WEBVTT - Russian Oligarchs Financial Assets Intercepted 0:00:03.520 --> 0:00:06.800 From the heart of where innovation, money and power colli 0:00:07.640 --> 0:00:12.159 in Silicon Valley and beyond. This is Bloomberg Technology with 0:00:12.240 --> 0:00:27.880 Emily Jay. I'm Emily changing San Francisco, and this is 0:00:27.880 --> 0:00:31.000 Bloomberg Technology coming up in the next hour. Isolating Putin 0:00:31.120 --> 0:00:34.360 and his allies from financial systems. The d o j's 0:00:34.520 --> 0:00:37.040 newest task force will track the use of crypto to 0:00:37.120 --> 0:00:41.120 evade sanctions, along with the jets, yachts, and other luxury 0:00:41.159 --> 0:00:45.120 assets of Russian oligarchs. Our conversation with US Deputy Attorney 0:00:45.159 --> 0:00:49.160 General Lisa Monaco plus Salesforce co CEO Brett Tylor, gives 0:00:49.200 --> 0:00:51.279 us his view on how the war in Ukraine and 0:00:51.640 --> 0:00:55.520 global economic uncertainty will impact global business off the back 0:00:55.560 --> 0:00:58.600 of the company's earnings results, plus how their developer team 0:00:58.640 --> 0:01:02.840 in Ukraine is faring and finance says the Exchange will 0:01:02.920 --> 0:01:06.800 not impose a blanket van on Russian users. A unilateral 0:01:06.880 --> 0:01:10.760 decision would be unethical, according to its CEO, or that 0:01:10.880 --> 0:01:22.880 later this hour, the conflict in Ukraine continuing to intensify, 0:01:23.000 --> 0:01:25.720 and with a Russian air strike hitting Kiev's main radio 0:01:25.760 --> 0:01:29.400 and television tower, one thing remains clear. The war is 0:01:29.480 --> 0:01:33.479 also one of control over information. Let's talk about all 0:01:33.520 --> 0:01:35.560 that and more with Jane Litvineko. She is a Senior 0:01:35.560 --> 0:01:38.280 Research Fellow at the Harvard Kennedy Store and Scene Center 0:01:38.319 --> 0:01:41.480 on Media, Politics and Public Policy. Jane, you're also a 0:01:41.560 --> 0:01:45.840 reporter and a Ukrainian yourself. Talk to us about the 0:01:45.880 --> 0:01:49.400 state of Russian disc and misinformation and how it is 0:01:49.440 --> 0:01:53.480 being used as a weapon right now. Well, I think 0:01:53.520 --> 0:01:56.360 one important thing to understand is that Russia has been 0:01:56.360 --> 0:02:00.840 spreading false information about Ukraine for years, uh, and use 0:02:01.000 --> 0:02:05.280 some of that information as false justification to further invade 0:02:05.320 --> 0:02:07.800 the country, um, during the war that has been going 0:02:07.880 --> 0:02:11.280 on for eight years UM. And part of that mean 0:02:11.400 --> 0:02:17.320 distorting Ukrainian history, distorting Ukrainian culture and people. But on 0:02:17.360 --> 0:02:23.360 a more grainual level, it also meant videos uh that 0:02:24.040 --> 0:02:27.799 purported to show something that they didn't actually show, um, 0:02:27.919 --> 0:02:33.280 sort of vacantly justification for the war. So would you 0:02:33.320 --> 0:02:35.160 say that President Putin has been using this as a 0:02:35.200 --> 0:02:39.680 weapon to build up to this moment? Absolutely. Disinformation is 0:02:39.680 --> 0:02:43.000 a huge weapon for the Russian government. We've seen it 0:02:43.040 --> 0:02:46.600 in fourteen during the annexation of Crimea as well as 0:02:46.680 --> 0:02:52.160 during the occupation of Eastern Ukraine. We saw during the 0:02:52.200 --> 0:02:55.680 doubting of NH seventeen and we see it now. And 0:02:55.800 --> 0:02:58.600 disinformation is a weapon that Putin has been using all 0:02:58.639 --> 0:03:02.559 around the world UH in an attempt to undermine democracy, 0:03:02.639 --> 0:03:06.080 which of course the US has felt intimately as well. 0:03:06.760 --> 0:03:09.240 So how well do you think big tech platforms like 0:03:09.240 --> 0:03:12.720 Facebook and Twitter and TikTok are handling this now? We've 0:03:12.760 --> 0:03:15.400 seen some steps taken in the last couple of days. 0:03:15.400 --> 0:03:20.040 Certainly it's not nearly enough, is my guest. Right from 0:03:20.080 --> 0:03:22.720 the tracking that we're doing about the disinformation that we 0:03:22.760 --> 0:03:26.560 see on social media. UH, there's steps have been good, 0:03:26.960 --> 0:03:30.600 but limited