1 00:00:02,279 --> 00:00:05,640 Speaker 1: From the heart of where innovation, money and power collive 2 00:00:06,400 --> 00:00:10,960 Speaker 1: in Silicon Valley and beyond. This is Bloomberg Technology with 3 00:00:11,000 --> 00:00:26,920 Speaker 1: Emily jay I. Remember the Changese San Francisco, and this 4 00:00:26,920 --> 00:00:29,600 Speaker 1: is Bloomberg Technology coming up in the next hour. Pinterest 5 00:00:29,680 --> 00:00:33,080 Speaker 1: gets Ready. New CEO Bill Ready joins us for an 6 00:00:33,120 --> 00:00:36,400 Speaker 1: exclusive interview to JR. What he's learned after thirty days 7 00:00:36,400 --> 00:00:38,800 Speaker 1: on the job and his action plan to evolve the 8 00:00:38,840 --> 00:00:42,560 Speaker 1: fifteen billion dollars social e commerce platform in the face 9 00:00:42,640 --> 00:00:47,600 Speaker 1: of tough macro conditions and a change in technoidscape. Plus 10 00:00:47,640 --> 00:00:51,440 Speaker 1: a conversation with Markuetta's outgoing CEO. Jason Gardner is looking 11 00:00:51,479 --> 00:00:54,680 Speaker 1: for his replacement as fintech faces rising credit card debt 12 00:00:54,920 --> 00:00:57,600 Speaker 1: and consumers under pressure. He says he's no longer the 13 00:00:57,640 --> 00:01:00,400 Speaker 1: right person to run the company for the next phase 14 00:01:00,400 --> 00:01:05,200 Speaker 1: of growth. And who is Hoadier Oliva, The fifteen year 15 00:01:05,200 --> 00:01:08,440 Speaker 1: Facebook veteran is now Meta's new CEO. Why he's being 16 00:01:08,480 --> 00:01:13,920 Speaker 1: called the anti Cheryl samper Okay fintech platform Marcatta announcing 17 00:01:13,920 --> 00:01:16,720 Speaker 1: strong earnings results, but news of a regime change made 18 00:01:16,760 --> 00:01:20,160 Speaker 1: shareholders anxious. Marcatta is on the hunt for a new 19 00:01:20,200 --> 00:01:23,360 Speaker 1: executive team share is plunged after the credit card issue. 20 00:01:23,440 --> 00:01:25,120 Speaker 1: Or announced this shake up a search for a new 21 00:01:25,240 --> 00:01:28,880 Speaker 1: CEO and CEO. Joining me now to talk about it 22 00:01:28,959 --> 00:01:32,560 Speaker 1: is outgoing Marcatta CEO Jason Gardner, who is now searching 23 00:01:32,600 --> 00:01:35,760 Speaker 1: for his successor. So Jason tell us more of the 24 00:01:35,840 --> 00:01:40,520 Speaker 1: story behind this leadership change, why and why now? Well, 25 00:01:40,560 --> 00:01:43,960 Speaker 1: happy birthday and thank you, thank you, thank you very 26 00:01:44,120 --> 00:01:48,560 Speaker 1: continue interested in Marcatta. I started with succession planning when 27 00:01:48,600 --> 00:01:52,040 Speaker 1: I took the comedy public back in June nine one. 28 00:01:52,160 --> 00:01:54,800 Speaker 1: The board was asking me about succession planning and it's 29 00:01:54,800 --> 00:01:57,240 Speaker 1: not something I ever thought about. And then he got 30 00:01:57,240 --> 00:02:01,400 Speaker 1: more intense in January regards to six session planning and 31 00:02:01,600 --> 00:02:03,200 Speaker 1: you know what, if he got hit by a bus, 32 00:02:03,200 --> 00:02:05,400 Speaker 1: you would take over the company. And what I did 33 00:02:05,480 --> 00:02:08,080 Speaker 1: is I talked to a lot of other CEOs, other 34 00:02:08,160 --> 00:02:12,480 Speaker 1: founder CEOs who stepped into the exact chairman role, what 35 00:02:12,560 --> 00:02:15,000 Speaker 1: they were looking for, why did they do it? Uh? 36 00:02:15,000 --> 00:02:17,360 Speaker 1: And it was really really enlightening, and I felt that 37 00:02:17,560 --> 00:02:21,560 Speaker 1: I'm someone who loves people, products and our customers and 38 00:02:21,720 --> 00:02:26,040 Speaker 1: finding a CEO who is much better suited for our 39 00:02:26,120 --> 00:02:29,760 Speaker 1: next phase of growth, which is building a sustainably profitable 40 00:02:29,800 --> 00:02:33,600 Speaker 1: company Uh. That combination I thought was really really powerful 41 00:02:33,639 --> 00:02:36,079 Speaker 1: and I got really excited about it. I spoke with 42 00:02:36,120 --> 00:02:39,280 Speaker 1: the board, I told him what my plan was, and 43 00:02:39,320 --> 00:02:42,000 Speaker 1: I wanted to be very transparent about it, transparent to 44 00:02:42,240 --> 00:02:45,480 Speaker 1: our employees, our customers, and our shareholders. And we're just 45 00:02:45,520 --> 00:02:49,120 Speaker 1: really excited about this step. I care deeply about the company. 46 00:02:49,160 --> 00:02:52,320 Speaker 1: It's what's best for Marquetta over the next couple of decades, 47 00:02:52,520 --> 00:02:55,120 Speaker 1: and truly feel like this is the best next step 48 00:02:55,880 --> 00:02:58,760 Speaker 1: for the business. I am in the role now. I 49 00:02:58,800 --> 00:03:00,960 Speaker 1: am in the role and six months or a year 50 00:03:01,000 --> 00:03:04,000 Speaker 1: until we find a new CEO, but really excited about 51 00:03:04,000 --> 00:03:08,160 Speaker 1: the decision and what's next. Why change out the CEO 52 00:03:08,240 --> 00:03:13,400 Speaker 1: and the CEO roles at the same time so the 53 00:03:13,600 --> 00:03:17,280 Speaker 1: company organizations or organisms, you know. We want to be flexible, 54 00:03:17,480 --> 00:03:20,000 Speaker 1: we want to be nimble, and I've always made decisions 55 00:03:20,040 --> 00:03:23,400 Speaker 1: about this having a hyper growth company. Our needs changed 56 00:03:23,440 --> 00:03:25,520 Speaker 1: from time to time. Video and I have been having 57 00:03:25,600 --> 00:03:29,519 Speaker 1: conversations over the last few weeks. What's next for the 58 00:03:29,600 --> 00:03:32,839 Speaker 1: for the business. The c r O is next. It's 59 00:03:32,880 --> 00:03:36,560 Speaker 1: not a CEO. It's bringing in somebody who's solely focused 60 00:03:36,600 --> 00:03:39,880 Speaker 1: on the revenue side of the business. While I could 61 00:03:39,880 --> 00:03:42,680 Speaker 1: be focused on being a CEO and focusing on the 62 00:03:42,760 --> 00:03:45,200 Speaker 1: day to day operations in the company and finding my 63 00:03:46,320 --> 00:03:49,880 Speaker 1: the next CEO, and then creating the combination between that. 64 00:03:49,960 --> 00:03:52,280 Speaker 1: I thought that was the best next step for the business. 65 00:03:53,000 --> 00:03:55,520 Speaker 1: She and I had that conversation. She decided to step 66 00:03:55,560 --> 00:03:58,360 Speaker 1: away while I'll focus on hiring the c r O 67 00:03:58,520 --> 00:04:01,520 Speaker 1: and hiring the CEO along with the team the board 68 00:04:01,520 --> 00:04:04,200 Speaker 1: of the company, and again, just excited about this next step. 69 00:04:04,480 --> 00:04:06,720 Speaker 1: And it feels like a way lifted off. I've i've 70 00:04:07,040 --> 00:04:10,360 Speaker 1: I don't like secrets. Secrets are uncomfortable and transparency as 71 00:04:10,360 --> 00:04:12,680 Speaker 1: a core tenant of who I am. So be able 72 00:04:12,680 --> 00:04:16,640 Speaker 1: to talk about this publicly is just wonderful. I'm curious 73 00:04:16,680 --> 00:04:19,960 Speaker 1: what advice you have to others who might be thinking 74 00:04:19,960 --> 00:04:23,400 Speaker 1: about the same thing, wondering the same thing. You know, 75 00:04:23,480 --> 00:04:25,960 Speaker 1: it's I'm sure it's hard to step away from your 76 00:04:26,000 --> 00:04:29,880 Speaker 1: baby essentially, but you know, what message would you send 77 00:04:29,920 --> 00:04:33,039 Speaker 1: to other executives out there about you know, trying to 78 00:04:33,040 --> 00:04:34,560 Speaker 1: figure out what is the right time, And maybe it 79 00:04:34,600 --> 00:04:37,960 Speaker 1: is the right time. You gotta do what's best for 80 00:04:38,000 --> 00:04:41,120 Speaker 1: the business. As a public company CEO, you have to 81 00:04:41,160 --> 00:04:44,279 Speaker 1: do what's best for your shareholders. As well, and what 82 00:04:44,480 --> 00:04:48,520 Speaker 1: is the powerful combination that is going to build a better, 83 00:04:49,080 --> 00:04:52,800 Speaker 1: stronger business in the future. And I ultimately decided the 84 00:04:52,839 --> 00:04:56,159 Speaker 1: combination between a founder who wants to be focused on people, 85 00:04:56,240 --> 00:04:59,160 Speaker 1: products and customers and a CEO wants to be focused 86 00:04:59,200 --> 00:05:01,839 Speaker 1: on the day to day operations of the business, that 87 00:05:02,040 --> 00:05:05,359 Speaker 1: is what's best for Marquette Up and I ultimately felt 88 00:05:05,480 --> 00:05:08,200 Speaker 1: that's the step that I needed to take. It's certainly 89 00:05:08,240 --> 00:05:10,279 Speaker 1: surprising to a lot of people that I wanted to 90 00:05:10,320 --> 00:05:12,960 Speaker 1: do that, but I love my baby who is now 91 00:05:13,240 --> 00:05:16,799 Speaker 1: a young adult, and I felt that having someone else 92 00:05:16,839 --> 