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Speaker 1: Yea from the heart of where innovation, money and power

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Speaker 1: collive in Silicon Valley and beyond. This is Bloomberg Technology

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Speaker 1: with Emily Jay. I'm Emily Chang in New York, and

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Speaker 1: this is Bloomberg Technology. Coming up in the next hour,

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Speaker 1: the end of a Silicon Valley era. Cheryl Samberg is

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Speaker 1: stepping down after fourteen years at Facebook and now Meta

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Speaker 1: as chief operating officer. I spoke to Samberg in an

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Speaker 1: exclusive interview. I made a final decision this weekend, and

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Speaker 1: let Mark know. I'm gonna have more on that decision,

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Speaker 1: why she's leaving now and what it means for Meta's future.

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Speaker 1: And if you want to keep working at Tesla, forget

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Speaker 1: about working from home. Elon asks sending an email with

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Speaker 1: the subject line remote work is no longer acceptable. We

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Speaker 1: will get to that later in the show, But first,

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Speaker 1: a quick check of the markets and of course, how

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Speaker 1: Meta Shares moved on news of Cheryl Sandberg leaving the

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Speaker 1: company after fourteen years. Bloomberg's ad Ludlow here with more

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Speaker 1: Big day for the markets, Yeah, big day. Fantastic reporting

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Speaker 1: on Cheryl Sandberg and the role that the sell off

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Speaker 1: and Meta Shares had, even though it was just in

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Speaker 1: the last twenty minutes of the session. You did have

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Speaker 1: an impact on the broader markets. You look at the

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Speaker 1: SMP five hundred, the NASDAC one hundred, both down by

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Speaker 1: seven tenths of a percent, but those declines accelerated as

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Speaker 1: we saw Facebook Meta shares sell off more rapidly in

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Speaker 1: the last thirty minutes of trading. Definitely the biggest points

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Speaker 1: lagged on the NASDAC one hundred, really weighing down that index.

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Speaker 1: Another day where yields continue to rise though, which is

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Speaker 1: impacting tex stocks. You see the yield in US tenure

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Speaker 1: treasury up to two point nine percent, up around six

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Speaker 1: basis points, and that that's the move right You're all

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Speaker 1: wise on Meta, the parent company of Facebook, at one

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Speaker 1: point down four percent, although it did pair some of

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Speaker 1: those declines is more details came out about Sandberg's replacement,

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Speaker 1: about the fact that Sandberg is going to remain on

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Speaker 1: the board despite stepping down the CEO very quickly. One

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Speaker 1: corner of the market where very heavy selling took place

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Speaker 1: was crypto related stocks. We saw Bitcoin actually through most

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Speaker 1: of Wednesday session full back down towards thirty thousand dollars

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Speaker 1: per per token, and you see some of the names

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Speaker 1: involved in crypto and also blockchain related technologies seeing really

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Speaker 1: heavy declines. There was also broader impacts from their sell

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Speaker 1: off and met up on the social media landscape and

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Speaker 1: the moment that the headlines cross the Bloomberg terminal. You

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Speaker 1: saw that instant reaction in Meta shares ticker FB remember

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Speaker 1: June thirty is changing to ticker m E t A.

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Speaker 1: But Twitter also saw the clients pairing some of those

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Speaker 1: losses towards the close. The same story with Snap. This

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Speaker 1: is going to have reverberations in the social media landscape

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Speaker 1: because of the role that Sandberg was as a player

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Speaker 1: in the ad space as well. And all right, thank you.

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Speaker 1: That big news of the day Cheryl Samberg leaving Matter

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Speaker 1: after fourteen years as chief operating officer. I had a

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Speaker 1: chance to speak to her exclusively along with my colleague

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Speaker 1: Kurt Wagner about the announcement. She will officially leave the

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Speaker 1: company in the fall. She will stay on Meta's board.

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Speaker 1: But here's her answer as to why and why not.

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Speaker 1: This was a decision I made that I did not

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Speaker 1: come too lightly, and it really is about how I

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Speaker 1: will spend my time, not how much I believe in

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Speaker 1: the company. I believe in the company, but as much

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Speaker 1: as I ever did and staying on board, and I

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Speaker 1: really have complete confidence in the team Mark and I

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Speaker 1: have built. I think they're going to do a great

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Speaker 1: job building the future or accompanied us a huge part

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Speaker 1: of my life and a huge part of my heart

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Speaker 1: for more. I'm joined by Kurt Wagner, who of course

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Speaker 1: covers metaphor us, and David Kirkpatrick, founder of Techonomy, author

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Speaker 1: of the book The Facebook Effect. Kurt, I'll start with you,

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Speaker 1: since you and I both spoke to Cheryl exclusively on

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Speaker 1: the phone. You know, we've been preparing for this, you know,

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Speaker 1: but I think a small part of me never thought

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Speaker 1: it would have been you know, give us a little

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Speaker 1: bit more context about why you believe Charyl was making

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Speaker 1: this decision and now. Well, she was very clear in

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Speaker 1: our conversation Emily that, uh, it felt to me like

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Speaker 1: this was a much more personal decision than anything for her.

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Speaker 1: You know, she talked about the fact that she's getting

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Speaker 1: married this summer. Uh, you know, she's gonna be blending

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Speaker 1: her family with her fiance's family. She's obviously very passionate

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Speaker 1: about her philanthropy work, and and lean in and so

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Speaker 1: those were the types of things that she talked about, right,

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Speaker 1: And when you start to take a step back and

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Speaker 1: you look, okay, well, some of her biggest responsibilities, for example,

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Speaker 1: running all of policy has already been handed off to

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Speaker 1: Nick Clegg, right, and so the legal side had already

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Speaker 1: been handed off. So you look at kind of, um,

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Speaker 1: the trail that led us to hear right and see

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Speaker 1: what's happening in her personal life, the fact she's been

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Speaker 1: there a long time and that some of her responsibilities

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Speaker 1: had been started to hand off to other people. I

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Speaker 1: think it felt, um, you know, sort of to your point,

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Speaker 1: like we've been asking this for a long time. It

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Speaker 1: wasn't necessarily shocking. At the same time, it's hard to

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Speaker 1: think Facebook without Cheryl sand and we have been asking

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Speaker 1: this question for a long time. But the irony is

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Speaker 1: she told us that she made the decision over the weekend,

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Speaker 1: told Mark over the weekend, and here we are with

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Speaker 1: this announcement today. She talked to us a little bit

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Speaker 1: about delivering that news to Mark. Take a quick listen

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Speaker 1: to what she had to say. I made a final

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Speaker 1: decision this weekend, and let Mark know, I think you

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Speaker 1: know that the rules are such that once I've made

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Speaker 1: a decision, we do not have a lot of time

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Speaker 1: to announced. So that's why the timing between decision and

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Speaker 1: is so tight. So obviously there are sec disclosure rules

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Speaker 1: that require meta slash Facebook to tell the public in

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Speaker 1: short order. David Kirkpatrick, who wrote the book on Facebook,

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Speaker 1: You know Cheryl well, you have interviewed her many times

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Speaker 1: over the years. What do you think. Well, I was

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Speaker 1: surprised like everyone else, but I'm like many I had

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Speaker 1: expected this really to come quite a bit ago. I

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Speaker 1: think for the last few years it's been easy to

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Speaker 1: imagine Cheryl wanting to leave Facebook, both because one could

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Speaker 1: have the sense that she had sort of lost a

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Speaker 1: grip on the issues that she was supposed to be

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Speaker 1: responsible for, or she, by some analysis, wasn't taking sufficient

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Speaker 1: responsibility for them. Obviously, Mark Zuckerberg has been taking responsibilities

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Speaker 1: back away from her in the last year or so.

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Speaker 1: The New York Times wrote a piece last summer about

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Speaker 1: the split between Zuckerberg and Sandberg following January six, and

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Speaker 1: her statements that you know, Facebook was not responsible for that, uh,

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Speaker 1: and that resonated poorly with some, but you know, her

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Speaker 1: whole history, there is an astonishing history of a miraculously

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Speaker 1: effective leader in many many ways. And I think, unfortunately though,

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Speaker 1: the end is sort of a sad one, because Facebook's

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Speaker 1: reputation has fallen in such a huge way in recent

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Speaker 1: years under her leadership, and of course Caryl's Hamburg unfortunately

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Speaker 1: became the face of many of the controversies Facebook has weathered.

