WEBVTT - Sheryl Sandberg Steps Down as COO of META 0:00:00.040 --> 0:00:06.040 Yea from the heart of where innovation, money and power 0:00:06.160 --> 0:00:11.560 collive in Silicon Valley and beyond. This is Bloomberg Technology 0:00:11.680 --> 0:00:27.880 with Emily Jay. I'm Emily Chang in New York, and 0:00:27.920 --> 0:00:30.479 this is Bloomberg Technology. Coming up in the next hour, 0:00:30.680 --> 0:00:34.080 the end of a Silicon Valley era. Cheryl Samberg is 0:00:34.120 --> 0:00:38.200 stepping down after fourteen years at Facebook and now Meta 0:00:38.720 --> 0:00:41.639 as chief operating officer. I spoke to Samberg in an 0:00:41.640 --> 0:00:47.080 exclusive interview. I made a final decision this weekend, and 0:00:47.159 --> 0:00:52.320 let Mark know. I'm gonna have more on that decision, 0:00:52.560 --> 0:00:55.200 why she's leaving now and what it means for Meta's future. 0:00:55.320 --> 0:00:58.520 And if you want to keep working at Tesla, forget 0:00:58.520 --> 0:01:01.080 about working from home. Elon asks sending an email with 0:01:01.120 --> 0:01:05.399 the subject line remote work is no longer acceptable. We 0:01:05.400 --> 0:01:06.840 will get to that later in the show, But first, 0:01:06.840 --> 0:01:08.560 a quick check of the markets and of course, how 0:01:08.600 --> 0:01:11.240 Meta Shares moved on news of Cheryl Sandberg leaving the 0:01:11.280 --> 0:01:15.759 company after fourteen years. Bloomberg's ad Ludlow here with more 0:01:16.000 --> 0:01:19.720 Big day for the markets, Yeah, big day. Fantastic reporting 0:01:19.720 --> 0:01:22.080 on Cheryl Sandberg and the role that the sell off 0:01:22.080 --> 0:01:23.840 and Meta Shares had, even though it was just in 0:01:23.880 --> 0:01:26.240 the last twenty minutes of the session. You did have 0:01:26.240 --> 0:01:28.000 an impact on the broader markets. You look at the 0:01:28.040 --> 0:01:31.080 SMP five hundred, the NASDAC one hundred, both down by 0:01:31.080 --> 0:01:34.399 seven tenths of a percent, but those declines accelerated as 0:01:34.400 --> 0:01:38.440 we saw Facebook Meta shares sell off more rapidly in 0:01:38.480 --> 0:01:40.759 the last thirty minutes of trading. Definitely the biggest points 0:01:40.840 --> 0:01:43.759 lagged on the NASDAC one hundred, really weighing down that index. 0:01:43.800 --> 0:01:46.399 Another day where yields continue to rise though, which is 0:01:46.440 --> 0:01:48.680 impacting tex stocks. You see the yield in US tenure 0:01:48.720 --> 0:01:51.520 treasury up to two point nine percent, up around six 0:01:51.560 --> 0:01:54.040 basis points, and that that's the move right You're all 0:01:54.080 --> 0:01:56.360 wise on Meta, the parent company of Facebook, at one 0:01:56.400 --> 0:01:59.000 point down four percent, although it did pair some of 0:01:59.040 --> 0:02:02.160 those declines is more details came out about Sandberg's replacement, 0:02:02.440 --> 0:02:05.280 about the fact that Sandberg is going to remain on 0:02:05.320 --> 0:02:08.160 the board despite stepping down the CEO very quickly. One 0:02:08.200 --> 0:02:10.760 corner of the market where very heavy selling took place 0:02:11.160 --> 0:02:15.240 was crypto related stocks. We saw Bitcoin actually through most 0:02:15.320 --> 0:02:19.240 of Wednesday session full back down towards thirty thousand dollars 0:02:19.240 --> 0:02:21.239 per per token, and you see some of the names 0:02:21.440 --> 0:02:25.760 involved in crypto and also blockchain related technologies seeing really 0:02:25.760 --> 0:02:28.880 heavy declines. There was also broader impacts from their sell 0:02:28.919 --> 0:02:31.040 off and met up on the social media landscape and 0:02:31.080 --> 0:02:33.560 the moment that the headlines cross the Bloomberg terminal. You 0:02:33.600 --> 0:02:37.840 saw that instant reaction in Meta shares ticker FB remember 0:02:38.200 --> 0:02:41.720 June thirty is changing to ticker m E t A. 0:02:42.160 --> 0:02:44.680 But Twitter also saw the clients pairing some of those 0:02:44.680 --> 0:02:47.639 losses towards the close. The same story with Snap. This 0:02:47.720 --> 0:02:50.440 is going to