WEBVTT - Musk Sells More Tesla Shares, Senate TikTok Concerns 0:00:13.480 --> 0:00:15.520 And Caroline Hyde of Blue Mug's World take quarters in 0:00:15.520 --> 0:00:17.880 New York, and this is blow Mug technology coming up. 0:00:17.880 --> 0:00:20.720 In the next hour, Elon marsk Kioff loads another three 0:00:20.720 --> 0:00:23.320 point six billion dollars worth of Tesla shares. How so, 0:00:23.320 --> 0:00:25.799 after he assured that he was done getting rid of 0:00:25.840 --> 0:00:28.720 Tesla stock. How this could be reflecting the pressure on 0:00:28.760 --> 0:00:31.760 the finances of Twitter. Plus, the US Senate has voted 0:00:31.880 --> 0:00:36.800 unanimously to ban TikTok from all government issued phones and devices. Again, 0:00:37.240 --> 0:00:40.040 details on the real impact for the Chinese own platform 0:00:40.080 --> 0:00:43.960 and former President Donald Trump, he's a major announcement just 0:00:44.080 --> 0:00:48.559 weeks after it's declaring a third presidential run. Instead, he's 0:00:48.600 --> 0:00:51.000 talking digital trading cards in an n f T market. 0:00:51.600 --> 0:00:53.599 Details on that one a little bit later in the hour, 0:00:53.640 --> 0:00:55.920 but first let's go even more micro. She teased us there. 0:00:55.960 --> 0:00:58.080 She told us about Tesla because of course we know 0:00:58.120 --> 0:00:59.760 the song has been under pressure, and maybe a little 0:00:59.760 --> 0:01:02.680 bit more of the evidence as to why. Because Elon 0:01:02.760 --> 0:01:05.240 masks the biggest holder Tesla's stock, has been selling yet 0:01:05.240 --> 0:01:07.800 more three point six billion dollars worth in fact of shares, 0:01:08.040 --> 0:01:11.200 bringing the total amount he's offloaded since late last year 0:01:11.560 --> 0:01:15.240 Thomas forty billion, next Billy lips and pleased to say 0:01:15.480 --> 0:01:17.960 it's here for more and it's interesting really. Of course, 0:01:18.040 --> 0:01:20.800 we were just wondering why it was under pressure, many 0:01:20.880 --> 0:01:23.319 feeling perhaps a retail investor, which is such an important 0:01:23.360 --> 0:01:25.360 buyer for Tesla, was a little bit worried about his 0:01:25.400 --> 0:01:28.240 distraction about his recent other purchases. But now it seems 0:01:28.240 --> 0:01:30.760 to be lay clear that maybe the setting pressure is 0:01:30.800 --> 0:01:32.840 coming from him himself. Exactly when you look at where 0:01:32.840 --> 0:01:35.720 the market was trading Monday and Tuesday, broadly moving higher 0:01:35.760 --> 0:01:38.400 in Tesla, the biggest drag on the SMP five hundred 0:01:38.400 --> 0:01:40.680 in the Nasdaq one hundred in those two days. Again, 0:01:40.800 --> 0:01:42.679 this is kind of a bit of sounding an alarm 0:01:42.760 --> 0:01:46.279 for investors. It's still those concerns about what is Ellen 0:01:46.480 --> 0:01:49.160 focused on, where is his head at. Obviously SpaceX has 0:01:49.160 --> 0:01:52.040 been successful, Tesla has been a roaring success, but did 0:01:52.120 --> 0:01:54.080 he bite off more than you could chew? With Twitter 0:01:54.160 --> 0:01:57.240 in particular, again with massive debtloads, how does that impact 0:01:57.440 --> 0:02:00.680 the fundamental business of Tesla again, even how large of 0:02:00.720 --> 0:02:02.600 a stake he has, and whether or not he's going 0:02:02.720 --> 0:02:04.840 to continue to sell shares. As you mentioned at the 0:02:04.880 --> 0:02:07.320 top of the hour that he did say earlier in 0:02:07.320 --> 0:02:09.040 the year that he was done selling and then three 0:02:09.080 --> 0:02:11.760 and a half billion is not done selling now, you don't. 0:02:11.800 --> 0:02:14.959 Mousque himself could be a bit of a macro economic commentator, 0:02:15.080 --> 0:02:18.160 and he's sort of made a few should we say, 0:02:18.320 --> 0:02:21.160 trails breadcrumbs for us saying, look, you should be worried 0:02:21.160 --> 0:02:23.200 about debt right now. If you're seeing the rates go 0:02:23.360 --> 0:02:25.680 up from the Fed, what about his debt? What about Twitch? 