1
00:00:02,960 --> 00:00:06,280
Speaker 1: From the heart of where innovation, money and power collive

2
00:00:07,080 --> 00:00:11,600
Speaker 1: in Silicon Valley and beyond. This is Bloomberg Technology with

3
00:00:11,680 --> 00:00:27,760
Speaker 1: Emily Jay. I'm Emily changing San Francisco and this is

4
00:00:27,800 --> 00:00:31,440
Speaker 1: Bloomberg Technology. Coming up in the next hour, sanctions piling

5
00:00:31,520 --> 00:00:35,960
Speaker 1: on Russia and President Biden releasing an unprecedented amount of

6
00:00:36,159 --> 00:00:38,680
Speaker 1: US oil. We will have the latest on what the

7
00:00:38,720 --> 00:00:41,800
Speaker 1: White House is doing to booie the US and tech economy,

8
00:00:42,120 --> 00:00:46,720
Speaker 1: and how some tech companies are helping Ukrainian refugees get

9
00:00:46,720 --> 00:00:50,840
Speaker 1: back to work. Plus submits the ongoing chip crisis, Apple

10
00:00:50,880 --> 00:00:54,080
Speaker 1: looking for new chip suppliers even in China. We'll talk

11
00:00:54,080 --> 00:00:57,800
Speaker 1: about why the iPhone maker is expanding its roster. Next,

12
00:00:58,920 --> 00:01:01,880
Speaker 1: and a fledgely Union takes an early lead in an

13
00:01:01,920 --> 00:01:05,720
Speaker 1: election to unionize an Amazon warehouse in New York, while

14
00:01:05,760 --> 00:01:09,560
Speaker 1: the Union trails in a separate election in Alabama. Will

15
00:01:09,600 --> 00:01:12,480
Speaker 1: have the latest. Let's get an update now on the

16
00:01:12,520 --> 00:01:16,360
Speaker 1: war in Ukraine. As sanctions on Russian mount President Biden

17
00:01:16,360 --> 00:01:18,959
Speaker 1: now plans to release a million barrels of oil a

18
00:01:19,080 --> 00:01:22,440
Speaker 1: day from US reserves for six months to reduce US

19
00:01:22,520 --> 00:01:26,240
Speaker 1: dependents on foreign supplies. Bloomber Examily Wilkins on the hill

20
00:01:26,440 --> 00:01:29,920
Speaker 1: joining us now with more details on this, and Emily

21
00:01:29,959 --> 00:01:31,600
Speaker 1: talked to us a little bit more about the President's

22
00:01:31,640 --> 00:01:33,960
Speaker 1: plan and how much of an impact it will actually

23
00:01:34,000 --> 00:01:39,000
Speaker 1: have on everyday Americans. So we've already seen President Biden

24
00:01:39,200 --> 00:01:43,000
Speaker 1: go to these oil reserves and tried to release barrels before,

25
00:01:43,000 --> 00:01:45,080
Speaker 1: trying to ease some of the pressure that we're seen

26
00:01:45,200 --> 00:01:47,800
Speaker 1: with oil and gas prices. But this is going to

27
00:01:47,800 --> 00:01:50,400
Speaker 1: be bigger than anything we've seen. I mean, those last

28
00:01:50,480 --> 00:01:53,720
Speaker 1: releases were about I think thirty million, sixty million barrels.

29
00:01:53,840 --> 00:01:55,920
Speaker 1: This is going to be a hundred eighty million when

30
00:01:56,000 --> 00:01:59,480
Speaker 1: all is said and done, released roughly a million barrels

31
00:01:59,520 --> 00:02:02,320
Speaker 1: of oil per day. And this comes as both the

32
00:02:02,440 --> 00:02:05,520
Speaker 1: US is struggling right now with high gas prices trying

33
00:02:05,520 --> 00:02:07,360
Speaker 1: to figure out a way to bring those back down

34
00:02:07,400 --> 00:02:10,880
Speaker 1: with inflation, plus the war in Ukraine. But there's also

35
00:02:10,919 --> 00:02:14,680
Speaker 1: struggles right now going on in Europe. Of Russian President

36
00:02:14,760 --> 00:02:18,080
Speaker 1: Vladimir Putin has announced that if they want to pay

37
00:02:18,160 --> 00:02:20,639
Speaker 1: for Russian gas, it's going to have to be in rubles.

38
00:02:20,880 --> 00:02:23,440
Speaker 1: That could potentially be a huge problem for a lot

39
00:02:23,520 --> 00:02:26,640
Speaker 1: of the European allies that President Biden has tried to

40
00:02:26,680 --> 00:02:29,560
Speaker 1: make sure that he's moving with as he goes forward.

41
00:02:29,840 --> 00:02:31,639
Speaker 1: So I think a lot of questions about what's going

42
00:02:31,680 --> 00:02:34,639
Speaker 1: to happen next for a number of European countries, particularly

43
00:02:34,639 --> 00:02:37,560
Speaker 1: Germany that really do rely on a lot of Russian

44
00:02:37,560 --> 00:02:41,880
Speaker 1: oil Emily. President Biden also taking some steps to help

45
00:02:41,919 --> 00:02:45,600
Speaker 1: alleviate pressure on US companies with regard to the chip

46
00:02:45,919 --> 00:02:50,440
Speaker 1: crisis and a potential crisis in electric car batteries by

47
00:02:50,440 --> 00:02:54,320
Speaker 1: invoking the Defense Production Act. Tell us about that. Yeah,

48
00:02:54,320 --> 00:02:56,480
Speaker 1: so this is an act. It's been used before by

49
00:02:56,520 --> 00:02:58,840
Speaker 1: Biden as well as by other presidents, and really to

50
00:02:58,880 --> 00:03:01,560
Speaker 1: sort of help industry ease that need a little bit

51
00:03:01,600 --> 00:03:04,560
Speaker 1: of a boost. And right now, the electric vehicle battery

52
00:03:04,639 --> 00:03:08,280
Speaker 1: industry is something that you've seen concerns about from lawmakers

53
00:03:08,320 --> 00:03:10,760
Speaker 1: on both sides of the aisle. They've written Biden, they've

54
00:03:10,800 --> 00:03:13,760
Speaker 1: asked him to go ahead and invoke this act to

55
00:03:13,800 --> 00:03:17,560
Speaker 1: really make sure that they're bolstering electric vehicles continuing their

56
00:03:17,600 --> 00:03:19,880
Speaker 1: push there. I mean, this is something again, it ties

57
00:03:19,919 --> 00:03:22,240
Speaker 1: into the energy, It ties into the high prices of

58
00:03:22,280 --> 00:03:25,400
Speaker 1: oil and gas that we're currently seen, and it's also

59
00:03:25,560 --> 00:03:28,120
Speaker 1: something that Biden was initially kind of reluctant to do

60
00:03:28,280 --> 00:03:31,720
Speaker 1: because of concerns from environmental groups, and it shows just

61
00:03:31,760 --> 00:03:34,000
Speaker 1: how much pressure the White House is now under to

62
00:03:34,080 --> 00:03:37,320
Speaker 1: address some of these concerns. All right, Emily Wilkins for

63
00:03:37,440 --> 00:03:41,120
Speaker 1: US at the Capital. Emily, thank you for that update. Meantime,

64
00:03:41,240 --> 00:03:45,680
Speaker 1: Ukrainian refugees continue to fleep and estimated four million so far,

65
00:03:45,880 --> 00:03:49,040
Speaker 1: and tech companies have not only been cutting off operations

66
00:03:49,120 --> 00:03:52,920
Speaker 1: in Russia but also stepping in to help these refugees.

67
00:03:53,320 --> 00:03:56,760
Speaker 1: Smart Recruiters, for instance, which has an office in crack Out, Poland,

68
00:03:56,760 --> 00:04:00,520
Speaker 1: has been sheltering refugees while its employees have been faring

69
00:04:00,640 --> 00:04:03,600
Speaker 1: them to and from the Ukrainian border, even bringing them

70
00:04:03,640 --> 00:04:06,600
Speaker 1: into their own homes. The company is also working to

71
00:04:06,600 --> 00:04:10,440
Speaker 1: help refugees re enter the workforce and start rebuilding their lives.

72
00:04:10,600 --> 00:04:14,240
Speaker 1: Smart Recruiters founder and CEO Jerome turn It joins us now. Jerome,

73
00:04:14,320 --> 00:04:17,599
Speaker 1: thank you so much for joining us. Talk to me

74
00:04:17,640 --> 00:04:20,479
Speaker 1: about the situation your office and crack Out right now

75
00:04:20,520 --> 00:04:23,960
Speaker 1: and how your employees are stepping into help. Yeah, thank

76
00:04:24,000 --> 00:04:27,000
Speaker 1: you for having me. Emilie. I think what's what really

77
00:04:27,040 --> 00:04:31,640
Speaker 1: happened here has happened organic key really from the second

78
00:04:31,720 --> 00:04:35,440
Speaker 1: day of the invasion, everybody in our Crack office film

79
00:04:35,440 --> 00:04:39,160
Speaker 1: about a d and fifty employees in Crack, and everyone

80
00:04:39,240 --> 00:04:42,880
Speaker 1: started to think, how can I help? And they started

81
00:04:42,880 --> 00:04:45,160
Speaker 1: to drive their car back and forced to the border

82
00:04:45,720 --> 00:04:49,600
Speaker 1: to pick up refugees. They then brought supplies as necessary,

83
00:04:49,720 --> 00:04:54,200
Speaker 1: and as you pointed out, it quickly evolved to actually

84
00:04:54,240 --> 00:05:00,240
Speaker 1: welcoming refugees in their homes. And at this moment, many

85
00:05:00,279 --> 00:05:02,960
Speaker 1: of our employees, I would say, almost everybody who actually

86
00:05:03,000 --> 00:05:05,239
Speaker 1: has a big enough living room or or a guest

87
00:05:05,680 --> 00:05:08,680
Speaker 1: guest room has a family at home. Um, you know,

88
00:05:08,720 --> 00:05:12,440
Speaker 1: one of our employer, I think, mind Matteo, actually welcomed

89
00:05:12,440 --> 00:05:15,600
Speaker 1: the mom with your baby and an infant. They've been

90
00:05:15,680 --> 00:05:19,840
Speaker 1: driving for six days throughout Ukraine before they reached a border,

91
00:05:20,520 --> 00:05:22,520
Speaker 1: and he was able to bring them home and to

92
00:05:22,760 --> 00:05:26,760
Speaker 1: provide shelter and food and baby food and strollers and

93
00:05:26,839 --> 00:05:30,279
Speaker 1: a baby bed, like really the basics of welcoming. And

94
00:05:30,320 --> 00:05:34,320
Speaker 1: it's been humbling, frankly to see how much people have

95
00:05:34,400 --> 00:05:38,560
Speaker 1: stepped up in Poland, which, as Emily pointed as received

96
00:05:38,800 --> 00:05:43,240
Speaker 1: the majority of the influx of refugees. I understand your

97
00:05:43,279 --> 00:05:46,679
Speaker 1: office is trying to a sort of operation center of sorts.

