WEBVTT - Pinterest Earnings and Marqeta's Outgoing CEO (Podcast) 0:00:02.279 --> 0:00:05.640 From the heart of where innovation, money and power collive 0:00:06.400 --> 0:00:10.960 in Silicon Valley and beyond. This is Bloomberg Technology with 0:00:11.000 --> 0:00:26.920 Emily jay I. Remember the Changese San Francisco, and this 0:00:26.920 --> 0:00:29.600 is Bloomberg Technology coming up in the next hour. Pinterest 0:00:29.680 --> 0:00:33.080 gets Ready. New CEO Bill Ready joins us for an 0:00:33.120 --> 0:00:36.400 exclusive interview to JR. What he's learned after thirty days 0:00:36.400 --> 0:00:38.800 on the job and his action plan to evolve the 0:00:38.840 --> 0:00:42.560 fifteen billion dollars social e commerce platform in the face 0:00:42.640 --> 0:00:47.600 of tough macro conditions and a change in technoidscape. Plus 0:00:47.640 --> 0:00:51.440 a conversation with Markuetta's outgoing CEO. Jason Gardner is looking 0:00:51.479 --> 0:00:54.680 for his replacement as fintech faces rising credit card debt 0:00:54.920 --> 0:00:57.600 and consumers under pressure. He says he's no longer the 0:00:57.640 --> 0:01:00.400 right person to run the company for the next phase 0:01:00.400 --> 0:01:05.200 of growth. And who is Hoadier Oliva, The fifteen year 0:01:05.200 --> 0:01:08.440 Facebook veteran is now Meta's new CEO. Why he's being 0:01:08.480 --> 0:01:13.920 called the anti Cheryl samper Okay fintech platform Marcatta announcing 0:01:13.920 --> 0:01:16.720 strong earnings results, but news of a regime change made 0:01:16.760 --> 0:01:20.160 shareholders anxious. Marcatta is on the hunt for a new 0:01:20.200 --> 0:01:23.360 executive team share is plunged after the credit card issue. 0:01:23.440 --> 0:01:25.120 Or announced this shake up a search for a new 0:01:25.240 --> 0:01:28.880 CEO and CEO. Joining me now to talk about it 0:01:28.959 --> 0:01:32.560 is outgoing Marcatta CEO Jason Gardner, who is now searching 0:01:32.600 --> 0:01:35.760 for his successor. So Jason tell us more of the 0:01:35.840 --> 0:01:40.520 story behind this leadership change, why and why now? Well, 0:01:40.560 --> 0:01:43.960 happy birthday and thank you, thank you, thank you very 0:01:44.120 --> 0:01:48.560 continue interested in Marcatta. I started with succession planning when 0:01:48.600 --> 0:01:52.040 I took the comedy public back in June nine one. 0:01:52.160 --> 0:01:54.800 The board was asking me about succession planning and it's 0:01:54.800 --> 0:01:57.240 not something I ever thought about. And then he got 0:01:57.240 --> 0:02:01.400 more intense in January regards to six session planning and 0:02:01.600 --> 0:02:03.200 you know what, if he got hit by a bus, 0:02:03.200 --> 0:02:05.400 you would take over the company. And what I did 0:02:05.480 --> 0:02:08.080 is I talked to a lot of other CEOs, other 0:02:08.160 --> 0:02:12.480 founder CEOs who stepped into the exact chairman role, what 0:02:12.560 --> 0:02:15.000 they were looking for, why did they do it? Uh? 0:02:15.000 --> 0:02:17.360 And it was really really enlightening, and I felt that 0:02:17.560 --> 0:02:21.560 I'm someone who loves people, products and our customers and 0:02:21.720 --> 0:02:26.040 finding a CEO who is much better suited for our 0:02:26.120 --> 0:02:29.760 next phase of growth, which is building a sustainably profitable 0:02:29.800 --> 0:02:33.600 company Uh. That combination I thought was really really powerful 0:02:33.639 --> 0:02:36.079 and I got really excited about it. I spoke with 0:02:36.120 --> 0:02:39.280 the board, I told him what my plan was, and 0:02:39.320 --> 0:02:42.000 I wanted to be very transparent about it, transparent to 0:02:42.240 --> 0:02:45.480 our employees, our customers, and our shareholders. And we're just 0:02:45.520 --> 0:02:49.120 really excited about this step. I care deeply about the company. 