0:02:25.800 --> 0:02:27.639 Is debt? Well, that's the thing, and that's kind of 0:02:27.760 --> 0:02:30.040 to your point. Interest rates are going higher when you 0:02:30.080 --> 0:02:32.359 look at Twitter, when you look at that take out 0:02:32.520 --> 0:02:35.520 that does come with massive debt load, that does come 0:02:35.560 --> 0:02:39.120 with pretty high interest rates that are going to continue 0:02:39.320 --> 0:02:41.280 need to be paid. So that's the main question is 0:02:41.720 --> 0:02:44.399 is Elan selling these shares to buy some of that debt? 0:02:44.520 --> 0:02:47.079 Is he doing it to invest more on Twitter? Is 0:02:47.120 --> 0:02:49.440 he doing that to you know, help cover some of 0:02:49.520 --> 0:02:52.040 those interest payments. No one really knows. It's I don't 0:02:52.040 --> 0:02:54.480 think anyone really kind of understands what he loves doing 0:02:54.520 --> 0:02:57.079 other than Elon. But there are so many questions just 0:02:57.240 --> 0:03:00.920 given how tied these companies can be, given where they 0:03:00.960 --> 0:03:02.840 are right now, where they're trading, and again with this 0:03:02.919 --> 0:03:05.720 selling pressure that we've seen so far this week for 0:03:05.840 --> 0:03:09.400 Tesla stock in particular. Many call him an entrepreneur or visionary, 0:03:09.919 --> 0:03:12.280 he seems to have to be an investment banker at 0:03:12.280 --> 0:03:14.200 the moment as well, I would seem we thank you, 0:03:14.280 --> 0:03:16.639 as always, Bailey lip shots on the money when it 0:03:16.720 --> 0:03:19.519 comes to all things Tesla. Meanwhile, let's again turn to 0:03:19.680 --> 0:03:22.800 those broader tech valuations. Let's again turn to the macro 0:03:23.000 --> 0:03:25.320 that Ellen himself has been commenting on. Let's talk to 0:03:25.639 --> 0:03:29.600 Caleb Brune morning consult economic analyst, just here to give 0:03:29.680 --> 0:03:31.480 us basically you'll read, at the moment, we've had the 0:03:31.520 --> 0:03:34.359 Federal Reserve, the ECB, the Bank of England all hiking 0:03:34.480 --> 0:03:36.280 rates to the tune of half a percentage point. They're 0:03:36.280 --> 0:03:38.760 all well part from the Bank of England maybe sounding 0:03:38.800 --> 0:03:42.200 pretty hawkish about where rates have to go to tackle inflation. 0:03:42.600 --> 0:03:45.840 Give our audience, who is so aware of the macro 0:03:46.000 --> 0:03:48.920 implications on their holdings what this means in terms of 0:03:49.040 --> 0:03:54.080 overall desire to be buying stocks right now. So good evening, 0:03:54.200 --> 0:03:57.320 Thank you for having me on. Uh yeah, with the US, 0:03:57.360 --> 0:03:59.640 at least with the Fed this week, I don't think 0:03:59.680 --> 0:04:01.640 that's a rise was really with the amount that they 0:04:01.720 --> 0:04:04.280 raised rates this week. Everyone was really expecting about a 0:04:04.320 --> 0:04:07.200 half point increase. But what I think where people were 0:04:07.240 --> 0:04:09.560 paying a little more attention and we're a little surprised, 0:04:09.800 --> 0:04:12.240 was with how firm they were with their language about 0:04:12.240 --> 0:04:15.240 their intent to continue raising rates and where they expected 0:04:15.320 --> 0:04:17.800 rates to be over the next year. I think with 0:04:17.920 --> 0:04:22.760 the two consecutive months of positive inflation surprises, some were 0:04:22.839 --> 0:04:24.840 thinking that that message would be softened a little bit, 0:04:25.440 --> 0:04:27.280 but we didn't see too much sign of that this 0:04:27.400 --> 0:04:30.680 week so far. When we got the Federal res of 0:04:30.920 --> 0:04:33.800 rate high, we also got updated perspective and where they 0:04:33.920 --> 0:04:36.960 see the economy going, where they see what are called 0:04:37.080 --> 0:04:40.680 terminal rates going, how high investment they overrule at the 0:04:40.760 --> 0:04:44.080 Federals of think rates will hit five point one percent overall. 0:04:44.480 --> 0:04:46.920 What are the implications of that from your perspective on 0:04:46.960 --> 0:04:49.159 the labor market, in particular, what we're already seeing cracks 0:04:49.160 --> 0:04:54.040 from the technology perspective, certainly heading into three the labor 0:04:54.080 --> 0:04:56.640 market is something to watch closely, and I'm sure the 0:04:56.720 --> 0:04:59.400 FED will be watching it very closely. It is one 0:04:59.520 --> 0:05:03.640 factor that could potentially affect the trajectory of the rate increases. 