have reverberations in the social media landscape 0:02:50.440 --> 0:02:53.000 because of the role that Sandberg was as a player 0:02:53.200 --> 0:02:56.720 in the ad space as well. And all right, thank you. 0:02:57.120 --> 0:02:59.800 That big news of the day Cheryl Samberg leaving Matter 0:03:00.160 --> 0:03:03.040 after fourteen years as chief operating officer. I had a 0:03:03.120 --> 0:03:05.800 chance to speak to her exclusively along with my colleague 0:03:06.040 --> 0:03:08.960 Kurt Wagner about the announcement. She will officially leave the 0:03:08.960 --> 0:03:12.360 company in the fall. She will stay on Meta's board. 0:03:12.480 --> 0:03:15.359 But here's her answer as to why and why not. 0:03:16.880 --> 0:03:18.680 This was a decision I made that I did not 0:03:18.800 --> 0:03:21.480 come too lightly, and it really is about how I 0:03:21.520 --> 0:03:23.680 will spend my time, not how much I believe in 0:03:23.680 --> 0:03:25.960 the company. I believe in the company, but as much 0:03:26.000 --> 0:03:29.240 as I ever did and staying on board, and I 0:03:29.320 --> 0:03:31.560 really have complete confidence in the team Mark and I 0:03:31.600 --> 0:03:33.480 have built. I think they're going to do a great 0:03:33.520 --> 0:03:36.880 job building the future or accompanied us a huge part 0:03:36.880 --> 0:03:38.680 of my life and a huge part of my heart 0:03:40.400 --> 0:03:43.360 for more. I'm joined by Kurt Wagner, who of course 0:03:43.400 --> 0:03:46.560 covers metaphor us, and David Kirkpatrick, founder of Techonomy, author 0:03:46.600 --> 0:03:49.920 of the book The Facebook Effect. Kurt, I'll start with you, 0:03:50.000 --> 0:03:53.360 since you and I both spoke to Cheryl exclusively on 0:03:53.400 --> 0:03:57.360 the phone. You know, we've been preparing for this, you know, 0:03:57.400 --> 0:03:59.040 but I think a small part of me never thought 0:03:59.480 --> 0:04:01.160 it would have been you know, give us a little 0:04:01.160 --> 0:04:04.280 bit more context about why you believe Charyl was making 0:04:04.320 --> 0:04:07.560 this decision and now. Well, she was very clear in 0:04:07.600 --> 0:04:11.040 our conversation Emily that, uh, it felt to me like 0:04:11.120 --> 0:04:13.840 this was a much more personal decision than anything for her. 0:04:13.960 --> 0:04:16.080 You know, she talked about the fact that she's getting 0:04:16.120 --> 0:04:18.919 married this summer. Uh, you know, she's gonna be blending 0:04:18.960 --> 0:04:22.400 her family with her fiance's family. She's obviously very passionate 0:04:22.680 --> 0:04:26.479 about her philanthropy work, and and lean in and so 0:04:26.760 --> 0:04:29.280 those were the types of things that she talked about, right, 0:04:29.320 --> 0:04:30.960 And when you start to take a step back and 0:04:31.000 --> 0:04:34.200 you look, okay, well, some of her biggest responsibilities, for example, 0:04:34.279 --> 0:04:37.039 running all of policy has already been handed off to 0:04:37.120 --> 0:04:40.360 Nick Clegg, right, and so the legal side had already 0:04:40.360 --> 0:04:43.159 been handed off. So you look at kind of, um, 0:04:43.839 --> 0:04:46.280 the trail that led us to hear right and see 0:04:46.279 --> 0:04:48.159 what's happening in her personal life, the fact she's been 0:04:48.160 --> 0:04:50.400 there a long time and that some of her responsibilities 0:04:50.560 --> 0:04:53.080 had been started to hand off to other people. I 0:04:53.080 --> 0:04:55.880 think it felt, um, you know, sort of to your point, 0:04:55.920 --> 0:04:57.599 like we've been asking this for a long time. It 0:04:57.640 --> 0:04:59.760 wasn't necessarily shocking. At the same time, it's hard to 0:04:59.800 --> 0:05:02.400 think Facebook without Cheryl sand and we have been asking 0:05:02.400 --> 0:05:04.279 this question for a long time. But the irony is 0:05:04.520 --> 0:05:07.120 she told us that she made the decision over the weekend, 0:05:07.560 --> 0:05:10.680 told Mark over the weekend, and here we are with 0:05:10.720 --> 0:05:13.840 this announcement today. She talked to us a little bit 0:05:13.839 --> 0:05:16.599 about