WEBVTT - Elon Musk's Twitter Deal in Jeopardy 0:00:02.200 --> 0:00:05.520 From the heart of were Innovation, money and power, CALLI 0:00:06.360 --> 0:00:10.880 in Silicon Valley and Beyon this is Bloomberg Technology with 0:00:10.920 --> 0:00:26.960 Emily Jay. I'm Caroline Hyde in New York in Family 0:00:27.000 --> 0:00:28.880 Cha and this is Bloomberg Technology. Coming up in the 0:00:28.920 --> 0:00:32.160 next hour. Details on a report that Elon Musk's deal 0:00:32.240 --> 0:00:35.480 to buy Twitter is in serious jeopardy Washington Post saying 0:00:35.479 --> 0:00:38.880 that Musk's team has stopped engaging in some discussions around 0:00:38.880 --> 0:00:41.320 the forty four billion dollar deal. But also we're back 0:00:41.320 --> 0:00:43.640 at Sullen Valley. Of course, we will chat with event 0:00:43.680 --> 0:00:46.320 Bright chairman and co founder Kevin Hearts about the consumer 0:00:46.360 --> 0:00:49.000 demand of live events, as they've made a big return 0:00:49.040 --> 0:00:52.080 post pandemic. And we stay in sun Valley and chat 0:00:52.159 --> 0:00:55.640 with Major League Soccer Commissioner Don Gaba details about the 0:00:55.680 --> 0:00:58.920 new partnership between MLS and I'm g Arena to double 0:00:58.960 --> 0:01:02.720 down on sports. Adding later this hour Johnny us now 0:01:02.800 --> 0:01:05.640 Billie bergs Ed Ludlow out there in some valley where, 0:01:05.720 --> 0:01:07.720 of course Elon Musk is meant to be landing soon, 0:01:09.560 --> 0:01:12.320 right exactly, And the key thrust of that Washington Post 0:01:12.360 --> 0:01:15.280 report is that Elon Musk's team working on this deal 0:01:15.959 --> 0:01:19.720 do not believe that the data Twitter is providing about 0:01:19.760 --> 0:01:23.479 the level of bots on the platform is verifiable. According 0:01:23.520 --> 0:01:27.840 to the Washington Post reporting that they've stopped engaging with 0:01:27.880 --> 0:01:31.520 potential equity partners as part of the financing of the deal. Um, 0:01:31.520 --> 0:01:33.839 and this is you look at the after hours reaction 0:01:33.840 --> 0:01:36.840 we saw on Twitter stock down five or six percentage points. 0:01:36.920 --> 0:01:39.960 This does put the deal in serious doubt, with Elon 0:01:40.080 --> 0:01:43.720 Musk not yet here in some valley and us about 0:01:43.720 --> 0:01:48.400 the bots. I thought they just reiterated guidance about them. 0:01:48.440 --> 0:01:53.200 I mean this. The timing of this is bizarre and spectacular, frankly, 0:01:53.200 --> 0:01:57.840 because earlier today Twitter executives briefed that and reiterated that 0:01:58.280 --> 0:02:01.480 less than five percent of users on the platform are bots. 0:02:01.720 --> 0:02:05.480 Twitter beliefs, according to these executives, that a third party 0:02:05.600 --> 0:02:08.720 cannot verify it because it's a mix of publicly and 0:02:08.880 --> 0:02:12.360 private data that Twitter holes as the operator of the platform, 0:02:12.680 --> 0:02:15.520 and as has been reported by multiple media outlets, they 0:02:15.520 --> 0:02:17.760 have been going above and beyond it seems to give 0:02:17.800 --> 0:02:21.079 Elon Musk that extra data. Anyway, So if that Washington 0:02:21.120 --> 0:02:24.079 Post report is to be believed, um, it's going to 0:02:24.200 --> 0:02:27.280 make for an awkward situation here at the Allen and Co. 0:02:27.280 --> 0:02:30.400 Conference and an awkward situation end that could last year's right, 0:02:30.520 --> 0:02:32.720 because I mean, he can't just back out of a 0:02:32.760 --> 0:02:35.280 deal that he said he didn't need due diligence on anyway, 0:02:36.880 --> 0:02:38.400 I think this is really interesting. You know, have been 0:02:38.400 --> 0:02:40.080 speaking to a lot of folks in the on the 0:02:40.080 --> 0:02:42.760 mountain bike trails here of some valley, and you know 0:02:42.880 --> 0:02:44.880 the idea that they put forward is that the reverse 0:02:45.000 --> 0:02:48.320 termination fee on this deal one billion dollars in either direction, 0:02:48.400 --> 0:02:52.000 is not straightforward. It's relatively codified what they agreed. The 0:02:52.080 --> 0:02:54.400 concern would be that Twitter would say, we'll hold on. 0:02:54.600 --> 0:02:56.440 We're