‘Bloomberg Technology’ Full Show (08/30/2021)

‘Bloomberg Technology’ Full Show (08/30/2021)

from the heart of where innovation money and power collide in silicon valley and beyond this is bloomberg technology with emily chang [Music] i’m emily chang in san francisco and this is bloomberg technology coming up in the next hour beijing cracks down across the gaming industry in china limiting the time kids can play games online to just three hours a week and only on fridays weekends and holidays chinese tech stocks slide yet again we will discuss plus tim cook celebrates 10 years as apple’s ceo the iphone maker stock has soared 1 000 on his watch who could succeed him we’ll take a look at apple’s deep bench and elizabeth holmes is about to have her day in court jury selection in the criminal fraud trial surrounding her blood testing company theranos starts this week we’ll tell you what to expect in the much anticipated legal showdown in one of silicon valley’s most notorious scandals we’ll get to all of that in a moment but first let’s get a look at the markets with bloomberg’s qritty gupta and critty tech leading the charge today talk to us about what we saw absolutely emily a defensive tone in the market so you can really see it right behind me the new york fang index up a whopping 1.6 helping the s p 500 and the nasdaq closed at yet another record fifth lucky 53 the 53 record closes for the s p 500 year this year what didn’t do so well is the small cap index the russell 2000 in the red and this isn’t all that unusual let’s just take a look at a broader term chart here of the nasdaq 100 and small cast because this is a little bit of a different story that white line you can see small caps outperforming year to date and that’s really flipped in the last month or so with the nasdaq 100 leading the way today was no different so let’s just look at some of the other tech sub sectors that have done pretty well because today it was a tech friendly trade golden dragon index those chinese adrs semiconductors in the green as well but sadly the nasdaq biotech also ending in the red emily that’s the macro picture let’s go to ed ludlow with the micro yeah i’m looking at the biggest point movers on the nasdaq 100 moderna to the downside down 3 after a report from japan that that country is investigating the vaccine modernized vaccine after two deaths of individuals who had taken it obviously pressure there at the opposite end of the spectrum biggest points gain at apple up three percent no real catalyst per se in the news cycle but come with me is my bloomberg terminal look at this chart because that move takes apple’s market cap to 2.5 trillion dollars for the first time you heard me right emily 2.5 trillion dollars now being such a big contributor to the overall s p 500 index incredible come back to me in the studio the big story out of china this limiting of playing a video games three hours a week for children that’s going to be a problem in my household obviously i’m not a child but a massive gamer we saw that play out in adrs u.s list stocks of those china companies nettie’s kind of the biggest laggard down 3.4 percent have been significantly lower compared some of those declines 10 following as well and it’s not just limited to china we also saw activision blizzard down 1.6 emily all right ed we’re going to continue to talk about that one more now i want to get more on the new gaming restrictions in china as ed mentioned investors reacting quickly to these escalating restrictions on the country’s lucrative gaming industry here are some of the main takeaways from this crackdown children will be limited to playing video games to three hours most weeks gaming platforms like tencent and netties can only offer gaming to children from 8pm to 9pm on fridays weekends and public holidays and all online games should be linked to a state anti-addiction system companies can’t provide services without real name registrations these new rules are part of a broader push by beijing to move its younger generations and future workforce towards more productive pursuits they hope joining us now tom giles our senior executive editor for tech coverage for bloomberg news and tom orlick our bloomberg economics chief economist obviously massive impact here across the industry and across china’s economy tom jealous i want to start with you let’s dig into the details a little bit i mean these are very specific restrictions for only an hour a day friday through sunday talk to us about what this means they are really getting into the nitty-gritty of daily life for people in this case children um it shows the big takeaway for me um and a lot of businesses right now is less the impact on a company like 10 cent 10 cent has already said they they first of all china has already limited the number of hours that kids could be playing games right we knew that was we that happened in 2019 this is an extension of that uh cha 10 cent has said only about three percent of overall gross receipts come from this demographic so in terms of the stock impact on one specific company or some specific companies you’re not going to see a big profound one the big takeaway here is the extent to which china is willing to regulate and and weave its way into the individual lives of of its people um and that and you know any sense you had that china might be letting up tapping the brakes on this kind of what can we do to rein in the power of big tech in the country that’s not going away this shows it’s continuing and now the question is who’s next and how much more now tom orlik this is part of a broader agenda for president xi jinping but even this seems far more prescriptive than some other uh crackdowns the chinese government has made why is this happening so um i think the chinese communist party emily are reminding themselves and the global markets uh of an important and often overlooked fact they’re communists and communists in general are not friendly