00:05:19,520 Speaker 1: to leave this young adult too deep into the future 93 00:05:19,720 --> 00:05:22,000 Speaker 1: was the best next step. So the advice I would 94 00:05:22,040 --> 00:05:25,240 Speaker 1: have to founders is is be selfless, think about what 95 00:05:25,400 --> 00:05:28,279 Speaker 1: is best for the company, and be very transparent about 96 00:05:28,320 --> 00:05:30,800 Speaker 1: it so that people can know what your intent is 97 00:05:30,839 --> 00:05:34,159 Speaker 1: as you lead into the future. Now we are in 98 00:05:34,200 --> 00:05:37,200 Speaker 1: the middle of a difficult macroeconomic environment. We may be 99 00:05:37,800 --> 00:05:41,080 Speaker 1: headed into a recession. What is your outlook on the 100 00:05:41,080 --> 00:05:45,880 Speaker 1: fintech landscape and the environment that your successor will be 101 00:05:45,920 --> 00:05:50,159 Speaker 1: walking into. Well, we had a great first half, remaining 102 00:05:50,200 --> 00:05:52,960 Speaker 1: cautious in the second half, and you're right, depending on 103 00:05:53,000 --> 00:05:55,120 Speaker 1: the experts you talk to were in a recession, not 104 00:05:55,200 --> 00:05:58,159 Speaker 1: in a recession. A recession is coming. It's not really 105 00:05:58,160 --> 00:06:01,880 Speaker 1: clear about where we're headed. We're a very strong company 106 00:06:01,920 --> 00:06:04,719 Speaker 1: where the market leader in our space. We had fifty 107 00:06:04,800 --> 00:06:06,919 Speaker 1: three percent year or year A grow. We had a 108 00:06:06,960 --> 00:06:10,040 Speaker 1: sixty six percent rise and gross profit. We have one 109 00:06:10,080 --> 00:06:13,520 Speaker 1: point seven billion dollars in cash, a lot of options, 110 00:06:13,560 --> 00:06:16,239 Speaker 1: whether it's investing more in the business we are hiring, 111 00:06:17,000 --> 00:06:19,040 Speaker 1: whether it's M and A. But there's a lot of 112 00:06:19,120 --> 00:06:22,919 Speaker 1: uncertainty moving forward. We have a very strong, obviously blue 113 00:06:23,000 --> 00:06:27,320 Speaker 1: chip base of customers who continue to perform while we're 114 00:06:27,360 --> 00:06:30,360 Speaker 1: building out more and more business around the world, investing 115 00:06:30,360 --> 00:06:32,520 Speaker 1: on our product, investing in our people, and investing in 116 00:06:32,520 --> 00:06:36,559 Speaker 1: our future. All right, Jason, appreciate you joining us, Thanks 117 00:06:36,600 --> 00:06:39,440 Speaker 1: for sharing some of that with us, and we'll be 118 00:06:39,440 --> 00:06:43,720 Speaker 1: watching to see how this shuffle plays out. Markettessy, Jason Gardner, 119 00:06:44,920 --> 00:06:56,520 Speaker 1: take care. It's been one month since the executive shuffle 120 00:06:56,640 --> 00:06:59,960 Speaker 1: at pinter As. Last month. Co founder Ben Silverman how 121 00:07:00,000 --> 00:07:02,159 Speaker 1: into the reins to Bill Ready, the former president of 122 00:07:02,200 --> 00:07:05,600 Speaker 1: Commerce and Payments at Google. On his first call as CEO, 123 00:07:05,760 --> 00:07:07,479 Speaker 1: Ready said he'll lay out a plan of action and 124 00:07:07,520 --> 00:07:10,920 Speaker 1: coming months focusing on the appsibility to quote help people 125 00:07:11,040 --> 00:07:16,200 Speaker 1: go from inspiration to realization. Bill ready joins me. Now, Bill, 126 00:07:16,280 --> 00:07:18,480 Speaker 1: it's great to have you back on the show after 127 00:07:18,520 --> 00:07:21,080 Speaker 1: a few years. So your first your first thirty days, 128 00:07:21,160 --> 00:07:24,600 Speaker 1: what's been the focus and how are you shaping that 129 00:07:24,680 --> 00:07:27,920 Speaker 1: plan of action? Well, it's it's been a great first 130 00:07:27,920 --> 00:07:30,200 Speaker 1: month with the team for sure. Um. You know, we 131 00:07:30,280 --> 00:07:34,360 Speaker 1: jumped right into with with earnings uh and some great 132 00:07:34,760 --> 00:07:38,280 Speaker 1: engage with our investors. Um. But it's really been inspiring 133 00:07:38,320 --> 00:07:41,000 Speaker 1: for me to see as I've come into Pinterest, the 134 00:07:41,080 --> 00:07:43,320 Speaker 1: things that I really admired from the outside in terms 135 00:07:43,320 --> 00:07:46,840 Speaker 1: of pinterest mission and vision and how much people really 136 00:07:46,880 --> 00:07:49,400 Speaker 1: care about it being a positive place on the internet, 137 00:07:49,720 --> 00:07:53,120 Speaker 1: a place that people can go for daily inspiration, um, 138 00:07:53,200 --> 00:07:55,440 Speaker 1: whether they're looking for things to make or to do 139 00:07:55,600 --> 00:07:58,120 Speaker 1: or to buy. Um. It's been really great to see 140 00:07:58,120 --> 00:08:00,160 Speaker 1: what a dedicated team we have around those things, and 141 00:08:00,200 --> 00:08:03,240 Speaker 1: the really great momentum the team has built over many years, 142 00:08:03,720 --> 00:08:05,720 Speaker 1: as well as a lot of exciting things that were 143 00:08:05,760 --> 00:08:09,040 Speaker 1: in the midstuff. Now, now, you were running commerce at Google. 144 00:08:09,120 --> 00:08:12,280 Speaker 1: Before that, you were the CEO of PayPal, You ran Venmo, 145 00:08:12,360 --> 00:08:14,960 Speaker 1: you ran Braintree, you were actually on our show, uh 146 00:08:15,000 --> 00:08:18,360 Speaker 1: several times in that role. How did the conversation start 147 00:08:18,400 --> 00:08:22,520 Speaker 1: with Pinterest and how did you both come to the 148 00:08:22,560 --> 00:08:25,920 Speaker 1: decision that this was the right call. Um, So you know, 149 00:08:26,000 --> 00:08:28,400 Speaker 1: have admired what been in the team here built over 150 00:08:28,480 --> 00:08:31,040 Speaker 1: many years, uh, and more recently Ben and I started 151 00:08:31,080 --> 00:08:34,319 Speaker 1: talking about, uh, you know, not only you know, how 152 00:08:34,360 --> 00:08:37,040 Speaker 1: he was thinking about what he wanted for himself, but 153 00:08:37,080 --> 00:08:39,440 Speaker 1: also what he hoped for from Pinterest. UH. And there's 154 00:08:39,440 --> 00:08:41,080 Speaker 1: just a lot of really great alignment on those things 155 00:08:41,120 --> 00:08:44,440 Speaker 1: around the vision for the business. I think, you know, 156 00:08:44,480 --> 00:08:47,719 Speaker 1: as as you touched on, you know in the intro, uh, 157 00:08:47,720 --> 00:08:50,640 Speaker 1: the opportunity to go from inspiration to realization, I think 158 00:08:50,640 --> 00:08:53,960 Speaker 1: it's just a really unique thing, uh that doesn't exist 159 00:08:53,960 --> 00:08:56,959 Speaker 1: to any places. Finding inspiration and intent in the same 160 00:08:57,000 --> 00:09:01,200 Speaker 1: platform is really unique and uncommon. And I think as 161 00:09:01,280 --> 00:09:03,959 Speaker 1: much as there's a tremendous amount of discovery and inspiration 162 00:09:04,720 --> 00:09:08,200 Speaker 1: and intent on Pinterest, the opportunity to help people take 163 00:09:08,200 --> 00:09:10,439 Speaker 1: that all the way through the realization, I think is 164 00:09:10,440 --> 00:09:12,480 Speaker 1: going to be a great next chapter and where Pinterests 165 00:09:12,480 --> 00:09:15,319 Speaker 1: can go. Uh. And of course you know, making sure 166 00:09:15,480 --> 00:09:19,000 Speaker 1: to continue on all the really great inspiration discovery that's 167 00:09:19,040 --> 00:09:22,160 Speaker 1: already the core of people love about the platform. There 168 00:09:22,240 --> 00:09:25,400 Speaker 1: was some surprise that Ben laughed. Obviously, he's a founder, 169 00:09:25,679 --> 00:09:28,040 Speaker 1: he has been there for years. Can you give us 170 00:09:28,080 --> 00:09:31,120 Speaker 1: any more insight into why he decided that now was 171 00:09:31,240 --> 00:09:33,880 Speaker 1: the time to move on? Well, you know, Ben has 172 00:09:33,880 --> 00:09:36,640 Speaker 1: done an amazing job over the course of twelve tyears 173 00:09:36,640 --> 00:09:39,560 Speaker 1: building a business from zero. Uh. And so you know, 174 00:09:39,840 --> 00:09:42,680 Speaker 1: tons of admiration and respect for Ben as an entrepreneur. Uh. 175 00:09:42,720 --> 00:09:44,680 Speaker 1: And the great thing is, you know, Ben and I 176 00:09:44,679 --> 00:09:46,000 Speaker 1: spent a lot of time and you know, we have 177 00:09:46,080 --> 00:09:48,440 Speaker 1: a lot of common vision for where the company can go. 178 00:09:48,520 --> 00:09:51,800 Speaker 1: And so uh. You know, I'm excited to continue engaging 179 00:09:51,840 --> 00:09:55,839 Speaker 1: with Ben. He's a very engaging and passionate board member 180 00:09:56,160 --> 00:09:58,240 Speaker 1: uh and someone who I continue to spend a lot 181 00:09:58,240 --> 00:10:01,800 Speaker 1: of time with. Um. And again, you know, he's done 182 00:10:01,800 --> 00:10:04,439 Speaker 1: an amazing job of