going to fight this in a legal battle. The 0:02:56.440 --> 0:02:58.679 other side of that argument is that could be a 0:02:58.800 --> 0:03:01.800 very long, drawn out, an expensive thing for Twitter to do, 0:03:01.840 --> 0:03:05.080 which you know, frankly doesn't have the most boastful or 0:03:05.120 --> 0:03:10.480 fantastic balance sheet or finances. Elon Musque has taken off, 0:03:10.520 --> 0:03:13.960 according to the jet tracker on Twitter. Sources here tell 0:03:14.040 --> 0:03:16.000 me that he was expected to come this change his 0:03:16.080 --> 0:03:19.919 arrival time multiple times. Parags All, the CEO of Twitter, 0:03:20.000 --> 0:03:22.519 is here, and Ned Seagal, the CFO, is here. Let's 0:03:22.520 --> 0:03:26.920 see what happens, Kara, Let's see what happens plenty to 0:03:27.000 --> 0:03:28.959 come from our own end. Lud Alone, We're pleased to 0:03:29.000 --> 0:03:31.040 say we're going to be going back to Sun Valley 0:03:31.160 --> 0:03:34.160 an event. Bright chairman Kevin Harts in a moment. Meanwhile, 0:03:34.320 --> 0:03:37.160 I's get you up to speed with a verdict in 0:03:37.840 --> 0:03:40.720 for Remesh Sunny bel Wanni. You remember him, the former 0:03:40.760 --> 0:03:42.880 president of the ONUS and the ex boyfriend of one 0:03:42.960 --> 0:03:45.640 Elizabeth Holmes, the founder of that business. He was found 0:03:45.680 --> 0:03:47.680 guilty of fraud for his role in the collapse of 0:03:47.680 --> 0:03:50.840 the nine billion dollar blood testing startup. Thursday's decision comes 0:03:51.000 --> 0:03:54.280 six months after Holmes was convicted of defrauding investors in 0:03:54.280 --> 0:03:57.320 the company. It's been six months. Bal Wanni faces as 0:03:57.320 --> 0:04:07.760 long as twenty years in prison on charges. Let's get 0:04:07.800 --> 0:04:09.960 back out to Some Valley. The conference there in Idaho 0:04:10.080 --> 0:04:12.200 where many of the world's top business leaders are and 0:04:12.280 --> 0:04:16.160 d gathered to talk Dealsberg said, Ludlow is talking about them, 0:04:16.200 --> 0:04:20.440 about deals. We've got a special guest there, Yeah, I do. 0:04:20.560 --> 0:04:22.839 And you know, the conversation in and around Some Valley 0:04:22.960 --> 0:04:25.760 is is a big picture one about inflation, about recession, 0:04:26.160 --> 0:04:30.760 about private markets, public markets, startups, venture capitalists. So I'm 0:04:30.800 --> 0:04:33.640 delighted to be joined by Kevin Hart's of course event 0:04:33.680 --> 0:04:36.240 Bright co founder and chairman. Now in the world of 0:04:36.320 --> 0:04:39.719 venture capital, general partner and co founder of a Star Capital. 0:04:40.200 --> 0:04:43.560 So given that spiel I just gave explain where we 0:04:43.600 --> 0:04:46.760 are in the world right now. But will you know, 0:04:46.800 --> 0:04:49.840 what one would say about an entrepreneur and a in 0:04:50.279 --> 0:04:53.159 an investor is that I'm not a macro person, but 0:04:54.040 --> 0:04:56.360 you know have unfortunately I'm all enough to have been 0:04:56.360 --> 0:04:58.880 through a few cycles, yes, of of ups and downs 0:04:58.920 --> 0:05:01.880 in in you know, I think we're really just in 0:05:01.920 --> 0:05:06.400 the beginning act of of this UM process. I think 0:05:06.440 --> 0:05:09.599 we uh with with the FED stimulus and the action 0:05:09.640 --> 0:05:13.560 taken in March, we kind of delayed and pushed out 0:05:14.080 --> 0:05:17.719 UM and and then now amplified what's what's happening now 0:05:17.760 --> 0:05:21.480 and that's a very dire outlook on on the economy 0:05:21.720 --> 0:05:24.720 over the coming years. So let's pivot to your other role, 0:05:24.800 --> 0:05:27.080 your other life, chairman of event right, And there's there 0:05:27.080 --> 0:05:29.520 seems to be these two competing currents, right, and and 0:05:29.600 --> 0:05:31.839 some value kind of captures that we've come out of 0:05:31.880 --> 0:05:36.520 a pandemic and now we're concerned about a recession. Right. 