WEBVTT - Big Tech's Reaction Towards Russian Invasion 0:00:02.520 --> 0:00:05.800 From the heart of where innovation, money and power colli 0:00:06.640 --> 0:00:11.159 in Silicon Valley and beyond. This is Bloomberg Technology with 0:00:11.240 --> 0:00:27.040 Emily Jay Him Emily Chang in San Francisco, and this 0:00:27.080 --> 0:00:29.479 is Bloomberg Technology coming up in the next hour. A 0:00:29.560 --> 0:00:33.760 conflict that will only get more brutal. US officials warn 0:00:33.920 --> 0:00:37.519 more indiscriminate tactics coming from Russian forces in an attempt 0:00:37.520 --> 0:00:41.720 to suppress the Ukrainian resistance. We're live from the White House. 0:00:42.520 --> 0:00:45.879 Plus Apple stopping all products sales in Russia, saying the 0:00:45.880 --> 0:00:48.519 company stands with all of the people who are suffering 0:00:48.800 --> 0:00:52.680 as a result of the violence. And Airbnb says it 0:00:52.680 --> 0:00:56.120 will help shelter one thousand Ukrainian refugees who fled their 0:00:56.160 --> 0:01:00.200 country as Russian forces continue their assault. My converse station 0:01:00.280 --> 0:01:12.640 with AIRBNBC O Brian Chesky. Later this hour, Twitter announcing 0:01:12.720 --> 0:01:16.520 that it's now labeling tweets affiliated with Russian state media, 0:01:16.560 --> 0:01:19.440 and effort the company says to quote significantly reduced the 0:01:19.480 --> 0:01:23.080 circulation of content pushed by the Russian government. Twitter also 0:01:23.200 --> 0:01:25.880 saying it will put labels on other state affiliated media 0:01:25.880 --> 0:01:28.360 outlets in coming weeks. My next guest says this is 0:01:28.360 --> 0:01:30.800 an important step as we examine the role of disinformation 0:01:30.800 --> 0:01:33.320 on social media. Joining me now Renee Arresta. She is 0:01:33.360 --> 0:01:36.440 a research manager at the Stanford Internet Observatory. She spent 0:01:36.600 --> 0:01:41.360 years studying disinformation and even testified before Congress on these issues. Rene, 0:01:41.480 --> 0:01:42.720 great to have you back with us, so talk to 0:01:42.800 --> 0:01:46.680 us about the significance of labeling state affiliated media and 0:01:46.840 --> 0:01:50.880 is labeling enough or should it be blocked entirely to 0:01:50.960 --> 0:01:55.480 stop the spread of disinformation? These are really hard questions, Emily, 0:01:55.480 --> 0:01:57.760 thanks for having me on UM. First of all, the 0:01:57.960 --> 0:02:01.600 labeling state media initiatives actually begin at an early when 0:02:01.640 --> 0:02:04.720 we started to see accounts out of China, Chinese state 0:02:04.760 --> 0:02:08.600 media using Facebook, using Facebook ads in particular to push 0:02:08.760 --> 0:02:12.680 false and misleading claims about COVID to audiences worldwide. That 0:02:12.760 --> 0:02:15.280 was one of the initial events that kind of precipitated 0:02:15.280 --> 0:02:19.160 the idea that people who are receiving information should know 0:02:19.440 --> 0:02:22.200 what the source is, particularly if the source is from 0:02:22.200 --> 0:02:24.680 an account link to a foreign government. A lot of 0:02:24.680 --> 0:02:28.320 the conversation about disinformation on social media focuses on the 0:02:28.440 --> 0:02:31.639 bots and the trolls and the kind of covert chatter 0:02:31.840 --> 0:02:33.920 that comes and goes. You know, we see waves of 0:02:33.919 --> 0:02:37.160 accounts come and then get taken down, and those accounts 0:02:37.160 --> 0:02:41.000 are interesting. Those accounts can potentially shape a conversation, maybe 0:02:41.120 --> 0:02:45.200 participate in making something trend. But ultimately, state media accounts 0:02:45.200 --> 0:02:48.040 have standing audiences in the tens to hundreds of millions 0:02:48.040 --> 0:02:51.040 of followers. And these are the mouthpieces, the very overt 0:02:51.080 --> 0:02:55.519 attributable broadcast mouthpieces that governments have built up over time 0:02:55.760 --> 0:02:58.919 to put their view of events out to the world. 0:02:59.360 --> 0:03:03.000 Uh in a conflict, Sorry, go ahead, what do you 0:03:03.120 --> 0:03:05.120 let's let's talk about that in the current conflict. What 0:03:05.160 --> 0:03:07.800 are you seeing from Russian state run media that is 0:03:07.880 --> 0:03:12.840 particularly alarming? And how widespread is it on bague social platforms? 