Speaker 1: From the heart of where innovation, money and power collive
Speaker 1: in Silicon Valley and beyond. This is Bloomberg Technology with
Speaker 1: Emily Jay. I'm Emily Changing in San Francisco, and this
Speaker 1: is Bloomberg Technology. Coming up. In the next hour, President
Speaker 1: Biden calls Russian President Vladimir Putin a war criminal. This
Speaker 1: as the atrocities in Ukraine mount and Ukraine's President Zelinski
Speaker 1: makes a powerful plea to US Congress and Biden himself
Speaker 1: for more help. We're gonna also take you to the
Speaker 1: front lines of the other war. Russia is waging a
Speaker 1: war on information. Plus, I will speak exclusively with Aaron Levy,
Speaker 1: CEO of Box after the company's investor Day, his thoughts
Speaker 1: on another kind of war happening here on the home front,
Speaker 1: and that is the war for talent. In a rapidly
Speaker 1: evolving work world, the idea of work, of course, has
Speaker 1: changed a lot in the last two years. We're gonna
Speaker 1: break down a top work shifting survey and show you
Speaker 1: how there's no going back to how it used to be. Tuesday,
Speaker 1: an employee of Russia's state Channel one television interrupted the
Speaker 1: main broadcast with a protest against putent invasion of Ukraine saying,
Speaker 1: don't believe the propaganda they're lying to you. This protester
Speaker 1: was later taken into custody find but released and is
Speaker 1: now awaiting an additional penalty. I want to talk more
Speaker 1: about all of this with Joan Donovan, the research director
Speaker 1: at the Harvard Kennis Kennedy School shorn Stein Center on Media,
Speaker 1: Politics and Public Policy, and that woman Joan was able
Speaker 1: to release a video of of some more context why
Speaker 1: she was speaking out before she ultimately made that appearance
Speaker 1: on that main news program. But what she did is
Speaker 1: absolutely incredible and and certainly a major risk. She's been
Speaker 1: released from custody in Russia. Why do you think Putin
Speaker 1: would do that? Well, it's the first major test of
Speaker 1: this new law that was put into practice UM a
Speaker 1: few days ago, essentially saying that reporting about this quote
Speaker 1: unquote special military operation had to use certain words, could
Speaker 1: not use the word war. And so this UM editor
Speaker 1: jumping out on screen she worked at the at the
Speaker 1: TV station. UH is a is a huge deal, and
Speaker 1: the fact that she's been let out is it's strange.
Speaker 1: It's actually propelling a lot of conspiracy theories online where uh,
Speaker 1: you know, people are saying this has managed dissent. As
Speaker 1: long as people feel like there's a voice out there
Speaker 1: advocating against the war, then there's not much that they're
Speaker 1: going to do about it. Um. But I happen to
Speaker 1: think that this was an authentic and real UH cry
Speaker 1: from the media itself that they didn't want to be
Speaker 1: part of this UH war. This information blackout, the digitalizing
Speaker 1: curtain coming down in Russia, the blocking of Facebook and Twitter.
Speaker 1: What does this actually mean for everyday Russian citizens? What
Speaker 1: kind of information are they actually receiving? How many of
Speaker 1: them can actually get around the firewalls and access information
Speaker 1: that is available outside the country. Yeah, it's it's it's burdensome,
Speaker 1: but it's not Uh. They can deal with it. Um.
Speaker 1: What's what's happening is essentially that they still have access
Speaker 1: to UH television and radio, and so there's a large
Speaker 1: amount of state media still on the rails. But with
Speaker 1: the Internet it's different because the media from outside of
Speaker 1: Russia has a difficult time penetrating audiences and getting in
Speaker 1: and so Russians have been um. According to some recent
Speaker 1: reporting and Time magazine, for instance, Russians have been creating
Speaker 1: VPN parties where people get together and learn how to
Speaker 1: circumvent the band so that they can access outside content
Speaker 1: that has been banned by the Russian government. Um. What's
Speaker 1: even more difficult, though, is because of the way that
Speaker 1: platform companies have been acting very unevenly, it's hard to
Speaker 1: tell exactly what kind of content people are seeking out
Speaker 1: and if they are essentially trying to seek out um
Speaker 1: more Russian state media because maybe YouTube was the place
Speaker 1: that they originally were or watching it, or if they're
Speaker 1: reaching out and finding more independent news and are able
Speaker 1: to access uh information about the war that may sway
Speaker 1: their opinion. So to that extent, we've obviously seen video
Speaker 1: of Russians protesting in the streets. What do we know
Speaker 1: about how the vast majority of Russian citizens feel about
Speaker 1: the war? Do they support it or are they against it? Well,
Speaker 1: this is another thing. It's complicated by, uh, you know,
Speaker 1: the the the iron curtain, the digital iron curtain, if
Speaker 1: you will. Uh. Lots of independent media, particularly even the
Speaker 1: New York Times have removed their reporters, and so getting
Speaker 1: a sense of what's happening in the streets is difficult
Speaker 1: absent really deeply searching on social media to find TikTok
Speaker 1: videos um. And you know, you're showing footage of people
Speaker 1: burning their Russian passports that they don't want to be
Speaker 1: citizens uh of Russia, knowing what Russia is doing to Ukraine.