0:05:36.960 --> 0:05:39.440 But people finally for the first time in a long 0:05:39.440 --> 0:05:42.320 time of getting back together through your event bright lens, 0:05:42.360 --> 0:05:46.200 how do you see the world? Well, we had in Julia, 0:05:46.240 --> 0:05:50.279 the CEO, did a brilliant job of navigating us event 0:05:50.400 --> 0:05:53.880 right through the downturn. We had sold almost five billions 0:05:53.880 --> 0:06:00.279 and tickets. Uh. In in March, we had negative ticketvolume, 0:06:00.360 --> 0:06:05.599 meaning there are more refunds uh and Uh Julia really 0:06:05.600 --> 0:06:09.160 moved insanely quickly to UH to shore up the business 0:06:09.200 --> 0:06:12.400 and and raise funding in the public markets. UH. So 0:06:12.440 --> 0:06:14.600 we feel we've kind of been through what's happened over 0:06:14.600 --> 0:06:18.880 the last six months back in in March of UH, 0:06:18.920 --> 0:06:21.360 and we're now seeing the kind of return of the 0:06:21.720 --> 0:06:25.040 live experience. People are just so hungry to get out, 0:06:25.760 --> 0:06:28.640 but they're not uh spending you know, we've we've got 0:06:28.680 --> 0:06:32.120 this inflationary cycle. They're not spending what they used to 0:06:32.240 --> 0:06:35.080 for like the large concerts that they've maybe traveled to 0:06:35.200 --> 0:06:38.080 or so on. Uh, they're going local. And that is 0:06:38.120 --> 0:06:41.760 really what event right primarily covers is the local events 0:06:41.760 --> 0:06:43.800 in once community, and they tend to be at a 0:06:43.839 --> 0:06:47.239 lower price point. And so we're really seeing a great 0:06:47.240 --> 0:06:52.039 surge based on on that. UH. Brian Testgate Airbnb has 0:06:52.080 --> 0:06:55.360 pointed out similar phenomenon, and that is that people are 0:06:55.520 --> 0:06:58.040 are going local. Now that was during COVID, but that 0:06:58.360 --> 0:07:02.440 habit has has stayed, especially in these inflationary times. Uh 0:07:02.560 --> 0:07:05.040 So staying local is is really what it's about, and 0:07:05.520 --> 0:07:07.640 we think our business as well positioned for it. It's 0:07:07.680 --> 0:07:13.680 interesting you bring up Airbnb, Brian Chesky. We've seen recessions 0:07:13.720 --> 0:07:17.400 and financial crises before two thousand, two thousand and eight, 0:07:17.720 --> 0:07:21.800 and startups, big names came out of that and went 0:07:21.840 --> 0:07:24.640 on has become giant companies. You know, how do you see? 0:07:24.640 --> 0:07:28.040 That is the other opportunities here for the next Google, 0:07:28.120 --> 0:07:31.440 the next Airbnb to emerge. I don't want to sound morose, 0:07:31.520 --> 0:07:33.600 but I get a little bit pleased. I get a 0:07:33.600 --> 0:07:36.680 little bit giddy during like these downturns because it it 0:07:36.800 --> 0:07:40.080 really separates out the you know kind of tourists, uh 0:07:40.360 --> 0:07:43.080 you know, those that could come to the valley or 0:07:43.520 --> 0:07:46.640 go before investors and raised five billion dollars off a plan. 0:07:47.040 --> 0:07:51.520 This is really when great businesses are formed, when uh 0:07:51.960 --> 0:07:55.840 you know, people thinking against the grain are starting companies 0:07:55.840 --> 0:07:59.080 and and will really endure in a capital efficient manner. 0:07:59.080 --> 0:08:02.160 And we'll see, absolutely see some great businesses. So putting 0:08:02.160 --> 0:08:06.760 on my eight Star Capital hats Um. You know, I'm 0:08:06.800 --> 0:08:10.920 just excited. I'm seeing a pickup of investments coming coming 0:08:11.000 --> 0:08:14.760 in and we are very excited to find that next Airbnb. 0:08:14.920 --> 0:08:17.280 I had the good fortune of being a seed investor 0:08:17.320 --> 0:08:21.240 in Airbnb back in two thousand nine. UM, you got 0:08:21.280 --> 0:08:23.240 to know Brian Naton Joe and they were scrappy and 0:08:23.280 --> 0:08:26.520 they were hungry, and it was a recession, and they 0:08:26.560 --> 0:08:28.520 had what it took to survive, had what it took. 0:08:29.080 --> 0:08:31.840 Talking about survival, I hear a lot of competing things 0:08:31.840 --> 0:08:34.400 over the last few days. Some say keep your power 0:08:34.400 --> 0:08:38.040 to dry, do not deploy capital because of volatility and 0:08:38.040 --> 0:08:41.079 public markets they're spooked. Others say, no, I'm going to 0:08:41.160 --> 0:08:45.000 go out there. I see opportunity. Are there any industries 0:08:45.080 --> 0:08:48.880 or is any sort of THEMATICUM direction that you're taking 0:08:48.920 --> 0:08:52.640 with your investment thesis. That's that's uh, that's a very 0:08:52.640 --> 0:08:57.360 important question. I've traditionally been really founder focused, so like 0:08:57.440 --> 0:08:59.800 a Bryan Naton Joe at Airbnb, for example, or a 0:08:59.840 --> 0:09:04.520 next straordinary team. UM was the investor in pinterest Ben Silverman, 0:09:04.600 --> 0:09:07.280 who who actually after a dozen years has just stepped 0:09:07.320 --> 0:09:10.040 down as CEO of it, has built a great business. 