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Speaker 1: I'm Caroline Hyde at Bloomberg's World headquarters in New York,

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Speaker 1: and I'med Lovelow in San Francisco. This is Bloomberg Technology.

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Speaker 1: Coming up on today's show, f t X contagion continues,

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Speaker 1: while Finance CEO c Z seeks to be the new

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Speaker 1: savior of crypto, will reflect on the fallout with one

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Speaker 1: of the early f t X investors, Class President Biden

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Speaker 1: and China's Jijing Ping have charted a path towards warmer

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Speaker 1: ties between the two nations. We can discuss the impact

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Speaker 1: on the technology sector, particularly chips and amid crypto concerns.

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Speaker 1: Tech laos and geopolitical warriors can start up still raise money. Yes,

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Speaker 1: we are going to be speaking with legendary VC investor

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Speaker 1: Vinod Kosla, plus an exclusive conversation with Maven Connects CEO

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Speaker 1: on its latest funding round. We want to think about

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Speaker 1: the long term in investment opportunities right now within well crypto.

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Speaker 1: Many people dialing back that particular trade at the moment

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Speaker 1: they might still be looking in the metaverse, but maybe

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Speaker 1: not f TX. The collapse still being felt, and indeed

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Speaker 1: in Bahamas, the Bahamian police and regulators they're saying that

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Speaker 1: they're working to investigate whether there was actually criminal misconduct

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Speaker 1: ed in the collapse of the crypto empire. This after

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Speaker 1: interviewing ft x is co founder sand Bankwun Freed on Saturday,

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Speaker 1: Bloomberg's Katanga Johnson is based in Nassau in the Bahamas

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Speaker 1: and has been following this story for us in Katanga.

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Speaker 1: I mean, give us the latest in terms of the impact,

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Speaker 1: particularly on sam bankman Freed at the moment we understand,

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Speaker 1: of course he was sat down with the police on

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Speaker 1: Saturday here in the Bahamas. Yes, authorities have began investigating

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Speaker 1: sam Bankman Freed and f t X, particularly around Friday's

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Speaker 1: withdrawals from local investors, who at the same time that

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Speaker 1: many local investors were able to withdraw their money from

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Speaker 1: the platform, global investors had been shut out. And while

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Speaker 1: the company, he said it had gotten a nod from

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Speaker 1: the regulator to allow for this, given a key a

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Speaker 1: loophole in regulations here, the regulators said it did not

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Speaker 1: in any way suggest or approve for FTX to allow

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Speaker 1: such withdrawals. This is just one of the touching points

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Speaker 1: right now on the ground as regulators, both the Bahama

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Speaker 1: Securities Commission as well as the Financial Crimes Unit of

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Speaker 1: the police look into this matter. Authorities say they're still

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Speaker 1: investigating yet, they haven't come to any sort of conclusion,

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Speaker 1: but once they do, they'll make a recommendation to the

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Speaker 1: public prosecutor, who have then actually begin a criminal misconduct

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Speaker 1: pro Well, that would be my question, Katanga. What kind

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Speaker 1: of trouble is Sam Branktan Freed in in the Bahama

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Speaker 1: is what kind of rebacussions does he and f t

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Speaker 1: X face. It's a little too soon to tell. It

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Speaker 1: will depend on whether the findings of these investigations suggests

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Speaker 1: that he did engage in criminal misconduct. Uh. Just some

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Speaker 1: of the color on the ground is that many investors

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Speaker 1: that we've spoken to and there's been reporting on this,

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Speaker 1: just feeling so ways betrayed. Some are trying to make

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Speaker 1: sense of the person they knew, who they either worked

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Speaker 1: with day to day or came to trust. As he

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Speaker 1: was busy building a community center beginning the launch of

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Speaker 1: the other FTX headquarters, were standing in front of the

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Speaker 1: more current one. They're building a new one that including

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Speaker 1: a hotel. Many people felt as if there were so

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Speaker 1: many efforts to to advance to the presence of crypto

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Speaker 1: in the Bahamas and u SPF reputation certainly ruined that potential.

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Speaker 1: Some people have told us, I'm sure a lot of

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Speaker 1: emotions where you are right now, Katanga Johnson, of course

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Speaker 1: in the Bahamas. We thank you so much for your

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Speaker 1: reporting throughout the day. Now let's get back to, of course,

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Speaker 1: the wider cryptosphere. Right now, Blue motional basket has been

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Speaker 1: all across what is not only a criminal probe for SPF,

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Speaker 1: also looking within the SEC as well. But what about

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Speaker 1: the impact on the money he's lost for others? What

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Speaker 1: are the ripple effects of contagion effects on some big

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Speaker 1: money managers here in the US and worldwide. Yeah, let's

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Speaker 1: take a look directly at the ones that are reporting

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Speaker 1: their exposures. Some of them have a large amount of

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Speaker 1: their own capital. Eight up Gallos Capital for example, has

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Speaker 1: set up to forty five million dollars worth, a significant amount,

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Speaker 1: they say. I guy also says a large majority of

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Speaker 1: their capital was tied as well to f t X.

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Speaker 1: Galaxy Digital had seventy seven million, Except for that was

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Speaker 1: only about four percent of their capital base. They will

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Speaker 1: walk away from this just fine with a bruise in

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Speaker 1: terms of what they have lost. Genesis of course, we

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Speaker 1: know has been working with d c G and they

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Speaker 1: have one hundred seventy five million tied to this, So

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Speaker 1: this is just starting to emerge. I had a conversation

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Speaker 1: late Friday with Michael Novograts of Galaxy Digital, and he

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Speaker 1: expects his former estimation of dozens of headge funds failing

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Speaker 1: will only start to exacerbate in this type of a market.

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Speaker 1: I think Carolina brings us to the next point here,

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Speaker 1: which is that c Z trunk Goings out of finance,

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Speaker 1: wants to start an industry fund here to rescue firms

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Speaker 1: that have exposure to f t X but perhaps are

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Speaker 1: good projects to be working with, ones that were honest projects.

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Speaker 1: There were a variety of responses to this. He had

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Speaker 1: a Twitter spaces asked me anything this morning. But in

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Speaker 1: terms of what investors were reacting to to this, you

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Speaker 1: have folks like Justin's son saying that a he Tron,

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Speaker 1: Poloniacs and Huobe would be very very reticent or not reticent,

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Speaker 1: veether they would like to echo the recovery fund here

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Speaker 1: and how these builders in a tough time on the

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Speaker 1: reticent side. Now is someone like a Peter Schiff who

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Speaker 1: says that let's maybe not spend money rescuing projects that

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Speaker 1: shouldn't be saved. He said, it's not a good idea

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Speaker 1: to throw good money after bad. So moral hazard has

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Speaker 1: been a looming questions since the beginning of these crypto

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Speaker 1: industry issues here and now you're really coming to see

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Speaker 1: this debate out to play on who gets saved and

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Speaker 1: how Sonia were really in a situation now where c

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Speaker 1: Z is kind of positioning himself as the industry savior, Well,

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Speaker 1: we sure have him coming out with this industry fund.

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Speaker 1: I think a question here is again who gets saved

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Speaker 1: and who participates in a fund like this? How much

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Speaker 1: money is put into a fun like this. It's interesting

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Speaker 1: when we were doing all the references add on what

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Speaker 1: this looks the most like, was whether it's an n

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Speaker 1: F global or if it's an LTCM type moment, an

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Speaker 1: idea of an industry wide bailout of sorts has come

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Speaker 1: up a lot to rescue projects that might have had

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Speaker 1: their money tied up into f t X. Otherwise, who

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Speaker 1: would do it at this point? This is not like

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Speaker 1: it's an industry that's backed by the government like other

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Speaker 1: lending industries are. I would say, what is becoming very

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Speaker 1: clear is that others will come into severe financial stress.