0:03:14.040 --> 0:03:17.560 So what we're seeing is is states using their media 0:03:17.560 --> 0:03:20.360 outlets to target different types of messages to different people 0:03:20.400 --> 0:03:23.280 depending on where they are. So Russia has not really 0:03:23.320 --> 0:03:26.680 done a whole lot targeting Western audiences in this particular conflict. 0:03:26.760 --> 0:03:30.160 We are not the the keep the audiences that they 0:03:30.200 --> 0:03:33.960 consider most relevant. They're really focusing their communication domestically on 0:03:34.000 --> 0:03:37.000 their own citizens, trying to create support for a conflict, 0:03:37.440 --> 0:03:40.600 and then they're focusing near to the conflict itself, trying 0:03:40.600 --> 0:03:43.280 to mislead the people of Ukraine, trying to make them 0:03:43.280 --> 0:03:45.960 think that their government is leaving, that their fighters are 0:03:46.000 --> 0:03:49.240 giving up, that that you know, that that the that 0:03:49.360 --> 0:03:53.680 the resistance is collapsing to demoralize the public there, and 0:03:53.720 --> 0:03:56.520 that is where, and particularly in a situation like this, 0:03:56.880 --> 0:03:59.680 some of the false and misleading information, including that put 0:03:59.680 --> 0:04:02.200 out by state media, can have a significant degree of 0:04:02.280 --> 0:04:06.840 harm in the conflict area itself. So Western audiences or 0:04:07.080 --> 0:04:11.200 non regional audiences are a wholly separate issue. They may 0:04:11.240 --> 0:04:13.840 be trying to shape public perception, but ultimately the thing 0:04:13.880 --> 0:04:16.400 that is the real concern that platforms are trying to 0:04:16.400 --> 0:04:20.760 be aware of is information from Russia targeting people in 0:04:20.839 --> 0:04:23.880 Ukraine or targeting people in the immediate region, because they're 0:04:23.920 --> 0:04:27.400 trying to use the information more to bolster the shooting war. 0:04:27.920 --> 0:04:30.520 And to your understanding, what has the impact of that been. 0:04:30.640 --> 0:04:34.680 I mean, you know, we've heard reports from folks in Russia, 0:04:34.960 --> 0:04:38.360 folks who have family in Russia that they don't many 0:04:38.360 --> 0:04:40.920 of them don't have any idea the extent of what's 0:04:40.960 --> 0:04:44.440 really going on. We've seen the same the same commentary 0:04:44.480 --> 0:04:47.279 from people from even captured soldiers who say we were 0:04:47.320 --> 0:04:49.719 told that they would welcome us, we were not told 0:04:49.760 --> 0:04:51.600 that this is that this is what we were going 0:04:51.640 --> 0:04:53.279 to be going there for us. There's a whole lot 0:04:53.320 --> 0:04:55.920 to kind of unpack and and and try to understand 0:04:55.960 --> 0:04:58.560 in that dynamic. But one thing that's been really remarkable 0:04:58.600 --> 0:05:03.360 about this is the Ukrainian government, Ukrainian ministers constantly on Twitter, 0:05:03.480 --> 0:05:06.839 constantly on social platforms, on Telegram and other places, telling 0:05:06.880 --> 0:05:10.000 the world what is actually happening, actively pre bunking. You 0:05:10.000 --> 0:05:14.440 have President of Atlanski uh regularly streaming himself, you know, 0:05:14.520 --> 0:05:17.679 reinforcing the fact we are here, we are fighting. And 0:05:17.760 --> 0:05:20.839 so in that, in that action, in that that quite 0:05:20.960 --> 0:05:24.400 visible use of social media from the Ukrainian government, from 0:05:24.440 --> 0:05:27.240 the people of Ukraine, you are seeing a pretty remarkable 0:05:27.240 --> 0:05:31.120 pushback against against Russia's efforts here. And this is where 0:05:31.160 --> 0:05:35.440 this question of what should be blocked, what should be allowed, um, 0:05:35.480 --> 0:05:38.760 you know, the people are spending a lot of time 0:05:38.839 --> 0:05:41.400 actually kind of flooding the pages of Russian state media, 0:05:41.480 --> 0:05:44.200 leaving pro Ukraine comments at this point. So I think 0:05:44.440 --> 0:05:47.960 the decision to to respond to governments in Europe and 0:05:48.000 --> 0:05:51.839 others