0:05:04.040 --> 0:05:09.240 Potentially have them change their their path, especially if unemployment 0:05:09.279 --> 0:05:11.880 were to pick up significantly, which we really haven't seen 0:05:12.000 --> 0:05:14.240 so far. Now. One question is how much of that 0:05:14.440 --> 0:05:16.600 has to do with the fact that labor force participation 0:05:16.680 --> 0:05:19.240 has remained pretty low, And that's kind of an open 0:05:19.360 --> 0:05:23.080 question where where should labor force partition participation be after 0:05:23.160 --> 0:05:26.840 the pandemic. But if we continue to see unemployment stay 0:05:26.880 --> 0:05:29.479 so low, then that that gives them a little more 0:05:29.560 --> 0:05:32.680 leeway to continue with the rate increases. Some of the 0:05:32.880 --> 0:05:37.160 nerve business in the market today, and I think in 0:05:37.279 --> 0:05:39.800 many ways we were tuned to the market being, oh, well, 0:05:39.880 --> 0:05:42.160 bad news is good news. The Federal Reserve will have 0:05:42.240 --> 0:05:44.359 to pump on the brakes. We therefore buy stocks today. 0:05:44.839 --> 0:05:47.280 There was just bad news ultimately in the economy when 0:05:47.320 --> 0:05:49.240 it came to retail sales. I know you look a 0:05:49.320 --> 0:05:51.559 lot at the consumer, Kayla, just talk to us about 0:05:51.680 --> 0:05:53.800 how resilient they are when many are looking at e 0:05:53.920 --> 0:05:57.760 commerce in particular or on the show. That's another thing 0:05:57.880 --> 0:06:00.080 to really keep an eye on. And each month I 0:06:00.200 --> 0:06:03.560 really look at three sort of indicators for consumers spending. 0:06:03.920 --> 0:06:06.440 Um we have at morning Consoled our own spending data 0:06:06.520 --> 0:06:08.040 that we get to look at the first week of 0:06:08.080 --> 0:06:10.160 the month, then middle of the month today we get 0:06:10.240 --> 0:06:13.320 retail sales, which is much more goods focused, uh. And 0:06:13.400 --> 0:06:14.720 then at the end of the month, of course, we 0:06:14.760 --> 0:06:18.400 have personal consumption expenditures, which is really the broadest measure UM. 0:06:18.480 --> 0:06:20.320 But two out of the three this month so far 0:06:20.520 --> 0:06:24.680 have shown a pretty strong negative signal for November um 0:06:25.960 --> 0:06:29.159 actual decreases in spending in both real and nominal terms, 0:06:30.080 --> 0:06:32.520 which is a bit of a reversal from what we've 0:06:32.560 --> 0:06:36.120 seen in October certainly, and really in two overall, which 0:06:36.200 --> 0:06:38.880 was that consumer spending has been holding up pretty well. 0:06:39.320 --> 0:06:41.600 It's a huge part of growth overall, so to the 0:06:41.680 --> 0:06:44.360 extent that it does so in three, that's also an 0:06:44.360 --> 0:06:47.000 important thing to keep an eye on. But as consumers 0:06:47.040 --> 0:06:50.040 work their way through some of the savings they'd accumulated 0:06:50.120 --> 0:06:52.960 during the pandemic, it's it's unclear how long that that 0:06:53.160 --> 0:06:56.360 boost is gonna last. Kata. It really does feel a 0:06:56.480 --> 0:06:59.280 really extraordinary time to be trying to read the tea 0:06:59.360 --> 0:07:02.200 leaves of this U S economy, this global economy. On 0:07:02.360 --> 0:07:04.640 so many ways. We feel the resilience. We see the 0:07:04.720 --> 0:07:07.440 jobs data just showing there is still tightness there, but 0:07:07.560 --> 0:07:10.160 everywhere else we look, it feels like softening. Can you 0:07:10.400 --> 0:07:12.080 kind of give us a grade on the health of 0:07:12.120 --> 0:07:14.480 the U. S economy right now? Where is your where's 0:07:14.480 --> 0:07:18.920 your head up? That's a great question. I'd probably give 0:07:18.960 --> 0:07:22.000 it a bee. I think I think we're seeing a 0:07:22.120 --> 0:07:24.520 lot of mixed signals. But I mean, it's it's hard 0:07:24.560 --> 0:07:26.280 to give it a grade because there just is so 0:07:26.400 --> 0:07:30.400 