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Speaker 1: But I don't think we can overstate her impact on

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Speaker 1: obviously meta but also Silicon Valley culture, business culture. Is

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Speaker 1: she built Google's business model as well. Facebook set h

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Speaker 1: an inflection point right now. They've got to figure out

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Speaker 1: this metaverse thing and a whole new business model. Kurt

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Speaker 1: and I also asked her if that had anything to

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Speaker 1: do with this, the fact that she's kind of got

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Speaker 1: to write a whole new business plan. Take a listen

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Speaker 1: to what she had to say. We have a current business,

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Speaker 1: which is our current apps connecting customers to businesses, and

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Speaker 1: I think there's a lot of opportunity there right right now,

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Speaker 1: but also over the long run. And then the metaverse

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Speaker 1: is a much longer term business opportunity and it's going

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Speaker 1: to take some of the same form and that I

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Speaker 1: believe we will be your place. And then the metaverse

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Speaker 1: will be a place where businesses and consumers connect. But

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Speaker 1: I think the exact form that takes is something that

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Speaker 1: will be figured out over the next number of you

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Speaker 1: a much longer terms. Now there's a team in place

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Speaker 1: whose job that is to do now figure out how

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Speaker 1: consumers and businesses are going to interact in the metaverse.

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Speaker 1: And Kurt, you know, talk to us a little bit

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Speaker 1: about the new leadership structure. You've got Hobby Olivan who's

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Speaker 1: going to be taking on the role of c o O.

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Speaker 1: You've got obviously Nick Clegg who's continuing to run policy

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Speaker 1: and communications. You've got Chris Cox, the Chief Product Officer,

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Speaker 1: Andrew Bosworth the Chief Technology officer, and of course Mark Zuckerberg. Yeah,

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Speaker 1: I mean, historically, the way Facebook has been set up

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Speaker 1: is that they kept the product side of the house

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Speaker 1: under Mark Zuckerbergh and the business side of the house

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Speaker 1: under Cheryl. Now, what you'll see from this image right

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Speaker 1: here is that a lot of the people up there,

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Speaker 1: with the exception of Nick Clegg, are kind of from

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Speaker 1: the product side of the house under Mark Zuckerberg. You know,

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Speaker 1: Chris Cox is a very good friend, Andrew bos Were

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Speaker 1: a very good friend. Hobby and very good friends. So

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Speaker 1: these are people who have worked with and for Mark

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Speaker 1: Zuckerberg for more than a decade um. There's someone are

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Speaker 1: people that he trust very very completely, and there are

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Speaker 1: also people who are going to, you know, listen to

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Speaker 1: what Mark says and believe in the vision that Mark

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Speaker 1: sets forth right and not that Cheryl was at all

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Speaker 1: someone who was sitting in the room and banging interest

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Speaker 1: and saying, you know, I'm not going to go that direction.

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Speaker 1: But my point is sort of that, you know, Mark

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Speaker 1: has now uh surrounded himself with people who he very

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Speaker 1: much trusts and who have worked for him for a

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Speaker 1: very long time. And so when you look at the

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Speaker 1: future and you look about what might be uncertain about

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Speaker 1: this idea of the metaverse, I don't see the company

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Speaker 1: wavering on it because the people, again who are going

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Speaker 1: to be talking with him at all of these important

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Speaker 1: meetings are people he's known for a very long time.

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Speaker 1: And of course there are a lot of powerful women

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Speaker 1: at Facebook who continue to work there. But David, what

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Speaker 1: do you make of the fact there are no women? Oh,

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Speaker 1: it's a bunch of wise man, isn't it, Given that

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Speaker 1: you know Cheryl Sandberg, you know, did a lot to

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Speaker 1: change the world for for working women. This has been

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Speaker 1: a key priority of hers, a key priority in terms

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Speaker 1: of evolving Facebook's culture to one that is friendlier two women. Well,

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Speaker 1: she served as a symbol of him and success in business.

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Speaker 1: There's no question. I mean for most of the last

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Speaker 1: fourteen years, certainly for the last maybe ten or eleven years.

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Speaker 1: She could have left Facebook at any time and become

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Speaker 1: the CEO of any company in the world. And I

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Speaker 1: know she was solicited for those kinds of jobs time

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Speaker 1: and time again and didn't show interest because she really

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Speaker 1: wanted to stay here. Um. I wouldn't be at all surprised. However,

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Speaker 1: if she really has been feeling very not only left out,

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Speaker 1: but quite critical of a lot of the company's moves,

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Speaker 1: I wouldn't even be shocked to learn that she was

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Speaker 1: not in favor of changing the company name and didn't

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Speaker 1: really believe in the metaverse shift, which I frankly think

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Speaker 1: is still an unproven and highly questionable shift. Um. She's

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Speaker 1: a very rational, grounded business person, and I want to

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Speaker 1: reiterate one thing. She created what was probably the best

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Speaker 1: business in the history of capitalism for most of her

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Speaker 1: time there. The profit per dollar of revenue of Facebook's

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Speaker 1: advertising business that she created is greater than the profit

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Speaker 1: margin of any public company you can name, and that

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Speaker 1: has declined in recent years for a variety of reasons.

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Speaker 1: But she really is an astonishingly effective business leader. For

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Speaker 1: whatever other flaws we might want to point she is not,

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Speaker 1: I've heard many times today one of the most influential

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Speaker 1: women in business. She is one of the most influential

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Speaker 1: people in business and still is. Yeah, and of course

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Speaker 1: now there's this big opig question, what's she going to

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Speaker 1: do next. She talked about her philanthropy, She talked about

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Speaker 1: her women's advocacy. Take a listen to that portion of

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Speaker 1: the conversation. The decision I didn't come too lightly. But

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Speaker 1: it's been fourteen years. It's been fourteen years, and I

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Speaker 1: want to make more room to do more philanthropically, to

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Speaker 1: do more with my foundation. I've definitely not been able

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Speaker 1: to do nearly as much as I have wanted to recently.

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Speaker 1: It's a really important moment for women, Emily. I know

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Speaker 1: you and I have spent a lot of time talking

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Speaker 1: a very very important moment. When I think more focused

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Speaker 1: there would really be important to me personally, and of

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Speaker 1: course Kurt and I are immediate next question was will

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Speaker 1: you ever go back to business? Will you ever get

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Speaker 1: into politics? Take a listen to what she had to say.

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Speaker 1: I learned a long time ago and never make any

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Speaker 1: predictions about the future. But I think I think a

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Speaker 1: lot of that is pretty unlikely. And I'm really I

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Speaker 1: really think there's a lot, hopefully that I can do

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Speaker 1: with my foundations. And still on propically, Kurt, do you

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Speaker 1: believe it? Is it unlikely? Are We're going to see

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Speaker 1: a reincarnation of Cheryl Sandberg in business or politics. I'm

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Speaker 1: gonna I'm gonna fall on the side of believing what

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Speaker 1: she said there, simply because I'm not sure that going back.

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Speaker 1: I mean, clearly she doesn't need the money, right, So

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Speaker 1: going back into business simply for her own personal wealth

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Speaker 1: or anything like that doesn't really it's not Sarah doesn't

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Speaker 1: make much sense. And I think that, you know, similar

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Speaker 1: to Mark Zuckerberg, similar to a lot of these um

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Speaker 1: billionaire tech founders and successful executives we've seen, their legacy

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Speaker 1: is going to be left probably in other ways, right,

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Speaker 1: and so it's gonna be hard for her to go

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Speaker 1: do anything outside of Facebook that's going to be more

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Speaker 1: important than what she's already done on Facebook on the

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Speaker 1: business side, and now I think she probably sees an

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Speaker 1: opportunity to uh, you know, solidify herself as someone who

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Speaker 1: is truly a champion of of women's issues, and, as

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Speaker 1: she pointed out in that interview with Assembly, kind of

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Speaker 1: making that her top priority. I guess if I had

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Speaker 1: to choose, I would I would assume maybe that's the

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Speaker 1: direction she goes. I I would agree. She did joke

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Speaker 1: to us that it was the honor and privilege of

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Speaker 1: a lifetime, but it was not the most manageable job

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Speaker 1: of a lifetime. Kurt Wagner, thank you for your reporting

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Speaker 1: on this. David. I want to ask you one last question.

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Speaker 1: Do you believe do you believe her? Well? Is this

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Speaker 1: is this officially Cheryl Sander moving into philanthropy or she's

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Speaker 1: a multibillionaire. She can do whatever she wants, and she

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Speaker 1: will certainly be effective as a philanthropist. I'm sure it

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Speaker 1: might actually be a role that suits her better. I

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Speaker 1: know she really has been interested in politics for a

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Speaker 1: long time. I think for many years she really had

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Speaker 1: hoped that that would be her eventual direction. My own

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Speaker 1: opinion is that the way that the Facebook story has

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Speaker 1: evolved in recent years has made it extremely difficult for

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Speaker 1: her to move into Democratic Party politics, which is certainly

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Speaker 1: what she would do, because Facebook is a essentially a

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Speaker 1: persona on grata in the Democratic Party. Facebook has been

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Speaker 1: shown to have so many social harms, and she is

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Speaker 1: to some extent responsible for not having taken enough action

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Speaker 1: on what about an appointed office versus an elected That's

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Speaker 1: a possibility, I think if she you know, there was

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Speaker 1: talk that she's been talked about as a Treasury secretary

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Speaker 1: in the past. She worked in that office under Larry Summers.