to capital and neither are they shy about intervening in the economy and indeed as tom giles mentioned intervening in individual choices children’s individual lives in ways at which more democratic governments would bulk um i think the key question here as tom mentioned is not what impact does the three hours of gaming restriction have on tencent and netease the question is what’s the broader agenda here how far will china’s government china’s communist party be willing to go in their interventions in the economy in their interventions in people’s lives as they attempt to move the dial away from the investors and entrepreneurs away towards what they see as the interests of households workers and families well when it comes to games in particular the chinese government has referred to video games as spiritual opium electronic drugs um you know from the us perspective you know we’re seeing this potentially even hurting us game makers and it sort of plays into what sec gary gensler has warned about china changing the rules without any warning tom from a market perspective how do we expect this to play out will this raise the eyebrows yet again of the sec it’s hard to say exactly how much jurisdiction the sec can have over this i think what this is what this is going to do and what we’ve already seen happening is a lot global investors are questioning what their stance on the chinese market uh if you’re a private investor if you’re a venture capital firm if you’re pe you know what do you think about the risks involved in investing in china and that risk profile has increased significantly over the last several months if you’re a public investor if you’re a pension fund if you’re a hedge fund you know to what extent do you want to expose yourself to the publicly traded stocks of chinese listed companies or chinese companies that might have that are listed here or that might have listed here there’s a whole questioning happening right now across the globe over how much risk you’re willing to take on now tom or like what does this mean for china’s broader growth story i mean obviously we are long past the days of double-digit gdp growth and it seems like growth perhaps is just it’s not the priority anymore so i think if we could sort of see inside the minds of china’s policy makers emily they might push back uh on on two points the first is well is this fundamentally bad for growth is it good for growth for children to spend all of their time playing video games or would it be better if they spent more time puzzling over their maths books or their history books probably more time on education is going to be good for growth in the long term the second important point is that china’s leaders are taking a big bet on the importance of being big right if a small country a relatively small country like a mexico or a vietnam made this kind of policy move investors will be heading for the door companies will be heading for the door but this is china china on a reasonable base case on a plausible base case will be the biggest contributor to global growth and the biggest source of profits for multinational corporations in the next decade china’s leaders are taking a bet that that means they can regulate in a way that other countries won’t be able to okay bloomberg’s tom orlick and tom giles something we’re going to continue to follow see how this one plays out thank you so much coming up we’re going to talk to the founder of ironnet cybersecurity general keith alexander also former director of the u.s national security agency his cyber security firm just went public via spac we’ll have the latest next this is bloomberg [Music] [Applause] the cyber security firm iron net recently merged with spac lgl systems the new company now trading on the new york stock exchange joining us now to discuss retired general keith alexander founder and co-ceo of iron and of course former head of the nsa general alexander great to have you back here on the show so why spac why now and what does this help you achieve as a cyber security firm in a world where the threat is constantly and rapidly evolving a great question so why did we go public at this time we have a unique offering in collective defense with some i think game-changing technical capabilities to detect threats with behavioral models we thought this was the right time we thought the spat processing going public would help us accelerate our growth and i think the public and private sector need this capability today so we’re pushing it forward you know my time at nsa and cyber command this was a gap that we saw and the reason we created this company was to fill that gap and that’s how the public and private sector could create if you will a radar picture to see threats and attacks on our nation it’s interesting that you mentioned that gap president biden just met with big tech ceos including apple ceo tim cook uh sundar pachai at alphabet satya nadella at microsoft andy jassy at amazon to talk about cyber security and what the private sector can do more and he talked about the lack of talent to fill some of these jobs in cyber security and seem to put the onus on the private sector to do more training what do you make of that argument and that problem well clearly we need more people and this is part of the problem you know when you think about the amount of information it’s doubling every year the number of devices the number of applications all of that’s growing and doubling every year we can’t double the number of people so we have to do a push on people and we have to make the technology grow and provide us greater capabilities i’ll give you a great case in point look at 90 mid-sized banks they each have about 10 people working in the security op center each of those 10 are working on that one bank and down the road is another bank with 10 people what if we brought all those together in a collective defense you’d now have 900 people working together so i think