delivering that news to Mark. Take a quick listen 0:05:16.800 --> 0:05:20.240 to what she had to say. I made a final 0:05:20.320 --> 0:05:24.080 decision this weekend, and let Mark know, I think you 0:05:24.120 --> 0:05:26.400 know that the rules are such that once I've made 0:05:26.440 --> 0:05:28.200 a decision, we do not have a lot of time 0:05:28.240 --> 0:05:31.200 to announced. So that's why the timing between decision and 0:05:31.760 --> 0:05:35.880 is so tight. So obviously there are sec disclosure rules 0:05:35.880 --> 0:05:39.600 that require meta slash Facebook to tell the public in 0:05:39.680 --> 0:05:42.400 short order. David Kirkpatrick, who wrote the book on Facebook, 0:05:42.400 --> 0:05:45.680 You know Cheryl well, you have interviewed her many times 0:05:45.680 --> 0:05:49.040 over the years. What do you think. Well, I was 0:05:49.080 --> 0:05:52.520 surprised like everyone else, but I'm like many I had 0:05:52.560 --> 0:05:56.719 expected this really to come quite a bit ago. I 0:05:56.720 --> 0:05:59.359 think for the last few years it's been easy to 0:05:59.440 --> 0:06:03.880 imagine Cheryl wanting to leave Facebook, both because one could 0:06:03.920 --> 0:06:06.279 have the sense that she had sort of lost a 0:06:06.360 --> 0:06:09.240 grip on the issues that she was supposed to be 0:06:09.279 --> 0:06:13.400 responsible for, or she, by some analysis, wasn't taking sufficient 0:06:13.440 --> 0:06:18.279 responsibility for them. Obviously, Mark Zuckerberg has been taking responsibilities 0:06:18.320 --> 0:06:21.159 back away from her in the last year or so. 0:06:21.800 --> 0:06:23.880 The New York Times wrote a piece last summer about 0:06:23.920 --> 0:06:28.680 the split between Zuckerberg and Sandberg following January six, and 0:06:28.800 --> 0:06:33.200 her statements that you know, Facebook was not responsible for that, uh, 0:06:33.200 --> 0:06:36.080 and that resonated poorly with some, but you know, her 0:06:36.120 --> 0:06:41.120 whole history, there is an astonishing history of a miraculously 0:06:41.200 --> 0:06:45.800 effective leader in many many ways. And I think, unfortunately though, 0:06:46.240 --> 0:06:49.680 the end is sort of a sad one, because Facebook's 0:06:49.680 --> 0:06:53.920 reputation has fallen in such a huge way in recent 0:06:54.000 --> 0:06:57.000 years under her leadership, and of course Caryl's Hamburg unfortunately 0:06:57.040 --> 0:07:01.560 became the face of many of the controversies Facebook has weathered. 0:07:01.560 --> 0:07:04.280 But I don't think we can overstate her impact on 0:07:04.800 --> 0:07:09.479 obviously meta but also Silicon Valley culture, business culture. Is 0:07:09.520 --> 0:07:13.800 she built Google's business model as well. Facebook set h 0:07:13.840 --> 0:07:16.440 an inflection point right now. They've got to figure out 0:07:16.440 --> 0:07:20.240 this metaverse thing and a whole new business model. Kurt 0:07:20.280 --> 0:07:22.040 and I also asked her if that had anything to 0:07:22.120 --> 0:07:24.240 do with this, the fact that she's kind of got 0:07:24.240 --> 0:07:26.720 to write a whole new business plan. Take a listen 0:07:26.880 --> 0:07:30.520 to what she had to say. We have a current business, 0:07:30.600 --> 0:07:34.120 which is our current apps connecting customers to businesses, and 0:07:34.160 --> 0:07:37.040 I think there's a lot of opportunity there right right now, 0:07:37.080 --> 0:07:39.720 but also over the long run. And then the metaverse 0:07:39.800 --> 0:07:43.880 is a much longer term business opportunity and it's going 0:07:43.920 --> 0:07:46.120 to take some of the same form and that I 0:07:46.120 --> 0:07:48.240 believe we will be your place. And then the metaverse 0:07:48.280 --> 0:07:50.680 will be a place where businesses and consumers connect. But 0:07:50.720 --> 0:07:52.800 I think the exact form that takes is something that 0:07:52.880 --> 0:07:55.040 will be figured out over the next number of you 0:07:55.520 --> 0:07:59.440 a much longer terms. Now there's a team in place 0:07:59.480 --> 0:08:01.960 whose job that is to do now figure out how 0:08:02.000 --> 0:08:04.960 consumers and businesses are going to interact in the metaverse. 