much uncertainty. Um, there's a lot of moving parts, as 0:07:30.480 --> 0:07:32.960 there always are, but there's certainly some things that I 0:07:33.080 --> 0:07:35.520 look at as kind of like an hour glass running out, 0:07:35.760 --> 0:07:38.920 And the question is is inflation, which is now heading 0:07:38.960 --> 0:07:41.840 in the right direction, is that going to kind of 0:07:42.080 --> 0:07:45.000 fix itself before we run out of time with savings, 0:07:45.120 --> 0:07:47.200 before we run out of time with this strong, healthy 0:07:47.280 --> 0:07:51.440 labor market. So there's these competing forces and it's it's 0:07:51.520 --> 0:07:53.680 unclear really who's going to win out in the in 0:07:53.720 --> 0:07:55.640 the next year. Well, I love how you gave us 0:07:55.680 --> 0:07:57.360 some of the key data that you keep an eye on. 0:07:57.520 --> 0:07:59.920 So thank you for that, Caleb and Moe and come 0:08:00.000 --> 0:08:11.840 Selt economic analysts there for your macro perspective. So the U. S. 0:08:11.920 --> 0:08:15.360 Senate voted to band TikTok from all government issue phones 0:08:15.400 --> 0:08:18.240 and other devices. This is of course, the Biden administration 0:08:18.360 --> 0:08:21.840 is still considering restrictions on the Chinese own platform. Joining 0:08:21.960 --> 0:08:25.000 us with the inside tracks Bloomberg, Alex Berrinka, and just 0:08:25.120 --> 0:08:27.280 talk us through the impact of the Senate vote. It's 0:08:27.280 --> 0:08:30.440 happened once before in a previous time. Just talk to 0:08:30.520 --> 0:08:33.920 us about whether this really matters. Yeah, it matters to 0:08:33.960 --> 0:08:36.880 the extent that this is kind of continued pressure on 0:08:37.000 --> 0:08:40.040 this national security review. Of course, this bill would have 0:08:40.120 --> 0:08:41.599 to pass in the House and be signed by the 0:08:41.640 --> 0:08:44.840 President to come into action. But Caroline, I think there's 0:08:44.840 --> 0:08:47.439 another point of context this week, um that just like 0:08:47.679 --> 0:08:52.480 underpins the momentum against TikTok in Congress right now, that 0:08:52.679 --> 0:08:56.040 bill passed. At the same time, Marco Rubio and some 0:08:56.240 --> 0:08:59.679 colleagues in the House representatives also introduced a bill that 0:09:00.040 --> 0:09:04.079 advance TikTok outright. So Congress seems to be getting a 0:09:04.200 --> 0:09:06.760 little bit impatient, or at least these very vocal members 0:09:06.800 --> 0:09:09.080 who have been anti TikTok are getting a little bit 0:09:09.120 --> 0:09:13.160 impatient with this national security review that's going on under 0:09:13.240 --> 0:09:17.040 the Biden administration. Um with TikTok to try to kind 0:09:17.120 --> 0:09:20.040 of come to an agreement of how to get TikTok 0:09:20.200 --> 0:09:22.000 to work in the United States in a way that 0:09:22.120 --> 0:09:25.000 makes folks who care about national security, who are worried 0:09:25.000 --> 0:09:28.800 about the Chinese government's influence on TikTok's parent company, Byte Dance, 0:09:29.120 --> 0:09:31.079 how to make sure that it's operating here in a 0:09:31.160 --> 0:09:34.199 way that's really safe for US users and their data. 0:09:34.320 --> 0:09:37.520 So this vocal group that we've heard throughout the past 0:09:37.559 --> 0:09:41.360 few months at markar Rubio, Josh Holly Um in Congress 0:09:41.440 --> 0:09:44.319 being really loud, are now really ticking action, Caroline, And 0:09:44.360 --> 0:09:45.760 that's where I think there's a little bit of an 0:09:45.800 --> 0:09:49.199 inflection point here, Um for some of this momentum against TikTok. 