it’s a combination of taking that new technology and coupling it with a growing workforce that’s what we need to do i think both as a private and the public sector so how do you see the threat landscape evolving you know obviously we’ve seen really high profile attacks this year colonial pipeline jbs the meat packing plant we’re seeing cryptocurrency uh get involved in these hacks and hackers using that to disguise their identity or disguise uh their trail what is the next year in cyber attacks look like does it only get worse i i think it’s going to continue to grow and part of the reason is everything that we’re doing is connecting to this network 5g will increase it perhaps by an order of magnitude or more with the number of devices this network is going to grow significantly and with it will become all these gaps and vulnerabilities we just talked about growing as well so we need to figure this out now and train as a nation i do like the way the administration has put together the public private partnership and working together we absolutely need to do it and we need to take it a step further with our allies so when you think about this that’s the future where adversaries are going to attack us it’s easy to get there you don’t have to fly you don’t have to bring an army in you can notice in cyber and we need to be prepared for that right now it is we’re in the middle of a historic moment general alexander the united states has just announced we have officially and completely pulled out of afghanistan the last u.s service members have left we know that the taliban is much more technologically savvy than they were 20 years ago we can assume that other terrorist groups like isis k are as well from a cyber perspective putting on your national security agency hat what are the threats in cyberspace that you worry about here well first our thoughts and prayers should go out to the people of afghanistan and to the families of those older sailors airmen marines that were killed over the last week we should keep in our hearts and their minds having said that so what what is it that i’m concerned about i think we saw destructive attacks back nine years ago when iran attacked saudi aramco and then threatened our financial sector i think i am most concerned about those who have little to lose attacking our infrastructure with destructive attacks to prevent that this is where that public-private partnership really has to come together you’re going to see a china steel intellectual property i don’t think they will attack unless we get into a situation in south china sea or taiwan same thing with russia i think they’re going to be reluctant to attack they’re going to steal money ransomware and a tax on our infrastructure but those countries like iran and north korea who have little to lose and if they get pinned into a place where they want to respond as they did nine years ago they’re going to do it again that’s what we need to be ready for so it’s a combination and then you have these ransomware and hackers out there to get money they’re doing what they can to go after us that’s a lot of money our nation is losing add the intellectual property theft and the ransomware costs this is huge we’ve got to put a stop to it that’s our future that’s your children my grandchildren’s future we need to fix that so quickly does the destabilization of afghanistan change that picture that balance of power in cyberspace at all quickly i think everybody’s got to be concerned about that what happens with afghanistan going back 20 plus years when you look at where it came from what happened to our country in 911 we have to be concerned about it we have to track that it’s not just a u.s problem the world has to come together to address this problem and i am concerned about the destabilization not only in afghanistan but in the region what does that mean for us and how are we going to work together to prevent that from happening that’s a really tough problem indeed all right uh general keith alexander always good to have you here on the show iron net founder and co-ceo appreciate your insights there now as we head to break i want to take a look at zoom video shares are down more than 10 after giving a sales forecast that fell short of some analyst estimates it’s fueling concern that the company may have difficulty maintaining revenue growth as workers conduct fewer meetings remotely tuesday we’re going to be joined by zoom cfo kelly steckelberg right here on bloomberg technology to find out more about the company’s post-pandemic growth this is bloomberg [Music] [Music] i’m mark irman and on this week’s episode of power on i’ll be taking a look at who could one day succeed tim cook is apple’s ceo cook has reached the 10-year anniversary in charge and was recently granted 1 million shares that pay out through 2025 ensuring that he will remain ceo for the next five years but what about after that let’s take a look at four potential successors first jeff williams coo if cook were to step down in the next five years look no further than him he leads all of apple’s operations the apple watches development and the company’s design teams next greg joswiak head of marketing he’s been involved in product management for all products for several years knows the company inside and out and could certainly be capable of being apple’s next leader next dear draw brian she has seen it all in her three decades at apple before becoming apple’s retail and human resources chief she held several sales and operations positions lastly john turnes he runs hardware engineering for all apple devices outside of the apple watch as the youngest member of apple’s executive team if he became ceo in five years or so he could probably hold on to that role for well over a decade with cook’s departure probably at least five years away someone else could certainly emerge with one decade in the rear view mirror we’re definitely on schedule to start looking towards