00:28:08,600 Speaker 1: I think I want to take a step back and 512 00:28:08,680 --> 00:28:11,120 Speaker 1: figure out why would Apple do something like this. Right, 513 00:28:11,240 --> 00:28:13,560 Speaker 1: If they're going to create a new high end Apple Watch, 514 00:28:13,600 --> 00:28:15,840 Speaker 1: a sports edition, they probably want it to not only 515 00:28:15,880 --> 00:28:19,920 Speaker 1: appeal to that specific market you're mentioning, but everyone, right, 516 00:28:19,960 --> 00:28:22,679 Speaker 1: So they have the iPhone pros now, the iPad pros, 517 00:28:22,760 --> 00:28:26,840 Speaker 1: the AirPods pros, MacBook pros. That lets them charge more money. Right, 518 00:28:26,920 --> 00:28:29,320 Speaker 1: So what we're gonna see with this extreme sports edition, 519 00:28:29,359 --> 00:28:32,440 Speaker 1: to your point, is we're going to see more revenue. 520 00:28:32,440 --> 00:28:34,200 Speaker 1: We're going to see a sp s, We're gonna see 521 00:28:34,200 --> 00:28:37,359 Speaker 1: the average sales price of the Apple Watch go up 522 00:28:37,440 --> 00:28:40,320 Speaker 1: for this product. So I think that's why they are 523 00:28:40,400 --> 00:28:43,440 Speaker 1: doing this, because that market is not so big. Right. 524 00:28:43,520 --> 00:28:45,120 Speaker 1: But if you look at it more as an Apple 525 00:28:45,160 --> 00:28:48,640 Speaker 1: Watch Pro than as an Apple Watch Explore or Extreme 526 00:28:48,720 --> 00:28:51,160 Speaker 1: Sports edition. Not only are you going to appeal to 527 00:28:51,160 --> 00:28:53,520 Speaker 1: the market you mentioned, but you're going to appeal to 528 00:28:53,560 --> 00:28:56,560 Speaker 1: the affluent Apple customer who's willing to spend more on 529 00:28:56,600 --> 00:28:59,720 Speaker 1: the more advanced product. So talk to us about sort 530 00:28:59,760 --> 00:29:03,560 Speaker 1: of what features, what areas it's really going to be 531 00:29:03,600 --> 00:29:06,560 Speaker 1: trying to exploit to lead people in. So you're gonna 532 00:29:06,600 --> 00:29:08,960 Speaker 1: see a bigger battery, right, So you're gonna have the 533 00:29:08,960 --> 00:29:12,280 Speaker 1: longest battery life ever on an Apple Watch. You're gonna 534 00:29:12,280 --> 00:29:14,520 Speaker 1: have a bigger display, so the biggest display ever on 535 00:29:14,560 --> 00:29:17,560 Speaker 1: an Apple Watch. You're probably gonna have a titanium case 536 00:29:17,600 --> 00:29:20,000 Speaker 1: which they use, and what's called the Apple Watch Edition today, 537 00:29:20,280 --> 00:29:23,760 Speaker 1: so something far more durable, right, three to four times 538 00:29:23,760 --> 00:29:26,440 Speaker 1: more durable than the normal stainless steel Apple Watch and 539 00:29:26,480 --> 00:29:28,680 Speaker 1: probably five to seven times more durable than the normal 540 00:29:28,720 --> 00:29:32,040 Speaker 1: aluminium Apple Watch. Right. You're gonna see more shadow resistant screen. 