who want to see content either made inaccessible or 0:05:51.960 --> 0:05:55.960 um or or temporarily blocked in certain regions makes sense 0:05:56.000 --> 0:05:58.039 in a particular part of the world that maybe is 0:05:58.040 --> 0:06:01.920 more directly impacted by certain to misinformation versus what we're 0:06:01.960 --> 0:06:04.360 seeing in the West, where you know, American audiences can 0:06:04.400 --> 0:06:08.480 still go and see this content if they're so inclined. Absolutely, 0:06:08.560 --> 0:06:12.200 the way that presidents has been communicating with his people 0:06:12.240 --> 0:06:14.480 and with people around the world have been incredibly powerful. 0:06:14.720 --> 0:06:16.560 What do you think the platform should be doing? I mean, 0:06:16.600 --> 0:06:20.080 Meta announced it stopped recommending Russian state media to Facebook 0:06:20.080 --> 0:06:23.480 and Instagram users. Is that enough enough to do it now? 0:06:23.520 --> 0:06:26.640 Should it be you know, you know, last beyond uh, 0:06:26.680 --> 0:06:29.200 you know, when this war, hopefully this war is over. 0:06:31.880 --> 0:06:34.560 That's a really challenging question. For a long time, We've 0:06:34.560 --> 0:06:37.680 had this idea, you know, in America, UM that under 0:06:37.720 --> 0:06:40.240 something like the Foreign Agent Registration Act, we should know 0:06:40.400 --> 0:06:43.000 what foreign governments are saying, we should be able to 0:06:43.080 --> 0:06:46.479 receive that information, that communication. But in a time of 0:06:46.520 --> 0:06:49.560 crisis such as this, in a time in which life 0:06:49.560 --> 0:06:52.359 and death decisions can come about as a result of 0:06:52.360 --> 0:06:55.280 people seeing incorrect information. Uh, there are rules that are 0:06:55.279 --> 0:06:57.320 being put into play in the short term that need 0:06:57.360 --> 0:06:59.920 to be more carefully considered as we evaluate where to 0:07:00.040 --> 0:07:04.080 go in the long term. Now you talked about how 0:07:04.080 --> 0:07:07.800 difficult it is to discern misinformation on TikTok in particular. 0:07:08.240 --> 0:07:10.800 Is there something different about TikTok that makes it more 0:07:10.840 --> 0:07:13.440 of a minefield when it comes to misinformation and why? 0:07:14.920 --> 0:07:17.200 Look is you know, most people consume TikTok in their 0:07:17.240 --> 0:07:20.000 app it's um. You know, I opened up my TikTok 0:07:20.040 --> 0:07:22.200 the other night and my the very first video that 0:07:22.280 --> 0:07:24.480 began to play was a video game and it had 0:07:24.520 --> 0:07:27.320 a nameless account. It was a shooting video game, first 0:07:27.360 --> 0:07:30.480 person shooter, UM. And they were claiming that this was 0:07:30.520 --> 0:07:33.280 a scene of the conflict between Russia and Ukraine. And 0:07:33.320 --> 0:07:36.160 you know Twitter has been pretty good about either labeling 0:07:36.280 --> 0:07:39.040 or throttling these you know Facebook as well, But on 0:07:39.160 --> 0:07:41.080 on TikTok, there it is with you know, kind of 0:07:41.080 --> 0:07:43.480 a million likes, and it's right there that the first 0:07:43.480 --> 0:07:46.120 thing that that place and so the other thing that 0:07:46.160 --> 0:07:49.040 TikTok does not have is actually that that very basic 0:07:49.120 --> 0:07:52.240 state media labeling. UM. So when there is content that 0:07:52.360 --> 0:07:55.480 is produced by propagandists, the audience doesn't know. So this 0:07:55.600 --> 0:07:59.840 combination of content being repurposed, UM, content being put out 0:07:59.840 --> 0:08:04.400 by a you know, by an unverified or actively um, 0:08:04.400 --> 0:08:07.360 you know, incentivized to harm kind of sourced. UH. The 0:08:07.760 --> 0:08:10.680 the people who are receiving the content on the platform 0:08:11.040 --> 0:08:12.880 can't tell that. It takes them a lot of extra 0:08:12.920 --> 0:08:15.960 time to go and try to reverse image search a 0:08:16.160 --> 0:08:18.240 clip from a video, which is not something that is 0:08:18.600 --> 0:08:20.480 native or easy to do on a mobile phone when 0:08:20.480 --> 0:08:22.680 the information is being pushed to you. So I think 0:08:22.680 --> 0:08:25.920 that TikTok really