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Speaker 1: Take Block five, for example, which just today had mentioned

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Speaker 1: they hired a financial advisor to sort this. I mean, well,

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Speaker 1: this is the irony, right because c Z is now

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Speaker 1: trying to be the white Knight. Previously it's been some

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Speaker 1: mikemen Free have been the white Knight bailing out Celsius

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Speaker 1: voyage of Block five, as you just mentioned block Fire.

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Speaker 1: What all these companies that had depended upon ft X

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Speaker 1: sources for resilience. And an interesting thing I would point

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Speaker 1: out myself this morning is that Alan that asked me

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Speaker 1: anything spaces that CZ had health he had mentioned and

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Speaker 1: that he was not relying on venture capital money. Yet

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Speaker 1: you look at all the venture capitals that had poured

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Speaker 1: so much money into the crypto space and have lost

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Speaker 1: money on the back of it. They may indeed need

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Speaker 1: to also figure out their own ways to figure out

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Speaker 1: how to inject more liquidity into some of the companies

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Speaker 1: that they had provided funding too, because otherwise they may

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Speaker 1: have to take more losses. And so are some of

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Speaker 1: these uh saving opportunities coming out of a point of weakness.

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Speaker 1: You do hear he did say seasy and this morning

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Speaker 1: on that Twitter spaces that for some people this is

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Speaker 1: a good opportunity to buy its suppressed prices, and that

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Speaker 1: like the past, this might be an opportunity to buy

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Speaker 1: things during a point in time that we may not

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Speaker 1: remember years later. Although I can't imagine not remember everyone's

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Speaker 1: going to remember me for last two weeks. Yeah, well,

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Speaker 1: I mean with all the chaos, and I guess my

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Speaker 1: mind goes to confusion. You start thinking about regulators, right,

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Speaker 1: Shinali CFTC. How empowering is the negative headlines we've seen

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Speaker 1: to a regulator and how they act in this industry

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Speaker 1: going forward. I wouldn't get so excited about the power

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Speaker 1: of regulators to move forward so quickly. Ed if you

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Speaker 1: think about it. F t X itself f t XS,

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Speaker 1: U S s r U, s ARM had a proposal

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Speaker 1: to change some rules regarding clearinghouse intermediate intermediation in the

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Speaker 1: crypto industry with the CFTC, so clearly the f t

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Speaker 1: X was working with regulators here. Regulators might not be

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Speaker 1: so quickly to move on certain proposals here with that

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Speaker 1: type of mistrust looming in the industry and being so

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Speaker 1: close to the brink of changing rules from one of

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Speaker 1: the major players. That is the poster child now of

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Speaker 1: the crypto collapse of two. On the other hand, people

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Speaker 1: have lost money at scale here. So it's not just

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Speaker 1: a CFTC but the SEC and other regulators that might

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Speaker 1: move faster in order to protect consumer funds as they

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Speaker 1: pertain to the United States and where those funds are

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Speaker 1: kept at the end of the day, and how importantly here,

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Speaker 1: how they are classified. Because no matter what, you can

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Speaker 1: you put as many protections as you want in retrospect.

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Speaker 1: Until the industry and the CFTC and SEC can put

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Speaker 1: definitions on some of these things, which is clearly still

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Speaker 1: an issue out play here, it's hard to imagine the

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Speaker 1: regulators moving forward in any meaningful way. Al Right, Glamductionati Basset,

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Speaker 1: thank you. It's this a story that has many days

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Speaker 1: to run. I'm sure the economy does not look great

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Speaker 1: right now. Things are slowing down. You're seeing layoffs in

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Speaker 1: many many sectors of the economy. People are are slowing down. Um,

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Speaker 1: the probabilities say, if we're not in a recession right now,

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Speaker 1: we're likely to be in one very soon. So my

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Speaker 1: advice to people, whether they're small business owners or you know, is, uh,

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Speaker 1: take some risk off the table Amazon found to Jeff

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Speaker 1: Bezos there on CNN earlier talking what about the layoffs,

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Speaker 1: and of course then we learned that Amazon itself is

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Speaker 1: planning for its largest ever round of layoffs, cutting well

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Speaker 1: to potentially ten employees according to sources, we wouldn't dive

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Speaker 1: into the current pullback and tech hiring the valuations when

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Speaker 1: none other than a silicon value venture capitalists you know

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Speaker 1: well phone Cosla founder. Cosla Venture is one of the

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Speaker 1: largest global venture firms with approximately fifteen billion dollars in

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Speaker 1: assets on the management. It is times like this we

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Speaker 1: turn to you and your experience, your expertise. More layoffs

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Speaker 1: to become more more reticence to invest, even from a

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Speaker 1: VC perspective, do you think. I don't think there's rest

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Speaker 1: rediscence to invest from a VC perspective, but there will

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Speaker 1: be more layoffs to come. I think the error of

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Speaker 1: exuberance cause companies to take on a lot of fat.

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Speaker 1: Good margins, good cash flows, allow people to be sloppy

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Speaker 1: about expense control and what really matters. Everything is okay

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Speaker 1: to do because one can afford it. I think now

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Speaker 1: it's a very good time to do that reckoning and

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Speaker 1: fix things. Cut off the extra fat, get back to

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Speaker 1: the basics. I do think I do think we'll see

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Speaker 1: the best investing in the next decade. Technogal you have

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Speaker 1: been in this industry for thirty six years, and respectfully,

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Speaker 1: you've seen a few recessions, and we keep hearing that

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Speaker 1: we're destined for recession. But some of the best companies

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Speaker 1: are born out of recession. Do you agree with that?

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Speaker 1: I absolutely agree with that. You know, when when Google

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Speaker 1: and Amazon and Facebook are cutting off their most advanced

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Speaker 1: projects and their best, most radical projects, those are the

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Speaker 1: very people who do great startups, they will be leaving

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Speaker 1: and starting new companies, and that those will show up

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Speaker 1: on your radar screen five years from now, but our

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Speaker 1: radar screen very soon. The talk to us a little

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Speaker 1: bit about the area of crypto, the ripple effects at

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Speaker 1: ups had, and indeed what we're learning in terms of

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Speaker 1: the legacy of a founder. When you've invested money within people,

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Speaker 1: of course you keep on believing in that individual. How

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Speaker 1: do you know when it's the right time to pull

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Speaker 1: the plug? Well, that's why every week venture capitalists to

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Speaker 1: decide for themselves. And venture capitalists are big boys, so

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Speaker 1: we don't need to worry about venture capitalists. There's a

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Speaker 1: lot of other people, consumers that get hurt in this

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Speaker 1: that we need to worry about. I'm actually optimistic with

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Speaker 1: the SPX fiasco that the regulators will step up and

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Speaker 1: be much more aggressive. I was a little bit optimistic

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Speaker 1: when they've imposed a fine on Kim kardation. I think

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Speaker 1: way more enforcement, way more clarity on what the regulations are,

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Speaker 1: less fighting between the various agencies doing regulation. I think

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Speaker 1: this is a real opportunity to enable crypto for the

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Speaker 1: real world of business, not the crypto world alone. I

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Speaker 1: separate crypto as crypto for crypto world and crypto for

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Speaker 1: the real world building real businesses that impact what we

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Speaker 1: know as businesses today. And I think if the regulators

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Speaker 1: step up, as I hope they will, this will really

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Speaker 1: enable that. I mean much of this. The blame can

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Speaker 1: be laid on the sec and others who haven't stepped

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Speaker 1: up and provided clarity on what is possible, what's the token,

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Speaker 1: what's the security, what can you do, and what can't

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Speaker 1: you do. I think it's a real opportunity, and I

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Speaker 1: hope the crumbling off ft X provides pressure to do

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Speaker 1: this on the regulators. Then a cryptocurrency meltdown has kind

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Speaker 1: of dominated headlines. So as President Biden's meeting ping. You

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Speaker 1: told us in June that the US and China were

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Speaker 1: headed for a techno economic war. Were you right, Well,

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Speaker 1: I've always believed that, and I think this is a

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Speaker 1: twenty thirty year perspective. They're not one year perspective. I

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Speaker 1: totally believe that, and it will continue to be the case.