541 00:29:32,400 --> 00:29:35,240 Speaker 1: How many times have people knocked their Apple Watch into 542 00:29:35,400 --> 00:29:39,160 Speaker 1: a door knob or something else and cracked that screen? Right, 543 00:29:39,200 --> 00:29:41,080 Speaker 1: So you're gonna see that as well as a new 544 00:29:41,120 --> 00:29:44,240 Speaker 1: body temperature sensor so you can take your temperature on 545 00:29:44,280 --> 00:29:46,600 Speaker 1: the watch. It won't give you an exact number based reading, 546 00:29:46,960 --> 00:29:49,040 Speaker 1: but it may be able to indicate if you have 547 00:29:49,080 --> 00:29:51,560 Speaker 1: a fever or other type of condition going on that 548 00:29:51,600 --> 00:29:53,720 Speaker 1: you should might you might want to look more into 549 00:29:53,920 --> 00:29:56,760 Speaker 1: Mount Gammon, always there with the latest and greatest hits 550 00:29:56,800 --> 00:29:59,200 Speaker 1: for what's coming next to the Apple pipeline. We thank 551 00:29:59,240 --> 00:30:02,480 Speaker 1: you co being up as investors remain pretty gaucious on 552 00:30:02,600 --> 00:30:05,760 Speaker 1: digital assets. As of course, Crypto Winter. Since we're setting 553 00:30:06,000 --> 00:30:07,680 Speaker 1: settling in, we are going to be speaking with at 554 00:30:07,760 --> 00:30:10,920 Speaker 1: least Colleen still Mark on the state of bitcoin startups 555 00:30:10,960 --> 00:30:26,160 Speaker 1: in particular. This is Bloomberg. It feels like Crypto Winter 556 00:30:26,480 --> 00:30:30,480 Speaker 1: settling in. Bitcoin higher twenty one thousand on the day, 557 00:30:30,520 --> 00:30:33,640 Speaker 1: but really, where are we in terms of the nuances. 558 00:30:33,640 --> 00:30:36,280 Speaker 1: We're worried a lot about the crypto lenders out there, 559 00:30:36,320 --> 00:30:39,200 Speaker 1: but what about when you drill down from coin to coin, 560 00:30:39,400 --> 00:30:42,680 Speaker 1: from ecosystem to ecosystem. Let's talk the bitcoin one in particular. 561 00:30:42,760 --> 00:30:44,920 Speaker 1: Right now, at least Colleen's with us, founder and managing 562 00:30:44,920 --> 00:30:47,960 Speaker 1: partner of still Mark, and remind us you're a bitcoin 563 00:30:48,080 --> 00:30:50,920 Speaker 1: VC firm, You're very much focused on that particular part 564 00:30:51,200 --> 00:30:54,800 Speaker 1: of the crypto sphere. How is your area, how are 565 00:30:54,840 --> 00:30:59,680 Speaker 1: your startups faring at the moment? Well, bitcoin founders tend 566 00:30:59,720 --> 00:31:03,880 Speaker 1: to be very financially responsible, and so folks have prepared 567 00:31:03,960 --> 00:31:07,480 Speaker 1: long in advance for the crypto bit coin bear market. 568 00:31:07,920 --> 00:31:11,560 Speaker 1: In fact, what they're doing now is finding ways to 569 00:31:11,600 --> 00:31:14,280 Speaker 1: take advantage of it. And so there's two things that 570 00:31:14,320 --> 00:31:16,880 Speaker 1: are important. One is just to build and follow the 571 00:31:17,000 --> 00:31:20,400 Speaker 1: established roadmap. A bear market is a time where you 572 00:31:20,440 --> 00:31:24,040 Speaker 1: get more resources to dedicate to building because you're not 573 00:31:24,080 --> 00:31:27,320 Speaker 1: struggling to just keep your head of water with growth. 574 00:31:27,760 --> 00:31:29,560 Speaker 1: But the second thing that we can do in a 575 00:31:29,600 --> 00:31:32,680 Speaker 1: bear market is to take time to really dive into 576 00:31:32,760 --> 00:31:36,600 Speaker 1: the engagement and adoption metrics from the bowl market or 577 00:31:36,640 --> 00:31:39,320 Speaker 1: from really any part of the market cycle, and start 578 00:31:39,360 --> 00:31:42,040 Speaker 1: to understand what users are saying about the product and 579 00:31:42,080 --> 00:31:45,800 Speaker 1: the protocols that will be the experience of this market 580 00:31:45,920 --> 