0:02:49.160 --> 0:02:52.320 It's what's best for Marquetta over the next couple of decades, 0:02:52.520 --> 0:02:55.120 and truly feel like this is the best next step 0:02:55.880 --> 0:02:58.760 for the business. I am in the role now. I 0:02:58.800 --> 0:03:00.960 am in the role and six months or a year 0:03:01.000 --> 0:03:04.000 until we find a new CEO, but really excited about 0:03:04.000 --> 0:03:08.160 the decision and what's next. Why change out the CEO 0:03:08.240 --> 0:03:13.400 and the CEO roles at the same time so the 0:03:13.600 --> 0:03:17.280 company organizations or organisms, you know. We want to be flexible, 0:03:17.480 --> 0:03:20.000 we want to be nimble, and I've always made decisions 0:03:20.040 --> 0:03:23.400 about this having a hyper growth company. Our needs changed 0:03:23.440 --> 0:03:25.520 from time to time. Video and I have been having 0:03:25.600 --> 0:03:29.519 conversations over the last few weeks. What's next for the 0:03:29.600 --> 0:03:32.839 for the business. The c r O is next. It's 0:03:32.880 --> 0:03:36.560 not a CEO. It's bringing in somebody who's solely focused 0:03:36.600 --> 0:03:39.880 on the revenue side of the business. While I could 0:03:39.880 --> 0:03:42.680 be focused on being a CEO and focusing on the 0:03:42.760 --> 0:03:45.200 day to day operations in the company and finding my 0:03:46.320 --> 0:03:49.880 the next CEO, and then creating the combination between that. 0:03:49.960 --> 0:03:52.280 I thought that was the best next step for the business. 0:03:53.000 --> 0:03:55.520 She and I had that conversation. She decided to step 0:03:55.560 --> 0:03:58.360 away while I'll focus on hiring the c r O 0:03:58.520 --> 0:04:01.520 and hiring the CEO along with the team the board 0:04:01.520 --> 0:04:04.200 of the company, and again, just excited about this next step. 0:04:04.480 --> 0:04:06.720 And it feels like a way lifted off. I've i've 0:04:07.040 --> 0:04:10.360 I don't like secrets. Secrets are uncomfortable and transparency as 0:04:10.360 --> 0:04:12.680 a core tenant of who I am. So be able 0:04:12.680 --> 0:04:16.640 to talk about this publicly is just wonderful. I'm curious 0:04:16.680 --> 0:04:19.960 what advice you have to others who might be thinking 0:04:19.960 --> 0:04:23.400 about the same thing, wondering the same thing. You know, 0:04:23.480 --> 0:04:25.960 it's I'm sure it's hard to step away from your 0:04:26.000 --> 0:04:29.880 baby essentially, but you know, what message would you send 0:04:29.920 --> 0:04:33.039 to other executives out there about you know, trying to 0:04:33.040 --> 0:04:34.560 figure out what is the right time, And maybe it 0:04:34.600 --> 0:04:37.960 is the right time. You gotta do what's best for 0:04:38.000 --> 0:04:41.120 the business. As a public company CEO, you have to 0:04:41.160 --> 0:04:44.279 do what's best for your shareholders. As well, and what 0:04:44.480 --> 0:04:48.520 is the powerful combination that is going to build a better, 0:04:49.080 --> 0:04:52.800 stronger business in the future. And I ultimately decided the 0:04:52.839 --> 0:04:56.159 combination between a founder who wants to be focused on people, 0:04:56.240 --> 0:04:59.160 products and customers and a CEO wants to be focused 0:04:59.200 --> 0:05:01.839 on the day to day operations of the business, that 0:05:02.040 --> 0:05:05.359 is what's best for Marquette Up and I ultimately felt 0:05:05.480 --> 0:05:08.200 that's the step that I needed to take. It's certainly 0:05:08.240 --> 0:05:10.279 surprising to a lot of people that I wanted to 0:05:10.320 --> 0:05:12.960 do that, but I love my baby who is now 0:05:13.240 --> 0:05:16.799 a young adult, and I felt that having someone else 0:05:16.839 --> 0:05:19.520 to leave this young adult too deep into the future 0:05:19.720 --> 0:05:22.000 was the best next step. So the advice I would 0:05:22.040 --> 0:05:25.240 have to founders is is be selfless, think about what 0:05:25.400 --> 0:05:28.279 is best for the company, and be very transparent about 0:05:28.320 --> 0:05:30.800 it so that people can know what your intent is 0:05:30.839 --> 0:05:34.159 as you lead into the future. Now we are in 0:05:34.200 --> 0:05:37.200 the middle of a difficult macroeconomic environment. We may be 0:05:37.800 --> 0:05:41.080 headed into a recession. What is your outlook on the 0:05:41.080 --> 0:05:45.880 fintech landscape and the environment that your