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Speaker 1: I'm sure she'd be a good one, but I still

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Speaker 1: think even for a role like that, it would be

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Speaker 1: very controversial because of Facebook's history. Indeed, all right, well,

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Speaker 1: we will of course be watching, and we should mention

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Speaker 1: she is. They're transitioning the team over the summer. Her

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Speaker 1: direct reports will be transitioned over the summer. She will

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Speaker 1: leave officially in the fall, and of course she will

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Speaker 1: remain on Facebook's board. David Kirpatrick, Javier is a very

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Speaker 1: impressive guy to who I know very well. He's been

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Speaker 1: running growth and we know Facebook and that is still growing,

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Speaker 1: and he's been there all this challenge pretty much as

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Speaker 1: long as she has or longer. All right, well, David,

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Speaker 1: thank you. I'm glad you're here today. It's good to

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Speaker 1: see you here in person in New York. And of

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Speaker 1: course we're gonna have much more on this throughout the show.

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Speaker 1: Venture capital funding has surged in recent years, but not

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Speaker 1: all founders are treated equally. Last year, companies founded only

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Speaker 1: by women now just over two of total capital invested

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Speaker 1: in venture back startups in the US. Still, VC funding

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Speaker 1: for female founded or co founded companies has been trending

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Speaker 1: up saw the creation of several women led funds, incubators,

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Speaker 1: and new companies. Here with me to talk about this

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Speaker 1: and more. A new doogal founding partner of the Female

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Speaker 1: Founder's Fund and new Thank you so much for joining us.

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Speaker 1: Good to see you're in person. Thank you for having

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Speaker 1: I have to ask you before you begin, what you

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Speaker 1: make of Cheryl Sandberg leaving Facebook, given her impact on

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Speaker 1: the tech industry and the conversation about women work and

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Speaker 1: having a seat at the table. Yeah, well, I mean,

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Speaker 1: I think you know, it's obviously breaking news, so um,

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Speaker 1: not much to comment beyond the fact that I think,

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Speaker 1: you know, she's obviously been an incredibly influential women women

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Speaker 1: excuse me in tech and has you know, a massive network,

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Speaker 1: has made tremendous impact, and really excited to see what

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Speaker 1: she does next to you. In my conversation with her,

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Speaker 1: she talked about this being kind of an inflection point

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Speaker 1: for women women's advocacy, She's going to spend more time

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Speaker 1: on that. There's been concerns about women backsliding in the pandemic.

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Speaker 1: How do you think that translates to women founders and

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Speaker 1: what they're facing in the venture capital industry right now?

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Speaker 1: You know, to typically when belts tighten and markets get tumultuous,

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Speaker 1: investors go back to what they know, which is male founders. Yeah,

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Speaker 1: so I think, um, we're kind of in the early

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Speaker 1: stages of UM what one would call it downturn. I

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Speaker 1: think looking back to UM, it was an incredible year

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Speaker 1: for female founders. Overall, record number of I p o

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Speaker 1: s led by female founders. In fact, I think in

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Speaker 1: the history of the stock market there have been twenty

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Speaker 1: female lad UM I p o s and last year

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Speaker 1: alone there were six, So I think a lot to

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Speaker 1: celebrate there. We had a lot of growth rounds that

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Speaker 1: were led by female founders, particularly in digital health care. UM.

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Speaker 1: So I think we're starting to see some really interesting lamentum. So,

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Speaker 1: how are you thinking about deploying capital at this time? So,

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Speaker 1: I think as a seed investor, we sit in an

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Speaker 1: interesting position in that, um, you know, the markets have

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Speaker 1: been largely overvalued and we have the opportunity to sit

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Speaker 1: back and really look at valuations coming down and be

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Speaker 1: paid shint. I think you know, in the last year,

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Speaker 1: you at some point had you know, two to three

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Speaker 1: days to get back to an entrepreneur to a founder,

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Speaker 1: and it will be it will be interesting to kind

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Speaker 1: of reset back to what I think was more of

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Speaker 1: the norm, um, you know, in in the coming year.

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Speaker 1: What's your advice to founders right now? I mean we've

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Speaker 1: heard batten down the hatches, slower burn you know, yeah, yeah,

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Speaker 1: I mean I think I think all of the above.

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Speaker 1: I think, um, you know, even the best performing companies

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Speaker 1: are going to have a hard time raising capital, and

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Speaker 1: if they do, you know, they probably will not get

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Speaker 1: the valuations they want. And so in light of that,

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Speaker 1: the advice that we've been giving is really too to

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Speaker 1: your point, you know, look at your burn, focus on

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Speaker 1: you know, that path to profitability and and really try

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Speaker 1: to weather the storm. You started your own fund back

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Speaker 1: in what are some lessons you've learned along the way?

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Speaker 1: So I think, UM, you know, back when I started

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Speaker 1: the funden the idea of investing in female founders was

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Speaker 1: really quite novel and UM, and I think, you know,

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Speaker 1: along the way, there's been so much development in this space,

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Speaker 1: and I think so much recognition for the fact that

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Speaker 1: it is important to invest in diverse founders and that

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Speaker 1: that diversity pays off when it comes to you know,

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Speaker 1: some of the recent exits and UM. You know I

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Speaker 1: p O s that I mentioned earlier, and what do

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Speaker 1: you think the the the industries of the future are

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Speaker 1: the bets of the future? I mean, are you looking

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Speaker 1: for the next Facebook? It's a great question. I think.

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Speaker 1: You know, a space that we've been seeing a lot

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Speaker 1: of activity in UM is digital health, and I think

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Speaker 1: that's largely due to what we saw with the pandemic,

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Speaker 1: where you know, a lot of Americans had to deal

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Speaker 1: with healthcare in a very different way. And you know,

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Speaker 1: whether it's pediatrics, whether it's UM you know, your primary

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Speaker 1: care physician, women's health, all of these categories, UM. You know,

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Speaker 1: we're seeing a lot of interesting disruption and innovation and primarily,

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Speaker 1: you know, quite frankly, from female founders. All right, on

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Speaker 1: a dugal female founders fund. Love the name. Thank you

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Speaker 1: for joining us, great to have you here, Thanks for

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Speaker 1: having studio. All right, Coming up, we're gonna have much

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Speaker 1: more on Cheryl Sandberg's exit from Meta. While some controversy

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Speaker 1: around Elon Musk, who would have thought and workers returning

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Speaker 1: to the office. This is Bloomberg, Well, the world's riches

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Speaker 1: man has had it with working from home. In two

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Speaker 1: mammals to Tesla employees, Elon Musk said he wants to

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Speaker 1: make sure certain stuff are in a real Tesla office

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Speaker 1: at least forty hours a week, joining us to talk

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Speaker 1: about the latest Bloomberg's bloodlow ed. What exactly did must

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Speaker 1: have to say? So two memos to two different trenches

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Speaker 1: of staff, but basically saying for those that want to

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Speaker 1: work from home, they need to be in the office

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Speaker 1: for a minimum of forty hours a week. As you said,

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Speaker 1: but he stipulated, this isn't just a remote or pseudo office.

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Speaker 1: This has to be a main Tesla office. The second

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Speaker 1: memo to a broader number of tests or employees clarified

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Speaker 1: his position, and he basically said there maybe tech companies

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Speaker 1: out there and that have a hybrid working model, they're

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Speaker 1: fully remote, but he didn't see any of those companies

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Speaker 1: innovating or doing anything new on their products. So he

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Speaker 1: is basically saying that he wants to see employees back

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Speaker 1: in the office full time. Raises a lot of questions

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Speaker 1: about Twitter as well. What if Elon Musk's purchase of

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Speaker 1: Twitter goes through, because you remember, back in May, Jack Dorsey,

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Speaker 1: when he was still CEO, instituted an indefinite work from

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Speaker 1: home or work on a hybrid model policy. Even when

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Speaker 1: Twitter's officers we opened in September of last year, people

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Speaker 1: continue to work remotely. So that's been the kind of

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Speaker 1: big question as a follow up to that. But it's

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Speaker 1: very clear Elon mask Worlds really just man CEO of

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Speaker 1: Tesla and SpaceX, is not a big fan of return

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Speaker 1: to the office. Indeed, Jack Dorsey was one of the first,

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Speaker 1: if not the first, executive I believe, to tell workers

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Speaker 1: they could go work from home permanently. Okay, I'd love

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Speaker 1: the story. We're going to continue to follow their thank you.