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Speaker 1: But we can compete in a more civilized manner with

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Speaker 1: a clearer setup rules of what is acceptable behavior in

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Speaker 1: this For example, cyber spin espionage is not acceptable. Um.

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Speaker 1: I think it will help to talk, and it will,

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Speaker 1: but we will still be in this battle, and frankly,

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Speaker 1: the world will be better off if two people are

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Speaker 1: competing with the good set of well defined rules for technology.

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Speaker 1: But if the Western world wins the technology battle, they'll

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Speaker 1: win the political and economic battle too. In another area

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Speaker 1: you're focused on is climate tech. Our latest data from

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Speaker 1: Bloomberg New Energy Finance showed the third straight quarter drop

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Speaker 1: in VC and private equity investment into climate tech. You

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Speaker 1: wrote in the op ed in The Economist that we

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Speaker 1: are too focused on twenty thirty climate goals and we

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Speaker 1: need to be more focused on the longer term twenty

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Speaker 1: fifty climate goals. How does that drive your investment decisions?

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Speaker 1: The startups that you are or are not putting money

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Speaker 1: into in that sector. So our job is to invest early,

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Speaker 1: you know, when people are requiring five or ten million

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Speaker 1: dollars to do something. The bulk of the deployment comes

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Speaker 1: in mature technologies, and that's not our business. But what

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Speaker 1: we invest in should be a prototype or proven technology

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Speaker 1: by twenty and deployed by twenty forty and hopefully fully

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Speaker 1: deployed by That's sort of the perspective we keep in mind.

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Speaker 1: Nothing we invest in gets to liquid it in less

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Speaker 1: than five to ten years, and so with that in mind,

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Speaker 1: the current perturbations up and down don't matter as much

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Speaker 1: except to keep these companies funded, which is what we

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Speaker 1: worry about by being more or less conservative, depending upon

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Speaker 1: what the markets are doing. But of course you've written

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Speaker 1: about the thing that you need to be if your

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Speaker 1: a VC is optimistic. So let's finish on an optimistic moment,

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Speaker 1: where are you thinking of allocating money? Which are the

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Speaker 1: areas that you think will be the diamonds in the

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Speaker 1: rough at this particular market where we are worried about

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Speaker 1: an economic dial back. We are worried about the amount

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Speaker 1: of money being put to work. Well, the largest investment

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Speaker 1: we've ever made was an opening, so AI is definitely

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Speaker 1: more transformative than most people imagine. We did that five

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Speaker 1: years ago, and I'd say that world has accelerated dramatically

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Speaker 1: over the last five years. So I'm very happy with that.

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Speaker 1: I think it will be a very very rich area.

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Speaker 1: It will be more disruptive to incumbents than most people realize, uh,

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Speaker 1: and that is something we do need to both take

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Speaker 1: advantage of as the disruptors and mostly on the disruptive inside,

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Speaker 1: but also in how to partner with the right incumbents

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Speaker 1: to cause lt change to happen. Climate will continue to

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Speaker 1: be a big area, and I think the application of

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Speaker 1: AI to healthcare will be very very important. I've talked

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Speaker 1: a lot about that. I'm much more confident that that

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Speaker 1: will be disrupted in the way people can't imagine today

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Speaker 1: in in the next decade or so. So lots of

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Speaker 1: areas and lots of technology enablers, whether it's AI, three

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Speaker 1: D printing, UM computational techniques in general, all leading to

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Speaker 1: very very promising areas for tech based investing. All right, then,

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Speaker 1: a Coastler, founder of Coast la Vengeres. Thank you. What

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Speaker 1: an honor is to have you on the show this Monday.

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Speaker 1: Coming up Apples working on its next major product and

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Speaker 1: mixed reality headset. We'll talk about metaverse, composition and more.

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Speaker 1: Next this is Bloomberg time for talking tech. Apples mixed

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Speaker 1: reality headset maybe a year away. But we've been asking

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Speaker 1: you in the audience which company you think wins out

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Speaker 1: in the race to the metaverse. Most people responded Apple,

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Speaker 1: even though Meta, the parent company of Facebook, already dominates

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Speaker 1: the market for virtual reality. It's an interesting one because

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Speaker 1: Meta has such a big head start. But you out

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Speaker 1: there think that it's Apple that's gonna win in the

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Speaker 1: long run, and we have some clues about what they'll do.

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Speaker 1: We think that will have a three D virtual world,

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Speaker 1: according to job postings on Apple's site and Bloomberg's reporting,

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Speaker 1: and a video service is going to be a key feature.

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Speaker 1: Keep watching. Sticking with virtual and the metaverse, Nike announcing

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Speaker 1: an online store for trading and purchase of virtual sneakers.

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Speaker 1: Bear with me on this one. This is dot swoosh,

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Speaker 1: where you can go to the platform and it's the

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Speaker 1: latest bet from a Key's management on the metaverse all

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Speaker 1: for a marketplace on digital sneakers. That's your talking tech Caroline.

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Speaker 1: Someone somewhere still caring about that metaverse, but caring about

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Speaker 1: those n f T s that are related to it

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Speaker 1: and Nike among them, Top Swoosh, I love it ed,

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Speaker 1: this is a bloom meg Technology and Ludlow there in

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Speaker 1: San Francisco. I'm Caroline Hyde in New York and before

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Speaker 1: we go out to you, we want to be discussing

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Speaker 1: how geopolitic politics front and center this week, G twenty

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Speaker 1: upon us. It appears that the US and China relationship

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Speaker 1: it's kind of warming up. Is that what you're watching? Yeah,

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Speaker 1: we're trying to read the markets because the on camera

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Speaker 1: relationship between Biden and g might be a little different

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Speaker 1: to what we're hearing from inside China and Chinese officials.

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Speaker 1: You look at the technology sector a lot of red

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Speaker 1: on the board to start the week, but it was

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Speaker 1: actually the US listed China a d r s that

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Speaker 1: did better outperform. Looking at the NAZ that Golden Dragon

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Speaker 1: China index on camera, there's a warming of relationships going

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Speaker 1: into this meeting. We were super focused on semiconductors. The

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Speaker 1: socks actually closing down one percent because a lot of

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Speaker 1: what policy action from the US has focused on is

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Speaker 1: curving technology exports chip exports to China. Now that's on camera.

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Speaker 1: Off camera, we actually got a pretty blunt state from

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Speaker 1: from the Chinese Foreign Ministry that pointed out, referring to

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Speaker 1: existing US policy, that starting a trade war or technology

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Speaker 1: war is not what China wants to be doing right now.

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Speaker 1: They're talking about it not being in the best interests

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Speaker 1: of the economy. So even though we had a very

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Speaker 1: sort of public show of affection between the two nations,

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Speaker 1: there's a lot of concern here about what the US

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Speaker 1: is doing to curb technology exports to China, and China's

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Speaker 1: tech sector has been here it's a clear global laggage.