and scatter shot. So there has been a 0:03:30.639 --> 0:03:33.800 ban on our T and Sputnik in Europe, for instance, 0:03:34.000 --> 0:03:38.400 but we don't see that same uh, that same band worldwide, 0:03:38.680 --> 0:03:42.360 which raises a series of questions like why um our 0:03:42.440 --> 0:03:46.560 T and Sputnik of course have huge audiences outside of Europe, 0:03:46.600 --> 0:03:53.000 including in southern northern America. UM. We also see UM 0:03:53.160 --> 0:03:58.760 direct television providers attempt to thwart Russian disinformation. UM. But again, 0:03:59.680 --> 0:04:04.440 Russia is are very good. Russian disinformers particularly are very 0:04:04.480 --> 0:04:07.920 good at getting around restrictions on social media, and as 0:04:07.920 --> 0:04:10.160 a matter of fact, they're very well practiced around that. 0:04:10.760 --> 0:04:14.160 This is also war that spans social media plot forms. 0:04:14.200 --> 0:04:17.120 It's not just about the Big three that we're used 0:04:17.160 --> 0:04:21.160 to North America. It's also about TikTok, It's also about Telegram. 0:04:21.440 --> 0:04:24.080 There's really no social media network that's untouched by this. 0:04:24.720 --> 0:04:27.320 Can you talk to us about how every day Ukrainians 0:04:27.480 --> 0:04:31.280 are navigating they do they see the difference between information 0:04:31.600 --> 0:04:36.239 and misinformation? How do they try to separate fact from fiction. 0:04:37.880 --> 0:04:43.599 There's a gargantuan effort to essentially undermine Russian disinformation, either 0:04:43.760 --> 0:04:45.919 as it comes in or before it comes in, and 0:04:45.920 --> 0:04:49.600 there's a few different ways that both Ukrainians and outside 0:04:49.600 --> 0:04:53.040 groups are doing this. Uh, the Ukrainian television channel in 0:04:53.120 --> 0:04:56.320 Ukraine twenty four, which is a few different television channels 0:04:56.320 --> 0:05:01.040 advanted together to provide around the clock coverage of the war, 0:05:02.120 --> 0:05:06.160 are debunking disinformation in real time. There's also real information 0:05:06.200 --> 0:05:11.560 exchange happening between Ukrainians who are filming scenes from the 0:05:11.600 --> 0:05:14.599 war and are trying to figure out where was the 0:05:14.640 --> 0:05:17.520 most recent attack, how many was how many were hurt. 0:05:17.960 --> 0:05:21.120 And of course we see an open source intelligence community 0:05:21.720 --> 0:05:27.200 which essentially gathers gathers digital breadcrumbs put those breadcrumbs together 0:05:27.279 --> 0:05:31.280 for a fuller picture to essentially undermine Russian narratives. And 0:05:31.400 --> 0:05:34.800 so that is why the Ukrainian voices that we see 0:05:34.839 --> 0:05:38.080 online have been much more powerful than the Russian disinformation 0:05:38.080 --> 0:05:40.320 that we see online. Look, we're in the middle of 0:05:40.320 --> 0:05:43.520 a crisis, a war, right now. What can we do 0:05:43.720 --> 0:05:46.000 in this moment? I know that you've pioneered a method 0:05:46.240 --> 0:05:50.480 that sort of swiftly and excessively debunks some of this stuff. 0:05:50.600 --> 0:05:54.599 How do we do that instantaneously? You know? I think 0:05:54.600 --> 0:05:57.040 the main thing is to understand that the spoor is 0:05:57.080 --> 0:06:00.000 not going to be over tomorrow and we will continue 0:06:00.000 --> 0:06:02.960 you to see a big flood of videos and images 0:06:03.040 --> 0:06:05.040 from on the ground all the time, and we need 0:06:05.080 --> 0:06:08.520 to be prepared for that. One important thing to remember 0:06:08.720 --> 0:06:11.640 is that there are reporters who are risking their lives 0:06:11.760 --> 0:06:16.080 on the ground, both Ukrainian reporters and international reporters to 0:06:16.200 --> 0:06:19.839 bring accurate information. I would also say that it's important 0:06:19.880 --> 0:06:24.200 to be particularly cautious of images and videos that don't 0:06:24.240 --> 0:06:27.760 have more than one angle because of how many images 0:06:27.760 --> 0:06:31.919 and videos exist of the different attacks, and de contextualized 0:06:31.960 --> 0:06:36.840 media in particular is something that has been has been 0:06:36.960 --> 0:06:40.920 very prevalent, and