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Speaker 1: The decision I didn't come too lightly but it's been

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Speaker 1: fourteen years. It's been fourteen years, and I want to

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Speaker 1: make more room to do more philanthropically, to do more

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Speaker 1: with my foundation. I've definitely not been able to do

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Speaker 1: nearly as much as I have wanted to recently. It's

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Speaker 1: a really important moment for women, Emily. I know you

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Speaker 1: and I have spent a lot of time talking about

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Speaker 1: that over the years, but it really feels like a

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Speaker 1: very very important moment when I think more focused there

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Speaker 1: would really be important to me personally. I made a

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Speaker 1: final decision this weekend, and let Mark know, I think

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Speaker 1: you know that the rules are such that once I've

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Speaker 1: made a decision, we do not have a lot of

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Speaker 1: times announced. So that's why the timing between decisions and

430
00:22:50,960 --> 00:22:52,840
Speaker 1: is so tight. This was a decision I made that

431
00:22:52,880 --> 00:22:55,359
Speaker 1: I did not come too lightly, and it really is

432
00:22:55,400 --> 00:22:57,840
Speaker 1: about how I will spend my time, not how much

433
00:22:57,840 --> 00:22:59,800
Speaker 1: I believe in the company. I believe in the company

434
00:23:00,040 --> 00:23:03,160
Speaker 1: because as much as I ever did and staying on board,

435
00:23:03,640 --> 00:23:05,960
Speaker 1: and I really have complete confidence in the team Mark

436
00:23:06,000 --> 00:23:07,639
Speaker 1: and I have built. I think they're going to do

437
00:23:07,720 --> 00:23:10,280
Speaker 1: a great job building the future or a company that's

438
00:23:10,320 --> 00:23:12,800
Speaker 1: a huge part of my life and a huge part

439
00:23:12,800 --> 00:23:14,920
Speaker 1: of my heart. We have a current business, which is

440
00:23:14,960 --> 00:23:18,480
Speaker 1: our current apps connecting customers to businesses, and I think

441
00:23:18,520 --> 00:23:21,199
Speaker 1: there's a lot of opportunity there right right now, but

442
00:23:21,280 --> 00:23:23,879
Speaker 1: also over the long run. And then the Metaverse is

443
00:23:23,920 --> 00:23:28,040
Speaker 1: a much longer term business opportunity, and it's going to

444
00:23:28,119 --> 00:23:30,480
Speaker 1: take some of the same form and that I believe

445
00:23:30,600 --> 00:23:32,480
Speaker 1: we will be your place, and then the metaverse will

446
00:23:32,480 --> 00:23:34,840
Speaker 1: be a place where businesses and consumers connect. But I

447
00:23:34,880 --> 00:23:37,080
Speaker 1: think the exact form that takes in something that will

448
00:23:37,080 --> 00:23:39,600
Speaker 1: be figured out over the next number of you a

449
00:23:39,840 --> 00:23:44,480
Speaker 1: much longer term. Welcome back to Bloomberg Technology and Emily

450
00:23:44,520 --> 00:23:47,000
Speaker 1: Chang in New York. That was part of my exclusive

451
00:23:47,000 --> 00:23:49,800
Speaker 1: interview with Cheryl Samberg along with my colleague Kurt Wagner,

452
00:23:50,080 --> 00:23:53,440
Speaker 1: who announced today that she is leaving Meta after fourteen

453
00:23:53,520 --> 00:23:57,479
Speaker 1: years as the company's chief operating officer. Samberg now fifty

454
00:23:57,520 --> 00:24:00,480
Speaker 1: two years old. She joined Facebook at this when she

455
00:24:00,600 --> 00:24:04,000
Speaker 1: was thirty eight and Mark Zuckerberg was just twenty three.

456
00:24:04,080 --> 00:24:06,600
Speaker 1: She'll officially leave the company in the fall, but she'll

457
00:24:06,640 --> 00:24:09,600
Speaker 1: stay on Meta's board. For more on what this all means,

458
00:24:09,600 --> 00:24:11,920
Speaker 1: I'm joined now by Bloomberg Sarah Fryer, who of course,

459
00:24:12,000 --> 00:24:15,359
Speaker 1: covers technology and social media for us, along with Stephen Levy,

460
00:24:15,440 --> 00:24:17,560
Speaker 1: Editor at Large at Wired and author of the book

461
00:24:17,880 --> 00:24:22,400
Speaker 1: Facebook The Inside Story. Stephen, you heard Cheryl's words. They're

462
00:24:22,480 --> 00:24:25,200
Speaker 1: her explanation for why and why Now. What's your read

463
00:24:25,240 --> 00:24:28,720
Speaker 1: on this? Well? I think you know. The surprise is

464
00:24:28,760 --> 00:24:31,840
Speaker 1: why she stayed so long. Uh. You know a lot

465
00:24:31,840 --> 00:24:34,400
Speaker 1: of people have thought that it would have happened earlier.

466
00:24:34,600 --> 00:24:37,000
Speaker 1: It's not a big surprise that she's going on to

467
00:24:37,119 --> 00:24:39,120
Speaker 1: something else. No one can say she cut and run

468
00:24:39,400 --> 00:24:42,840
Speaker 1: when Facebook run into troubles because she wrote it out

469
00:24:43,720 --> 00:24:46,720
Speaker 1: long pass the time some people thought she would. Uh.

470
00:24:46,760 --> 00:24:50,639
Speaker 1: And once the company changed its name and refocused on

471
00:24:50,680 --> 00:24:54,440
Speaker 1: the metaverse, you could tell o'clock was tacking Sarah. What's

472
00:24:54,440 --> 00:24:56,800
Speaker 1: your take? I mean, you know, in that interview she

473
00:24:56,800 --> 00:24:59,159
Speaker 1: she talks about how you know, we asked her, is

474
00:24:59,160 --> 00:25:00,879
Speaker 1: she gonna go back and a businesses? Are we going

475
00:25:00,920 --> 00:25:03,639
Speaker 1: to see her in politics someday? She said, all of

476
00:25:03,680 --> 00:25:06,600
Speaker 1: that is very unlikely. She really wants this time. She

477
00:25:06,600 --> 00:25:10,960
Speaker 1: wants to work on her philanthropy and still never say never,

478
00:25:11,200 --> 00:25:13,600
Speaker 1: but you know, not something that we should expect to

479
00:25:13,600 --> 00:25:16,760
Speaker 1: see her do. What do you think, Well, I think

480
00:25:16,800 --> 00:25:20,320
Speaker 1: you know, she wanted to leave Facebook in in a

481
00:25:20,359 --> 00:25:23,680
Speaker 1: good place likely and and it's really been a difficult

482
00:25:23,680 --> 00:25:25,840
Speaker 1: time to find a good place to leave Facebook. It's

483
00:25:25,840 --> 00:25:31,040
Speaker 1: a company in constant turmoil. They've they've had multiple scandals,

484
00:25:31,240 --> 00:25:34,480
Speaker 1: some of them you know, Cheryl Sanber contributed to through

485
00:25:34,520 --> 00:25:38,959
Speaker 1: the company's grow at all costs and you know, advertising business,

486
00:25:39,080 --> 00:25:42,359
Speaker 1: user growth, and then solving the problems after the fact.

487
00:25:42,440 --> 00:25:45,880
Speaker 1: She she did try hard to make sure that UM

488
00:25:45,960 --> 00:25:48,639
Speaker 1: Facebook could change. It's the way the public sees it,

489
00:25:48,960 --> 00:25:51,840
Speaker 1: the regulators could see it differently. But this is a

490
00:25:51,880 --> 00:25:55,080
Speaker 1: company that you know, is just such a big, powerful

491
00:25:55,119 --> 00:25:59,240
Speaker 1: force and continues to have issues. And so there was

492
00:25:59,320 --> 00:26:04,159
Speaker 1: no bright horizon moment for her to leave Facebook. She

493
00:26:04,240 --> 00:26:06,159
Speaker 1: just had to make the call. And I think I

494
00:26:06,200 --> 00:26:09,000
Speaker 1: think what she was saying about the transition to the

495
00:26:09,040 --> 00:26:11,840
Speaker 1: metaverse that gives a little bit of a clean moment

496
00:26:11,840 --> 00:26:14,240
Speaker 1: for her to say, like, listen, I I built Facebook

497
00:26:14,359 --> 00:26:18,640
Speaker 1: up to a nearly one billion dollar business. It's time

498
00:26:18,680 --> 00:26:21,160
Speaker 1: for the next era to begin. And that's not really

499
00:26:21,200 --> 00:26:22,720
Speaker 1: the era that she needs to be a part of.