98
00:05:46,720 --> 00:05:49,960
Speaker 1: You're you're giving a stipend, a five stipend to employees

99
00:05:50,000 --> 00:05:53,800
Speaker 1: to help. They are donating supplies of all kinds. Talk

100
00:05:53,839 --> 00:05:57,360
Speaker 1: to us about how the refugees are doing once they

101
00:05:57,400 --> 00:06:01,359
Speaker 1: get to you. Yeah, I mean, this is a dire

102
00:06:01,440 --> 00:06:07,560
Speaker 1: situation for everyone. Many of them have actually arrived as

103
00:06:08,520 --> 00:06:13,520
Speaker 1: a mother with children, older people, many men have stayed

104
00:06:13,560 --> 00:06:17,120
Speaker 1: behind to fight um. So it is a dire situation.

105
00:06:17,240 --> 00:06:20,960
Speaker 1: And I think one one light of hope here is

106
00:06:21,040 --> 00:06:24,280
Speaker 1: the is the connection that has been built between the

107
00:06:24,320 --> 00:06:30,240
Speaker 1: people of Poland and Europe in general and the Ukrainian refugees.

108
00:06:30,520 --> 00:06:34,240
Speaker 1: Like the you know, our slack channel as an example,

109
00:06:34,360 --> 00:06:38,000
Speaker 1: would match the age of a kid with who can

110
00:06:38,120 --> 00:06:40,000
Speaker 1: help them? So you would have, oh, I have a

111
00:06:40,080 --> 00:06:42,000
Speaker 1: mom here, she has an eight year old and a

112
00:06:42,040 --> 00:06:43,880
Speaker 1: four year old, and somebody would say, oh, actually I

113
00:06:43,880 --> 00:06:45,599
Speaker 1: have a year old and a four year old, bring

114
00:06:45,680 --> 00:06:48,839
Speaker 1: them over. And so there's like a family feeling to

115
00:06:48,960 --> 00:06:53,520
Speaker 1: it that that field try and at least provides the basics.

116
00:06:53,560 --> 00:06:57,880
Speaker 1: But as these refugees set on, of course, it opens

117
00:06:57,960 --> 00:07:01,120
Speaker 1: up the question of what is next them and and

118
00:07:01,200 --> 00:07:03,680
Speaker 1: where do they go from there? Right, many of these

119
00:07:03,720 --> 00:07:07,480
Speaker 1: refugees don't know where they're gonna be sleeping tomorrow, let

120
00:07:07,480 --> 00:07:10,800
Speaker 1: alone what they're gonna do next. You are actually a

121
00:07:10,800 --> 00:07:15,160
Speaker 1: recruiting company. You help match talent with employers. How are

122
00:07:15,200 --> 00:07:20,320
Speaker 1: you helping these refugees re enter the workforce? Yeah? We

123
00:07:20,320 --> 00:07:24,360
Speaker 1: we actually we are a recruiting platform and so we

124
00:07:24,480 --> 00:07:29,640
Speaker 1: help large enterprises manage their recruiting, with several thousand enterprises

125
00:07:29,720 --> 00:07:34,400
Speaker 1: using our software and collectively actually our customers higher almost

126
00:07:34,440 --> 00:07:37,240
Speaker 1: a million people a year just in Europe. And so

127
00:07:37,280 --> 00:07:41,360
Speaker 1: we felt really our responsibility, frankly, our our duty as

128
00:07:41,520 --> 00:07:45,080
Speaker 1: as a as a business to actually help. And so

129
00:07:45,200 --> 00:07:49,520
Speaker 1: what we've done here is we've actually created a fast

130
00:07:49,560 --> 00:07:54,800
Speaker 1: track application for Ukrainian refugees so that anybody who applies

131
00:07:54,840 --> 00:07:58,440
Speaker 1: can self identify as a refugee and then be put

132
00:07:58,440 --> 00:08:04,000
Speaker 1: into a fast track throughout the employment process at companies

133
00:08:04,040 --> 00:08:06,720
Speaker 1: like Red Bullo Bush or Visa or Kia who are

134
00:08:06,840 --> 00:08:09,240
Speaker 1: using our software. And I think it is it is

135
00:08:09,240 --> 00:08:12,560
Speaker 1: actually at the moment in time where businesses who have

136
00:08:12,680 --> 00:08:16,960
Speaker 1: been incredibly supportive of the war and posing sanctions on

137
00:08:17,080 --> 00:08:20,440
Speaker 1: Russia making donations, and I would say now it's time

138
00:08:20,440 --> 00:08:23,320
Speaker 1: to hire Ukrainians. That's the next time, because four million

139
00:08:23,400 --> 00:08:26,040
Speaker 1: people are going to be looking for a job well,

140
00:08:26,120 --> 00:08:30,080
Speaker 1: that is certainly unequivocal. Jerome turn Nex Smart Recruiters founder

141
00:08:30,120 --> 00:08:33,240
Speaker 1: and CEO, thank you for bringing that story to us.

142
00:08:34,080 --> 00:08:36,880
Speaker 1: Coming up, the I p A window could be closing

143
00:08:37,080 --> 00:08:39,720
Speaker 1: or closed. We'll talk about the options for late stage

144
00:08:39,720 --> 00:08:43,680
Speaker 1: private companies in an ongoing down market with Phil Haslett

145
00:08:43,880 --> 00:09:02,280
Speaker 1: of Equities and Mrs Bloomberg. As stocks continue to whip saw,

146
00:09:02,360 --> 00:09:04,600
Speaker 1: some of the big name startups that were expected to

147
00:09:04,600 --> 00:09:07,840
Speaker 1: go public earlier this year have slowed their rush to market.

148
00:09:08,120 --> 00:09:10,920
Speaker 1: Read It, for instance, had discussed listing shares as soon

149
00:09:10,960 --> 00:09:14,800
Speaker 1: as the first quarter, according to Bloomberg sources, Yet even

150
00:09:14,840 --> 00:09:17,439
Speaker 1: after filing the paperwork for an I p O, they

151
00:09:17,440 --> 00:09:19,880
Speaker 1: haven't taken the next step. Let's talk about all this

152
00:09:19,920 --> 00:09:22,440
Speaker 1: and more with Phil Haslett, founder and Chief Strategy Officer

153
00:09:22,600 --> 00:09:26,160
Speaker 1: at Equity. Then, Phil, I was speaking to a venture

154
00:09:26,200 --> 00:09:28,560
Speaker 1: capitalist this week who said, the I p O window

155
00:09:28,840 --> 00:09:33,360
Speaker 1: is frozen shut. Would you agree? It's frozen shut, it's closed,

156
00:09:33,360 --> 00:09:36,600
Speaker 1: it's double locked, it's it's nothing's happening for a while.

157
00:09:37,800 --> 00:09:41,480
Speaker 1: So what next? So I think we're this in this

158
00:09:41,559 --> 00:09:45,200
Speaker 1: period of uncertainty about inflation and its impact on companies.

159
00:09:45,360 --> 00:09:47,679
Speaker 1: You've got tech stocks that are down to almost pre

160
00:09:47,760 --> 00:09:50,960
Speaker 1: pandemic levels of pricing right, kind of like good yardsticks

161
00:09:50,960 --> 00:09:55,520
Speaker 1: of the market like Zoom Docu signed peloton Um, and

162
00:09:55,559 --> 00:09:59,040
Speaker 1: you've got political risk out there, and until those things

163
00:09:59,080 --> 00:10:01,280
Speaker 1: are kind of have a bit more resolution, I think

164
00:10:01,280 --> 00:10:03,320
Speaker 1: you're going to see a lot of companies thinking about

165
00:10:03,400 --> 00:10:05,040
Speaker 1: raising a new round of funding or something that we're

166
00:10:05,040 --> 00:10:06,720
Speaker 1: starting to see now which is starting to kind of

167
00:10:06,720 --> 00:10:10,440
Speaker 1: control their cash through layoffs, are kind of reprojecting some

168
00:10:10,520 --> 00:10:14,959
Speaker 1: of their growth. So Go Puff, for example, is reportedly

169
00:10:15,160 --> 00:10:18,920
Speaker 1: cutting a lot of jobs, and also Bloomberg is reporting

170
00:10:18,920 --> 00:10:22,080
Speaker 1: they're raising a billion dollars in new funding with no

171
00:10:22,200 --> 00:10:24,120
Speaker 1: I p O in sight. They had originally raised at

172
00:10:24,120 --> 00:10:28,439
Speaker 1: a fifteen billion dollar valuation. Not sure if that valuation

173
00:10:28,600 --> 00:10:30,520
Speaker 1: will hold up. But what do you imagine is going