00:31:48,040 Speaker 1: for really tough founders in the space, and what we're 581 00:31:48,040 --> 00:31:51,520 Speaker 1: seeing from our founders and so word of that data earlier, 582 00:31:51,520 --> 00:31:53,840 Speaker 1: though it might be what is that data telling you 583 00:31:53,880 --> 00:31:57,720 Speaker 1: about as and when we exit some sort of crypto winter, 584 00:31:58,240 --> 00:31:59,760 Speaker 1: what people are going to want, what sort of a 585 00:32:00,000 --> 00:32:02,320 Speaker 1: shouldn't see, what sort of real use cases are going 586 00:32:02,360 --> 00:32:06,040 Speaker 1: to be built? Well, frankly, people want the space to 587 00:32:06,040 --> 00:32:09,200 Speaker 1: continue to mature, So some of the collapses that we're 588 00:32:09,240 --> 00:32:13,000 Speaker 1: seeing in companies that were making promises that they couldn't 589 00:32:13,080 --> 00:32:16,760 Speaker 1: keep around yield product or otherwise, UM is starting to 590 00:32:16,880 --> 00:32:20,240 Speaker 1: drive home the points to folks holding digital assets that 591 00:32:21,160 --> 00:32:24,160 Speaker 1: there needs to be more accountability. That's possible in bitcoin, 592 00:32:24,320 --> 00:32:27,680 Speaker 1: and in fact, Bitcoin was to allow for transparency in 593 00:32:27,720 --> 00:32:31,120 Speaker 1: the ecosystem because as you know, the Bitcoin blockchain is 594 00:32:31,160 --> 00:32:34,880 Speaker 1: a public ledger. As an example of something that customers 595 00:32:35,000 --> 00:32:38,720 Speaker 1: are starting to demand or should you can ask for 596 00:32:38,760 --> 00:32:42,240 Speaker 1: folks holding your bitcoin to be able to prove those reserves. 597 00:32:42,720 --> 00:32:45,160 Speaker 1: We know that some of the platforms that had promised 598 00:32:45,160 --> 00:32:49,600 Speaker 1: these UM lending based yield returns, we know that some 599 00:32:49,720 --> 00:32:52,880 Speaker 1: of those platforms are now telling their customers that in fact, 600 00:32:52,920 --> 00:32:54,680 Speaker 1: they don't have the funds that they said they had. 601 00:32:55,360 --> 00:32:58,840 Speaker 1: Now with bitcoin, you can and other digital assets, you 602 00:32:58,880 --> 00:33:02,440 Speaker 1: can actually demand of exchanges or other platforms holding your 603 00:33:02,480 --> 00:33:05,160 Speaker 1: assets to prove that they do so. And so prooper 604 00:33:05,200 --> 00:33:09,600 Speaker 1: reserve software is available and customers are beginning to demand it. 605 00:33:09,880 --> 00:33:13,320 Speaker 1: The first company to launch to introduce a SAS product 606 00:33:13,600 --> 00:33:16,800 Speaker 1: and SMB and enterprise SAS product here is so secky 607 00:33:16,960 --> 00:33:20,040 Speaker 1: out of fidelity and that's fortunately for US, a still 608 00:33:20,080 --> 00:33:24,000 Speaker 1: marked portfolio company. But we're also seeing another trend, and 609 00:33:24,040 --> 00:33:26,640 Speaker 1: that's something we see in every bear market, which is 610 00:33:26,680 --> 00:33:30,240 Speaker 1: folks look about look at the option to be their 611 00:33:30,240 --> 00:33:33,800 Speaker 1: own bank. That was one of Bitcoin's core promises that 612 00:33:34,040 --> 00:33:36,600 Speaker 1: you wouldn't have to rely on third parties to custody 613 00:33:36,640 --> 00:33:38,560 Speaker 1: or to store your funds. You could do it yourself. 