0:08:05.000 --> 0:08:06.640 And Kurt, you know, talk to us a little bit 0:08:06.640 --> 0:08:10.920 about the new leadership structure. You've got Hobby Olivan who's 0:08:10.960 --> 0:08:13.840 going to be taking on the role of c o O. 0:08:14.160 --> 0:08:17.560 You've got obviously Nick Clegg who's continuing to run policy 0:08:17.600 --> 0:08:21.200 and communications. You've got Chris Cox, the Chief Product Officer, 0:08:21.280 --> 0:08:27.360 Andrew Bosworth the Chief Technology officer, and of course Mark Zuckerberg. Yeah, 0:08:27.400 --> 0:08:29.640 I mean, historically, the way Facebook has been set up 0:08:29.720 --> 0:08:32.280 is that they kept the product side of the house 0:08:32.360 --> 0:08:36.280 under Mark Zuckerbergh and the business side of the house 0:08:36.679 --> 0:08:40.600 under Cheryl. Now, what you'll see from this image right 0:08:40.640 --> 0:08:42.880 here is that a lot of the people up there, 0:08:42.920 --> 0:08:45.560 with the exception of Nick Clegg, are kind of from 0:08:45.760 --> 0:08:49.200 the product side of the house under Mark Zuckerberg. You know, 0:08:49.320 --> 0:08:51.559 Chris Cox is a very good friend, Andrew bos Were 0:08:51.600 --> 0:08:53.480 a very good friend. Hobby and very good friends. So 0:08:53.880 --> 0:08:56.760 these are people who have worked with and for Mark 0:08:56.840 --> 0:09:00.120 Zuckerberg for more than a decade um. There's someone are 0:09:00.160 --> 0:09:02.720 people that he trust very very completely, and there are 0:09:02.720 --> 0:09:05.679 also people who are going to, you know, listen to 0:09:05.679 --> 0:09:07.959 what Mark says and believe in the vision that Mark 0:09:08.040 --> 0:09:10.439 sets forth right and not that Cheryl was at all 0:09:10.520 --> 0:09:12.880 someone who was sitting in the room and banging interest 0:09:12.960 --> 0:09:15.040 and saying, you know, I'm not going to go that direction. 0:09:15.080 --> 0:09:17.280 But my point is sort of that, you know, Mark 0:09:17.400 --> 0:09:21.760 has now uh surrounded himself with people who he very 0:09:21.880 --> 0:09:24.040 much trusts and who have worked for him for a 0:09:24.200 --> 0:09:26.360 very long time. And so when you look at the 0:09:26.400 --> 0:09:28.760 future and you look about what might be uncertain about 0:09:28.760 --> 0:09:30.920 this idea of the metaverse, I don't see the company 0:09:30.960 --> 0:09:33.320 wavering on it because the people, again who are going 0:09:33.360 --> 0:09:35.240 to be talking with him at all of these important 0:09:35.280 --> 0:09:37.319 meetings are people he's known for a very long time. 0:09:37.679 --> 0:09:40.079 And of course there are a lot of powerful women 0:09:40.360 --> 0:09:42.640 at Facebook who continue to work there. But David, what 0:09:42.679 --> 0:09:44.240 do you make of the fact there are no women? Oh, 0:09:44.280 --> 0:09:46.320 it's a bunch of wise man, isn't it, Given that 0:09:46.520 --> 0:09:49.280 you know Cheryl Sandberg, you know, did a lot to 0:09:49.360 --> 0:09:51.400 change the world for for working women. This has been 0:09:51.440 --> 0:09:54.200 a key priority of hers, a key priority in terms 0:09:54.200 --> 0:09:58.280 of evolving Facebook's culture to one that is friendlier two women. Well, 0:09:58.320 --> 0:10:01.200 she served as a symbol of him and success in business. 0:10:01.240 --> 0:10:03.800 There's no question. I mean for most of the last 0:10:03.800 --> 0:10:07.680 fourteen years, certainly for the last maybe ten or eleven years. 