lads it's partners in the social media 0:08:26.200 --> 0:08:28.640 of the big social media players in not having these 0:08:28.640 --> 0:08:31.680 policies in place. And more importantly, we're seeing Meta and 0:08:31.680 --> 0:08:35.480 we're seeing Twitter reacting very quickly to UH to either 0:08:35.640 --> 0:08:38.320 take down networks that they've found or to come up 0:08:38.320 --> 0:08:42.040 with these new labeling policies that are specifically tailors with 0:08:42.120 --> 0:08:43.960 the current events on the ground. And we don't really 0:08:44.000 --> 0:08:47.440 see TikTok following suit in that regard. Interesting that you 0:08:47.480 --> 0:08:50.520 see TikTok being behind there. Thank you for helping us 0:08:50.559 --> 0:08:52.800 navigate some of these really thorny issues. Were NAT arrest 0:08:52.920 --> 0:08:56.559 or to arrest a researcher at the Stamford Internet Observatory. 0:08:56.840 --> 0:08:59.080 Good to have you with us. Coming up is the 0:08:59.160 --> 0:09:02.040 Zoom Glory over. We're gonna talk with Zoom CFO Kelly 0:09:02.040 --> 0:09:05.040 Stuckelberg after the company's projected sales this quarter fell short 0:09:05.440 --> 0:09:09.079 of Wall Street estimates. How it can earn back investor confidence? 0:09:09.120 --> 0:09:25.240 That's next? This is Bloomberg. While as more employees returned 0:09:25.280 --> 0:09:28.400 to work in their offices, questions loom about whether Zooms 0:09:28.440 --> 0:09:32.040 appealed during the pandemic era will fade. Zoom shares have 0:09:32.160 --> 0:09:36.560 declined by more than from their October high. How will 0:09:36.640 --> 0:09:40.600 the company sustain growth beyond the pandemic boom? CFO Kelly 0:09:40.600 --> 0:09:43.200 Stuckelberg with a spell for more. Kelly, I have to 0:09:43.200 --> 0:09:47.199 ask you, given the geopolitical situation, your reaction to what 0:09:47.240 --> 0:09:51.800 we're seeing in Ukraine. Obviously there's a humanitarian concern, but 0:09:51.880 --> 0:09:54.439 how are you viewing the impact on the economy and 0:09:54.559 --> 0:09:59.400 to potentially Zoom's business. So, first of all, of course, 0:09:59.400 --> 0:10:02.160 our how our hearts go out to everyone impacted by 0:10:02.200 --> 0:10:06.800 this unfortunate situation. We feel feel lucky as an organization 0:10:06.840 --> 0:10:09.720 in a company that we don't have any employees that 0:10:09.760 --> 0:10:12.520 are directly impacted me the region. We do have some 0:10:12.559 --> 0:10:14.319 of their family members that are there, so we're doing 0:10:14.320 --> 0:10:16.880 everything that we can to help, and we have very 0:10:17.040 --> 0:10:20.560 minimal exposure from a revenue perspective in either of the 0:10:20.600 --> 0:10:23.800 two regions. So in terms of the impact that we're 0:10:24.240 --> 0:10:28.760 we expect directly on our business, it's really dimonimous. So 0:10:28.840 --> 0:10:31.240 let's talk about Zoom. You know, as I said, there 0:10:31.240 --> 0:10:34.240 are questions about whether the glory days are over, and 0:10:34.280 --> 0:10:37.120 I'm sure that you will disagree. You're planning to stop 0:10:37.160 --> 0:10:40.400 reporting the number of customers with overten employees, pivot to 0:10:40.480 --> 0:10:44.120 reporting just the number of enterprise customers. Can you explain 0:10:44.640 --> 0:10:48.199 that change and what it means for this bigger picture? Sure? 0:10:48.679 --> 0:10:50.360 So first of all, I just want to high that 0:10:50.440 --> 0:10:53.160 we were very pleased with our results for f y 0:10:53.240 --> 0:10:56.440 twenty two that we reported yesterday, growing year over year 0:10:57.720 --> 0:11:01.520 over four point one billion dollars, and as you highlighted, 0:11:01.559 --> 0:11:05.960 we really have seen tremendous growth into parts of our business, 0:11:06.000 --> 0:11:08.160 which is the enterprise, which is that that it's touched 0:11:08.160 --> 0:11:11.480 by our direct our channel and our I S D partners, 0:11:11.559 --> 0:11:14.800 and then our online business, which is now protect prigical 0:11:14.840 --> 0:11:17.240 cent of our business. So we are shifting metrics as 0:11:17.280 --> 0:11:19.760 you mentioned, to focus on the enterprise, which is this 0:11:19.840 --> 0:11:23.079 is really where we see the long term sustainable growth 0:11:23.280 --> 0:11:27.800 of our business, and we saw strong performance here with 0:11:28.360 --> 0:11:33.040 you know, customers with more than um hundred thousand dollars 0:11:33.080 --> 0:11:36.880 of tradeling Twelveland revenue accelerating. We saw strength with Zoom 0:11:36.880 --> 0:11:39.880 Phone that had a record quarterer with over five fifty 0:11:39.960 --> 0:11:43.640 seats added, and so we're really excited about the future. 