successor will be 0:05:45.920 --> 0:05:50.159 walking into. Well, we had a great first half, remaining 0:05:50.200 --> 0:05:52.960 cautious in the second half, and you're right, depending on 0:05:53.000 --> 0:05:55.120 the experts you talk to were in a recession, not 0:05:55.200 --> 0:05:58.159 in a recession. A recession is coming. It's not really 0:05:58.160 --> 0:06:01.880 clear about where we're headed. We're a very strong company 0:06:01.920 --> 0:06:04.719 where the market leader in our space. We had fifty 0:06:04.800 --> 0:06:06.919 three percent year or year A grow. We had a 0:06:06.960 --> 0:06:10.040 sixty six percent rise and gross profit. We have one 0:06:10.080 --> 0:06:13.520 point seven billion dollars in cash, a lot of options, 0:06:13.560 --> 0:06:16.239 whether it's investing more in the business we are hiring, 0:06:17.000 --> 0:06:19.040 whether it's M and A. But there's a lot of 0:06:19.120 --> 0:06:22.919 uncertainty moving forward. We have a very strong, obviously blue 0:06:23.000 --> 0:06:27.320 chip base of customers who continue to perform while we're 0:06:27.360 --> 0:06:30.360 building out more and more business around the world, investing 0:06:30.360 --> 0:06:32.520 on our product, investing in our people, and investing in 0:06:32.520 --> 0:06:36.559 our future. All right, Jason, appreciate you joining us, Thanks 0:06:36.600 --> 0:06:39.440 for sharing some of that with us, and we'll be 0:06:39.440 --> 0:06:43.720 watching to see how this shuffle plays out. Markettessy, Jason Gardner, 0:06:44.920 --> 0:06:56.520 take care. It's been one month since the executive shuffle 0:06:56.640 --> 0:06:59.960 at pinter As. Last month. Co founder Ben Silverman how 0:07:00.000 --> 0:07:02.159 into the reins to Bill Ready, the former president of 0:07:02.200 --> 0:07:05.600 Commerce and Payments at Google. On his first call as CEO, 0:07:05.760 --> 0:07:07.479 Ready said he'll lay out a plan of action and 0:07:07.520 --> 0:07:10.920 coming months focusing on the appsibility to quote help people 0:07:11.040 --> 0:07:16.200 go from inspiration to realization. Bill ready joins me. Now, Bill, 0:07:16.280 --> 0:07:18.480 it's great to have you back on the show after 0:07:18.520 --> 0:07:21.080 a few years. So your first your first thirty days, 0:07:21.160 --> 0:07:24.600 what's been the focus and how are you shaping that 0:07:24.680 --> 0:07:27.920 plan of action? Well, it's it's been a great first 0:07:27.920 --> 0:07:30.200 month with the team for sure. Um. You know, we 0:07:30.280 --> 0:07:34.360 jumped right into with with earnings uh and some great 0:07:34.760 --> 0:07:38.280 engage with our investors. Um. But it's really been inspiring 0:07:38.320 --> 0:07:41.000 for me to see as I've come into Pinterest, the 0:07:41.080 --> 0:07:43.320 things that I really admired from the outside in terms 0:07:43.320 --> 0:07:46.840 of pinterest mission and vision and how much people really 0:07:46.880 --> 0:07:49.400 care about it being a positive place on the internet, 0:07:49.720 --> 0:07:53.120 a place that people can go for daily inspiration, um, 0:07:53.200 --> 0:07:55.440 whether they're looking for things to make or to do 0:07:55.600 --> 0:07:58.120 or to buy. Um. It's been really great to see 0:07:58.120 --> 0:08:00.160 what a dedicated team we have around those things, and 0:08:00.200 --> 0:08:03.240 the really great momentum the team has built over many years, 0:08:03.720 --> 0:08:05.720 as well as a lot of exciting things that were 0:08:05.760 --> 0:08:09.040 in the midstuff. Now, now, you were running commerce at Google. 