so I understand that it's an unsatisfying 0:06:40.960 --> 0:06:44.280 answer to say go to official news sources, But at 0:06:44.279 --> 0:06:48.200 the moment, an individual will really struggle with the idea 0:06:48.279 --> 0:06:52.000 of verifying a single video and whether it's accurate or not, 0:06:52.520 --> 0:06:55.560 whereas newsrooms are extremely prepared for this and are putting 0:06:55.560 --> 0:06:58.200 out so the best work they've ever done. All right, 0:06:58.320 --> 0:07:00.799 Jane hard tat to you. I know, been a difficult 0:07:01.240 --> 0:07:03.840 several days, but appreciate you shedding some light on this 0:07:03.920 --> 0:07:07.360 with us today. Jane Livinetko, Harvard Senior Research Fellow, thank you. 0:07:08.120 --> 0:07:10.600 Coming up Salesforce co CEO Brett Taylor on the back 0:07:10.600 --> 0:07:13.400 of the company's latest earnings rapport plus his thoughts on 0:07:13.480 --> 0:07:31.160 the global uncertainty aheads that's next. This is Bloomberg Salesforce 0:07:31.200 --> 0:07:33.400 b Well Street estimates for its fourth quarter, with revenue 0:07:33.440 --> 0:07:36.240 up more than and a strong forecast ahead as the 0:07:36.240 --> 0:07:39.080 company works to integrate his twenty seven point seven billion 0:07:39.120 --> 0:07:43.160 dollar acquisition of Slack. Brett Taylor, Salesforce co CEO with 0:07:43.480 --> 0:07:46.520 me now who was promoted in the last quarter. Brett, 0:07:46.520 --> 0:07:48.800 great to have you back with us. Look, it's an 0:07:48.800 --> 0:07:51.360 inflection point in salesforces history and world history. And I 0:07:51.400 --> 0:07:54.160 have to ask you about what's going on in Ukraine 0:07:54.480 --> 0:07:57.920 and geopolitics right now. How concerned are you about what 0:07:58.000 --> 0:08:03.760 this means for humanity be and the global economy and business. Well, 0:08:03.800 --> 0:08:07.320 I want to start where you just started, which is humanity. 0:08:07.640 --> 0:08:10.040 M our hearts go out to the people of Ukraine. 0:08:10.640 --> 0:08:15.600 Watching this suffering plant in real time in the media 0:08:15.800 --> 0:08:19.080 is just horrific. And what we at Salesforce don't really 0:08:19.080 --> 0:08:21.160 have a presence in the region like everyone, we're trying 0:08:21.200 --> 0:08:23.760 to show up as humanitarians to help the ufer into 0:08:23.760 --> 0:08:27.040 the Ukrainian people and all the refugees in the region. UM. 0:08:27.080 --> 0:08:30.560 Speaking to the economic impact, you know, we're there's a 0:08:30.600 --> 0:08:33.320 lot of uncertainty in the economy right now, this war 0:08:33.600 --> 0:08:37.360 in Europe which is horrific, inflation, the supply chain crisis. 0:08:38.040 --> 0:08:40.520 Despite all of that, the one thing that's enduring is 0:08:40.679 --> 0:08:45.600 a really investment in digital technologies. The accelerarization, acceleration of 0:08:45.600 --> 0:08:48.480 the digitization of the economy that started by the pandemic 0:08:48.880 --> 0:08:51.880 really continues sort of full speed ahead. UM. And you 0:08:51.920 --> 0:08:55.240 really saw them in our our record performance this past year, 0:08:55.280 --> 0:08:58.000 which were so grateful for in the face of all 0:08:58.000 --> 0:09:00.719 this disruption, which is why we beat our q for 0:09:00.760 --> 0:09:03.000 our guidance, raised our guidance for next year, and we 0:09:03.120 --> 0:09:05.959 just continue to see momentum in all aspects of our business. 0:09:06.559 --> 0:09:10.319 We've seen a number of companies self sanctioning Apple Netflix 0:09:10.360 --> 0:09:12.959 to a certain extent. Forward, is that something that Salesforce 0:09:13.120 --> 0:09:16.719 is considering in the moment. When it comes to Russia, well, 0:09:16.720 --> 0:09:18.440 as I mentioned Emily, we don't really have a presence 0:09:18.440 --> 0:09:20.080 in the region. We've never had an office there, we 0:09:20.080 --> 0:09:22.280 don't have employees there, we don't have a material business 0:09:22.280 --> 0:09:24.959 there um, So our focus has actually really been on 0:09:25.160 --> 0:09:27.400 how can we use our business as a platform for change. 