1
00:00:02,200 --> 00:00:05,520
Speaker 1: From the heart of where innovation, money and power Colli

2
00:00:06,320 --> 00:00:10,840
Speaker 1: in Silicon Valley and beyond. This is Bloomberg Technology with

3
00:00:10,920 --> 00:00:27,200
Speaker 1: Emily jay I. Remember we check at San Francisco and

4
00:00:27,240 --> 00:00:30,400
Speaker 1: this is Bloomberg Technology coming up the next hour. Twitter

5
00:00:30,960 --> 00:00:35,320
Speaker 1: is shrinking Elon Musk, laying off half the workforce around

6
00:00:35,400 --> 00:00:40,239
Speaker 1: thirty seven h people as he restructures the entire company. Meantime,

7
00:00:40,280 --> 00:00:44,760
Speaker 1: brands continue to mull ads on Twitter, and Musk is

8
00:00:44,800 --> 00:00:47,640
Speaker 1: doing away with policies like a once a month rest

9
00:00:47,720 --> 00:00:52,360
Speaker 1: day and war plus self driving technology under the regulatory microscope.

10
00:00:52,360 --> 00:00:54,560
Speaker 1: As we ached closer to a future with driverless cars,

11
00:00:54,760 --> 00:00:57,840
Speaker 1: we talked about the challenging road ahead with Aurora, CEO

12
00:00:57,920 --> 00:01:02,160
Speaker 1: of Chris Urmson, and another tough day for Peloton after

13
00:01:02,200 --> 00:01:06,720
Speaker 1: revenue fell way short of expectations. Still, CEO Barry McCarthy

14
00:01:06,840 --> 00:01:10,080
Speaker 1: is confident to turnaround plan will work sooner than expected.

15
00:01:10,360 --> 00:01:13,520
Speaker 1: We will discuss all of that in a moment, but

16
00:01:13,560 --> 00:01:17,160
Speaker 1: first I want to dig into those layoffs that Bloomberg

17
00:01:17,160 --> 00:01:19,520
Speaker 1: has learned will happen at Twitter. Musk planning to lay

18
00:01:19,520 --> 00:01:24,480
Speaker 1: off about thirty seven hundred people, half the current workforce.

19
00:01:24,520 --> 00:01:26,520
Speaker 1: Our sources telling us he plans to tell the workers

20
00:01:26,520 --> 00:01:29,800
Speaker 1: who will be affected on Friday. Bloomberg's Kurt Wagner of

21
00:01:29,840 --> 00:01:32,959
Speaker 1: course critical along with ed to our reporting on all

22
00:01:32,959 --> 00:01:35,800
Speaker 1: of these latest Twitter developments. Kurt, where are these jobs

23
00:01:35,840 --> 00:01:38,200
Speaker 1: going to come from? What do we know? Yeah? I

24
00:01:38,200 --> 00:01:41,720
Speaker 1: mean this is company wide. Um, it's not necessarily going

25
00:01:41,760 --> 00:01:43,920
Speaker 1: to be in any particular area. Well, the one thing

26
00:01:43,959 --> 00:01:46,040
Speaker 1: that Ellen has kind of stressed that the product and

27
00:01:46,120 --> 00:01:49,480
Speaker 1: engineering seemed to be where his focuses. So it's possible

28
00:01:49,800 --> 00:01:52,200
Speaker 1: that you know, that might be a little bit less

29
00:01:52,200 --> 00:01:55,680
Speaker 1: impacted than something like, um, you know, trust and safety

30
00:01:55,760 --> 00:01:59,120
Speaker 1: or policy legal things like that. But you know, this

31
00:01:59,240 --> 00:02:02,680
Speaker 1: is a part of his strategy to try and get

32
00:02:02,680 --> 00:02:05,240
Speaker 1: the company into a better financial situation. Right, he paid

33
00:02:05,280 --> 00:02:08,440
Speaker 1: forty four billion dollars for Twitter. They now have these

34
00:02:08,480 --> 00:02:10,360
Speaker 1: huge debt payments that they're going to have to start

35
00:02:10,400 --> 00:02:13,280
Speaker 1: paying off for these interest payments. Um, and you know

36
00:02:13,560 --> 00:02:18,280
Speaker 1: part of his plan is let's cut head count. So

37
00:02:18,760 --> 00:02:21,240
Speaker 1: how are Twitter employees feeling right now? I mean, the

38
00:02:21,280 --> 00:02:23,560
Speaker 1: acts is going to come down on Friday, and nobody

39
00:02:23,600 --> 00:02:26,560
Speaker 1: knows if they're going to be cut yet. That's exactly right.

40
00:02:26,560 --> 00:02:29,000
Speaker 1: And they're not only that, Emily, they haven't heard from

41
00:02:29,200 --> 00:02:31,760
Speaker 1: Elon Musk at all since the deal clothes, they haven't

42
00:02:31,760 --> 00:02:34,840
Speaker 1: heard from any other leadership, right. Everyone's kind of talking

43
00:02:34,840 --> 00:02:38,160
Speaker 1: with their managers, but there's been no company wide messaging

44
00:02:38,280 --> 00:02:43,240
Speaker 1: at all. All of the C suite um, you know, CEO, CMO, CFO,

45
00:02:43,400 --> 00:02:46,600
Speaker 1: all of those folks were fired last week or early

46
00:02:46,680 --> 00:02:49,519
Speaker 1: this week. So if you're employee at Twitter, you're getting

47
00:02:49,560 --> 00:02:53,640
Speaker 1: your information from places like Bloomberg or from other media outlets, right,

48
00:02:53,720 --> 00:02:56,600
Speaker 1: and that's where you're finding out what's happening at your

49
00:02:56,600 --> 00:02:58,760
Speaker 1: own company. And so that's quite unsettling for a lot

50
00:02:58,760 --> 00:03:01,000
Speaker 1: of people, especially when you're sitting around wondering, am I

51
00:03:01,040 --> 00:03:02,600
Speaker 1: going to be employed by the end of the week.

52
00:03:02,919 --> 00:03:05,560
Speaker 1: So this is a stressful time internally, to say the least.

53
00:03:06,000 --> 00:03:08,399
Speaker 1: Um and a lot of employees we're seeing are sort

54
00:03:08,440 --> 00:03:10,200
Speaker 1: of looking out for each other, trying to give best

55
00:03:10,240 --> 00:03:12,480
Speaker 1: tips on what happens when you get laid off. Hey,

56
00:03:12,560 --> 00:03:14,880
Speaker 1: let let me make references for you, that kind of thing.

57
00:03:14,919 --> 00:03:16,360
Speaker 1: You know, they're trying to to take care of each

58
00:03:16,400 --> 00:03:18,280
Speaker 1: other because the company doesn't seem to be doing it

59
00:03:18,320 --> 00:03:22,960
Speaker 1: for them. Meantime, we've just got this headline from Dow

60
00:03:23,080 --> 00:03:26,239
Speaker 1: Jones at a number of pretty prominent advertisers are pausing

61
00:03:26,280 --> 00:03:28,359
Speaker 1: ads on Twitter. I mean, do you think that this

62
00:03:28,520 --> 00:03:31,079
Speaker 1: is going to become a bigger thing? I mean, we

63
00:03:31,160 --> 00:03:34,359
Speaker 1: talked about the potential for a boycott. Does it get

64
00:03:34,400 --> 00:03:37,120
Speaker 1: to that, Well, this is what I think we're talking

65
00:03:37,120 --> 00:03:40,360
Speaker 1: about yesterday, and I think that the chance of a

66
00:03:40,400 --> 00:03:43,040
Speaker 1: boycott not only seems possible, but I do think it

67
00:03:43,080 --> 00:03:45,360
Speaker 1: seems like a really big deal. And again, it's because

68
00:03:45,840 --> 00:03:48,160
Speaker 1: the time we saw this happen with Facebook, all the

69
00:03:48,280 --> 00:03:51,400
Speaker 1: key executives that the todd the Sheryl Sandberg's and those

70
00:03:51,440 --> 00:03:53,360
Speaker 1: at the top of the company on the business side,

71
00:03:53,680 --> 00:03:56,200
Speaker 1: they went out and they did damage control for days, right,

72
00:03:56,240 --> 00:03:58,680
Speaker 1: And we're just not going to see that at Twitter

73
00:03:58,680 --> 00:04:00,480
Speaker 1: because all the people at the top of a company

74
00:04:00,480 --> 00:04:03,920
Speaker 1: are gone. And so when you have these big advertisers,

75
00:04:04,120 --> 00:04:07,760
Speaker 1: and Twitter is very much a relationship driven advertising business

76
00:04:07,760 --> 00:04:10,320
Speaker 1: because they don't have that, you know, very intimate direct

77
00:04:10,400 --> 00:04:13,640
Speaker 1: response type stuff. When you have these big advertisers really

78
00:04:13,920 --> 00:04:16,320
Speaker 1: being cautious or putting things on pause, you don't have

79
00:04:16,400 --> 00:04:18,600
Speaker 1: the people inside of Twitter to necessarily go to them

80
00:04:18,640 --> 00:04:21,560
Speaker 1: and reassure them like some of these other big ad

81
00:04:21,560 --> 00:04:23,320
Speaker 1: companies might. So I think it's a I think it's

82
00:04:23,480 --> 00:04:27,200
Speaker 1: a dangerous thing that's happening here. And tell us a

83
00:04:27,200 --> 00:04:30,160
Speaker 1: little bit about what we know about how decisions are

84
00:04:30,200 --> 00:04:33,600
Speaker 1: being made on the inside, who's making the decisions, and

85
00:04:33,640 --> 00:04:39,760
Speaker 1: how things that are being communicated are actually being communicated. Yeah, well,

86
00:04:39,800 --> 00:04:42,360
Speaker 1: we know that Ellen is making the decisions, right, and

87
00:04:42,400 --> 00:04:44,400
Speaker 1: the best I can I can tell is that a

88
00:04:44,400 --> 00:04:47,719
Speaker 1: lot of things are being done very quickly and sort

89
00:04:47,760 --> 00:04:50,520
Speaker 1: of haphazardly. Right, I mean, even this change, they're going

90
00:04:50,560 --> 00:04:53,680
Speaker 1: to raise the price of their subscription product to eight dollars,

91
00:04:53,680 --> 00:04:55,960
Speaker 1: and they're going to add some new features, including the

92
00:04:56,000 --> 00:04:59,040
Speaker 1: blue check verification. You know, we saw him sort of

93
00:04:59,080 --> 00:05:02,839
Speaker 1: like work shopping this publicly on Twitter, right, He's like tweeting, Hey,

94
00:05:02,920 --> 00:05:04,599
Speaker 1: would you pay for this? How much would you pay?

