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tv   Bloomberg Technology  Bloomberg  December 21, 2021 11:00pm-12:00am EST

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>> where innovation, money and power collide in silicon valley and beyond, this is bloomberg technology with emily chang. ♪ emily: i am emily chang in san francisco and this is "bloomberg technology". of covid tests hard to come by as cases rise. president biden preparing to send half a billion free covid tests to american homes starting next month.
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jack dorsey stirs an uproar on twitter, calling web three a venture capital plaything, turning up the heat since stepping down as ceo. and california at the epicenter for retail climb, brazen and organized attacks. we talk with a district attorney who is fighting back. all of that in a moment, but let us look at the market stocks climbing after the biggest three-day drop since september. kriti gupta with us for the latest. kriti: a classic case of a turnaround, we saw that major selloff. it is the sectors that outperformed today that were lacking yesterday. nasdaq up 2.4%, leading the charge, we can thank big tech and semiconductors as well. micron played a big role in that. you are seeing the volatility gaze dropped closer to 20. when volatility is elevated you
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have this red zone, green zone idea where one day they market sells off and next it buys followed by a selloff. more driven, that is the environment we are seeing in holiday trading. we talked about some earnings last week, but on the year to day basis, the biggest u.s. semiconductor maker is lagging the broader index. the yellow line is the semiconductor index broadly. the big question, why is it lagging? a lot of it has to do with inventory digestion, been able to keep up with capacity. but after last nights earnings, they are going to be catching up to their peers. a major story when we are talking about whether or not tech is going to be leading the stock market broadly in 2022. i want to end with this story on everyone's minds. that is going to be the rise in
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covid cases, specifically driven by the omicron variant. 73% of cases are tied back to that variant. you're seeing the case counts tick up. the seven day moving average, the question is does it peek at the same level or timeframe that you will see in perhaps south africa and what does the affordability and availability of testing have to do with that? that is something the markets will keep an eye on. emily: thank you. covid-19 will -- the president talking about cooking 18 resulting in breaker infections and repeating his entreaty that everyone get a booster. president biden says we should be concerned about omicron, but not panicked. if you are fully vaccinated and have your booster shot, you are highly protected. if you are unvaccinated, you are at a higher risk of getting covid-19, hospitalized and dying.
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the best thing is to get fully vaccinated and get your booster. emily: the president outlining a strategy to curb the impact of omicron. the administration will order 5 million at home tests to ship free to americans, dispatching military to hospitals and -- liza president doing this now? -- why is the president doing this now? >> with the omicron variant, and as we go into the winter months, hospitals are hitting capacity. they want to make sure they are prepared for a potential overflow with omicron really taking -- taking up. 73% of cases in the u.s.. emily: give us highlights of the plan to expand testing. >> they are going to make 500
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million tests available to people who request them. they're supposed to be available next month though it is less clear how many will exactly be available at that time. they're going to start reimbursing at home tests as of january 15. that is when the guidance is supposed to come out. and the initiation has faced criticisms for some time about testing and that it should be cheaper, more widely available. so i think this is a response to that. emily: the fda is preparing to sign off on pills from pfizer and merck to treat covid-19. what do you know about this and is it a game changer or is the message still to get vaccinated and boosted? 1 i think -- >> i think both. it could be a game changer to keep people out of the hospital when the concern is hospitals could be at or overcapacity with
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the variant. if you can get these pills to high-risk people and they can to get at home so it is easier to administer than a monoclonal antibody because it is a pill you take it home, it could potentially -- keep people from getting really sick. the big push, the best way to protect yourselves from getting sick is to get vaccinated and boosted. emily: jeanni soe many precautions, thank you very much. ifbaumann we are still in the trial of, theranos founder elizabeth holmes. the jury spending a second day deciding whether she is guilty of defrauding investors and patients over the failed blood testing startup. we are joined by joel rosenblatt who has been at the courthouse all day. last time we talked, we have been checking in. you said there were no notes to the judge from the jury, no commit occasion whatsoever.
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is that still the case and is it unusual to hear nothing from a jury over 48 hours? >> -- emily: we are having some technical difficulties. hopefully we can get back to you a bit later, at the san jose courthouse where as you heard the jury is continuing to deliberate. 16 hours or so of deliberations. in the meantime, the electric cart start up nicholas will pay a penalty to the fec. it has to do with allegedly mistreated -- misleading statements its founder made about the technological advancements of the company. the ceo stepped down in 2020 and still faces criminal and civil charges.