0:09:27.720 --> 0:09:30.480 We made a one million dollar grant to help with 0:09:30.720 --> 0:09:33.640 the refugee crisis and help use the suffering. The Ukrainian 0:09:33.679 --> 0:09:36.560 people have been really hardened to see so many sales 0:09:36.600 --> 0:09:39.120 Force employees show up and ask how they can help. 0:09:39.160 --> 0:09:41.319 We have a number of employees with families in the region. 0:09:41.360 --> 0:09:43.600 We're really trying to help out all of the sales 0:09:43.640 --> 0:09:47.120 Force family in a time of global crisis and really 0:09:47.120 --> 0:09:48.920 trying to have the humility to understand what can we 0:09:49.000 --> 0:09:52.240 do to play our part in the humanitarian crisis. Now 0:09:52.440 --> 0:09:54.160 I know you had a strong quarter. M and A 0:09:54.240 --> 0:09:57.199 has been a key strategy to drive growth. You were 0:09:57.240 --> 0:09:59.400 the chief architect of this Slack acquisition, and I know 0:09:59.400 --> 0:10:02.720 you've ruled material M and A for the near future, 0:10:02.760 --> 0:10:07.040 but could the changing global dynamic change that strategy. Could 0:10:07.040 --> 0:10:10.200 you be open to it? You know, honestly, we're not 0:10:10.320 --> 0:10:12.880 interested in material emin A and in your term, and 0:10:12.920 --> 0:10:15.520 it's because we're so excited about Slack. You know, we 0:10:15.600 --> 0:10:18.840 spent the past two years with this global pandemic in 0:10:18.920 --> 0:10:21.720 different stages of the world, keeping people in their home 0:10:21.760 --> 0:10:25.040 offices and keeping people away from their offices. Coming out 0:10:25.120 --> 0:10:28.760 of this pandemic, as people reconnect, this idea that every 0:10:28.800 --> 0:10:32.000 company needs a digital headquarters to connect their employees and 0:10:32.000 --> 0:10:34.800 their partners because we are going to be working from anywhere. 0:10:34.960 --> 0:10:38.080 And I think that's incredibly exciting. Um. You saw it 0:10:38.120 --> 0:10:41.319 in just the incredible momentum of the Slack business this 0:10:41.360 --> 0:10:45.120 past quarter. Slack actually grew their hundred thousand dollar customers 0:10:45.360 --> 0:10:48.360 forty six percent year every year. This quarter we see 0:10:48.400 --> 0:10:50.520 such great momentum. That's really my focus and that's the 0:10:50.559 --> 0:10:53.200 focus of the management team. Now. I know you were 0:10:53.200 --> 0:10:56.000 listening to the segment earlier. You are also the chair 0:10:56.120 --> 0:10:59.000 of Twitter's board. The subject of misinformation and how big 0:10:59.040 --> 0:11:03.160 tech companies are handling it has been a very big topic. 0:11:03.240 --> 0:11:07.559 How do you think Twitter is handling Russian diss and misinformation? 0:11:07.600 --> 0:11:10.320 What more do you think platforms like Twitter and Facebook 0:11:10.320 --> 0:11:13.640 and TikTok can do well? First, I just want to 0:11:13.640 --> 0:11:16.280 express my confidence in Prague, the new see of Twitter, 0:11:16.360 --> 0:11:19.480 and the Twitter management team and helping the company navigate 0:11:19.520 --> 0:11:22.760 this crisis. Um. As your previous guests alluded to, these 0:11:22.760 --> 0:11:26.040 are some of the most complex and sothisticated problems any 0:11:26.080 --> 0:11:28.880 technology company is facing right now. UM. I think it's 0:11:28.880 --> 0:11:31.800 also shown the importance of Twitter as a platform for 0:11:31.840 --> 0:11:34.680 public conversation, as so much of this plays out on 0:11:34.720 --> 0:11:38.119 the platform. UM So, I know these are incredibly complex 0:11:38.120 --> 0:11:40.840 and nuanced issues. I really enjoyed the previous segment, and 0:11:40.920 --> 0:11:42.439 what I can say is I just have faith in 0:11:42.480 --> 0:11:44.720 Prague and the managing team and Twitter and helping the 0:11:44.720 --> 0:11:48.199 company navigate this on behalf of all Twitter stakeholders. Now, 0:11:48.320 --> 0:11:50.760 last quick question, look, Salesforce shares are down from a 0:11:50.840 --> 0:11:53.680 high in November. Why do you think there's this disconnect 0:11:53.679 --> 0:11:56.080 between the optimism I hear from you that I hear 0:11:56.120 --> 0:12:00.839 from Mark and the stock price. Yeah, we just put 0:12:00.920 --> 0:12:03.040 up the best year in our company's history, the best 0:12:03.120 --> 0:12:05.480 clurer raise our guides for this year. I cannot be 0:12:05.559 --> 0:12:09.480 more excited about the future of salesforces business really across 0:12:09.559 --> 0:12:13.040 all parts of our portfolio. We're twenty three years old 0:12:13.080 --> 0:12:16.839 next week. Our sales cloud grew sev this year and 0:12:17.000 --> 0:12:20.480 over six billion dollar revenue run rate. Slack is doing well. 0:12:20.800 --> 0:12:23.840 Organic and organic investments have been never been doing better. 