building Pinterest to what it is today, 183 00:10:04,559 --> 00:10:07,520 Speaker 1: and it's a great partnership in terms of where we 184 00:10:07,559 --> 00:10:11,280 Speaker 1: take it going forward. I'm a big pinner and you 185 00:10:11,320 --> 00:10:14,400 Speaker 1: know know that it's a super useful product and as 186 00:10:14,440 --> 00:10:17,400 Speaker 1: you say, it sits at this really important intersection of 187 00:10:17,480 --> 00:10:22,920 Speaker 1: social and e commerce and search. Some would say there 188 00:10:22,960 --> 00:10:26,160 Speaker 1: hasn't been a lot of innovation or evolution over the 189 00:10:26,200 --> 00:10:29,120 Speaker 1: last several years. How do you want to better harness 190 00:10:29,240 --> 00:10:33,000 Speaker 1: that power that pin or s has. Yeah, well, I 191 00:10:33,040 --> 00:10:36,400 Speaker 1: think two things. I'd say One, I think the team 192 00:10:36,400 --> 00:10:38,600 Speaker 1: has innovated quite a lot. I think if you look 193 00:10:38,640 --> 00:10:40,640 Speaker 1: at the platform today versus where it's been in the past, 194 00:10:40,679 --> 00:10:44,280 Speaker 1: I think, uh, there's a lot to be really excited about. Um, 195 00:10:44,360 --> 00:10:46,600 Speaker 1: you know, you have you know, in the shift to video, 196 00:10:46,679 --> 00:10:50,160 Speaker 1: for example, we share this you know, on our earnings 197 00:10:50,160 --> 00:10:52,559 Speaker 1: that we now have temperas and plus of our engagement 198 00:10:52,600 --> 00:10:56,000 Speaker 1: it's coming over video, while also still staying really true 199 00:10:56,040 --> 00:10:58,280 Speaker 1: to what users expect in terms of, you know, bringing 200 00:10:58,280 --> 00:11:00,839 Speaker 1: together a bunch of really great inspirational images and things 201 00:11:00,840 --> 00:11:03,480 Speaker 1: that are interested in. So I think it's a good 202 00:11:03,520 --> 00:11:07,000 Speaker 1: example of innovating with users. But I think, you know, 203 00:11:07,000 --> 00:11:09,760 Speaker 1: there's also a lot that's still left to be done, 204 00:11:09,800 --> 00:11:12,560 Speaker 1: and I think that really is around how do you 205 00:11:12,600 --> 00:11:15,760 Speaker 1: help people harness that inspiration and intent that they have. 206 00:11:15,840 --> 00:11:17,840 Speaker 1: One of the great things about interest is that, you know, 207 00:11:17,880 --> 00:11:20,839 Speaker 1: people aren't just casually browsing. It's not just lean back. 208 00:11:21,320 --> 00:11:23,960 Speaker 1: People are coming with an intent and a purpose, and 209 00:11:23,960 --> 00:11:26,840 Speaker 1: they're coming at a part of their journey where I 210 00:11:26,880 --> 00:11:29,120 Speaker 1: still haven't yet decided, you know, what it is they 211 00:11:29,240 --> 00:11:31,479 Speaker 1: want to do or to buy. They may know they're 212 00:11:31,520 --> 00:11:34,240 Speaker 1: looking to put together a great outfit, or plan a 213 00:11:34,240 --> 00:11:37,360 Speaker 1: plan a party, or redesign a room, but they're at 214 00:11:37,360 --> 00:11:39,960 Speaker 1: this moment where they're still trying to figure out, well, 215 00:11:40,200 --> 00:11:42,080 Speaker 1: what I want in that room, what do I want 216 00:11:42,120 --> 00:11:43,679 Speaker 1: that outfit to be, or what I want that party 217 00:11:43,720 --> 00:11:46,520 Speaker 1: to look like. That's a really unique moment in the 218 00:11:46,600 --> 00:11:49,240 Speaker 1: user's journey in a place where I think our platform 219 00:11:49,280 --> 00:11:50,880 Speaker 1: is quite unique and where we have a lot of 220 00:11:50,960 --> 00:11:54,360 Speaker 1: opportunity to now take that user from not just I 221 00:11:54,360 --> 00:11:56,160 Speaker 1: could put together that great outfit, where I could put 222 00:11:56,200 --> 00:11:59,080 Speaker 1: together that great room, but I can go all the 223 00:11:59,080 --> 00:12:02,160 Speaker 1: way to action and finding the things I want to 224 00:12:02,160 --> 00:12:04,400 Speaker 1: buy to put that together, or find the places to 225 00:12:04,440 --> 00:12:06,240 Speaker 1: connect with to go help me take the next step 226 00:12:06,240 --> 00:12:08,199 Speaker 1: in that journey. And so I think those are places 227 00:12:08,200 --> 00:12:10,480 Speaker 1: where there's a lot of forward innovation left to go. 228 00:12:11,360 --> 00:12:13,880 Speaker 1: And I think you see that continue to resonate with 229 00:12:13,960 --> 00:12:17,280 Speaker 1: users and with advertisers. I think you're seeing that play 230 00:12:17,280 --> 00:12:21,080 Speaker 1: out in the ads business where that combination of inspiration 231 00:12:21,120 --> 00:12:24,440 Speaker 1: and intent is really what's making p interests and must 232 00:12:24,440 --> 00:12:28,520 Speaker 1: buy for advertisers even as advertisers or shifting, uh you know, 233 00:12:28,679 --> 00:12:30,320 Speaker 1: how they think about what they need to be doing. 234 00:12:30,760 --> 00:12:33,280 Speaker 1: That combination of inspiration intent really stands out. I think 235 00:12:33,280 --> 00:12:36,400 Speaker 1: makes Pinterests must buy for advertisers as well. Well what 236 00:12:36,480 --> 00:12:38,400 Speaker 1: do you how do you think your Google and payments 237 00:12:38,440 --> 00:12:42,600 Speaker 1: experience can play here? I mean, is the biggest opportunity 238 00:12:42,640 --> 00:12:46,120 Speaker 1: Advertising is the biggest opportunity. E commerce is the dream 239 00:12:46,440 --> 00:12:48,680 Speaker 1: to be able to see something on Pinterest and buy 240 00:12:48,679 --> 00:12:52,000 Speaker 1: it or figure out, uh you know where that pillow 241 00:12:52,080 --> 00:12:54,320 Speaker 1: came from, or how somebody can can make it if 242 00:12:54,360 --> 00:12:57,840 Speaker 1: they want to make it themselves. Um, well, yes to 243 00:12:57,880 --> 00:13:00,000 Speaker 1: each of those. Um. I think how you put those 244 00:13:00,040 --> 00:13:02,839 Speaker 1: things together really matters. And I think if you look 245 00:13:02,840 --> 00:13:05,440 Speaker 1: at what I think Pinterest does really well, it is 246 00:13:05,480 --> 00:13:08,600 Speaker 1: a curated journey where yes, there's a lot of really 247 00:13:08,640 --> 00:13:12,720 Speaker 1: great AI and mL that's helping put together, um, you 248 00:13:12,720 --> 00:13:14,560 Speaker 1: know things that when you're trying to figure out what 249 00:13:14,600 --> 00:13:17,040 Speaker 1: it is that you want to do, whether it's making 250 00:13:17,120 --> 00:13:19,120 Speaker 1: or doing or buying that We're gonna bring a lot 251 00:13:19,120 --> 00:13:24,040 Speaker 1: of really great inspiration together on those things. But it's curated, uh, 252 00:13:24,040 --> 00:13:25,960 Speaker 1: and it's not just AI and m L figuring those 253 00:13:25,960 --> 00:13:28,440 Speaker 1: things out. How do you figure out what's the you know, 254 00:13:28,720 --> 00:13:30,720 Speaker 1: not just what's a really great dress that I want, 255 00:13:30,760 --> 00:13:34,160 Speaker 1: but what's the right set of accessories to go with it. Well, 256 00:13:34,160 --> 00:13:36,600 Speaker 1: there's a lot of human curation where people are making 257 00:13:36,600 --> 00:13:39,920 Speaker 1: those associations on the platform where I think we really 258 00:13:39,960 --> 00:13:41,960 Speaker 1: stand out and are quite unique in our ability to 259 00:13:42,000 --> 00:13:45,240 Speaker 1: bring those things together. So, yes, there's opportunity to take 260 00:13:45,280 --> 00:13:49,920 Speaker 1: people from the inspiration and to the realization. But I 261 00:13:49,920 --> 00:13:53,160 Speaker 1: think there's some real superpowers that the Pinterest platform has 262 00:13:53,520 --> 00:13:56,560 Speaker 1: that are not just AI and m L but the 263 00:13:56,559 --> 00:13:59,560 Speaker 1: community of penners that are really helping to shape these 264 00:13:59,559 --> 00:14:02,040 Speaker 1: associate creations of what's a great room going to look 265 00:14:02,080 --> 00:14:04,959 Speaker 1: like in this aesthetic, what's a really great outfit not 266 00:14:05,040 --> 00:14:07,640 Speaker 1: just a great you know item, but what's a great 267 00:14:07,679 --> 00:14:10,200 Speaker 1: outfit and really helps us think about how do we 268 00:14:10,200 --> 00:14:12,400 Speaker 1: solve shopping even more than buying. I think the first 269 00:14:12,400 --> 00:14:14,840 Speaker 1: twenty years of e commerce, we're really solving more for buying, 270 00:14:15,679 --> 00:14:17,440 Speaker 1: not as much shopping. You know, in the first twenty 271 00:14:17,520 --> 00:14:19,160 Speaker 1: years is how do I find a thing the cheapest 272 00:14:19,160 --> 00:14:21,360 Speaker 1: and the fastest. But if you think about the you know, 273 00:14:21,360 --> 00:14:23,960 Speaker 1: what happened in the physical world, so much more. Shopping 274 00:14:24,000 --> 00:14:27,520 Speaker 1: was about the journey, walking the bizarre, being inspired, Um, 275 00:14:27,600 --> 00:14:30,160 Speaker 1: finding the thing you didn't know was there. And that 276 00:14:30,200 --> 00:14:32,120 Speaker 1: hasn't been well solved for in the digital world. And 277 00:14:32,160 --> 00:14:34,360 Speaker 1: I think Pinterest has claimed to that as much or 278 00:14:34,440 --> 00:14:37,080 Speaker 1: more than anybody else. And we see a lot of 279 00:14:37,080 --> 00:14:39,560 Speaker 1: that already, and we can take users a lot further 280 00:14:39,600 --> 00:14:43,320 Speaker 1: down that journey. Elliott recently took a big steak. What 281 00:14:43,480 --> 00:14:48,040 Speaker 1: have been your communications with them? What are their expectations? Well, 282 00:14:48,120 --> 00:14:50,560 Speaker 1: you know, we share this on our earnings. Elliott and 283 00:14:50,640 --> 00:14:53,560 Speaker 1: I both made uh comments on this at our earnings. 