0:09:10.480 --> 0:09:13.280 UM so what what generally happens that the seed stages 0:09:13.480 --> 0:09:16.640 you you you invest in great people UM and they 0:09:16.679 --> 0:09:20.600 create these new industries. We are of course very excited 0:09:20.640 --> 0:09:24.560 about you know, this stage of aire. We're many chapters 0:09:24.559 --> 0:09:28.520 into the AI revolution and and there's much more to 0:09:28.559 --> 0:09:33.280 be done in that UM. Clean tech has risen so 0:09:33.360 --> 0:09:36.120 quickly UM, and it is very exciting to see something 0:09:36.200 --> 0:09:40.640 that that can actually drive a real business and and 0:09:40.880 --> 0:09:45.000 drive real results, but also really help us understand in 0:09:45.800 --> 0:09:51.000 UM kind of slow this this environmental issue we're facing today. Uh. 0:09:51.080 --> 0:09:53.800 So there's a there's a myriad of spaces and and 0:09:53.920 --> 0:09:55.800 you know, if you just look at back at uh, 0:09:55.840 --> 0:09:57.720 you know, Elon Musk, who would have ever thought that 0:09:57.920 --> 0:10:01.840 space would be a segment or there you had to 0:10:01.880 --> 0:10:04.640 go to Elon you know, I know, well we had 0:10:04.720 --> 0:10:07.280 to leave it there. Kevin Hart's general partner, co founder 0:10:07.280 --> 0:10:09.640 of a Star also bent Bright chairman and co founder 0:10:09.640 --> 0:10:12.760 of course Caroline Great Private Markets Taken What's going on 0:10:12.800 --> 0:10:14.520 in the world. It really was and it was a 0:10:14.559 --> 0:10:17.440 great interview Ed Ludlow, We thank you so much. Let's 0:10:17.480 --> 0:10:20.160 just for a moment before we of course returned to 0:10:20.280 --> 0:10:23.359 Ed with his interview on the Major League Soccer Commissioner 0:10:23.480 --> 0:10:26.240 Don Garba. That's going to be another key focus on 0:10:26.280 --> 0:10:29.400 the long term partnership with IMG Arena. We're good to 0:10:29.440 --> 0:10:32.760 be talking again, of course about one Elon Musk, and 0:10:32.840 --> 0:10:36.000 let's talk about the Musk deal. Apparently Twitter and serious 0:10:36.080 --> 0:10:38.360 jeopardy that deal, so says the Washington Post Twitter and 0:10:38.360 --> 0:10:40.400 our responding saying and it tends to close the deal 0:10:40.800 --> 0:10:43.200 with the Musque at a greed Terms said that all 0:10:43.240 --> 0:10:45.559 along of course rear traits. It will continue to share 0:10:45.600 --> 0:10:48.439 information with Musk, particularly around the bots comments and an 0:10:48.440 --> 0:10:50.960 email statement. And Judge is also confirming that it is 0:10:51.000 --> 0:10:54.679 indeed cutting jobs in its talent acquisition team. That was 0:10:54.760 --> 0:10:58.920 really previously reported by Reuters. Plenty more on that deal. 0:10:59.280 --> 0:11:21.000 Some other stuff were to this Bloomberg. Tech giants, including Apple, Microsoft, Google, 0:11:21.240 --> 0:11:24.520 whe they're actually all facing questions about whether their handover 0:11:24.640 --> 0:11:28.680 uses personal data to authorities pursuing evidence on abortion seekers, 0:11:29.040 --> 0:11:32.120 each company bracing for the multi state legal quagma that 0:11:32.160 --> 0:11:35.800 will govern privacy in a post row world. Bloomberg's Dina 0:11:35.840 --> 0:11:38.920 Bass wrote all about this in a fabulous piece for Bloomberg, 0:11:39.200 --> 0:11:40.920 and we just want to dig in, Dina, and really 0:11:41.559 --> 0:11:45.120 what are some of the issues legal labyrinth that you're 0:11:45.160 --> 0:11:47.960 expecting to crop up here. Well, first of all, we 0:11:48.000 --> 0:11:50.920 have to remember