0:12:24.120 --> 0:12:26.400 And as you know that, I think the stock price 0:12:26.440 --> 0:12:29.280 will follow. We know we uh you know, show up 0:12:29.280 --> 0:12:32.280 for our customers, drive performance for the company, show for 0:12:32.320 --> 0:12:34.720 all of our stakeholders. We believe in the long run, 0:12:34.840 --> 0:12:38.720 our stock price will follow. All right, Salesforce co CEO 0:12:38.800 --> 0:12:40.600 Brett Taylor. Always good to have you, Thank you so 0:12:40.679 --> 0:12:52.319 much for stopping by. Welcome back to Bloomberg Technology and 0:12:52.400 --> 0:12:54.720 Emily Check in San Francisco. As we watched the war 0:12:54.760 --> 0:12:58.360 in Ukraine unfold, companies continue to reevaluate their business ties 0:12:58.400 --> 0:13:02.000 to Russia in light of the invasion. Apple for Netflix 0:13:02.040 --> 0:13:04.200 just to name a few. This while many tech companies 0:13:04.240 --> 0:13:07.720 rely on a deep bench of tech talent in Ukraine itself. 0:13:07.960 --> 0:13:10.000 For more on this, I'm joined by Andrea wall Nisi 0:13:10.120 --> 0:13:12.480 is a general partner at Manhattan Venture Partners of Venture 0:13:12.520 --> 0:13:15.600 Capital from investing in global pre I p O companies 0:13:16.040 --> 0:13:18.960 several in Europe, including Klarna and Revolute. Andrea, thank you 0:13:19.000 --> 0:13:21.040 so much for joining us. A lot of people don't 0:13:21.040 --> 0:13:24.679 know that Ukraine has a huge developer community. How many 0:13:24.760 --> 0:13:28.920 of your portfolio company companies rely on developers in Ukraine 0:13:28.960 --> 0:13:32.080 and how are they being impacted by this? Sure? Sure, 0:13:32.120 --> 0:13:35.679 Thanks so much, Emily. So overall, I would say if 0:13:35.720 --> 0:13:38.679 we look at the global landscape first around the developer 0:13:38.720 --> 0:13:44.040 talent across the globe, over of the activity in late 0:13:44.080 --> 0:13:48.439 stage companies has some level of presence in Ukraine and 0:13:48.480 --> 0:13:52.000 specifically very much so around engineering. And when we look 0:13:52.000 --> 0:13:55.160 at that breakdown even further, the majority of the UK 0:13:56.000 --> 0:13:59.839 brings in engineering talent from Ukraine. So that's just incredible. 0:14:00.120 --> 0:14:03.560 Realize with our teams which are very much so focused 0:14:03.559 --> 0:14:06.160 on the late stage pre I p O companies, they 0:14:06.200 --> 0:14:09.640 have pockets of their engineering product teams that we're seeing 0:14:09.800 --> 0:14:13.520 are centralized in the Ukraine. And that's nearly half of 0:14:13.559 --> 0:14:16.439 our larger portfolio companies that are in that late stage 0:14:16.760 --> 0:14:19.400 and several of them, as you mentioned Revolute Klarna are 0:14:19.400 --> 0:14:22.360 a couple that are based overseas and are very much so, 0:14:22.520 --> 0:14:25.640 you know, boots on the ground and addressing this from there. So, 0:14:25.680 --> 0:14:29.840 how is this impacting the developer community in Ukraine as 0:14:29.880 --> 0:14:33.240 far as we know, and how our founders thinking about 0:14:33.280 --> 0:14:35.600 this when they're trying to stay staffed and scale up 0:14:35.600 --> 0:14:39.560 their businesses. Yeah, So what I'm seeing as a global 0:14:39.640 --> 0:14:44.040 message is to be helpful, be empathetic, but be pragmatic 0:14:44.480 --> 0:14:47.040 and overall with the founders who are really block and 0:14:47.080 --> 0:14:51.160 tackling from other global hubs such as the US. Many 0:14:51.200 --> 0:14:55.040 of them are sending out a massive signal to their developers, 0:14:55.080 --> 0:14:58.560 to the tech teams that they have overseas, especially in Ukraine, 0:14:58.960 --> 0:15:01.960 offering any level of