0:10:07.720 --> 0:10:09.800 She could have left Facebook at any time and become 0:10:09.840 --> 0:10:12.120 the CEO of any company in the world. And I 0:10:12.160 --> 0:10:14.600 know she was solicited for those kinds of jobs time 0:10:14.640 --> 0:10:17.720 and time again and didn't show interest because she really 0:10:17.760 --> 0:10:21.439 wanted to stay here. Um. I wouldn't be at all surprised. However, 0:10:21.600 --> 0:10:26.520 if she really has been feeling very not only left out, 0:10:26.600 --> 0:10:31.040 but quite critical of a lot of the company's moves, 0:10:31.440 --> 0:10:34.080 I wouldn't even be shocked to learn that she was 0:10:34.200 --> 0:10:37.440 not in favor of changing the company name and didn't 0:10:37.440 --> 0:10:40.560 really believe in the metaverse shift, which I frankly think 0:10:40.679 --> 0:10:45.200 is still an unproven and highly questionable shift. Um. She's 0:10:45.240 --> 0:10:48.360 a very rational, grounded business person, and I want to 0:10:48.559 --> 0:10:52.600 reiterate one thing. She created what was probably the best 0:10:52.720 --> 0:10:55.679 business in the history of capitalism for most of her 0:10:55.679 --> 0:10:59.240 time there. The profit per dollar of revenue of Facebook's 0:10:59.240 --> 0:11:03.440 advertising business that she created is greater than the profit 0:11:03.520 --> 0:11:07.040 margin of any public company you can name, and that 0:11:07.120 --> 0:11:10.079 has declined in recent years for a variety of reasons. 0:11:10.120 --> 0:11:14.800 But she really is an astonishingly effective business leader. For 0:11:14.960 --> 0:11:18.360 whatever other flaws we might want to point she is not, 0:11:18.800 --> 0:11:20.840 I've heard many times today one of the most influential 0:11:20.880 --> 0:11:23.040 women in business. She is one of the most influential 0:11:23.080 --> 0:11:27.760 people in business and still is. Yeah, and of course 0:11:27.760 --> 0:11:29.920 now there's this big opig question, what's she going to 0:11:30.080 --> 0:11:34.120 do next. She talked about her philanthropy, She talked about 0:11:34.120 --> 0:11:37.120 her women's advocacy. Take a listen to that portion of 0:11:37.120 --> 0:11:41.680 the conversation. The decision I didn't come too lightly. But 0:11:41.800 --> 0:11:45.880 it's been fourteen years. It's been fourteen years, and I 0:11:45.920 --> 0:11:49.440 want to make more room to do more philanthropically, to 0:11:49.520 --> 0:11:51.840 do more with my foundation. I've definitely not been able 0:11:51.880 --> 0:11:56.120 to do nearly as much as I have wanted to recently. 0:11:56.720 --> 0:11:59.680 It's a really important moment for women, Emily. I know 0:11:59.720 --> 0:12:01.280 you and I have spent a lot of time talking 0:12:01.320 --> 0:12:03.040 about that over the years, but it really feels like 0:12:03.040 --> 0:12:06.680 a very very important moment. When I think more focused 0:12:06.679 --> 0:12:11.440 there would really be important to me personally, and of 0:12:11.440 --> 0:12:14.839 course Kurt and I are immediate next question was will 0:12:14.880 --> 0:12:17.000 you ever go back to business? Will you ever get 0:12:17.520 --> 0:12:20.560 into politics? Take a listen to what she had to say. 0:12:21.240 --> 0:12:23.040 I learned a long time ago and never make any 0:12:23.040 --> 0:12:26.160 predictions about the future. But I think I think a 0:12:26.200 --> 0:12:28.560 lot of that is pretty unlikely. And I'm really I 0:12:28.600 --> 0:12:32.000 really think there's a lot, hopefully that I can do 0:12:32.120 --> 0:12:35.560 with my foundations. And still on propically, Kurt, do you 0:12:35.600 --> 0:12:38.200 believe it? Is it unlikely? Are We're going to see 0:12:38.440 --> 0:12:44.360 a reincarnation of Cheryl Sandberg in business or politics. I'm 0:12:44.360 --> 0:12:47.760 gonna I'm gonna fall on the side of believing what 0:12:47.880 --> 0:12:51.760 she said there, simply because I'm not sure that going back. 0:12:51.920 --> 0:12:53.640 I mean, clearly she doesn't need the money, right, So 0:12:53.720 --> 0:12:58.040 going back into business simply for her own personal wealth 0:12:58.120 --> 0:13:00.640 or anything like that doesn't really it's not Sarah doesn't 0:13:00.640 --> 0:13:03.440 make much sense. And I think that, you know, similar 0:13:03.480 --> 0:13:06.560 to Mark Zuckerberg, similar to a lot of these um 0:13:06.840 --> 0:13:10.600 billionaire tech founders and successful executives we've seen, their legacy 0:13:10.679 --> 0:13:13.760 is going to be left probably in other ways, right, 0:13:13.800 --> 0:13:15.760 and so it's gonna be hard for her to go 0:13:15.840 --> 0:13:18.480 do anything outside of