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they will pay the fine over the next two years and they seek reimbursement from him. jack dorsey may have stepped down as ceo of twitter but is stepping up his game on the platform, is missing web three as a venture-capital plaything. details next. this is bloomberg. ♪
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emily: fresh off relinquishing the ceo rains at twitter, jack dorsey voicing his displeasure with the direction of so-called
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web three technology and the influence of venture-capital firms. he tweeted you don't own web three, the vcs and their lps do. it will never escape their incentives. it is a d a centralized entity with a different label. know what you're getting into. we are joined by kurt who covers twitter and square. what do you make of his outspoken and combative tweets since stepping down as ceo of twitter? >> has historically been snarky at times. we have seen him not be afraid to go after folks. this feels aggressive because the community around web3 and crypto is so strong, he had to know what he was getting into. he is clearly trying to point out there is going to be a tension between building a
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technology that is supposed to be decentralized and not owned or operated by any one company and the fact that it is being funded by companies like his own in some cases. i do think there is a healthy tension, but he walked into it knowing it was going to be a tough conversation on twitter. because that community there is huge. emily: this is another twitter exchange with a partner at entries in horowitz, dixon tweeting and saying you are a fund determined to be a media empire that can be ignored, not bonded. he replied that he respected jack and hoped he could bring him around on bitcoin and blockchain. how does this message that jack is trying to disseminate and taking on entries in horowitz tie into what he has planned -- andreessen horowitz tired what he has planned at square?
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kurt: at both twitter and square, jack has set up groups that look into these but they are ideally operating intimately. twitter is was we blue sky, a social network protocol that is totally operating on its own. twitter built it up and otherwise keeps its hands away. that is ultimately what jack envisioned here. not letting it be owned by anyone company, but getting them started with money from a twitter or square and letting them be on their own. that is idealistic. we are seeing venture money in this space right now. but they are doing this timidly than a firm like entries in horowitz. there are people -- and recent horowitz. there are people that might poke holes. emily: a noticeable one we have pulled out, between elon musk
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and jack, elon musk saying has anyone seen web3, and jack saying it's between a and z. a nod toward andreasen horowitz. what do you think? >> jack asserted you on favorite tweeter, it is controversial because he likes to be on the edge of what is appropriate but they get along and they were on a bitcoin panel together a few months ago as well. they are clearly both interested in the space. they have a relationship and it is interesting to see them butting heads. emily: it will be interesting,
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thank you. dr. the san jose courthouse where the jury is celebrating in the trial of founder elizabeth holmes, joel rosenblatt back with us. as we were discussing, it sounds like no word, no nothing at all yet from the jury. is that unusual? joel: it is not. i feel like a spokesman for the jury because i'm getting emails, questions, why we are not hearing anything. my colleagues in the media are on edge waiting for something and we are hearing nothing. a few things to say. first, there is a number of different forces at work. the first is if the jury wanted to acquit her, they would have done that may be early. acquittals tend to come early. they look at the evidence, say you do not make the case. she is free to go. the second is that they are
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delivering this evidence, we forget, it is easy to forget they have only had two days to consider three months worth of testimony and evidence. they are going through all of that and doing what we expect them to do. what we hope them to do. if they are going to do the real service but they need to do, if they are looking to find her guilty, they need to go through everything carefully and find her she is either guilty or innocent. two to five days is acceptable. but something we would expect. they will go through at least probably thursday. they're taking tomorrow off. emily: that was my next question. they're taking tomorrow off due to at your commitment. then thursday and then it is christmas eve. is there a plan for after that? joel: there are no plans set.
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certainly the judge will push them to come back on monday and get going, but you raised another force at work which is christmas. though they wanted to be thorough, they are instructed to do that, christmas is a force nobody wants to have it hanging around over the holidays. so that is at work too. they will want to finish by thursday. if i'm a point is that these jurors are just now getting to know each other, getting to talk. while they have been together for a few months, they were instructed to not discuss the case. this is the first time they have had to get to learn each other's opinions about what they heard and what to consider. so let us not forget about the need to start this out and give them some time. emily: interesting point and you have been in the trial every day along with them. bloomberg's joel rosenblatt, we
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will keep following, an hour 45 minutes left in the day of deliberations. we will see the continues into thursday. at least 132 employees at spacex california headquarters have tested positive for covid-19 in recent months. that is the largest nonresidential confirmed case count in l.a. county. company sent a memo explaining that only one of the employer's -- employers is suspected to have contracted it at work, the others came from, they say, outside. they have completed four falcon 9 watches since december 9, including a cargo delivery to the space station thursday. potential regulation for the by now and pay later business, what it means for consumers next year. this is bloomberg. ♪
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emily: a review of leading buy now pay later firms which would include a firm. responding on twitter, saying for the avoidance of doubt, affirm what comes regulatory attention to bnpl. they are asked what are your late fees, reactivation fees, other fees? the answer is unfortunately very easy, zero. tell us about the questions and the answers you are giving. >> thank you for quoting my tweet, but i think there are three things that are worth recounting.