284 00:14:53,760 --> 00:14:57,040 Speaker 1: You know, we've had a really collaborative dialogue with Elliott. Um. 285 00:14:57,080 --> 00:14:59,360 Speaker 1: We share a lot of conviction and vision for where 286 00:14:59,400 --> 00:15:01,640 Speaker 1: the business can oh and so it's been a good 287 00:15:01,640 --> 00:15:06,880 Speaker 1: engaging dialogue there. Um. And you know, the investor community 288 00:15:07,200 --> 00:15:09,320 Speaker 1: I've spent a lot of time with in past lives, 289 00:15:09,760 --> 00:15:13,240 Speaker 1: and that community knows that I really care about making 290 00:15:13,280 --> 00:15:17,120 Speaker 1: sure we have good engagement with our investors and listening 291 00:15:17,160 --> 00:15:19,360 Speaker 1: and understanding, just as I want to listen and understand 292 00:15:19,360 --> 00:15:22,400 Speaker 1: to all of our stakeholders. And so we've had a 293 00:15:22,440 --> 00:15:24,880 Speaker 1: good engaging dialogue with Elliott just as well. You know, 294 00:15:25,120 --> 00:15:27,720 Speaker 1: continue to have good, engaging dialogue with all of our investors, 295 00:15:28,040 --> 00:15:31,920 Speaker 1: and it's great to have a large, sophisticated investor that 296 00:15:32,000 --> 00:15:35,760 Speaker 1: has conviction about our business and shares our optimism for 297 00:15:35,880 --> 00:15:40,320 Speaker 1: the future of Interest Pinterest initially lead the way on, 298 00:15:40,680 --> 00:15:44,240 Speaker 1: you know, creating a better workplace culture. Former engineer Tracy 299 00:15:44,360 --> 00:15:47,640 Speaker 1: Show was really active on the representation of women. But 300 00:15:47,760 --> 00:15:51,080 Speaker 1: since then the company has been accused of gender discrimination 301 00:15:51,480 --> 00:15:55,240 Speaker 1: and race discrimination. Employee staged a walkout. Um in your 302 00:15:55,280 --> 00:15:58,680 Speaker 1: conversations over the last thirty days, what have you learned about, 303 00:15:58,720 --> 00:16:00,360 Speaker 1: how much has been done? And what is the love 304 00:16:00,440 --> 00:16:03,680 Speaker 1: to do? Yeah, so I think this is, you know, 305 00:16:03,920 --> 00:16:05,600 Speaker 1: these events of a few years ago. I think that 306 00:16:05,720 --> 00:16:08,200 Speaker 1: the company has made tremendous progress on the easy obviously 307 00:16:08,240 --> 00:16:10,480 Speaker 1: something Ben and I spent a lot of time talking about, 308 00:16:10,480 --> 00:16:11,760 Speaker 1: and I spent a lot of time with the board 309 00:16:12,120 --> 00:16:14,800 Speaker 1: talking about before joining. And one of the things I 310 00:16:14,840 --> 00:16:18,280 Speaker 1: loved was being how much um, Ben and the team 311 00:16:18,400 --> 00:16:22,680 Speaker 1: the board uh all had really leaned in on not 312 00:16:22,840 --> 00:16:25,280 Speaker 1: just wanting to go take action on these things and 313 00:16:25,280 --> 00:16:26,920 Speaker 1: get to better places on these things, but to really 314 00:16:26,920 --> 00:16:28,880 Speaker 1: start to lead the way on these And so as 315 00:16:28,920 --> 00:16:32,120 Speaker 1: we think about diversity and inclusion as we think about 316 00:16:32,320 --> 00:16:35,880 Speaker 1: how we build a really positive community. Uh. One of 317 00:16:35,920 --> 00:16:38,240 Speaker 1: the things that I think is so inspiring to me 318 00:16:38,280 --> 00:16:43,160 Speaker 1: about pinterest is that it's it's a very positive place 319 00:16:43,480 --> 00:16:47,280 Speaker 1: on the Internet where people are going to be inspired 320 00:16:47,320 --> 00:16:49,200 Speaker 1: and uplifted. It's not a place where people are going 321 00:16:49,240 --> 00:16:51,800 Speaker 1: to uh shout out their neighbor about their politics or 322 00:16:51,840 --> 00:16:53,440 Speaker 1: those kinds of things. It's a place where people are 323 00:16:53,480 --> 00:16:56,440 Speaker 1: going to be lifted up and inspired. And to say, well, 324 00:16:56,480 --> 00:16:59,080 Speaker 1: of course, we want to create a community inside the 325 00:16:59,080 --> 00:17:03,680 Speaker 1: company that Matt is that I think is a great combination, 326 00:17:04,200 --> 00:17:06,359 Speaker 1: and I think there's been tremendous progress on that. But 327 00:17:06,480 --> 00:17:09,399 Speaker 1: something where I think for any company that work has 328 00:17:09,440 --> 00:17:11,240 Speaker 1: never done and there's always more to do. So definitely 329 00:17:11,320 --> 00:17:13,199 Speaker 1: something that is top of mind for me will be 330 00:17:13,480 --> 00:17:15,560 Speaker 1: continue to be a priority for me in the team. 331 00:17:15,720 --> 00:17:19,040 Speaker 1: Pinteress has some prime San Francisco real estate. We were 332 00:17:19,040 --> 00:17:20,679 Speaker 1: talking about that in the break. We're looking at some 333 00:17:20,760 --> 00:17:23,120 Speaker 1: videos of inside the office right now, but in San 334 00:17:23,160 --> 00:17:26,320 Speaker 1: Francisco there is concerned that this you know, heyday of 335 00:17:26,320 --> 00:17:29,200 Speaker 1: office culture is over. How are you thinking about that 336 00:17:29,359 --> 00:17:32,960 Speaker 1: and balancing work from home versus people coming back to 337 00:17:33,000 --> 00:17:37,160 Speaker 1: the office and reinvigorating an office culture. So I think 338 00:17:37,200 --> 00:17:39,399 Speaker 1: it's well Number one, it's been great to be in 339 00:17:39,400 --> 00:17:43,120 Speaker 1: the office with with with Pinterest, with the Pinterest team. Uh. 340 00:17:43,640 --> 00:17:46,879 Speaker 1: Great to see people back in the office again and collaborating. Uh. 341 00:17:47,000 --> 00:17:50,160 Speaker 1: So you know, I think it's really good to see 342 00:17:50,280 --> 00:17:53,199 Speaker 1: more of that happening. At the same time, we're in 343 00:17:53,240 --> 00:17:55,199 Speaker 1: a new world that's very different than what it was 344 00:17:55,280 --> 00:17:59,159 Speaker 1: pre pandemic. And I think hybrid work promobor these are 345 00:17:59,200 --> 00:18:01,560 Speaker 1: all gonna be really importan and parts of how you 346 00:18:01,600 --> 00:18:07,760 Speaker 1: think about building a highly talented and engaged employee base. Uh. 347 00:18:07,800 --> 00:18:09,800 Speaker 1: And I think there's real opportunities there that you think 348 00:18:09,840 --> 00:18:13,320 Speaker 1: about what that means in terms of attracting more diverse talent, 349 00:18:13,359 --> 00:18:15,879 Speaker 1: for example, as you can reach into new geographies or 350 00:18:15,920 --> 00:18:18,760 Speaker 1: attract people that may be balancing different things uh and 351 00:18:19,080 --> 00:18:22,320 Speaker 1: in their work life balance. I think this notion there's 352 00:18:22,359 --> 00:18:26,240 Speaker 1: no one size fits all, I think is really fantastic 353 00:18:26,800 --> 00:18:29,520 Speaker 1: in terms of how we not only make sure that 354 00:18:29,560 --> 00:18:32,600 Speaker 1: we're meeting our team where they are, but that we're 355 00:18:33,000 --> 00:18:35,440 Speaker 1: opening new doors as to how we attract great talent 356 00:18:35,520 --> 00:18:39,560 Speaker 1: and where that great talent can come from. Okay, already 357 00:18:39,920 --> 00:18:43,080 Speaker 1: CEO of interest on the first thirty days. Thank you Bill, 358 00:18:43,400 --> 00:18:48,359 Speaker 1: appreciate with us. Appreciate it. Come up. Why Apple is 359 00:18:48,359 --> 00:18:51,159 Speaker 1: putting a software update on hold? That is next. This 360 00:18:51,320 --> 00:19:08,320 Speaker 1: is Bloomberg. A few other stories we are watching. The 361 00:19:08,359 --> 00:19:11,760 Speaker 1: Pentagon has certified SpaceX to use reusable boosters on its 362 00:19:11,760 --> 00:19:15,600 Speaker 1: Falcon heavy rocket to launch secret spy satellites. This may 363 00:19:15,640 --> 00:19:19,399 Speaker 1: give spacexit temporary edge and its latest competition with a 364 00:19:19,480 --> 00:19:23,680 Speaker 1: Bowie lockeyed joint venture. The company's first spy satellite launch 365 00:19:23,760 --> 00:19:28,800 Speaker 1: with recyclable boosters will take place sometime from October to December. 