what's different now than pre row. Now 0:11:51.040 --> 0:11:54.520 everybody keeps everything online, So there's this digital trail of 0:11:54.520 --> 0:11:57.439 breadcrumbs that investigators could use if they wanted to get 0:11:57.480 --> 0:11:59.679 to someone who had had an abortion or someone who 0:12:00.120 --> 0:12:02.840 help them in any way, which is you know, increasingly 0:12:02.880 --> 0:12:06.000 becoming illegal in U. S. States. So the problem is 0:12:06.120 --> 0:12:08.560 all of these different tech companies, these different apps have 0:12:08.679 --> 0:12:11.079 little bits of data on you and actually not a 0:12:11.080 --> 0:12:14.200 little bit of volumes, and the data is in all 0:12:14.240 --> 0:12:16.800 sorts of different places, and it's going to be governed 0:12:16.840 --> 0:12:19.600 by a patwork of laws. Because imagine you have a 0:12:19.600 --> 0:12:22.720 patient who's potentially in Texas. Maybe they're trying to secure 0:12:22.760 --> 0:12:25.880 abortion drugs from New York. Now, maybe they get an 0:12:25.880 --> 0:12:29.680 email receipt to their to a Microsoft email account, maybe 0:12:29.679 --> 0:12:32.640 they search for those drugs using Google. Those companies are 0:12:32.640 --> 0:12:35.000 in two different states, and they sort their data in 0:12:35.080 --> 0:12:37.880 tens of different data centers and other states in the US. 0:12:38.400 --> 0:12:41.079 The question then becomes if an investigator, if a court 0:12:41.160 --> 0:12:43.640 wants to get a hold of that data, whose laws 0:12:43.679 --> 0:12:47.840 take precedence from a previous reaction function. Now this is 0:12:47.920 --> 0:12:51.880 a have to reiterate once again an incredibly politically divided 0:12:51.960 --> 0:12:54.520 and charged conversation that we're having, Dina, and of course 0:12:54.760 --> 0:12:58.160 about one third of those that answer peace surveys do 0:12:58.240 --> 0:13:00.800 indeed degree that we should have anti bullshit laws. So 0:13:00.840 --> 0:13:04.960 we understand basically the division hand. Does it stop and 0:13:05.000 --> 0:13:08.040 restrain these sorts of tech companies from responding and how 0:13:08.040 --> 0:13:11.480 they would have done previously? Uh, you know, we don't 0:13:11.520 --> 0:13:14.080 know what they're going to do. That's that's part of 0:13:14.120 --> 0:13:16.760 what we're waiting for. The major tech companies have not 0:13:16.880 --> 0:13:19.840 been willing to comment to to me or other reporters 0:13:19.880 --> 0:13:22.240 who have asked them as to whether they'll fight these 0:13:22.280 --> 0:13:25.520 sorts of data requests. We have some amount of history 0:13:26.040 --> 0:13:28.640 of what they've done with other types of data requests. 0:13:28.679 --> 0:13:32.000 Each of these major companies publishes every six months a 0:13:32.080 --> 0:13:35.440 report on government data requests and how many they've complied 0:13:35.480 --> 0:13:38.320 with where they've come from or the national security So 0:13:38.360 --> 0:13:42.840 we know that the companies like Facebook, like Apple, like Microsoft, Uh, 0:13:42.880 --> 0:13:46.080 they do comply, like Google, they comply with the majority 0:13:46.120 --> 0:13:49.040 of requests that they get, but they do fight some. 0:13:49.280 --> 0:13:51.760 So we've had very high profile cases of both Apple 0:13:51.800 --> 0:13:55.320 and Microsoft fighting data requests they considered to be unlawful. 0:13:55.840 --> 0:13:57.840 What we don't yet know is whether they'll do that 0:13:57.880 --> 0:14:01.199 in these cases with with women who have abortions or providers. 0:14:01.440 --> 0:14:04.599 But also what data is protected DNA and like on 0:14:04.720 --> 0:14:08.280 the HIPPA. I think a period track is on on apps? 0:14:08.679 --> 0:14:12.640 Is that yet being identified to something that's protected? So 0:14:12.679 --> 0:14:14.920 a period tracker is does not, as far as I know, 0:14:15.040 --> 0:14:17.080 qualified for Hippa. So I think that's part of what 0:14:17.080 --> 0:14:19.280 people need to realize a lot of things that people 0:14:19.320 --> 0:14:21.160 consider health data and they think, well, I go to 0:14:21.200 --> 0:14:23.280 my doctor and I have to sign that form about 0:14:23.280 --> 0:14:25.320 who it can be released to. A lot of your 0:14:25.320 --> 0:14:28.640 health data is not under hip, but what Hippo governs 0:14:28.640 --> 0:14:32.040 health plans and the providers who accept those health plans. 