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buy now pay later is a new thing that is growing quickly. there not a lot of agreement of what is good and what is bad, different places, we are looking past protecting consumers -- the fact that they are looking at protecting consumers is good thing. in an industry, there is a sense that there are plenty of actors like a firm who want to do the right thing and are excited to play by the rules come out want to do everything to the degree that is better and a lot is yet to be clarified. -- it is a positive for the industry as it seeks standardization and great for us because we take it upon ourselves to do better than the law, to outperform what is expected of us. don't charge late fees, we don't do gimmicks, reactivation fees or deferred interest.
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if any of that becomes the new standard, we are already compliant. all of that is strong and positive. the request for data is public. there is a giant spreadsheet up of what are your late fees, i will have a delightful personal time going zero, zero, zero. there is other information requested about data protection and usage of data that you expect regulars to ask about, we will have thoughtful answers and i hope my peers in the industry will do the same thing. emily: capital one is looking to launch an option for buy now pay later at point-of-sale. what are your plans to add protections that credit cards offer, like raw protection, easy chargebacks for returns? >> we already do a lot and i
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don't think i know. i added i know because this is not a surprise. we obviously take all of the risk that the emergent does not get paid, we sell to the merchant immediately to the consumer, repayment is our risk to bear. we try to make sure that we are available for our consumers to talk to us. we hold ourselves to account to be a viable replacement to credit cards. that includes being billable, accessible, easy to deal with if something goes wrong. emily: you are launching a new debit card that will allow the indoor shopping. i believe there is a preassigned limit to shop in store. tell us more about when apple launched, how it will work. max: it is already live. there are thousands of consumers. as a public company have to be
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careful about numbers but there are thousands of people with the card in their hands. it allows you to pay in different ways, you can swipe or chip the affirm card and if you do nothing it will settle against your checking account, but over the next 24 hours you can say i meant for this to be a buy now pay later transaction and with a couple of taps you convert it to a pay overtime. it works online and off-line. our final beta will bring it to a larger part of our waitlist, the invitations just went out for the last not -- next larger group of the waitlist. i have said it to my analysts in the community and i will say again, don't start forecasting and a huge revenue yet. this is early days. this is an important product for us, we want to make sure we get it right. if it takes us longer to get it perfect, we will take longer.
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if it is perfect on day one we will bring it out to as many people as we can. emily: 30 seconds left, i know the npl has been hot this -- the npl -- bnpl has been hot, i wonder if you have taken much of a hit because of peloton. max: you will see details about that when we report earnings, but this was the first christmas season for us and is still ongoing. we cover 60% of e-commerce, we have a partnership with walmart, one with chubb five at a fairly advanced state. amazon, etc.. it is a big figure of ours. emily: the ceo of a firm, good to have you. retail core -- crime in
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california reaching a breaking point, there is -- people engaging in smash and grab robberies. my conversation this matteo district attorney about the sets he's taken to stop the is. that is next. this is bloomberg. ♪
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emily: the global pandemic has changed us all, the way we live, the way we work, the way businesses operate. it is no more evident than in the retail sector. while brick-and-mortar stores suffered, merchants look for new methods to connect with consumers. romaine bostick explains. >> the pandemic shop to the global economy disrupted every sector of business, but it was the severe blow to retail that is now proving to have the most transformational industry effect. >> retailers like the 9/11, it
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is a hurricane. >> in early 2020, physical stores closed their doors. customers and workers locked down at home. what was supposed to be a temporary sacrifice turned into a more than your long struggle. that struggle is insurmountable for some retail chains and many of the mom-and-pop stores seemingly disappeared overnight, but the pandemic also spurred overdue change that is increasingly being seen as a net positive for global retail, which is already seeing a startling turn from where it was in 2020. >> we have consumers who basically have the dollars to spend, retailers are giving them innovative products. >> the pandemic created the incentive many needed to fully commit to e-commerce, rather than dabbling around the edges. >> we will walk side-by-side with our guests. the business is flexible for how they want to shop. >> in china, stores started
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selling clothes via live video stream. in mexico and russia, companies build more secure payment systems. in brazil, retailers turned to instant messaging platforms to offer promotions and finalize transactions. in the u.s., chains added features like video calls to ease the reticence of making big purchases online. while it allowed companies to grow in an unprecedented time, brick-and-mortar stores are far from dead. chains with more than 50 stores are expected to add more than 4000 locations this year. that will mark the first increase since 2017. many of the country possibly biggest chains are drawing a lot more shoppers than before the pandemic. target, lowes, footlocker, alto beauty, and footlocker. the innovation and intertwining of brick-and-mortar and the internet spurred by covid have