366 00:19:30,160 --> 00:19:32,760 Speaker 1: And the world's largest asset manager is making a significant 367 00:19:32,760 --> 00:19:35,560 Speaker 1: move into crypto markets, black Rock offering its first ever 368 00:19:35,640 --> 00:19:39,960 Speaker 1: investment product directly in the bitcoin. The new private Bitcoin 369 00:19:40,000 --> 00:19:42,520 Speaker 1: trust will track the price of the biggest currency. The 370 00:19:42,520 --> 00:19:46,560 Speaker 1: firm says it's responding to demand from large institutional clients. 371 00:19:54,720 --> 00:19:57,440 Speaker 1: Welcome back to Bloomberg Technology. I'm Emily Chang in San Francisco. 372 00:19:57,600 --> 00:20:00,119 Speaker 1: Let's take a look at Bumble now tumbling after the 373 00:20:00,200 --> 00:20:02,880 Speaker 1: dating app company top to revenue estimates for the second 374 00:20:02,960 --> 00:20:06,000 Speaker 1: quarter but lowered its full your revenue guidance, taking a 375 00:20:06,080 --> 00:20:09,320 Speaker 1: hit from the war in Ukraine and stiff competition from 376 00:20:09,320 --> 00:20:12,000 Speaker 1: the likes of Match and Tinder. I want to bring 377 00:20:12,000 --> 00:20:14,520 Speaker 1: in Schweta Cajuria for more on this. An analyst with 378 00:20:14,640 --> 00:20:17,800 Speaker 1: ever Core I s I so swet. So why are 379 00:20:17,800 --> 00:20:23,239 Speaker 1: we seeing Bumble struggle here? I Emily, thanks for having me. 380 00:20:23,280 --> 00:20:26,720 Speaker 1: I guess the one of the biggest reasons why Bumbling 381 00:20:26,800 --> 00:20:30,199 Speaker 1: Bumble is trading off today, it's because expectations were building 382 00:20:30,200 --> 00:20:34,080 Speaker 1: in into the print. If we think about our Internet 383 00:20:34,160 --> 00:20:37,359 Speaker 1: coverage universe, bumble Stop has been one of the best 384 00:20:37,359 --> 00:20:40,399 Speaker 1: performing names year to date in a market that's tough, 385 00:20:40,680 --> 00:20:44,440 Speaker 1: in a stock market that stuff driven by macro um 386 00:20:44,560 --> 00:20:47,120 Speaker 1: and and so as we were heading into the print, 387 00:20:47,200 --> 00:20:50,959 Speaker 1: expectations were for a strong quarter and a strong guide, 388 00:20:51,000 --> 00:20:54,640 Speaker 1: and it's just giving back some of that. Fundamentally, however, 389 00:20:54,800 --> 00:20:57,399 Speaker 1: we don't think much has changed. The guide is a 390 00:20:57,400 --> 00:20:59,639 Speaker 1: little bit lower, but a lot of it is because 391 00:20:59,680 --> 00:21:02,000 Speaker 1: of facts and they should probably get a pass on that. 392 00:21:02,040 --> 00:21:04,800 Speaker 1: Consumer demand is holding up. It seems like they are 393 00:21:05,640 --> 00:21:08,359 Speaker 1: largely resilient and a little bit of a lower guide 394 00:21:08,400 --> 00:21:10,760 Speaker 1: is because of some product changes that they are pushing 395 00:21:10,880 --> 00:21:15,399 Speaker 1: off until Bumble is unique in that it has this 396 00:21:15,600 --> 00:21:19,080 Speaker 1: other dating app but Do, which is acquired in Europe, 397 00:21:19,119 --> 00:21:22,120 Speaker 1: which is also under pressure, and then of course there's 398 00:21:22,119 --> 00:21:24,639 Speaker 1: a competition from Match and Tinder. One are the biggest 399 00:21:24,720 --> 00:21:29,000 Speaker 1: challenges from these competing players. The best camp for Bumble, 400 00:21:29,400 --> 00:21:32,600 Speaker 1: I think is Hinge in terms of the demographics and 401 00:21:32,640 --> 00:21:37,320 Speaker 1: the overlap across the user base that they have. Um 402 00:21:37,440 --> 00:21:40,480 Speaker 1: what came out during the earning skull that Whitney, their CEO, 403 00:21:40,640 --> 00:21:44,280 Speaker 1: mentioned was that Bumble remains the number one downloaded app 404 00:21:44,320 --> 00:21:47,360 Speaker 1: in their major markets in the US, in the in Canada, 405 00:21:47,400 --> 00:21:50,240 Speaker 1: and in the UK, and as of July also in Germany, 406 00:21:50,280 --> 00:21:52,920 Speaker 1: where Tinder has very large presence. So what that tells 407 00:21:53,000 --> 00:21:56,240 Speaker 1: us is that they're executing pretty well to the degree 408 00:21:56,280 --> 00:21:59,879 Speaker 1: that now they are the most downloaded app, implying market 409 00:22:00,000 --> 00:22:04,960 Speaker 1: share gains across their major markets. And so as we 410 00:22:05,040 --> 00:22:09,200 Speaker 1: look what is ahead, we would compare Hinge and how 411 00:22:09,240 --> 00:22:11,440 Speaker 1: that is trending in new your markets, which is also 412 00:22:11,480 --> 00:22:13,959 Speaker 1: what they're trying to do in international non English speaking 413 00:22:13,960 --> 00:22:16,840 Speaker 1: markets versus Bumble, and that's going to be the race. 414 00:22:16,960 --> 00:22:19,000 Speaker 1: So it is a little bit of a bigger scale. 415 00:22:19,520 --> 00:22:22,439 Speaker 1: Growing over thirty and year we are growth rate and 416 00:22:22,480 --> 00:22:25,920 Speaker 1: they are also executing well. A couple other companies you cover. 417 00:22:26,320 --> 00:22:29,040 Speaker 1: I want to talk to you about Etsy first, reporting 418 00:22:29,080 --> 00:22:31,520 Speaker 1: better than expected results a couple of weeks weeks ago. 419 00:22:31,600 --> 00:22:35,600 Speaker 1: Despite this difficult macro environment, why does etc. Seem to 420 00:22:35,640 --> 00:22:40,320 Speaker 1: be bucking the trend? Etsy is very unique in a 421 00:22:40,320 --> 00:22:42,880 Speaker 1: lot of ways, not only in the type of items 422 00:22:42,920 --> 00:22:46,640 Speaker 1: that they sell, less commoditized, the things that you may 423 00:22:46,680 --> 00:22:50,679 Speaker 1: not necessarily have a direct comparison with. You can go 424 00:22:50,760 --> 00:22:53,120 Speaker 1: to Amazon and find the same item elsewhere, but that's 425 00:22:53,160 --> 00:22:55,520 Speaker 1: not so much the case with Etsy. And so what 426 00:22:55,720 --> 00:22:58,400 Speaker 1: is really helping Etsy is that they have a very 427 00:22:58,480 --> 00:23:02,240 Speaker 1: sticky seller base, a seller base that doesn't sell necessarily 428 00:23:02,280 --> 00:23:05,679 Speaker 1: on Amazon or eBay as much as craft fairs. And 429 00:23:05,760 --> 00:23:09,120 Speaker 1: these are five employees or lower sellers who are doing 430 00:23:09,119 --> 00:23:12,440 Speaker 1: it as a side job, but have very talented skills 431 00:23:12,480 --> 00:23:16,280 Speaker 1: on the buy side. They have very very sticky buyer 432 00:23:16,280 --> 00:23:18,359 Speaker 1: base in terms of the retention and the type of 433 00:23:18,560 --> 00:23:21,080 Speaker 1: the people that come over and over again on Etsy, 434 00:23:21,240 --> 00:23:26,040 Speaker 1: driving a purchase frequency, and so as that becomes more habitual, 435 00:23:26,480 --> 00:23:29,480 Speaker 1: that's what sustaining at the The key question for them 436 00:23:29,480 --> 00:23:32,760 Speaker 1: going forward is in a macro environment where consumers spend 437 00:23:32,800 --> 00:23:37,119 Speaker 1: is shifting away from discretionary physical goods into discretionary, but 438 00:23:37,200 --> 00:23:41,680 Speaker 1: travel and services, what happens to etc. Overall growth rate? 439 00:23:41,680 --> 00:23:44,840 Speaker 1: And why would they have the right to win? And finally, 440 00:23:44,960 --> 00:23:48,880 Speaker 1: Peloton earnings coming up in a few days. The rivalry 441 00:23:49,000 --> 00:23:52,160 Speaker 1: between Peloton its soul cycle has um you know, some 442 00:23:52,240 --> 00:23:55,679 Speaker 1: call it desperate. It's certainly entertaining. But they're doing a 443 00:23:55,680 --> 00:23:58,600 Speaker 1: lot of different things to try to uh get get 444 00:23:58,680 --> 00:24:03,439 Speaker 1: writers and and Serciser's back. Um, you know, what's your 445 00:24:03,480 --> 00:24:06,840 Speaker 1: take on Peloton under its new leadership and his its 446 00:24:06,920 --> 00:24:09,960 Speaker 1: chances for a real turnaround. I have confidence in Barry, 447 00:24:10,080 --> 00:24:13,440 Speaker 1: then you CEO. The challenge right now that fello down 448 00:24:13,520 --> 00:24:15,760 Speaker 1: is facing is they have it seems like they have 449 00:24:15,800 --> 00:24:18,520 Speaker 1: a lot of buyers to put out. Competition is one, 450 00:24:18,640 --> 00:24:23,159 Speaker 1: but internally and operationally, uh, they have the biggest challenge 451 00:24:23,240 --> 00:24:26,600 Speaker 1: they have is to is the inventory draw down, which 452 00:24:26,640 --> 00:24:28,680 Speaker 