the future i’m mark german this is power on don’t forget you can sign up for mark’s weekly power on newsletter at bloomberg.com well casino operator wynn resort says it’ll spend more than 100 million dollars this football season marketing its new sports betting app win bet the news comes as the nfl approves win bet as one of four approved sports book operators my colleagues remain bostick and taylor riggs caught up with wynn interactive ceo craig billings for this exclusive interview we did launch a brand campaign as you mentioned uh today featuring uh ben affleck and shaquille o’neal and really the the purpose of that campaign is to convey our unique brand positioning and the connectivity to what uh are among the best land-based gaming assets in uh in north america and so we think we have a unique position in the market if you think about our land-based strategy which is all about bringing people together to have fun we wanted to convey that uh convey that in this ad because our digital strategy is is no different and so as we look at what will ultimately be a 40 billion dollar market or so we think we have a very very strong position in the market and we look forward to scaling our business over the course of this season what about some of the competition craig i mean there are a lot of other uh casino operators gaming companies uh that are very uh i guess came to this market or came to this segment of the market a lot earlier than wind did and i am curious as to how much the brand the win brand is going to be able to sort of catch up and close that gap with some of those names sure you know we’re really in the first or second inning from an industry perspective this is a market that is now run rating about five billion dollars of gross gaming revenue a year it will ultimately be a 40 plus billion dollar market so we’re very we’re in the very early innings and the state by state nature of rollout means that it’s not a kind of typical uh duopoly type of situation it’s uh it’s very straightforward to carve out a competitive position in the market particularly a market that large our brand has tremendous net promoter scores it’s it’s an iconic brand well known in the industry and so we we like our ability to compete you mentioned scaling is next what does scalability look like to you given a state-by-state basis sure we’re live in seven states now so we have a great market position we’ve pulled together a whole bunch of market access arrangements which allow us to go to market in additional states so we have the real estate and so now it’s about creating awareness through this brand campaign backing that with a whole bunch of performance-based media buying more digital media buying and attracting users uh to to our product many of whom become multi-year users and deliver tremendous lifetime value to us as the as the operator that was win interactive ceo craig billings there coming up alibaba fires a group of employees after they shared details of a colleague’s alleged rape online after the break we’re going to look at the fallout and how the metoo movement is gaining steam in china’s tech industry plus we’ll get insight into the harassment lawsuits in the u.s gaming industry against activision blizzard and riot games more on that up next this is bloomberg [Music] welcome back to bloomberg technology i’m emily chang in san francisco chinese tech giant alibaba has fired 10 of its employees for leaking accusations of sexual assault against a former manager the group was dismissed after sharing in an internal forum the harrowing account of a colleague’s alleged rape the case has rocked china’s tech establishment years after the global metoo movement bloomberg’s quick take has been looking into the issue and spoke with some very vocal critics women are much more willing to come forward they’re angry they’re telling their story they demand change in early august a employee at alibaba during one lunch break she went to the cafeteria then she held a loud speaker and told all the employees in the cafeteria that there is a rape case and then later she posted a very detailed i would say memo about what had happened then that memory uh eventually leaked on weight board then it became a nationwide discussion about sexual harassment drinking culture discrimination at the workplace since then the accused alibaba manager has been fired and arrested two senior executives at the e-commerce giant have resigned and his ceo daniel jung called the company’s handling of the incident a humiliation [Music] china enacted a new civil code in january article 1010 of which outlined for the first time what sexual harassment is and made employers responsible for the supervision of sexual harassment in the law so there are improvements but then it’s very limited there’s no details there’s nothing saying if the company is found responsible for sexual harassment in the workplace what’s the consequences so i think there are a lot of more specified regulations to make this enforceable and like if it happens in the company is there a support system in place in which they can safely report this issue she mentioned that she was called by her manager as beauty and she was presented by her boss as a gift to the client every woman had some experience of being caught those kind of terms and you see a kind of solidarity so this is absolutely not unique to alibaba this is happening to many many companies whether it’s big or small recent incidents also highlight china’s toxic drinking culture drinking culture is that clients and employers and companies they’re supposed to drink so it’s like one has to out-compete the other to show respect for example if a person in a higher position drink a glass of wine then you’re supposed to show respect by drinking more wine you’re kind of pressured peer pressured or professionally pressured to drink and it’s a situation that could easily especially for women be a bad situation the chinese communist