95
00:05:04,680 --> 00:05:06,320
Speaker 1: What features would you want? And then all of a sudden,

96
00:05:06,360 --> 00:05:08,880
Speaker 1: he just announced it the next day. And so we're

97
00:05:08,920 --> 00:05:11,760
Speaker 1: seeing there's a very small group of folks, including some

98
00:05:11,880 --> 00:05:15,000
Speaker 1: venture capitalists, who are sort of advising him here. But

99
00:05:15,080 --> 00:05:17,520
Speaker 1: really it feels like Ellen is sort of um, you know,

100
00:05:18,240 --> 00:05:20,320
Speaker 1: kind of making this up as he goes along. As

101
00:05:20,320 --> 00:05:23,080
Speaker 1: I mentioned, there's not a lot of um messaging coming

102
00:05:23,120 --> 00:05:24,880
Speaker 1: from the top of the company at all. So unless

103
00:05:24,880 --> 00:05:28,479
Speaker 1: you're in a particular group working on a specific problem

104
00:05:28,520 --> 00:05:31,200
Speaker 1: for him, you don't really know what's happening at the company.

105
00:05:31,320 --> 00:05:32,960
Speaker 1: All right, Kurt, and I'll let you get back to

106
00:05:33,000 --> 00:05:35,480
Speaker 1: work in the phone signal, your Twitter, d M s

107
00:05:35,520 --> 00:05:37,720
Speaker 1: and all the ways you're breaking all this news. Bloomberg's

108
00:05:37,760 --> 00:05:51,360
Speaker 1: Kurt Wagner, thank you for the update. Last month, a

109
00:05:51,440 --> 00:05:54,479
Speaker 1: venture capital firm CRV announced one and a half billion

110
00:05:54,520 --> 00:05:57,760
Speaker 1: dollars and funding across two funds, which means more dry

111
00:05:57,760 --> 00:06:00,880
Speaker 1: powder to take advantage of low value tions. But how

112
00:06:00,960 --> 00:06:03,800
Speaker 1: are firms thinking about how to deploy all that cash

113
00:06:03,839 --> 00:06:07,359
Speaker 1: and potentially very long downturn. Kristan Baker Spone is a

114
00:06:07,400 --> 00:06:11,080
Speaker 1: general partner at CRV and joins me now. Kristen, how

115
00:06:11,240 --> 00:06:15,279
Speaker 1: is crvs strategy evolving in the midst of this downturn?

116
00:06:15,440 --> 00:06:18,159
Speaker 1: What are you all talking about around the partner table.

117
00:06:19,440 --> 00:06:22,279
Speaker 1: Around the partner table, we're talking about how we're continuing

118
00:06:22,279 --> 00:06:24,760
Speaker 1: to play to our strengths. CRV has been in business

119
00:06:24,800 --> 00:06:28,000
Speaker 1: for over fifty two years and focused on backing founders

120
00:06:28,040 --> 00:06:31,160
Speaker 1: at the early stages. We raised one point five billion dollars,

121
00:06:31,160 --> 00:06:33,920
Speaker 1: as you mentioned, to continue to do that and invested

122
00:06:33,960 --> 00:06:36,839
Speaker 1: the earliest stages, partnering with founders that are building game

123
00:06:36,920 --> 00:06:42,359
Speaker 1: changing companies. So are you waiting for valuations to come down?

124
00:06:42,400 --> 00:06:45,520
Speaker 1: And are you finding enough places to put that cash

125
00:06:45,600 --> 00:06:49,839
Speaker 1: given so many companies out there are struggling. We're seeing

126
00:06:49,920 --> 00:06:52,640
Speaker 1: valuations compressed across the board. You even just mentioned some

127
00:06:52,760 --> 00:06:56,239
Speaker 1: books out in the public markets that are seeing valuations compress,

128
00:06:56,640 --> 00:06:59,080
Speaker 1: and we're seeing that play out again across the private

129
00:06:59,080 --> 00:07:01,600
Speaker 1: sector as well. That being said, at the early stages,

130
00:07:01,640 --> 00:07:03,880
Speaker 1: we're backing founders that are in this journey for the

131
00:07:03,920 --> 00:07:06,880
Speaker 1: long haul. And as someone who focuses on health tech,

132
00:07:07,240 --> 00:07:10,920
Speaker 1: healthcare isn't completely recession proof, but it's definitely a defensive

133
00:07:10,960 --> 00:07:13,400
Speaker 1: place to be in the market where there's continued to

134
00:07:13,480 --> 00:07:18,760
Speaker 1: be spend an innovation and technology adoption. So let's talk

135
00:07:18,800 --> 00:07:22,080
Speaker 1: about health tech because I know that's your focus. Is

136
00:07:22,120 --> 00:07:25,280
Speaker 1: it as cool as it was in the middle of

137
00:07:25,320 --> 00:07:28,520
Speaker 1: the pandemic or not? Well, I continue to think it's

138
00:07:28,640 --> 00:07:31,120
Speaker 1: very cool. That being said, I think that there was

139
00:07:31,240 --> 00:07:34,720
Speaker 1: a really interesting we had a watershed moment during the

140
00:07:34,760 --> 00:07:37,520
Speaker 1: pandemic where there were a number of trends that were

141
00:07:37,560 --> 00:07:41,600
Speaker 1: already happening across whether it's consumerism and healthcare adoption of

142
00:07:41,640 --> 00:07:46,440
Speaker 1: technology bringing AI into healthcare delivery that the pandemic helped unlock,

143
00:07:46,920 --> 00:07:50,240
Speaker 1: and that activation energy and that pent up demand was released.

144
00:07:50,640 --> 00:07:54,320
Speaker 1: Now as the market has cooled, we're continuing to see

145
00:07:54,320 --> 00:07:57,360
Speaker 1: those trends play out, but at a much more at

146
00:07:57,360 --> 00:08:02,200
Speaker 1: a much more um reasonable pay ace of technology adoption.

147
00:08:02,600 --> 00:08:04,800
Speaker 1: A few companies that a highlight, you know, one being

148
00:08:04,840 --> 00:08:06,960
Speaker 1: a company Wheel. You just had the logo up on

149
00:08:07,000 --> 00:08:11,200
Speaker 1: the screen. Weigel is in the health, telehealth and marketplace

150
00:08:11,360 --> 00:08:15,960
Speaker 1: space where it's helping unlock telehealth for large tech companies,

151
00:08:16,000 --> 00:08:18,600
Speaker 1: for large providers as well as for companies that are

152
00:08:18,600 --> 00:08:21,160
Speaker 1: trying to put great care in the hands of consumers

153
00:08:21,200 --> 00:08:26,800
Speaker 1: like you and me. So what is it about health

154
00:08:26,920 --> 00:08:29,680
Speaker 1: tech that you know specifically? It's like to you. We

155
00:08:29,760 --> 00:08:34,040
Speaker 1: have Apple coming into this, Google, Amazon trying to get

156
00:08:34,040 --> 00:08:36,760
Speaker 1: in to health tech. Is that a threat that big

157
00:08:36,800 --> 00:08:40,679
Speaker 1: tech giants want in or is that an opportunity? I

158
00:08:40,760 --> 00:08:43,240
Speaker 1: think it's an opportunity. We're seeing a number of large

159
00:08:43,280 --> 00:08:47,280
Speaker 1: players come into the space. You mentioned Amazon buying one Medical.

160
00:08:47,440 --> 00:08:51,080
Speaker 1: We're hearing rumors of Apple getting into the health insurance game.

161
00:08:51,360 --> 00:08:53,920
Speaker 1: We're seeing Google continue to play in the data space.

162
00:08:54,240 --> 00:08:57,840
Speaker 1: I think it's a recognition of how technology has been

163
00:08:58,360 --> 00:09:01,080
Speaker 1: in healthcare bit of a laggered into story um and

164
00:09:01,120 --> 00:09:04,360
Speaker 1: there's so much opportunity to bring healthcare into the hands

165
00:09:04,400 --> 00:09:08,040
Speaker 1: of not only clinicians but also individuals like you and me,

166
00:09:08,120 --> 00:09:10,160
Speaker 1: in order to bring us the care that we need

167
00:09:10,200 --> 00:09:12,800
Speaker 1: when we need it, so many of us. You know,

168
00:09:12,880 --> 00:09:15,360
Speaker 1: for the very first time during the pandemic, did at

169
00:09:15,400 --> 00:09:19,120
Speaker 1: home Diagnostics had our first telehealth visit. But there's also

170
00:09:19,160 --> 00:09:22,440
Speaker 1: a huge opportunity to drive better efficiency in the care

171
00:09:22,480 --> 00:09:28,000
Speaker 1: delivery system across the board. Meantime, more broadly, the world

172
00:09:28,120 --> 00:09:31,760
Speaker 1: is falling apart and Silicon Valley is kind of crumbling.