Speaker 1: And so as long as those videos and those the
Speaker 1: content about the protests is circulating, we can imagine the
Speaker 1: momentum is going to grow more and more towards this
Speaker 1: anti war sentiment as unfortunately the death toll rises and
Speaker 1: the damage that's being done to the to the Russian
Speaker 1: economy increases. And so that's how I gauge as a
Speaker 1: sociologist what the temperament of the people are is how
Speaker 1: many people are going out in the streets, how many
Speaker 1: people are getting arrested and uh, with every twist and
Speaker 1: turn of the sanctions, how many more people are willing
Speaker 1: to stand up uh for their own freedoms as well
Speaker 1: as to express this anti war sentiment. How are organizations
Speaker 1: like yours finding and debunking disinformation about the war on Ukraine?
Speaker 1: And I'd like to take it one step further, which
Speaker 1: is why does Russia's disinformation campaign matter to a global citizen?
Speaker 1: Why does it matter to someone who isn't in the
Speaker 1: country and not necessarily on their direct receiving end of that. Well,
Speaker 1: the the y is a big deal for us, which
Speaker 1: is why we do this work, which is essentially, UH
Speaker 1: we believe on our team and UM, I think being
Speaker 1: an academic, I believe that humans have a right to
Speaker 1: access the truth. And I believe that if you were
Speaker 1: to search on a platform for you know, did the
Speaker 1: hall cost happen, you shouldn't get a bunch of anti
Speaker 1: Semitic websites and posts. You should actually get content that
Speaker 1: is going to UH satiate that need for information. And
Speaker 1: so when we go out and look for UH disinformation,
Speaker 1: one of the things that we look for is essentially
Speaker 1: what is a hot button issue that has the potential
Speaker 1: to be polarized, and then we look on either side
Speaker 1: of the issue and try to assess First and foremost,
Speaker 1: we look for is there any what we would call
Speaker 1: digital shenanigans going on and their bought networks, questionable engagements,
Speaker 1: UH lots of seemingly to be is spanning accounts participating.
Speaker 1: So that's like the low level easy stuff to spot.
Speaker 1: And then as we start to look at very well
Speaker 1: crafted propaganda campaigns, especially the ones that come out of Russia,
Speaker 1: we see them across every platform. They're not on a
Speaker 1: single platform. They're very well spread out, but they tend
Speaker 1: to have a kernel of the same messaging and they
Speaker 1: sometimes will use a very particular word that it kind
Speaker 1: of comes out of nowhere. Like for instance, at the
Speaker 1: beginning of the war, people had heard the term denazification,
Speaker 1: and that was a very strange word, and so UM
Speaker 1: we looked into that and saw that there were different
Speaker 1: propaganda networks trying to make that uh, that idea that
Speaker 1: putin was going into Ukraine to denazify Ukraine. UM. You know,
Speaker 1: the different networks that you were trying to make that
Speaker 1: happen and why it was not a very successful one.
Speaker 1: Another one that we would look at in particular is
Speaker 1: we're always keeping an eye on things like bio labs
Speaker 1: or bioweapons because of the way in which those words
Speaker 1: were contorted during UM the pandemic, and of course we're
Speaker 1: still in it. But sometimes if you pay attention to
Speaker 1: disinformation long enough, it's in a path earn and so
Speaker 1: we often see the same tropes come back again and
Speaker 1: the same actors come back, and so with the bio
Speaker 1: lab one. Over the past few days, we've been hearing
Speaker 1: that the US and Ukraine have been colluding to build
Speaker 1: biological weapons together. Of course that's UH something that you know,
Speaker 1: people of roundly UH debunked. But at the same time
Speaker 1: it becomes a really important source of UH animosity and confusion,
Speaker 1: and and it can lead to demoralization. UH. You know
Speaker 1: of people that would be in support of ending the
Speaker 1: war feeling as if maybe there's there's something worth um,
Speaker 1: you know, there's something that Russia might be onto here.
Speaker 1: And so I think the last thing I'll say on
Speaker 1: this is that, you know, truth needs an advocate, and
Speaker 1: so our work is that that work. Joan. We're grateful
Speaker 1: for your work to get us to the truth. Thank
Speaker 1: you for breaking down some of these really complex issues,
Speaker 1: Joan Donovan, research director at the Harvard Kennedy School Shorenstein Center.