500
00:26:23,240 --> 00:26:27,199
Speaker 1: UM Well, let's talk about that next era, Stephen. You know,

501
00:26:27,240 --> 00:26:31,399
Speaker 1: obviously Cheryl Sandberg did UM for better for worse, become

502
00:26:31,480 --> 00:26:34,919
Speaker 1: the face of many of Facebook's controversies. I imagine it

503
00:26:34,960 --> 00:26:38,439
Speaker 1: was difficult to find that good time to leave. And

504
00:26:38,520 --> 00:26:43,119
Speaker 1: yet she is inarguably one of the most influential people

505
00:26:43,680 --> 00:26:51,480
Speaker 1: in business today. How would you assess or explain her legacy.

506
00:26:51,960 --> 00:26:55,119
Speaker 1: It's a complicated one. She came there with you know,

507
00:26:55,160 --> 00:26:58,760
Speaker 1: you pointed out Mark was only twenty three. Um, she was,

508
00:26:58,960 --> 00:27:02,720
Speaker 1: you know, thirty eight. She built a big business at Google. Um.

509
00:27:02,760 --> 00:27:05,920
Speaker 1: And she changed Facebook's culture when she got there. Uh,

510
00:27:05,960 --> 00:27:10,240
Speaker 1: it was still very much a dorm room flavored uh,

511
00:27:10,359 --> 00:27:14,600
Speaker 1: kind of grow engineering based culture, and she knew how

512
00:27:14,640 --> 00:27:17,639
Speaker 1: to build it out to something bigger, something more welcoming

513
00:27:17,880 --> 00:27:22,359
Speaker 1: to a more diverse group of employees. Um. She built

514
00:27:22,440 --> 00:27:26,080
Speaker 1: up the business, the bad business. Um. You know you

515
00:27:26,080 --> 00:27:28,359
Speaker 1: could say that, uh, maybe point a finger at her

516
00:27:28,400 --> 00:27:30,280
Speaker 1: and saying the way she built it up was to

517
00:27:30,320 --> 00:27:33,600
Speaker 1: build it up on personal data and target advertising. That

518
00:27:33,680 --> 00:27:37,280
Speaker 1: was something that Cheryl really nurtured and delivered in a

519
00:27:37,359 --> 00:27:41,200
Speaker 1: spectacular fashion to advertisers. Um. And then she was also

520
00:27:41,240 --> 00:27:44,560
Speaker 1: in charge of the policy aspect of Facebook. And again

521
00:27:44,800 --> 00:27:46,800
Speaker 1: that's where they run into a lot of trouble. And

522
00:27:47,240 --> 00:27:50,280
Speaker 1: uh again you see it's interesting they had a few

523
00:27:50,280 --> 00:27:53,800
Speaker 1: months ago. Uh, that part of it was shifted to

524
00:27:54,080 --> 00:27:57,880
Speaker 1: Nick Clegg, who took over that part of the company's role,

525
00:27:58,520 --> 00:28:03,000
Speaker 1: which previously had been Charles Domain. And Nick reports directly

526
00:28:03,040 --> 00:28:07,360
Speaker 1: to Mark. Uh. And so before that whole policy thing,

527
00:28:07,359 --> 00:28:10,360
Speaker 1: the Washington d C thing, which you think Cheryl would

528
00:28:10,400 --> 00:28:13,840
Speaker 1: be so adept that because she came from d C

529
00:28:14,359 --> 00:28:17,879
Speaker 1: chief and treasury, Uh, that went to someone else. So

530
00:28:17,920 --> 00:28:21,480
Speaker 1: again one way for her to ease herself out of

531
00:28:21,560 --> 00:28:23,840
Speaker 1: the company. So let's take a look at the next

532
00:28:23,880 --> 00:28:28,560
Speaker 1: generation of Facebook leaders. Javi ol Evan will take over

533
00:28:28,680 --> 00:28:30,840
Speaker 1: s c o. Oh, but the role is is being

534
00:28:30,880 --> 00:28:34,720
Speaker 1: somewhat reconstituted. He won't oversee all of the things that

535
00:28:34,720 --> 00:28:37,840
Speaker 1: that Cheryl did in her iteration of chief operating Officer.

536
00:28:37,880 --> 00:28:42,120
Speaker 1: Obviously there's Nick Clegg, Chris Cox in product Andrew Bosworth,

537
00:28:42,400 --> 00:28:46,440
Speaker 1: chief Technology Officer. Talked to us Sarah about the team

538
00:28:46,800 --> 00:28:50,320
Speaker 1: that Cheryl Sandberg leaves behind. Many of these long time

539
00:28:50,320 --> 00:28:54,320
Speaker 1: Mark Zuckerberg lieutenants who've been at the company for years. Well,

540
00:28:54,360 --> 00:28:56,680
Speaker 1: the one person that people might not know very well

541
00:28:56,680 --> 00:29:01,200
Speaker 1: as Holly Hobby, who came out of the growth organization. Uh.

542
00:29:01,240 --> 00:29:05,320
Speaker 1: He was a lieutenant to uh Chamath Polly Hapatilla, who

543
00:29:05,400 --> 00:29:10,719
Speaker 1: was you know they growth at all costs lieutenant to Zuckerberg,

544
00:29:11,000 --> 00:29:14,760
Speaker 1: who really drove the company sometimes in dicey ways, uh

545
00:29:14,840 --> 00:29:18,080
Speaker 1: as it grew and he gained trust and really has

546
00:29:18,120 --> 00:29:21,880
Speaker 1: been very quietly one of the very top executives Facebook

547
00:29:21,920 --> 00:29:24,440
Speaker 1: slash Meta UM, and I think you're going to learn

548
00:29:24,480 --> 00:29:28,000
Speaker 1: more about him now. Of course, Andrew Bosworth is again

549
00:29:28,320 --> 00:29:32,000
Speaker 1: someone who's been with the company, uh since two thousand five.

550
00:29:32,080 --> 00:29:35,120
Speaker 1: I think, Um, he helped launch the news feed. That

551
00:29:35,120 --> 00:29:38,440
Speaker 1: that's how bar back he goes. UM. You know. Also,

552
00:29:39,280 --> 00:29:42,360
Speaker 1: you didn't have any women in unfortunately in that line there,

553
00:29:42,520 --> 00:29:46,719
Speaker 1: but Naomi glight Um is someone who is in that

554
00:29:46,880 --> 00:29:51,200
Speaker 1: inner circle UM, who again one of the earliest Facebook employees.

555
00:29:51,400 --> 00:29:56,320
Speaker 1: So it's sort of striking that now as Meta faces,

556
00:29:56,400 --> 00:29:59,920
Speaker 1: it's next big focus is next challenge of the metaverse.

557
00:30:00,240 --> 00:30:03,200
Speaker 1: The people behind it are people who have been with

558
00:30:03,360 --> 00:30:07,520
Speaker 1: Mark Zuckerberg since almost the very beginning. Speaking of women

559
00:30:07,560 --> 00:30:10,520
Speaker 1: at Facebook, a number of you know, powerful women who

560
00:30:10,520 --> 00:30:14,120
Speaker 1: came up in Facebook have left quite frankly, Stephen Caroline Everson,

561
00:30:14,600 --> 00:30:17,719
Speaker 1: uh Fiji Simo, who is now the CEO of instat

562
00:30:17,720 --> 00:30:19,320
Speaker 1: card I actually had a chance to sit down with

563
00:30:19,360 --> 00:30:22,120
Speaker 1: Fiji to ask her about Facebook's future this pivot to

564
00:30:22,200 --> 00:30:24,640
Speaker 1: the metaverse her thought on whether or not this was

565
00:30:24,680 --> 00:30:27,080
Speaker 1: a good idea. Take a listen to what she had

566
00:30:27,120 --> 00:30:32,160
Speaker 1: to say. I personally don't love spending a ton of

567
00:30:32,160 --> 00:30:35,080
Speaker 1: time in gel I am incredibly emotion sick, which would

568
00:30:35,080 --> 00:30:38,600
Speaker 1: have been a very big problems Facebook to guilt in

569
00:30:38,640 --> 00:30:42,280
Speaker 1: metal else. You know, it's interesting, Stephen, I wonder if

570
00:30:42,360 --> 00:30:45,360
Speaker 1: Chryl had a moment of like, you know, I've got

571
00:30:45,360 --> 00:30:47,840
Speaker 1: to rewrite a whole new business plan, write a whole

572
00:30:47,880 --> 00:30:50,040
Speaker 1: new business plan, and how this all is going to

573
00:30:50,120 --> 00:30:52,680
Speaker 1: work in the metaverse now, and that may be a

574
00:30:52,680 --> 00:30:55,959
Speaker 1: part of her just didn't want to do that, Stephen,

575
00:30:56,000 --> 00:30:58,600
Speaker 1: what do you think? You know? I agree when I