1: is they have a lot of inventory that they need 453 00:24:28,720 --> 00:24:32,000 Speaker 1: to sell. They may have overproduced, and they have they 454 00:24:32,040 --> 00:24:34,600 Speaker 1: have cash issues, which means that they have to show 455 00:24:34,840 --> 00:24:37,480 Speaker 1: positive free cash flow by the end of that next year. 456 00:24:37,840 --> 00:24:41,000 Speaker 1: All right, Schwitzerkjuria abercore I s. I will of course 457 00:24:41,000 --> 00:24:44,120 Speaker 1: be following Peloton earnings out in the next two days. 458 00:24:44,119 --> 00:24:46,879 Speaker 1: Thank you now, I want to pivot to Meta and 459 00:24:47,000 --> 00:24:51,359 Speaker 1: Cheryl Sanmdberg's successor, Javier oliv And, though he may be 460 00:24:51,560 --> 00:24:55,040 Speaker 1: so different than her, you might call him the anti 461 00:24:55,359 --> 00:24:59,720 Speaker 1: Cheryl Samberg. Olive and rarely speaks publicly or even posts 462 00:24:59,760 --> 00:25:02,440 Speaker 1: to Facebook or Instagram, but he has had a hand 463 00:25:02,680 --> 00:25:06,840 Speaker 1: in all of Facebook's major competitive battles and acquisitions. While 464 00:25:06,960 --> 00:25:09,800 Speaker 1: Zuckerberg invented Facebook, it was all of them who helped 465 00:25:09,840 --> 00:25:14,560 Speaker 1: expand the service to unprecedented size and power. For more 466 00:25:14,560 --> 00:25:16,639 Speaker 1: on this, I want to bring in Bloomberg's Kurt Waitner, 467 00:25:16,680 --> 00:25:19,560 Speaker 1: who just did a deep dive on Meta's new CEO. 468 00:25:19,800 --> 00:25:24,600 Speaker 1: So why would we call him the anti Cheryl Sander Kurt, Well, 469 00:25:24,640 --> 00:25:27,560 Speaker 1: as you pointed out, his personality is just very different. 470 00:25:27,600 --> 00:25:29,800 Speaker 1: In the role he's gonna play, while it's the same title, 471 00:25:29,920 --> 00:25:32,240 Speaker 1: is going to look a little different too, Right, Cheryl, 472 00:25:32,440 --> 00:25:34,600 Speaker 1: we see her all the time. She's the best selling author, 473 00:25:34,720 --> 00:25:38,280 Speaker 1: she's on television, she's out speaking publicly, she's shaking hands 474 00:25:38,480 --> 00:25:41,119 Speaker 1: with politicians. At least she used to be. Pabira is 475 00:25:41,200 --> 00:25:43,560 Speaker 1: none of those things, right. He operates behind the scenes, 476 00:25:43,600 --> 00:25:47,080 Speaker 1: he's very quiet, he's low key, he's incredibly influential. But 477 00:25:47,200 --> 00:25:49,560 Speaker 1: even inside his own company, there's some people who don't 478 00:25:49,560 --> 00:25:51,280 Speaker 1: really know who he is, right, It is a very 479 00:25:51,320 --> 00:25:54,399 Speaker 1: different personality, and yet here he is stepping into a 480 00:25:54,520 --> 00:25:58,280 Speaker 1: very similar, the same title, similar job to what Cheryl 481 00:25:58,359 --> 00:26:01,000 Speaker 1: had leading the business at Meta. And it's an obviously 482 00:26:01,000 --> 00:26:03,000 Speaker 1: a huge job right now, given everything they're going through. 483 00:26:03,280 --> 00:26:07,040 Speaker 1: So what does that mean for Meta culturally? If people 484 00:26:07,119 --> 00:26:10,600 Speaker 1: inside the company don't really know who he is, does 485 00:26:10,640 --> 00:26:14,240 Speaker 1: that matter? Well? I think it kind of re establishes, 486 00:26:14,440 --> 00:26:17,840 Speaker 1: or further establishes Mark Zuckerberg is like the main guy, 487 00:26:18,040 --> 00:26:21,800 Speaker 1: right because before, even though Mark, I think has been 488 00:26:21,880 --> 00:26:25,119 Speaker 1: more forward as the face of the company, at the 489 00:26:25,200 --> 00:26:27,800 Speaker 1: last couple of years, it was still a Mark Zuckerberg 490 00:26:27,800 --> 00:26:30,359 Speaker 1: and Cheryl Sandberg show, right, I Mean, now all of 491 00:26:30,400 --> 00:26:34,400 Speaker 1: a sudden you have Mark and and not really anyone else. 492 00:26:34,400 --> 00:26:35,959 Speaker 1: I guess we hear from Nick Clegg quite a bit 493 00:26:36,000 --> 00:26:38,040 Speaker 1: on policy stuff. But I just think that this kind 494 00:26:38,040 --> 00:26:41,880 Speaker 1: of further establishes zuck as the person who is the 495 00:26:41,920 --> 00:26:45,159 Speaker 1: face of everything Facebook is doing, not just the product stuff. 496 00:26:45,200 --> 00:26:47,919 Speaker 1: All right, Well, it'll be certainly interesting to watch this 497 00:26:48,000 --> 00:26:52,800 Speaker 1: all play out. Kurt Wagner, thank you, as always thinks meantime, 498 00:26:53,080 --> 00:26:56,600 Speaker 1: CEOs are increasingly turning to social media to share their 499 00:26:56,600 --> 00:27:00,240 Speaker 1: feelings about layoffs. In June, the CEO of Clarin took 500 00:27:00,280 --> 00:27:03,360 Speaker 1: heed after a LinkedIn post included the names and contact 501 00:27:03,400 --> 00:27:07,320 Speaker 1: details of hundreds of employees that were let go. He 502 00:27:07,359 --> 00:27:09,920 Speaker 1: says he was trying to get them jobs. Others thought 503 00:27:09,920 --> 00:27:13,080 Speaker 1: it was a little tone deaf. Now another social media 504 00:27:13,119 --> 00:27:16,800 Speaker 1: post by the CEO of Hypersocial, Brendan Wallacky about layoffs 505 00:27:16,920 --> 00:27:19,439 Speaker 1: is going viral. He wrote the employees might still have 506 00:27:19,560 --> 00:27:22,800 Speaker 1: jobs if he had made better choices, ending the post 507 00:27:22,840 --> 00:27:25,960 Speaker 1: with a selfie of him crying. Some found it a 508 00:27:26,000 --> 00:27:29,399 Speaker 1: little cringe e, but Wallacky embraced the backlash and dubbed 509 00:27:29,440 --> 00:27:33,320 Speaker 1: himself the crying CEO. Then there was this interview with 510 00:27:33,359 --> 00:27:36,160 Speaker 1: Redfin CEO Glenn Kellman, who had this to say when 511 00:27:36,200 --> 00:27:40,800 Speaker 1: I asked about layoffs, we laid off six of our 512 00:27:40,840 --> 00:27:45,479 Speaker 1: workforce and I'm the one accountable for that. I feel 513 00:27:45,560 --> 00:27:49,520 Speaker 1: so ashamed about it. I was so blue. I still am, 514 00:27:49,560 --> 00:27:51,760 Speaker 1: but it's what we had to do to run a 515 00:27:51,800 --> 00:27:56,280 Speaker 1: profitable business. And now I think we feel more optimistic 516 00:27:56,280 --> 00:28:00,160 Speaker 1: about the future, but we're still running on an ice edge. 517 00:28:00,800 --> 00:28:03,840 Speaker 1: Redfin CEO GluN counting there all right. Coming up, we're 518 00:28:03,840 --> 00:28:07,040 Speaker 1: gonna take a deep dive into the world of crypto mixers. 519 00:28:07,080 --> 00:28:09,920 Speaker 1: What are they and how could they be the culprit 520 00:28:10,000 --> 00:28:13,879 Speaker 1: in the newest money laundering schemes. That's next. This is 521 00:28:13,880 --> 00:28:30,720 Speaker 1: Bloomberg Time now for our crypto reporting. Today, we're diving 522 00:28:30,760 --> 00:28:36,000 Speaker 1: into crypto mixers. It's a service that mixes different streams 523 00:28:36,000 --> 00:28:39,800 Speaker 1: of potentially identifiable cryptocurrency so that a buyer's account details 524 00:28:39,800 --> 00:28:44,400 Speaker 1: in history are hidden, therefore making a transaction more anonymous 525 00:28:44,520 --> 00:28:48,480 Speaker 1: and harder to trace. Here's the catch. While this is 526 00:28:48,520 --> 00:28:51,200 Speaker 1: great for privacy, it's become a tool for global money 527 00:28:51,280 --> 00:28:56,400 Speaker 1: laundering and cybercrime. Recently, the virtual currency mixer Tornado Cash 528 00:28:56,560 --> 00:28:58,960 Speaker 1: was sanctioned by the U. S. Treasury Department after it 529 00:28:59,000 --> 00:29:01,560 Speaker 1: was used to launder more than seven billion dollars worth 530 00:29:01,600 --> 00:29:05,680 Speaker 1: of digital currency since its creation. In let's break it 531 00:29:05,720 --> 00:29:09,120 Speaker 1: all down and talk about the debate which has spurred 532 00:29:09,160 --> 00:29:12,680 Speaker 1: in the crypto community. CHA Analysis CEO Michael Groneger is 533 00:29:12,720 --> 00:29:15,880 Speaker 1: with us, along with Bloomberg's own Katie Greifeld. Thank you 534 00:29:15,920 --> 00:29:20,320 Speaker 1: both for joining. So, Michael, do you think the accusation 535 00:29:20,480 --> 00:29:24,680 Speaker 1: allegation here is fair that um these mixers have become 536 00:29:25,200 --> 00:29:29,000 Speaker 1: kind of dangerous. Yeah, I would say to a lodge extent, 537 00:29:29,040 --> 00:29:31,120 Speaker 1: what you've seen over the many years I've been in 538 00:29:31,120 --> 00:29:34,320 Speaker 1: the crypto space is that the majority of the funds 539 00:29:34,360 --> 00:29:36,760 Speaker 1: that goes into mixes still a week in age for 540 00:29:37,480 --> 00:29:41,000 Speaker 1: largely criminal activity. So so to that extent, it's true 541 00:29:41,080 --> 00:29:43,200 Speaker 1: its course has like a lot of other purposes, you 542 00:29:43,200 --> 00:29:45,800 Speaker 1: can use a mix of all which is perfectly viable. 