174
00:10:30,520 --> 00:10:33,120
Speaker 1: on behind the scenes at a company like go Puff

175
00:10:33,240 --> 00:10:36,800
Speaker 1: right now? Some very stressful board meetings, for sure. I

176
00:10:36,800 --> 00:10:39,839
Speaker 1: think you're gonna see some valuations come down. Um. One

177
00:10:39,880 --> 00:10:41,960
Speaker 1: of the scary things is that a lot of companies

178
00:10:42,040 --> 00:10:44,640
Speaker 1: raised a lot of private capital in two thousand one

179
00:10:44,840 --> 00:10:48,240
Speaker 1: at really high valuations and now they're probably effectively underwater

180
00:10:48,280 --> 00:10:50,920
Speaker 1: and are little behind on growth strategies and growth projections,

181
00:10:51,120 --> 00:10:53,440
Speaker 1: and so I think the real big next wave is

182
00:10:53,440 --> 00:10:55,400
Speaker 1: going to be kind of this day of reckoning where

183
00:10:55,440 --> 00:10:59,080
Speaker 1: companies admit it start layoffs, have to raise money, but

184
00:10:59,120 --> 00:11:02,000
Speaker 1: probably it terms not really excited about um. And you're

185
00:11:02,000 --> 00:11:04,400
Speaker 1: gonna have to hear the D word in in Silicon Valley,

186
00:11:04,400 --> 00:11:06,319
Speaker 1: which is the down round UM. And we're gonna start

187
00:11:06,320 --> 00:11:07,920
Speaker 1: to see more of those kind of come out UM.

188
00:11:07,960 --> 00:11:09,360
Speaker 1: And we're just you know, it's really if you want

189
00:11:09,360 --> 00:11:11,560
Speaker 1: to be the first to kind of tear the band

190
00:11:11,600 --> 00:11:12,880
Speaker 1: aid off, or if you kind of want to wait

191
00:11:12,880 --> 00:11:14,560
Speaker 1: and hope that that things are gonna get better. But

192
00:11:14,960 --> 00:11:17,080
Speaker 1: you know, I like to say hope is not a strategy.

193
00:11:17,360 --> 00:11:20,000
Speaker 1: We saw insta cart sort of tear off the band aid,

194
00:11:20,040 --> 00:11:24,600
Speaker 1: lowering their own valuation from billion dollars voluntarily. They're not

195
00:11:24,679 --> 00:11:27,440
Speaker 1: in the process of raising money, at least not right now.

196
00:11:27,679 --> 00:11:30,840
Speaker 1: You're saying mass layoffs, a mass number of down rounds.

197
00:11:30,840 --> 00:11:34,720
Speaker 1: Are we going to see companies go under get acquired?

198
00:11:35,640 --> 00:11:37,760
Speaker 1: I think a combination of all three. I thought what

199
00:11:37,840 --> 00:11:40,199
Speaker 1: Instacart did was a really gutsy move really to kind

200
00:11:40,200 --> 00:11:42,559
Speaker 1: of come out first and say, look, there's a benefit

201
00:11:42,600 --> 00:11:46,080
Speaker 1: to actually repricing ourselves at billion. We can now issue

202
00:11:46,120 --> 00:11:48,320
Speaker 1: stock to our employees and a more fair value. Our

203
00:11:48,360 --> 00:11:50,720
Speaker 1: competitors like Door Dash er down a lot um. I

204
00:11:50,760 --> 00:11:52,880
Speaker 1: think other companies gonna do. So You're probably gonna see

205
00:11:52,880 --> 00:11:55,040
Speaker 1: some consolidation, and I think you're gonna start to see

206
00:11:55,040 --> 00:11:57,360
Speaker 1: a paradigm shift where instead of it being a very

207
00:11:57,360 --> 00:11:59,880
Speaker 1: founder friendly market to raise capital, it's going to shift

208
00:11:59,880 --> 00:12:02,120
Speaker 1: to of vcas and to the growth equity investors. They're

209
00:12:02,120 --> 00:12:04,520
Speaker 1: gonna get better terms, they're going to get better valuations,

210
00:12:04,679 --> 00:12:06,520
Speaker 1: and we're going to start to see that happen. One

211
00:12:06,520 --> 00:12:08,559
Speaker 1: of the interesting things that equities and is because of

212
00:12:08,640 --> 00:12:11,040
Speaker 1: kind of where we sit, we can actually see secondary

213
00:12:11,040 --> 00:12:13,840
Speaker 1: transactions that are happening in between the last funding around, right,

214
00:12:13,840 --> 00:12:15,920
Speaker 1: because we usually don't see prices happen for a year

215
00:12:16,000 --> 00:12:17,960
Speaker 1: or two at a time, and we're definitely seeing kind

216
00:12:17,960 --> 00:12:20,920
Speaker 1: of pricing compression versus just a quarter ago. What does

217
00:12:20,920 --> 00:12:24,600
Speaker 1: it mean for employees in the middle of the Great Resignation,

218
00:12:24,679 --> 00:12:26,600
Speaker 1: when a lot of people have been thinking about, you know,

219
00:12:26,679 --> 00:12:31,080
Speaker 1: do I really want to keep doing what I'm doing? Yeah? Absolutely, Well,

220
00:12:31,120 --> 00:12:33,160
Speaker 1: the first thing is a lot of these employees were

221
00:12:33,160 --> 00:12:36,040
Speaker 1: really excited and anticipating some type of liquidity for their

222
00:12:36,040 --> 00:12:38,000
Speaker 1: shares by way of some type of IPO or maybe

223
00:12:38,040 --> 00:12:40,800
Speaker 1: aspect and maybe if they've started thinking about life events.

224
00:12:40,920 --> 00:12:43,000
Speaker 1: So when you compound the fact that the markets are down,

225
00:12:43,080 --> 00:12:47,200
Speaker 1: you're not getting liquidity. UM goods are costing more. A

226
00:12:47,200 --> 00:12:49,440
Speaker 1: lot of companies are starting to proactively kind of reach

227
00:12:49,440 --> 00:12:51,720
Speaker 1: out to places like ourselves and start to think about

228
00:12:51,720 --> 00:12:54,200
Speaker 1: liquidity for their employees and the private markets, right and

229
00:12:54,240 --> 00:12:56,559
Speaker 1: so fortunately that's kind of a part of the capital

230
00:12:56,559 --> 00:12:58,679
Speaker 1: market structure. That's that's grown a lot in the last

231
00:12:58,920 --> 00:13:01,400
Speaker 1: seven or eight years. So we expect and you know,

232
00:13:01,480 --> 00:13:05,120
Speaker 1: to keep seeing that happen. Now, your rival Forge, I

233
00:13:05,120 --> 00:13:07,559
Speaker 1: believe just it a back is Equities and kind of

234
00:13:07,600 --> 00:13:12,520
Speaker 1: I p O eventually, though maybe not in the near down. Yeah,

235
00:13:12,760 --> 00:13:15,000
Speaker 1: well windows very closed right now. But you know, we

236
00:13:15,040 --> 00:13:17,600
Speaker 1: started equities and to bring private markets to the public

237
00:13:17,640 --> 00:13:19,679
Speaker 1: grade and that's our mission. And we've been fortunately being

238
00:13:19,720 --> 00:13:22,040
Speaker 1: able to grow and as a private company haven't been

239
00:13:22,040 --> 00:13:23,880
Speaker 1: inhibited by you know, how we can deliver that to

240
00:13:23,920 --> 00:13:27,320
Speaker 1: our customers. UM. But you know, as my co founder

241
00:13:27,320 --> 00:13:29,080
Speaker 1: and I, one of our responsibilities is to kind of

242
00:13:29,080 --> 00:13:31,960
Speaker 1: evaluate all options and if there's an opportunity to significantly

243
00:13:32,000 --> 00:13:34,880
Speaker 1: grow the business and and kind of further that mission. Uh,

244
00:13:34,960 --> 00:13:37,160
Speaker 1: you know, we uh, we'll keep our door open through that,

245
00:13:38,080 --> 00:13:41,640
Speaker 1: all right, Phil Haslett, founder and strategy officer at Equities,

246
00:13:41,679 --> 00:13:45,720
Speaker 1: and thank you. Coming up put some new supplies start

247
00:13:45,840 --> 00:13:50,040
Speaker 1: chipping into Apple. Why Apple is looking to diversify its

248
00:13:50,040 --> 00:13:54,560
Speaker 1: supply chain for iPhone parts and to unionize or not

249
00:13:54,800 --> 00:13:56,840
Speaker 1: Amazon workers in the midst of a critical vote in

250
00:13:56,880 --> 00:14:00,839
Speaker 1: New York and Alabama. Will have the latest. Next, this

251
00:14:01,040 --> 00:14:17,960
Speaker 1: is Bloomberg. Apple is exploring news sources for the memory

252
00:14:18,040 --> 00:14:20,760
Speaker 1: chips that go into iPhones after a disruption at a

253
00:14:20,840 --> 00:14:25,120
Speaker 1: key Japanese partner, including its first Chinese producer joining us

254
00:14:25,120 --> 00:14:27,960
Speaker 1: now Bloomberg Mark German, who covers Apple. So Mark, who's

255
00:14:27,960 --> 00:14:32,440
Speaker 1: Apple talking to for new parts? And why? Yeah, Apple

256
00:14:32,600 --> 00:14:35,400
Speaker 1: for one of the first times is looking to a

257
00:14:35,600 --> 00:14:40,480
Speaker 1: China based memory supplier no memory, nan memory, nan flash memory.