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Speaker 1: You look at the Hang Seng Tech Index for example,

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Speaker 1: those are Hong Kong listed Chinese tech stocks. It's really

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Speaker 1: lags behind tech stocks, not just in the United States,

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Speaker 1: but in Europe as well. November has been better. We've

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Speaker 1: seen a recover very in that sector in China, big

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Speaker 1: part of that being the easing of COVID zero policy

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Speaker 1: in China. But the issue around US curbing chip technology

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Speaker 1: exports to United States still kind of top of mind

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Speaker 1: when it comes to the relationship between the two nations,

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Speaker 1: even if the macro or the economic picture is improving slightly. Yeah,

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Speaker 1: and really well put, and let's just go even more

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Speaker 1: broad with that relationship. Because President Biden Jijing paying of course,

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Speaker 1: did meet for about three hours we understand in Bali, Indonesia,

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Speaker 1: and look, they did agree on a series of good

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Speaker 1: will gestures, but there were still some areas of disagreement.

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Speaker 1: To take a listen, I've made it clear to President

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Speaker 1: Jijimping that I thought they had an obligational attempt to

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Speaker 1: make it clear to North Korea that they should not

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Speaker 1: engage and long range nuclear tests. And I made it

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Speaker 1: clear as well that if they did, they meaning North Korea,

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Speaker 1: that we would have to take certain actions that would

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Speaker 1: be more defensive on our behalf, and it would not

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Speaker 1: be directed against North Korea. I'm assuming we're not being

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Speaker 1: directed against China, but it will be to send him

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Speaker 1: a clear message to North Korea. Concerns about North Korea,

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Speaker 1: concerns about of course Russia, Ukraine, and then the ongoing

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Speaker 1: concerns about economic ties. Let's go back into the whole

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Speaker 1: chip sector. Now, a blue bags Debbie Wou, who typically

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Speaker 1: is in Taipei. She's visiting US right now. She's in

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Speaker 1: San Francisco. And Debbie go back to what seemed to

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Speaker 1: be a real effort from both the Biden camp and

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Speaker 1: Sejing Things camp to try and warm up relations to

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Speaker 1: at least start ties once again, relationships to be a

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Speaker 1: little bit better and progressive. Is that going to help

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Speaker 1: the chip sector a little? Perhaps so? Prot Biden said

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Speaker 1: today that he didn't see the need for a year

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Speaker 1: new court war after a meeting with Chinese Theaterial City

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Speaker 1: Team ping. But what we have seen over past a

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Speaker 1: few months, it's also a little bit worrying because US

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Speaker 1: US veiled sweeping restrictions in early Act all bird to

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Speaker 1: restrict China's access to UH chip technologies, and Washington also

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Speaker 1: wants allies including the Netherlands and Japan to come on

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Speaker 1: board to help suppress China's development of a domestic chip

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Speaker 1: industry at home. And as to how this will well

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Speaker 1: build out, I think we need a little bit more

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Speaker 1: time to see what happens after Biden and and she's

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Speaker 1: meeting earlier today and then uh Brien Biden is also

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Speaker 1: a plane too, sent the Secretary of State UH Anthony

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Speaker 1: Lincoln to China early next year to sort of help

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Speaker 1: resume a collaboration on a series of issues including a

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Speaker 1: climate change and food security and whether are the two

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Speaker 1: countries my warm lea take from I think we all

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Speaker 1: have to await and see that. It's interesting. We talked

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Speaker 1: about the on camera relationship between President Biden Energy and

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Speaker 1: then the off camera statements from China's foreign ministry. But

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Speaker 1: the reality is that in the background, the United States

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Speaker 1: has been trying to get allies on board as as

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Speaker 1: to participate right in in technology export curbs. How do

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Speaker 1: they go about convincing their allies to participate so to

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Speaker 1: Two senior US officials are expected to visit the Netherlands

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Speaker 1: this month to speak with their Dutch counterpart about expo

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Speaker 1: control issues, although there is no deal expected out of

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Speaker 1: this new round of talks. And at the same time,

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Speaker 1: though American officials has repeatedly said in public that if

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Speaker 1: allies do not come on board with the UH to

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Speaker 1: UH sort of aligned with the US on the latest

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Speaker 1: extra control measures, that the what the US has in

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Speaker 1: its tool boxes to ban the sales of foreign chip

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Speaker 1: production equipment that contains even the smallest amounts of American

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Speaker 1: technology to China, so that's what the US can do.

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Speaker 1: So clearly there's the implicit threat from Washington that the

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Speaker 1: consulant l a UH course or forced the ELLI to

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Speaker 1: do some things. Although right now what we see is

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Speaker 1: it seems like the balminisiation still wants UH allies to

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Speaker 1: kind of like more collaborate rather than sort of single

432
00:25:13,640 --> 00:25:18,160
Speaker 1: hendly being forced by US to UH go towerlet direction

433
00:25:18,880 --> 00:25:21,560
Speaker 1: Debbie is interesting. Of course, later this week we have

434
00:25:22,080 --> 00:25:25,800
Speaker 1: in video with its numbers, its revenue coming from China,

435
00:25:25,920 --> 00:25:28,320
Speaker 1: a deep relationship there. How much have you seen the

436
00:25:28,400 --> 00:25:30,560
Speaker 1: knock on effects of the steps taken so far by

437
00:25:30,600 --> 00:25:34,679
Speaker 1: the administration, and how much Corporate America and indeed Corporate

438
00:25:34,720 --> 00:25:38,359
Speaker 1: China been speaking out against it so well in video

439
00:25:38,520 --> 00:25:41,800
Speaker 1: together with several other U S CHIP firms have said

440
00:25:41,840 --> 00:25:45,680
Speaker 1: that the latest expert control measures will cause them millions

441
00:25:45,760 --> 00:25:48,919
Speaker 1: or even billions of dollars in ourselves UH in the

442
00:25:49,040 --> 00:25:53,000
Speaker 1: Chinese market. So clearly they would hope to see a

443
00:25:53,040 --> 00:25:56,359
Speaker 1: bit more UH lostening up restrictions in the future. But

444
00:25:56,359 --> 00:25:58,920
Speaker 1: at the same time, in the media's case, they help.

445
00:25:59,320 --> 00:26:01,919
Speaker 1: What they are trying to do is to sort of

446
00:26:03,320 --> 00:26:07,160
Speaker 1: design are a new set of products that can sort

447
00:26:07,160 --> 00:26:10,760
Speaker 1: of meet the US expo export control thresholds, so that

448
00:26:10,880 --> 00:26:13,520
Speaker 1: way they can continue to do our business in China

449
00:26:14,080 --> 00:26:18,080
Speaker 1: uh and minimize impact from our The latest US rules

450
00:26:18,640 --> 00:26:21,399
Speaker 1: were definitely into those numbers come sixteenth three. Thank you

451
00:26:21,480 --> 00:26:25,040
Speaker 1: so much, de w As always. Meanwhile, back here in

452
00:26:25,080 --> 00:26:27,720
Speaker 1: the United States, let's just talk about a virtual health platform,

453
00:26:27,800 --> 00:26:30,680
Speaker 1: maven Clinic, because it's just raised ninety million dollars, bringing

454
00:26:30,680 --> 00:26:32,800
Speaker 1: it's funding now up to in excess of three million.

455
00:26:33,000 --> 00:26:35,480
Speaker 1: As it expands the care for women and family health.