0:11:43.679 --> 0:11:47.760 We also last week announced Zoom Contact Center, which is 0:11:47.960 --> 0:11:51.079 our cloud contact centered solution, which is fully integrated into 0:11:51.080 --> 0:11:54.079 the Zoom platform. So this is really a big year 0:11:54.080 --> 0:11:56.720 of transition for Zoom, as we're moving from being a 0:11:56.840 --> 0:12:01.240 killer meing app to a platform for communications and collaborations. 0:12:02.080 --> 0:12:05.800 Right now, I'm curious if you can clarify zoom stance 0:12:05.880 --> 0:12:08.920 on Ukraine. I noticed that some parts of the country, 0:12:08.960 --> 0:12:13.720 the separatist Aias, Crimea, etcetera, and not serviced by Zoom, 0:12:13.720 --> 0:12:16.360 but Russia is not on the list of banned countries. 0:12:16.440 --> 0:12:22.360 Can you explain that? So we do have some business 0:12:22.520 --> 0:12:26.239 in in the region of Russia that is mostly through resellers, 0:12:26.400 --> 0:12:30.160 and we will continue, of course to comply with all 0:12:30.240 --> 0:12:34.120 the US laws and sanctions and we're very closely monitoring those. 0:12:34.960 --> 0:12:37.959 Is there any consideration of self sanctioning. Obviously, we saw 0:12:38.000 --> 0:12:42.480 Apple take a dramatic move today forward as well, We 0:12:42.679 --> 0:12:46.320 certainly internally keep discussing all the options in how do 0:12:46.400 --> 0:12:51.280 we best support everyone that's in you know, ukn Ukraine region, 0:12:51.520 --> 0:12:54.760 and how do we do what's appropriate and what should 0:12:54.800 --> 0:12:57.320 we do as a good corporate citizens. So as this 0:12:57.440 --> 0:13:00.719 is a you know, very quickly evolving um situation, as 0:13:00.720 --> 0:13:03.240 you well know, we keep discussing it and monitoring it 0:13:03.320 --> 0:13:06.360 and trying to make decision in real time basis. And 0:13:06.400 --> 0:13:08.280 you know, to this big ut question you mentioned zoom 0:13:08.280 --> 0:13:11.400 phone earlier, talk to us about how well these ancillary 0:13:11.600 --> 0:13:14.680 ancillary businesses are doing and whether you see that sort 0:13:14.679 --> 0:13:17.760 of padding, you know, any lack of growth you might 0:13:17.800 --> 0:13:20.240 see in the core part of the business over the 0:13:20.280 --> 0:13:24.400 longer term. You know. So our strategy has been from 0:13:24.440 --> 0:13:27.760 the beginning to start resoom meetings and then continue to 0:13:27.840 --> 0:13:31.560 expand our share of wallet from our customers by selling 0:13:31.559 --> 0:13:34.720 them additional services, and zoom phone is a perfect example 0:13:34.840 --> 0:13:38.640 of that. We also see zo zoom rooms as organizations 0:13:38.640 --> 0:13:41.400 are thinking about welcoming their employees back to the office. 0:13:41.720 --> 0:13:44.400 The conference room strategy is really key to make sure 0:13:44.520 --> 0:13:48.600 that as they have employees working remotely, that it's inclusive 0:13:48.679 --> 0:13:50.600 and that they're bringing them together in a way that 0:13:50.640 --> 0:13:52.720 works for everybody, those are inside the room and those 0:13:52.760 --> 0:13:55.640 that are without. Also, just as we expect if you 0:13:55.960 --> 0:13:58.439 work to be hybrid, we also expect events to be 0:13:58.559 --> 0:14:02.120 hybrid as well. And our new product, Zoom Events when 0:14:02.200 --> 0:14:05.040 g a last year and that's really as we look 0:14:05.080 --> 0:14:07.440 forward to these large events and people want to come together, 0:14:07.880 --> 0:14:11.520 but they also want to have that virtual complince. Okay, 0:14:11.840 --> 0:14:14.240 sooom CFL Kelly Steckleberg. Always great to have you here. 0:14:14.360 --> 0:14:16.679 Thank you Kelly for taking the time to join us. 0:14:25.880 --> 0:14:29.720 Airbnb is offering free shelter for up to one hundred 0:14:29.800 --> 0:14:33.640 thousand Ukrainian refugees fleeing the Russian invasion of their country. 