support. But what I am also 0:15:02.040 --> 0:15:05.080 seeing very much so is that founders, executives and board 0:15:05.120 --> 0:15:09.080 members are being asked to be incredibly realistic around the 0:15:09.160 --> 0:15:12.240 impact of what's going on. And when I say impact, 0:15:12.280 --> 0:15:14.440 it's not just in the near term, but over the 0:15:14.480 --> 0:15:18.280 next twelve months. How will impact things like the product roadmap, 0:15:18.680 --> 0:15:23.600 the financial projections and going forward plans of that business 0:15:23.640 --> 0:15:27.440 and what that means to those teams that were centralized 0:15:27.520 --> 0:15:30.880 in Ukraine who were spearheading those initiatives. So those are 0:15:30.920 --> 0:15:32.880 a lot of the discussions that are happening within the 0:15:32.920 --> 0:15:36.040 boardrooms in the late stage companies. Russia is also a 0:15:36.080 --> 0:15:40.080 fairly large source of venture capital in tech startups around 0:15:40.120 --> 0:15:44.560 the world. Are you seeing companies reconsider their ties to 0:15:44.680 --> 0:15:50.600 Russian investors? Yeah, So overall, I think the general consensus 0:15:50.600 --> 0:15:53.360 that we're seeing amongst the late stage and mid stage 0:15:53.760 --> 0:15:57.440 venture community is that a lot of these relationships across 0:15:57.480 --> 0:16:01.320 the globe started long before know there was ever the 0:16:01.520 --> 0:16:04.960 tension that's really risen up, risen up to this level. 0:16:05.360 --> 0:16:07.560 And so really I think it goes back to the 0:16:07.600 --> 0:16:11.320 grassroots of what a relationship looks like between a company 0:16:11.320 --> 0:16:14.760 and their investors, if that relationship was there prior. You know, 0:16:14.880 --> 0:16:18.880 Obviously those companies are still harvesting those relationships and realizing 0:16:18.920 --> 0:16:22.520 what that will look like going forward. UM. For companies 0:16:22.560 --> 0:16:24.880 that are raising rounds of funding right now, they are 0:16:24.960 --> 0:16:28.880 having discussions with investors who might be located in Russia 0:16:29.000 --> 0:16:32.120 in Ukraine and asking whether or not there's going to 0:16:32.200 --> 0:16:35.000 be any imminent delays, which obviously we're seeing by way 0:16:35.040 --> 0:16:39.080 of the banking system. UM around deploying the capital needed 0:16:39.240 --> 0:16:40.880 is part of rounds of funding. But I don't know 0:16:40.880 --> 0:16:43.800 if I'm necessarily seeing a complete shift in the relationships. 0:16:43.800 --> 0:16:47.000 Of course, there are plenty phenomenal people in Russia who 0:16:47.080 --> 0:16:50.600 obviously had zero, you know, uh intent to see any 0:16:50.600 --> 0:16:52.480 of this happen. So I don't know if I see 0:16:52.520 --> 0:16:55.600 a general shift, but it definitely is a scary signal 0:16:55.680 --> 0:16:58.160 around how the flow of funds works and rounds of 0:16:58.160 --> 0:17:01.880 funding going forward. Well, how is fundraising being impacted right now? 0:17:01.880 --> 0:17:06.520 It certainly seems like global and and fundraising announcements have slowed. 0:17:06.880 --> 0:17:09.600 Do you do you think we're going to see a 0:17:09.680 --> 0:17:16.760 slowdown in venture capital invested because of the uncertain macroeconomic environment. Yeah, so, 0:17:16.800 --> 0:17:19.600 you know, I truly truly stick with the belief that 0:17:19.680 --> 0:17:22.320 tech is the new gold and the world is going 0:17:22.359 --> 0:17:25.320 to continue looking a lot more like Ready Player one 0:17:25.560 --> 0:17:28.320 more than it ever would look like Mad Max going forward, 0:17:28.680 --> 0:17:31.719 and it's not slowing down. So with that in mind, 0:17:31.880 --> 0:17:34.240 I mean, I don't see that there's generally a shift 0:17:34.280 --> 0:17:37.840 in mindset for a slowdown in venture capital dollars being deployed, 0:17:38.160 --> 0:17:41.200 but just in terms of the realistic expectations for how 0:17:41.240 --> 0:17:44.760 companies should be valued, maybe you know, the desire to 0:17:44.880 --> 0:17:48.600 be a hyper growth company will you know, exist long 0:17:48.840 --> 0:17:53.400 after the turmoil ceases. But the realistic expectations are being 0:17:53.440 --> 0:17:56.240 