0:08:09.120 --> 0:08:12.280 Before that, you were the CEO of PayPal, You ran Venmo, 0:08:12.360 --> 0:08:14.960 you ran Braintree, you were actually on our show, uh 0:08:15.000 --> 0:08:18.360 several times in that role. How did the conversation start 0:08:18.400 --> 0:08:22.520 with Pinterest and how did you both come to the 0:08:22.560 --> 0:08:25.920 decision that this was the right call. Um, So you know, 0:08:26.000 --> 0:08:28.400 have admired what been in the team here built over 0:08:28.480 --> 0:08:31.040 many years, uh, and more recently Ben and I started 0:08:31.080 --> 0:08:34.319 talking about, uh, you know, not only you know, how 0:08:34.360 --> 0:08:37.040 he was thinking about what he wanted for himself, but 0:08:37.080 --> 0:08:39.440 also what he hoped for from Pinterest. UH. And there's 0:08:39.440 --> 0:08:41.080 just a lot of really great alignment on those things 0:08:41.120 --> 0:08:44.440 around the vision for the business. I think, you know, 0:08:44.480 --> 0:08:47.719 as as you touched on, you know in the intro, uh, 0:08:47.720 --> 0:08:50.640 the opportunity to go from inspiration to realization, I think 0:08:50.640 --> 0:08:53.960 it's just a really unique thing, uh that doesn't exist 0:08:53.960 --> 0:08:56.959 to any places. Finding inspiration and intent in the same 0:08:57.000 --> 0:09:01.200 platform is really unique and uncommon. And I think as 0:09:01.280 --> 0:09:03.959 much as there's a tremendous amount of discovery and inspiration 0:09:04.720 --> 0:09:08.200 and intent on Pinterest, the opportunity to help people take 0:09:08.200 --> 0:09:10.439 that all the way through the realization, I think is 0:09:10.440 --> 0:09:12.480 going to be a great next chapter and where Pinterests 0:09:12.480 --> 0:09:15.319 can go. Uh. And of course you know, making sure 0:09:15.480 --> 0:09:19.000 to continue on all the really great inspiration discovery that's 0:09:19.040 --> 0:09:22.160 already the core of people love about the platform. There 0:09:22.240 --> 0:09:25.400 was some surprise that Ben laughed. Obviously, he's a founder, 0:09:25.679 --> 0:09:28.040 he has been there for years. Can you give us 0:09:28.080 --> 0:09:31.120 any more insight into why he decided that now was 0:09:31.240 --> 0:09:33.880 the time to move on? Well, you know, Ben has 0:09:33.880 --> 0:09:36.640 done an amazing job over the course of twelve tyears 0:09:36.640 --> 0:09:39.560 building a business from zero. Uh. And so you know, 0:09:39.840 --> 0:09:42.680 tons of admiration and respect for Ben as an entrepreneur. Uh. 0:09:42.720 --> 0:09:44.680 And the great thing is, you know, Ben and I 0:09:44.679 --> 0:09:46.000 spent a lot of time and you know, we have 0:09:46.080 --> 0:09:48.440 a lot of common vision for where the company can go. 0:09:48.520 --> 0:09:51.800 And so uh. You know, I'm excited to continue engaging 0:09:51.840 --> 0:09:55.839 with Ben. He's a very engaging and passionate board member 0:09:56.160 --> 0:09:58.240 uh and someone who I continue to spend a lot 0:09:58.240 --> 0:10:01.800 of time with. Um. And again, you know, he's done 0:10:01.800 --> 0:10:04.439 an amazing job of building Pinterest to what it is today, 0:10:04.559 --> 0:10:07.520 and it's a great partnership in terms of where we 0:10:07.559 --> 0:10:11.280 take it going forward. I'm a big pinner and you 0:10:11.320 --> 0:10:14.400 know know that it's a super useful product and as 0:10:14.440 --> 0:10:17.400 you say, it sits at this really important intersection of 0:10:17.480 --> 0:10:22.920 social and e commerce and search. Some would say there 0:10:22.960 --> 0:10:26.160 hasn't been a lot of innovation or evolution over the 0:10:26.200 --> 0:10:29.120 last several years. How do you want to better harness 0:10:29.240 --> 0:10:33.000 that power that pin or s has. Yeah, well, I 0:10:33.040 --> 0:10:36.400 think two things. I'd say One, I think the team 0:10:36.400 --> 0:10:38.600 has innovated quite a lot. I think if you look 0:10:38.640 --> 0:10:40.640 at the platform today versus where it's been in the past, 0:10:40.679 --> 0:10:44.280 I think, uh, there's a lot to be really excited about. Um, 0:10:44.360 --> 0:10:46.600 you know, you have you know, in the shift to video, 0:10:46.679 --> 0:10:50.160 for example, we share this you know, on our earnings 0:10:50.160 --> 0:10:52.559 that we now have temperas and plus of our engagement 0:10:52.600 --> 0:10:56.000 it's coming over video, while also still staying really true 0:10:56.040 --> 0:10:58.280 to what users expect in terms of, you know, bringing 0:10:58.280 --> 0:11:00.839 together a bunch of really great inspirational images and things 0:11:00.840 --> 0:11:03.480 that