614 00:33:38,960 --> 00:33:42,200 Speaker 1: That's also very difficult, but we now see in the 615 00:33:42,200 --> 00:33:45,479 Speaker 1: market the acute pain um and realization of what's at 616 00:33:45,560 --> 00:33:48,320 Speaker 1: risk if you're not holding your own funds. And so 617 00:33:48,360 --> 00:33:52,440 Speaker 1: we're seeing consumers recognize the value of that and send 618 00:33:52,480 --> 00:33:56,200 Speaker 1: funds to companies like, for example, Causa, another still marked 619 00:33:56,200 --> 00:33:58,960 Speaker 1: portfolio company. And this space is a bit more mature, 620 00:33:58,960 --> 00:34:01,840 Speaker 1: and so there's many there's several options that you can 621 00:34:01,920 --> 00:34:05,320 Speaker 1: use when you have being your own funds. What about 622 00:34:05,400 --> 00:34:08,239 Speaker 1: those lending protocols were broadly at least and what about 623 00:34:08,320 --> 00:34:10,520 Speaker 1: yield farming? I mean, is that sort of idea as 624 00:34:10,560 --> 00:34:14,839 Speaker 1: it stands dead? What ends up being the flourishes out 625 00:34:14,880 --> 00:34:19,960 Speaker 1: of that well? I think the concept of producing yield 626 00:34:20,040 --> 00:34:23,680 Speaker 1: from a black box or making promises that can't be 627 00:34:23,920 --> 00:34:27,319 Speaker 1: backed up um with frankly economic activity that drives the yield. 628 00:34:27,400 --> 00:34:29,960 Speaker 1: I think, I hope that that is dead. What we 629 00:34:30,000 --> 00:34:33,640 Speaker 1: saw in this last full market was the concept of 630 00:34:34,800 --> 00:34:38,359 Speaker 1: yield generated with a complete lack of economic activity, and 631 00:34:38,400 --> 00:34:41,760 Speaker 1: in fact, we saw leaders in the defise space explain 632 00:34:41,800 --> 00:34:44,200 Speaker 1: it as putting money into a black box and taking 633 00:34:44,200 --> 00:34:47,000 Speaker 1: out more money. This you know, of course, this is 634 00:34:47,320 --> 00:34:51,040 Speaker 1: sort of a fantastic proposition that we're now seeing as 635 00:34:51,080 --> 00:34:53,880 Speaker 1: just something that can't be secured over the long term, 636 00:34:54,280 --> 00:34:57,200 Speaker 1: and so yield in that way, um, you know, sort 637 00:34:57,239 --> 00:34:59,880 Speaker 1: of like the hopes and dreams based yield I hope 638 00:35:00,160 --> 00:35:03,560 Speaker 1: is dead. We will see products mature that can offer 639 00:35:03,640 --> 00:35:07,120 Speaker 1: real yield based off of economic activity, and an example 640 00:35:07,160 --> 00:35:10,360 Speaker 1: of that would be the ability to create yield on 641 00:35:10,760 --> 00:35:14,520 Speaker 1: Lightning network by lending out your position in the network 642 00:35:14,560 --> 00:35:16,640 Speaker 1: to others that need it. Of course, it was Sam 643 00:35:16,640 --> 00:35:19,520 Speaker 1: maguin Freed who referenced that black box on our very 644 00:35:19,520 --> 00:35:21,800 Speaker 1: own podcast with our own joy Wise and Thal and 645 00:35:21,800 --> 00:35:24,880 Speaker 1: Tracy Alloway about odd Lots, and and he's gone on 646 00:35:24,960 --> 00:35:26,760 Speaker 1: to be the white Knight of many of these lending 647 00:35:26,760 --> 00:35:30,160 Speaker 1: protocols and platforms that have sort of taken a tumble 648 00:35:30,800 --> 00:35:33,640 Speaker 1: at least more generally. Are you worried? I know, you've 649 00:35:33,680 --> 00:35:36,920 Speaker 1: seen bare markets