173
00:09:31,800 --> 00:09:34,160
Speaker 1: We've seen layoffs across the board. We just talked about

174
00:09:34,559 --> 00:09:39,240
Speaker 1: thirty people about to lose their jobs at Twitter. Does

175
00:09:39,280 --> 00:09:45,120
Speaker 1: this how broader ramifications on the startup ecosystem. They're definitely

176
00:09:45,160 --> 00:09:48,280
Speaker 1: broad our immifications across the startup ecosystem, and that's why

177
00:09:48,400 --> 00:09:51,040
Speaker 1: you know the breadth and depth of the firm like CRV,

178
00:09:51,440 --> 00:09:54,160
Speaker 1: where we've partnered at the early stage, but also seeing

179
00:09:54,480 --> 00:09:57,040
Speaker 1: a number of different ups and downs in the market.

180
00:09:57,320 --> 00:09:59,720
Speaker 1: And this is where you know, we're seeing leaders make

181
00:09:59,760 --> 00:10:02,760
Speaker 1: really tough decisions and the leaders are that are making

182
00:10:02,800 --> 00:10:06,000
Speaker 1: tough decisions, are focusing not just on growth. Growth is

183
00:10:06,400 --> 00:10:10,360
Speaker 1: necessary but not sufficient. How are they focusing and investing

184
00:10:10,360 --> 00:10:12,640
Speaker 1: in their companies and in the future R and D

185
00:10:13,200 --> 00:10:17,080
Speaker 1: as well as the growth to drive scalable business models

186
00:10:17,160 --> 00:10:19,680
Speaker 1: and build the game changing companies that were excited to

187
00:10:19,720 --> 00:10:24,000
Speaker 1: continue to back. So what advice are you giving startup

188
00:10:24,000 --> 00:10:28,240
Speaker 1: founders right now given these tough market conditions. As a

189
00:10:28,280 --> 00:10:30,320
Speaker 1: board member and a partner to many of the founders

190
00:10:30,360 --> 00:10:32,559
Speaker 1: that I work with, I'm trying to help them see

191
00:10:32,600 --> 00:10:36,040
Speaker 1: around corners and see what's coming down the pike. And

192
00:10:36,160 --> 00:10:38,560
Speaker 1: I think one of the key things that founders are

193
00:10:38,559 --> 00:10:41,720
Speaker 1: focusing on is not just how can they have clear

194
00:10:41,760 --> 00:10:45,079
Speaker 1: eyes and continue to focus on their business but also

195
00:10:45,120 --> 00:10:48,800
Speaker 1: make the tough decisions. You know, oftentimes, uh, it can

196
00:10:48,800 --> 00:10:51,720
Speaker 1: be it can be tempting to continue to want to

197
00:10:51,720 --> 00:10:54,040
Speaker 1: see the world play out. But what I see are

198
00:10:54,040 --> 00:10:56,320
Speaker 1: those folks that are those founders that are making the

199
00:10:56,360 --> 00:10:59,800
Speaker 1: tough decisions with clear eyes, with advice from their executive

200
00:10:59,800 --> 00:11:03,040
Speaker 1: teams as well as their investor partners, are going to

201
00:11:03,120 --> 00:11:05,000
Speaker 1: be the ones that cannot just weather the storm, but

202
00:11:05,040 --> 00:11:10,200
Speaker 1: hopefully emerge even stronger. So talk to me a little

203
00:11:10,200 --> 00:11:12,360
Speaker 1: bit then about the founders you think that will or

204
00:11:12,400 --> 00:11:14,480
Speaker 1: can be successful at a time like this. I mean

205
00:11:14,520 --> 00:11:17,320
Speaker 1: people are calling this, you know, dot com bust two

206
00:11:17,360 --> 00:11:19,640
Speaker 1: point oh. I mean this could go down in the

207
00:11:19,760 --> 00:11:24,400
Speaker 1: history books as a tectonic shift in you know, the industry.

208
00:11:24,440 --> 00:11:26,600
Speaker 1: You know, the companies that survive and the companies that

209
00:11:26,640 --> 00:11:31,360
Speaker 1: do not. We continue to focus on backing not only

210
00:11:31,400 --> 00:11:34,160
Speaker 1: passionate founders, but Emily, you just mentioned how tough the

211
00:11:34,200 --> 00:11:36,600
Speaker 1: times are. The word that comes to mind is grit.

212
00:11:36,920 --> 00:11:41,120
Speaker 1: Are you founders and companies that can be gritty and

213
00:11:41,200 --> 00:11:44,480
Speaker 1: not just as I mentioned, move through this time, but

214
00:11:44,559 --> 00:11:48,880
Speaker 1: potentially emerge stronger. I also look for founders that are beacons,

215
00:11:48,880 --> 00:11:51,360
Speaker 1: that are beacons for talent, that will continue to be

216
00:11:51,360 --> 00:11:54,880
Speaker 1: beacons for customers and for capital even in the tough times.

217
00:11:54,920 --> 00:11:57,240
Speaker 1: I think we're going to continue to see investment in

218
00:11:57,360 --> 00:12:01,160
Speaker 1: really high quality teams and really high quality businesses. Those

219
00:12:01,160 --> 00:12:03,960
Speaker 1: aren't going away. Um, what we're seeing is that flight

220
00:12:04,000 --> 00:12:06,600
Speaker 1: towards that really high quality where there's growth but also

221
00:12:06,640 --> 00:12:11,000
Speaker 1: efficient growth to building these companies. And I know you

222
00:12:11,000 --> 00:12:13,160
Speaker 1: know you obviously you also worked in banking. You helped

223
00:12:13,160 --> 00:12:16,240
Speaker 1: take some companies public. What is your sense of how

224
00:12:16,240 --> 00:12:18,600
Speaker 1: long this downturn last? You know, how long are we

225
00:12:18,640 --> 00:12:21,160
Speaker 1: in for here? Is it six months? Is it eighteen?

226
00:12:21,280 --> 00:12:26,000
Speaker 1: Is it three years? Well, you know, I am continuing

227
00:12:26,040 --> 00:12:29,720
Speaker 1: to be continuously optimistic that will will make our way through.

228
00:12:29,760 --> 00:12:32,959
Speaker 1: That being said, planning for a bit of a stormy

229
00:12:33,000 --> 00:12:35,920
Speaker 1: weather ahead. So, um, you know, your guess is as

230
00:12:35,960 --> 00:12:38,280
Speaker 1: good as mine in terms of how long this will last.

231
00:12:38,320 --> 00:12:41,320
Speaker 1: But I think we're continuing to invest in companies and

232
00:12:41,360 --> 00:12:44,880
Speaker 1: work with founders that are seeing not just a brightness

233
00:12:44,960 --> 00:12:48,600
Speaker 1: on the horizon, but hopefully continuing to work through these storms. Um,

234
00:12:48,600 --> 00:12:50,280
Speaker 1: my guess is we're going to be in this for

235
00:12:50,400 --> 00:12:53,440
Speaker 1: a considerable amount of time, and so having folks that

236
00:12:53,440 --> 00:12:55,880
Speaker 1: are going to continue to focus on the fundamentals of

237
00:12:55,920 --> 00:12:59,200
Speaker 1: their business, keep the main thing, the main thing, and

238
00:12:59,280 --> 00:13:03,600
Speaker 1: build towards the future. Alright, keep the main thing the

239
00:13:03,640 --> 00:13:06,840
Speaker 1: main thing. We'll remember that. Kristin Baker's phone, general partner

240
00:13:07,160 --> 00:13:11,120
Speaker 1: at CRV, Thank you so much for stopping by. All Right,

241
00:13:11,320 --> 00:13:16,640
Speaker 1: coming up, Peloton continuing to struggle, but the CEO still upbeat.

242
00:13:16,960 --> 00:13:33,080
Speaker 1: We'll explain why next. This is Bloomberg Peloton rebounding after

243
00:13:33,200 --> 00:13:36,840
Speaker 1: tumbling earlier with the company posting a weaker forecast than expected,

244
00:13:36,920 --> 00:13:40,400
Speaker 1: even as the CEO declared it's meeting its own timeline

245
00:13:40,440 --> 00:13:43,880
Speaker 1: for turning the fitness company around. Joining us now Bloomberg,

246
00:13:43,960 --> 00:13:48,480
Speaker 1: Smart German Mark Uh talk to us about what's going

247
00:13:48,520 --> 00:13:51,959
Speaker 1: on here. Investors clearly don't like what they see. Yeah,

248
00:13:52,000 --> 00:13:54,880
Speaker 1: we got this morning was the definition of a mixed

249
00:13:54,880 --> 00:13:59,280
Speaker 1: earnings report or PR putting its fingerprints over some numbers here.