0:09:49.600 --> 0:09:52.079 Just talk us through that. And it's interesting because we 0:09:52.120 --> 0:09:54.520 went to our own audience. I know that you'll often, 0:09:54.840 --> 0:09:57.199 I'm very pleased to say, joining some of our Twitter spaces, 0:09:57.280 --> 0:09:59.520 the conversation you're very active on Twitter and week on 0:09:59.600 --> 0:10:02.319 to our own audience on Twitter, asking them via the 0:10:02.360 --> 0:10:05.880 Bloomberg Technology Handle whether they think this might soon impact 0:10:05.960 --> 0:10:08.160 their own phone, their own use of TikTok can actually 0:10:09.440 --> 0:10:12.440 did think that the ban is coming to their phone next? 0:10:13.240 --> 0:10:16.920 What all the ways in which TikTok itself is trying 0:10:17.000 --> 0:10:19.400 to navigate these waters and trying and to ensure that 0:10:19.480 --> 0:10:21.679 they're regulated, but perhaps regulate in a way that means 0:10:21.720 --> 0:10:24.920 they're still on our phone. So aside from making kind 0:10:24.960 --> 0:10:27.160 of promises that data will not get into the hands 0:10:27.200 --> 0:10:29.680 of the Chinese government, they're working on some things behind 0:10:29.720 --> 0:10:33.120 the scenes with US touch company Oracle to basically migrate 0:10:33.240 --> 0:10:36.360 all of the data from US users Onto service in 0:10:36.480 --> 0:10:39.679 the Onto servers in the US. So they say that 0:10:39.960 --> 0:10:44.559 that plus some auditing by Oracle on their content moderation policies, 0:10:45.240 --> 0:10:48.120 they expect that's enough to keep the data safe. Now 0:10:48.360 --> 0:10:51.079 that process, that review has kind of come to the standstill. 0:10:51.120 --> 0:10:53.920 Bloomberg has reported that's because of the Department of Justice 0:10:53.920 --> 0:10:56.559 saying that the current state of the agreement is not 0:10:56.760 --> 0:10:59.959 up to snuff with them. So obviously there are some folks, 0:11:00.000 --> 0:11:02.920 since some of these really important agencies involved in this review, 0:11:03.200 --> 0:11:06.520 let's say it's not enough. We also heard FBI Director 0:11:06.760 --> 0:11:10.160 Ray come out in recent weeks saying that, um, you know, 0:11:10.280 --> 0:11:13.120 it's not quite there yet. So um, that's what TikTok 0:11:13.160 --> 0:11:16.360 has promised they would do. Um, whether or not that 0:11:16.559 --> 0:11:19.240 ends up being at the end result. Again, these voices 0:11:19.360 --> 0:11:22.640 kind of pushing against this process is not a good 0:11:22.679 --> 0:11:27.320 sign for that ideal situation for TikTok. We thank you always, Alex. 0:11:27.360 --> 0:11:29.160 It was a great newsletter that you put out all 0:11:29.280 --> 0:11:31.520 things TikTok bound today, and we thank you for just 0:11:31.600 --> 0:11:34.520 walking up through some of your thinking Alex Bernka there. Meanwhile, 0:11:34.600 --> 0:11:38.200 let's talk about the administration's impact on sort of technology elsewhere, 0:11:38.240 --> 0:11:40.559 particularly when it comes to M and A because Microsoft 0:11:40.600 --> 0:11:44.120 president Brad Smith he says the company has a solution 0:11:44.200 --> 0:11:47.760 to resolve issues surrounding its potential acquisition of Activision Blizzard 0:11:48.000 --> 0:11:50.199 and still expects that the deal will go through in 0:11:51.000 --> 0:11:55.040 three He spoke with Bloomberg's Jennifer Zavasaja in Washington, d C. 0:11:56.520 --> 0:11:58.760 At the end of the day, these are decisions are 0:11:58.800 --> 0:12:04.200 made under laws, not just under people, and the laws, 0:12:04.240 --> 0:12:06.280 whether you're talking to the United States and the United 0:12:06.360 --> 0:12:09.600 Kingdom of the European Union, are very clear. It's all 0:12:09.600 --> 0:12:14.400 about whether an acquisition will promote competition. And in our view, 0:12:14.800 --> 0:12:19.679 we're competing with Sony Microsoft Xbox. If you put it 0:12:19.760 --> 0:12:22.480 head to head with Sony PlayStation, we have SEV we 0:12:22.559 --> 0:12:26.880 have we're the small entrance. They have two hundred and 0:12:26.960 --> 0:12:31.600 eighty six exclusive titles we have fifty nine. We need 0:12:32.080 --> 0:12:35.439 some more first party games in order to be a 0:12:35.600 --> 0:12:39.079 healthier and stronger competitor, and we need to do it, 0:12:39.160 --> 0:12:42.199 of course, in a way that doesn't impede competition along 0:12:42.280 --> 0:12:45.360 the way. All of these concerns have basically focused on 0:12:45.600 --> 0:12:48.720 one title, a great title to game, Call of Duty. 0:12:49.440 --> 0:12:53.920 But we've said we're prepared to commit contractually. We're prepared 0:12:54.000 --> 0:12:57.439 to commit