258
00:14:40,760 --> 00:14:43,520
Speaker 1: That's actually the storage right that they have in MacBooks

259
00:14:43,520 --> 00:14:45,880
Speaker 1: and iPhones and ips this point. So they're talking to

260
00:14:45,920 --> 00:14:48,640
Speaker 1: this China base company called yang z Memory. And this

261
00:14:48,680 --> 00:14:52,000
Speaker 1: is notable because Apple traditionally builds its devices in China,

262
00:14:52,240 --> 00:14:55,440
Speaker 1: but it doesn't use China based suppliers for components of

263
00:14:55,480 --> 00:14:58,960
Speaker 1: this magnitude right, that's potentially going to change. They are

264
00:14:59,040 --> 00:15:02,600
Speaker 1: testing some of their MARY chips, they're having discussions with them.

265
00:15:02,640 --> 00:15:05,360
Speaker 1: There's no guarantee that these chips will actually be implemented

266
00:15:05,720 --> 00:15:08,640
Speaker 1: into an iPhone or another device this year, but they're

267
00:15:08,680 --> 00:15:11,400
Speaker 1: working toward it. With Apple has always tried to do

268
00:15:11,760 --> 00:15:15,280
Speaker 1: is diversify its component sourcing as much as possible. So

269
00:15:15,360 --> 00:15:17,800
Speaker 1: if you have like we had with one memory supply February,

270
00:15:17,840 --> 00:15:21,280
Speaker 1: an issue where a factory became contaminated, or you have

271
00:15:21,600 --> 00:15:24,800
Speaker 1: a you know, a weather disruption or a COVID disruption,

272
00:15:25,120 --> 00:15:28,960
Speaker 1: right there are backup suppliers because Apple can't afford with

273
00:15:29,000 --> 00:15:31,920
Speaker 1: everything on the line to delay products because a component

274
00:15:31,960 --> 00:15:34,840
Speaker 1: issues or to have less supplied than expected. So that's

275
00:15:34,840 --> 00:15:38,080
Speaker 1: why they try to have backup sources. What's the significance

276
00:15:38,080 --> 00:15:40,680
Speaker 1: of Apple looking at a Chinese supplier in the midst

277
00:15:40,680 --> 00:15:43,480
Speaker 1: of this big push to bring chip production back to

278
00:15:43,560 --> 00:15:46,960
Speaker 1: the United States. Yeah. I mean to some people it

279
00:15:47,040 --> 00:15:50,280
Speaker 1: may not be a great look, right, but business is business,

280
00:15:50,520 --> 00:15:52,480
Speaker 1: and consumers at the end of the day want to

281
00:15:52,480 --> 00:15:54,600
Speaker 1: get their phones. Investors at the end of the day

282
00:15:54,600 --> 00:15:56,560
Speaker 1: want Apple to be able to ship the phones, and

283
00:15:56,600 --> 00:15:58,840
Speaker 1: so if they need to go to a supplier that may,

284
00:15:59,040 --> 00:16:01,360
Speaker 1: you know, not look so hot right now, right, it's

285
00:16:01,360 --> 00:16:02,960
Speaker 1: a bad look, but at least they're gonna be able

286
00:16:02,960 --> 00:16:04,560
Speaker 1: to get the phone shipped. Now, I think the more

287
00:16:05,200 --> 00:16:09,200
Speaker 1: possi possibly the more detrimental thing is that these suppliers

288
00:16:09,240 --> 00:16:11,440
Speaker 1: traditionally have not done as good a job at creating

289
00:16:11,440 --> 00:16:14,400
Speaker 1: those components as some of the other suppliers in Asia

290
00:16:14,440 --> 00:16:16,280
Speaker 1: and elsewhere in the world. Right, So that would be

291
00:16:16,280 --> 00:16:18,680
Speaker 1: my main concern if I were Apple, getting the best product,

292
00:16:18,720 --> 00:16:21,120
Speaker 1: because what you don't want or some iPhones to perform

293
00:16:21,200 --> 00:16:24,840
Speaker 1: better than others in the ISAAC consumers. All right, Mark German,

294
00:16:24,960 --> 00:16:29,280
Speaker 1: thank you for that update. Something will continue to follow meantime.

295
00:16:29,320 --> 00:16:32,720
Speaker 1: A fledgling union taking an early lead in an election

296
00:16:32,880 --> 00:16:35,800
Speaker 1: to unionize at an Amazon facility in New York, while

297
00:16:35,840 --> 00:16:39,240
Speaker 1: in a completely separate election in Alabama and Alabama union

298
00:16:39,280 --> 00:16:42,040
Speaker 1: efforts trailing this want to do over election. I want

299
00:16:42,040 --> 00:16:44,400
Speaker 1: to get an update on this with our Josh Idolston

300
00:16:44,560 --> 00:16:47,120
Speaker 1: in San Francisco. Josh, we actually have some breaking news

301
00:16:47,160 --> 00:16:49,920
Speaker 1: that fledgling union in New York looks like it's on

302
00:16:50,000 --> 00:16:56,320
Speaker 1: track to win with the majority of the votes a

303
00:16:56,320 --> 00:16:59,800
Speaker 1: bit over half counted and more counting tomorrow, the Union

304
00:17:00,120 --> 00:17:02,960
Speaker 1: is in the league, which means there's the potential for

305
00:17:03,040 --> 00:17:06,639
Speaker 1: really a stunning upset here if in fact, when all

306
00:17:06,640 --> 00:17:10,280
Speaker 1: the votes are counted, including any challenge balance that end

307
00:17:10,320 --> 00:17:13,560
Speaker 1: up getting counted, the Union has a majority. The bigger

308
00:17:13,560 --> 00:17:17,200
Speaker 1: picture here is that in recent decades, unions have almost

309
00:17:17,280 --> 00:17:22,080
Speaker 1: never succeeded in big labor board elections at the very

310
00:17:22,160 --> 00:17:27,360
Speaker 1: top non union brand name prominent companies in the United States,

311
00:17:27,400 --> 00:17:30,400
Speaker 1: So that the Union is currently in the lead more

312
00:17:30,440 --> 00:17:35,239
Speaker 1: than halfway through is stunning. And this is happening in

313
00:17:35,320 --> 00:17:39,199
Speaker 1: a campaign where the Union is pretty d i y

314
00:17:39,320 --> 00:17:43,440
Speaker 1: effort led by an employee that Amazon fired a couple

315
00:17:43,480 --> 00:17:47,760
Speaker 1: of years ago. Meantime, we're seeing the trend shifting in

316
00:17:47,760 --> 00:17:51,600
Speaker 1: the other direction in this election in Alabama, which, as

317
00:17:51,640 --> 00:17:53,800
Speaker 1: you know the history of this very well. They're doing

318
00:17:53,880 --> 00:17:57,280
Speaker 1: this election over again because of a lot of controversy,

319
00:17:57,320 --> 00:18:01,240
Speaker 1: but looks like the Union not winning yet so far there,

320
00:18:01,280 --> 00:18:05,399
Speaker 1: what do you make of that? So there, the Union

321
00:18:05,480 --> 00:18:08,880
Speaker 1: is behind by around a hundred votes, and there are

322
00:18:09,000 --> 00:18:13,440
Speaker 1: around four hundred challenge ballots we've heard, which means ballots

323
00:18:13,440 --> 00:18:16,480
Speaker 1: where there's a dispute between the two sides about whether

324
00:18:16,960 --> 00:18:19,600
Speaker 1: that envelope should be opened and that votes should be counted.

325
00:18:19,640 --> 00:18:23,960
Speaker 1: So we don't know what the result will be, but Amazon,

326
00:18:24,280 --> 00:18:27,240
Speaker 1: in its effort to defeat the union, is ahead in Alabama,

327
00:18:27,320 --> 00:18:30,040
Speaker 1: though not by as much as last time. Last time

328
00:18:30,040 --> 00:18:33,199
Speaker 1: there were challenged ballots, but there weren't enough of them

329
00:18:33,280 --> 00:18:36,639
Speaker 1: to make the difference, and so the union would have

330
00:18:36,720 --> 00:18:40,359
Speaker 1: been defeated if not for the labor board concluding that

331
00:18:40,640 --> 00:18:43,040
Speaker 1: there have been too much misconduct and so the election

332
00:18:43,080 --> 00:18:47,800
Speaker 1: should be run again. In each of these cases, Amazon has,

333
00:18:47,840 --> 00:18:52,600
Speaker 1: according to workers, been aggressively campaigning against organizing, and it

334
00:18:52,720 --> 00:18:55,920
Speaker 1: is not easy to win a big labor board election

335
00:18:56,160 --> 00:19:01,880
Speaker 1: against a company that's determined to dissuade workers unionizing. How

336
00:19:01,920 --> 00:19:08,960
Speaker 1: are Amazon workers everywhere else watching this? We've seen already

337
00:19:09,000 --> 00:19:13,280
Speaker 1: a Starbucks. How a win just one place can be

338
00:19:14,000 --> 00:19:17,080
Speaker 1: a lightning rod in a lightning ball in terms of

339
00:19:17,119 --> 00:19:21,040
Speaker 1: inspiring other people to organize. We saw with the first

340
00:19:24,640 --> 00:19:28,080
Speaker 1: all Right Bloomberg, Josh Idolson. There looks like we lost, Josh,

341
00:19:28,160 --> 00:19:31,800
Speaker 1: but certainly, as he was discussing, this could be very significant. Obviously,

342
00:19:31,800 --> 00:19:35,480
Speaker 1: this is something that Amazon employees everywhere are watching closely.

343
00:19:35,480 --> 00:19:37,720
Speaker 1: We'll see if these union votes or how these union

344
00:19:37,800 --> 00:19:43,480
Speaker 1: volks impact potential unionization efforts at other Amazon warehouses across

345
00:19:43,480 --> 00:19:46,840
Speaker 1: the country and around the world. Coming up the one

346
00:19:47,119 --> 00:19:50,640
Speaker 1: trillion dollar tech route from Netflix to Meta, from Zoom

347
00:19:50,640 --> 00:19:53,440
Speaker 1: to Airbnb. For the winners and losers of the post

348
00:19:53,520 --> 00:20:01,160
Speaker 1: pandemic age, we will discuss. This is Bloomberg he teach

349
00:20:01,640 --> 00:20:08,720
Speaker 1: whip which pet A whip, A whip, pip A whip

350
00:20:09,160 --> 00:20:18,560
Speaker 1: people or whip pip pip peach, whip A whip, A

351
00:20:18,800 --> 00:20:30,040
Speaker 1: whip a whip, hip a whip pip or whip which whip,

352
00:20:30,800 --> 00:20:37,399
Speaker 1: whip a whip A which tip a bit pip a

353
00:20:37,640 --> 00:21:15,880
Speaker 1: whip hip hip which pet? Welcome back to Bloomber Technology.