Facebook that's going to be more 0:13:18.520 --> 0:13:20.679 important than what she's already done on Facebook on the 0:13:20.720 --> 0:13:23.360 business side, and now I think she probably sees an 0:13:23.360 --> 0:13:27.200 opportunity to uh, you know, solidify herself as someone who 0:13:27.320 --> 0:13:30.920 is truly a champion of of women's issues, and, as 0:13:30.920 --> 0:13:33.160 she pointed out in that interview with Assembly, kind of 0:13:33.200 --> 0:13:35.800 making that her top priority. I guess if I had 0:13:35.840 --> 0:13:37.520 to choose, I would I would assume maybe that's the 0:13:37.559 --> 0:13:40.880 direction she goes. I I would agree. She did joke 0:13:40.960 --> 0:13:42.920 to us that it was the honor and privilege of 0:13:42.920 --> 0:13:46.160 a lifetime, but it was not the most manageable job 0:13:46.880 --> 0:13:50.960 of a lifetime. Kurt Wagner, thank you for your reporting 0:13:51.400 --> 0:13:53.880 on this. David. I want to ask you one last question. 0:13:53.960 --> 0:13:57.280 Do you believe do you believe her? Well? Is this 0:13:57.840 --> 0:14:03.199 is this officially Cheryl Sander moving into philanthropy or she's 0:14:03.200 --> 0:14:06.040 a multibillionaire. She can do whatever she wants, and she 0:14:06.080 --> 0:14:08.760 will certainly be effective as a philanthropist. I'm sure it 0:14:08.840 --> 0:14:11.200 might actually be a role that suits her better. I 0:14:11.240 --> 0:14:14.840 know she really has been interested in politics for a 0:14:14.880 --> 0:14:18.000 long time. I think for many years she really had 0:14:18.040 --> 0:14:21.840 hoped that that would be her eventual direction. My own 0:14:21.880 --> 0:14:24.840 opinion is that the way that the Facebook story has 0:14:24.880 --> 0:14:28.440 evolved in recent years has made it extremely difficult for 0:14:28.480 --> 0:14:31.040 her to move into Democratic Party politics, which is certainly 0:14:31.040 --> 0:14:35.520 what she would do, because Facebook is a essentially a 0:14:35.640 --> 0:14:39.520 persona on grata in the Democratic Party. Facebook has been 0:14:39.520 --> 0:14:42.360 shown to have so many social harms, and she is 0:14:42.400 --> 0:14:45.880 to some extent responsible for not having taken enough action 0:14:45.920 --> 0:14:48.640 on what about an appointed office versus an elected That's 0:14:48.640 --> 0:14:50.560 a possibility, I think if she you know, there was 0:14:50.600 --> 0:14:53.560 talk that she's been talked about as a Treasury secretary 0:14:53.600 --> 0:14:56.320 in the past. She worked in that office under Larry Summers. 0:14:56.400 --> 0:14:58.920 I'm sure she'd be a good one, but I still 0:14:58.960 --> 0:15:00.960 think even for a role like that, it would be 0:15:01.120 --> 0:15:04.720 very controversial because of Facebook's history. Indeed, all right, well, 0:15:04.840 --> 0:15:07.520 we will of course be watching, and we should mention 0:15:07.640 --> 0:15:10.720 she is. They're transitioning the team over the summer. Her 0:15:10.760 --> 0:15:13.040 direct reports will be transitioned over the summer. She will 0:15:13.080 --> 0:15:14.800 leave officially in the fall, and of course she will 0:15:14.800 --> 0:15:18.760 remain on Facebook's board. David Kirpatrick, Javier is a very 0:15:18.800 --> 0:15:21.160 impressive guy to who I know very well. He's been 0:15:21.200 --> 0:15:24.280 running growth and we know Facebook and that is still growing, 0:15:24.360 --> 0:15:26.560 and he's been there all this challenge pretty much as 0:15:26.600 --> 0:15:28.760 long as she has or longer. All right, well, David, 0:15:28.800 --> 0:15:30.200 thank you. I'm glad you're here today. It's good to 0:15:30.200 --> 0:15:31.840 see you here in person in New York. And of 0:15:31.840 --> 0:15:34.080 course we're gonna have much more on this throughout the show. 0:15:42.320 --> 0:15:45.520 Venture capital funding has surged in recent years, but not 0:15:45.600 --> 0:15:49.480 all founders are treated equally. Last year, companies founded only 0:15:49.520 --> 0:15:52.880 by women now just over two of total capital invested 0:15:52.880 --> 0:15:56.280 in venture