under a consent to career and undertaking that 0:12:57.600 --> 0:13:01.280 that will be available for Sony in comparable terms to 0:13:01.480 --> 0:13:04.599 Xbox for the next decade. So I look at this 0:13:04.720 --> 0:13:07.520 and say, this will be good for competition, and we 0:13:07.720 --> 0:13:10.520 have a solution to the one problem that seems to 0:13:11.040 --> 0:13:14.920 bother people the most. And my only real complaint or 0:13:15.040 --> 0:13:17.360 concerned if you will, about where we are in Washington, 0:13:17.520 --> 0:13:20.320 d C. Is that we have the Federal Trade Commission 0:13:20.600 --> 0:13:24.680 vote to block this without giving us even a single 0:13:25.280 --> 0:13:28.520 meeting at which to sit down with the FTC staff 0:13:29.080 --> 0:13:32.480 and talk about the consent to create proposal and solution 0:13:32.760 --> 0:13:35.760 we had put on the table. I don't think that 0:13:36.240 --> 0:13:39.559 is appropriate. I don't think that's right. I don't think 0:13:39.600 --> 0:13:44.680 we should have governments rejecting potential solutions without at least 0:13:44.800 --> 0:13:48.120 first having a real conversation about them. That's not a 0:13:48.200 --> 0:13:53.040 recipe that will advance competition. So what happens next then, well, 0:13:53.160 --> 0:13:55.719 we have a process in Washington, d c. And it's 0:13:55.760 --> 0:13:59.520 called lawyers get to go argue before a judge under 0:13:59.559 --> 0:14:03.200 the law, an administrative law judge. And this still goes 0:14:03.320 --> 0:14:06.199 forward in other countries. It has a long ways to go. 0:14:06.840 --> 0:14:09.640 We'll see. Look, nobody ever has a crystal ball in 0:14:09.720 --> 0:14:13.839 which you can predict the future with a certainty. But 0:14:13.960 --> 0:14:16.920 when I look at what this acquisition will bring, I 0:14:17.000 --> 0:14:19.320 think it will bring good things to the marketplace. It 0:14:19.360 --> 0:14:21.440 will definitely be good in our view for people who 0:14:21.560 --> 0:14:26.360 develop games, consumers who play games. That's, after all, the 0:14:26.440 --> 0:14:29.760 real focus of what competition law is all about. Anticipating 0:14:29.760 --> 0:14:32.600 the deal to go through in or well, we have 0:14:33.240 --> 0:14:35.960 a period of time. We originally said when we announced 0:14:36.000 --> 0:14:39.520 this in January of this year that we were looking 0:14:39.560 --> 0:14:42.520 at it in three and that's still the way we 0:14:42.600 --> 0:14:46.520 look at it. Microsoft president Brad Smith, along with our 0:14:46.560 --> 0:14:50.800 own Jennifer coming up about two hundred companies based in 0:14:50.920 --> 0:14:53.080 China and Indein and Hong Kong. They may no longer 0:14:53.200 --> 0:14:56.560 be facing a threat of being booted off American stock exchanges. 0:14:57.040 --> 0:15:10.560 More on wine next this It's a COVID story familiar 0:15:10.680 --> 0:15:15.160 around the world, and China is not immune. As restrictions ease, 0:15:15.360 --> 0:15:19.160 cases rise and workers call in sick. Half the currency 0:15:19.240 --> 0:15:21.960 traders of one Chinese bank in Beijing called in sick 0:15:22.040 --> 0:15:25.160 on Monday. Soaring absentee is UM is slowing down the 0:15:25.200 --> 0:15:29.440 process of executing and confirming trades, aggravating the usual seasonal 0:15:29.520 --> 0:15:33.040 dipping activity scene at the end of the year. The 0:15:33.080 --> 0:15:36.080 sudden uptick and traders staying homesick is seen as one 0:15:36.160 --> 0:15:38.080 of the reasons for a drop, and on shore you 0:15:38.200 --> 0:15:41.720 aren't all. The spot volumes to levels not seen since April. 