354
00:21:15,880 --> 00:21:18,040
Speaker 1: I'm which hang in San Francisco. Let's get back tech stocks.

355
00:21:18,280 --> 00:21:21,399
Speaker 1: Volatile start of the year shows investors are shifting away

356
00:21:21,560 --> 00:21:25,679
Speaker 1: from pandemic darlings like et SE, Netflix, PayPal, Peloton, all

357
00:21:25,720 --> 00:21:28,200
Speaker 1: among the worst performers in the SMP so far this year.

358
00:21:28,520 --> 00:21:31,879
Speaker 1: What does it mean? What's next? Let's bring in Mark Levin.

359
00:21:32,080 --> 00:21:36,120
Speaker 1: J ANDP Security is a citizens company. CEO, Mark, thank

360
00:21:36,160 --> 00:21:39,160
Speaker 1: you so much for joining us. So what actually looks

361
00:21:39,200 --> 00:21:45,480
Speaker 1: good in tech to you right now? Well, you're looking

362
00:21:45,480 --> 00:21:47,960
Speaker 1: at a screen not much. I mean, the first quarter

363
00:21:48,040 --> 00:21:51,040
Speaker 1: obviously was one of the worst performers in the entire market,

364
00:21:51,200 --> 00:21:54,360
Speaker 1: and we came from such lofty levels that I think

365
00:21:54,760 --> 00:21:56,200
Speaker 1: it's kind of the bigger they are the heart of

366
00:21:56,240 --> 00:22:00,040
Speaker 1: they fall. But I think throwing out tech a of

367
00:22:00,080 --> 00:22:03,000
Speaker 1: the first quarter is a bad idea because you just

368
00:22:03,119 --> 00:22:05,520
Speaker 1: mentioned it. It's part of all of our lives, and

369
00:22:05,600 --> 00:22:08,119
Speaker 1: the more increasing part of our lives, and that's not

370
00:22:08,240 --> 00:22:10,840
Speaker 1: going to change. In fact, it's accelerating. I think it's

371
00:22:10,880 --> 00:22:13,000
Speaker 1: just what our investors want to pay for it. We've

372
00:22:13,040 --> 00:22:15,720
Speaker 1: been focusing on some of those broken names here at

373
00:22:15,760 --> 00:22:19,800
Speaker 1: JMP that have still garnered a lot of wallet. It's

374
00:22:19,840 --> 00:22:23,560
Speaker 1: just the growth rate is decelerated. They've had some digestion issues,

375
00:22:23,920 --> 00:22:25,680
Speaker 1: and we're still interested in some of those names. You

376
00:22:25,760 --> 00:22:28,560
Speaker 1: mentioned something Paypals, the name we like a lot the

377
00:22:28,600 --> 00:22:32,080
Speaker 1: payment space, which is obviously overtaking a lot of our wallet.

378
00:22:32,760 --> 00:22:35,000
Speaker 1: It's a big part of citizens. In fact, the citizens

379
00:22:35,080 --> 00:22:38,879
Speaker 1: pay pay is changing. Cash is trash. It's people are

380
00:22:38,920 --> 00:22:41,280
Speaker 1: paying with their phone, and that's not going to decelerate.

381
00:22:41,720 --> 00:22:43,840
Speaker 1: We mentioned docu sign is a name that had a

382
00:22:44,080 --> 00:22:47,440
Speaker 1: very tough first quarter insider buying, but a part of

383
00:22:47,480 --> 00:22:49,600
Speaker 1: our lives. That's going to continue. We're not going to

384
00:22:49,640 --> 00:22:51,879
Speaker 1: go down to the corner to get things notarized and

385
00:22:52,400 --> 00:22:55,680
Speaker 1: and have stacks of paper. So that's what we're looking

386
00:22:55,720 --> 00:22:57,840
Speaker 1: for at JMP. And I think some of these big

387
00:22:57,960 --> 00:23:00,480
Speaker 1: darlings have had a hard time in the first quarter,

388
00:23:00,800 --> 00:23:02,840
Speaker 1: but we're still there and I think you're going to

389
00:23:02,880 --> 00:23:04,480
Speaker 1: see some of the performance in the back half of

390
00:23:04,520 --> 00:23:07,240
Speaker 1: the year. He's certainly better than the first quarter, and

391
00:23:07,280 --> 00:23:09,640
Speaker 1: that's what we're focused on. So do you think these

392
00:23:09,720 --> 00:23:12,159
Speaker 1: names are going to continue to fall and for how

393
00:23:12,240 --> 00:23:16,560
Speaker 1: much longer before it gets better? Well, I again, I

394
00:23:16,640 --> 00:23:19,439
Speaker 1: think the investors will look at their first quarter reports

395
00:23:19,520 --> 00:23:23,159
Speaker 1: and see the digestion of of the poor reports that

396
00:23:23,240 --> 00:23:26,040
Speaker 1: they had from the fourth quarter. Is it's still getting worse.

397
00:23:26,440 --> 00:23:29,320
Speaker 1: And I think even a slight diminution in that getting

398
00:23:29,359 --> 00:23:33,160
Speaker 1: worse will be enough for investors to take note. Um. Again,

399
00:23:33,240 --> 00:23:34,680
Speaker 1: this is kind of the bigger They are the heart

400
00:23:34,680 --> 00:23:37,560
Speaker 1: of the fall trade. Um, you put up the faint stocks.

401
00:23:37,880 --> 00:23:40,240
Speaker 1: My good friend Jeff Lagger Capital Group, we called mount

402
00:23:40,359 --> 00:23:43,720
Speaker 1: Fang because we put Microsoft in Tesla in those names. Um,

403
00:23:43,800 --> 00:23:46,160
Speaker 1: you look at the divergence and performance within the fangs,

404
00:23:46,160 --> 00:23:49,400
Speaker 1: which used to trade lockstuff. They don't anymore. Microsoft had

405
00:23:49,400 --> 00:23:51,760
Speaker 1: to blow up first quarter. Apple almost had a new

406
00:23:51,840 --> 00:23:53,800
Speaker 1: high today. And then you look at some of the

407
00:23:53,960 --> 00:23:56,560
Speaker 1: romans of net like a Facebook, they're far worse and

408
00:23:56,600 --> 00:23:59,520
Speaker 1: divergent from those names. So again, we had a market

409
00:23:59,560 --> 00:24:01,520
Speaker 1: where everything worked. We had a market for a little

410
00:24:01,520 --> 00:24:03,480
Speaker 1: while where nothing worked. Now we're going to a stock

411
00:24:03,520 --> 00:24:05,440
Speaker 1: pickers market, and I think that's what we're focused on.

412
00:24:06,119 --> 00:24:09,159
Speaker 1: I think this whole same thing needs to be redefined

413
00:24:09,240 --> 00:24:10,840
Speaker 1: a bit. I agree in any way, I guess it

414
00:24:10,840 --> 00:24:13,480
Speaker 1: would be mag since it's not Facebook anymore, it is meta.

415
00:24:13,880 --> 00:24:18,359
Speaker 1: Do you think Netflix should still be in that group? Well,

416
00:24:18,680 --> 00:24:20,840
Speaker 1: it's a great question, Emily. I mean, it's a leader

417
00:24:20,920 --> 00:24:23,359
Speaker 1: in the category. A lot of people are playing catch up,

418
00:24:23,600 --> 00:24:25,880
Speaker 1: a lot of people are sniping at them and trying

419
00:24:25,920 --> 00:24:29,399
Speaker 1: to take their share of wallet. Um, it's the leader

420
00:24:29,440 --> 00:24:31,480
Speaker 1: of that group. We're gonna learn a lot. I think

421
00:24:31,680 --> 00:24:34,400
Speaker 1: through two about what name shouldn't shouldn't be in there.

422
00:24:34,600 --> 00:24:37,440
Speaker 1: Wall Street loves acronyms, they love things. We had a

423
00:24:37,480 --> 00:24:40,840
Speaker 1: nifty fifty, you know, we had all these different names.

