Speaker 1: And Caroline Hyde of Blue Mug's World take quarters in
Speaker 1: New York, and this is blow Mug technology coming up.
Speaker 1: In the next hour, Elon marsk Kioff loads another three
Speaker 1: point six billion dollars worth of Tesla shares. How so,
Speaker 1: after he assured that he was done getting rid of
Speaker 1: Tesla stock. How this could be reflecting the pressure on
Speaker 1: the finances of Twitter. Plus, the US Senate has voted
Speaker 1: unanimously to ban TikTok from all government issued phones and devices. Again,
Speaker 1: details on the real impact for the Chinese own platform
Speaker 1: and former President Donald Trump, he's a major announcement just
Speaker 1: weeks after it's declaring a third presidential run. Instead, he's
Speaker 1: talking digital trading cards in an n f T market.
Speaker 1: Details on that one a little bit later in the hour,
Speaker 1: but first let's go even more micro. She teased us there.
Speaker 1: She told us about Tesla because of course we know
Speaker 1: the song has been under pressure, and maybe a little
Speaker 1: bit more of the evidence as to why. Because Elon
Speaker 1: masks the biggest holder Tesla's stock, has been selling yet
Speaker 1: more three point six billion dollars worth in fact of shares,
Speaker 1: bringing the total amount he's offloaded since late last year
Speaker 1: Thomas forty billion, next Billy lips and pleased to say
Speaker 1: it's here for more and it's interesting really. Of course,
Speaker 1: we were just wondering why it was under pressure, many
Speaker 1: feeling perhaps a retail investor, which is such an important
Speaker 1: buyer for Tesla, was a little bit worried about his
Speaker 1: distraction about his recent other purchases. But now it seems
Speaker 1: to be lay clear that maybe the setting pressure is
Speaker 1: coming from him himself. Exactly when you look at where
Speaker 1: the market was trading Monday and Tuesday, broadly moving higher
Speaker 1: in Tesla, the biggest drag on the SMP five hundred
Speaker 1: in the Nasdaq one hundred in those two days. Again,
Speaker 1: this is kind of a bit of sounding an alarm
Speaker 1: for investors. It's still those concerns about what is Ellen
Speaker 1: focused on, where is his head at. Obviously SpaceX has
Speaker 1: been successful, Tesla has been a roaring success, but did
Speaker 1: he bite off more than you could chew? With Twitter
Speaker 1: in particular, again with massive debtloads, how does that impact
Speaker 1: the fundamental business of Tesla again, even how large of
Speaker 1: a stake he has, and whether or not he's going
Speaker 1: to continue to sell shares. As you mentioned at the
Speaker 1: top of the hour that he did say earlier in
Speaker 1: the year that he was done selling and then three
Speaker 1: and a half billion is not done selling now, you don't.
Speaker 1: Mousque himself could be a bit of a macro economic commentator,
Speaker 1: and he's sort of made a few should we say,
Speaker 1: trails breadcrumbs for us saying, look, you should be worried
Speaker 1: about debt right now. If you're seeing the rates go
Speaker 1: up from the Fed, what about his debt? What about Twitch?
Speaker 1: Is debt? Well, that's the thing, and that's kind of
Speaker 1: to your point. Interest rates are going higher when you
Speaker 1: look at Twitter, when you look at that take out
Speaker 1: that does come with massive debt load, that does come
Speaker 1: with pretty high interest rates that are going to continue
Speaker 1: need to be paid. So that's the main question is
Speaker 1: is Elan selling these shares to buy some of that debt?
Speaker 1: Is he doing it to invest more on Twitter? Is
Speaker 1: he doing that to you know, help cover some of
Speaker 1: those interest payments. No one really knows. It's I don't
Speaker 1: think anyone really kind of understands what he loves doing
Speaker 1: other than Elon. But there are so many questions just
Speaker 1: given how tied these companies can be, given where they
Speaker 1: are right now, where they're trading, and again with this
Speaker 1: selling pressure that we've seen so far this week for
Speaker 1: Tesla stock in particular. Many call him an entrepreneur or visionary,
Speaker 1: he seems to have to be an investment banker at
Speaker 1: the moment as well, I would seem we thank you,
Speaker 1: as always, Bailey lip shots on the money when it
Speaker 1: comes to all things Tesla. Meanwhile, let's again turn to
Speaker 1: those broader tech valuations. Let's again turn to the macro
Speaker 1: that Ellen himself has been commenting on. Let's talk to
Speaker 1: Caleb Brune morning consult economic analyst, just here to give
Speaker 1: us basically you'll read, at the moment, we've had the
Speaker 1: Federal Reserve, the ECB, the Bank of England all hiking
Speaker 1: rates to the tune of half a percentage point. They're
Speaker 1: all well part from the Bank of England maybe sounding
Speaker 1: pretty hawkish about where rates have to go to tackle inflation.