Speaker 1: Appreciate your time helping students achieve their dreams. That's the
Speaker 1: ultimate goal of the new fintech company Moss by re
Speaker 1: event imagining banking for gen Z and helping students overcome
Speaker 1: financial barriers to pursue higher education. This as we come
Speaker 1: out hopefully of a two year pandemic that has greatly
Speaker 1: impacted young people's schooling and their mental health. I want
Speaker 1: to talk about all of this and more with founder
Speaker 1: and CEO Amira ya Yowe. Amira, thank you so much
Speaker 1: for joining us. You're such a fascinating personal story, and
Speaker 1: I want to start there with what drove you to
Speaker 1: found your company. You were a leader of the Arab
Speaker 1: Spring in Tunisia. You fled to Paris, you couldn't get
Speaker 1: a college degree yourself, and that's what led you to
Speaker 1: the Can you talk a little bit about your background
Speaker 1: and your own experience with social movements? Yeah? Absolutely, Emily,
Speaker 1: thank you for having me. You know, unfortunately a year
Speaker 1: ago my story was not that common. It's becoming very
Speaker 1: common now. It was happening in Ukraine. UM, every every
Speaker 1: global crisis ends up with young people losing their chance
Speaker 1: to a normal life, and that is also higher education.
Speaker 1: Millions of people are actually fleeing to Europe. I was
Speaker 1: one of those students ten years ago. UM. The difference
Speaker 1: is in my case there was no UM. I would
Speaker 1: say like popular um, popular interests. What was happening in Tunisia?
Speaker 1: And so I was an illegal immigrant in France. I
Speaker 1: was not allowed to get a higher education. It is
Speaker 1: the case of most European countries. As an illegal immigrants
Speaker 1: are not allowed to education. I hope Ukraine new students
Speaker 1: will have access to it. I UM, that was obviously
Speaker 1: like the trigger of part of Moss. But the big
Speaker 1: trigger from us is to help everyone get access to
Speaker 1: opportunity and to dignity, and that through our app that
Speaker 1: helps students get higher education, get an education, go to
Speaker 1: college with the less loans, we actually help them get
Speaker 1: free money. Right now, you said on Twitter you lost
Speaker 1: a friend in the war on Ukraine, and you also
Speaker 1: say this isn't the first time you've lost a friend
Speaker 1: to war, but at this time it feels different. Can
Speaker 1: you explain why. Yes, it feels different because it feels
Speaker 1: like it could have been avoided. UM. It is um,
Speaker 1: we know how horrible is put in. UM. I am
Speaker 1: now worried about friends that I have a Ukraine, but
Speaker 1: I'm also worried about friends that I have in Russia
Speaker 1: will also get crushed by the regime. UM. And the
Speaker 1: thing is that the whole world knew about how horribles
Speaker 1: put in, how far he could go, and we waited,
Speaker 1: We waited way too much. UM. I was listening to
Speaker 1: the Lenski and it feels, it feels, it feels lonely
Speaker 1: to be part of their being crop of Europe, but
Speaker 1: at the same time left alone. Now there are three
Speaker 1: million people who have fled Ukraine, many of them are
Speaker 1: young people. How do you think what you've created with
Speaker 1: Mosque could help some of these? Absolutely, they have to
Speaker 1: start over, They have to start over and pursue their
Speaker 1: dreams elsewhere. They may never get to go home. Absolutely,
Speaker 1: I mean they are. They will be needing a lot
Speaker 1: of support to get an education. Um. We we are
Speaker 1: helping students in the US. I hope the US will
Speaker 1: join the efforts of locating and welcoming refugees from Ukraine
Speaker 1: and all the refugees actually in the world. UM. And
Speaker 1: through that, you know, we do have we do have
Speaker 1: students who don't have access to education in the US
Speaker 1: and be treated as a second category citizens in this country,
Speaker 1: like the Dakas students. We do have a ton of
Speaker 1: students who don't come from maybe a wealthy background. They
Speaker 1: who didn't have access to understanding that education is within
Speaker 1: reach or don't have access to that. So with MOSS,
Speaker 1: our goal is to make the dream of higher education
Speaker 1: accessible to everyone. Uh in the US and hopefully soon outside.
Speaker 1: All right, well, we'll be following your progress Loss founder
Speaker 1: and CEO, I'm your a I owe thank you for
Speaker 1: sharing your story with us. A few other stories were watching.
Speaker 1: Amazon is one unconditional approval from the European Union for
Speaker 1: it's planned by MGM for eight point four or four
Speaker 1: or five billion dollars. That deal coming as Amazon faces
Speaker 1: increasing pressure to acquire more programming in the very competitive
Speaker 1: streaming market, and retail sales growth in the U S
Speaker 1: slowing last month is suggesting that consumers are pulling back
Speaker 1: spending in some categories as inflation cuts into buying power.
Speaker 1: Overall sales rose three tents of a percent, but if
Speaker 1: you factor out gas station sales actually fell two tenths
Speaker 1: of a percent. Coming up, I'll be joined by the
Speaker 1: CEO of Box, Aron Levy, and exclusive interview fresh off
Speaker 1: the company's investor day, how he plans to hope to
Speaker 1: keep beating Wall Street expectations, and his thoughts on the
Speaker 1: future of work and the war for talent that is next.