are interested in. So I think it's a good 0:11:03.520 --> 0:11:07.000 example of innovating with users. But I think, you know, 0:11:07.000 --> 0:11:09.760 there's also a lot that's still left to be done, 0:11:09.800 --> 0:11:12.560 and I think that really is around how do you 0:11:12.600 --> 0:11:15.760 help people harness that inspiration and intent that they have. 0:11:15.840 --> 0:11:17.840 One of the great things about interest is that, you know, 0:11:17.880 --> 0:11:20.839 people aren't just casually browsing. It's not just lean back. 0:11:21.320 --> 0:11:23.960 People are coming with an intent and a purpose, and 0:11:23.960 --> 0:11:26.840 they're coming at a part of their journey where I 0:11:26.880 --> 0:11:29.120 still haven't yet decided, you know, what it is they 0:11:29.240 --> 0:11:31.479 want to do or to buy. They may know they're 0:11:31.520 --> 0:11:34.240 looking to put together a great outfit, or plan a 0:11:34.240 --> 0:11:37.360 plan a party, or redesign a room, but they're at 0:11:37.360 --> 0:11:39.960 this moment where they're still trying to figure out, well, 0:11:40.200 --> 0:11:42.080 what I want in that room, what do I want 0:11:42.120 --> 0:11:43.679 that outfit to be, or what I want that party 0:11:43.720 --> 0:11:46.520 to look like. That's a really unique moment in the 0:11:46.600 --> 0:11:49.240 user's journey in a place where I think our platform 0:11:49.280 --> 0:11:50.880 is quite unique and where we have a lot of 0:11:50.960 --> 0:11:54.360 opportunity to now take that user from not just I 0:11:54.360 --> 0:11:56.160 could put together that great outfit, where I could put 0:11:56.200 --> 0:11:59.080 together that great room, but I can go all the 0:11:59.080 --> 0:12:02.160 way to action and finding the things I want to 0:12:02.160 --> 0:12:04.400 buy to put that together, or find the places to 0:12:04.440 --> 0:12:06.240 connect with to go help me take the next step 0:12:06.240 --> 0:12:08.199 in that journey. And so I think those are places 0:12:08.200 --> 0:12:10.480 where there's a lot of forward innovation left to go. 0:12:11.360 --> 0:12:13.880 And I think you see that continue to resonate with 0:12:13.960 --> 0:12:17.280 users and with advertisers. I think you're seeing that play 0:12:17.280 --> 0:12:21.080 out in the ads business where that combination of inspiration 0:12:21.120 --> 0:12:24.440 and intent is really what's making p interests and must 0:12:24.440 --> 0:12:28.520 buy for advertisers even as advertisers or shifting, uh you know, 0:12:28.679 --> 0:12:30.320 how they think about what they need to be doing. 0:12:30.760 --> 0:12:33.280 That combination of inspiration intent really stands out. I think 0:12:33.280 --> 0:12:36.400 makes Pinterests must buy for advertisers as well. Well what 0:12:36.480 --> 0:12:38.400 do you how do you think your Google and payments 0:12:38.440 --> 0:12:42.600 experience can play here? I mean, is the biggest opportunity 0:12:42.640 --> 0:12:46.120 Advertising is the biggest opportunity. E commerce is the dream 0:12:46.440 --> 0:12:48.680 to be able to see something on Pinterest and buy 0:12:48.679 --> 0:12:52.000 it or figure out, uh you know where that pillow 0:12:52.080 --> 0:12:54.320 came from, or how somebody can can make it if 0:12:54.360 --> 0:12:57.840 they want to make it themselves. Um, well, yes to 0:12:57.880 --> 0:13:00.000 each of those. Um. I think how you put those 0:13:00.040 --> 0:13:02.839 things together really matters. And I think if you look 0:13:02.840 --> 0:13:05.440 at what I think Pinterest does really well, it is 0:13:05.480 --> 0:13:08.600 a curated journey where yes, there's a lot of really 0:13:08.640 --> 0:13:12.720 great AI and mL that's helping put together, um, you 0:13:12.720 --> 0:13:14.560 know things that when you're trying to figure out what 0:13:14.600 --> 0:13:17.040 it is that you want to do, whether it's making 0:13:17.120 --> 0:13:19.120 or doing or buying that We're gonna bring a lot 0:13:19.120 --> 0:13:24.040 of really great inspiration together on those things. But it's curated, uh, 0:13:24.040 --> 0:13:25.960 and it's not just AI and m L