Speaker 1: Give our audience, who is so aware of the macro
Speaker 1: implications on their holdings what this means in terms of
Speaker 1: overall desire to be buying stocks right now. So good evening,
Speaker 1: Thank you for having me on. Uh yeah, with the US,
Speaker 1: at least with the Fed this week, I don't think
Speaker 1: that's a rise was really with the amount that they
Speaker 1: raised rates this week. Everyone was really expecting about a
Speaker 1: half point increase. But what I think where people were
Speaker 1: paying a little more attention and we're a little surprised,
Speaker 1: was with how firm they were with their language about
Speaker 1: their intent to continue raising rates and where they expected
Speaker 1: rates to be over the next year. I think with
Speaker 1: the two consecutive months of positive inflation surprises, some were
Speaker 1: thinking that that message would be softened a little bit,
Speaker 1: but we didn't see too much sign of that this
Speaker 1: week so far. When we got the Federal res of
Speaker 1: rate high, we also got updated perspective and where they
Speaker 1: see the economy going, where they see what are called
Speaker 1: terminal rates going, how high investment they overrule at the
Speaker 1: Federals of think rates will hit five point one percent overall.
Speaker 1: What are the implications of that from your perspective on
Speaker 1: the labor market, in particular, what we're already seeing cracks
Speaker 1: from the technology perspective, certainly heading into three the labor
Speaker 1: market is something to watch closely, and I'm sure the
Speaker 1: FED will be watching it very closely. It is one
Speaker 1: factor that could potentially affect the trajectory of the rate increases.
Speaker 1: Potentially have them change their their path, especially if unemployment
Speaker 1: were to pick up significantly, which we really haven't seen
Speaker 1: so far. Now. One question is how much of that
Speaker 1: has to do with the fact that labor force participation
Speaker 1: has remained pretty low, And that's kind of an open
Speaker 1: question where where should labor force partition participation be after
Speaker 1: the pandemic. But if we continue to see unemployment stay
Speaker 1: so low, then that that gives them a little more
Speaker 1: leeway to continue with the rate increases. Some of the
Speaker 1: nerve business in the market today, and I think in
Speaker 1: many ways we were tuned to the market being, oh, well,
Speaker 1: bad news is good news. The Federal Reserve will have
Speaker 1: to pump on the brakes. We therefore buy stocks today.
Speaker 1: There was just bad news ultimately in the economy when
Speaker 1: it came to retail sales. I know you look a
Speaker 1: lot at the consumer, Kayla, just talk to us about
Speaker 1: how resilient they are when many are looking at e
Speaker 1: commerce in particular or on the show. That's another thing
Speaker 1: to really keep an eye on. And each month I
Speaker 1: really look at three sort of indicators for consumers spending.
Speaker 1: Um we have at morning Consoled our own spending data
Speaker 1: that we get to look at the first week of
Speaker 1: the month, then middle of the month today we get
Speaker 1: retail sales, which is much more goods focused, uh. And
Speaker 1: then at the end of the month, of course, we
Speaker 1: have personal consumption expenditures, which is really the broadest measure UM.
Speaker 1: But two out of the three this month so far
Speaker 1: have shown a pretty strong negative signal for November um
Speaker 1: actual decreases in spending in both real and nominal terms,
Speaker 1: which is a bit of a reversal from what we've
Speaker 1: seen in October certainly, and really in two overall, which
Speaker 1: was that consumer spending has been holding up pretty well.
Speaker 1: It's a huge part of growth overall, so to the
Speaker 1: extent that it does so in three, that's also an
Speaker 1: important thing to keep an eye on. But as consumers
Speaker 1: work their way through some of the savings they'd accumulated
Speaker 1: during the pandemic, it's it's unclear how long that that
Speaker 1: boost is gonna last. Kata. It really does feel a
Speaker 1: really extraordinary time to be trying to read the tea
Speaker 1: leaves of this U S economy, this global economy. On
Speaker 1: so many ways. We feel the resilience. We see the
Speaker 1: jobs data just showing there is still tightness there, but
Speaker 1: everywhere else we look, it feels like softening. Can you
Speaker 1: kind of give us a grade on the health of
Speaker 1: the U. S economy right now? Where is your where's
Speaker 1: your head up? That's a great question. I'd probably give
Speaker 1: it a bee. I think I think we're seeing a
Speaker 1: lot of mixed signals. But I mean, it's it's hard
Speaker 1: to give it a grade because there just is so
Speaker 1: much uncertainty. Um, there's a lot of moving parts, as
Speaker 1: there always are, but there's certainly some things that I
Speaker 1: look at as kind of like an hour glass running out,
Speaker 1: And the question is is inflation, which is now heading
Speaker 1: in the right direction, is that going to kind of
Speaker 1: fix itself before we run out of time with savings,
Speaker 1: before we run out of time with this strong, healthy
Speaker 1: labor market. So there's these competing forces and it's it's
Speaker 1: unclear really who's going to win out in the in
Speaker 1: the next year. Well, I love how you gave us
Speaker 1: some of the key data that you keep an eye on.
Speaker 1: So thank you for that, Caleb and Moe and come
Speaker 1: Selt economic analysts there for your macro perspective. So the U. S.