456
00:26:35,640 --> 00:26:38,359
Speaker 1: It's a seriously got led by general catalysts as well

457
00:26:38,400 --> 00:26:40,480
Speaker 1: as CBS Health ventchers to name but a few of

458
00:26:40,480 --> 00:26:42,600
Speaker 1: the players. I was lucky enough to catch up with

459
00:26:42,640 --> 00:26:46,639
Speaker 1: Mayven Clinic CEO Cape Writer exclusively about her vision for

460
00:26:46,640 --> 00:26:48,879
Speaker 1: the growing company and men of course his tech layoffs

461
00:26:48,880 --> 00:26:53,080
Speaker 1: and the economic uncertainty. What we represent in terms of

462
00:26:53,560 --> 00:26:57,080
Speaker 1: an investment is not just kind of you know, reducing

463
00:26:57,080 --> 00:27:00,919
Speaker 1: health care costs um for tilly image are some of

464
00:27:00,960 --> 00:27:04,679
Speaker 1: the top costs um you know, at at companies and

465
00:27:04,680 --> 00:27:06,840
Speaker 1: and so certainly we we have that as part of

466
00:27:06,840 --> 00:27:10,240
Speaker 1: our value proposition, but really it's about investing in diversity

467
00:27:10,240 --> 00:27:12,720
Speaker 1: equity and inclusion, and I think that's still very top

468
00:27:12,720 --> 00:27:15,160
Speaker 1: of mind for for a lot of employers. And so

469
00:27:15,480 --> 00:27:18,600
Speaker 1: you know, given if they're looking at where to prioritize,

470
00:27:18,760 --> 00:27:21,040
Speaker 1: you know that we have a double bottom line value

471
00:27:21,040 --> 00:27:25,000
Speaker 1: proposition of book cost reduction as well as improving d E. I.

472
00:27:25,000 --> 00:27:27,040
Speaker 1: I mean, we're also that the labor market may be

473
00:27:27,160 --> 00:27:29,720
Speaker 1: loosening up, but we're still at a time where you know,

474
00:27:29,760 --> 00:27:32,320
Speaker 1: there's been the lowest rates of female participation in the

475
00:27:32,359 --> 00:27:35,440
Speaker 1: workforce in decades, and you know, and from an inclusion

476
00:27:35,440 --> 00:27:38,119
Speaker 1: and belonging standpoint, I think employers are still trying to

477
00:27:38,160 --> 00:27:40,640
Speaker 1: figure out how to build those strategies and so maybe

478
00:27:40,680 --> 00:27:43,159
Speaker 1: in supports across all those fronts. So interesting, So you

479
00:27:43,200 --> 00:27:45,280
Speaker 1: don't feel that there might be any wavering from a

480
00:27:45,400 --> 00:27:48,679
Speaker 1: leadership perspective in businesses to be thinking about d I

481
00:27:48,880 --> 00:27:51,359
Speaker 1: at the time that the pendulum slightnes swings. From an

482
00:27:51,400 --> 00:27:55,600
Speaker 1: economic perspective, you know, we've we've certainly seen a few

483
00:27:55,640 --> 00:27:59,280
Speaker 1: of our of our prospects this year um in our

484
00:27:59,359 --> 00:28:01,400
Speaker 1: pipeline high to say okay, we're going to pull back

485
00:28:01,400 --> 00:28:03,679
Speaker 1: a little bit, We're not going to invest. But but no,

486
00:28:03,840 --> 00:28:05,800
Speaker 1: I mean, I think that when you do have to

487
00:28:05,840 --> 00:28:10,359
Speaker 1: make tough decisions around labor force and and and you know,

488
00:28:10,440 --> 00:28:13,439
Speaker 1: driving layoff and putting out layoffs, you also want to

489
00:28:13,440 --> 00:28:16,680
Speaker 1: deliver some good news alongside of that, and uh and

490
00:28:16,880 --> 00:28:19,200
Speaker 1: and make sure that you're you're continuing to build a

491
00:28:19,240 --> 00:28:21,680
Speaker 1: really strong culture and take care of the people you had.

492
00:28:21,720 --> 00:28:24,320
Speaker 1: And so you know, maybe maybe is a is a

493
00:28:24,640 --> 00:28:27,320
Speaker 1: way to do that and enhancing benefits here for for

494
00:28:27,400 --> 00:28:30,159
Speaker 1: working families. Is it's certainly one way to do that.

495
00:28:30,200 --> 00:28:33,000
Speaker 1: I mean even internally, UM, for us, it's it's something

496
00:28:33,040 --> 00:28:35,879
Speaker 1: we think about. Yeah, talk up to us about how

497
00:28:35,920 --> 00:28:39,000
Speaker 1: you're thinking internally at the moment your own people. Are

498
00:28:39,040 --> 00:28:42,840
Speaker 1: you hiring freeze? Is a hiring freeze? Are you still hiring?

499
00:28:42,880 --> 00:28:45,000
Speaker 1: How you looking to expand the team or have to

500
00:28:45,280 --> 00:28:49,640
Speaker 1: cut it? Yeah, no, we're not. We're very fortunate UM

501
00:28:49,680 --> 00:28:52,400
Speaker 1: where we are continuing to grow not quite as aggressively

502
00:28:52,480 --> 00:28:55,320
Speaker 1: maybe as we would have grown in UM. And we

503
00:28:55,400 --> 00:28:58,080
Speaker 1: are really kind of looking at where every single dollar

504
00:28:58,160 --> 00:29:00,880
Speaker 1: is spent. I think every single business now, UM, you

505
00:29:00,920 --> 00:29:04,080
Speaker 1: know is really sharpening those pencils and ensuring that if

506
00:29:04,120 --> 00:29:06,600
Speaker 1: if they're not are already profitable, that you are on

507
00:29:06,680 --> 00:29:10,160
Speaker 1: that path And and and certainly your core products are UM.

508
00:29:10,160 --> 00:29:12,840
Speaker 1: But for us UM, you know, we we are still

509
00:29:12,880 --> 00:29:15,440
Speaker 1: in in in high growth mode and so we're able

510
00:29:15,480 --> 00:29:17,920
Speaker 1: to you know, we're expecting to grow our our head

511
00:29:18,000 --> 00:29:22,320
Speaker 1: count by twenty next year. UM. Not across UM you know,

512
00:29:22,440 --> 00:29:25,800
Speaker 1: all teams, but certainly you know our core product engineering,

513
00:29:25,800 --> 00:29:29,040
Speaker 1: clinical teams. UM. We will still be hiring quite a bit.

514
00:29:29,720 --> 00:29:32,320
Speaker 1: And that's okay when you're thinking of your people and

515
00:29:32,440 --> 00:29:36,640
Speaker 1: also recompensing them. What about an exit strategy here? You're

516
00:29:36,640 --> 00:29:39,120
Speaker 1: not worth in the billions You've just raised another funding around.

517
00:29:39,120 --> 00:29:42,320
Speaker 1: You're good in terms of money raised, But do you

518
00:29:42,360 --> 00:29:44,640
Speaker 1: look at the public markets and think, what is our

519
00:29:44,680 --> 00:29:47,360
Speaker 1: exit strategy here? Or is it not not entering the

520
00:29:47,360 --> 00:29:50,680
Speaker 1: head Well, I can tell you I'm very happy that

521
00:29:50,680 --> 00:29:54,200
Speaker 1: we're not a public company right now, UM, but I

522
00:29:55,360 --> 00:29:58,040
Speaker 1: think absolutely that is in our future when it's the

523
00:29:58,120 --> 00:30:01,080
Speaker 1: right time. I don't think it's an end event in

524
00:30:01,080 --> 00:30:03,640
Speaker 1: and of itself. But for us, you know, I do

525
00:30:03,760 --> 00:30:06,440
Speaker 1: think that we are in the very early innings of

526
00:30:06,440 --> 00:30:09,920
Speaker 1: of of innovation in healthcare, of digital health, of women's

527
00:30:09,920 --> 00:30:12,040
Speaker 1: and family health, and so you know, I think the

528
00:30:12,080 --> 00:30:16,640
Speaker 1: world needs big for profit, a political healthcare companies that

529
00:30:16,680 --> 00:30:20,440
Speaker 1: are just deeply focused on underserved populations like we are

530
00:30:20,760 --> 00:30:23,080
Speaker 1: UM and so you know we we want to stay

531
00:30:23,080 --> 00:30:27,200
Speaker 1: independent and continue to grow and probably eventually exit UM

532
00:30:27,200 --> 00:30:29,160
Speaker 1: in the in the public markets when the time's right,

533
00:30:30,520 --> 00:30:33,520
Speaker 1: mayven Clinic CEO Kate right of that coming up, we

534
00:30:33,560 --> 00:30:36,200
Speaker 1: are joined by an early investor in f t X.