0:14:32.840 --> 0:14:35.480 Lawyers I spoke to said it may probably also cover 0:14:35.640 --> 0:14:39.000 a cloud provider if they're providing cloud services storing data 0:14:39.040 --> 0:14:42.920 for that health plan. But a period tracker and your 0:14:43.520 --> 0:14:47.080 your Apple Watch, your fitbit, that's not a Hippo data. 0:14:47.200 --> 0:14:50.960 And also if you get a court order signed by 0:14:50.960 --> 0:14:54.400 a judge, that can allow a Hippa entity to release 0:14:54.440 --> 0:14:56.920 the data anyway, even if it's governed by Hippa. So 0:14:57.760 --> 0:14:59.680 one of the issue that we're facing here is that 0:14:59.680 --> 0:15:02.800 we don't really have precedence here, and lawyers that I 0:15:02.840 --> 0:15:06.600 spoke to, advocates people the Electronic Frontier Foundation think we're 0:15:06.600 --> 0:15:08.760 in for a number of years of lawsuits to try 0:15:08.800 --> 0:15:11.160 to figure out how this is going to go. Dana Bass, 0:15:11.280 --> 0:15:13.240 we thank you so much as a great story, and 0:15:13.360 --> 0:15:15.280 let's get to someone who's thinking an awful lot about 0:15:15.280 --> 0:15:18.520 these sorts of issues. Atlanta Echoitz, founding partner at spring 0:15:18.560 --> 0:15:20.960 Bank Collective. It invests in early stage companies building the 0:15:21.080 --> 0:15:24.160 very infrastructure to enable working women families to thrive across 0:15:24.200 --> 0:15:27.200 the careers. And Alanta, of course, you were former Ofbarma administration, 0:15:27.200 --> 0:15:30.560 technology policy official across Obarma, Biden transition team, the SEC 0:15:30.760 --> 0:15:33.560 and sectary Clinton's office of the State Department. You have 0:15:33.600 --> 0:15:35.920 a lot of interaction with administration. But now in the 0:15:35.960 --> 0:15:42.360 funding environment, this is difficult, right, Yeah, and from a 0:15:42.400 --> 0:15:47.520 difficulty perspective, thanks for having Yeah, so you know, it's 0:15:47.520 --> 0:15:50.120 difficult than a whole bunch of ways. Um, you know, 0:15:50.760 --> 0:15:53.200 with the with the following row, we already had the 0:15:53.240 --> 0:15:56.040 digital health care companies stepping in kind of overnight to 0:15:56.120 --> 0:15:58.600 fill in some of the care gap created by these policies, 0:15:58.640 --> 0:16:02.160 So we thought companies like kill Club with a demand 0:16:02.160 --> 0:16:05.320 for emergency contraceptions spiked by five thousand percent within just 0:16:05.400 --> 0:16:07.920 a couple of days of the overturning of ROW. Patients 0:16:07.920 --> 0:16:10.520 are clearly worried about being denied access to care, and 0:16:10.520 --> 0:16:13.400 we've seen some hoarding behavior UM with some of the 0:16:13.400 --> 0:16:16.840 emergency contraception. You know, we're seeing companies like Hey Jane, 0:16:16.920 --> 0:16:20.640 a telehealth medication abortion provider, with huge spikes of interest, 0:16:20.720 --> 0:16:23.640 and we're also needed. We're also starting to see women's 0:16:23.640 --> 0:16:26.960 health tex players who are UM not necessarily in core 0:16:26.960 --> 0:16:30.160 reproductive health, also needing to adapt. So, for instance, maybe 0:16:30.280 --> 0:16:33.440 a women's health Unicorn that is a digital health platform 0:16:33.480 --> 0:16:36.200 for women's soldier employers. UM added a wallet app to 0:16:36.240 --> 0:16:39.280 help users calculate the cost of reproductive procedures and actually 0:16:39.320 --> 0:16:43.120 facilitate reimbursements. And at the same time, employers are facing 0:16:43.120 --> 0:16:46.080 a tremendous amount of uncertainty, not just tech employers, of course, 0:16:46.400 --> 0:16:49.280 given the US is fragmented health SCARECESM employers have always 0:16:49.280 --> 0:16:52.360 played a major role in healthcare for American workers, and 0:16:52.360 --> 0:16:54.640 that's only going to grow. Since fifty percent of Americans 0:16:54.640 --> 0:16:57.840 get their health insurance through their