set around how we should value these businesses and how 0:17:56.280 --> 0:18:00.000 they should be pegged to their public market comparable business 0:18:00.200 --> 0:18:03.159 is all right, Andrea wall Nate, thanks for giving us 0:18:03.280 --> 0:18:07.760 your perspective on all this. Manhattan Venture partners appreciate it well. 0:18:07.800 --> 0:18:09.600 The conflict in Ukraine and the impact on the global 0:18:09.600 --> 0:18:12.000 economy top of mind for CEOs around the world, as 0:18:12.000 --> 0:18:14.480 we discussed. I spoke earlier with Anthony Nodo, the CEO 0:18:14.640 --> 0:18:17.200 so FI, which aims to be a one stop shop 0:18:17.280 --> 0:18:21.080 for customers financial need. He's also paying a close attention 0:18:21.119 --> 0:18:23.800 to rate hikes and inflation and the impact the war 0:18:23.880 --> 0:18:26.400 might have on all of that. We spoke with note 0:18:26.520 --> 0:18:28.640 along with my colleague Matt Miller, take a quick listen 0:18:28.760 --> 0:18:31.560 to that conversation. So far has a history of living 0:18:31.600 --> 0:18:35.840 through tremendous cimlicality and volatility. Um We started two thousand 0:18:35.840 --> 0:18:38.560 and twenty one with a very different economy and backdrop 0:18:39.160 --> 0:18:41.000 for the year when we set our goals for the year. 0:18:41.119 --> 0:18:45.320 We just reported our third consecutive quarter of record revenue growth, 0:18:45.600 --> 0:18:48.680 up more than We also had a record. Member growth 0:18:48.680 --> 0:18:51.120 and product growth are really a testament to our one 0:18:51.160 --> 0:18:54.320 stop shop strategy and our ability to meet our members 0:18:54.359 --> 0:18:57.240 needs across their entire financial lives and doing it even 0:18:57.280 --> 0:19:01.040 more efficiently with a full year profitability. So yes, the 0:19:01.119 --> 0:19:04.080 environment is very volatile. Rates are going to increase. That's 0:19:04.080 --> 0:19:06.960 all reflected in our outlook for two thousand and twenty two, 0:19:07.200 --> 0:19:09.399 and we're calling for over one point five billion of 0:19:09.440 --> 0:19:14.080 revenue and eighty million dollars of ibadah and seeing really 0:19:14.119 --> 0:19:17.000 strong growth in our member base and product race here 0:19:17.040 --> 0:19:19.639 in Q one, in addition to the demand we have 0:19:19.720 --> 0:19:22.840 for a technology platform with Galleos, so we're benefiting from 0:19:22.880 --> 0:19:26.080 secretary trends. We have to absolutely deal with the volatility 0:19:26.119 --> 0:19:30.480 of the cyclicality of rates and inflation and monetary policy, 0:19:30.560 --> 0:19:33.920 but it's all part of the normat so far. Now. 0:19:33.960 --> 0:19:37.359 Obviously there are huge humanitarian concerns given what's happening with 0:19:37.440 --> 0:19:40.359 Russia's assault on Ukraine. I know you're a veteran yourself, 0:19:40.400 --> 0:19:43.880 and I'm curious what sort of unique perspective you bring 0:19:43.920 --> 0:19:46.880 to this about what this means for the world and 0:19:47.000 --> 0:19:52.200 for global business. It's absolutely try to see that people 0:19:52.200 --> 0:19:54.560 have to live in fear. Now that that fear of 0:19:54.960 --> 0:19:58.080 threat of violence has become a reality. And um, you know, 0:19:58.280 --> 0:20:01.480 ultimately we have a responsibilit is a country. We have 0:20:01.520 --> 0:20:05.040 a responsibility as a as a nation to help those 0:20:05.119 --> 0:20:08.040 that can't help themselves. Obviously, the people of Ukraine are 0:20:08.040 --> 0:20:10.720 putting up a heck of a fight and um, but 0:20:10.880 --> 0:20:14.719 they're under armed and under restored relative to a power 0:20:14.880 --> 0:20:18.920 like the like Russia, the former Soviet Union. Um. And ultimately, 0:20:19.000 --> 0:20:21.560 sanctions are the first step, but inherently they will likely 0:20:21.600 --> 0:20:25.159 have to be more actions down the road. Um. We 0:20:25.200 --> 0:20:27.760 have to ensure that they have the ability to be 0:20:27.800 --> 0:20:30.920 a sovereign nation and um and live live a life 0:20:31.040 --> 0:20:34.560 of freedom relatives of the suppression of the of the Russians. Now, 0:20:34.560 --> 0:20:38.040 I understand you do hold some crypto