before, but with the lack of activity 650 00:35:36,960 --> 00:35:39,680 Speaker 1: that we're seeing on the space with does that warry 651 00:35:39,719 --> 00:35:41,680 Speaker 1: you in any way or are you just still feeling 652 00:35:41,719 --> 00:35:45,160 Speaker 1: that this is a matter of time in terms of 653 00:35:45,360 --> 00:35:49,200 Speaker 1: in terms of entrepreneurial activity, we're seeing a flourishment actually, 654 00:35:49,239 --> 00:35:52,080 Speaker 1: and so we have these really lovely tail ones in 655 00:35:52,120 --> 00:35:55,040 Speaker 1: the bitcoin space provided by Lightning Network now which is 656 00:35:55,040 --> 00:35:58,840 Speaker 1: growing in adoption, as well as something on Lightning Networks Roadmap, 657 00:35:59,239 --> 00:36:02,319 Speaker 1: which is entered auction of other digital assets to the 658 00:36:02,400 --> 00:36:05,680 Speaker 1: Lightning network. Most importantly the introduction of stable coins to 659 00:36:05,760 --> 00:36:09,880 Speaker 1: Lightning Network. That's a tailwind for entrepreneurs in general, including 660 00:36:09,920 --> 00:36:12,880 Speaker 1: folks that haven't even gotten started yet. I think of 661 00:36:12,920 --> 00:36:15,120 Speaker 1: it as I think of it as a similar opportunity 662 00:36:15,320 --> 00:36:18,160 Speaker 1: as cloud and mobile introduced in two thousand and eight, 663 00:36:18,200 --> 00:36:22,560 Speaker 1: which we know curried companies like WhatsApp or Uber even 664 00:36:23,280 --> 00:36:26,200 Speaker 1: to great success through two thousand and eight and beyond, 665 00:36:26,239 --> 00:36:30,479 Speaker 1: And so that opportunity exists today for innovators at least. 666 00:36:30,600 --> 00:36:32,200 Speaker 1: So it's great to catch up with you. Let you 667 00:36:32,239 --> 00:36:34,000 Speaker 1: get back to the l a sun at last, Colleen, 668 00:36:34,120 --> 00:36:44,360 Speaker 1: thank you a still monk back to some valley now, 669 00:36:44,400 --> 00:36:47,640 Speaker 1: Blue Bass, But with Anthony not Is the CEO so 670 00:36:47,719 --> 00:36:50,839 Speaker 1: far started asking what about the current economic climate? Take 671 00:36:50,880 --> 00:36:54,560 Speaker 1: a listen. It's a year that's atypical from the standpoint 672 00:36:54,560 --> 00:36:57,840 Speaker 1: that equity values have come down quite meaningfully. Inflation is 673 00:36:57,880 --> 00:37:00,120 Speaker 1: obviously on the rise. You also have a very on 674 00:37:00,200 --> 00:37:03,200 Speaker 1: certain marketplace, and so cash is really king and people 675 00:37:03,719 --> 00:37:05,759 Speaker 1: we're on to really conserve their cash. I think it's 676 00:37:05,840 --> 00:37:08,719 Speaker 1: much more year about partnerships and a year about extending 677 00:37:09,080 --> 00:37:11,920 Speaker 1: new you know, having partnerships that get extended and deeper, 678 00:37:11,960 --> 00:37:14,040 Speaker 1: as well as finding new partners to try to advance 679 00:37:14,480 --> 00:37:17,680 Speaker 1: the business. There's never been a time like this in 680 00:37:17,760 --> 00:37:20,040 Speaker 1: the last thirty years, and we've had so many you know, 681 00:37:20,120 --> 00:37:23,080 Speaker 1: conflating factors um so the desire to partner and have 682 00:37:23,160 --> 00:37:25,680 Speaker 1: more conversations as higher than ever. What is the investor 683 00:37:25,760 --> 00:37:28,280 Speaker 1: tone here into such a tough knock for economic environment. 