0:15:42.160 --> 0:15:45.040 There are signs of normality in China, with people returning 0:15:45.080 --> 0:15:48.680 to the streets and public transport, and signs of disruption 0:15:48.720 --> 0:15:52.280 as well, with long lines outside hospitals and people struggling 0:15:52.320 --> 0:15:55.400 to find medicine. The road out of lockdowns was never 0:15:55.520 --> 0:15:59.120 going to be smooth. Financial institutions have been largely left 0:15:59.160 --> 0:16:02.240 to themselves in terms of navigating that road, with little 0:16:02.280 --> 0:16:06.720 official guidance from authorities. Bloomberg understands suddenly Anders are retaining 0:16:06.800 --> 0:16:09.560 the split team's approach used over the past three years, 0:16:09.920 --> 0:16:13.360 but most just advising workers who feel sick to stay home, 0:16:13.960 --> 0:16:17.200 and that advice is heated. Short staffing and slowdowns are 0:16:17.240 --> 0:16:20.880 becoming part of the new COVID normal in China. Paul 0:16:20.920 --> 0:16:27.320 Allen Bloomberg, let's stay on China now because well maybe 0:16:27.400 --> 0:16:30.440 trading style a bit, but actually some stocks rallied today 0:16:30.680 --> 0:16:33.920 because the throat of being delisted off the US stock exchanges. 0:16:33.960 --> 0:16:36.400 It's kind of easy for some big names, in particular Alibaba, 0:16:36.520 --> 0:16:39.600 JD dot Com, joining s Nasma most Yushan Chen, who 0:16:39.720 --> 0:16:42.400 covers the Chinese markets covers some of these names, and 0:16:42.720 --> 0:16:44.760 the reason they rallied is because we've got an update 0:16:44.920 --> 0:16:47.080 as to whether or not or they would be delisted, 0:16:47.080 --> 0:16:49.680 and it looks as though it's a threat diminishing somewhat. Yes, 0:16:49.840 --> 0:16:51.840 for sure, So I would say this is a very 0:16:51.960 --> 0:16:55.840 important step for resolving this long standing induspriute. Ordered to 0:16:55.840 --> 0:16:58.920 industry goes from the US and China, and Master even 0:16:59.000 --> 0:17:02.360 described us to me as early Christmas gift because they 0:17:02.440 --> 0:17:06.240 saw like dealisting was like the biggest concern as they 0:17:06.320 --> 0:17:09.119 see for the Chinese ado names from Ali Baba to 0:17:09.240 --> 0:17:11.600 j D dot Com and what p C a O 0:17:11.720 --> 0:17:14.560 b S update today bas C A O B being 0:17:15.480 --> 0:17:20.240 uh ultimately what the suit of authority. It's like the 0:17:20.359 --> 0:17:24.520 auditing watchdog on the U S side. So they put 0:17:24.600 --> 0:17:27.920 out a statement abouts they now finally was able to 0:17:28.040 --> 0:17:31.879 get the full auditing access of this Chinese company. And 0:17:32.000 --> 0:17:34.800 it's the first time in the history because before Beijium 0:17:34.960 --> 0:17:38.760 was like trying to deny the access for national security concerns. 0:17:39.160 --> 0:17:42.359 So Beijing and remember Beijing and Washington reach out like 0:17:42.400 --> 0:17:46.520 a preliminary deal during the summertime, but then PCLBS and 0:17:46.600 --> 0:17:49.080 stuff to do a run of inspection check just to 0:17:49.200 --> 0:17:52.879 make sure this company delivered. Was they promised right? So 0:17:53.119 --> 0:17:56.439 this is an update after the inspection and the market 0:17:56.520 --> 0:17:58.600 has been waiting on it for a while and it's 0:17:58.640 --> 0:18:01.520 a positive outcome. So for sure that the starts like 0:18:01.600 --> 0:18:04.840 Ali Babai and j D dot com or like rallying 0:18:05.240 --> 0:18:07.720 and at one point at three point five percent, it's 0:18:07.800 --> 0:18:12.040 like Balcoli. The overall market is slamps. We see today 0:18:12.119 --> 0:18:15.400 among the tech names. Very briefly is that it though 0:18:15.680 --> 0:18:18.439 we were don't know we risk free CHRISTI presents abound 0:18:19.000 --> 0:18:22.000 no I was saying probably we are not there yet 0:18:22.240 --> 0:18:24.560 because p C A or b is going to restart 0:18:24.600 --> 0:18:27.520 the clock for three years. They will continued to keep 0:18:27.640 --> 0:18:30.520 these companies under check, right for more years to to 0:18:30.680 --> 0:18:34.400 calm and sec also want you know, hes to war auditing. 0:18:34.600 --> 0:18:37.800 Our expection works to be done. But overall it's moving 0:18:37.880 --> 0:18:42.439 towards are very I would say positive direction. Right certainly 0:18:42.560 --> 0:18:45.400 that was just not me today. Thank you always appressive 0:18:45.440 --> 0:18:56.360 these things heation chann bring that there will be companies 0:18:56.400 --> 0:18:59.800 I think continuously uh some dayots for companies that maybe 0:18:59.840 --> 0:19:04.080 have two many people dim Laying off talent is an 0:19:04.080 --> 0:19:06.879 opportunity for other companies to actually need more tech talent. 