figuring those 0:13:25.960 --> 0:13:28.440 things out. How do you figure out what's the you know, 0:13:28.720 --> 0:13:30.720 not just what's a really great dress that I want, 0:13:30.760 --> 0:13:34.160 but what's the right set of accessories to go with it. Well, 0:13:34.160 --> 0:13:36.600 there's a lot of human curation where people are making 0:13:36.600 --> 0:13:39.920 those associations on the platform where I think we really 0:13:39.960 --> 0:13:41.960 stand out and are quite unique in our ability to 0:13:42.000 --> 0:13:45.240 bring those things together. So, yes, there's opportunity to take 0:13:45.280 --> 0:13:49.920 people from the inspiration and to the realization. But I 0:13:49.920 --> 0:13:53.160 think there's some real superpowers that the Pinterest platform has 0:13:53.520 --> 0:13:56.560 that are not just AI and m L but the 0:13:56.559 --> 0:13:59.560 community of penners that are really helping to shape these 0:13:59.559 --> 0:14:02.040 associate creations of what's a great room going to look 0:14:02.080 --> 0:14:04.959 like in this aesthetic, what's a really great outfit not 0:14:05.040 --> 0:14:07.640 just a great you know item, but what's a great 0:14:07.679 --> 0:14:10.200 outfit and really helps us think about how do we 0:14:10.200 --> 0:14:12.400 solve shopping even more than buying. I think the first 0:14:12.400 --> 0:14:14.840 twenty years of e commerce, we're really solving more for buying, 0:14:15.679 --> 0:14:17.440 not as much shopping. You know, in the first twenty 0:14:17.520 --> 0:14:19.160 years is how do I find a thing the cheapest 0:14:19.160 --> 0:14:21.360 and the fastest. But if you think about the you know, 0:14:21.360 --> 0:14:23.960 what happened in the physical world, so much more. Shopping 0:14:24.000 --> 0:14:27.520 was about the journey, walking the bizarre, being inspired, Um, 0:14:27.600 --> 0:14:30.160 finding the thing you didn't know was there. And that 0:14:30.200 --> 0:14:32.120 hasn't been well solved for in the digital world. And 0:14:32.160 --> 0:14:34.360 I think Pinterest has claimed to that as much or 0:14:34.440 --> 0:14:37.080 more than anybody else. And we see a lot of 0:14:37.080 --> 0:14:39.560 that already, and we can take users a lot further 0:14:39.600 --> 0:14:43.320 down that journey. Elliott recently took a big steak. What 0:14:43.480 --> 0:14:48.040 have been your communications with them? What are their expectations? Well, 0:14:48.120 --> 0:14:50.560 you know, we share this on our earnings. Elliott and 0:14:50.640 --> 0:14:53.560 I both made uh comments on this at our earnings. 0:14:53.760 --> 0:14:57.040 You know, we've had a really collaborative dialogue with Elliott. Um. 0:14:57.080 --> 0:14:59.360 We share a lot of conviction and vision for where 0:14:59.400 --> 0:15:01.640 the business can oh and so it's been a good 0:15:01.640 --> 0:15:06.880 engaging dialogue there. Um. And you know, the investor community 0:15:07.200 --> 0:15:09.320 I've spent a lot of time with in past lives, 0:15:09.760 --> 0:15:13.240 and that community knows that I really care about making 0:15:13.280 --> 0:15:17.120 sure we have good engagement with our investors and listening 0:15:17.160 --> 0:15:19.360 and understanding, just as I want to listen and understand 0:15:19.360 --> 0:15:22.400 to all of our stakeholders. And so we've had a 0:15:22.440 --> 0:15:24.880 good engaging dialogue with Elliott just as well. You know, 0:15:25.120 --> 0:15:27.720 continue to have good, engaging dialogue with all of our investors, 0:15:28.040 --> 0:15:31.920 and it's great to have a large, sophisticated investor that 0:15:32.000 --> 0:15:35.760 has conviction about our business and shares our optimism for 0:15:35.880 --> 0:15:40.320 the future of Interest Pinterest initially lead the way on, 0:15:40.680 --> 0:15:44.240 you know, creating a better workplace culture. Former engineer Tracy 0:15:44.360 --> 0:15:47.640 Show was really active on the representation of women. But 0:15:47.760 --> 0:15:51.080 since then the company has been accused of gender discrimination 0:15:51.480 --> 0:15:55.240 and race discrimination. Employee staged a