576
00:30:58,680 --> 00:31:02,000
Speaker 1: when I saw that the comped changed its name, I thought, finally,

577
00:31:02,160 --> 00:31:04,800
Speaker 1: Charole has kind of an exit rant. If you look

578
00:31:04,800 --> 00:31:07,720
Speaker 1: at the history of Cheryl, I think she wanted to

579
00:31:07,800 --> 00:31:12,120
Speaker 1: leave originally after the company went public, but that really

580
00:31:12,160 --> 00:31:14,680
Speaker 1: didn't go very well um and it would have been

581
00:31:14,720 --> 00:31:17,680
Speaker 1: a bad note to leave on. So she said, Okay,

582
00:31:17,840 --> 00:31:21,000
Speaker 1: let me wait till it all comes together. And then

583
00:31:21,120 --> 00:31:23,840
Speaker 1: the next horrible thing that happened was her husband died,

584
00:31:23,920 --> 00:31:26,960
Speaker 1: and you know, um, that wasn't you know, a good

585
00:31:27,000 --> 00:31:28,680
Speaker 1: time you know to leave. It wasn't a good time

586
00:31:28,680 --> 00:31:31,840
Speaker 1: for her personally, and you know, she leaned on Mark

587
00:31:31,920 --> 00:31:34,680
Speaker 1: and the company to get her through that. And then

588
00:31:34,760 --> 00:31:38,680
Speaker 1: came the election and all the troubles then, so you know,

589
00:31:38,840 --> 00:31:42,880
Speaker 1: she was thwarted every turn. When the senatorial post came

590
00:31:42,960 --> 00:31:46,000
Speaker 1: up in California, a lot of people thought, well, that

591
00:31:46,080 --> 00:31:48,040
Speaker 1: was something that Charytle was waiting for us. She wanted

592
00:31:48,040 --> 00:31:50,640
Speaker 1: to go into politics, but again she was in no

593
00:31:50,720 --> 00:31:53,120
Speaker 1: position to do that. And also a lot of people

594
00:31:53,240 --> 00:31:56,640
Speaker 1: thought that the person who took over that uh that

595
00:31:56,760 --> 00:32:00,120
Speaker 1: seat was you know, in line for that again. And

596
00:32:00,320 --> 00:32:03,880
Speaker 1: so Sheryl has had some pretty bad luck in terms

597
00:32:03,920 --> 00:32:07,280
Speaker 1: of an exit ramp from Facebook, which she only really

598
00:32:07,280 --> 00:32:09,560
Speaker 1: wanted to stay for five years. That was her original

599
00:32:09,640 --> 00:32:12,320
Speaker 1: prem and she told me that today that she thought

600
00:32:12,320 --> 00:32:14,280
Speaker 1: this was a five year gig and here she is

601
00:32:15,000 --> 00:32:18,480
Speaker 1: fourteen years later. I mean, Sarah, what is your level

602
00:32:18,560 --> 00:32:22,640
Speaker 1: of of confidence in that the team that's left um behind,

603
00:32:22,840 --> 00:32:24,840
Speaker 1: if you will, or the team that's still there that's

604
00:32:24,880 --> 00:32:27,880
Speaker 1: going to have to come up with this business plan

605
00:32:28,200 --> 00:32:30,840
Speaker 1: for the Metaverse? And obviously all the products that are

606
00:32:30,840 --> 00:32:34,200
Speaker 1: going to make it come to life. Well, always, when

607
00:32:34,240 --> 00:32:37,480
Speaker 1: I think about Facebook and what Facebook is really invented

608
00:32:37,520 --> 00:32:41,960
Speaker 1: over the course of its history, it's it's this this

609
00:32:42,120 --> 00:32:49,680
Speaker 1: sort of very methodical strategy of growing, growing in ways

610
00:32:49,760 --> 00:32:51,760
Speaker 1: that you know a lot of other companies wouldn't have

611
00:32:51,760 --> 00:32:55,440
Speaker 1: thought of, like making sure that there is no barrier

612
00:32:55,600 --> 00:32:58,440
Speaker 1: to somebody using your product and have your Olivan, who

613
00:32:58,560 --> 00:33:01,520
Speaker 1: is going to be the new CEO of Facebook, was

614
00:33:01,640 --> 00:33:05,760
Speaker 1: really the person spearheading that at Facebook for many years.

615
00:33:05,800 --> 00:33:07,840
Speaker 1: He was in charge of growth, in charge of making

616
00:33:07,840 --> 00:33:12,080
Speaker 1: sure that Facebook resonated in new markets. And I think

617
00:33:12,120 --> 00:33:15,360
Speaker 1: that the fact that he's in the CEO of position,

618
00:33:16,120 --> 00:33:19,720
Speaker 1: it just means that Facebook needs the betaverse to work.

619
00:33:19,840 --> 00:33:23,840
Speaker 1: That is their next bet um. Because of the decay

620
00:33:24,000 --> 00:33:28,680
Speaker 1: of their legacy platform, Facebook is is um stagnating in

621
00:33:28,760 --> 00:33:31,760
Speaker 1: terms of user growth. Instagram is struggling to keep up

622
00:33:31,760 --> 00:33:35,719
Speaker 1: with TikTok. This is a really rough time for Facebook

623
00:33:36,000 --> 00:33:39,719
Speaker 1: to not have a sure bet for its next ten years.

624
00:33:40,160 --> 00:33:44,120
Speaker 1: And by putting Xavier in the driver's seat their operations, um,

625
00:33:44,320 --> 00:33:47,920
Speaker 1: they really are saying, like we want this to work. Uh.

626
00:33:47,960 --> 00:33:50,280
Speaker 1: It's certainly interesting to think about the pivot of the

627
00:33:50,320 --> 00:33:54,000
Speaker 1: metaverse as an off ramp. If you will, UM for

628
00:33:54,320 --> 00:33:57,200
Speaker 1: Ryl Sandberg to leave, as you know, I'm sure she's

629
00:33:57,240 --> 00:34:01,240
Speaker 1: been been planning to do at least eventually, Um. Bloomberg sarafire.

630
00:34:01,360 --> 00:34:04,120
Speaker 1: Thank you Stephen Levy at our large at Wired, author

631
00:34:04,280 --> 00:34:06,720
Speaker 1: of Facebook The Inside Story. If you want to learn

632
00:34:06,720 --> 00:34:19,560
Speaker 1: more about how we got here, Thank you both. It

633
00:34:19,640 --> 00:34:22,400
Speaker 1: is time now for our crypto report. And Bitcoin seemed

634
00:34:22,440 --> 00:34:24,719
Speaker 1: to be on the right track for a decoupling with

635
00:34:24,840 --> 00:34:27,560
Speaker 1: US stocks, but that was short lived, as the largest

636
00:34:27,560 --> 00:34:31,560
Speaker 1: cryptocurrency felt for the first time in five trading sessions.

637
00:34:31,560 --> 00:34:34,720
Speaker 1: Bloomberg's Katie Gray felt here in New York for more

638
00:34:34,719 --> 00:34:36,719
Speaker 1: going to see you in person. Thrilling to see you

639
00:34:36,920 --> 00:34:40,759
Speaker 1: so thrilling d that's the word. Um. What happened? It's

640
00:34:40,840 --> 00:34:43,000
Speaker 1: not good that correlation with big tech. When it comes

641
00:34:43,040 --> 00:34:45,400
Speaker 1: to bitcoin, it's back in a big way. That's actually

642
00:34:45,680 --> 00:34:48,840
Speaker 1: bad news for bitcoin because of the the NASA's dropped for

643
00:34:48,880 --> 00:34:52,319
Speaker 1: two straight days. It's down about one percent so far

644
00:34:52,440 --> 00:34:54,439
Speaker 1: this week. And if you look at what that's meant

645
00:34:54,440 --> 00:34:57,280
Speaker 1: for Bitcoin, basically under a lot of pressure, dropped almost

646
00:34:57,320 --> 00:35:01,360
Speaker 1: seven percent on Wednesday alone. It's bad below that thirty

647
00:35:01,920 --> 00:35:04,400
Speaker 1: dollar per coin level. It still hasn't broken out on

648
00:35:04,480 --> 00:35:06,840
Speaker 1: the low end of its rain but Emily, it's just

649
00:35:07,080 --> 00:35:09,360
Speaker 1: it can't get it off the ground. So what should

650
00:35:09,360 --> 00:35:12,040
Speaker 1: we expect to happen tomorrow? It's a good question. I've

651
00:35:12,040 --> 00:35:14,080
Speaker 1: actually been taking a look at the pro SHARE's Bitcoin

652
00:35:14,160 --> 00:35:16,680
Speaker 1: strategy e t F. The ticker there is BITTO. If

653
00:35:16,680 --> 00:35:19,279
Speaker 1: you look at the it's put to call ratio, it's

654
00:35:19,320 --> 00:35:21,399
Speaker 1: close to a record high. That ratio right now stands

655
00:35:21,400 --> 00:35:25,000
Speaker 1: at about one point six. And if you pair that

656
00:35:25,080 --> 00:35:27,720
Speaker 1: with what we're seeing in short interest, about ten percent

657
00:35:27,760 --> 00:35:30,560
Speaker 1: of BIDO shares outstanding are sold short at the moment

658
00:35:30,560 --> 00:35:32,480
Speaker 1: you add that all together, Basically it tells you that

659
00:35:32,520 --> 00:35:35,760
Speaker 1: even though BITTO and Bitcoin down well over thirty percent

660
00:35:35,920 --> 00:35:39,400
Speaker 1: so far this year, trainers preparing for more losses ahead.