Speaker 1: Senate voted to band TikTok from all government issue phones
Speaker 1: and other devices. This is of course, the Biden administration
Speaker 1: is still considering restrictions on the Chinese own platform. Joining
Speaker 1: us with the inside tracks Bloomberg, Alex Berrinka, and just
Speaker 1: talk us through the impact of the Senate vote. It's
Speaker 1: happened once before in a previous time. Just talk to
Speaker 1: us about whether this really matters. Yeah, it matters to
Speaker 1: the extent that this is kind of continued pressure on
Speaker 1: this national security review. Of course, this bill would have
Speaker 1: to pass in the House and be signed by the
Speaker 1: President to come into action. But Caroline, I think there's
Speaker 1: another point of context this week, um that just like
Speaker 1: underpins the momentum against TikTok in Congress right now, that
Speaker 1: bill passed. At the same time, Marco Rubio and some
Speaker 1: colleagues in the House representatives also introduced a bill that
Speaker 1: advance TikTok outright. So Congress seems to be getting a
Speaker 1: little bit impatient, or at least these very vocal members
Speaker 1: who have been anti TikTok are getting a little bit
Speaker 1: impatient with this national security review that's going on under
Speaker 1: the Biden administration. Um with TikTok to try to kind
Speaker 1: of come to an agreement of how to get TikTok
Speaker 1: to work in the United States in a way that
Speaker 1: makes folks who care about national security, who are worried
Speaker 1: about the Chinese government's influence on TikTok's parent company, Byte Dance,
Speaker 1: how to make sure that it's operating here in a
Speaker 1: way that's really safe for US users and their data.
Speaker 1: So this vocal group that we've heard throughout the past
Speaker 1: few months at markar Rubio, Josh Holly Um in Congress
Speaker 1: being really loud, are now really ticking action, Caroline, And
Speaker 1: that's where I think there's a little bit of an
Speaker 1: inflection point here, Um for some of this momentum against TikTok.
Speaker 1: Just talk us through that. And it's interesting because we
Speaker 1: went to our own audience. I know that you'll often,
Speaker 1: I'm very pleased to say, joining some of our Twitter spaces,
Speaker 1: the conversation you're very active on Twitter and week on
Speaker 1: to our own audience on Twitter, asking them via the
Speaker 1: Bloomberg Technology Handle whether they think this might soon impact
Speaker 1: their own phone, their own use of TikTok can actually
Speaker 1: did think that the ban is coming to their phone next?
Speaker 1: What all the ways in which TikTok itself is trying
Speaker 1: to navigate these waters and trying and to ensure that
Speaker 1: they're regulated, but perhaps regulate in a way that means
Speaker 1: they're still on our phone. So aside from making kind
Speaker 1: of promises that data will not get into the hands
Speaker 1: of the Chinese government, they're working on some things behind
Speaker 1: the scenes with US touch company Oracle to basically migrate
Speaker 1: all of the data from US users Onto service in
Speaker 1: the Onto servers in the US. So they say that
Speaker 1: that plus some auditing by Oracle on their content moderation policies,
Speaker 1: they expect that's enough to keep the data safe. Now
Speaker 1: that process, that review has kind of come to the standstill.
Speaker 1: Bloomberg has reported that's because of the Department of Justice
Speaker 1: saying that the current state of the agreement is not
Speaker 1: up to snuff with them. So obviously there are some folks,
Speaker 1: since some of these really important agencies involved in this review,
Speaker 1: let's say it's not enough. We also heard FBI Director
Speaker 1: Ray come out in recent weeks saying that, um, you know,
Speaker 1: it's not quite there yet. So um, that's what TikTok
Speaker 1: has promised they would do. Um, whether or not that
Speaker 1: ends up being at the end result. Again, these voices
Speaker 1: kind of pushing against this process is not a good
Speaker 1: sign for that ideal situation for TikTok. We thank you always, Alex.
Speaker 1: It was a great newsletter that you put out all
Speaker 1: things TikTok bound today, and we thank you for just
Speaker 1: walking up through some of your thinking Alex Bernka there. Meanwhile,
Speaker 1: let's talk about the administration's impact on sort of technology elsewhere,
Speaker 1: particularly when it comes to M and A because Microsoft
Speaker 1: president Brad Smith he says the company has a solution
Speaker 1: to resolve issues surrounding its potential acquisition of Activision Blizzard
Speaker 1: and still expects that the deal will go through in
Speaker 1: three He spoke with Bloomberg's Jennifer Zavasaja in Washington, d C.
Speaker 1: At the end of the day, these are decisions are
Speaker 1: made under laws, not just under people, and the laws,
Speaker 1: whether you're talking to the United States and the United
Speaker 1: Kingdom of the European Union, are very clear. It's all
Speaker 1: about whether an acquisition will promote competition. And in our view,
Speaker 1: we're competing with Sony Microsoft Xbox. If you put it
Speaker 1: head to head with Sony PlayStation, we have SEV we
Speaker 1: have we're the small entrance. They have two hundred and
Speaker 1: eighty six exclusive titles we have fifty nine. We need
Speaker 1: some more first party games in order to be a
Speaker 1: healthier and stronger competitor, and we need to do it,
Speaker 1: of course, in a way that doesn't impede competition along
Speaker 1: the way. All of these concerns have basically focused on
Speaker 1: one title, a great title to game, Call of Duty.
Speaker 1: But we've said we're prepared to commit contractually. We're prepared
Speaker 1: to commit under a consent to career and undertaking that
Speaker 1: that will be available for Sony in comparable terms to
Speaker 1: Xbox for the next decade. So I look at this
Speaker 1: and say, this will be good for competition, and we
Speaker 1: have a solution to the one problem that seems to
Speaker 1: bother people the most. And my only real complaint or
Speaker 1: concerned if you will, about where we are in Washington,
Speaker 1: d C. Is that we have the Federal Trade Commission
Speaker 1: vote to block this without giving us even a single
Speaker 1: meeting at which to sit down with the FTC staff
Speaker 1: and talk about the consent to create proposal and solution
Speaker 1: we had put on the table. I don't think that
Speaker 1: is appropriate. I don't think that's right. I don't think
Speaker 1: we should have governments rejecting potential solutions without at least
Speaker 1: first having a real conversation about them. That's not a
Speaker 1: recipe that will advance competition. So what happens next then, well,
Speaker 1: we have a process in Washington, d c. And it's
Speaker 1: called lawyers get to go argue before a judge under
Speaker 1: the law, an administrative law judge. And this still goes
Speaker 1: forward in other countries. It has a long ways to go.