Speaker 1: This is Bloomberg. Welcome back to Bloomore Technology and lead
Speaker 1: changing in San Francisco. Box What are the leading content
Speaker 1: cloud providers? Just finished its annual analyst day. The company
Speaker 1: estimates double digit revenue growth, which may surprise some investors.
Speaker 1: Other software companies which were growing quickly during the pandemic
Speaker 1: are kind of now struggling to maintain that momentum. Joining
Speaker 1: me now the CEO of Box, Aaron Levy. Aaron, good
Speaker 1: to have you back here on the show. Talk to
Speaker 1: us about your outlook here. You're outperforming the streets expectations
Speaker 1: four quarters in a row. What do you attribute this to? Yeah,
Speaker 1: so thanks Emily for having me. Um. Overall, there's sort
Speaker 1: of three big mega trends that that enterprises are dealing
Speaker 1: with right now. The first is the continued push toward
Speaker 1: hybrid work. The second is everything is going digital first,
Speaker 1: even as we come back into offices and as the
Speaker 1: world starts to open up a bit more. And then finally,
Speaker 1: cybersecurity challenges and compliance risks are at the center of
Speaker 1: what every organization is facing today. So when you think
Speaker 1: about those three big mega trends, um the way that
Speaker 1: companies work with their content, that these are their financial documents,
Speaker 1: their contracts, their marketing assets, their most important and sensitive
Speaker 1: intellectual property, and their enterprise. Um all of the ways
Speaker 1: that companies work with that content needs to be shifted
Speaker 1: and changed to be able to support those three big
Speaker 1: trends of people being able to work and collaborate from anywhere,
Speaker 1: being able to automate workflows around content, be able to
Speaker 1: keep it protected and secure. And so we're fortunate because
Speaker 1: we've been building a platform for now over fifteen years
Speaker 1: to build the leading way that companies can manage and
Speaker 1: secure and govern their most sensitive and important data in
Speaker 1: the enterprise UM and UH. And that's what has both
Speaker 1: you know, allowed us to deliver four quarters of accelerating
Speaker 1: revenue growth last year. UH and we believe you know,
Speaker 1: many many years to come as as we put our
Speaker 1: new three year guidance or target model. Just this afternoon.
Speaker 1: You fought off a pretty bitter proxy battle at the
Speaker 1: height of the pandemic, and I'm curious what impact that's
Speaker 1: had on you. Has it influenced strategy and how you
Speaker 1: map out and predict future growth? Yeah? So, UH, you know,
Speaker 1: at the start of our our kind of activist journey, UM,
Speaker 1: we UH you know, partnered with UH with with UH
Speaker 1: you know our investors UH generally and UH and laid
Speaker 1: out more UM aggressive both top line and bottom line
Speaker 1: targets UH to UH to really drive the future of
Speaker 1: the company, and I'm really proud of how the team
Speaker 1: and the company delivered on those targets in the past
Speaker 1: couple of years, especially last year. I think going forward,
Speaker 1: you're going to see us take a very um you know,
Speaker 1: I think UM you know, strategic look at how we
Speaker 1: drive growth in the future. You're gonna see our multi
Speaker 1: product strategy and our content cloud portfolio really driving our
Speaker 1: growth rates in the future. At the same time, we
Speaker 1: think profit um and driving increased profitability is going to
Speaker 1: be important. It has allowed us UH to build a
Speaker 1: much more durable financial model that certainly in this market,
Speaker 1: is UM I think holding up very well and that
Speaker 1: will continue to be the case over the next few
Speaker 1: years and beyond. Now we've been talking a lot about
Speaker 1: the war for town. You and I spoke at almost
Speaker 1: the beginning of the pandemic, and you acknowledge it's going
Speaker 1: to be hard to get people to come back to
Speaker 1: the office at all, especially engineers. And I'm curious what
Speaker 1: you're seeing. I know, you're just starting to reopen your
Speaker 1: offices across the country. Do people want to come back,
Speaker 1: are they actually coming back? And how is the working
Speaker 1: world going to forever be changed by what we have experienced. Yeah, No,
Speaker 1: the world is fully changed. There is no going back
Speaker 1: to kind of pre ways of working. That being said, uh,
Speaker 1: there's a lot of demand both within you know box
Speaker 1: and certainly you know pure companies that we talked to
Speaker 1: for for those that that live in your offices to
Speaker 1: come back in occasionally um or more frequently depending on
Speaker 1: the individual, UM as a means of being able to
Speaker 1: see colleagues in person and be able to kind of
Speaker 1: catch up and and do some of their some of
Speaker 1: their work in person, whether it's a you know, brainstorm
Speaker 1: or in a conference room, or even you know, being
Speaker 1: able to continue to work um, you know, in their
Speaker 1: in their you know um uh you know traditional environment. Uh.