424
00:24:40,960 --> 00:24:44,080
Speaker 1: Over time, they've usually ended poorly. I think for some

425
00:24:44,200 --> 00:24:46,560
Speaker 1: of these names, it already has. I think for other

426
00:24:46,560 --> 00:24:50,040
Speaker 1: of those those names like Microsoft and Apple, it continues

427
00:24:50,080 --> 00:24:53,080
Speaker 1: to climb that wall of worry, and I think, well,

428
00:24:53,080 --> 00:24:55,479
Speaker 1: what we should be looking at is is there ground

429
00:24:55,520 --> 00:24:58,560
Speaker 1: ahead of them to gain market share. Um, what we

430
00:24:58,640 --> 00:25:00,600
Speaker 1: haven't talked about in a long time. You certainly have

431
00:25:00,680 --> 00:25:03,600
Speaker 1: and I certainly haven't is a spector regulation. We don't

432
00:25:03,640 --> 00:25:06,000
Speaker 1: talk about that anymore. That's a great backdrop for some

433
00:25:06,080 --> 00:25:08,440
Speaker 1: of these names that had that overhang which could have

434
00:25:08,480 --> 00:25:11,400
Speaker 1: been multiple compression, and we're not seeing that. So again,

435
00:25:11,440 --> 00:25:13,199
Speaker 1: you've got to go bottoms up. You gotta pick up

436
00:25:13,240 --> 00:25:16,080
Speaker 1: where the market is leading them. Apple is a great

437
00:25:16,080 --> 00:25:18,320
Speaker 1: example what they're doing in Apple pay and what they're

438
00:25:18,320 --> 00:25:20,480
Speaker 1: doing our share of walt and share of time, and

439
00:25:20,600 --> 00:25:22,760
Speaker 1: that's what you want to pay attention to. Well, they're

440
00:25:22,760 --> 00:25:25,159
Speaker 1: certainly talking about regulation in Washington on both sides of

441
00:25:25,160 --> 00:25:28,560
Speaker 1: the aisle, but obviously the war has taken mind and

442
00:25:28,920 --> 00:25:32,240
Speaker 1: attention share. Do away with the acronyms. Mark, is that

443
00:25:32,320 --> 00:25:36,119
Speaker 1: what you're saying, Fang not fang meang. I mean I

444
00:25:36,240 --> 00:25:38,119
Speaker 1: added I added the mountains to it, so I had

445
00:25:38,160 --> 00:25:40,800
Speaker 1: a microseft to test. I've been doing that for a while. UM,

446
00:25:41,040 --> 00:25:43,760
Speaker 1: I think it's an easy thing to put your moniker

447
00:25:43,800 --> 00:25:46,160
Speaker 1: around what. We've got to find some new leadership as well,

448
00:25:46,400 --> 00:25:49,479
Speaker 1: because UM, as long as these five or six companies

449
00:25:49,520 --> 00:25:51,800
Speaker 1: take up such a large share of of our investing

450
00:25:51,880 --> 00:25:54,359
Speaker 1: mindset and is to share them of the indexes, I

451
00:25:54,400 --> 00:25:57,520
Speaker 1: think people are gonna look for UM potentially regulating Again.

452
00:25:57,800 --> 00:26:00,159
Speaker 1: We've talked a lot about regulation. I haven't seen a lot.

453
00:26:00,240 --> 00:26:03,879
Speaker 1: I've seen some self regulation markets regulating themselves, which is

454
00:26:03,960 --> 00:26:07,120
Speaker 1: really really interesting to me. It's not Congress. I said

455
00:26:07,119 --> 00:26:10,560
Speaker 1: to somebody not too long ago. I don't think the

456
00:26:10,600 --> 00:26:14,200
Speaker 1: average congressman knows what how to twitter, how to tweet,

457
00:26:14,240 --> 00:26:16,720
Speaker 1: excuse me, how to use their Twitter, etcetera. They have

458
00:26:16,760 --> 00:26:18,400
Speaker 1: a lot of people who helped them. If they can't

459
00:26:18,400 --> 00:26:20,320
Speaker 1: figure it out themselves, how they gonna regulate it? And

460
00:26:20,400 --> 00:26:22,400
Speaker 1: that was the backtrop that I always thought would happen,

461
00:26:22,440 --> 00:26:25,000
Speaker 1: which we have less regulation no more. Well, they've talked

462
00:26:25,040 --> 00:26:26,600
Speaker 1: a lot about regulation, they have to act on it.

463
00:26:26,680 --> 00:26:29,440
Speaker 1: We have seen tougher regulation happening in Europe, and of

464
00:26:29,560 --> 00:26:32,480
Speaker 1: course much remains to be seen. Mark Leman JMP Securities

465
00:26:32,520 --> 00:26:36,320
Speaker 1: a Citizens Company CEO. Thank you Mark, as always coming

466
00:26:36,440 --> 00:26:42,439
Speaker 1: up Dows that is decentralized autonomous organizations. What are they

467
00:26:42,960 --> 00:26:45,840
Speaker 1: and what is their role in the crypto ecosystem. We're

468
00:26:45,840 --> 00:26:48,080
Speaker 1: going to speak with the co founders of the decentralized

469
00:26:48,119 --> 00:27:09,160
Speaker 1: investment platform Syndicate. Next, this is Bloomberg. It is time

470
00:27:09,200 --> 00:27:11,480
Speaker 1: now for our crypto report. We're going to focus on

471
00:27:11,920 --> 00:27:17,080
Speaker 1: Dows today, decentralized autonomous organizations. Who to explain what those are?

472
00:27:17,160 --> 00:27:21,440
Speaker 1: Our crypto contributor Nale Bossi Sinale. It's complicated, but I

473
00:27:21,520 --> 00:27:23,680
Speaker 1: know you can boil it down. Yeah, let's try to

474
00:27:23,720 --> 00:27:26,200
Speaker 1: boil it down for you, partially through the use cases.

475
00:27:26,240 --> 00:27:31,320
Speaker 1: These are decentralized autonomous organizations. They have different voting structures

476
00:27:31,400 --> 00:27:34,359
Speaker 1: that tend to decentralize and get together groups of people

477
00:27:34,440 --> 00:27:37,480
Speaker 1: who want to invest in certain projects or give to

478
00:27:37,560 --> 00:27:40,679
Speaker 1: certain charities. And some examples of this that we've seen are,

479
00:27:40,760 --> 00:27:44,840
Speaker 1: for example, Constitution DOWT, which raised about forty seven million

480
00:27:44,920 --> 00:27:47,560
Speaker 1: dollars to try to buy an original copy of a constitution.

481
00:27:47,680 --> 00:27:50,760
Speaker 1: Of course, we know they were outbid by billionaire Ken Griffin.

482
00:27:51,200 --> 00:27:54,119
Speaker 1: Please or Dow which has invested in a series of

483
00:27:54,280 --> 00:27:56,320
Speaker 1: n f T s and has given millions of dollars

484
00:27:56,359 --> 00:27:59,760
Speaker 1: to charities. And you craned out, which has also raised

485
00:28:00,000 --> 00:28:03,480
Speaker 1: millions of dollars for Ukraine in the wake of the

486
00:28:03,600 --> 00:28:06,639
Speaker 1: start of the Russian invasion in Ukraine. So we have

487
00:28:06,920 --> 00:28:09,199
Speaker 1: a bunch of ways that these have been used, from

488
00:28:09,280 --> 00:28:12,000
Speaker 1: venture funding to charities. It's going to be interesting how

489
00:28:12,040 --> 00:28:16,200
Speaker 1: they continue to take shape Emily in the process of

490
00:28:16,520 --> 00:28:21,760
Speaker 1: investing more and investing more through digital ecosystems. All right, Shanali,

491
00:28:21,880 --> 00:28:23,280
Speaker 1: thank you. I want to bring in our next guest

492
00:28:23,359 --> 00:28:25,560
Speaker 1: for a deeper dive. Here Will Pepper and e Lee,

493
00:28:25,640 --> 00:28:29,280
Speaker 1: the co founders of Syndicate joining us now, which is

494
00:28:29,320 --> 00:28:32,440
Speaker 1: shaping its own role in the DOW space. Even want

495
00:28:32,440 --> 00:28:34,440
Speaker 1: to start with you. There are plenty of definitions for

496
00:28:34,600 --> 00:28:38,200
Speaker 1: dows out there. In the simplest terms, what is a

497
00:28:38,320 --> 00:28:41,400
Speaker 1: DOW to you? Yeah, The way that we think about

498
00:28:41,480 --> 00:28:44,280
Speaker 1: dows is that it's the web free technology that enables

499
00:28:44,600 --> 00:28:49,040
Speaker 1: communities to coordinate capital natively on the Internet. And if

500
00:28:49,120 --> 00:28:51,480
Speaker 1: we think about the applications of that, and it's pretty

501
00:28:51,520 --> 00:28:56,560
Speaker 1: profound in terms of how you know, communities, people in

502
00:28:56,680 --> 00:28:59,960
Speaker 1: capital work together. And so one of the biggest application

503
00:29:00,040 --> 00:29:03,640
Speaker 1: in areas of DOWS in our view is the area

504
00:29:03,680 --> 00:29:06,280
Speaker 1: of investing. And when we think of investing. It's not

505
00:29:06,520 --> 00:29:10,240
Speaker 1: just about the allocation of financial capital, but also the

506
00:29:10,320 --> 00:29:13,840
Speaker 1: allocation of human capital as well. And so um, what

507
00:29:13,960 --> 00:29:18,840
Speaker 1: we're building a syndicate is lead free infrastructure to power

508
00:29:19,040 --> 00:29:23,960
Speaker 1: investing on the Internet through our infrastructure. So will on

509
00:29:24,120 --> 00:29:26,440
Speaker 1: that note talk to us a little bit more about

510
00:29:26,640 --> 00:29:30,120
Speaker 1: your view for how syndicate fits into the future of

511
00:29:30,520 --> 00:29:37,360
Speaker 1: TAWS and decentralized investing in general. Absolutely. Um, yeah, I've

512
00:29:37,400 --> 00:29:39,800
Speaker 1: been involved in the DAWA space since investing on the

513
00:29:39,880 --> 00:29:43,080
Speaker 1: very first so in I'm called the Doubt and because

514
00:29:43,120 --> 00:29:45,600
Speaker 1: there were no other days at the time. And the

515
00:29:46,080 --> 00:29:50,680
Speaker 1: way we see investing moving is becoming dramatically more community owned,

516
00:29:50,920 --> 00:29:55,080
Speaker 1: and dramatically more transparent and dramatically more accessible. And the

517
00:29:55,160 --> 00:29:58,560
Speaker 1: interesting thing is that DOWS themselves, the structures they enable

518
00:29:58,600 --> 00:30:01,280
Speaker 1: are not new. For example, under the Hood Syndicate uses

519
00:30:01,320 --> 00:30:04,880
Speaker 1: investment clubs which have existed forever a century. But the

520
00:30:05,000 --> 00:30:07,680
Speaker 1: thing that is new is how easily and quickly and

521
00:30:07,800 --> 00:30:10,720
Speaker 1: cheaply incorporated. Whether that's Constitution down which I was on

522
00:30:10,760 --> 00:30:14,800
Speaker 1: the core team of raising forty plus million dollars in

523
00:30:15,160 --> 00:30:18,760
Speaker 1: under a week, whether that's Ukraine now raising large amounts

524
00:30:18,760 --> 00:30:21,000
Speaker 1: of money to go to Ukraine at the time when

525
00:30:21,040 --> 00:30:22,800
Speaker 1: they need it in a very cute time of crisis.