535
00:30:36,720 --> 00:30:54,880
Speaker 1: See thinking now this is bad. No one can protect

536
00:30:54,960 --> 00:30:58,160
Speaker 1: a bad player, to be very frank, um, Well, if

537
00:30:58,160 --> 00:31:00,760
Speaker 1: a guy is very good at lying, and it's very

538
00:31:00,760 --> 00:31:04,320
Speaker 1: good at just pretending to be one night, well he's not.

539
00:31:04,840 --> 00:31:07,040
Speaker 1: Somebody wants Violet the law. The law is not going

540
00:31:07,040 --> 00:31:12,000
Speaker 1: to prevent that. The law can help to reduce that UM.

541
00:31:12,000 --> 00:31:14,400
Speaker 1: As the industry players, we should be more vocal about it.

542
00:31:14,560 --> 00:31:17,560
Speaker 1: We should, we should set very transgenders for the industry.

543
00:31:18,600 --> 00:31:21,360
Speaker 1: Finance CEO CZ throwing a little bit of shade there

544
00:31:21,400 --> 00:31:24,320
Speaker 1: at f t X and indeed the bad actors the

545
00:31:24,400 --> 00:31:26,400
Speaker 1: G twenty summit over in Balley. He went on to

546
00:31:26,440 --> 00:31:29,640
Speaker 1: say that clearer crypto standards are more important than ever.

547
00:31:30,040 --> 00:31:33,040
Speaker 1: Let's talk about the shade being throne, about how investors

548
00:31:33,080 --> 00:31:36,040
Speaker 1: feel sunny seeing former chief commercial officer of a bit

549
00:31:36,080 --> 00:31:39,640
Speaker 1: pay who invested in ft X when the round was

550
00:31:39,960 --> 00:31:42,000
Speaker 1: volluing the company about sixteen billion, and went on to

551
00:31:42,040 --> 00:31:44,560
Speaker 1: raise another load of money at a thirty two billion

552
00:31:44,600 --> 00:31:49,800
Speaker 1: dollars or thereabouts valuation. Overall sunny, do you feel there's

553
00:31:49,840 --> 00:31:52,160
Speaker 1: a lot of still water to go under a bridge,

554
00:31:52,200 --> 00:31:54,480
Speaker 1: a lot of learnings to be made. But do you

555
00:31:54,480 --> 00:31:56,240
Speaker 1: think he's a liar? Do you think in some way

556
00:31:56,280 --> 00:31:58,120
Speaker 1: that he was a bad actor? What do you make

557
00:31:58,160 --> 00:32:01,920
Speaker 1: of your investment? Yeah? I think he uh, he got

558
00:32:01,920 --> 00:32:04,040
Speaker 1: a little over his head. I think. You know, the

559
00:32:04,040 --> 00:32:05,840
Speaker 1: team is very young. That's the first thing you know

560
00:32:06,000 --> 00:32:08,360
Speaker 1: us when you meet people from ft X, they're all

561
00:32:08,440 --> 00:32:11,600
Speaker 1: very young, kind of inexperienced. You know, Sam had worked

562
00:32:11,640 --> 00:32:13,520
Speaker 1: a couple of years at a hedgephone and a quantrator

563
00:32:13,560 --> 00:32:14,960
Speaker 1: maybe something like that, and all of a sudden, now

564
00:32:15,000 --> 00:32:18,440
Speaker 1: he's running a sixteen billion dollar global company that was

565
00:32:18,520 --> 00:32:20,920
Speaker 1: hiring people all over the world. So it's very tough

566
00:32:20,960 --> 00:32:23,880
Speaker 1: to manage. And normally companies like that you see you know, Mackenzie,

567
00:32:23,880 --> 00:32:27,480
Speaker 1: contol X, McKenzie people working their executives at Harvard Business

568
00:32:27,480 --> 00:32:29,120
Speaker 1: School people and none of those people were there, which

569
00:32:29,160 --> 00:32:31,360
Speaker 1: is a very young team that was very well. They're

570
00:32:31,360 --> 00:32:34,080
Speaker 1: all great people and they worked seven and so I'm

571
00:32:34,120 --> 00:32:35,960
Speaker 1: not sure what they knew, what Sam was doing and

572
00:32:35,960 --> 00:32:37,840
Speaker 1: all that, but that that's how it ended up where

573
00:32:37,880 --> 00:32:42,360
Speaker 1: it is today. Unfortunately, when you sat down with Sam

574
00:32:42,400 --> 00:32:46,400
Speaker 1: and he pitched his vision to you and you decided

575
00:32:46,440 --> 00:32:50,080
Speaker 1: to invest, what was it about him that pushed you

576
00:32:50,120 --> 00:32:55,160
Speaker 1: to invest? Was it data? Empirical analysis? Was it him? Yeah?

577
00:32:55,240 --> 00:32:57,440
Speaker 1: So I have met Sam once on a call we

578
00:32:57,440 --> 00:33:00,040
Speaker 1: were doing trying to explain the crypto payments as and

579
00:33:00,040 --> 00:33:02,040
Speaker 1: while I was at bit pay, and we spent a

580
00:33:02,040 --> 00:33:03,320
Speaker 1: lot of time together on that, and I spent a

581
00:33:03,320 --> 00:33:05,040
Speaker 1: lot more time with the rest of his team actually,

582
00:33:05,080 --> 00:33:06,800
Speaker 1: And so when they were raising around, they invited me

583
00:33:06,800 --> 00:33:09,080
Speaker 1: if I wanted to invest, and the deck they sent

584
00:33:09,120 --> 00:33:11,400
Speaker 1: me it was actually pretty white for a sixteen billion

585
00:33:11,400 --> 00:33:14,120
Speaker 1: dollar around. It was only ten slides, but one of

586
00:33:14,120 --> 00:33:16,880
Speaker 1: the slides happened to say that in one will do

587
00:33:16,920 --> 00:33:19,480
Speaker 1: one point two billion of revenue, eight hundred million of

588
00:33:19,520 --> 00:33:23,120
Speaker 1: net income and only a hundred employees. That really was

589
00:33:23,160 --> 00:33:25,520
Speaker 1: the selling point actually, and what they were doing, so

590
00:33:25,600 --> 00:33:28,720
Speaker 1: that was premarkable. What was absent from that deck was

591
00:33:28,760 --> 00:33:34,000
Speaker 1: any mention of Alameda Research or FTX tokens. What do

592
00:33:34,040 --> 00:33:40,760
Speaker 1: you feel now, Sonny? So I feel a little bit.