Speaker 1: That being said, we know that that hybrid work is
Speaker 1: the future. So things are not gonna look like they
Speaker 1: were you know two years ago, where everybody kind of
Speaker 1: came into the office every you know, you know, day,
Speaker 1: five days a week. At the same time, I think
Speaker 1: things will be uh not as remote only as they
Speaker 1: have been in the past two years. And so the
Speaker 1: future is hybrid. Uh. And at the center of enabling
Speaker 1: a hybrid strategy is cloud technology and and being digital
Speaker 1: first and how you operate and So for us, that's
Speaker 1: gonna mean that more of our meetings continue to be
Speaker 1: fully virtual. That's gonna mean that we continue to stitch
Speaker 1: together the work that we're doing globally um using the cloud,
Speaker 1: whether you're coming into an office or working remotely. And
Speaker 1: I think that's going to be the case for most
Speaker 1: companies going forward, and and certainly as a platform provider,
Speaker 1: we think that's going to create a huge opportunity for
Speaker 1: us to innovate for customers in this uh in this
Speaker 1: new hybrid workplace where you want to be able to
Speaker 1: share and collaborate on your most important digital information, whether
Speaker 1: you're doing that from home or doing that in an office. UM.
Speaker 1: And that's obviously the platform that we're building out now.
Speaker 1: The question is how hybrid is work world going to be?
Speaker 1: San Francisco, for example, some people say it's a ghost town.
Speaker 1: I saw a raccoon walking down the sidewalk in the
Speaker 1: middle of San Francisco in the middle of the day.
Speaker 1: True story, like I saw that. I saw that raccoon
Speaker 1: before the vandemic. But does San Francisco recover? Does it?
Speaker 1: Do we do we get back to the vibrant city
Speaker 1: filled with tech workers that it was before. Yeah, it's interesting.
Speaker 1: So I live in the peninsula, so I can't. Um,
Speaker 1: you know, I'm not the best proxy for the latest
Speaker 1: goings in San Francisco. I was there last week and
Speaker 1: at least outdoors. Um, to me, it felt pretty similar
Speaker 1: to uh, you know, to how things have looked in
Speaker 1: the past few years, even before the pandemic goes. You know,
Speaker 1: a lot of a lot of bustling around the around
Speaker 1: the city. But that being said, office buildings are clearly
Speaker 1: not a capacity. People are not coming back into the
Speaker 1: office every single day. Um. And that does have a
Speaker 1: you know, probably an impact at some point on the
Speaker 1: on the field of the city. Um. You know. So
Speaker 1: I can't. I can't predict what SF specifically is gonna
Speaker 1: look like. What I do know is the future's hybrid um.
Speaker 1: Different companies, different cultures, different teams, and different individuals will
Speaker 1: likely land on on a different cadence or rhythm as
Speaker 1: to how often they want to come back into an
Speaker 1: office or be fully remote. Um. And so I think
Speaker 1: we're gonna all have to get used to UM. Not
Speaker 1: thinking of this as sort of a you know, a
Speaker 1: binary outcome of either fully remote or you're fully in person,
Speaker 1: but instead one where you know, things are going to
Speaker 1: be hybrid and companies are going to exist on a
Speaker 1: continuum UM around how much of their work is is
Speaker 1: done you know, remotely or fully digitally, and how much
Speaker 1: is done in person. But no matter what, UM, ultimately
Speaker 1: you're gonna need to be able to stitch that work
Speaker 1: together using the cloud UM. And that is a guarantee
Speaker 1: for the future. How concerned are you, Aaron about the
Speaker 1: macro economic outlook right now given a war happening on
Speaker 1: the other side of the world but impacting everyone in
Speaker 1: the world. Yeah, I mean we're we're an interconnected in
Speaker 1: a society and economy and UM. And obviously the the
Speaker 1: the uh, you know, the invasion of Ukraine is isn't
Speaker 1: uh you know, a huge tragedy obviously on a human
Speaker 1: uh you know kind of life, and the impact level UM,
Speaker 1: it obviously does ripple uh you know, economically throughout the world. UM.
Speaker 1: You know, to varying degrees, probably based on the industry
Speaker 1: that you're in. UM. And I'd say it's probably too
Speaker 1: soon to sort of try and model or predict anything
Speaker 1: about what that looks like. UM. But right now our
Speaker 1: focus is you know, anybody UM at box with Ukrainian
Speaker 1: relatives or that's impacted directly by this. Just making sure
Speaker 1: that they're in a good spot to the extent possible
Speaker 1: and uh and that that's sort of our focus. But um,
Speaker 1: you know, I think it's it's premature to sort of
Speaker 1: try and try and model too much of the long
Speaker 1: term economic impact of this. Okay, Aaron Levy, thanks for
Speaker 1: joining us today on your analyst day. I always appreciate
Speaker 1: having you on THEO of box By now taken on Amazon.
Speaker 1: That is a focus of Insta cart CEO c g
Speaker 1: CMO as the grocery delivery embarks at a massive transformation
Speaker 1: that she wants to drive. She Mo spoke exclusively with
Speaker 1: me for our latest edition of Bloomberg Studio One point, Oh,
Speaker 1: to listen. We want to help our grocers of all
Speaker 1: of the technologies they need in order to compete with Amazon.