0:14:33.840 --> 0:14:35.920 CEO Brian Chesky telling me he plans to work with 0:14:36.000 --> 0:14:39.680 neighboring European states to provide long term stays as well. 0:14:40.000 --> 0:14:42.440 Take a listen to my conversation with him earlier today. 0:14:42.600 --> 0:14:46.920 We announced yesterday that Airbnb and partnership with airb dot 0:14:47.080 --> 0:14:50.000 org and our host community have a goal to house 0:14:50.160 --> 0:14:53.920 up to a hundred thousand refugees fleeing Ukraine. Now, since 0:14:53.960 --> 0:14:56.600 we made that announcement, we've had over thirty thousand people 0:14:56.680 --> 0:14:58.680 visit the page to learn about how to be a 0:14:58.720 --> 0:15:01.320 host or to donate, and we're just trying to get 0:15:01.360 --> 0:15:03.440 more word out because basically the name of the game 0:15:03.520 --> 0:15:06.160 is the more houses we have, the more refugees we 0:15:06.200 --> 0:15:10.240 can house. What's the feedback are getting from governments from 0:15:10.320 --> 0:15:14.920 border crossings about the situation that these refugees find themselves 0:15:14.920 --> 0:15:17.640 in and the crosshairs of a war. Yeah, I mean 0:15:17.640 --> 0:15:20.960 we've reached out to fourteen different governments in Central Eastern Europe, 0:15:21.040 --> 0:15:25.040 governments like Poland and Hungary and Romania and Germany, and 0:15:25.160 --> 0:15:29.160 what they're telling us is mostly thank you, because there 0:15:28.880 --> 0:15:32.200 are last reports I heard over six hundred thousand refugees 0:15:32.560 --> 0:15:35.040 that have been fleeing Ukraine, and so these governments need 0:15:35.080 --> 0:15:37.120 to find a way to house them, and we can 0:15:37.160 --> 0:15:40.160 provide as an infrastructure. You know, we've housed fifty four 0:15:40.320 --> 0:15:44.240 thousand refugees for free since we started air VnB, and 0:15:44.280 --> 0:15:46.840 we've housed over a hundred thousand people in need for 0:15:46.880 --> 0:15:49.280 all different events for free. So I think we can 0:15:49.320 --> 0:15:52.360 be We're being viewed, I hope, as a solution to 0:15:52.440 --> 0:15:55.120 a problem that they have. We can be a great partner, 0:15:55.240 --> 0:15:57.520 and I think they're appreciative of the support and the help. 0:15:58.680 --> 0:16:01.480 What's been the response from in these countries. Has there 0:16:01.520 --> 0:16:05.160 been an outpouring of support. Yeah, I mean it's just 0:16:05.240 --> 0:16:08.360 starting obviously in the last point for hours, but we 0:16:08.400 --> 0:16:11.400 have we have had a large response so far. And 0:16:11.480 --> 0:16:13.920 just to give you a point of reference, two years ago, 0:16:14.000 --> 0:16:17.360 when the pandemic initially of course broke out, um, we 0:16:17.360 --> 0:16:19.680 were we worked with the French government for example, to 0:16:19.760 --> 0:16:22.640 provide housing for workers in the front line. Tens of 0:16:22.680 --> 0:16:25.680 thousands of hosts stepped up. We had thousands of tens 0:16:25.720 --> 0:16:28.920 of thousands of hosts step up provide housing for Afghan refugees, 0:16:28.920 --> 0:16:32.120 and we're expecting a pretty big response. Again. The main 0:16:32.160 --> 0:16:34.360 thing we need to do is just make sure that 0:16:34.560 --> 0:16:37.200 in the kind of flood of all the noise going on, 0:16:37.320 --> 0:16:40.320 that people who have homes that have availability in these 0:16:40.360 --> 0:16:43.800 countries know that they can take in refugees. Now, I 0:16:44.200 --> 0:16:46.600 know AIRB, B and D has a significant number of 0:16:46.600 --> 0:16:49.400 listings in Ukraine given the number of short term rentals 0:16:49.400 --> 0:16:53.000 I see in Kiev and livid in Odessa. Do you 0:16:53.040 --> 0:16:56.480 have employees in Ukraine and what is the status of 0:16:56.520 --> 0:17:00.840 your operations and hosts there? Yeah, we we we we 0:17:00.920 --> 0:17:04.000 don't have employees. We don't. We don't have a meaningful 0:17:04.080 --> 0:17:07.080 number of employees in Central Eastern Europe, were primarily in 0:17:07.119 --> 0:17:10.240 certain hubs. Um Now, as you imagine, we have thousands 0:17:10.240 --> 0:17:13.159 of listings and countries in all over Central and Eastern Europe, 0:17:13.400 --> 0:17:15.920 and so our our big focus right now. Right now, 0:17:15.920 --> 0:17:19.239 we're focused on two big priorities. Number One, we were 0:17:19.240 --> 0:17:21.400 trying to make sure that our hosts and our community 0:17:21.440 --> 0:17:23.520 is stage. So we're doing a lot of outreach to 0:17:23.600 --> 0:17:26.639 our hosting guests in countries all over central Eastern Europe. 