250
00:13:59,320 --> 00:14:01,240
Speaker 1: So if you look at the numbers, things are not

251
00:14:01,320 --> 00:14:04,480
Speaker 1: so great. You're seeing a revenue forecasts as a client

252
00:14:04,559 --> 00:14:07,839
Speaker 1: about thirty seven percent UH in the current quarter. That's

253
00:14:07,840 --> 00:14:10,680
Speaker 1: the second fiscal quarter for Peloton. On the other hand,

254
00:14:10,760 --> 00:14:14,040
Speaker 1: you have a letter from Barry McCarthy, Peloton CEO, saying

255
00:14:14,080 --> 00:14:16,440
Speaker 1: that the ship is starting to turn. That is my

256
00:14:16,520 --> 00:14:20,760
Speaker 1: impression as well. You are seeing some positive direction happening

257
00:14:20,760 --> 00:14:23,600
Speaker 1: in some of these numbers. Gross margins have improved over

258
00:14:23,640 --> 00:14:26,920
Speaker 1: the past couple quarters. Free cash flow has improved, but

259
00:14:27,040 --> 00:14:30,600
Speaker 1: we don't like our the revenue numbers, specifically for hardware,

260
00:14:30,840 --> 00:14:33,960
Speaker 1: they're hard hardware revenue numbers continue to fall while their

261
00:14:34,000 --> 00:14:37,000
Speaker 1: subscription numbers continue to climb. The good news there is

262
00:14:37,040 --> 00:14:41,080
Speaker 1: you see usages continuing. Churn is very low. Subscriptions are continuing,

263
00:14:41,240 --> 00:14:43,480
Speaker 1: but people are not buying the hardware. To me, this

264
00:14:43,560 --> 00:14:46,080
Speaker 1: raises the question why is Peloton in the hardware business

265
00:14:46,120 --> 00:14:49,000
Speaker 1: at all? Right? Why not completely pivot the company away

266
00:14:49,040 --> 00:14:52,320
Speaker 1: to putting its tablet on third party bikes? As we know,

267
00:14:52,480 --> 00:14:55,720
Speaker 1: Peloton probably has the best content, probably has the best

268
00:14:55,720 --> 00:14:59,640
Speaker 1: software in the hardware bike in treadmill space. Why not

269
00:15:00,040 --> 00:15:02,120
Speaker 1: us get rid of your failing hardware business and make

270
00:15:02,160 --> 00:15:04,880
Speaker 1: a really big subscription business. So I think that's where

271
00:15:04,880 --> 00:15:08,320
Speaker 1: the company may eventually go. So clearly some really bad

272
00:15:08,400 --> 00:15:11,120
Speaker 1: news on overall revenue, but some good news in terms

273
00:15:11,160 --> 00:15:13,320
Speaker 1: of how the company is framing what it's calling a

274
00:15:13,360 --> 00:15:17,800
Speaker 1: turnaround and on the subscription front. How do we measure

275
00:15:17,800 --> 00:15:22,160
Speaker 1: whether the company is really beating its own timeline? Do

276
00:15:22,200 --> 00:15:25,320
Speaker 1: you agree? I mean, there's really no way to measure

277
00:15:25,600 --> 00:15:27,280
Speaker 1: if it's beating its own timeline. We have to take

278
00:15:27,280 --> 00:15:30,200
Speaker 1: their word for it, right. Barry McCarthy says his timeline

279
00:15:30,240 --> 00:15:32,640
Speaker 1: was longer than the one year. He says that you

280
00:15:32,680 --> 00:15:36,000
Speaker 1: know this has taken right. Remember he joined in February

281
00:15:36,080 --> 00:15:39,080
Speaker 1: and he's really pulled the company apart. You've laid off

282
00:15:39,120 --> 00:15:44,240
Speaker 1: thousands of people already, You've outsourced manufacturing, you've outsourced customer service,

283
00:15:44,560 --> 00:15:48,200
Speaker 1: you've outsourced deliveries. Right, So they pulled every lever possible.

284
00:15:48,320 --> 00:15:50,960
Speaker 1: They've run the company into the ground and really starting

285
00:15:51,280 --> 00:15:53,480
Speaker 1: you know, trying to start over. But we don't see

286
00:15:53,520 --> 00:15:56,160
Speaker 1: the positive impact there on the stock. Obviously their town

287
00:15:56,240 --> 00:15:59,240
Speaker 1: you know, over at this point in the last year

288
00:15:59,320 --> 00:16:02,600
Speaker 1: or so. But you are seeing some positive comments and

289
00:16:02,640 --> 00:16:06,800
Speaker 1: positive momentum. They're really talking up subscriptions. Subscriptions are now

290
00:16:06,920 --> 00:16:10,240
Speaker 1: well over six of their overall revenue, right, which obviously

291
00:16:10,320 --> 00:16:12,160
Speaker 1: wasn't the case that there, you know, when they were

292
00:16:12,200 --> 00:16:14,280
Speaker 1: high flying at the you know, the top of the pandemic.

293
00:16:14,720 --> 00:16:16,760
Speaker 1: So I think if they continue to move the needle

294
00:16:16,800 --> 00:16:20,520
Speaker 1: and subscriptions, they really try to compete with Apple Fitness Plus, Uh,

295
00:16:20,520 --> 00:16:23,120
Speaker 1: they really try to integrate with bundles between hardware and

296
00:16:23,200 --> 00:16:27,600
Speaker 1: software and ultimately maybe exit hardware, something that I speculate

297
00:16:27,640 --> 00:16:29,600
Speaker 1: they should do, not saying they said they would do.

298
00:16:29,960 --> 00:16:31,880
Speaker 1: I think they you know, could be on solid ground

299
00:16:31,880 --> 00:16:36,480
Speaker 1: for a little while. Quick question, what about an acquisition

300
00:16:36,600 --> 00:16:40,480
Speaker 1: Amazon Apple, Would they ever buy a Peloton? I don't

301
00:16:40,480 --> 00:16:42,880
Speaker 1: think Apple whatever buy Peloton. They have Fitness Plus, they

302
00:16:42,880 --> 00:16:45,280
Speaker 1: have the Apple Watch, and really you would be buying

303
00:16:45,280 --> 00:16:47,680
Speaker 1: their hardware business, which is you know, failing at this point.

304
00:16:48,000 --> 00:16:52,120
Speaker 1: Amazon maybe for prime. I really think Netflix has not

305
00:16:52,200 --> 00:16:55,320
Speaker 1: done a good job in expanding beyond their core content.

306
00:16:55,680 --> 00:16:58,080
Speaker 1: They've really failed in gaming. They should probably try to

307
00:16:58,080 --> 00:17:00,480
Speaker 1: get into music as well, but fitness that could be

308
00:17:00,480 --> 00:17:04,520
Speaker 1: a big way to lock people into Netflix subscriptions. All right,

309
00:17:04,560 --> 00:17:07,280
Speaker 1: looks like some CEOs have some consulting to do with

310
00:17:07,440 --> 00:17:10,760
Speaker 1: Mark German. Mark, thank you so much for joining us.

311
00:17:10,840 --> 00:17:15,879
Speaker 1: I always appreciate you stopping by meantime, Jeff Bezos maybe

312
00:17:15,880 --> 00:17:20,359
Speaker 1: buying another business in Washington. The NFL commanders, the Amazon founder,

313
00:17:20,560 --> 00:17:23,720
Speaker 1: may bid for this team, according to folks familiar with

314
00:17:23,720 --> 00:17:26,320
Speaker 1: the matter. The news was first reported by The Watchington Post,

315
00:17:26,440 --> 00:17:30,439
Speaker 1: which Bezos also owns. Media entrepreneur Byron Island is preparing

316
00:17:30,440 --> 00:17:33,720
Speaker 1: to sell the team. Amazon currently carries the NFL's Thursday

317
00:17:33,800 --> 00:17:45,879
Speaker 1: night football package. Welcome back to bloom More Technology, Emily

318
00:17:45,920 --> 00:17:47,520
Speaker 1: check in San Francisco. I want to get back to

319
00:17:47,600 --> 00:17:51,040
Speaker 1: the markets and names across e V and mobility on

320
00:17:51,080 --> 00:17:56,320
Speaker 1: the move. Here's at Ludlow back again, Yeah, Nikolas, where

321
00:17:56,320 --> 00:17:58,760
Speaker 1: I was spending my morning and it was really interesting.

322
00:17:58,800 --> 00:18:01,240
Speaker 1: The stock up as much as them percent and then

323
00:18:01,359 --> 00:18:06,280
Speaker 1: ultimately closing down pretty reasonable performance in the corner, you know,

324
00:18:06,400 --> 00:18:09,399
Speaker 1: very modest revenues, but what spoot the market was. In fact,

325
00:18:09,640 --> 00:18:11,800
Speaker 1: they are not going to reach their original guidance as

326
00:18:11,840 --> 00:18:15,800
Speaker 1: three battery electric semi trucks this year, and actually sort

327
00:18:15,800 --> 00:18:18,080
Speaker 1: of downgraded the outlook for the rest of the year

328
00:18:18,119 --> 00:18:21,000
Speaker 1: and next year, saying that performance is not going to

329
00:18:21,080 --> 00:18:23,440
Speaker 1: be as good as they hope. Their expectations are being

330
00:18:23,480 --> 00:18:27,720
Speaker 1: lowered because customers for battery electric commercial vehicles are pulling

331
00:18:27,800 --> 00:18:30,199
Speaker 1: up back. They're basically saying that the cost is too

332
00:18:30,280 --> 00:18:32,840
Speaker 1: high right now, the charging infrastructure is too high. You

333
00:18:32,880 --> 00:18:34,920
Speaker 1: look at that chart and kind of the wild ride

334
00:18:34,920 --> 00:18:38,200
Speaker 1: that we had for Nicola throughout Thursday's session to others

335
00:18:38,200 --> 00:18:41,080
Speaker 1: in that space as well. Fiska also sliding after it

336
00:18:41,119 --> 00:18:44,800
Speaker 1: reported a loss in RBC cut the stock to sector

337
00:18:44,920 --> 00:18:47,240
Speaker 1: perform I think there's a lot of interest in Fiska

338
00:18:47,280 --> 00:18:50,280
Speaker 1: given that they plan to start production of their SUV

339
00:18:50,840 --> 00:18:53,159
Speaker 1: this month. Of course it's built by a third party,

340
00:18:53,480 --> 00:18:55,639
Speaker 1: and then you have a raw innovation more focused on

341
00:18:55,640 --> 00:18:58,240
Speaker 1: the autonomous driving space. This is a very much a

342
00:18:58,359 --> 00:19:01,359
Speaker 1: pre revenue company, but with some fighting talk, they are

343
00:19:01,440 --> 00:19:05,960
Speaker 1: capitalized to get in and Aurora telling investors that from

344
00:19:06,800 --> 00:19:11,320
Speaker 1: they're on track to launch this commercial autonomous trucking business.