back startups in the US. Still, VC funding 0:15:56.320 --> 0:15:59.600 for female founded or co founded companies has been trending 0:15:59.720 --> 0:16:04.480 up saw the creation of several women led funds, incubators, 0:16:04.560 --> 0:16:07.320 and new companies. Here with me to talk about this 0:16:07.440 --> 0:16:10.880 and more. A new doogal founding partner of the Female 0:16:10.920 --> 0:16:13.120 Founder's Fund and new Thank you so much for joining us. 0:16:13.120 --> 0:16:14.880 Good to see you're in person. Thank you for having 0:16:14.920 --> 0:16:16.640 I have to ask you before you begin, what you 0:16:16.680 --> 0:16:20.080 make of Cheryl Sandberg leaving Facebook, given her impact on 0:16:20.520 --> 0:16:23.920 the tech industry and the conversation about women work and 0:16:24.040 --> 0:16:26.520 having a seat at the table. Yeah, well, I mean, 0:16:26.240 --> 0:16:29.880 I think you know, it's obviously breaking news, so um, 0:16:29.960 --> 0:16:31.880 not much to comment beyond the fact that I think, 0:16:31.920 --> 0:16:34.800 you know, she's obviously been an incredibly influential women women 0:16:34.920 --> 0:16:38.880 excuse me in tech and has you know, a massive network, 0:16:39.280 --> 0:16:42.000 has made tremendous impact, and really excited to see what 0:16:42.320 --> 0:16:45.400 she does next to you. In my conversation with her, 0:16:45.600 --> 0:16:47.840 she talked about this being kind of an inflection point 0:16:47.840 --> 0:16:50.320 for women women's advocacy, She's going to spend more time 0:16:50.360 --> 0:16:53.760 on that. There's been concerns about women backsliding in the pandemic. 0:16:53.800 --> 0:16:56.920 How do you think that translates to women founders and 0:16:56.960 --> 0:16:59.640 what they're facing in the venture capital industry right now? 0:16:59.680 --> 0:17:04.119 You know, to typically when belts tighten and markets get tumultuous, 0:17:04.200 --> 0:17:08.520 investors go back to what they know, which is male founders. Yeah, 0:17:08.560 --> 0:17:10.560 so I think, um, we're kind of in the early 0:17:10.680 --> 0:17:14.240 stages of UM what one would call it downturn. I 0:17:14.280 --> 0:17:18.200 think looking back to UM, it was an incredible year 0:17:18.280 --> 0:17:22.280 for female founders. Overall, record number of I p o 0:17:22.400 --> 0:17:25.359 s led by female founders. In fact, I think in 0:17:25.400 --> 0:17:28.119 the history of the stock market there have been twenty 0:17:28.280 --> 0:17:30.399 female lad UM I p o s and last year 0:17:30.440 --> 0:17:32.840 alone there were six, So I think a lot to 0:17:32.840 --> 0:17:36.040 celebrate there. We had a lot of growth rounds that 0:17:36.119 --> 0:17:39.880 were led by female founders, particularly in digital health care. UM. 0:17:39.920 --> 0:17:42.760 So I think we're starting to see some really interesting lamentum. So, 0:17:42.800 --> 0:17:46.160 how are you thinking about deploying capital at this time? So, 0:17:46.200 --> 0:17:48.160 I think as a seed investor, we sit in an 0:17:48.160 --> 0:17:51.280 interesting position in that, um, you know, the markets have 0:17:51.400 --> 0:17:54.800 been largely overvalued and we have the opportunity to sit 0:17:54.840 --> 0:17:59.680 back and really look at valuations coming down and be 0:17:59.760 --> 0:18:02.280 paid shint. I think you know, in the last year, 0:18:02.600 --> 0:18:05.120 you at some point had you know, two to three 0:18:05.200 --> 0:18:07.240 days to get back to an entrepreneur to a founder, 0:18:07.720 --> 0:18:09.959 and it will be it will be interesting to kind 0:18:10.000 --> 0:18:12.600 of reset back to what I think was more of 0:18:12.600 --> 0:18:15.360 the norm, um, you know, in in the coming year. 0:18:15.560 --> 0:18:18.080 What's your advice to founders right now? I mean we've 0:18:18.080 --> 0:18:23.960 heard batten down the hatches, slower burn you know, yeah, yeah, 0:18:23.960 --> 0:18:25.600 I mean I think I think all of the above. 