employers. So what company 0:16:57.880 --> 0:16:59.720 you work for has always mattered for your health care, 0:16:59.760 --> 0:17:02.120 and now where your job is located and where that 0:17:02.160 --> 0:17:05.199 employer is located, it's gonna have really outside role in 0:17:05.240 --> 0:17:08.080 the kind of kind and quality of care you can receive, 0:17:08.200 --> 0:17:10.960 especially as a woman. And for a lot of these companies, 0:17:11.000 --> 0:17:12.879 they're just in the earliest days of figuring out what 0:17:12.880 --> 0:17:17.520 the actual implications are of actually implementing policy to support 0:17:17.560 --> 0:17:21.600 to support these workers across HR, across healthcare, across their 0:17:21.680 --> 0:17:24.480 legal team and on the has been of handwringing and 0:17:24.600 --> 0:17:27.800 concerns and worry and lack of charity. But it feels 0:17:27.840 --> 0:17:32.720 like there is innovation there as well at this moment um. Absolutely, so, 0:17:32.920 --> 0:17:36.000 you know, I think women's healthcare companies are going to 0:17:36.080 --> 0:17:38.879 continue to innovate. Frankly, they have to innovate in this moment. 0:17:39.680 --> 0:17:41.480 Over the last couple of years, we've seen an increasing 0:17:41.520 --> 0:17:44.840 interest in digital health companies that are serving the healthcare 0:17:44.920 --> 0:17:48.240 needs of women. In one those kinds of companies raised 0:17:48.280 --> 0:17:50.879 one point four billion, That was two x a year prior. 0:17:50.920 --> 0:17:53.679 So I think we're gonna keep seeing that energy. You know, 0:17:53.720 --> 0:17:56.240 I will say, just also follow on on what the 0:17:56.280 --> 0:17:59.720 reporter who preceded me with discussing. In terms of these 0:17:59.760 --> 0:18:03.359 data issues, I still believe there's a tremendous amount of 0:18:03.400 --> 0:18:06.320 room for innovation. I also think that uncertainty creates a 0:18:06.359 --> 0:18:09.200 real challenge for innovation. And right now we have really 0:18:09.240 --> 0:18:12.520 really deep uncertainty around how these policies are going to 0:18:12.560 --> 0:18:14.880 play out at the state level. Um. And I think 0:18:14.920 --> 0:18:16.520 that you know, this is something I've seen both in 0:18:16.560 --> 0:18:18.639 the government and now as an investor, is an enormous 0:18:18.680 --> 0:18:22.240 uncertainy around regulation and policy enforcement can really stifle innovation 0:18:22.280 --> 0:18:24.840 for new players who are trying to solve really important 0:18:24.840 --> 0:18:27.840 women's health and population help health problems. And of course 0:18:27.840 --> 0:18:31.159 it creates lots of costs and burdens for consumers, you know, 0:18:31.200 --> 0:18:34.120 for instance, the Googles and the Apples of the world. Um. 0:18:34.200 --> 0:18:36.200 You know, when it comes to challenging potentially some of 0:18:36.240 --> 0:18:39.160 these data requests undoubtedly have the money and the lawyers 0:18:39.160 --> 0:18:41.760 to do so. But one imagine, you know, especially if 0:18:41.760 --> 0:18:44.719 you're a smaller startup, that that could you know, an 0:18:44.800 --> 0:18:47.320 enormous sort of legal burden, legal liability to put you 0:18:47.320 --> 0:18:51.120 out of business. One of course, that you yourself backing 0:18:51.200 --> 0:18:54.880 certain companies unicorns like Chief for example. You know you've 0:18:54.880 --> 0:18:57.320 been trying to look, I'm sure, across the US, but 0:18:57.480 --> 0:18:59.760 now suddenly are we going to see pockets of health 0:19:00.040 --> 0:19:04.280 innovation suddenly just become in New York, in California rather 0:19:04.359 --> 0:19:07.280 than perhaps in the Austin's or all the new areas 0:19:07.280 --> 0:19:10.720 of technology. Yeah. Absolutely, you know, I think that the 0:19:11.640 --> 0:19:14.119 Jobbed ruling and some of the subsequent implications at the 0:19:14.119 --> 0:19:16.160 state level, which of course you're just beginning to play 0:19:16.200 --> 0:19:19.199 out right now, might make employment and or investment in 0:19:19.240 --> 0:19:22.720 certain states more or less appealing. So right now, for instance, 0:19:22.760 --> 0:19:25.600 you know, we're we're always excited about