345
00:19:11,600 --> 00:19:14,840
Speaker 1: Fighting talk. The stocks seem to like it is fighting

346
00:19:14,840 --> 00:19:16,560
Speaker 1: talking up. I think there's a lot of questions in

347
00:19:16,560 --> 00:19:18,960
Speaker 1: this space right now. All right, and hang on, I

348
00:19:19,000 --> 00:19:21,840
Speaker 1: want to stick with Aurora and the future of autonomy.

349
00:19:21,880 --> 00:19:25,119
Speaker 1: Aurora giving some funning talk about the real world prospects

350
00:19:25,400 --> 00:19:28,600
Speaker 1: for self driving tech. But the industry is having a

351
00:19:28,680 --> 00:19:32,879
Speaker 1: rocky patch with competitor Argo AI shutting down after Volkswagen

352
00:19:32,880 --> 00:19:36,399
Speaker 1: and Ford walked away from backing that deal. Is it

353
00:19:36,480 --> 00:19:40,160
Speaker 1: the first crack and a bigger fissure and self driving technology?

354
00:19:40,280 --> 00:19:42,800
Speaker 1: Or as co founder and CEO Chris Urmson is with

355
00:19:42,880 --> 00:19:46,560
Speaker 1: us now, So Chris, what do you think is it? Yeah?

356
00:19:46,600 --> 00:19:48,800
Speaker 1: I think it's just normal. Right. What we're seeing right

357
00:19:48,840 --> 00:19:51,760
Speaker 1: now is what happens in any industry that if you

358
00:19:51,760 --> 00:19:53,560
Speaker 1: look at the automotive industry, at the beginning of the

359
00:19:53,560 --> 00:19:55,960
Speaker 1: twentieth century, there was two fifty car companies. By the

360
00:19:56,040 --> 00:19:59,320
Speaker 1: nineteen thirties, there was three, and so we've seen a

361
00:19:59,320 --> 00:20:01,639
Speaker 1: lot of companies kind of spring up explore this space,

362
00:20:01,680 --> 00:20:03,000
Speaker 1: and some of they are going to succeed some of

363
00:20:03,000 --> 00:20:06,560
Speaker 1: them aren't at Aurora. We positioned ourselves to be independent

364
00:20:06,640 --> 00:20:08,879
Speaker 1: to have the capital we need, the people in the technology,

365
00:20:08,920 --> 00:20:11,840
Speaker 1: and so you know, I'm actually more optimistic than ever

366
00:20:11,920 --> 00:20:15,080
Speaker 1: before about the space and where we're going. Well, as

367
00:20:15,200 --> 00:20:18,200
Speaker 1: do you say risk is normal, But if you look

368
00:20:18,240 --> 00:20:21,359
Speaker 1: at what happened with Ourgo shutting down big investors or

369
00:20:21,359 --> 00:20:24,280
Speaker 1: potential investors pulling out, is that a risk of our

370
00:20:24,480 --> 00:20:27,239
Speaker 1: faces No, In fact it's been. It's part of our

371
00:20:27,280 --> 00:20:29,920
Speaker 1: strategic advantage. Right from day one. We wanted to be

372
00:20:29,960 --> 00:20:33,000
Speaker 1: an independent company because we knew we wanted to be

373
00:20:33,040 --> 00:20:35,160
Speaker 1: able to focus on the thing that mattered, on delivering

374
00:20:35,160 --> 00:20:37,719
Speaker 1: on our mission getting self driving technology into the market.

375
00:20:38,520 --> 00:20:41,719
Speaker 1: When Jim Farley talked about shutting down their investment in Ourgo,

376
00:20:42,000 --> 00:20:45,520
Speaker 1: he literally said, we want to place our bets somewhere else, right,

377
00:20:45,560 --> 00:20:47,120
Speaker 1: So we don't want to be another bet. We want

378
00:20:47,160 --> 00:20:49,600
Speaker 1: to be the bet uh And I think we If

379
00:20:49,640 --> 00:20:51,359
Speaker 1: you look at our investor base, these are folks you

380
00:20:51,440 --> 00:20:54,199
Speaker 1: get the opportunity, understand the quality of the team, and

381
00:20:54,240 --> 00:20:56,840
Speaker 1: are excited about the journey. More on, Chris, is good

382
00:20:56,880 --> 00:21:00,560
Speaker 1: to see you virtually at least you know you just

383
00:21:00,600 --> 00:21:02,879
Speaker 1: said that what we're seeing in the industry is normal.

384
00:21:03,440 --> 00:21:06,520
Speaker 1: But what VW and Ford were saying is that actually

385
00:21:07,200 --> 00:21:09,480
Speaker 1: we're pulling out because this is a much more distant

386
00:21:09,520 --> 00:21:12,480
Speaker 1: technology than we thought. It's too far away. Right now,

387
00:21:13,040 --> 00:21:16,639
Speaker 1: what are you doing to ensure stability for yourselves in

388
00:21:16,720 --> 00:21:19,600
Speaker 1: terms of raising money? Are you going to plan head

389
00:21:19,600 --> 00:21:22,800
Speaker 1: count reduction to kind of preserve cash because you guys

390
00:21:22,800 --> 00:21:25,320
Speaker 1: still have a little way to go as well. Yeah,

391
00:21:25,320 --> 00:21:27,840
Speaker 1: so I've been in the space for twenty years ish um,

392
00:21:27,880 --> 00:21:30,480
Speaker 1: so kind of understand how hard the problem is. And again,

393
00:21:30,560 --> 00:21:33,480
Speaker 1: we we engineered the company from day one to solve

394
00:21:33,520 --> 00:21:36,760
Speaker 1: these important problems, realizing we were climbing a mountain. So

395
00:21:36,920 --> 00:21:39,800
Speaker 1: the company we have amazing partners. We work with as

396
00:21:39,800 --> 00:21:42,320
Speaker 1: you've got on the screen here Volvo Trucks. We work

397
00:21:42,359 --> 00:21:45,000
Speaker 1: with pack oar to the top three truck manufacturers, who

398
00:21:45,040 --> 00:21:48,160
Speaker 1: work with Toyota, the world's number one car manufacturer, Uber,

399
00:21:48,200 --> 00:21:51,880
Speaker 1: the world's wonder one right healing platform, FedEx, Schneider Werner,

400
00:21:51,960 --> 00:21:54,320
Speaker 1: some of these amazing trucking companies. So we feel like

401
00:21:54,359 --> 00:21:56,879
Speaker 1: we're spring loaded on that front to go to market.

402
00:21:57,320 --> 00:21:59,760
Speaker 1: So you know, yep, we we raised a lot of

403
00:22:00,320 --> 00:22:02,400
Speaker 1: last year. We're in a very strong position with one

404
00:22:02,400 --> 00:22:04,280
Speaker 1: point two billion dollars on the balance sheet at the

405
00:22:04,320 --> 00:22:06,840
Speaker 1: end of the quarter. So we're we're really excited about

406
00:22:06,960 --> 00:22:11,760
Speaker 1: the path forward here. Is it possible that Apple or

407
00:22:11,800 --> 00:22:16,240
Speaker 1: Microsoft buys your company? Chris? We have so so I

408
00:22:16,280 --> 00:22:18,439
Speaker 1: think you're alluding to a memo that leak that I

409
00:22:18,520 --> 00:22:21,679
Speaker 1: drafted for a conversation with our board, and so I

410
00:22:21,720 --> 00:22:24,440
Speaker 1: don't know whether it's possible or not. Um Uh, you know,

411
00:22:24,480 --> 00:22:26,399
Speaker 1: we're not going to comment on those kind of things,

412
00:22:26,400 --> 00:22:28,800
Speaker 1: but it's I think for any company in the in

413
00:22:28,800 --> 00:22:31,639
Speaker 1: the existing marketing conditions, you need to be exploring the

414
00:22:31,680 --> 00:22:34,840
Speaker 1: span of options from um you know, as you said,

415
00:22:34,960 --> 00:22:38,280
Speaker 1: headcount reduction, acquiring companies, using you know, like they talk

416
00:22:38,320 --> 00:22:41,440
Speaker 1: about a crisis being the worst thing to waste through

417
00:22:41,480 --> 00:22:44,800
Speaker 1: focus and as a company, that's what we've taken, right

418
00:22:44,880 --> 00:22:47,160
Speaker 1: is the path. Okay, We're going to focus on getting

419
00:22:47,160 --> 00:22:49,280
Speaker 1: the trucking product market. We're going to be more efficient

420
00:22:49,280 --> 00:22:51,399
Speaker 1: where we can be with the capital we have on hand,

421
00:22:51,600 --> 00:22:53,320
Speaker 1: and we're just going to execute through this. And we

422
00:22:53,400 --> 00:22:55,399
Speaker 1: have the capital to do that, and we have the

423
00:22:55,400 --> 00:22:58,560
Speaker 1: team and technology to make it happen. Chris, when you

424
00:22:58,600 --> 00:23:00,680
Speaker 1: and I lost saw each other we were in Texas

425
00:23:00,880 --> 00:23:03,880
Speaker 1: riding around in self driving semi trucks. Do you remember that?