543 00:29:46,240 --> 00:29:49,560 Speaker 1: But as the entire purpose of a mixers anonymity. It's 544 00:29:49,560 --> 00:29:51,680 Speaker 1: hot for them to kay I see their customers and 545 00:29:51,720 --> 00:29:56,040 Speaker 1: avoid criminal activity to go through them. And so Michael 546 00:29:56,320 --> 00:30:00,320 Speaker 1: administration officials have described Tornado cash as we go to 547 00:30:00,840 --> 00:30:04,719 Speaker 1: mixer for criminals. Does the data that you have support that? 548 00:30:06,000 --> 00:30:09,640 Speaker 1: So it supports that North Korea have been a North 549 00:30:09,720 --> 00:30:12,160 Speaker 1: Korea is known to be one of the biggest problems 550 00:30:12,200 --> 00:30:15,600 Speaker 1: in the crypto space in terms of organized crime and 551 00:30:15,680 --> 00:30:19,360 Speaker 1: sanks innovation. So they would do different hacks stone billions 552 00:30:19,360 --> 00:30:22,320 Speaker 1: of dollars of crypto over the years, and they go 553 00:30:22,480 --> 00:30:25,040 Speaker 1: to mix of us Tornado cash. If you look at 554 00:30:25,120 --> 00:30:29,960 Speaker 1: vansomwhere that's that's traditionally not been using Tornado Cash. It's 555 00:30:30,000 --> 00:30:32,640 Speaker 1: like other mixes will be used for vensom the laundry, 556 00:30:32,880 --> 00:30:35,800 Speaker 1: but it's typically not that Tornado cast has been involved 557 00:30:35,800 --> 00:30:39,320 Speaker 1: with those. Can you paint the bigger picture for us? 558 00:30:39,360 --> 00:30:44,680 Speaker 1: How bad has cybercrime actually been this year? So cybercrime 559 00:30:44,800 --> 00:30:48,280 Speaker 1: has been in decline, So like last year, for example, 560 00:30:48,880 --> 00:30:52,480 Speaker 1: crypto in general wald transaction volume grow five times over 561 00:30:52,480 --> 00:30:56,520 Speaker 1: a year, cyber crime doubled. It means that you're now 562 00:30:56,600 --> 00:31:00,640 Speaker 1: moving from percentages to basis points in countering criminal activity 563 00:31:00,720 --> 00:31:03,240 Speaker 1: in the crypto space. At the same time, the numbers 564 00:31:03,280 --> 00:31:05,600 Speaker 1: are really big, and like just as an example of it, 565 00:31:06,440 --> 00:31:10,200 Speaker 1: just just this year, we've seen a new kind of hacks, 566 00:31:10,640 --> 00:31:13,560 Speaker 1: bridges between different block chains getting hacked and more than 567 00:31:13,600 --> 00:31:16,280 Speaker 1: two billion dollars have been stolen in those and that's 568 00:31:16,320 --> 00:31:19,320 Speaker 1: not you've been North Korean hackers that's been behind that. 569 00:31:19,600 --> 00:31:21,920 Speaker 1: So clearly a lot of bad things are happening, and 570 00:31:21,960 --> 00:31:25,680 Speaker 1: it's big, but in relatively filmed compared to the rest 571 00:31:25,720 --> 00:31:28,240 Speaker 1: of activity in crypto, it's really really small. And Michael, 572 00:31:28,280 --> 00:31:31,680 Speaker 1: this has been such a fascinating story to watch because 573 00:31:31,800 --> 00:31:34,720 Speaker 1: just a few months ago, Tornado Cash founders, at least 574 00:31:34,720 --> 00:31:37,440 Speaker 1: one of them, told Bloomberg News that actually, because it's 575 00:31:37,480 --> 00:31:43,120 Speaker 1: smart contract based, it's written on decided by pre written codes, 576 00:31:43,880 --> 00:31:47,360 Speaker 1: you can't enforce sanctions against it. Obviously, we know that 577 00:31:47,400 --> 00:31:51,040 Speaker 1: the Treasury Department disagrees. But for developers that are out 578 00:31:51,040 --> 00:31:54,160 Speaker 1: there now writing and developing code, I mean, how can 579 00:31:54,200 --> 00:31:57,600 Speaker 1: they make sure that what they're creating complies with sanctions. 580 00:31:58,640 --> 00:32:02,000 Speaker 1: We actually have an auricle US, an OLFACT sanction rable 581 00:32:02,040 --> 00:32:04,440 Speaker 1: on the blockchain that you can write into your smart 582 00:32:04,480 --> 00:32:07,840 Speaker 1: contractor and then you are well sanction compliance in the 583 00:32:07,880 --> 00:32:09,920 Speaker 1: sense that you check for all that that's on O 584 00:32:10,080 --> 00:32:14,040 Speaker 1: fact and all the transactions that that O fact would capture. However, 585 00:32:14,240 --> 00:32:16,280 Speaker 1: that's not the full picture of it. You also need 586 00:32:16,320 --> 00:32:18,640 Speaker 1: to check for anything else that could be related to that, 587 00:32:19,080 --> 00:32:21,840 Speaker 1: and yes, then you probably need all other to put 588 00:32:21,920 --> 00:32:25,360 Speaker 1: other measures in place, and to sort of an existential 589 00:32:25,400 --> 00:32:27,560 Speaker 1: topic about it feels like a lot of these hacks 590 00:32:27,560 --> 00:32:31,800 Speaker 1: are happening on cross blockchain bridges, and I'm wondering what 591 00:32:32,080 --> 00:32:36,640 Speaker 1: about bridges specifically makes them vulnerable. So a bridge is 592 00:32:36,680 --> 00:32:39,840 Speaker 1: basically a place where you buffer or store funds, but 593 00:32:39,880 --> 00:32:42,200 Speaker 1: when you move them between different dock chains. So I 594 00:32:42,280 --> 00:32:46,120 Speaker 1: might want to buy wrapped bitcoin in the rent projects, 595 00:32:46,240 --> 00:32:49,360 Speaker 1: and to do that, I deposit bitcoin into a wallet 596 00:32:49,400 --> 00:32:52,360 Speaker 1: that's basically a hot wallet exitting in the distributed system 597 00:32:52,360 --> 00:32:54,360 Speaker 1: on the Internet, and then I get something else on 598 00:32:54,360 --> 00:32:57,120 Speaker 1: the other side. But now they can sit like billions 599 00:32:57,160 --> 00:32:59,640 Speaker 1: of dollars in a wallet, and that of course makes 600 00:32:59,640 --> 00:33:02,520 Speaker 1: it an apart And then I would say when I've 601 00:33:02,520 --> 00:33:05,360 Speaker 1: been reading through the different white papers for those wallets, 602 00:33:05,360 --> 00:33:08,160 Speaker 1: typically it's been a very healthy design and something that 603 00:33:08,200 --> 00:33:10,960 Speaker 1: would be extremely hard to break into. But last year 604 00:33:11,120 --> 00:33:13,480 Speaker 1: we saw also a huge growth in crypto and everyone 605 00:33:13,520 --> 00:33:16,720 Speaker 1: wanted to be first to market, So sometimes the implementations 606 00:33:16,760 --> 00:33:20,840 Speaker 1: and the actual like basic security around servers and other 607 00:33:20,920 --> 00:33:24,640 Speaker 1: things that responding wotting these hot wallets have been less 608 00:33:24,640 --> 00:33:27,960 Speaker 1: good and that's been exploited mainly by by North Korea. 609 00:33:28,120 --> 00:33:30,800 Speaker 1: Fascinating corner of the crypto universe. Thanks for helping us 610 00:33:30,920 --> 00:33:35,040 Speaker 1: explore it. Michael Gronerger, CEO of Chain Analysis, and Bloomberg's 611 00:33:35,080 --> 00:33:48,040 Speaker 1: own Katie guy Felt appreciated Apples the link it's next 612 00:33:48,080 --> 00:33:52,360 Speaker 1: major iPad software update, Ipaddle was sixteen by about a 613 00:33:52,400 --> 00:33:56,640 Speaker 1: month from September to October. Apple made the decision for 614 00:33:56,680 --> 00:34:00,280 Speaker 1: a number of reasons, including a still buggy Stage Manager 615 00:34:00,360 --> 00:34:03,880 Speaker 1: multitasking interface, and in order to link the launch closer 616 00:34:04,080 --> 00:34:07,760 Speaker 1: to the more similar mac os Ventura. Still, it's an 617 00:34:07,840 --> 00:34:11,239 Speaker 1: unusual move. Since shifting the launches to the fall in 618 00:34:11,280 --> 00:34:14,759 Speaker 1: two thousand eleven, Apple has released its new iPhone and 619 00:34:14,800 --> 00:34:20,560 Speaker 1: iPad software updates simultaneously each year around September. By staggering 620 00:34:20,600 --> 00:34:24,600 Speaker 1: the releases, users may find some issues around compatibility with 621 00:34:24,719 --> 00:34:28,000 Speaker 1: cross of ice features like retracting and editing messages and 622 00:34:28,080 --> 00:34:31,360 Speaker 1: I Message, the new Shared I Cloud photo library, and 623 00:34:31,400 --> 00:34:35,400 Speaker 1: the new feature for transferring FaceTime calls between iPhones and iPads. 624 00:34:35,960 --> 00:34:38,520 Speaker 1: It will also make it a bit harder for developers 625 00:34:38,560 --> 00:34:41,120 Speaker 1: to launch apps that run on both the iPad and 626 00:34:41,239 --> 00:34:44,240 Speaker 1: iPhone that required new A P I S and features 627 00:34:44,520 --> 00:34:48,920 Speaker 1: found across iPad O S sixteen and iOS sixteen. Regardless, 628 00:34:49,000 --> 00:34:51,760 Speaker 1: it was still of course the right move. Stage Manager 629 00:34:51,760 --> 00:34:54,560 Speaker 1: on iPad O S sixteen is still quite buggy. I 630 00:34:54,600 --> 00:34:57,920 Speaker 1: don't find it particularly intuitive, and it's not compatible with 631 00:34:58,080 --> 00:35:01,239 Speaker 1: most iPads and many third party apps on the App Store. 