684 00:37:28,320 --> 00:37:32,440 Speaker 1: Remember you yourself has had or so stock decline in 685 00:37:32,520 --> 00:37:36,200 Speaker 1: so far, but so have many of the fintech players here. 686 00:37:36,200 --> 00:37:39,480 Speaker 1: You are recently doing acquisitions yourself. How do you navigate 687 00:37:39,640 --> 00:37:43,160 Speaker 1: that turmoil and public markets giving you very recently also 688 00:37:43,200 --> 00:37:45,719 Speaker 1: decided to go public. Yeah, we have to control on 689 00:37:45,800 --> 00:37:47,960 Speaker 1: what we can control, so we're sticking to our strategy. 690 00:37:48,280 --> 00:37:50,480 Speaker 1: You know, we found great success in the last three 691 00:37:50,560 --> 00:37:53,319 Speaker 1: years despite the fact that our student loan business has 692 00:37:53,320 --> 00:37:56,640 Speaker 1: been negatively impacted by the more tournament paying federal student loans. 693 00:37:56,800 --> 00:37:59,040 Speaker 1: We've been all to grow fifty percent last year. We'll 694 00:37:59,080 --> 00:38:01,840 Speaker 1: grow fifty end this year to one point five billion 695 00:38:01,880 --> 00:38:05,120 Speaker 1: of revenue and increase our profitability on an ibadad basis 696 00:38:05,160 --> 00:38:07,919 Speaker 1: from thirty million to a hundred million and seeing really 697 00:38:07,920 --> 00:38:11,040 Speaker 1: strong growth in member and products per members. So that's 698 00:38:11,080 --> 00:38:13,040 Speaker 1: what we can control and ultimately that we'll get valued 699 00:38:13,040 --> 00:38:15,920 Speaker 1: based on the investors appetite for risk and their long 700 00:38:16,040 --> 00:38:18,719 Speaker 1: term orientation. Right now, it's hard for investors to see 701 00:38:18,719 --> 00:38:20,839 Speaker 1: out beyond the next six to twelve months because they're 702 00:38:20,880 --> 00:38:22,480 Speaker 1: not really sure if we're gonna have a soft landing 703 00:38:22,600 --> 00:38:26,040 Speaker 1: or more challenging economic environment. And so we're making sure 704 00:38:26,040 --> 00:38:29,120 Speaker 1: they understand how we're planning our business, what we're prioritizing, 705 00:38:29,360 --> 00:38:32,080 Speaker 1: and that we're delivering. Again, what about another area of 706 00:38:32,080 --> 00:38:33,680 Speaker 1: the market here, I want to pick your brain a 707 00:38:33,680 --> 00:38:35,839 Speaker 1: little bit on cryptocurrencies. You have a lot of young 708 00:38:35,920 --> 00:38:40,200 Speaker 1: customers who are looking at new ways of both borrowing, saving, spending, 709 00:38:40,320 --> 00:38:44,279 Speaker 1: investing and you'd recently announced new crypto products yourself. In 710 00:38:44,320 --> 00:38:48,040 Speaker 1: the market, we see other brokerages uh pausing withdrawals or 711 00:38:48,080 --> 00:38:51,960 Speaker 1: other ways that have impacted their consumers really deeply. As 712 00:38:51,960 --> 00:38:54,279 Speaker 1: a CEO of fintech company, how do you think about 713 00:38:54,320 --> 00:38:57,719 Speaker 1: consumer protection in this space and things to watch out for. Yeah, well, 714 00:38:57,760 --> 00:38:59,759 Speaker 1: the first thing I'd say is our strategy is to 715 00:38:59,760 --> 00:39:02,120 Speaker 1: be at one stop shop for consumer financial services. So 716 00:39:02,160 --> 00:39:05,680 Speaker 1: we have everything from loans to one five interest on 