426
00:23:04,240 --> 00:23:08,960
Speaker 1: But you know, your regional ambitions for Aurora were broadened

427
00:23:08,960 --> 00:23:11,680
Speaker 1: that It seems like very much the focus is on

428
00:23:12,400 --> 00:23:18,080
Speaker 1: the the use case of trucking, delivery, haulage. Have you

429
00:23:18,160 --> 00:23:20,359
Speaker 1: had talks with some of the big players in that space,

430
00:23:20,440 --> 00:23:25,439
Speaker 1: like Amazon, like Walmart. So, so we are still building

431
00:23:25,480 --> 00:23:27,840
Speaker 1: a platform that will drive all kinds of vehicles. The

432
00:23:28,040 --> 00:23:30,960
Speaker 1: right first place first to deploy the technology is in trucking.

433
00:23:31,280 --> 00:23:33,560
Speaker 1: We see the opportunity, the market need is there, the

434
00:23:33,560 --> 00:23:36,960
Speaker 1: economics are there, the market scale is there. Right, it

435
00:23:37,119 --> 00:23:39,720
Speaker 1: is just the right place to deploy this first. But

436
00:23:39,880 --> 00:23:44,200
Speaker 1: we have those partnerships with Toyota and Uber that thus springloaders.

437
00:23:44,240 --> 00:23:45,800
Speaker 1: When we get to right healing, which will be our

438
00:23:45,840 --> 00:23:48,879
Speaker 1: second product in the space, we expect to be you know,

439
00:23:49,000 --> 00:23:51,639
Speaker 1: to to go charge into that, and yes, we have

440
00:23:51,720 --> 00:23:55,080
Speaker 1: amazing partnerships. Or Anthetics is the largest carrier of lesson

441
00:23:55,119 --> 00:23:59,480
Speaker 1: truckloaders loads in the US and it's also the most

442
00:23:59,560 --> 00:24:02,000
Speaker 1: carrier most tractors and trailers of anyone in the US.

443
00:24:02,080 --> 00:24:05,200
Speaker 1: So we're working with some amazing folks today. You know,

444
00:24:05,359 --> 00:24:09,080
Speaker 1: talk to us about the longer term, you know, beyond trucking.

445
00:24:09,440 --> 00:24:12,639
Speaker 1: Where could this technology go and how long is it

446
00:24:12,720 --> 00:24:15,400
Speaker 1: really going to take because you know, you know, much

447
00:24:15,440 --> 00:24:17,480
Speaker 1: of our coverage recently has been we've been talking and

448
00:24:17,520 --> 00:24:19,399
Speaker 1: talking and talking about this. You said, you've been in

449
00:24:19,440 --> 00:24:23,840
Speaker 1: this industry for twenty ish years, um, but still hasn't

450
00:24:23,960 --> 00:24:27,399
Speaker 1: fully come to fruition. Well, we're at this point. So

451
00:24:27,680 --> 00:24:29,919
Speaker 1: to one of the challenges of our technologies. We get

452
00:24:29,960 --> 00:24:32,440
Speaker 1: to develop it like out in the public because we're

453
00:24:32,480 --> 00:24:34,720
Speaker 1: on the roads and people see it. So I think

454
00:24:34,760 --> 00:24:36,480
Speaker 1: you get to see a little bit more behind the

455
00:24:36,600 --> 00:24:39,800
Speaker 1: curtain of what it takes to actually develop a game

456
00:24:39,920 --> 00:24:43,440
Speaker 1: changing or world changing technology. I think it's really exciting

457
00:24:43,480 --> 00:24:45,399
Speaker 1: to see some of our competitors and vehicles on the

458
00:24:45,480 --> 00:24:49,800
Speaker 1: road with no drivers in in places like uh in Arizona,

459
00:24:50,080 --> 00:24:52,639
Speaker 1: in San Francisco. We're on the road every day with

460
00:24:52,760 --> 00:24:56,280
Speaker 1: our trucks hauling loads for our customers, and so that's exciting.

461
00:24:56,520 --> 00:24:58,080
Speaker 1: And we're looking forward to the next two years. And

462
00:24:58,480 --> 00:25:01,560
Speaker 1: we've been a leader in transparent orency. We've shared our

463
00:25:01,640 --> 00:25:06,160
Speaker 1: roadmap from here to the launching the product with that operator,

464
00:25:06,440 --> 00:25:08,159
Speaker 1: and we continue we want to continue to do that

465
00:25:08,240 --> 00:25:11,159
Speaker 1: to build trust through what I think of as the

466
00:25:11,240 --> 00:25:14,480
Speaker 1: current valley of disillusionment. Can you give me a number

467
00:25:14,680 --> 00:25:20,240
Speaker 1: how long until long haul trucking is truly driverless? Yeah,

468
00:25:20,320 --> 00:25:23,479
Speaker 1: So we've shared a roadmap for us. At the end

469
00:25:23,520 --> 00:25:26,160
Speaker 1: of Q one, we're working towards having the roar driver

470
00:25:26,320 --> 00:25:28,720
Speaker 1: be feature complete, which means it does everything it needs

471
00:25:28,800 --> 00:25:30,800
Speaker 1: to to be able to drive, just not yet well enough.

472
00:25:31,400 --> 00:25:34,160
Speaker 1: By the end of next year, we're working towards having

473
00:25:34,160 --> 00:25:36,240
Speaker 1: the roar driver be ready so that if we had

474
00:25:36,280 --> 00:25:40,880
Speaker 1: a truck platform that had the was autonomy enabled, we'd

475
00:25:40,880 --> 00:25:42,800
Speaker 1: be able to pull the operators out of those trucks

476
00:25:42,840 --> 00:25:45,159
Speaker 1: and have them operate without anybody on board. And we

477
00:25:45,200 --> 00:25:48,000
Speaker 1: expect to actually launch in the following year, in twenty

478
00:25:48,040 --> 00:25:51,240
Speaker 1: four Chris, Look, you know, I know at asked earlier

479
00:25:51,280 --> 00:25:54,600
Speaker 1: about the difficulty of the environment, but you know, have

480
00:25:54,720 --> 00:25:57,159
Speaker 1: you thought about cost costs, have you thought about layoffs?

481
00:25:57,200 --> 00:26:00,320
Speaker 1: It seems like everyone is thinking about it, but everyone's

482
00:26:00,320 --> 00:26:03,240
Speaker 1: strategy is different. For example, Brian Chesky told us yesterday,

483
00:26:03,800 --> 00:26:06,119
Speaker 1: UH to use a car analogy, he said, we're actually

484
00:26:06,160 --> 00:26:10,000
Speaker 1: stepping on the gas, not stepping on the brakes. Yeah.

485
00:26:10,040 --> 00:26:12,400
Speaker 1: For us, we've we continue to focus on being efficient

486
00:26:12,440 --> 00:26:14,520
Speaker 1: with the capital we have. That will pushes the capital

487
00:26:14,600 --> 00:26:18,600
Speaker 1: we have on hand pushes into mid We've looked at

488
00:26:18,920 --> 00:26:21,640
Speaker 1: where can we be doing things sequentially rather than parallel,

489
00:26:21,720 --> 00:26:23,800
Speaker 1: and that's one of the reasons why we're focusing so

490
00:26:23,920 --> 00:26:26,760
Speaker 1: much on trucking. We're not uh not doing cars, but

491
00:26:26,840 --> 00:26:29,760
Speaker 1: we're gonna kind of have that more streamline off the

492
00:26:29,800 --> 00:26:32,080
Speaker 1: back of what we do in trucks. We've looked at

493
00:26:32,200 --> 00:26:34,480
Speaker 1: through the organization, how can we restructure things to be

494
00:26:34,560 --> 00:26:37,600
Speaker 1: more efficient. We've made changes to the way people report UM.

495
00:26:37,720 --> 00:26:40,360
Speaker 1: We've looked for duplications and simplified those and move people

496
00:26:40,400 --> 00:26:42,679
Speaker 1: in different parts of the organizations. And we've looked at,

497
00:26:42,880 --> 00:26:44,800
Speaker 1: you know, one of the things we need versus one

498
00:26:44,800 --> 00:26:46,480
Speaker 1: of the things we want, and we're just getting the

499
00:26:46,560 --> 00:26:50,000
Speaker 1: things we need. UM. So we're being thoughtful. We're extending

500
00:26:50,040 --> 00:26:53,119
Speaker 1: the runway where we can. But but the opportunity is

501
00:26:53,200 --> 00:26:57,440
Speaker 1: so exciting, the position we're in is so amazing that

502
00:26:57,800 --> 00:27:00,920
Speaker 1: we just need to charge through this drive through alright,

503
00:27:01,000 --> 00:27:04,800
Speaker 1: Aroor CEO Chris Urmson and our own let's thank thank

504
00:27:04,840 --> 00:27:08,199
Speaker 1: you both very much. All right, coming up to major

505
00:27:08,359 --> 00:27:11,280
Speaker 1: power players in Crypto just reported earnings coin Base and

506
00:27:11,440 --> 00:27:34,760
Speaker 1: Square coming up. This is Bloomberg coin based and block

507
00:27:34,800 --> 00:27:39,400
Speaker 1: chas reported earnings as headwinds for crypto persist Bossi dug

508
00:27:39,480 --> 00:27:42,760
Speaker 1: through the report, Sinali, what are the highlights. It's a

509
00:27:42,800 --> 00:27:45,119
Speaker 1: pretty good day when you're looking at these firms and

510
00:27:45,200 --> 00:27:47,680
Speaker 1: you're looking at block for example, which had already sold

511
00:27:47,720 --> 00:27:51,879
Speaker 1: off this year, We're coming in with gross profit above expectations.