Speaker 1: We'll see. Look, nobody ever has a crystal ball in
Speaker 1: which you can predict the future with a certainty. But
Speaker 1: when I look at what this acquisition will bring, I
Speaker 1: think it will bring good things to the marketplace. It
Speaker 1: will definitely be good in our view for people who
Speaker 1: develop games, consumers who play games. That's, after all, the
Speaker 1: real focus of what competition law is all about. Anticipating
Speaker 1: the deal to go through in or well, we have
Speaker 1: a period of time. We originally said when we announced
Speaker 1: this in January of this year that we were looking
Speaker 1: at it in three and that's still the way we
Speaker 1: look at it. Microsoft president Brad Smith, along with our
Speaker 1: own Jennifer coming up about two hundred companies based in
Speaker 1: China and Indein and Hong Kong. They may no longer
Speaker 1: be facing a threat of being booted off American stock exchanges.
Speaker 1: More on wine next this It's a COVID story familiar
Speaker 1: around the world, and China is not immune. As restrictions ease,
Speaker 1: cases rise and workers call in sick. Half the currency
Speaker 1: traders of one Chinese bank in Beijing called in sick
Speaker 1: on Monday. Soaring absentee is UM is slowing down the
Speaker 1: process of executing and confirming trades, aggravating the usual seasonal
Speaker 1: dipping activity scene at the end of the year. The
Speaker 1: sudden uptick and traders staying homesick is seen as one
Speaker 1: of the reasons for a drop, and on shore you
Speaker 1: aren't all. The spot volumes to levels not seen since April.
Speaker 1: There are signs of normality in China, with people returning
Speaker 1: to the streets and public transport, and signs of disruption
Speaker 1: as well, with long lines outside hospitals and people struggling
Speaker 1: to find medicine. The road out of lockdowns was never
Speaker 1: going to be smooth. Financial institutions have been largely left
Speaker 1: to themselves in terms of navigating that road, with little
Speaker 1: official guidance from authorities. Bloomberg understands suddenly Anders are retaining
Speaker 1: the split team's approach used over the past three years,
Speaker 1: but most just advising workers who feel sick to stay home,
Speaker 1: and that advice is heated. Short staffing and slowdowns are
Speaker 1: becoming part of the new COVID normal in China. Paul
Speaker 1: Allen Bloomberg, let's stay on China now because well maybe
Speaker 1: trading style a bit, but actually some stocks rallied today
Speaker 1: because the throat of being delisted off the US stock exchanges.
Speaker 1: It's kind of easy for some big names, in particular Alibaba,
Speaker 1: JD dot Com, joining s Nasma most Yushan Chen, who
Speaker 1: covers the Chinese markets covers some of these names, and
Speaker 1: the reason they rallied is because we've got an update
Speaker 1: as to whether or not or they would be delisted,
Speaker 1: and it looks as though it's a threat diminishing somewhat. Yes,
Speaker 1: for sure, So I would say this is a very
Speaker 1: important step for resolving this long standing induspriute. Ordered to
Speaker 1: industry goes from the US and China, and Master even
Speaker 1: described us to me as early Christmas gift because they
Speaker 1: saw like dealisting was like the biggest concern as they
Speaker 1: see for the Chinese ado names from Ali Baba to
Speaker 1: j D dot Com and what p C a O
Speaker 1: b S update today bas C A O B being
Speaker 1: uh ultimately what the suit of authority. It's like the
Speaker 1: auditing watchdog on the U S side. So they put
Speaker 1: out a statement abouts they now finally was able to
Speaker 1: get the full auditing access of this Chinese company. And
Speaker 1: it's the first time in the history because before Beijium
Speaker 1: was like trying to deny the access for national security concerns.
Speaker 1: So Beijing and remember Beijing and Washington reach out like
Speaker 1: a preliminary deal during the summertime, but then PCLBS and
Speaker 1: stuff to do a run of inspection check just to
Speaker 1: make sure this company delivered. Was they promised right? So
Speaker 1: this is an update after the inspection and the market
Speaker 1: has been waiting on it for a while and it's
Speaker 1: a positive outcome. So for sure that the starts like
Speaker 1: Ali Babai and j D dot com or like rallying
Speaker 1: and at one point at three point five percent, it's
Speaker 1: like Balcoli. The overall market is slamps. We see today
Speaker 1: among the tech names. Very briefly is that it though
Speaker 1: we were don't know we risk free CHRISTI presents abound
Speaker 1: no I was saying probably we are not there yet
Speaker 1: because p C A or b is going to restart
Speaker 1: the clock for three years. They will continued to keep
Speaker 1: these companies under check, right for more years to to
Speaker 1: calm and sec also want you know, hes to war auditing.
Speaker 1: Our expection works to be done. But overall it's moving
Speaker 1: towards are very I would say positive direction. Right certainly
Speaker 1: that was just not me today. Thank you always appressive
Speaker 1: these things heation chann bring that there will be companies
Speaker 1: I think continuously uh some dayots for companies that maybe
Speaker 1: have two many people dim Laying off talent is an
Speaker 1: opportunity for other companies to actually need more tech talent.