Speaker 1: To your point, Amazon is investing very heavily in grocery
Speaker 1: and they have a ton of technological abilities, and that
Speaker 1: was a big part of why in my first week
Speaker 1: in the job, I decided to acquire a keeper and
Speaker 1: which is a smart card technology, because I want all
Speaker 1: of the grocers we work with is to have the
Speaker 1: same edge that Amazon has, and so I see I
Speaker 1: see it as my responsibility to build all of the
Speaker 1: technologies that they need to compete with Amazon so that
Speaker 1: we can busy and for for them. Then there's Uber
Speaker 1: and door Dash and Go Puff and Go outside of
Speaker 1: the United States, and the list goes on. How does
Speaker 1: instaccar stand out from all of these different players that
Speaker 1: are competing for a piece of that pine. These players
Speaker 1: fundamentally compete with our grocers. They want to attack the
Speaker 1: market by being first body retailer owning the numentory. And
Speaker 1: so that's another approach at all approaches really building technology
Speaker 1: and fulfshom and to help all grocers. The second thing
Speaker 1: is that displayers are very focused on one particular piece
Speaker 1: of the market, which is quick commerce. And while that's
Speaker 1: really important and we've certainly seen our own convenience business
Speaker 1: double in the last six months, we actually address all
Speaker 1: of the needs that consumers have. We are not just
Speaker 1: quick commerce. Were also the weekly shop. Were also your
Speaker 1: monthly bulk stock up. And that's what we tailers want now. Inevitably,
Speaker 1: after I interview you or Dark Lubert Tony Shoe at
Speaker 1: door Dash, I will get feedback on social media from
Speaker 1: shoppers and drivers who are not happy. Um one insta
Speaker 1: cart shopper posted a picture of an order show they
Speaker 1: delivered fifty one items, got paid seven dollars and not tip.
Speaker 1: Is that representative? No, that's very much not representative. And
Speaker 1: I think you know, fundamentally, shoppers care about their earnings.
Speaker 1: They really want flexible earnings whenever all they want to,
Speaker 1: and so our job is to make sure that they
Speaker 1: have more access to work. So what is representative? What
Speaker 1: is a normal wage for a delivery like that? We're
Speaker 1: very much in line with kind of industry average for
Speaker 1: these kinds of jobs. And so that's something that we
Speaker 1: always try to kind of nudge the consumer of like, hey,
Speaker 1: your shopper did a really good job, can can you
Speaker 1: keep a little more? What if they don't though, right,
Speaker 1: I mean that you're leaving it up to the customer.
Speaker 1: We actually and some customers think, well you should build
Speaker 1: this into your price, Well, we actually do, and and
Speaker 1: we make it very transparent to the shopper before they
Speaker 1: accept an order. What's the order is going to look like,
Speaker 1: how much we're going to pay them and how much
Speaker 1: like the consumer is paying them, and so they can
Speaker 1: decide whether they take an order or whether else they
Speaker 1: refuse it. And that's the kind of flexibility that our
Speaker 1: shoppers really value and the kind of transparency that they want.
Speaker 1: Are you seeing a labor shortage right now and what
Speaker 1: are you doing to combat that? It's different in different places,
Speaker 1: or demographic of shoppers is completely different from food delivery
Speaker 1: and are right sharing where seven women and half of
Speaker 1: them are moms. And that's because a lot of the
Speaker 1: job at instacost is very different than just being in
Speaker 1: the car with strangers. It's about like going to the
Speaker 1: store doing a good job of customer service, of really
Speaker 1: picking the right products for the consumer, and we are
Speaker 1: seeing that being very appealing to women. The instant delivery
Speaker 1: space or you know, fifteen minute delivery space, is that
Speaker 1: something that you want to double down on. It's something
Speaker 1: that we absolutely want to offer because again, we really
Speaker 1: think that our customers want the full range of option.
Speaker 1: Fiften met delivery is not going to be relevant for everything.
Speaker 1: I mean, it's going to be very relevant on Thursday
Speaker 1: night when I'm craving chocolate ice cream and I it's
Speaker 1: really an emergency when that happens, So like cooking over me,
Speaker 1: You've made some strategic acquisitions, as you've mentioned. What about
Speaker 1: in the rapid delivery space, Joker Gorilla, No, we haven't,
Speaker 1: and the main reason is because all of these players
Speaker 1: are doing very much first party grocery, so that means
Speaker 1: the ornamentory uh, and so it's not it's not something
Speaker 1: that's interesting to us because our approach is really build
Speaker 1: the infrastructure so that our grocers can do uh certain
Speaker 1: minute delivery or fifte minute delivery, whereas uh, these players
Speaker 1: are doing it kind of on their own bypassing the grocers.
Speaker 1: Do you think retailers trust you? Do they trust insta Car?
Speaker 1: So you know, when I when I took out the job,
Speaker 1: I was surprised by the strength of our retailer relationships.