walkout. Um in your 0:15:55.280 --> 0:15:58.680 conversations over the last thirty days, what have you learned about, 0:15:58.720 --> 0:16:00.360 how much has been done? And what is the love 0:16:00.440 --> 0:16:03.680 to do? Yeah, so I think this is, you know, 0:16:03.920 --> 0:16:05.600 these events of a few years ago. I think that 0:16:05.720 --> 0:16:08.200 the company has made tremendous progress on the easy obviously 0:16:08.240 --> 0:16:10.480 something Ben and I spent a lot of time talking about, 0:16:10.480 --> 0:16:11.760 and I spent a lot of time with the board 0:16:12.120 --> 0:16:14.800 talking about before joining. And one of the things I 0:16:14.840 --> 0:16:18.280 loved was being how much um, Ben and the team 0:16:18.400 --> 0:16:22.680 the board uh all had really leaned in on not 0:16:22.840 --> 0:16:25.280 just wanting to go take action on these things and 0:16:25.280 --> 0:16:26.920 get to better places on these things, but to really 0:16:26.920 --> 0:16:28.880 start to lead the way on these And so as 0:16:28.920 --> 0:16:32.120 we think about diversity and inclusion as we think about 0:16:32.320 --> 0:16:35.880 how we build a really positive community. Uh. One of 0:16:35.920 --> 0:16:38.240 the things that I think is so inspiring to me 0:16:38.280 --> 0:16:43.160 about pinterest is that it's it's a very positive place 0:16:43.480 --> 0:16:47.280 on the Internet where people are going to be inspired 0:16:47.320 --> 0:16:49.200 and uplifted. It's not a place where people are going 0:16:49.240 --> 0:16:51.800 to uh shout out their neighbor about their politics or 0:16:51.840 --> 0:16:53.440 those kinds of things. It's a place where people are 0:16:53.480 --> 0:16:56.440 going to be lifted up and inspired. And to say, well, 0:16:56.480 --> 0:16:59.080 of course, we want to create a community inside the 0:16:59.080 --> 0:17:03.680 company that Matt is that I think is a great combination, 0:17:04.200 --> 0:17:06.359 and I think there's been tremendous progress on that. But 0:17:06.480 --> 0:17:09.399 something where I think for any company that work has 0:17:09.440 --> 0:17:11.240 never done and there's always more to do. So definitely 0:17:11.320 --> 0:17:13.199 something that is top of mind for me will be 0:17:13.480 --> 0:17:15.560 continue to be a priority for me in the team. 0:17:15.720 --> 0:17:19.040 Pinteress has some prime San Francisco real estate. We were 0:17:19.040 --> 0:17:20.679 talking about that in the break. We're looking at some 0:17:20.760 --> 0:17:23.120 videos of inside the office right now, but in San 0:17:23.160 --> 0:17:26.320 Francisco there is concerned that this you know, heyday of 0:17:26.320 --> 0:17:29.200 office culture is over. How are you thinking about that 0:17:29.359 --> 0:17:32.960 and balancing work from home versus people coming back to 0:17:33.000 --> 0:17:37.160 the office and reinvigorating an office culture. So I think 0:17:37.200 --> 0:17:39.399 it's well Number one, it's been great to be in 0:17:39.400 --> 0:17:43.120 the office with with with Pinterest, with the Pinterest team. Uh. 0:17:43.640 --> 0:17:46.879 Great to see people back in the office again and collaborating. Uh. 0:17:47.000 --> 0:17:50.160 So you know, I think it's really good to see 0:17:50.280 --> 0:17:53.199 more of that happening. At the same time, we're in 0:17:53.240 --> 0:17:55.199 a new world that's very different than what it was 0:17:55.280 --> 0:17:59.159 pre pandemic. And I think hybrid work promobor these are 0:17:59.200 --> 0:18:01.560 all gonna be really importan and parts of how you 0:18:01.600 --> 0:18:07.760 think about building a highly talented and engaged employee base. Uh. 0:18:07.800 --> 0:18:09.800 And I think there's real opportunities there that you think 0:18:09.840 --> 0:18:13.320 about what that means in terms of attracting more diverse talent, 0:18:13.359 --> 0:18:15.879 for example, as you can reach into new geographies or 0:18:15.920 --> 0:18:18.760 attract people that may be balancing different things uh and 0:18:19.080 --> 0:18:22.320 in their work life balance. I think this notion there's 0:18:22.359 --> 0:18:26.240 