party’s anti-corruption watchdog says it’s cracking down on a culture of heavy post-work drinking and replacing it with correct values china has been slow to absorb lessons from the global metoo movement but the movement may be gaining momentum again with high-profile cases like alibaba and chinese canadian pop star chris wu who was arrested and charged with sexual assault of a minor something that will denies to speak up in general is already a big step to file protection orders or file for a legal case against someone for sexual harassment is another step up it’s not that there’s more cases happening it’s just that people are willing to talk about it more because these things have been happening for like decades and decades women are much more willing to come forward however there are a lot of censorship online to women’s rights groups social media accounts you see from one side you know the government its own state media saying you know we should tame this drinking culture we should not have those activities events that are conducive to immoral behavior karaoke in a speech to the united nations chinese president xi jinping has pledged to promote women’s rights and interests but activists say it’s not enough on the other hand they don’t want women to have their own voice to organize together to voice what they want meantime the video gaming industry here in the united states is undergoing a metoo reckoning of its own california is taking legal action against the so-called bro culture at activision where women say they’ve been subjected to constant harassment unequal pay and retaliation the lawsuit paints a disturbing picture of life for female employees where men objectified women’s bodies and openly joked about rape in a separate filing california is accusing riot games of using secret settlements to prevent workers from speaking to regulators joining us now and hand the ceo and chair of super league gaming and ann you are of course a veteran in this industry you’ve been working on some of these issues and taking on some of these issues for a really long time what do you make of the state of california taking on activision taking on a company like riot games in such a specific way yeah i mean it’s it’s just the realities i think of having a state that really has always put the employee first and and that’s a good thing that’s one of the many benefits of living in california sometimes the taxes don’t make you feel so good but certainly fairness and employee treatment has always been top of mind so it doesn’t surprise me at all that that california has done that i think that the you know obviously as well there is a pattern there and there’s enough of a frequency that they’re trying to send a bit of a wake-up call but the reality is these behaviors cut across many industries you know i was new to the gaming industry about six years ago and of course there were some of these um impressions or images that you had heard about the industry not being as welcoming now i had a different experience i found it to be very collegial and welcoming i felt there was a lot of respect for my background and and the way i’ve proven myself in different industries but you know this is really about the fact that other industries and many companies all go through crisis and as they do there’s a lot of lessons learned when you later look back for me i look at the companies and and in one case with riot you see a company that went from being very small and young to explosive growth and when you grow that fast you need to catch up with the right kind of governance and processes and the maturing that the the company needs to do and then with activision look this has been a very successful company well established for a long time and company cultures shift and erode over time too and that’s where you’ve got to keep an eye on those weak signals now uh activision ceo bobby codex said in a statement it is imperative that we acknowledge all perspectives and experiences and respect the feelings of those who have been mistreated in any way i’m sorry that we did not provide the right empathy and understanding you know and the metoo movement happened you know here in the us years ago gamergate was years before that how much progress do you think the gaming industry has actually seen yes this happens across all industries but the gaming industry is is is really interesting in that you also have at the same time the demographics of the people playing these games you know more women more young girls playing these games um which is why it’s so important to have you know you know a diverse culture uh when you when you look at the people who are making the games for this broader audience yeah it is kind of ironic isn’t it right you’d say hey you know in the u.s 55 of gamers are male 45 female gaming is a place where everybody can can be of equal footing in that virtual environment so in some ways it’s it’s very democratizing and liberating regardless of your gender but you know equally to what we do know is gaming has some toxicity built into it and some of that comes from the anonymity a bit um i think when you look at the cultures of companies you know it’s a tough one you know super league has had a lot of growth we’re now you know 80 90 people you know very different than five years ago when there were about eight of us you know huddled in a corner of an office so you know as you get larger you have to establish more as i said those mechanisms to to identify these patterns that are happening in the culture and look when you’re sitting at the top of the house like at activision it’s pretty hard to understand and look really deep down into the org and and what the company is now becoming known for or how it feels to work there um certainly it helps a lot if you just really first set the standard at the top i know it’s so cliche but um i really do think you know the first question i’d be asking myself in their shoes is does the