0:18:25.680 --> 0:18:28.960 I think, um, you know, even the best performing companies 0:18:29.000 --> 0:18:30.920 are going to have a hard time raising capital, and 0:18:31.080 --> 0:18:33.439 if they do, you know, they probably will not get 0:18:33.480 --> 0:18:36.040 the valuations they want. And so in light of that, 0:18:36.160 --> 0:18:38.800 the advice that we've been giving is really too to 0:18:38.880 --> 0:18:41.400 your point, you know, look at your burn, focus on 0:18:41.520 --> 0:18:44.120 you know, that path to profitability and and really try 0:18:44.160 --> 0:18:46.760 to weather the storm. You started your own fund back 0:18:46.760 --> 0:18:50.160 in what are some lessons you've learned along the way? 0:18:50.280 --> 0:18:52.440 So I think, UM, you know, back when I started 0:18:52.440 --> 0:18:56.280 the funden the idea of investing in female founders was 0:18:56.520 --> 0:18:59.960 really quite novel and UM, and I think, you know, 0:19:00.119 --> 0:19:03.560 along the way, there's been so much development in this space, 0:19:03.600 --> 0:19:05.760 and I think so much recognition for the fact that 0:19:06.119 --> 0:19:09.560 it is important to invest in diverse founders and that 0:19:09.560 --> 0:19:12.159 that diversity pays off when it comes to you know, 0:19:12.200 --> 0:19:14.840 some of the recent exits and UM. You know I 0:19:14.920 --> 0:19:16.679 p O s that I mentioned earlier, and what do 0:19:16.720 --> 0:19:19.320 you think the the the industries of the future are 0:19:19.320 --> 0:19:20.920 the bets of the future? I mean, are you looking 0:19:20.960 --> 0:19:24.840 for the next Facebook? It's a great question. I think. 0:19:24.920 --> 0:19:26.800 You know, a space that we've been seeing a lot 0:19:26.800 --> 0:19:29.360 of activity in UM is digital health, and I think 0:19:29.359 --> 0:19:32.080 that's largely due to what we saw with the pandemic, 0:19:32.160 --> 0:19:34.640 where you know, a lot of Americans had to deal 0:19:34.720 --> 0:19:37.399 with healthcare in a very different way. And you know, 0:19:37.440 --> 0:19:40.840 whether it's pediatrics, whether it's UM you know, your primary 0:19:40.840 --> 0:19:44.919 care physician, women's health, all of these categories, UM. You know, 0:19:44.960 --> 0:19:48.920 we're seeing a lot of interesting disruption and innovation and primarily, 0:19:49.080 --> 0:19:51.920 you know, quite frankly, from female founders. All right, on 0:19:52.040 --> 0:19:55.200 a dugal female founders fund. Love the name. Thank you 0:19:55.440 --> 0:19:57.399 for joining us, great to have you here, Thanks for 0:19:57.440 --> 0:19:59.560 having studio. All right, Coming up, we're gonna have much 0:19:59.600 --> 0:20:03.480 more on Cheryl Sandberg's exit from Meta. While some controversy 0:20:03.600 --> 0:20:08.280 around Elon Musk, who would have thought and workers returning 0:20:08.400 --> 0:20:25.200 to the office. This is Bloomberg, Well, the world's riches 0:20:25.280 --> 0:20:27.840 man has had it with working from home. In two 0:20:27.880 --> 0:20:30.439 mammals to Tesla employees, Elon Musk said he wants to 0:20:30.480 --> 0:20:33.520 make sure certain stuff are in a real Tesla office 0:20:33.760 --> 0:20:36.440 at least forty hours a week, joining us to talk 0:20:36.440 --> 0:20:40.160 about the latest Bloomberg's bloodlow ed. What exactly did must 0:20:40.200 --> 0:20:43.600 have to say? So two memos to two different trenches 0:20:43.600 --> 0:20:46.040 of staff, but basically saying for those that want to 0:20:46.040 --> 0:20:48.240 work from home, they need to be in the office 0:20:48.280 --> 0:20:50.600 for a minimum of forty hours a week. As you said, 0:20:50.840 --> 0:20:54.119 but he stipulated, this isn't just a remote or pseudo office. 0:20:54.440 --> 0:20:57.800 This has to be a main Tesla office. The second 0:20:57.840 --> 0:21:01.840 memo to a broader number of tests or employees clarified 0:21:01.920 --> 0:21:05.160 his position, and he basically said there maybe tech companies 0:21:05.200 --> 0:21:08.240 out there and that have a hybrid working model, they're 0:21:08.240 --> 0:21:10.960 fully remote, but he didn't see any of those companies 0:21:11.000 --> 0:21:14.320 innovating or doing anything new on their products. So he 0:21:14.440 --> 0:21:17.119