no one size fits all, I think is really fantastic 0:18:26.800 --> 0:18:29.520 in terms of how we not only make sure that 0:18:29.560 --> 0:18:32.600 we're meeting our team where they are, but that we're 0:18:33.000 --> 0:18:35.440 opening new doors as to how we attract great talent 0:18:35.520 --> 0:18:39.560 and where that great talent can come from. Okay, already 0:18:39.920 --> 0:18:43.080 CEO of interest on the first thirty days. Thank you Bill, 0:18:43.400 --> 0:18:48.359 appreciate with us. Appreciate it. Come up. Why Apple is 0:18:48.359 --> 0:18:51.159 putting a software update on hold? That is next. This 0:18:51.320 --> 0:19:08.320 is Bloomberg. A few other stories we are watching. The 0:19:08.359 --> 0:19:11.760 Pentagon has certified SpaceX to use reusable boosters on its 0:19:11.760 --> 0:19:15.600 Falcon heavy rocket to launch secret spy satellites. This may 0:19:15.640 --> 0:19:19.399 give spacexit temporary edge and its latest competition with a 0:19:19.480 --> 0:19:23.680 Bowie lockeyed joint venture. The company's first spy satellite launch 0:19:23.760 --> 0:19:28.800 with recyclable boosters will take place sometime from October to December. 0:19:30.160 --> 0:19:32.760 And the world's largest asset manager is making a significant 0:19:32.760 --> 0:19:35.560 move into crypto markets, black Rock offering its first ever 0:19:35.640 --> 0:19:39.960 investment product directly in the bitcoin. The new private Bitcoin 0:19:40.000 --> 0:19:42.520 trust will track the price of the biggest currency. The 0:19:42.520 --> 0:19:46.560 firm says it's responding to demand from large institutional clients. 0:19:54.720 --> 0:19:57.440 Welcome back to Bloomberg Technology. I'm Emily Chang in San Francisco. 0:19:57.600 --> 0:20:00.119 Let's take a look at Bumble now tumbling after the 0:20:00.200 --> 0:20:02.880 dating app company top to revenue estimates for the second 0:20:02.960 --> 0:20:06.000 quarter but lowered its full your revenue guidance, taking a 0:20:06.080 --> 0:20:09.320 hit from the war in Ukraine and stiff competition from 0:20:09.320 --> 0:20:12.000 the likes of Match and Tinder. I want to bring 0:20:12.000 --> 0:20:14.520 in Schweta Cajuria for more on this. An analyst with 0:20:14.640 --> 0:20:17.800 ever Core I s I so swet. So why are 0:20:17.800 --> 0:20:23.239 we seeing Bumble struggle here? I Emily, thanks for having me. 0:20:23.280 --> 0:20:26.720 I guess the one of the biggest reasons why Bumbling 0:20:26.800 --> 0:20:30.199 Bumble is trading off today, it's because expectations were building 0:20:30.200 --> 0:20:34.080 in into the print. If we think about our Internet 0:20:34.160 --> 0:20:37.359 coverage universe, bumble Stop has been one of the best 0:20:37.359 --> 0:20:40.399 performing names year to date in a market that's tough, 0:20:40.680 --> 0:20:44.440 in a stock market that stuff driven by macro um 0:20:44.560 --> 0:20:47.120 and and so as we were heading into the print, 0:20:47.200 --> 0:20:50.959 expectations were for a strong quarter and a strong guide, 0:20:51.000 --> 0:20:54.640 and it's just giving back some of that. Fundamentally, however, 0:20:54.800 --> 0:20:57.399 we don't think much has changed. The guide is a 0:20:57.400 --> 0:20:59.639 little bit lower, but a lot of it is because 0:20:59.680 --> 0:21:02.000 of facts and they should probably get a pass on that. 0:21:02.040 --> 0:21:04.800 Consumer demand is holding up. It seems like they are 0:21:05.640 --> 0:21:08.359 largely resilient and a little bit of a lower guide 0:21:08.400 --> 0:21:10.760 is because of some product changes that they are pushing 0:21:10.880 --> 0:21:15.399 off until Bumble is unique in that it has this 0:21:15.600 --> 0:21:19.080 other dating app but Do, which is acquired in Europe, 0:21:19.119 --> 0:21:22.120 which is also under pressure, and then of course there's 0:21:22.119 --> 0:21:24.639 a competition from Match and Tinder. One are the biggest 0:21:24.720 --> 0:21:29.000 challenges from these competing players. The best camp for Bumble, 0:21:29.400 --> 0:21:32.600 I think is Hinge in terms of the demographics and 0:21:32.640 --> 0:21:37.320