0:17:26.880 --> 0:17:29.280 The second focus we have is trying to house as 0:17:29.320 --> 0:17:33.160 many refugees as probably as possible. And this entire refugee 0:17:33.160 --> 0:17:36.199 effort Emily really started three days ago. You know, it 0:17:36.280 --> 0:17:38.800 was Thursday Friday, it became apparent that there were going 0:17:38.880 --> 0:17:41.600 to be hundreds of thousands of people fleeing Ukraine, and 0:17:41.640 --> 0:17:44.960 so we've worked all weekend through yesterday to be able 0:17:45.000 --> 0:17:50.640 to mobilize this effort. Now, several companies have been self sanctioning, 0:17:50.760 --> 0:17:53.320 pulling back their business operations in Russia. We just saw 0:17:53.359 --> 0:17:57.680 Apple pause all products sales in Russia. I know Airbnb 0:17:57.800 --> 0:18:00.680 also has a number of listings in Russia. You consider 0:18:00.720 --> 0:18:05.600 halting business there what kind of conversations are you having. Yeah, 0:18:05.600 --> 0:18:07.199 I mean, as you can imagine, we have a handful 0:18:07.320 --> 0:18:09.520 right now because we made this huge commitment to house 0:18:09.960 --> 0:18:13.000 up to a hundred thousand refugees. That being said, I'll 0:18:13.040 --> 0:18:16.800 say two things. Number One, um, you know we are 0:18:16.920 --> 0:18:19.000 so we are going to cooperate with the US government. 0:18:19.040 --> 0:18:21.720 We're in constant contact with them and support of whatever 0:18:21.760 --> 0:18:24.720 sanctions that they intend to impose. Number Two, as a 0:18:24.760 --> 0:18:27.679 practical matter, a lot of the sanctions have imposed on 0:18:27.720 --> 0:18:30.919 the Russian banks in Russia have limited our ability to 0:18:30.960 --> 0:18:33.320 do business, the ability of people in Russia to receive 0:18:33.400 --> 0:18:35.720 money and the ability of people in Russia to pay. 0:18:36.119 --> 0:18:38.480 So as a practical matter, a lot of our business 0:18:38.520 --> 0:18:41.080 is probably going to be un paused just from the 0:18:41.400 --> 0:18:43.560 inability to be able to pay. But we are looking 0:18:43.560 --> 0:18:46.400 at other steps. As you can imagine, we're just triaging 0:18:46.480 --> 0:18:50.320 right now. So on that note, how are you expecting 0:18:50.359 --> 0:18:54.000 the war to impact travel overall across Europe? I mean, 0:18:54.040 --> 0:18:57.320 what are you bracing for here? Hard to know. I 0:18:57.560 --> 0:18:59.879 don't really know what is going to unfold over the 0:19:00.040 --> 0:19:03.359 coming weeks and months, But what I will say is 0:19:03.400 --> 0:19:07.960 that whatever happens in Europe, our business is incredibly resilient. 0:19:08.240 --> 0:19:10.840 I mean, we have nearly every type of home and 0:19:10.880 --> 0:19:13.560 nearly every type of community at nearly every price point. 0:19:13.800 --> 0:19:15.800 And I think with the last two years have shown 0:19:15.880 --> 0:19:19.159 is however the world changes, our business can adapt. And 0:19:19.240 --> 0:19:22.080 so you know, we're continue to ask ourselves how can 0:19:22.160 --> 0:19:24.719 we help in this time and need. The most important 0:19:24.760 --> 0:19:27.040 way we can help right now is housing people that 0:19:27.160 --> 0:19:30.160 need a place to stay. But you know, I'm sure 0:19:30.200 --> 0:19:33.560 this is going to have a disruption on European travel, 0:19:33.600 --> 0:19:35.679 but we'll be able to adapt to whatever that disruption is. 0:19:38.200 --> 0:19:41.280 Airbnb CEO Brian Chesky. There you can catch more of 0:19:41.359 --> 0:19:45.040 my interview with Chesskey at Bloomberg dot