leadership team and the next layer down of senior leaders and directors really embody and really passionately believe in this notion of a fair playing field i do think that again um while you know gaming is democracized democratized well so is food and music and and it’s not to say that those other industries um don’t have cultures that sometimes go awry or processes that break down that prevent um fairness for all employees so um it is ironic but it is kind of just a par for the course unfortunately as you try to establish a healthy work environment meantime i’m so curious and what you think about this crackdown on the gaming industry in china where the chinese government is saying children can only play video games three hours a week between 8 and nine pm friday saturday and sunday um you know we saw some impact on you know u.s gaming markets um here today but you know what’s your impression of of how this could impact the broader industry well i i think you know my personal opinion i think that they might be missing the bigger point you know we have a strong point of view in our company that gaming is good for you when it’s done in the right context many of the things we were just talking about earlier about inclusive places places that welcome diversity but also the layers of strategy and critical thinking things we’ve talked about before on your show you know it’s about creating healthy environments where gamers are empowered to use tools to create cool games to create compelling content to share that content and that’s really always been at the heart of super league is this notion that instead of looking at a very small percent of the cases where um gaming has negative consequences let’s rise up and let’s create tools that actually um and allow gamers to really thrive and to grow in these really exceptional talents that they have um always appreciate you sharing your thoughts and insights here and uh thank you so much obviously we’ll continue to follow how these trends play out and hand ceo of super league gaming thanks for joining us coming up the pandemic has caused mass exits across all industries and disproportionately women and mothers are leaving the workforce we’re going to speak to a representative from the u.s census bureau who has new details on just how far women are backsliding that’s next and earnings season may be winding down but we’ve still got a few tech companies out this week crowdstrike reporting it’s quarterly numbers tuesday octa wednesday broadcom and docusign thursday all details right here on bloomberg this is bloomberg [Music] [Music] [Applause] all right we have some breaking news now out of apple apple said to be adding satellite capabilities to iphones for emergencies future iphones this is how this will work we’ll be able to send sos text via satellites in the case of emergencies they’re planning a satellite-based tool for reporting emergencies specifically we’re going to look into this story more bring you more details as you have at this coming from my colleague mark german meantime the pandemic has led women to leave the workforce in droves with vice president kamala harris calling the exodus a national emergency misty hegenus is the principal economist at the u.s census bureau who has a new paper out addressing the economic impact of women and mothers opting out she joins us now in this week’s work shifting segment so misty for the last 18 months we’ve been concerned about women backsliding and that’s what you’re seeing in your numbers walk us through the most significant findings in your report sure um first of all thank you for having me emily um i have been looking at um the situation of particularly mothers of school aged children and parents of scholars children during the pandemic and the most significant components of this new report that i have coming out really focus on this issue of telework-able jobs and so uh i look at whether or not mothers slid back from active work status meaning they had a job and they were actively participating in that job based on whether or not their job was telework feasible and the findings are really interesting because basically if you look at mothers who were a non-telework-able jobs you’re really seeing a demand side of the the story where employers that had to shut down they shut down and everybody lost their jobs and there wasn’t a disproportionate impact on mothers and fathers in that case however with telework-able jobs what we did see and what my report shows is essentially you know telework saved a lot of businesses it saved a lot of jobs and it really did a good job of doing that for essentially everybody but mothers mothers and telework-able jobs took a really significant hit in their ability to stay attached to the labor market in their ability to be actively working meaning they weren’t on leave and they weren’t unemployed that was one of the most interesting things i i pulled out is that remote work actually hasn’t helped save mothers which i thought was fascinating you know i i spoke with melinda gates about this earlier this year and she said she said in no uncertain terms that women are in crisis take a quick listen uh to what she had to say women in the last 30 years were coming out of poverty as a globe and now we’re seeing a huge setback in that arena we’re seeing set back in the labor force the number of women who’ve stepped back from the labor force in the united states two-thirds of the jobs lost in south africa were women’s jobs so i think we’re in a moment of crisis so here’s the question misty how do you expect this to play out as you know the pandemic drags on schools are reopening uh but you know lockdown happening again in places fits and starts restrictions uh coming down going back up workforce is pushing back returns to work still a lot of uncertainty ahead what’s next for women yeah there’s a ton of uncertainty and a ton of angst out in the community um you know with the delta variant