Speaker 1: But there was always this kind of lingering questions that
Speaker 1: retailers had for me, which was, you know, what are
Speaker 1: your long term intentions? Are you planning on becoming a
Speaker 1: retailer at some point? And I had to kind of
Speaker 1: address that head on and explain to them in great
Speaker 1: detail why you would make no sense for us to
Speaker 1: really go in that direction and why we were going
Speaker 1: to be able to build a much bigger company if
Speaker 1: we just focused on what work Dot you can catch
Speaker 1: more of my exclusive conversation with instat cart CEO Fiji Semo,
Speaker 1: where we talk about the impact of inflation on food prices,
Speaker 1: her move from Meta and working with Mark Zuckerberg, and
Speaker 1: her journey from a small fishing town in France to
Speaker 1: becoming the head of instat Card. All that on the
Speaker 1: latest episode of Studio one Point Oh. Coming up is
Speaker 1: the n f T fad Losing Steed, how n f
Speaker 1: T sales have fallen and what it means for those
Speaker 1: making a living off them. Next, n f T sales
Speaker 1: had a breakthrough year, with volume hitting twenty three billion
Speaker 1: dollars in the last twelve months, but sales are now
Speaker 1: plunging amid the ongoing sell off and cryptocurrencies. I want
Speaker 1: to dig into this with our crypto contributor for our
Speaker 1: Crypto reportion Ali Bostic. So there's a lot of people
Speaker 1: trying to make money earnings off the n f T industry, Shinali.
Speaker 1: What does this mean for them? Yeah, there's a few
Speaker 1: things here, Emily. First, we have to look at just
Speaker 1: how much the trading has dropped off, and if you
Speaker 1: take a look at this chart here, there was this
Speaker 1: humongous boom according to data from n f T GO,
Speaker 1: and then a significant drop off this year. In January,
Speaker 1: according to non Fungible dot Com, n FT weekly sales
Speaker 1: peaked at nearly a billion dollars and now the past
Speaker 1: week that is less than seventy million dollars, so less
Speaker 1: than one tenth of the weekly sales we've been seeing
Speaker 1: In January. You asked what it means for people who
Speaker 1: are getting paid in this market. So if you're somebody
Speaker 1: who had moved over this story that we had written
Speaker 1: about Spotify and musicians earnings going from three hundred dollars
Speaker 1: to sixty thousand dollars, Remember the price of ethereum from
Speaker 1: a year ago has also declined significantly. In addition to
Speaker 1: sales just dropping off, it has recovered a little bit
Speaker 1: this year, and if you look by market cap it
Speaker 1: has really held up quite a bit as far as
Speaker 1: the market goes. But remember this market still is dominant.
Speaker 1: Did buy a lot of whales, really ten of the
Speaker 1: buyer's accounting for the market here. So why our n
Speaker 1: f T s dropping off, I mean, doesn't have anything
Speaker 1: to do with the macro environment. Yeah, that's a really
Speaker 1: interesting question, because of course we've seen the volatility and
Speaker 1: so many of the cryptocurrencies that we track. But if
Speaker 1: you look at it, I'm going to see a little
Speaker 1: bit here from investor Lee Drogan because he points out
Speaker 1: what we were just showing, that idea that traders trading
Speaker 1: volumes have really fallen off, and what he says is
Speaker 1: that until the volume and retail investors come back, prices
Speaker 1: are not going to go up as well. One thing
Speaker 1: he points to is eight coin and a market that
Speaker 1: can potentially hold up prices for a few days. Whether
Speaker 1: that will really start to bring people back only alright,
Speaker 1: Shinali Bostic, thank you for that update. We're gonna keep
Speaker 1: following on that one, appreciating as more and more comp
Speaker 1: these bring employees back to the office, many are saying,
Speaker 1: I don't think so. A brand new survey by Microsoft
Speaker 1: It's Work Trend Index finds that even more employees are
Speaker 1: considering quitting their jobs this year then last, and then
Speaker 1: more than half of younger workers are contemplating a job change.
Speaker 1: For more on this and the future of work, Jared
Speaker 1: Pitaro Spataro is here, Microsoft's vice president for Modern Work. Jared,
Speaker 1: thank you so much for joining us. So why do
Speaker 1: you think the great resignation is in fact accelerating rather
Speaker 1: than slowing down. Well, you know, the survey data tells
Speaker 1: us that we're just not the same people who went
Speaker 1: home to work in March. Of what's happened over the
Speaker 1: course of the last two years is that people have
Speaker 1: changed in really significant ways. In one of those ways
Speaker 1: is how they think about work. Flexibility has become something
Speaker 1: that's so important to them that they're telling us that
Speaker 1: they are willing to give up other things, including a
Speaker 1: move to a new job, in order to get it.
Speaker 1: What's the biggest mistake companies are make wriking making right
Speaker 1: now as they try to get workers to come back. Well,
Speaker 1: the thing jumped out to me in the survey data.