512
00:27:52,119 --> 00:27:54,920
Speaker 1: They're really growing their cash up there. I want to

513
00:27:55,080 --> 00:27:56,960
Speaker 1: kind of hone in here as a pertains of crypto,

514
00:27:57,040 --> 00:27:59,280
Speaker 1: because of course we have a very crypto friendly CEO

515
00:27:59,520 --> 00:28:03,800
Speaker 1: in Jack Dorsey. Bitcoin revenue was one eight billion nearly.

516
00:28:04,320 --> 00:28:07,280
Speaker 1: While that's down about three percent year over year, it's

517
00:28:07,320 --> 00:28:09,720
Speaker 1: still up a hundred twenty eight percent on a three

518
00:28:09,800 --> 00:28:12,600
Speaker 1: year compounded growth rate. So if you're looking at the

519
00:28:12,680 --> 00:28:15,000
Speaker 1: crypto market and how what it means for these fintech firms,

520
00:28:15,040 --> 00:28:17,359
Speaker 1: it's really not as bad as it could be. And

521
00:28:17,520 --> 00:28:19,600
Speaker 1: of course that commitment is still there as they grow

522
00:28:19,640 --> 00:28:23,639
Speaker 1: those other financial services really quickly. Pivoting here even the

523
00:28:24,119 --> 00:28:27,120
Speaker 1: coin base, they have really highlighted a lot of headwinds here.

524
00:28:27,359 --> 00:28:30,560
Speaker 1: You do see that jump here in subscription and services revenue,

525
00:28:30,960 --> 00:28:33,840
Speaker 1: and that is even larger that jump, it would be

526
00:28:34,200 --> 00:28:37,920
Speaker 1: two percent when you hold crypto prices constant, they're really

527
00:28:37,960 --> 00:28:40,600
Speaker 1: benefiting from that interest incomes. So you're seeing these firms

528
00:28:40,720 --> 00:28:43,760
Speaker 1: really leaning on the diversification emily of the businesses here

529
00:28:44,080 --> 00:28:47,280
Speaker 1: in order to show investors what they're worth. Robin Hood

530
00:28:47,360 --> 00:28:49,760
Speaker 1: we have to point out as well because revenue top

531
00:28:49,880 --> 00:28:53,480
Speaker 1: to estimates, uh, and really they're the stockwise or the

532
00:28:53,560 --> 00:28:55,480
Speaker 1: down there down the least of the group here. They're

533
00:28:55,480 --> 00:28:59,360
Speaker 1: only downe about this year crypto decreased twelve percent, but

534
00:28:59,480 --> 00:29:02,320
Speaker 1: options in equities were up and cost cutting is really

535
00:29:02,400 --> 00:29:07,160
Speaker 1: helping them drop operating expenses down twelve percent, and you're

536
00:29:07,200 --> 00:29:10,440
Speaker 1: seeing that helped them really come in with an adjusted

537
00:29:10,840 --> 00:29:14,480
Speaker 1: profit number that is better than expected. They're coming in

538
00:29:14,640 --> 00:29:17,320
Speaker 1: with adjusted profit that is rather than a loss. But again,

539
00:29:17,400 --> 00:29:19,480
Speaker 1: can that can that hold when it's not just on

540
00:29:19,560 --> 00:29:24,800
Speaker 1: an adjusted basis? You know, Jack Dorcy, of course, the

541
00:29:24,880 --> 00:29:29,120
Speaker 1: CEO of Block, has been in the news all gear

542
00:29:29,280 --> 00:29:31,959
Speaker 1: for a totally different reason, given the drama that's happening

543
00:29:32,520 --> 00:29:35,400
Speaker 1: at Twitter. You know, did we hear from Jack on

544
00:29:35,520 --> 00:29:38,480
Speaker 1: the call and you know, talk to us a little

545
00:29:38,480 --> 00:29:41,480
Speaker 1: bit of Obviously he was really instrumental and and launching

546
00:29:41,560 --> 00:29:45,440
Speaker 1: some of Twitter's early crypto projects. You tell us a

547
00:29:45,440 --> 00:29:47,560
Speaker 1: little bit more about the connection, certainly because we know

548
00:29:47,680 --> 00:29:50,080
Speaker 1: Jack himself has really supported a lot of companies in

549
00:29:50,200 --> 00:29:52,440
Speaker 1: the in the Lightning network, for example, and really try

550
00:29:52,440 --> 00:29:54,800
Speaker 1: to integrate it with Twitter. But no, he he was

551
00:29:55,080 --> 00:29:57,440
Speaker 1: available in the block call, and we know he's focusing

552
00:29:57,600 --> 00:30:00,520
Speaker 1: very much so on block and financial services. He did

553
00:30:00,600 --> 00:30:03,320
Speaker 1: not discuss Twitter, a question I would have this kind

554
00:30:03,360 --> 00:30:05,600
Speaker 1: of looming out there in the ether is as it

555
00:30:05,720 --> 00:30:08,680
Speaker 1: pertains to block in Twitter. We asked Anthony Nodo yesterday

556
00:30:08,720 --> 00:30:11,840
Speaker 1: a sofa a similar question, given his former Twitter background,

557
00:30:12,600 --> 00:30:16,720
Speaker 1: whether these new fintech firms can partner with Twitter in

558
00:30:16,920 --> 00:30:20,440
Speaker 1: order to expand financial services to create that great super

559
00:30:20,520 --> 00:30:23,920
Speaker 1: app that loves to talk about so looming open a

560
00:30:24,160 --> 00:30:28,080
Speaker 1: question and it's yet to be seen. But no, no,

561
00:30:28,240 --> 00:30:31,080
Speaker 1: yesterday certainly did seem like they were open for business.

562
00:30:31,160 --> 00:30:35,520
Speaker 1: Should that be something that Twitter would explore? All right,

563
00:30:35,760 --> 00:30:38,480
Speaker 1: Bloomer Snelly Bostick, thank you on that note. We just

564
00:30:38,560 --> 00:30:42,760
Speaker 1: got another headline on the Bloomberg that Elon Musk is

565
00:30:42,920 --> 00:30:47,200
Speaker 1: asking Twitter to cut infrastructure costs by a billion dollars.

566
00:30:47,560 --> 00:30:50,640
Speaker 1: This on top of more than thirty seven hundred employees

567
00:30:50,760 --> 00:30:54,800
Speaker 1: that we've reported will be laid off at Twitter tomorrow

568
00:30:54,960 --> 00:30:57,720
Speaker 1: and that they will be informed of whether or not uh,

569
00:30:58,000 --> 00:31:00,200
Speaker 1: they're going to be laid off tomorrow. So again another

570
00:31:00,240 --> 00:31:03,840
Speaker 1: headline coming from orders that Musk is calling on Twitter

571
00:31:03,920 --> 00:31:17,040
Speaker 1: to cut infrastructure costs by a billion dollars. Pitch Book

572
00:31:17,080 --> 00:31:19,600
Speaker 1: just released a report on women in venture capital found

573
00:31:19,800 --> 00:31:24,160
Speaker 1: that women founders have posted the second highest deal value

574
00:31:24,200 --> 00:31:29,400
Speaker 1: figures on record despite volatility, joining us now Sarah Chin Spellings,

575
00:31:29,440 --> 00:31:33,200
Speaker 1: co founder and managing partner of Beyond the Billion UM.

576
00:31:33,360 --> 00:31:36,560
Speaker 1: Sarah talked to us about UM the silver linings that

577
00:31:36,640 --> 00:31:39,800
Speaker 1: you found for women run businesses. Here. Hi, Emily, so

578
00:31:39,920 --> 00:31:42,040
Speaker 1: good to be here, Thanks so much for highlighting. I'll

579
00:31:42,120 --> 00:31:45,160
Speaker 1: report once again, you know, the data continues to tell

580
00:31:45,240 --> 00:31:47,680
Speaker 1: the same story. And I think you've heard this narrative before, Emily,

581
00:31:47,840 --> 00:31:51,960
Speaker 1: that female founders continue to outperform no matter what the circumstances,

582
00:31:52,040 --> 00:31:55,600
Speaker 1: despite market conditions, despite their turbulence in the markets, they

583
00:31:55,680 --> 00:31:58,520
Speaker 1: continued to be resilient, and yet they continue to be

584
00:31:58,640 --> 00:32:02,040
Speaker 1: under invested. So while we you're seeing higher numbers compared

585
00:32:02,080 --> 00:32:05,920
Speaker 1: to one with with deal value becoming a lot higher

586
00:32:06,240 --> 00:32:09,560
Speaker 1: UM in the recent months, what's not sort of on

587
00:32:09,680 --> 00:32:13,040
Speaker 1: the upward trajectory that we're really looking forward towards is

588
00:32:13,240 --> 00:32:17,400
Speaker 1: the proportion of deal value and deal count as a

589
00:32:17,480 --> 00:32:20,640
Speaker 1: whole competitive to the whole venture capital. So really a

590
00:32:20,720 --> 00:32:23,160
Speaker 1: lot to unpack here, you know, from exit value to

591
00:32:23,400 --> 00:32:26,400
Speaker 1: their performance in general, from even looking at the burn

592
00:32:26,520 --> 00:32:29,240
Speaker 1: rate of venture capital funding um. And there's been a

593
00:32:29,280 --> 00:32:31,080
Speaker 1: lot of news as I think you've covered in your

594
00:32:31,240 --> 00:32:33,840
Speaker 1: last couple of segments as well, right, you found that