661
00:35:39,680 --> 00:35:42,480
Speaker 1: Now I gotta tie this back to Cheryl Sandberg somehow,

662
00:35:42,520 --> 00:35:44,719
Speaker 1: because that is the big news of the day. Let's

663
00:35:44,719 --> 00:35:48,240
Speaker 1: not forget that Facebook had a big cryptocurrency project Libra.

664
00:35:48,560 --> 00:35:51,120
Speaker 1: David Marcus, who had come over from PayPal, ended up

665
00:35:51,200 --> 00:35:54,319
Speaker 1: running that. He's no longer at the company either, is

666
00:35:54,320 --> 00:35:56,320
Speaker 1: there you know, how much hope is there for Facebook

667
00:35:56,360 --> 00:35:58,400
Speaker 1: to have a role in the crypto space. It feels

668
00:35:58,440 --> 00:36:00,960
Speaker 1: like this company really has a torture relationship when it

669
00:36:01,000 --> 00:36:03,440
Speaker 1: comes to the entire crypto ecosystem. Like you said, I

670
00:36:03,440 --> 00:36:06,160
Speaker 1: mean d M never really got off the ground. It

671
00:36:06,200 --> 00:36:08,319
Speaker 1: took a long time for that to unravel. And now

672
00:36:08,360 --> 00:36:12,480
Speaker 1: obviously Facebook now Meta took a hard pivot into the metaverse,

673
00:36:12,520 --> 00:36:15,160
Speaker 1: that digital world. I haven't heard a good definition for

674
00:36:15,200 --> 00:36:17,399
Speaker 1: it yet, but in any case, they're investing a ton

675
00:36:17,480 --> 00:36:20,120
Speaker 1: of money there. But we heard from Zuckerberg just late

676
00:36:20,200 --> 00:36:22,479
Speaker 1: last month saying that it's going to be a long

677
00:36:22,600 --> 00:36:25,520
Speaker 1: path to return on investment in the metaverse. That Meta

678
00:36:25,600 --> 00:36:28,840
Speaker 1: is going to lose significant money in the metaverse for

679
00:36:28,880 --> 00:36:31,719
Speaker 1: the next three to five years. But like Sarah Fire

680
00:36:31,719 --> 00:36:34,520
Speaker 1: said just in the last segment, Facebook needs the metaverse

681
00:36:34,800 --> 00:36:37,160
Speaker 1: to work, but that could take a while. And Data

682
00:36:37,239 --> 00:36:39,400
Speaker 1: now there's a whole different team of people that's going

683
00:36:39,440 --> 00:36:41,800
Speaker 1: to be in charge of figuring out the business model

684
00:36:42,120 --> 00:36:44,920
Speaker 1: for that without Cheryl Sandberg. Okay, Katie Graffeld, thank you.

685
00:36:45,600 --> 00:36:50,160
Speaker 1: Coming up, what Cheryl Sandberg's departure means for women leaders

686
00:36:50,200 --> 00:36:52,279
Speaker 1: in tech at large, We're going to talk about that

687
00:36:52,320 --> 00:36:55,960
Speaker 1: and more with Girls Who Code founder Rushma Shao Johnny. Next,

688
00:36:56,239 --> 00:37:14,680
Speaker 1: this is Boomberg. The decision I didn't come too lightly,

689
00:37:15,520 --> 00:37:19,640
Speaker 1: but it's been fourteen years. It's been fourteen years, and

690
00:37:19,680 --> 00:37:23,120
Speaker 1: I want to make more room to do more philanthropically,

691
00:37:23,280 --> 00:37:25,520
Speaker 1: to do more with my foundation. I've definitely not been

692
00:37:25,560 --> 00:37:28,560
Speaker 1: able to do nearly as much as I have wanted

693
00:37:28,600 --> 00:37:33,360
Speaker 1: to recently. It's a really important moment for women, Emily.

694
00:37:33,400 --> 00:37:34,680
Speaker 1: I know you and I have spent a lot of

695
00:37:34,719 --> 00:37:36,520
Speaker 1: time talking about that over the years, but it really

696
00:37:36,560 --> 00:37:39,839
Speaker 1: feels like a very very important moment when I think

697
00:37:39,880 --> 00:37:43,600
Speaker 1: more focused there would really be important to me personally.

698
00:37:46,280 --> 00:37:48,240
Speaker 1: I want to come back to today's new Cherryl Samberg

699
00:37:48,480 --> 00:37:52,040
Speaker 1: leaving Meta, bringing rest Michelle Johnny, founder of Girls Who Code,

700
00:37:52,040 --> 00:37:54,000
Speaker 1: author of pay Up, a book on the current model

701
00:37:54,040 --> 00:37:56,279
Speaker 1: of the workplace how it needs to change for the

702
00:37:56,320 --> 00:38:00,000
Speaker 1: next generation. Obviously, Ryl Samberg was part of the Converse

703
00:38:00,040 --> 00:38:01,960
Speaker 1: station that I'm sure got you there, and I know

704
00:38:02,040 --> 00:38:04,719
Speaker 1: she was a supporter of Girls Who Code. I have

705
00:38:04,840 --> 00:38:07,439
Speaker 1: to ask for your reaction to this news that after

706
00:38:07,520 --> 00:38:11,560
Speaker 1: a really long time, Cheryl's Amberg is leaving Facebook. I'm

707
00:38:11,600 --> 00:38:14,720
Speaker 1: excited for her. You know, Cheryl was an early supporter

708
00:38:14,760 --> 00:38:16,879
Speaker 1: of Girls Who code. We used to actually have every

709
00:38:16,960 --> 00:38:19,320
Speaker 1: year these town halls, you know, where her and I

710
00:38:19,360 --> 00:38:22,480
Speaker 1: would have a conversation with you know, hundreds of our students.

711
00:38:22,480 --> 00:38:25,480
Speaker 1: And she opened up Facebook, you know, to this movement,

712
00:38:26,080 --> 00:38:28,319
Speaker 1: and I think she's absolutely left right. I mean, women

713
00:38:28,320 --> 00:38:30,920
Speaker 1: are in crisis. You know, Rovi Wade is about to

714
00:38:30,960 --> 00:38:36,080
Speaker 1: be overturned any minute now, and so we need leadership

715
00:38:36,400 --> 00:38:39,000
Speaker 1: and we need her leadership. So I'm excited to see

716
00:38:39,000 --> 00:38:40,799
Speaker 1: what she does. So do you make us a controversy

717
00:38:40,840 --> 00:38:45,040
Speaker 1: around her leadership? I mean not everybody agreed with len In? Yeah,

718
00:38:45,080 --> 00:38:47,759
Speaker 1: I mean, listen, I don't agree with all of len In.