0:19:07.200 --> 0:19:09.600 Welcome back to Blombag Technology. I'm Caroline Hide in New York. 0:19:09.640 --> 0:19:12.320 And that, of course is Nicholas Enstrom, founder of Skype 0:19:12.320 --> 0:19:14.240 as you know, and also the CEO of the European 0:19:14.359 --> 0:19:18.360 venture capital firm Atomico. Talking about tech layoffs and let's 0:19:18.440 --> 0:19:21.160 keep talking about that because well, the wave of mass 0:19:21.200 --> 0:19:24.399 tech layoffs is spark perhaps and nextodus of tech talent 0:19:24.680 --> 0:19:28.479 to other sectors. Millennium management Global headed talent acquisition. That's 0:19:28.560 --> 0:19:31.680 John Telarco is here to talk about, well, how alternative 0:19:31.720 --> 0:19:34.320 asset management and particularly his Giant with fifty eight billion 0:19:34.359 --> 0:19:36.800 dollars in assets on the management So I mean perhaps 0:19:36.920 --> 0:19:39.240 a leading destination and these sorts of workers. Just talk 0:19:39.280 --> 0:19:42.800 to us, John about how many tech related roles you've 0:19:42.880 --> 0:19:44.880 hired for this here and how many more you've still 0:19:44.880 --> 0:19:47.520 got to fill. I'm happy to Caroline, thanks for having me. 0:19:47.600 --> 0:19:50.680 It's great to be here. You know, we've put two 0:19:51.480 --> 0:19:54.159 four technologists. I think the number is to work this 0:19:54.280 --> 0:19:57.879 year with a hundred openings still listed or a hundred 0:19:57.960 --> 0:20:00.880 plus on our career site. Uh. In twenty five years 0:20:00.960 --> 0:20:05.440 of me running technology talent acquisition programs, I've only seen 0:20:05.480 --> 0:20:07.240 a few of these disruptions, but I'm happy to say 0:20:07.320 --> 0:20:10.639 Millennium can be a welcome destination for those finding themselves 0:20:10.680 --> 0:20:12.639 on the job market. So talk to us about in 0:20:12.760 --> 0:20:15.600 your shop and others. And I'm sure if rivals might 0:20:15.640 --> 0:20:18.080 be doing something similar at the moment. What kind of 0:20:18.160 --> 0:20:20.239 candidates are you looking for? What type of roles are 0:20:20.280 --> 0:20:23.960 you filling? Great question? At first, it starts across all levels, 0:20:24.000 --> 0:20:26.840 whether you're beginning your career or whether you're want to 0:20:26.880 --> 0:20:30.080 be in a senior global position. We're recruiting across all 0:20:30.119 --> 0:20:32.920 of those levels. We also recruit across all of those 0:20:33.160 --> 0:20:36.600 technical competencies that I personally think are so attractive, not 0:20:36.720 --> 0:20:40.920 only software engineering and full stack engineering, but security engineering 0:20:40.960 --> 0:20:44.600 and cloud engineering, and these these roles that involve unbelievable 0:20:44.600 --> 0:20:47.400 amounts of data within this industry, that that make things 0:20:47.480 --> 0:20:51.200 really really excited, exciting and so um over sort of 0:20:51.320 --> 0:20:55.560 a fairly typical technology stack. We seek those individuals that 0:20:56.560 --> 0:20:59.719 can solve problems that have grit, that are scrappy across 0:20:59.800 --> 0:21:03.160 a wider range of opportunities. Okay, so I can see 0:21:03.359 --> 0:21:06.359 if I was a technologist coming perhaps upended by the 0:21:06.400 --> 0:21:07.800 fact that I've just been let go by one of 0:21:07.840 --> 0:21:11.320 the big technology companies, I think I can get intellectual 0:21:11.359 --> 0:21:15.520 stimulation with Millennium. What about culture because many would say, 0:21:15.920 --> 0:21:20.000 perhaps uh in an uninformed or naive way, but certainly 0:21:20.000 --> 0:21:22.159 I would go well, finance on one heart side, you know, 0:21:22.480 --> 0:21:26.480 hard working, long hours perhaps in the office, technology more 0:21:26.520 --> 0:21:29.600 softer culture. What are you having to decide and educate 0:21:29.640 --> 0:21:31.920 people about in terms of your culture. Well, I'm really 0:21:31.960 --> 0:21:33.879 happy you said that, because, in my opinion, what we 0:21:34.040 --> 0:21:37.159