innovations and fertility 0:19:25.640 --> 0:19:28.520 care to make it more affordable, more accessible for for 0:19:28.560 --> 0:19:30.359 anyone to build the kind of family that they would 0:19:30.359 --> 0:19:32.280 like to build. UM. And right now, if you're an 0:19:32.320 --> 0:19:35.280 innovator building a venture back company and fertility care, frankly, 0:19:35.400 --> 0:19:37.560 probably just makes sense to build your company a state 0:19:37.600 --> 0:19:40.560 like California and New York which will continue presumably to 0:19:40.600 --> 0:19:42.600 support these business and then not create a lot of 0:19:42.720 --> 0:19:47.480 uncertainty around the treatment of embryos, the treatment of fertility care. UM. 0:19:47.520 --> 0:19:49.239 You know, that's just one one example but I think 0:19:49.280 --> 0:19:51.080 we're going to see that play out across the board 0:19:51.200 --> 0:19:55.320 study seconds. You still bullish on the space though, UM, 0:19:55.359 --> 0:19:59.960 I am absolutely permanently bullish about improving the lives of women, 0:20:00.000 --> 0:20:02.600 and I will always be bullish about the opportunities in 0:20:02.600 --> 0:20:04.359 women's health. And one of the important things to remember 0:20:04.440 --> 0:20:06.280 that when we talked about women's health, that doesn't just 0:20:06.359 --> 0:20:10.159 equal reproductive health. It never has. Um you know, women, 0:20:10.440 --> 0:20:13.240 there's all sorts of health conditions that are enormous, multibillion 0:20:13.280 --> 0:20:16.800 dollar markets where it impacts women much differently than men, 0:20:16.960 --> 0:20:19.600 whether it's all time or it's heart disease, type you, diabetes. 0:20:19.960 --> 0:20:22.560 It wasn't until six that women were even allowed to 0:20:22.560 --> 0:20:25.280 participate in clinical research and trial. So I just think 0:20:25.600 --> 0:20:28.800 reproductive health is obviously a core component of where we 0:20:28.840 --> 0:20:30.560 can be investing in women's health, but it is so 0:20:30.640 --> 0:20:33.280 much bigger than that, and we're gonna keep investing and 0:20:33.320 --> 0:20:36.520 founders are going to keep building amazing hard things. Coming 0:20:36.600 --> 0:20:38.640 from one of the coolest looking bonds in New York, 0:20:39.000 --> 0:20:41.720 we thank you at Anna Oh. It's taking time out 0:20:41.720 --> 0:20:43.399 of a vacation to spend some time with us in 0:20:43.480 --> 0:20:46.919 Springbank Collector. Fascinating. Thank you Sam, you for having me. 0:20:54.880 --> 0:20:57.320 This is putting technology. I'm Caroline Hand in New York. 0:20:57.440 --> 0:20:59.680 Now the Sun Valley Conferences under way, of course, and 0:20:59.760 --> 0:21:01.960 I to with many of the world's top business leaders, 0:21:02.119 --> 0:21:04.719 gathering that to talk deals, to talk you know, masks. 0:21:04.920 --> 0:21:07.000 And he's also expected that this weekend, of course, when 0:21:07.280 --> 0:21:09.840 said Ludlow joins us, Now you've got another special guest, 0:21:09.880 --> 0:21:12.840 and this one, well, people say socco, you and I 0:21:12.880 --> 0:21:16.840 would call it football. Oh, we call it football, and 0:21:16.880 --> 0:21:19.200 that's I get to talk about my two favorite things. 0:21:19.720 --> 0:21:23.960 Technology and football will call it soccer. Don Garba, major 0:21:24.040 --> 0:21:29.640 League MLS Commissioner, you struck a deal with Apple, ten 0:21:29.720 --> 0:21:35.000 year deal stream direct to consumers around the world that 0:21:35.080 --> 0:21:38.560 want Major League Soccer MLS. Why Apple, Well, you know 0:21:38.600 --> 0:21:43.000 they're the perfect company for us, you know, innovative, aggressive, ambitious, 0:21:43.520 --> 0:21:46.040 really thinking hard about what their future is going to 0:21:46.119 --> 0:21:49.760 be in the sports streaming place. For us, every game 0:21:50.400 --> 0:21:53.760 anywhere in the world, on any device is perfect for 0:21:54.359 --> 0:21:57.240 young and very digitally native fan base or radio percent 0:21:57.240 --> 0:22:00.479 of our fans are streaming soccer or football anyway, So 0:22:00.520 --> 0:22:02.800 we couldn't have really picked a better. Well, let me 0:22:02.800 --> 0:22:05.119