it’s really unclear how school is going to play out this fall lots of schools are going back to in person but you see again and again parents telling stories of how somebody in the classroom had coveted and everybody had to go home for two weeks and that’s really a challenge for working parents particularly mothers to be able to continue actively working when their kids are being pulled in and out of school so i think you know one silver lining that i will put on this is that i do think mothers are amazingly resilient um and so you know they do tend to take a hit when there’s transitions with kids schooling but they bounce back relatively quickly and so um you know i personally have been very impressed with the ability of mothers um you know of those who have been able to hang on to their jobs and have been able to um you know continue working throughout all of this chaos i think if anything this really shows us that we do need to make sure we have supports around child care systems for children if we really want women to be equal in the workforce absolutely um misty agnes thank you so much for your work on this principal economist at the u.s census bureau we really appreciate you bringing this all to light for us meantime robin hood shares ending the day down more than six percent this after sec chair gary gensler told barrons in an interview that a full ban of payment for order flow is quote on the table the practice involves sending customer trades to financial firms to execute and accounted for 80 percent of robin hood’s first quarter revenue there has been controversy stirring about payment for order flow over the course of the last year we’ll be watching how that one plays out indian ride-hailing startup ola meantime is said to have picked citigroup and morgan stanley among others to manage its mumbai ipo the listing could raise around 1 billion dollars giving the company a valuation of more than eight billion dollars ola is joining a strong pipeline of indian startups ready to tap the public markets in coming months including the digital payments company paytm and e-commerce giant flipkart all right coming up the long-awaited trial of theranos founder elizabeth holmes gets underway this week what we can expect in that case which stands out as one of the biggest scandals in recent silicon valley history meantime the thriller candyman reached the top of the u.s box office over the weekend knocking free guy into second place after two straight weeks on top like free guy candyman premiered exclusively in theaters its release was delayed three times due to covid but it was worth the wait making 22.4 million dollars this weekend in the us and canada above estimates this is bloomberg [Music] [Applause] jury selection will get underway this week in a legal case that has transfixed silicon valley and beyond elizabeth holmes is charged with defrauding investors and patients of her blood testing startup theranose the company claimed it could run an array of tests from just a tiny amount of blood but that turned out to be too good to be true for more we’re joined by our bloomberg news legal reporter joel rosenblatt so joel jury selection is underway uh we’re learning more about elizabeth holmes planned defense what can you tell us at this point well this weekend documents were unsealed in the case revealing what we had known previously about a plan a possible plan to to point to sonny balwani her former boyfriend and the former president and ceo of theranos as the cause of uh really the reason that she made up what she did or the the the reason that she supposedly defrauded investors and doctors and patients she’s pointing to psychological abuse by sunny as the reason for her behavior that’s that’s her defense we’ve known about it but more details came to light this weekend and as i understand it that’s pretty unprecedented especially in a white collar fraud case right i i think it’s i as far as i can tell completely unprecedented it’s a reason that people give often times in a murder defense right i mean if in particular if a woman is being subject to abuse uh and murders somebody who’s subjecting them to that abuse that’s the defense that’s sometimes raised in in a murder case it’s never been used as far as i can tell in a white car criminal fraud case like this and and most criminal defense experts think it’s a long shot i think that’s kind of gotten lost in all this coverage that it’s a real it’s a real stretch now this case could go on through december i believe the judge uh will be the case will be in session court will be in session uh just about three days a week what do you think elizabeth holmes chances are given how much reporting there’s been on this documentaries-made books written already about this whole scandal yeah well that’s that’s and that’s just an interesting point and been the subject of jury selection to my surprise questionnaires went out to 200 people right in san jose right around the san jose area 200 potential jurors to my surprise one half of that 200 didn’t know elizabeth holmes hadn’t heard of their nose or sonny balawani so you know i think you and i are you know we hold the jobs we have and we’re in this world and theranos is so well known to us to some people they don’t they don’t know what’s going on they don’t know anything about it and so that’s that’s the jurors that they’re going to be looking at i think all right i never will forget the time i interviewed elizabeth holmes we’re gonna have to dig that one out of the archives as we chart uh this case uh bloomberg joel rosenblatt thank you so much for bringing us all those details and that does it for this edition of bloomberg technology make sure you tune in tomorrow when we’re going to be joined by zoom video cfo kelly stuckelberg also joining us jerry chen partner at greylock i’m emily chang in san francisco this is bloomberg [Music] [Music] [Music] you
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