Speaker 1: Welcome back to Blombag Technology. I'm Caroline Hide in New York.
Speaker 1: And that, of course is Nicholas Enstrom, founder of Skype
Speaker 1: as you know, and also the CEO of the European
Speaker 1: venture capital firm Atomico. Talking about tech layoffs and let's
Speaker 1: keep talking about that because well, the wave of mass
Speaker 1: tech layoffs is spark perhaps and nextodus of tech talent
Speaker 1: to other sectors. Millennium management Global headed talent acquisition. That's
Speaker 1: John Telarco is here to talk about, well, how alternative
Speaker 1: asset management and particularly his Giant with fifty eight billion
Speaker 1: dollars in assets on the management So I mean perhaps
Speaker 1: a leading destination and these sorts of workers. Just talk
Speaker 1: to us, John about how many tech related roles you've
Speaker 1: hired for this here and how many more you've still
Speaker 1: got to fill. I'm happy to Caroline, thanks for having me.
Speaker 1: It's great to be here. You know, we've put two
Speaker 1: four technologists. I think the number is to work this
Speaker 1: year with a hundred openings still listed or a hundred
Speaker 1: plus on our career site. Uh. In twenty five years
Speaker 1: of me running technology talent acquisition programs, I've only seen
Speaker 1: a few of these disruptions, but I'm happy to say
Speaker 1: Millennium can be a welcome destination for those finding themselves
Speaker 1: on the job market. So talk to us about in
Speaker 1: your shop and others. And I'm sure if rivals might
Speaker 1: be doing something similar at the moment. What kind of
Speaker 1: candidates are you looking for? What type of roles are
Speaker 1: you filling? Great question? At first, it starts across all levels,
Speaker 1: whether you're beginning your career or whether you're want to
Speaker 1: be in a senior global position. We're recruiting across all
Speaker 1: of those levels. We also recruit across all of those
Speaker 1: technical competencies that I personally think are so attractive, not
Speaker 1: only software engineering and full stack engineering, but security engineering
Speaker 1: and cloud engineering, and these these roles that involve unbelievable
Speaker 1: amounts of data within this industry, that that make things
Speaker 1: really really excited, exciting and so um over sort of
Speaker 1: a fairly typical technology stack. We seek those individuals that
Speaker 1: can solve problems that have grit, that are scrappy across
Speaker 1: a wider range of opportunities. Okay, so I can see
Speaker 1: if I was a technologist coming perhaps upended by the
Speaker 1: fact that I've just been let go by one of
Speaker 1: the big technology companies, I think I can get intellectual
Speaker 1: stimulation with Millennium. What about culture because many would say,
Speaker 1: perhaps uh in an uninformed or naive way, but certainly
Speaker 1: I would go well, finance on one heart side, you know,
Speaker 1: hard working, long hours perhaps in the office, technology more
Speaker 1: softer culture. What are you having to decide and educate
Speaker 1: people about in terms of your culture. Well, I'm really
Speaker 1: happy you said that, because, in my opinion, what we
Speaker 1: offer in the aggregate is really powerful and it's really special.
Speaker 1: It's not only that technology opportunity, it's not only the
Speaker 1: connection to our businesses. It's not only the impact you
Speaker 1: can provide, it's the respect for the individual and the
Speaker 1: collaboration on site, and the fact that that respect and
Speaker 1: the way we go about working with each other is
Speaker 1: extremely positive. And I would love the chance to sort
Speaker 1: of talk to those who may think that would be otherwise. Okay,
Speaker 1: so let's just think about being in the office sort
Speaker 1: not if I'm used to a hybrid culture, indeed a
Speaker 1: completely fully remote one. How are you thinking about where
Speaker 1: the talent is that you can hire? So, first of all,
Speaker 1: from a location perspective, globally, we're building out Miami, Dublin,
Speaker 1: Tel Aviv, Bangalore, and Miami is going to be a
Speaker 1: big tech club for us. We also traditional opportunity in
Speaker 1: New York and London and Singapore. But we're also making
Speaker 1: sure that we are are very very focused on making
Speaker 1: you know, this talent. Knowing there's some flexibility in our
Speaker 1: model right we are. We're enjoying returning to the office.
Speaker 1: That collaboration is really important to us. We can be
Speaker 1: flexible as well as well as global location flexibility. When
Speaker 1: you say Miami, I immediately think of crypto and is
Speaker 1: does it matter which sector, which part of technology because basically,
Speaker 1: as SAMI technologies horizontal, it's not vertical anymore. But does
Speaker 1: it matter what type of company these people are coming from?
Speaker 1: In short notes, the technology skills aligne those cultural attributes.
Speaker 1: The sort of degree of problem solving. Of course, that's
Speaker 1: interesting to us. But whether it's tech sector, crypto or
Speaker 1: existing sector or any other talent that's interested in what
Speaker 1: we're doing, the domain is not a prerequisite. I've had
Speaker 1: lots of conversations with people in finance, particularly those who
Speaker 1: are trying to hire talent, about the need for diversity
Speaker 1: in the need for pipeline I am. I imagine technology
Speaker 1: fights that good fight too, and worried about its own
Speaker 1: pipeline and showing that they have diversity in the workplace.