717 00:39:05,760 --> 00:39:08,960 Speaker 1: checking and savings in addition to investing as you mentioned, 718 00:39:09,440 --> 00:39:11,760 Speaker 1: as well as a credit card and investing. We also 719 00:39:11,800 --> 00:39:14,720 Speaker 1: want to be one stop shop, so we offer fractional shares, 720 00:39:15,520 --> 00:39:19,400 Speaker 1: shares without commissions, our own ETFs, six robo accounts, and 721 00:39:19,400 --> 00:39:21,880 Speaker 1: the ability to buy thirty currencies and when we launched 722 00:39:22,400 --> 00:39:25,680 Speaker 1: thirty cryptocurrencies. When we launched them, we literally put every 723 00:39:25,680 --> 00:39:28,880 Speaker 1: time you go to buy cryptocurrency on our platform a 724 00:39:28,960 --> 00:39:32,680 Speaker 1: warning that says, this is an unproven asset, it's highly risky, 725 00:39:32,719 --> 00:39:35,279 Speaker 1: and you can lose all of your money. Because while 726 00:39:35,440 --> 00:39:37,120 Speaker 1: there is an appetite to want to invest in these 727 00:39:37,120 --> 00:39:39,920 Speaker 1: more risky assets, we have an obligation to inform people 728 00:39:39,920 --> 00:39:42,280 Speaker 1: about the risks of them, and we do that every 729 00:39:42,280 --> 00:39:44,640 Speaker 1: time they buy ourselves. What about plan old stocks, given 730 00:39:44,680 --> 00:39:47,360 Speaker 1: that consumers are really feeling the pain right now, do 731 00:39:47,400 --> 00:39:50,200 Speaker 1: you think that this a mean stock frenzy is over 732 00:39:50,480 --> 00:39:53,800 Speaker 1: and even just that general interest from that marginal buyer, 733 00:39:54,000 --> 00:39:56,120 Speaker 1: the the young person looking to invest in that market 734 00:39:56,120 --> 00:39:58,319 Speaker 1: for the first time. The invest members that we have 735 00:39:58,400 --> 00:40:00,720 Speaker 1: are really long term rining invest or is. They're focused 736 00:40:00,719 --> 00:40:03,800 Speaker 1: on dollar cost averaging through the ups and downs of alatility. 737 00:40:03,880 --> 00:40:06,799 Speaker 1: They do recurring investments. We offer the six et s 738 00:40:06,800 --> 00:40:08,799 Speaker 1: that we have so they can actually buy what they 739 00:40:08,840 --> 00:40:11,200 Speaker 1: like in a diversified way at a low price point. 740 00:40:11,480 --> 00:40:13,720 Speaker 1: So we do have people that are continuing to invest 741 00:40:13,719 --> 00:40:16,480 Speaker 1: in the marketplace despite the fact that markets down. Over 742 00:40:17,640 --> 00:40:21,000 Speaker 1: of our members say they'll continue investing more about thirty 743 00:40:21,800 --> 00:40:23,680 Speaker 1: sent of them because they haven't invested enough in their 744 00:40:23,719 --> 00:40:27,280 Speaker 1: life and the other call it thirty because the market 745 00:40:27,320 --> 00:40:32,200 Speaker 1: being so attractive. Now that was Bloomberg Shnati bast they're 746 00:40:32,239 --> 00:40:35,480 Speaker 1: speaking with so far Ceo Anthony not to al right, 747 00:40:35,520 --> 00:40:37,280 Speaker 1: that was it for this edition of bloom Bag Technology 748 00:40:37,440 --> 00:40:39,640 Speaker 1: to not forget to check out our podcast though you 749 00:40:39,640 --> 00:40:41,800 Speaker 1: can find it on the terminal as well as online 750 00:40:41,920 --> 00:40:45,759 Speaker 1: on Apples, Spotify, and I heart radio. This is bring 751 00:40:45,840 --> 00:40:46,000 Speaker 1: back