Speaker 1: When we asked leaders what they were planning to do
Speaker 1: in this return to office, over fifty of them told
Speaker 1: us that they were going to have their employees come
Speaker 1: back full time, five days a week, no flexibility. And
Speaker 1: that contrast with over seventy of workers who say that
Speaker 1: flexibility is something that they treasure, that they want to
Speaker 1: make sure it is the part that they keep coming
Speaker 1: out of the pandemic. So we see some tension being
Speaker 1: set up here that's going to need to be worked
Speaker 1: out over the coming weeks and months. How do they
Speaker 1: work that out? I see talk about managers being wedged
Speaker 1: between the boss and their own teams. That's right, Yeah,
Speaker 1: we do think that managers are going to be the
Speaker 1: key here. You know. The thing that we're findings we
Speaker 1: go and combine all the data points from the research
Speaker 1: and get down and do kind of what we call
Speaker 1: qualitative work, is that the most practical thing you can
Speaker 1: do is encourage your managers to be working with their
Speaker 1: employees and talking through what we call individual and team agreements.
Speaker 1: In other words, Hey, how's flexibility going to play out
Speaker 1: for you? What does it mean? And can we find
Speaker 1: a win win here here at Microsoft. We've done that recently.
Speaker 1: We found that over nine pcent of people who have
Speaker 1: those conversations said that they were able to reach an
Speaker 1: agreement that really worked very well for them. So we've
Speaker 1: got some data that indicates that this can be done.
Speaker 1: You just have to make sure you take the time
Speaker 1: to do it. How's the return to work going at
Speaker 1: Microsoft so far? Well, we are in the process of
Speaker 1: doing that. We've declared here in the Puget Sound the
Speaker 1: Seattle area that we'll be heading back to our final
Speaker 1: stage of flexible work what we call this flexibility stage
Speaker 1: on March. So this month is a big month for
Speaker 1: us UM many of our managers, though I've already had
Speaker 1: those conversations and we feel like, you know, we're set up.
Speaker 1: We're gonna learn just like everybody else. Though there's a
Speaker 1: lot to learn here. It's a very dynamic time. Now,
Speaker 1: there's a big question about the future of emerging technologies
Speaker 1: in the workplace. A lot of talk about the metaverse. Obviously,
Speaker 1: Mark Zuckerberg meta has one vision. Microsoft is working on
Speaker 1: products to take companies to the metaverse. Do employees want
Speaker 1: to work in the metaverse? Well, we asked them that
Speaker 1: it's kind of interesting when we ask the employees about
Speaker 1: the metaverse. Of employees that they didn't even know what
Speaker 1: the metaverse was, but fifty two per cents, so that
Speaker 1: they were open to this idea of using digital immersive
Speaker 1: spaces in the metaverse from meetings and team activities in
Speaker 1: the next year. So we've got this sense that there
Speaker 1: still is a lot to be figured out in the metaverse.
Speaker 1: But let's say just a little over half of people
Speaker 1: are pretty open to being able to use the technology.
Speaker 1: So as we look over the next year, what do
Speaker 1: you think the biggest pain points are going to be,
Speaker 1: Because you know, I talked to a lot of people
Speaker 1: they don't want to go back or they're reevaluating. Well again,
Speaker 1: I think it comes back to this idea of employee
Speaker 1: expectations and comparing those two employer expectations. I think that's
Speaker 1: going to be where we find the friction. If I
Speaker 1: just give you a sense of how people who is
Speaker 1: going to have to compromise the employees are the employers.
Speaker 1: You know, it depends on the market, and today it's
Speaker 1: an employees market, we would say, And so I think
Speaker 1: that employers are gonna learn a lot here um as
Speaker 1: employee as employees kind of talk about how important flexibility is.
Speaker 1: And you know, you cited a stat earlier it's fifty
Speaker 1: two send of gen zs and millennials say that they're
Speaker 1: willing to move over the next year if they don't
Speaker 1: get the flexibility they need. So I think that gives
Speaker 1: you a sense at least for where the employees are
Speaker 1: in their minds. All right, check it out Microsoft's latest
Speaker 1: work Trends report. Fascinating stuff that you uncovered. Jared Spitaro
Speaker 1: of Microsoft, Thanks for joining us, and that does it
Speaker 1: for this edition of Bloomberg Technology Join us. Tomorrow we're
Speaker 1: gonna be speaking with Jennifer te Hatta, CEO of Pager Duty,
Speaker 1: along with Kirsten Green, founder of four Runner Ventures, about
Speaker 1: where she's placing her biggest bets in this market. Plus
Speaker 1: we listen to today's show on our new Bloomberg Technology podcast. Yes,
Speaker 1: this show is now a podcast. You can find it
Speaker 1: on the Terminal online, Apple, Spotify, my Heart. I've listened
Speaker 1: to it myself and it's not bad, um, so I
Speaker 1: hope you'll check it out. I'm Emily Jang in San Francisco.
Speaker 1: This is Bloomberg. Which to kick the people? Which to kick?
Speaker 1: The whip? Whip A whip, which a hig