Speaker 1: How are you thinking about that when you're starting to
Speaker 1: hide these technologies. It's a great question. It's extremely important
Speaker 1: to us. UM. We've seen really great activity in terms
Speaker 1: of females in the technology space and going into universities
Speaker 1: at a greater rates and coming out of those programs
Speaker 1: at greater rates. UM and and cultural and racial diversity
Speaker 1: incredibly important to us. It's all about diversity of thought,
Speaker 1: and we get that from all those different pockets, so
Speaker 1: heavy focus on all of that, whether it's through affinity networks,
Speaker 1: through paid for programs, just through making sure we're out
Speaker 1: in those right pot it's with UH, with with folks
Speaker 1: that help us as third parties to identify where those
Speaker 1: talent that talent may sit. It's really important to us
Speaker 1: and and it's going to make us better. What are
Speaker 1: the ways in which you're having to be creative in
Speaker 1: the way you hire, Because, as I said, I'm pretty
Speaker 1: sure Millennium, you're out here talking about this, but so
Speaker 1: prevent how it's some other big asset managers, alternative managers
Speaker 1: are doing something similar. How do you set yourself apart?
Speaker 1: How are you looking for alternative types of people to
Speaker 1: come to you? So at Millennium, in my opinion and
Speaker 1: specific to my organization, I think we do a really
Speaker 1: good job of casting a really wide net we need
Speaker 1: we need the best talent. So, whether it's having strategic
Speaker 1: relationships with search firms, whether it's using LinkedIn, whether it's
Speaker 1: using our vast employee network, whether it's thinking about where
Speaker 1: these pools of talent maybe that could be attractive to us,
Speaker 1: and then advertising accordingly to those pools of talent there's
Speaker 1: nothing that you could probably think of that we don't do.
Speaker 1: We we want to get the very best talent, and
Speaker 1: so there's nothing in terms of a strategy we wouldn't try. John,
Speaker 1: create us time. If you come back, give us up
Speaker 1: to speed with how it's going, John, Millennium Management Global
Speaker 1: headed talent acquisition. There. Meanwhile, we want to stick with
Speaker 1: this theme, this issue because well, actually the move of
Speaker 1: tech talent to other sectors is not the only impact
Speaker 1: these latest layofs. In fact, immigrants found themselves in perhaps
Speaker 1: a more precarious situation. H one B visas, for one,
Speaker 1: is an example. I think of that ticking clock attached
Speaker 1: to when you lose your roll, Please to say to
Speaker 1: talk us through it, maybe release some anxiety or not.
Speaker 1: As Sophie al Con it's an immigration lawyer based in
Speaker 1: Mountain View, California. You specialize in securing visas for tech
Speaker 1: workers and talk to us, Sophie, I personally anecdotal evidence.
Speaker 1: Finally got my green cards sort of euphoria. There is
Speaker 1: an element though that before that there was a worry.
Speaker 1: You know, my husband or on H one B visa,
Speaker 1: he was nervous to a certain extent. How are you
Speaker 1: seeing H one B visas and temporary talent being affected
Speaker 1: by these layoffs. Well, thank you Caroline for having me
Speaker 1: and huge congratulations to you on your green card. That's
Speaker 1: wonderful and it's such an important mile stone in the
Speaker 1: life journey of any immigrant who is trying to create
Speaker 1: something in the United States. Uh, people in tech. We
Speaker 1: just saw the numbers on the slide the layoffs in November,
Speaker 1: over fifty thousand. I'm estimating that probably twenty of the
Speaker 1: laid off tech workers are on some sort of non
Speaker 1: immigrant work visa such as H one B or L
Speaker 1: one or OH one. They haven't gotten a green card
Speaker 1: yet and they're somewhere in the process, and so what
Speaker 1: that means for them is they have this sixty day
Speaker 1: grace period and if they can't find another job and
Speaker 1: get their papers filed in time or figure out another status,
Speaker 1: they have to leave the United States. Thousands of people,
Speaker 1: probably five ten, maybe more. Nobody really has the numbers,
Speaker 1: but well it could easily be ten to fifteen thousand
Speaker 1: of the world's most brilliant people poised to cause brain
Speaker 1: for their brain drain in the United States. So how
Speaker 1: are companies being foultful about this? Some on that foultful.
Speaker 1: They just got to get rid of people. I'm sure
Speaker 1: some are out there thinking, Okay, how can I if
Speaker 1: you were working here in an immigrant visa, how can
Speaker 1: I protect you in some way? What are the ways
Speaker 1: companies are dealing with it? Well, when the layoffs started
Speaker 1: in November, like with Twitter for example, they were just
Speaker 1: across the board layoffs last day of employment. The word
Speaker 1: is cessation in the legal regulations. Uh. Some people will
Speaker 1: continue to get paychecks into January, but there are sixty
Speaker 1: day clock started ticking in November. Fortunately, uh, some employers
Speaker 1: have started waking up to this immigration reality. And even
Speaker 1: if they have to make this difficult decision based on
Speaker 1: economics to lay people off, I am starting to see
Speaker 1: more compassion in the layoff process for nonimmigrants, with employment
Speaker 1: lawyers creating different options, like, hey, instead of a severance package,
Speaker 1: how about we agree to keep you working and keep
Speaker 1: you on payroll into this date in the future, and
Speaker 1: then your sixty days will start then. But look, you
Speaker 1: can start looking for a job now and that will
Speaker 1: try to help you get through the holidays and the
Speaker 1: hiring freezes and have a better chance of finding your
Speaker 1: next role. So you can stay here in the United
Speaker 1: States with your family. So I am I am seeing
Speaker 1: compassion around the holidays, but I think it's still a
Speaker 1: big problem for thousands of people. Now, I'm not saying
Speaker 1: that social media and putting one's videos out there often
Speaker 1: stirs a lot of compassion. And interestingly, I did do
Speaker 1: previously kind of a TikTok on the impacts on H
Speaker 1: one B visa holders, and a lot of the responses
Speaker 1: were good, you know, a few more jobs for those
Speaker 1: who actually American. How are you seeing that evolving? How
Speaker 1: are we thinking about the repercussions of this set of layoffs?