Com. Time now 0:19:45.080 --> 0:19:46.600 for our crypto report. I want to bring in our 0:19:46.640 --> 0:19:50.119 crypto Contributortionale Bostick. As we see bitcoin surging for a 0:19:50.160 --> 0:19:54.680 second day. We've seen bitcoin decoupling from traditional markets here, 0:19:54.720 --> 0:19:57.640 beginning to trade on its own. And is this being 0:19:57.680 --> 0:20:00.600 influenced by what's happening and yeah, the there's a few 0:20:00.600 --> 0:20:03.159 really interesting things happening in the market here, Emily. Have 0:20:03.160 --> 0:20:07.000 bitcoin prices themselves getting closer now to forty four thousand 0:20:07.080 --> 0:20:09.880 dollars really getting lift here. The last couple of days, 0:20:09.880 --> 0:20:11.440 and if you'll take a look at the prices here, 0:20:11.760 --> 0:20:14.879 you take a look at a bitcoin price that's risen 0:20:15.359 --> 0:20:17.800 over the last two or three days, really much higher 0:20:17.800 --> 0:20:20.920 than four days ago, while stocks in that period over 0:20:20.960 --> 0:20:23.919 the last two days have dropped. Where there's a correlation 0:20:24.040 --> 0:20:26.040 just about a week or so ago that looks like 0:20:26.040 --> 0:20:28.960 it's starting to break off. I also want to take 0:20:29.000 --> 0:20:32.440 a look here at etherorium prices, because you have a 0:20:32.520 --> 0:20:36.800 theorium here now reaching about three thousand dollars uh, and 0:20:36.960 --> 0:20:39.959 it also has had a significant lift last couple of days. Now, 0:20:39.960 --> 0:20:41.840 when you take a look at volumes, you see that 0:20:41.880 --> 0:20:44.560 ethereum also closely tied to a lot of stable coins. 0:20:44.600 --> 0:20:46.919 A lot of discussion around stable coins and the value 0:20:46.960 --> 0:20:49.840 of them in this new era where there's a lot 0:20:49.840 --> 0:20:54.040 of uncertainty. Besides ethereum, you're seeing a lift in stable 0:20:54.040 --> 0:20:56.880 coins like financial US dollar and tether, and so let's 0:20:56.920 --> 0:21:00.320 see when volumes are really very high in those assets, 0:21:00.359 --> 0:21:03.280 how much of this consistent in the next couple of days. 0:21:03.880 --> 0:21:06.840 All right, Shanali, stick with us. I want to continue 0:21:06.840 --> 0:21:10.640 this conversation about crypto and the role in the Ukrainian war. 0:21:10.800 --> 0:21:14.800 Now with our next guest Lee Droken from star Killer Capital. Lee, 0:21:14.840 --> 0:21:18.119 You've been tweeting furiously about some of these issues, and 0:21:18.160 --> 0:21:21.360 I'm curious what you read into the rise in crypto 0:21:21.520 --> 0:21:24.480 is a surely to do with what's happening in Russia 0:21:24.560 --> 0:21:27.600 and Ukraine? Is it because they're simply more demand there? 0:21:28.840 --> 0:21:32.800 There's definitely a spot that that's independent of other risk assets, 0:21:32.880 --> 0:21:35.120 and you know, as you just pointed out, the correlations 0:21:35.520 --> 0:21:38.840 have definitely broken off. Specifically, you know, we still have 0:21:38.920 --> 0:21:43.359 a vix equity VIX above thirty, which historically has led 0:21:43.400 --> 0:21:48.600 to incredibly high correlations between crypto and equities. We've also seen, 0:21:48.760 --> 0:21:52.480 you know, on chain analytics as well as spot flow 0:21:52.960 --> 0:21:57.280 coming from different exchanges that basically says there's there's something 0:21:57.320 --> 0:22:00.840 between three and four times the amount of volume in 0:22:01.320 --> 0:22:06.160 ruble to BTC or these pairs on these centralizing exchanges, 0:22:06.880 --> 0:22:10.240 and that's that's a one way trade obviously right now. 0:22:10.320 --> 0:22:13.560 So there's definitely a bit coming out of that area 0:22:13.560 --> 0:22:16.000 of the world for obvious reasons. People are trying to 0:22:16.000 --> 0:22:18.960 get the hell out of rubles. How long that last 0:22:19.080 --> 0:22:22.880 is definitely a question, because the Russians are cutting off, 0:22:22.960 --> 0:22:25.000 you know, all that X flows out of the country, 0:22:25.000 --> 0:22:26.840 and at some point you're just not going to be 0:22:26.920 --> 0:22:30.119 able to use a card or a bank account to 0:22:30.560 --> 0:22:33.679