632 00:35:01,600 --> 00:35:05,319 Speaker 1: The feature clearly needs some more polish, and complaints from 633 00:35:05,320 --> 00:35:09,520 Speaker 1: consumers about stage Manager will now no longer probably overshadow 634 00:35:09,640 --> 00:35:13,520 Speaker 1: the earlier launch of the iPhone fourteen. Those new iPhones, 635 00:35:13,640 --> 00:35:16,760 Speaker 1: along with new Apple Walk series eight models are coming 636 00:35:16,760 --> 00:35:20,680 Speaker 1: in September, alongside iOS sixteen and watch Os nine, which 637 00:35:20,719 --> 00:35:23,960 Speaker 1: are not delayed. I'm Mark German. This is power On 638 00:35:27,520 --> 00:35:29,920 Speaker 1: and don't forget. You can subscribe to Mark's weekly power 639 00:35:29,920 --> 00:35:34,120 Speaker 1: On newsletter at Bloomberg dot com. Now onto the world 640 00:35:34,200 --> 00:35:37,360 Speaker 1: of e vs. Electric car maker Rivian cutting its annual 641 00:35:37,480 --> 00:35:41,280 Speaker 1: earnings forecast, saying it would have a larger than guided 642 00:35:41,400 --> 00:35:44,440 Speaker 1: loss on inflationary wall was pushing it to tone down 643 00:35:44,440 --> 00:35:46,960 Speaker 1: its spending plans, even though a posted quarterly sales above 644 00:35:47,080 --> 00:35:51,440 Speaker 1: expectations and reaffirmed its delivery forecast are at ludlow here 645 00:35:51,480 --> 00:35:54,560 Speaker 1: with more so mixed. What's going on? Yeah, it was 646 00:35:54,600 --> 00:35:56,759 Speaker 1: interesting because you and I foughted this company for a 647 00:35:56,840 --> 00:35:58,960 Speaker 1: few years and it was the first culture of like 648 00:35:59,080 --> 00:36:03,640 Speaker 1: meaningful sale. Three four million real companies sells cars. You 649 00:36:03,680 --> 00:36:04,960 Speaker 1: and I have been talking about how we see them 650 00:36:04,960 --> 00:36:07,640 Speaker 1: on the road, but you know it's a reality check. 651 00:36:07,719 --> 00:36:10,239 Speaker 1: Welcome to how difficult this is. And with inflation in 652 00:36:10,360 --> 00:36:14,600 Speaker 1: raw materials, particularly fium in the batteries, they're basically saying, actually, 653 00:36:14,600 --> 00:36:16,560 Speaker 1: we're not going to lose four point seven five billion 654 00:36:16,600 --> 00:36:19,400 Speaker 1: dollars this year. We're gonna lose five point five billion, 655 00:36:19,880 --> 00:36:22,719 Speaker 1: and we're actually going to pull back our spending because 656 00:36:23,360 --> 00:36:26,480 Speaker 1: things are tough out there. And is demand still strong? 657 00:36:26,560 --> 00:36:28,560 Speaker 1: I mean, as I understand, they've got a super long 658 00:36:28,600 --> 00:36:31,319 Speaker 1: wit list right, demand is really strong. They are what 659 00:36:31,400 --> 00:36:34,120 Speaker 1: we call supply constraint. They can't build the vehicles fast 660 00:36:34,239 --> 00:36:36,040 Speaker 1: enough relative to the month for them. And what was 661 00:36:36,080 --> 00:36:39,479 Speaker 1: really interesting on the earnings call, R. J. Scarringe said 662 00:36:39,520 --> 00:36:41,960 Speaker 1: that he felt the products still had pricing power, which 663 00:36:42,000 --> 00:36:45,720 Speaker 1: is really interesting. They raised prices in March anyway, which 664 00:36:46,360 --> 00:36:47,840 Speaker 1: was a bit of a scandal because they raised it 665 00:36:47,880 --> 00:36:50,520 Speaker 1: for existing reservation holders, but the idea that they could 666 00:36:50,640 --> 00:36:53,440 Speaker 1: rise even further does show this confidence that people want 667 00:36:53,480 --> 00:36:56,319 Speaker 1: this product. To give you an idea, the R one 668 00:36:56,320 --> 00:36:58,920 Speaker 1: T on your screen, the quad motor version is already 669 00:36:58,960 --> 00:37:02,759 Speaker 1: at seventy five dollars. Imagine going up from there. It's 670 00:37:02,800 --> 00:37:06,279 Speaker 1: pretty expensive products. So that did show confidence in the 671 00:37:06,360 --> 00:37:09,400 Speaker 1: demand is good. What's your set Obviously it's a newer company, 672 00:37:09,400 --> 00:37:11,520 Speaker 1: but what's your sense of how Rivian is whether in 673 00:37:11,560 --> 00:37:15,239 Speaker 1: the supply challenges versus a Tesla versus some of the 674 00:37:15,239 --> 00:37:17,600 Speaker 1: other companies else. So Ribban doesn't have the scale that 675 00:37:17,640 --> 00:37:19,759 Speaker 1: Tesla does, and that's part of the problem, you know, 676 00:37:19,920 --> 00:37:21,520 Speaker 1: scaring as for talking about this on the call. They're 677 00:37:21,520 --> 00:37:23,319 Speaker 1: having to go to their supplies and say, look, we 678 00:37:23,360 --> 00:37:26,160 Speaker 1: can do this. Give us the chips in particular that 679 00:37:26,200 --> 00:37:29,320 Speaker 1: we need look at our shiny factory because those supplies 680 00:37:29,320 --> 00:37:32,839 Speaker 1: of chips are also supplying many others. Um. I think 681 00:37:33,719 --> 00:37:35,640 Speaker 1: the ship has been bouncing around. In after hours they 682 00:37:35,640 --> 00:37:37,920 Speaker 1: were down seven percent and up a few percentage points. 683 00:37:37,920 --> 00:37:39,640 Speaker 1: And there is some element of relief because if you 684 00:37:39,680 --> 00:37:42,560 Speaker 1: remember when Lucid had earnings, they cut their full year 685 00:37:42,560 --> 00:37:45,440 Speaker 1: production forecast for the second time this year because they 686 00:37:45,440 --> 00:37:49,560 Speaker 1: couldn't get enough parts. Rivian reaffirmed its guidance to build 687 00:37:49,560 --> 00:37:51,359 Speaker 1: twenty five thousand this year. So even though it's tough 688 00:37:51,360 --> 00:37:53,520 Speaker 1: out there, they're at least sticking to what they said 689 00:37:53,560 --> 00:37:56,319 Speaker 1: they could do. What's your sense of whether this is 690 00:37:56,400 --> 00:37:59,960 Speaker 1: just growing pains and that will they become a true 691 00:38:00,040 --> 00:38:03,799 Speaker 1: competitor to Yeah, they certainly project confidence. You know. They 692 00:38:03,840 --> 00:38:07,280 Speaker 1: have this very talented CFO, Claire mcdonno, former JP Morgan 693 00:38:07,320 --> 00:38:11,760 Speaker 1: Wall Street banker, and she talks the CFO talk the numbers, 694 00:38:11,800 --> 00:38:13,720 Speaker 1: but she does kind of hint that things could improve 695 00:38:13,719 --> 00:38:16,959 Speaker 1: in the second half of this year. The Inflation Act 696 00:38:17,040 --> 00:38:19,560 Speaker 1: and the climate that you know, Bill could help them 697 00:38:19,600 --> 00:38:21,680 Speaker 1: a lot, you know, as Tail wins for demand, not 698 00:38:21,719 --> 00:38:24,320 Speaker 1: just in their consumer evs. Remember they make the vans 699 00:38:24,320 --> 00:38:26,440 Speaker 1: for Amazon and their hope is to sell vans to 700 00:38:26,520 --> 00:38:29,879 Speaker 1: other fleet operators as well. So growing pains like all 701 00:38:29,920 --> 00:38:34,200 Speaker 1: the EV makers that you cover, Tesla, Rivian or GM, 702 00:38:34,239 --> 00:38:38,160 Speaker 1: which one seems best poised to weather gosh well, whether 703 00:38:38,400 --> 00:38:42,080 Speaker 1: tough environment, all of them. I mean, you know, General 704 00:38:42,080 --> 00:38:45,160 Speaker 1: Motors and Ford are demonstrating Ford more so that they 705 00:38:45,160 --> 00:38:48,120 Speaker 1: have the legacy manufacturing experience to make it work right, 706 00:38:48,200 --> 00:38:51,920 Speaker 1: But they're transitioning from gas to to ev Rivian. All 707 00:38:51,960 --> 00:38:54,200 Speaker 1: I can say is they have fifteen billion dollars left 708 00:38:54,200 --> 00:38:57,000 Speaker 1: on their balance sheet. They are making layoffs, they're cutting costs, 709 00:38:57,280 --> 00:39:00,839 Speaker 1: penny pinching, and they're acknowledging how what it is. Let's 710 00:39:00,880 --> 00:39:03,640 Speaker 1: see how it goes. All right, I'd love thank you, 711 00:39:03,719 --> 00:39:06,640 Speaker 1: And that does it for this edition of Bloomberg Technology. 712 00:39:06,640 --> 00:39:10,400 Speaker 1: Coming up Friday, we've got the CEO of Poshmark with us. 713 00:39:10,440 --> 00:39:12,719 Speaker 1: Actually I'll be out ed will be filling informally and 714 00:39:12,800 --> 00:39:16,359 Speaker 1: see him with Moniche Chandra. And don't forget to check 715 00:39:16,360 --> 00:39:18,960 Speaker 1: out our podcast wherever you get your podcast. I'm Emily 716 00:39:19,000 --> 00:39:21,120 Speaker 1: Chang in San Francisco. This is Bloomberg