Speaker 1: Would it ever mean that people companies are more reticent
Speaker 1: to go through the H one B visa process because
Speaker 1: they don't want to leave people in the sort of
Speaker 1: precarious situation of the off the night layoffs. So it's
Speaker 1: economically very complicated, and certainly the whole H one B
Speaker 1: process and visas an immigration is a lightning rod for
Speaker 1: controversy in this country. Employers are still economically incentivized to
Speaker 1: hire immigrants for a variety of economic structural reasons. Um politically,
Speaker 1: when this comes up, there's always questions about well our
Speaker 1: H one B holders taking jobs away from Americans, or
Speaker 1: are American companies abusing H one B holders. So these
Speaker 1: are all very important discussions to have at a a
Speaker 1: national level. I hope that immigration will continue. There's a
Speaker 1: story by the Washington Post just a few hours ago
Speaker 1: saying that due to the immigration slowed down over the
Speaker 1: last two years, one point seven million immigrants haven't and
Speaker 1: able to come into the country, which is part of
Speaker 1: why we also have a shortage of available workers with
Speaker 1: the skill sets that we need. But from a holistic
Speaker 1: economic level for the country, immigrants are are critical. They're brilliant.
Speaker 1: They pay full tuition to get masters and other PhDs
Speaker 1: from US colleges and universities. They have deep stem knowledge,
Speaker 1: including artific artificial intelligence, which is so critical to creating startups,
Speaker 1: paying taxes, creating jobs for Americans, and technology powers are
Speaker 1: national security and so we really have to think as
Speaker 1: a country if we want the next Apple, Google, and
Speaker 1: SpaceX to be founded in the United States or elsewhere.
Speaker 1: Because those are some of the ramifications of these policies
Speaker 1: of you know, Musk and self, an immigrant to the
Speaker 1: U s sophilcan thank you, alcohol, immigration will founder and CEO.
Speaker 1: We need making it clear which big companies have been
Speaker 1: founded by those who came in some sort of a visa. Meanwhile,
Speaker 1: coming up with the cops of f t X spooking
Speaker 1: some crypto trade is what will this mean for digital assets?
Speaker 1: Draws closer thes Blomberg. Crypto of course in the spotlight
Speaker 1: amid the f t X scandal bearious traders. They're signing that. Look,
Speaker 1: crypto losses are likely to continue into next year too.
Speaker 1: Joining us now is Michael's fine managing partner of quantitative
Speaker 1: trading firm Dexterity Capital, who can give us a really
Speaker 1: broad perspective, not only Michael. I'm sure we're getting into
Speaker 1: the nitty gritty of future regulation and all that good stuff,
Speaker 1: but talk to us about just trading at the moment
Speaker 1: opportunities in the crypto space. Our institution is just pulling back. Yeah,
Speaker 1: I think it's a really quiet time in cryptocurrency right now.
Speaker 1: And for traders like us who are high frequency and
Speaker 1: little latency, we depend on a lot of volumes, so
Speaker 1: we're not seeing that. And you know, over the course
Speaker 1: of the past eighteen months, a lot of traditional shops
Speaker 1: like the Hudson River Tradings or Citadels of the world
Speaker 1: have come into crypto, and I think they were doing
Speaker 1: great for a bit, but now they're found finding there's
Speaker 1: not that much to go around anymore, and maybe they'll
Speaker 1: be thinking twice about whether they want to stick around
Speaker 1: next year. Okay, so talk to us about what you
Speaker 1: need with trading volumes. What is necessary to build back
Speaker 1: those trading volumes. Obviously a little bit of desire to
Speaker 1: get in, a bit more of a bullish sentiment, maybe
Speaker 1: stocks to move, but is there something more within crypto
Speaker 1: itself that needs to come back to bring back the
Speaker 1: trading volumes. The number one thing we need is trust.
Speaker 1: People have to feel safe, especially retail investors and institutional
Speaker 1: traders like us, that if we're on an exchange, our
Speaker 1: our money is going to stay there and that we
Speaker 1: can continue to trade successfully. That's the most important thing.
Speaker 1: And I think adjunct to trust, we need proper regulation
Speaker 1: and that's something that guys like us have been crying
Speaker 1: out for for a long time. Unfortunately, this big disaster
Speaker 1: had to happen before you know, DC really started to
Speaker 1: take notice. Let's go first back to trust. There is
Speaker 1: still a lot of nervousness out there. Fathers, the crypto
Speaker 1: world will call it fear uncertainty, and and a lot
Speaker 1: of that still surround some of the exchanges, whether it
Speaker 1: be the lending that might have been done on Genesis,
Speaker 1: whether it's what's happening over with finance what you're hearing
Speaker 1: from these exchanges and other lending protocols, and they're like,
Speaker 1: are you building trust and you're feeling more confident around
Speaker 1: it or not. I think we're taking steps towards trust,
Speaker 1: and we're seeing exchanges in particular doing more to create
Speaker 1: transparency to say, hey, this is where our reserves are
Speaker 1: and you can go and verify on the blockchain that
Speaker 1: we actually have these assets. And that's a good first step,
Speaker 1: but we need to do more. I think we need
Speaker 1: to see full audits of exchanges, and we need them
Speaker 1: to be accountable to regulators who can get inside the
Speaker 1: building and see what's actually happening with the balance sheets
Speaker 1: and with the assets. Okay, so talk to us about regulators,
Speaker 1: because there's almost a bit of a squabble here in
Speaker 1: the US about who's going to be the key, whether
Speaker 1: it's going the SEC, where it's going to be the CFTC.