595
00:32:33,960 --> 00:32:38,400
Speaker 1: women founders had lower burn rates, greater valuation growth at

596
00:32:38,440 --> 00:32:41,480
Speaker 1: the late stage versus companies founded by men. You're over

597
00:32:41,520 --> 00:32:43,680
Speaker 1: a year. What do you think behind that? Yeah, you

598
00:32:43,760 --> 00:32:46,239
Speaker 1: know this data. You know, people always ask us, are

599
00:32:46,280 --> 00:32:48,640
Speaker 1: you surprised by the numbers, and the reality is we're

600
00:32:48,720 --> 00:32:52,600
Speaker 1: not because women continue to outperform in leaps and bounce

601
00:32:52,680 --> 00:32:55,560
Speaker 1: And the reason for that is this good news venues

602
00:32:55,680 --> 00:32:58,160
Speaker 1: they've not traditionally had a lot of funding and they've

603
00:32:58,200 --> 00:33:01,120
Speaker 1: had to work with what they had, and that means

604
00:33:01,160 --> 00:33:03,360
Speaker 1: that there are a lot more resilient. They've planned their

605
00:33:03,480 --> 00:33:07,840
Speaker 1: cash management and they're able to weather the storm. And

606
00:33:08,080 --> 00:33:10,440
Speaker 1: this you know, guess what, it is a little bit

607
00:33:10,480 --> 00:33:13,840
Speaker 1: of a funding winter, and the storm is here and

608
00:33:14,120 --> 00:33:16,800
Speaker 1: whiles you know, there will be winners and losers. I

609
00:33:16,880 --> 00:33:20,680
Speaker 1: think it's clear that women have been smart about planning

610
00:33:20,760 --> 00:33:23,560
Speaker 1: forward and their cash management is showing right now with

611
00:33:23,640 --> 00:33:25,959
Speaker 1: the burn rais being a lot more manageable. And by

612
00:33:26,000 --> 00:33:28,280
Speaker 1: the way, as you mentioned, you know, the drop in

613
00:33:28,520 --> 00:33:31,400
Speaker 1: late stage funding in terms of median valuations that we saw,

614
00:33:32,000 --> 00:33:35,120
Speaker 1: you know, the crash from from the valuations from turning

615
00:33:35,160 --> 00:33:38,760
Speaker 1: to one which was really you know, Blockbuster year that

616
00:33:38,880 --> 00:33:41,800
Speaker 1: they were starting to sort of see unraveled now was

617
00:33:41,880 --> 00:33:44,000
Speaker 1: really showing how there were a lot of companies that

618
00:33:44,200 --> 00:33:47,880
Speaker 1: had valuations that were not sustained. And with female founders

619
00:33:47,960 --> 00:33:51,239
Speaker 1: there are always a lot more UM. I wouldn't call

620
00:33:51,280 --> 00:33:53,520
Speaker 1: it conservative, but there are a lots smarter, a lot

621
00:33:53,680 --> 00:33:57,480
Speaker 1: more UM realistic about their projections and what they can do,

622
00:33:57,600 --> 00:34:01,000
Speaker 1: and therefore their evaluations are sustained. That sort of explaining

623
00:34:01,040 --> 00:34:03,120
Speaker 1: the numbers of why the drop hasn't been as much

624
00:34:03,160 --> 00:34:06,120
Speaker 1: as you've seen for the wider market. I'm not going

625
00:34:06,160 --> 00:34:12,000
Speaker 1: to argue with those adjectives, Sarah about the sectors that

626
00:34:12,120 --> 00:34:14,200
Speaker 1: are seeing the most growth. You know, we were talking

627
00:34:14,239 --> 00:34:18,000
Speaker 1: about health tech earlier, self driving tech earlier, and the

628
00:34:18,160 --> 00:34:21,520
Speaker 1: narrative is different for all of them. Yeah, well, Emily,

629
00:34:21,560 --> 00:34:23,719
Speaker 1: you know, the good news is that women continue to

630
00:34:24,000 --> 00:34:26,719
Speaker 1: innovate in all sectors, right, So of course we see

631
00:34:26,760 --> 00:34:29,560
Speaker 1: the data where there's a lot of growth in retail,

632
00:34:29,719 --> 00:34:31,719
Speaker 1: in B two B sas. In fact, you know, some

633
00:34:31,800 --> 00:34:34,000
Speaker 1: of the top unicorns that have female founders at the

634
00:34:34,080 --> 00:34:36,840
Speaker 1: HELM were women in health tech and women in stas

635
00:34:36,880 --> 00:34:40,160
Speaker 1: as well. The two decacorns that emerge, so decacorns being

636
00:34:40,239 --> 00:34:43,160
Speaker 1: for those who may not be as familiar, um multi

637
00:34:43,239 --> 00:34:47,239
Speaker 1: billion companies valued at ten billion dollars and that's talk

638
00:34:47,320 --> 00:34:50,640
Speaker 1: desk and deal that really brought the valuation up and

639
00:34:50,760 --> 00:34:52,719
Speaker 1: and sort of the numbers and trends that we're seeing.

640
00:34:52,800 --> 00:34:54,800
Speaker 1: So we're seeing a lot of growth in retail and

641
00:34:54,920 --> 00:34:58,160
Speaker 1: health tech, in fintech and SAS and we're excited by

642
00:34:58,640 --> 00:35:00,400
Speaker 1: as a whole, you know, for the that we do

643
00:35:00,480 --> 00:35:03,160
Speaker 1: without consulting with funds over a hundred funds across the globe.

644
00:35:03,480 --> 00:35:07,120
Speaker 1: Women continue to innovate across the sectors despite market conditions.

645
00:35:07,200 --> 00:35:09,160
Speaker 1: Even if they're in a sector that's being hit hard

646
00:35:09,280 --> 00:35:12,320
Speaker 1: right now with market conditions, they are pivoting and figuring

647
00:35:12,360 --> 00:35:16,440
Speaker 1: out what next. How are dynamics between LPs and GPS

648
00:35:16,719 --> 00:35:20,080
Speaker 1: changing in this environment, there's a lot of money sitting

649
00:35:20,120 --> 00:35:23,000
Speaker 1: on the sidelines that venture capitalists have raised. There's not

650
00:35:23,160 --> 00:35:26,680
Speaker 1: necessarily a place to put it all. Yeah, Emily, thanks

651
00:35:26,719 --> 00:35:29,320
Speaker 1: for asking all of that. You know, the LP and

652
00:35:29,440 --> 00:35:32,400
Speaker 1: GP sort of connection is one that we've focus a

653
00:35:32,480 --> 00:35:34,640
Speaker 1: lot on, right, and I think you've picked that up rightly.

654
00:35:35,239 --> 00:35:39,120
Speaker 1: Despite what has been said about the fundraising winter, it's

655
00:35:39,160 --> 00:35:41,719
Speaker 1: clear that there is a dispersion right there, winners and

656
00:35:41,760 --> 00:35:44,759
Speaker 1: their losers, and there are those multi billion firms that

657
00:35:45,040 --> 00:35:47,799
Speaker 1: continue to raise billions of dollars and you know, we've

658
00:35:47,840 --> 00:35:50,120
Speaker 1: got a lot of dry poutics standing on the sidelines.

659
00:35:50,200 --> 00:35:53,040
Speaker 1: But he this is what's happening. You know, LPs are

660
00:35:53,160 --> 00:35:56,719
Speaker 1: being a lot more cautious, right. The word is we're optimistic,

661
00:35:57,200 --> 00:36:01,799
Speaker 1: optimistically cautious about the wave would and therefore, despite money

662
00:36:01,840 --> 00:36:04,239
Speaker 1: in the bank um, a lot of them are being

663
00:36:04,320 --> 00:36:07,200
Speaker 1: slow to deploy. So in fact, you know, whilst you're

664
00:36:07,320 --> 00:36:10,840
Speaker 1: seeing a lot of money being passed onto gps, uh,

665
00:36:10,960 --> 00:36:13,920
Speaker 1: this doesn't necessarily pass on to the founders, which is

666
00:36:13,960 --> 00:36:16,320
Speaker 1: where they're feeling the crunch a little bit. But you know,

667
00:36:16,480 --> 00:36:18,880
Speaker 1: the winners will emerge and I think it'll be more

668
00:36:18,920 --> 00:36:22,840
Speaker 1: and more important to UH see founders really emerge in

669
00:36:22,960 --> 00:36:25,239
Speaker 1: this crisis, right. I think a lot of the big

670
00:36:25,400 --> 00:36:28,800
Speaker 1: names that you and I know, Uber, ARABNB all emerged

671
00:36:28,880 --> 00:36:30,960
Speaker 1: from a time of crisis, and I think this is

672
00:36:31,000 --> 00:36:34,600
Speaker 1: gonna be a good time for gps that are focused

673
00:36:34,640 --> 00:36:37,400
Speaker 1: on what next, the next generation companies to really do

674
00:36:37,480 --> 00:36:39,520
Speaker 1: the right thing, and LPs have a role to play

675
00:36:39,640 --> 00:36:44,759
Speaker 1: here beyond the billions. Co founder sarag And Spellings, thank

676
00:36:44,840 --> 00:36:48,000
Speaker 1: you for sharing all of that with us. Worth checking

677
00:36:48,040 --> 00:36:51,359
Speaker 1: out the report and more depth if you'd like. Later

678
00:36:51,440 --> 00:36:54,640
Speaker 1: on the show this week Friday XPED CEO Peter Kerrent,

679
00:36:54,760 --> 00:36:57,680
Speaker 1: we'll talk to us about the travel rebound or lack there.

680
00:36:58,440 --> 00:37:00,520
Speaker 1: This is Bloomberg Baden,