593
00:33:41,320 --> 00:33:44,000
Speaker 1: You know. Again, I didn't invest two hundred million dollars

594
00:33:44,040 --> 00:33:47,120
Speaker 1: in ways coated and only have to answer to my wife. Um,

595
00:33:47,160 --> 00:33:49,520
Speaker 1: so it's a little different that way. I'm more much

596
00:33:49,520 --> 00:33:53,480
Speaker 1: more important. Yes, I'm more upset for the industry and

597
00:33:53,560 --> 00:33:56,680
Speaker 1: what happened. It's another black eye. Obviously there were some

598
00:33:56,720 --> 00:33:59,760
Speaker 1: red flags, but in investing, people go with momentum. Anyways,

599
00:33:59,800 --> 00:34:02,360
Speaker 1: it was more that he really preached himself as the

600
00:34:02,440 --> 00:34:05,160
Speaker 1: leader of this whole movement, working with regulators and all that.

601
00:34:05,600 --> 00:34:07,280
Speaker 1: And I went to the f t X conference which

602
00:34:07,360 --> 00:34:09,839
Speaker 1: was in Bahamas last year, which is very professionally done.

603
00:34:10,160 --> 00:34:11,400
Speaker 1: F t X is going to be an investor in

604
00:34:11,400 --> 00:34:13,239
Speaker 1: my new company I'm launching pretty soon. So I really

605
00:34:13,239 --> 00:34:15,640
Speaker 1: allowed trust and faith in them, and I love the team.

606
00:34:15,640 --> 00:34:18,799
Speaker 1: The teamwork seven, they are great people. They're hustling and

607
00:34:18,840 --> 00:34:21,400
Speaker 1: they all unfortunately probably lost everything and equity and all that.

608
00:34:21,600 --> 00:34:24,680
Speaker 1: So it is a shame what happened, but it's more

609
00:34:24,719 --> 00:34:27,040
Speaker 1: a black eye for the industry and we need to

610
00:34:27,280 --> 00:34:29,800
Speaker 1: we keep shooting ourselves in the foot again. Bitcoin didn't

611
00:34:29,840 --> 00:34:33,480
Speaker 1: fail us, right, Bitcoin, the crypto companies, crypto currencies were

612
00:34:33,480 --> 00:34:36,239
Speaker 1: all fine. It was bad actors doing bad things. Again,

613
00:34:36,280 --> 00:34:38,920
Speaker 1: which is why bitcoin was creating the first place. Sonny,

614
00:34:38,920 --> 00:34:40,759
Speaker 1: you just said, I think that ft X is an

615
00:34:40,760 --> 00:34:43,920
Speaker 1: investor in your new company. What was that experience like,

616
00:34:44,280 --> 00:34:48,320
Speaker 1: because there's been some remarkable reporting coming from Antonio Bloomberg

617
00:34:48,360 --> 00:34:52,480
Speaker 1: about how that seemed very muddied at the time of

618
00:34:52,640 --> 00:34:54,640
Speaker 1: where the money and the funds were coming from. Did

619
00:34:54,680 --> 00:34:58,080
Speaker 1: you get the money from an f t X related

620
00:34:58,680 --> 00:35:03,359
Speaker 1: in the play institution? Yeah, so we never actually called

621
00:35:03,360 --> 00:35:05,560
Speaker 1: that money at luckily so we never had to worry

622
00:35:05,600 --> 00:35:07,759
Speaker 1: about that um. But yes, that is gonna be half

623
00:35:07,760 --> 00:35:10,319
Speaker 1: to unravel. F t X slash Almeda, by the way,

624
00:35:10,400 --> 00:35:14,120
Speaker 1: is an investor in many companies throughout the crypto industry.

625
00:35:14,160 --> 00:35:16,719
Speaker 1: And how that unwindes now we're not sure. And what

626
00:35:16,760 --> 00:35:18,920
Speaker 1: does f t X do with all the tokens they

627
00:35:18,920 --> 00:35:21,160
Speaker 1: owned to like Salanta tokens own several bi down and

628
00:35:21,200 --> 00:35:23,520
Speaker 1: Salant tokens. If they have to unload all that, what

629
00:35:23,600 --> 00:35:25,520
Speaker 1: happens to the Salanta market and things like that. So

630
00:35:25,560 --> 00:35:27,560
Speaker 1: there's a lot of companies that have f t X

631
00:35:27,600 --> 00:35:30,160
Speaker 1: slash Almeda again on the captain, I think al Meda

632
00:35:30,320 --> 00:35:32,600
Speaker 1: invested in more companies than f t X UM And

633
00:35:32,640 --> 00:35:35,040
Speaker 1: what happens with all that remains to be seen. However

634
00:35:35,080 --> 00:35:38,760
Speaker 1: you recalibrates it, then have you had to reevaluate everything

635
00:35:38,800 --> 00:35:42,000
Speaker 1: that you know and think about this industry. So I've

636
00:35:42,040 --> 00:35:44,640
Speaker 1: been in crypto for eight years, so nine years probably now,

637
00:35:44,680 --> 00:35:46,680
Speaker 1: so we've seen a lot of Upton downs and again

638
00:35:46,719 --> 00:35:48,560
Speaker 1: not your keys, not your coins are becoming more of

639
00:35:48,560 --> 00:35:51,000
Speaker 1: a saying again. And the thing about f t X

640
00:35:51,120 --> 00:35:53,399
Speaker 1: was it wasn't why do we use by a lot

641
00:35:53,440 --> 00:35:56,320
Speaker 1: of people, especially in America. It was more used by

642
00:35:56,520 --> 00:35:59,279
Speaker 1: kind of hedge fund crypto funds offshore that we're doing

643
00:35:59,280 --> 00:36:01,160
Speaker 1: a lot of trading and all that, and they had

644
00:36:01,160 --> 00:36:02,759
Speaker 1: a great user experience. So they're the ones that are

645
00:36:02,760 --> 00:36:04,640
Speaker 1: going to get hit. So I don't see it affecting

646
00:36:04,719 --> 00:36:07,720
Speaker 1: many other crypto companies throughout the world like coin based, Gemni,

647
00:36:08,080 --> 00:36:11,040
Speaker 1: hit pay Crap and et cetera, all the order companies.

648
00:36:11,080 --> 00:36:13,200
Speaker 1: Never FIC just came out in the last three years.

649
00:36:13,200 --> 00:36:14,440
Speaker 1: We didn't have a chance to even work with them.

650
00:36:14,440 --> 00:36:17,759
Speaker 1: We didn't They came on so fast, and so unfortunately

651
00:36:17,760 --> 00:36:19,680
Speaker 1: the last three years, what's happened this cycle is all

652
00:36:19,680 --> 00:36:22,120
Speaker 1: about leverage and that never happened six years ago. That's

653
00:36:22,120 --> 00:36:24,160
Speaker 1: a new thing that's created in the industry now, which

654
00:36:24,160 --> 00:36:26,440
Speaker 1: again didn't need to happen, which again is us shooting

655
00:36:26,440 --> 00:36:28,120
Speaker 1: ourselves in the foot. I feel like, well, we saw

656
00:36:28,160 --> 00:36:33,719
Speaker 1: this conversation talking about how you invested in SPF. You

657
00:36:33,760 --> 00:36:37,200
Speaker 1: have also sought to raise money for your own ventures.

658
00:36:37,719 --> 00:36:41,680
Speaker 1: Do you just c vcs canceling meetings now? Yes, So

659
00:36:43,040 --> 00:36:47,000
Speaker 1: the traditional silicon vale vcs are spooped, to say the least,

660
00:36:47,239 --> 00:36:50,319
Speaker 1: crypto vcs aren't as much spoop because they see this

661
00:36:50,440 --> 00:36:54,120
Speaker 1: as Bitcoin performed. Well, it wasn't Bitcoin's fall. This was

662
00:36:54,160 --> 00:36:56,480
Speaker 1: a bad actor and this is why bitcoin was created

663
00:36:56,600 --> 00:36:58,600
Speaker 1: to help prevent these types of things and unfortunate when

664
00:36:58,600 --> 00:37:01,440
Speaker 1: we got hit by that. So they believe bitcoin will

665
00:37:01,480 --> 00:37:03,719
Speaker 1: be a hundred thousand dollars the next three years, and

666
00:37:03,719 --> 00:37:05,680
Speaker 1: so they have big funds, all right, So they're investing

667
00:37:05,760 --> 00:37:08,440
Speaker 1: still at the same pace. That's their belief and all that.