719
00:38:47,960 --> 00:38:49,719
Speaker 1: You know, I wrote a book pay Up saying but

720
00:38:49,800 --> 00:38:53,640
Speaker 1: you know it was revolutionary at that moment, and things

721
00:38:53,640 --> 00:38:55,759
Speaker 1: have changed. I think she would agree with that that

722
00:38:55,840 --> 00:38:58,759
Speaker 1: we need a different type of fight in workplaces. We

723
00:38:58,800 --> 00:39:00,360
Speaker 1: have to stop trying to fix women and we have

724
00:39:00,400 --> 00:39:03,680
Speaker 1: to fix the structure. But the reality is is you

725
00:39:03,840 --> 00:39:09,040
Speaker 1: have to applaud how far she got to and what

726
00:39:09,160 --> 00:39:11,400
Speaker 1: that means for women. You know, we always say you

727
00:39:11,440 --> 00:39:13,759
Speaker 1: cannot be what you cannot see, and there are so

728
00:39:13,840 --> 00:39:15,600
Speaker 1: many young girls who are looking at her as a

729
00:39:15,680 --> 00:39:18,560
Speaker 1: CEO of Facebook and saying, well, maybe I can do

730
00:39:18,600 --> 00:39:22,360
Speaker 1: that too. A very high ranking female executive in Silicon

731
00:39:22,440 --> 00:39:25,279
Speaker 1: Valley told me, you cannot lean in if the door

732
00:39:25,320 --> 00:39:28,240
Speaker 1: is nailed shut. Is this is the door still nailed

733
00:39:28,239 --> 00:39:31,520
Speaker 1: shut for a lot of people, or has has it

734
00:39:31,680 --> 00:39:34,960
Speaker 1: cracked open? No, it's nailed shut. You know it. It

735
00:39:35,040 --> 00:39:36,680
Speaker 1: is definitely nail shut. I mean, look at the state

736
00:39:36,680 --> 00:39:38,920
Speaker 1: of affairs right now. We are literally living in a

737
00:39:38,920 --> 00:39:42,440
Speaker 1: country that is forcing birth, you know, for when with that,

738
00:39:42,560 --> 00:39:44,960
Speaker 1: in a country that has the highest infant mortality rate,

739
00:39:45,320 --> 00:39:48,759
Speaker 1: no paid leave, no affordable childcare, where our kids are

740
00:39:48,800 --> 00:39:52,239
Speaker 1: being shot in schools. I mean the number one you know,

741
00:39:53,360 --> 00:39:58,080
Speaker 1: the number one reason why kids die is guns. And so, yes,

742
00:39:58,200 --> 00:40:01,120
Speaker 1: the door is nailed shut and we have to force

743
00:40:01,160 --> 00:40:03,799
Speaker 1: it open. Uh. And there's ever been a moment to

744
00:40:03,880 --> 00:40:06,480
Speaker 1: call for a revolution, to call for you know, thinking

745
00:40:06,480 --> 00:40:09,520
Speaker 1: about things differently. You know, we just launched a coalition

746
00:40:09,560 --> 00:40:11,840
Speaker 1: to make sure that child care is a benefit that

747
00:40:11,920 --> 00:40:15,279
Speaker 1: every single company offers. You and I have talked about

748
00:40:15,280 --> 00:40:18,600
Speaker 1: women backsliding in the pandemic and the fear that women

749
00:40:18,640 --> 00:40:21,360
Speaker 1: will come out of this in more shape than how

750
00:40:21,600 --> 00:40:24,680
Speaker 1: they entered. Um Elon Musk is now saying I can't

751
00:40:24,680 --> 00:40:28,319
Speaker 1: work from home. I'm curious what your your reaction is

752
00:40:28,400 --> 00:40:32,520
Speaker 1: to his memo. Um, given that this thought of hybrid work,

753
00:40:33,320 --> 00:40:35,800
Speaker 1: there's a thought that it's good for women. Yeah, I mean, listen,

754
00:40:35,840 --> 00:40:38,360
Speaker 1: I get it. People want people back in the office.

755
00:40:38,440 --> 00:40:41,200
Speaker 1: But people can't come back in the office unless they

756
00:40:41,200 --> 00:40:43,279
Speaker 1: don't have the support. So, you know, we just did

757
00:40:43,280 --> 00:40:45,719
Speaker 1: a survey with McKinsey, and half of the women that

758
00:40:45,800 --> 00:40:50,520
Speaker 1: we surveyed left because childcare is unaffordable and unreliable. Today,

759
00:40:50,680 --> 00:40:52,759
Speaker 1: half of our day care centers are still shut down.

760
00:40:53,040 --> 00:40:55,120
Speaker 1: You know, we still have new variants. You know, we

761
00:40:55,160 --> 00:40:58,840
Speaker 1: still have instability at schools. I mean, most people, you know,

762
00:40:58,920 --> 00:41:01,400
Speaker 1: pay more for their their childcare then they pay for

763
00:41:01,440 --> 00:41:04,120
Speaker 1: their mortgages, their largest cost center. So if we want

764
00:41:04,160 --> 00:41:06,080
Speaker 1: people to come back to to work, we have to

765
00:41:06,120 --> 00:41:09,279
Speaker 1: think about new policies to help them come back to work,

766
00:41:09,320 --> 00:41:12,240
Speaker 1: which means paying for their childcare, you know, which means

767
00:41:12,560 --> 00:41:15,759
Speaker 1: having paid leave, which means thinking about how you do

768
00:41:15,880 --> 00:41:19,640
Speaker 1: design hybrid workplace to make it possible for people to

769
00:41:19,680 --> 00:41:21,920
Speaker 1: fulfill the roles that they're fad And it's not just moms,

770
00:41:21,960 --> 00:41:24,239
Speaker 1: it's dad's too, you know. I talked to so many

771
00:41:24,280 --> 00:41:26,400
Speaker 1: fathers to say I don't want to commute two and

772
00:41:26,400 --> 00:41:28,839
Speaker 1: a half hours, you know, to work every day there

773
00:41:28,840 --> 00:41:31,680
Speaker 1: and back and see my kid for five minutes a day.

774
00:41:32,200 --> 00:41:33,719
Speaker 1: I don't want to live like that. You also have

775
00:41:34,280 --> 00:41:37,120
Speaker 1: a very unique view into how well our young people

776
00:41:37,120 --> 00:41:39,399
Speaker 1: and girls especially are being prepared for their future. Are

777
00:41:39,520 --> 00:41:43,160
Speaker 1: they ready? Are they getting new tools to succeed in

778
00:41:43,160 --> 00:41:46,040
Speaker 1: in in the world that we're still faced with today. Yeah,

779
00:41:46,080 --> 00:41:48,920
Speaker 1: you know, it's interesting. I gave Yale commencement speech last week,

780
00:41:48,920 --> 00:41:51,000
Speaker 1: and I've been talking to young people and asking them, like,

781
00:41:51,440 --> 00:41:54,560
Speaker 1: you know, how do you feel about this moment? You know,

782
00:41:54,600 --> 00:41:58,080
Speaker 1: do you feel like you want to change the world?

783
00:41:58,600 --> 00:42:00,359
Speaker 1: And when I talk to so many as they see

784
00:42:00,400 --> 00:42:03,319
Speaker 1: in the past two years, it set us back. We're exhausted,

785
00:42:03,480 --> 00:42:06,880
Speaker 1: we're tired, our mental health is drained. You know. We

786
00:42:06,960 --> 00:42:08,880
Speaker 1: look at the adults in the room and they are

787
00:42:08,920 --> 00:42:12,200
Speaker 1: not leading us, and so we are not inspired. We

788
00:42:12,239 --> 00:42:14,840
Speaker 1: do not feel like we're ready to basically solve COVID climate.

789
00:42:14,920 --> 00:42:17,120
Speaker 1: So we need to do something different. So in thirty seconds,

790
00:42:17,200 --> 00:42:20,560
Speaker 1: what's the good news? Inspire us? Because you're out there

791
00:42:20,600 --> 00:42:23,560
Speaker 1: doing this good work, and clearly women are inspiring. Yeah,

792
00:42:23,600 --> 00:42:26,000
Speaker 1: the good news is we're piste off as hell and

793
00:42:26,040 --> 00:42:31,640
Speaker 1: this rage is going to take us to power. Um, well, uh,

794
00:42:31,840 --> 00:42:33,880
Speaker 1: what do you How significant do you think it is

795
00:42:33,880 --> 00:42:36,200
Speaker 1: that Cheryl Sandburg will not be leading on the business side,

796
00:42:36,239 --> 00:42:38,640
Speaker 1: but you know, might be more influential on the policy side.

797
00:42:38,719 --> 00:42:40,759
Speaker 1: I think we need. I mean, listen, I I give

798
00:42:40,880 --> 00:42:44,680
Speaker 1: so much gratitude to Melinda Gates and mckenzy basis. I mean,

799
00:42:44,680 --> 00:42:47,759
Speaker 1: Melinda has single handedly funded the movement that I'm a

800
00:42:47,800 --> 00:42:49,719
Speaker 1: part of, you know, in terms of making sure that

801
00:42:49,760 --> 00:42:52,440
Speaker 1: we have paid leaven affordable childcare. So we need more women,

802
00:42:52,440 --> 00:42:55,600
Speaker 1: more philanthropists, more women who are seating this work. Amen,

803
00:42:56,000 --> 00:42:58,879
Speaker 1: Rushmashe Johnny, girls who code so good to see you here. Good,

804
00:42:59,560 --> 00:43:03,880
Speaker 1: thank you. That does it for this edition of Bloomberg Technology.

805
00:43:03,880 --> 00:43:06,160
Speaker 1: I'm gonna be right back here in New York tomorrow.

806
00:43:06,160 --> 00:43:09,000
Speaker 1: I've got a great lineup of guests there. That's all

807
00:43:09,040 --> 00:43:10,719
Speaker 1: for now. Stay tuned to Bloomberg