526
00:30:23,240 --> 00:30:26,959
Speaker 1: That speed and that efficiency is incredibly new, even if

527
00:30:27,000 --> 00:30:30,200
Speaker 1: the structures themselves are the things that have existed before.

528
00:30:30,600 --> 00:30:34,120
Speaker 1: You know, since the start of Ukraine dow. I'm wondering

529
00:30:34,480 --> 00:30:36,560
Speaker 1: you were part of the early members of a constitution

530
00:30:36,680 --> 00:30:39,920
Speaker 1: dow as well. From what I remember. Are there ways

531
00:30:40,040 --> 00:30:46,480
Speaker 1: that dows have changed? Will that surprised you? Yeah? I

532
00:30:46,560 --> 00:30:49,880
Speaker 1: think that the interesting thing is that previously people felt

533
00:30:49,920 --> 00:30:52,400
Speaker 1: that dows would be very long running. So the idea

534
00:30:52,440 --> 00:30:55,480
Speaker 1: of the dow in was this kind of ecosystem fund

535
00:30:55,680 --> 00:30:58,920
Speaker 1: to fund projects on the ethereum network for a very

536
00:30:59,000 --> 00:31:02,120
Speaker 1: long time. And some dows are being referred to now

537
00:31:02,200 --> 00:31:06,040
Speaker 1: as financial flash moods. Essentially dows that form very quickly

538
00:31:06,520 --> 00:31:10,360
Speaker 1: for a specific purpose, execute on that purpose, and then

539
00:31:10,920 --> 00:31:13,760
Speaker 1: and then in some cases keep going in the lighter

540
00:31:13,800 --> 00:31:16,640
Speaker 1: weight way or dissolved completely. So I think that that's

541
00:31:16,720 --> 00:31:19,080
Speaker 1: one thing that's really fascinating is that if you want

542
00:31:19,120 --> 00:31:22,120
Speaker 1: to set up, say a fund for these things, it

543
00:31:22,200 --> 00:31:26,320
Speaker 1: would take um many many months of work. But because

544
00:31:26,400 --> 00:31:29,080
Speaker 1: dows can be spun up so much more quickly, it

545
00:31:29,120 --> 00:31:31,400
Speaker 1: can also be spun down so much more quickly once

546
00:31:31,440 --> 00:31:34,840
Speaker 1: their purpose is done. Are there structural issues in are

547
00:31:34,920 --> 00:31:37,840
Speaker 1: their governance issues that really still need to be worked

548
00:31:37,920 --> 00:31:43,280
Speaker 1: out among doubts when people are thinking about entering into them. Yeah,

549
00:31:43,400 --> 00:31:47,080
Speaker 1: one of the biggest things that we see is one

550
00:31:47,080 --> 00:31:49,560
Speaker 1: of the potential limitters for the impacts and dows is

551
00:31:49,640 --> 00:31:53,720
Speaker 1: how legally these things are going to be um uh

552
00:31:54,120 --> 00:31:57,440
Speaker 1: you know, viewed and and and and handle right. And

553
00:31:57,560 --> 00:32:00,600
Speaker 1: so a lot of the members and a generators of

554
00:32:00,640 --> 00:32:03,520
Speaker 1: these doos they want to do the right thing right

555
00:32:03,600 --> 00:32:06,720
Speaker 1: as well as mentioned, most of these organizations that come

556
00:32:06,760 --> 00:32:09,840
Speaker 1: together using dallas on the internet are trying to accomplish

557
00:32:10,160 --> 00:32:13,600
Speaker 1: a really specific and important purpose, whether that's you know,

558
00:32:14,040 --> 00:32:18,120
Speaker 1: um funding um you know projects or people that deserve it,

559
00:32:18,560 --> 00:32:22,440
Speaker 1: whether that is funding some kind of filming propic or

560
00:32:22,560 --> 00:32:26,200
Speaker 1: nonprofit related or charitable purpose, or in the case of

561
00:32:26,320 --> 00:32:28,880
Speaker 1: Ukraine DOW, trying to provide you know, aid to the

562
00:32:28,880 --> 00:32:31,560
Speaker 1: people that needed the most right. And most of these

563
00:32:31,840 --> 00:32:34,120
Speaker 1: organizations and these people, I mean, they're not trying to

564
00:32:34,240 --> 00:32:36,840
Speaker 1: do bad things. They're not trying to go around the laws.

565
00:32:37,200 --> 00:32:40,760
Speaker 1: They don't want to you know, be investigated, they don't

566
00:32:40,800 --> 00:32:43,680
Speaker 1: want to go to jail or anything like that. And

567
00:32:43,800 --> 00:32:48,080
Speaker 1: so what dows need are actually legal pathways where they

568
00:32:48,160 --> 00:32:53,000
Speaker 1: can accomplish their mission and also protect the purpose the

569
00:32:53,120 --> 00:32:55,560
Speaker 1: mission of the tao as well as the members of

570
00:32:55,640 --> 00:32:58,240
Speaker 1: those taos. And so that is a big part of

571
00:32:58,320 --> 00:33:01,880
Speaker 1: what Syndicate UM and we are doing is providing these

572
00:33:02,520 --> 00:33:05,360
Speaker 1: very tried and true legal pathways for people to use

573
00:33:05,440 --> 00:33:09,080
Speaker 1: this technology for the purposes that are really really important.

574
00:33:09,360 --> 00:33:12,160
Speaker 1: So as we'll mention, you know, investment clubs as a

575
00:33:12,280 --> 00:33:15,160
Speaker 1: legal construct have been around for more than a hundred years,

576
00:33:15,680 --> 00:33:18,120
Speaker 1: and some of the things that we're working on, or

577
00:33:18,200 --> 00:33:21,920
Speaker 1: what are some other legal designs where people can utilize

578
00:33:21,960 --> 00:33:24,920
Speaker 1: this technology and not need to worry about whether or

579
00:33:24,960 --> 00:33:30,560
Speaker 1: not they're you know, maintaining compliance with various regulations, whether

580
00:33:30,600 --> 00:33:34,160
Speaker 1: it be the SEC or otherwise. So there's definitely concerns

581
00:33:34,200 --> 00:33:37,080
Speaker 1: that this and all this can all get a little messy.

582
00:33:37,440 --> 00:33:39,960
Speaker 1: Well I'm curious, what have been the learnings from the

583
00:33:40,040 --> 00:33:47,160
Speaker 1: Constitution Dow situation and where is that project today? Yeah, yeah,

584
00:33:47,240 --> 00:33:49,920
Speaker 1: so constitutions to after we lost the bid, we we

585
00:33:50,040 --> 00:33:53,440
Speaker 1: sputted down and we we we we effectively developed out

586
00:33:53,600 --> 00:33:57,080
Speaker 1: refunded the money and people could uh people could could

587
00:33:57,160 --> 00:34:00,840
Speaker 1: get the full contributions back. UM. One thing that's very

588
00:34:00,920 --> 00:34:05,080
Speaker 1: interesting about constitution doubt I helped a lot with their compliance,

589
00:34:05,160 --> 00:34:07,520
Speaker 1: just personally helping guide them through it. And one thing

590
00:34:07,640 --> 00:34:12,200
Speaker 1: is that we could not give ownership of the constitution. UM.

591
00:34:12,320 --> 00:34:15,120
Speaker 1: We could give people the ability to vote on where

592
00:34:15,160 --> 00:34:19,320
Speaker 1: it was displayed and uh, for example, how it should

593
00:34:19,320 --> 00:34:21,759
Speaker 1: be presented, but we couldn't give them ownership of the

594
00:34:21,800 --> 00:34:25,440
Speaker 1: document itself. And I think there's this regulatory gap we

595
00:34:25,560 --> 00:34:29,600
Speaker 1: see right now where people really want ownership, but the

596
00:34:29,719 --> 00:34:33,240
Speaker 1: current laws as they're structured, don't allow for that to happen.

597
00:34:33,719 --> 00:34:38,120
Speaker 1: So in reality, UM, the current investor protection laws are

598
00:34:38,239 --> 00:34:43,560
Speaker 1: leading to people getting even less ownership and even less

599
00:34:43,560 --> 00:34:47,680
Speaker 1: protection um uh in the current state. So we're definitely

600
00:34:47,719 --> 00:34:51,440
Speaker 1: on a path where there's a conflict between UM, the

601
00:34:51,480 --> 00:34:54,960
Speaker 1: way the regulations are written and the desires that people

602
00:34:55,040 --> 00:34:58,440
Speaker 1: have and UM. And I hope that that conflict is

603
00:34:58,520 --> 00:35:02,040
Speaker 1: resolved where people can have excel ownership of these dolls

604
00:35:02,560 --> 00:35:06,680
Speaker 1: UM in the future. All right, Well, Paper and Lee

605
00:35:06,960 --> 00:35:11,480
Speaker 1: Syndicate co founders. Fascinating discussion, Shinnali bask as well, thank

606
00:35:11,560 --> 00:35:15,360
Speaker 1: you all for joining us. Coming up women helping women

607
00:35:15,520 --> 00:35:17,680
Speaker 1: to get to the top and stay there, we will

608
00:35:17,719 --> 00:35:21,560
Speaker 1: speak to the CEO of Chief, Caroline Childers, a newly

609
00:35:21,640 --> 00:35:39,680
Speaker 1: anointed unicorn. This is Bloomberg Chiefs, a private network of

610
00:35:39,840 --> 00:35:42,960
Speaker 1: senior executive women designed to drive more women into positions

611
00:35:43,000 --> 00:35:45,560
Speaker 1: of power, as announcing a hundred million dollars in new funding,

612
00:35:45,680 --> 00:35:49,280
Speaker 1: bringing their total valuation to one point one billion dollars.