Speaker 1: But for as a bit of a European I look
Speaker 1: at what's happening in Europe and they're already getting through
Speaker 1: some of this regulation and putting it into action. What
Speaker 1: do you make of what's happening globally? Yeah, and I
Speaker 1: think Europe's been very smart that you wants to capture
Speaker 1: a lot of this cryptocurrency market because long term they
Speaker 1: see a future there. So the legislation like MICA is
Speaker 1: a big help. It lays out exactly what the definitions
Speaker 1: of particular types of cryptocurrency assets are, whether it's a
Speaker 1: utility token, a security or e money. And they're also
Speaker 1: setting out requirements for a crypto service provider is like
Speaker 1: exchanges and custodians and brokers, so that again retail can
Speaker 1: feel safe and regulators can be sure that everyone's house
Speaker 1: is in order. Okay, that's got really interesting echo for
Speaker 1: me to what happened with GDPR, what happened with data,
Speaker 1: the fact that Europe just get there faster, which is
Speaker 1: kind of extraordinary given their well they're not one country,
Speaker 1: there are a grouping of different countries of very much
Speaker 1: diverse thought. Is this going to keep on happening? Is
Speaker 1: you're going to lead the charge? And is that ultimately
Speaker 1: kind of a good thing for them setting regulation elsewhere.
Speaker 1: I think it's a good thing for them the charge
Speaker 1: if they can. I think the US is now going
Speaker 1: to want to come in and do what they can.
Speaker 1: But one thing I admire about the European process is
Speaker 1: they've worked with the industry leaders to make sense of
Speaker 1: this very complex and new technology. I think it's hard
Speaker 1: for regulators to wrap their heads around exactly how this
Speaker 1: all works and what the risks are. And I think
Speaker 1: that's why in the US, the CFTC SEC, they've been
Speaker 1: a bit slower to get around this really hard problem.
Speaker 1: So I do hope in the US still engage with
Speaker 1: industry leaders. Michael Great to have some time any of
Speaker 1: Dexterity Capital managing partner Michael Sufi. So how do you
Speaker 1: like to watch a movie? Are you in the theater?
Speaker 1: Because I have a fashion for you? Are you watching
Speaker 1: it at home? Is perhaps a debate because we're not
Speaker 1: sure how basically movies are being affected, and not all
Speaker 1: of them are the same. Of course, back in two
Speaker 1: thousand and nine, just think about Avatar. It was a
Speaker 1: hit film. It's watershed event for Imax, in particular because
Speaker 1: to this day it remains the highest grossing film in
Speaker 1: Imax history. Now, the release of the long awaited sequel
Speaker 1: Avatar The Way of Water has underlined what investors see
Speaker 1: as a strong case for shares of the movie theater chains.
Speaker 1: Because this at a time when movie going seems to
Speaker 1: kind of lost its luster, IMAX shares have fallen less
Speaker 1: than the rest of its rivals, falling only four two
Speaker 1: compared to think like the drop that we see here
Speaker 1: in cinema in the blue AMC. I don't need to
Speaker 1: tell you down by two thirds sixty six per cent.
Speaker 1: But Imax, of course, kind of benefits from an environment
Speaker 1: that split between smaller films and increasingly go director streaming
Speaker 1: on one hand, and the blockbusters, the ones you want
Speaker 1: to go and see in a theater. You want to
Speaker 1: be eating your popcorn, you want to have an immersive experience.
Speaker 1: So the release Friday of the new Avatar could prove
Speaker 1: to be the year's most foremost example of the latter. Still,
Speaker 1: according to blue Bug data, year to day US box
Speaker 1: office receipts there are third lower than levels seen back
Speaker 1: in twenty nine. Of course, that's the last pre COVID year,
Speaker 1: and very different if you think about how airlines have
Speaker 1: recovered to above levels not the same when you're going,
Speaker 1: perhaps to the movies in the cinema. Such a change,
Speaker 1: such a way in which Disney plus Netflix has up
Speaker 1: ended the way in which we consume that maybe something
Speaker 1: like an avatar, you just can't can't experience it in
Speaker 1: your home movie experience. You've got to go, you've got
Speaker 1: to get to a theater, you've gotta put on your
Speaker 1: glasses or whatever way in which you want to consume. Meanwhile,
Speaker 1: well bear the thought, and that does it for this
Speaker 1: edition of Bloomberg Technology. Don't forget to check out our podcast.
Speaker 1: You can find it on the terminal if you're lucky
Speaker 1: enough to have one, as well as online on Apple,
Speaker 1: on Spotify. An I Heart from New York and wishing
Speaker 1: add a wonderful time off in London. At the moment,
Speaker 1: we listen as a Bloomberg