668
00:37:08,719 --> 00:37:11,480
Speaker 1: Traditional silicon by vcs are much more hesitant now to

669
00:37:11,520 --> 00:37:13,839
Speaker 1: invest in crypto companies. Actually we're seeing that and they're

670
00:37:13,840 --> 00:37:15,440
Speaker 1: investing there. Hasn't en us in anything right now, So

671
00:37:15,480 --> 00:37:19,040
Speaker 1: it's silicon value dcs anyways right now, Sonny, almost the

672
00:37:19,080 --> 00:37:25,000
Speaker 1: failure here was the centralization of decentralized crypto, and I'm

673
00:37:25,040 --> 00:37:28,840
Speaker 1: interested in therefore, when we see a cz trying to

674
00:37:28,880 --> 00:37:31,880
Speaker 1: be the new white knight, is that the way in

675
00:37:31,880 --> 00:37:36,960
Speaker 1: which the industry resurrects itself another centralized position there. Yeah,

676
00:37:36,960 --> 00:37:39,000
Speaker 1: so that that is the big question, right, And that's

677
00:37:39,040 --> 00:37:42,319
Speaker 1: the problem, right. And you know, Binance, funny enough, was

678
00:37:42,360 --> 00:37:44,520
Speaker 1: the one three or four years ago the regulators hid

679
00:37:44,600 --> 00:37:46,800
Speaker 1: the most. Actually they are the ones having all the

680
00:37:46,840 --> 00:37:49,480
Speaker 1: issues with the regulators. And coin Base was kind of

681
00:37:49,480 --> 00:37:51,440
Speaker 1: the golds there, and f t X was new on

682
00:37:51,480 --> 00:37:53,880
Speaker 1: the scene trying to become like coin Base and saying

683
00:37:53,920 --> 00:37:56,200
Speaker 1: we're not finance, we're like coin based and all that,

684
00:37:56,280 --> 00:37:58,840
Speaker 1: and so c Z, I think, you know, was always

685
00:37:58,840 --> 00:38:01,200
Speaker 1: buying in a bad with the regulators, and now he's

686
00:38:01,200 --> 00:38:03,640
Speaker 1: coming on as this white knight. But you know, he's

687
00:38:03,640 --> 00:38:05,239
Speaker 1: still got to buy and still have a lot of

688
00:38:05,280 --> 00:38:07,520
Speaker 1: issues to sort out with regulators too. So I don't

689
00:38:07,520 --> 00:38:10,960
Speaker 1: think they're the savior. The savior is higher having proper governance,

690
00:38:11,040 --> 00:38:14,520
Speaker 1: getting regular regulations involved in Unfortunately, I think regulations will

691
00:38:14,520 --> 00:38:17,200
Speaker 1: probably happen, but they'll probably overdo it, which I guess

692
00:38:17,239 --> 00:38:18,560
Speaker 1: is better than not doing it. So I think we'll

693
00:38:18,560 --> 00:38:21,800
Speaker 1: see that coming probably the next year or so. Really

694
00:38:21,840 --> 00:38:25,560
Speaker 1: great to get your personal anecdotes, your professional take, and indeed,

695
00:38:25,960 --> 00:38:27,520
Speaker 1: well thank you for coming on when you're still being

696
00:38:27,600 --> 00:38:29,719
Speaker 1: raising money for your own new venture. We thank you

697
00:38:29,800 --> 00:38:32,000
Speaker 1: so much, former chief commank you guys very much a

698
00:38:32,080 --> 00:38:43,719
Speaker 1: bit pay come back with the new company that you're with. Well,

699
00:38:43,760 --> 00:38:46,040
Speaker 1: if you haven't checked out what's trending on Twitter, if

700
00:38:46,040 --> 00:38:48,480
Speaker 1: you failed to notice all the TikTok's and the instagram

701
00:38:48,520 --> 00:38:51,040
Speaker 1: reels about it, well you should have known that it

702
00:38:51,080 --> 00:38:53,600
Speaker 1: was a record breaking weekend for the box office of

703
00:38:53,680 --> 00:38:57,880
Speaker 1: Black Panther Wakanda Forever. It's a past all expectations. A

704
00:38:58,239 --> 00:39:00,960
Speaker 1: d eighty million dollars taken in here in the United

705
00:39:01,000 --> 00:39:05,319
Speaker 1: States alone, three million dollars raked in worldwide. Now, this

706
00:39:05,440 --> 00:39:08,160
Speaker 1: makes it the best ever opening at the box office

707
00:39:08,400 --> 00:39:11,120
Speaker 1: from the month of November. Now, it's about thirteenth in

708
00:39:11,200 --> 00:39:13,719
Speaker 1: line if you're looking and opening weekends overall. And let's

709
00:39:13,840 --> 00:39:15,400
Speaker 1: stack it up to how it's helped the likes of

710
00:39:15,480 --> 00:39:17,719
Speaker 1: theater change such as AMC. Look, at one point the

711
00:39:17,760 --> 00:39:19,880
Speaker 1: shares popped as much as about nine percent or so,

712
00:39:20,160 --> 00:39:22,320
Speaker 1: they came back down. That's still AMC on the highest

713
00:39:22,320 --> 00:39:25,520
Speaker 1: side as people get excited about us returning to the

714
00:39:25,520 --> 00:39:28,240
Speaker 1: theaters getting that popcorn. Let's look at there it compares

715
00:39:28,280 --> 00:39:31,440
Speaker 1: against some of the other Marvel franchises because look, Avengers

716
00:39:31,520 --> 00:39:33,920
Speaker 1: Endgame cleaned it up. We know that born in three

717
00:39:34,000 --> 00:39:37,280
Speaker 1: hundred fifty seven million dollars. And actually it's still below

718
00:39:37,320 --> 00:39:40,880
Speaker 1: the takings for the opening weekend of Black Panther itself. Nevertheless,

719
00:39:41,120 --> 00:39:44,920
Speaker 1: a great turnout overall. And and really my key question

720
00:39:45,080 --> 00:39:48,880
Speaker 1: is have you watched it yet? I have not, but

721
00:39:49,000 --> 00:39:51,719
Speaker 1: it's on the weekend list. Carrot, you wan't say my

722
00:39:51,800 --> 00:39:54,360
Speaker 1: word for it, That does it. For this edition of

723
00:39:54,400 --> 00:39:58,439
Speaker 1: Bloomberg Technology Tuesday, we have Andrea Warney to discuss how

724
00:39:58,520 --> 00:40:02,640
Speaker 1: vcs are recalculating valuations of crypto ferns. And do not

725
00:40:02,760 --> 00:40:05,440
Speaker 1: forget check out our podcast because we are everywhere you

726
00:40:05,480 --> 00:40:07,840
Speaker 1: want to be socially. Look at the terminal you go

727
00:40:07,880 --> 00:40:10,040
Speaker 1: to Apple, Spotify, I Heart if you want to have

728
00:40:10,120 --> 00:40:13,399
Speaker 1: us in our audio version. But for now, from New York,

729
00:40:13,600 --> 00:40:16,279
Speaker 1: from San Francisco, this brave new world of a new

730
00:40:16,320 --> 00:40:18,160
Speaker 1: tech show. This is Bloomberg