613
00:35:49,320 --> 00:35:50,879
Speaker 1: I want to talk about that and more with CHF

614
00:35:50,920 --> 00:35:54,239
Speaker 1: CEO and co founder Caroline Childers. Caroline, thank you so

615
00:35:54,360 --> 00:35:56,160
Speaker 1: much for joining us. Talk to us a little bit

616
00:35:56,160 --> 00:35:59,360
Speaker 1: about how Chief started and what you believe sets it

617
00:35:59,440 --> 00:36:03,839
Speaker 1: apart from other networking opportunities out there. Uh. Well, I'm

618
00:36:03,920 --> 00:36:06,520
Speaker 1: super excited to be able to join you today. Um.

619
00:36:07,239 --> 00:36:11,120
Speaker 1: And the idea of Chief it came from a very

620
00:36:11,239 --> 00:36:15,000
Speaker 1: personal place for myself and my co founder Lindsay, where

621
00:36:15,120 --> 00:36:18,480
Speaker 1: we were getting more senior in our careers and spending

622
00:36:19,000 --> 00:36:22,080
Speaker 1: all of our time mentoring others and managing our teams

623
00:36:22,680 --> 00:36:27,480
Speaker 1: and no longer had a real network a community resources

624
00:36:27,640 --> 00:36:30,680
Speaker 1: to be able to tap into as we were navigating

625
00:36:30,840 --> 00:36:35,560
Speaker 1: the new challenges of senior leadership. Um and Uh, it's

626
00:36:35,680 --> 00:36:38,479
Speaker 1: the old adage of it gets lonely at the top,

627
00:36:38,680 --> 00:36:40,960
Speaker 1: but it gets lonely at the top a lot earlier

628
00:36:41,080 --> 00:36:44,920
Speaker 1: for women. So we were really inspired to build a

629
00:36:45,320 --> 00:36:50,080
Speaker 1: community specifically focused on senior executive women and that was

630
00:36:50,160 --> 00:36:54,200
Speaker 1: the inspiration for us launching Chief. How is Chief different

631
00:36:54,360 --> 00:36:58,480
Speaker 1: than from example, the Wing, which I know struggled to

632
00:36:58,520 --> 00:37:01,600
Speaker 1: stay in business, and it's it's different value proposition. But

633
00:37:01,640 --> 00:37:06,799
Speaker 1: I'm curious what you think differentiates this from alternatives? Yeah,

634
00:37:06,960 --> 00:37:10,360
Speaker 1: So Chief is first and foremost, as I mentioned, focused

635
00:37:10,400 --> 00:37:13,839
Speaker 1: on a more senior executive women. UM. We think there

636
00:37:13,880 --> 00:37:18,120
Speaker 1: are just amazing communities that exist out there for women

637
00:37:18,280 --> 00:37:21,279
Speaker 1: at large. We saw a real white space of being

638
00:37:21,360 --> 00:37:25,080
Speaker 1: able to focus in on senior executive women. And for us,

639
00:37:25,160 --> 00:37:28,760
Speaker 1: it was really about how do we drive more women

640
00:37:28,840 --> 00:37:31,760
Speaker 1: into positions of leadership and keep them there and really

641
00:37:31,840 --> 00:37:36,399
Speaker 1: focus on that leadership development that is so critical at

642
00:37:36,480 --> 00:37:40,880
Speaker 1: every stage of your career. UM. And So while uh,

643
00:37:41,400 --> 00:37:45,640
Speaker 1: we often are compared UM, I think what we often

644
00:37:45,719 --> 00:37:49,200
Speaker 1: say is we're a community that has a space that

645
00:37:49,280 --> 00:37:52,239
Speaker 1: our that our community can come together in. UM. But

646
00:37:52,560 --> 00:37:57,520
Speaker 1: we're a community first. What trends are you seeing right

647
00:37:57,600 --> 00:38:01,680
Speaker 1: now with women leadership in business? Are we seeing more

648
00:38:01,719 --> 00:38:03,839
Speaker 1: women get to the C suite? Are we seeing more

649
00:38:03,920 --> 00:38:08,480
Speaker 1: women stay there? Certainly it's still not enough. Yeah. I mean,

650
00:38:08,520 --> 00:38:12,160
Speaker 1: I think the pandemic just threw everything on its head. Um.

651
00:38:12,360 --> 00:38:15,120
Speaker 1: And I think that is why Chief has had such

652
00:38:15,440 --> 00:38:18,200
Speaker 1: success over the last few years. We went into the

653
00:38:18,320 --> 00:38:23,359
Speaker 1: pandemic where women leaders, in particular, we're not only having

654
00:38:23,440 --> 00:38:28,080
Speaker 1: to manage their teams through an unprecedented time, but also

655
00:38:28,160 --> 00:38:30,480
Speaker 1: their families. Um. And I think that is why you

656
00:38:30,560 --> 00:38:35,520
Speaker 1: saw so much of the women workforce actually drum out. Um.

657
00:38:35,800 --> 00:38:39,160
Speaker 1: And it's why something like Chief resonated in such a

658
00:38:39,200 --> 00:38:41,759
Speaker 1: big way in that moment because there were no playbooks,

659
00:38:41,880 --> 00:38:43,920
Speaker 1: There was no place to turn to of how do

660
00:38:44,000 --> 00:38:46,880
Speaker 1: you navigate this new normal? Uh. And it was a

661
00:38:47,200 --> 00:38:51,040
Speaker 1: really amazing opportunity for us to solidify what we can

662
00:38:51,239 --> 00:38:54,200
Speaker 1: provide for this community. And I think when you fast

663
00:38:54,239 --> 00:38:57,080
Speaker 1: forward to where we are today, even as things are

664
00:38:57,080 --> 00:38:59,480
Speaker 1: starting to return back to normal, we're still in this

665
00:38:59,719 --> 00:39:05,240
Speaker 1: just cottributed workforce where connection is just such a critical

666
00:39:05,360 --> 00:39:07,880
Speaker 1: thing that we are all craving, and Chief really helps

667
00:39:07,920 --> 00:39:12,080
Speaker 1: to provide so much of that. We're in the middle

668
00:39:12,080 --> 00:39:15,000
Speaker 1: of a down market, we are seeing the I P

669
00:39:15,200 --> 00:39:18,400
Speaker 1: O window. A guest earlier said, it is double locked

670
00:39:18,719 --> 00:39:21,839
Speaker 1: shut for now. How is that shaping your strategy about

671
00:39:21,880 --> 00:39:26,279
Speaker 1: how to use this new cash that you've raised. Yeah,

672
00:39:26,280 --> 00:39:29,440
Speaker 1: I mean, first and foremost we UH all capital that

673
00:39:29,520 --> 00:39:33,080
Speaker 1: we have ever raised, is focus on how do we

674
00:39:33,239 --> 00:39:37,640
Speaker 1: build the best member experience for the twelve thousand women

675
00:39:37,719 --> 00:39:39,800
Speaker 1: that are a part of our network today and the

676
00:39:39,880 --> 00:39:42,560
Speaker 1: many more that we hope join over the next few years.

677
00:39:43,200 --> 00:39:45,400
Speaker 1: And for us, that is really starting to invest in

678
00:39:46,000 --> 00:39:49,919
Speaker 1: a much deeper investment in our technology and our data

679
00:39:50,080 --> 00:39:55,000
Speaker 1: so that we can really start to build personalization. Everybody's

680
00:39:55,080 --> 00:39:57,640
Speaker 1: career journey is different, and we want to make sure

681
00:39:57,640 --> 00:40:00,279
Speaker 1: that we are connecting people with the right individual, the

682
00:40:00,400 --> 00:40:03,880
Speaker 1: right resources, the right information for them to navigate that

683
00:40:04,320 --> 00:40:08,200
Speaker 1: this specific challenge that they are that they are pursuing. UM.

684
00:40:08,440 --> 00:40:12,320
Speaker 1: The other thing for us to UM you know, of

685
00:40:12,360 --> 00:40:17,600
Speaker 1: our members are actually sponsored by companies UM so six

686
00:40:17,920 --> 00:40:21,040
Speaker 1: percent of the Fortune one hundred companies have CHIEF members

687
00:40:21,440 --> 00:40:23,640
Speaker 1: and we're really excited to use this capital to start

688
00:40:23,680 --> 00:40:27,239
Speaker 1: to build deeper relationships directly with those companies, so that

689
00:40:27,560 --> 00:40:31,640
Speaker 1: sponsorship of something like Chief is a no brainer. Carol

690
00:40:31,719 --> 00:40:34,680
Speaker 1: and Shoulders, CEO and co founder of Chief, Thank you

691
00:40:34,840 --> 00:40:38,000
Speaker 1: Caroline for sharing that vision with us, and that does

692
00:40:38,040 --> 00:40:41,400
Speaker 1: it for the edition of Bloomberg Technology. Join us tomorrow

693
00:40:41,480 --> 00:40:44,400
Speaker 1: for discussion with the CEO of bright Line, Naomi Allen

694
00:40:44,440 --> 00:40:49,359
Speaker 1: and Justin con co founder of Twitch. And don't forget

695
00:40:49,400 --> 00:40:52,320
Speaker 1: to check out our new podcast find it anywhere you

696
00:40:52,480 --> 00:40:55,279
Speaker 1: get your podcasts, and get our daily round up. I'm

697
00:40:55,280 --> 00:41:02,600
Speaker 1: Emily Changing in San Francisco. This is Bloomberg WI pick

698
00:41:03,000 --> 00:41:08,439
Speaker 1: pipit a PI wid a whip with a hip, hip

699
00:41:08,960 --> 00:41:10,640
Speaker 1: a whip he would have