and Sophie obviously 0:20:38.080 --> 0:20:41.639 offers crypto services. Now what do you read into this 0:20:41.880 --> 0:20:46.800 kind of decoupling we've seen of bitcoin from global equities 0:20:47.000 --> 0:20:51.399 and you know why that is indeed happening. Yeah, the 0:20:51.440 --> 0:20:54.800 trending cryptocurrency. You know, it's an unproven asset. I want 0:20:54.800 --> 0:20:57.360 to make sure that's clear. It's highly violent. When it's 0:20:57.440 --> 0:20:59.480 very risky, we do offer it for our members to 0:20:59.520 --> 0:21:02.719 be able to buy thirty different cryptocurrencies. We do provide 0:21:02.760 --> 0:21:04.919 that education and warning that they could lose all their 0:21:04.920 --> 0:21:07.920 money and recommend they only allocate a small percentage of 0:21:07.960 --> 0:21:10.640 their assets to it um. But it is an asset 0:21:10.680 --> 0:21:13.479 that is providing a unique value proposition for a variety 0:21:13.480 --> 0:21:17.560 of different constituencies, and that's what's really driving the volatility um. 0:21:17.600 --> 0:21:20.040 The decoupling you're seeing could be driven by a number 0:21:20.040 --> 0:21:23.200 of different factors. I really don't want to speculate on 0:21:23.480 --> 0:21:26.480 what's driving it um, but it is a new asset 0:21:26.560 --> 0:21:29.960 that people are using to accomplish different objectives, and that 0:21:30.000 --> 0:21:33.480 has been what's driven the volatility um. We have been 0:21:33.600 --> 0:21:36.560 very smart about making sure we give people selection, but 0:21:36.640 --> 0:21:39.119 we also give them the ability to do recurring investments 0:21:39.119 --> 0:21:42.520 and dollar costs averaging into something that is as volatile 0:21:42.720 --> 0:21:45.480 as it has been well. And it's the the ability 0:21:45.560 --> 0:21:49.640 that um so fi users have to invest across platforms 0:21:49.640 --> 0:21:51.879 that I find most interesting. I talk with my co anchor, 0:21:51.920 --> 0:21:55.320 Paul Sweeney, with your head of investment strategy, Liz Young, 0:21:55.640 --> 0:21:58.520 on a regular basis, and you know, she sells the 0:21:58.520 --> 0:22:03.159 product like no other. Or how much of a lift 0:22:03.440 --> 0:22:06.800 did you get from the super Bowl and introducing you know, 0:22:06.880 --> 0:22:09.399 new customers um to the things that they can do 0:22:09.440 --> 0:22:13.159 on so far. Yeah, so the Super Bowl occurred in 0:22:13.280 --> 0:22:15.639 first quarter of two thousand and twenty two, which we 0:22:15.680 --> 0:22:19.240 haven't reported yet, but a result yesterday saw a big 0:22:19.280 --> 0:22:23.359 benefit from having the National Football League Association and the 0:22:23.440 --> 0:22:27.240 relationship with the Rams and Chargers and Sofi Stadium. We 0:22:27.359 --> 0:22:31.040 benefited from having twelve home games at the stadium, five 0:22:31.080 --> 0:22:34.200 of them were on national prime time television, and we're 0:22:34.240 --> 0:22:37.359 able to reach twenty two million unique households on average 0:22:37.359 --> 0:22:39.680 in each one of those games. So the ability to 0:22:39.960 --> 0:22:42.679 really reach that much of the United States helps drive 0:22:43.000 --> 0:22:45.880 brand awareness. It helps us become a household brand name, 0:22:46.200 --> 0:22:49.359 which then drives greater efficiency of all of our promotions 0:22:49.359 --> 0:22:52.200 and marketing. And that's why we saw such an acceleration 0:22:52.240 --> 0:22:54.720 in our member growth um that we saw on the 0:22:54.800 --> 0:22:57.280 quarter to a record of over five or thousand, and 0:22:57.359 --> 0:23:00.200 an acceleration in the number of new products added at 0:23:00.200 --> 0:23:06.080 over increase books in her thousand so far Ceo Anthony Noo. There. 0:23:06.080 --> 0:23:08.320 You can catch the full interview at Bloomberg dot com. 0:23:08.359 --> 0:23:11.200 Coming up, Crypto and Sanctions, We're going to dig deeper 0:23:11.200 --> 0:23:14.680 into how borderless crypto exchanges around the world are complying 0:23:15.200 --> 0:23:18.200 or not with international laws and regulation as it pertains 0:23:18.240 --> 0:23:21.960 directly to Russian users. That is next. This is Bloomberg 0:23:26.800 --> 0:23:30.679