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allowed retailers to recover and come out stronger than ever. now, the question becomes, will the changes stay resilient in the face of omicron? emily: while we have seen an increase in retail activity, we have seen an increase in retail crime here in california. these thefts have become more brazen, but also organized as criminals break into stores and steal millions of dollars in merchandise. on monday, the u.s. justice department announced it $1.6 billion grant to help cities combat that rise in crime days after california governor gavin newsom announced what he called an aggressive plan to fight and prevent crime. >> i want to acknowledge that it is unacceptable what is happening. we are putting out over a quarter of a billion dollars in enforcement grants, competitive enforcement grants to help local law enforcement advance their efforts. emily: joining me now is the san mateo county district attorney,
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which is part of the san francisco bay area. thank you for joining us. you have joined up with several different prosecutors in the bay area to try to crack down on this wave of organized retail crime. tell us what you are seeing. >> we are seeing something we have not seen over the years. that is large groups, really am that charges into the stores, the big stores and the mom-and-pop stores, and tries to clean them out in a matter of one or two minutes and then be on the road. it happened in san francisco november, 80 people went into union square stores. walnut creek, they had 70 to 80 people charging in. that is new. it is not just a group who say let's do this, it is organized. that is what we have to respond to in law enforcement and prosecution. emily: there was obviously an uptick around thanksgiving. we are four days before christmas. as you point out, this has been
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going on for a while now. i understand that your office announced one of the largest retail theft busts in california history, so are you saying these are all organized, they are not crimes of opportunity, not spontaneous things that are just happening? >> it falls into two categories. the first category -- and neither one is spontaneous -- it is just a matter of how well-planned it is. on one side, you have the case that you referred to that was very well organized. it truly was a criminal enterprise structured and long-lasting. in addition to that, what we saw in november and we have seen in december is these mobs charging into stores. it is organized in that it is a group putting together and sending out the word, we are going to go do this and people just flock in. i would call it in the middle. it is not like a sideshow where
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it happens to be friday night and people show up to see the cars spin around, it is more than that. license plates are being covered up. they are looking for law enforcement with cell phones and exchanging information, where officers are located. then they are charging in with the knowledge that they want to be in and out within one to two minutes so that the police cannot respond in a timely fashion. it is not the mob, but it is fairly organized. emily: i spoke with the ceo of one of the stores that has been targeted in the bay area. take a listen to what she had to say. >> we have been hit by mob robbery and it is a serious problem, it is a serious problem in the state of california. it has happened to us in new york. this is not a police problem, this is a problem with criminals are not being prosecuted for retail or property crimes. it is a serious problem. emily: is that the reality?
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is that why these keep happening? >> no, i don't think so. i think there may be that image out there depending on what county you are in. in my county, we prosecute everything. i know where realreal was saved in palo alto, the santa clara county district attorney prosecutes these cases. all of county das have joined together and formed a committee and we have agreed we need to work together to aggressively prosecute these people. we are distinguishing these criminals from your person who goes in, commits a theft, loads up a basket with stuff to sell it to try to feed a drug addiction or something like that. those are the people we want to help. that is not what we are seeing here in november and december. we are seeing people do it for pure profit motive looting the stores and they need to be prosecuted. everyone of us, no matter what
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our da philosophy is, we all agree we need to aggressively prosecute these people, treat them for what they are, profit mongers. they are not there to try to feed a habit, they are trying to make money on it. for that, there is no leniency. for us in san mateo county, we are asking our judges to hold them accountable and we want them punished. emily: are you seeing these attacks be organized via social media and what platforms? >> it will vary as to the platform. i don't want to go too much into that because we don't want the criminals to know exactly what we are watching, but yes, there is an and norma's amount of social media exchange as to what goes on and it follows up with what happens after the theft. these thieves do not just take 10 louis vuitton purses to hand off to their friends at christmas. they are doing it to sell to fences. they are putting it out there. that is the other thing law enforcement and prosecutors are doing. we are going to find offenses
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and hammer down on them because if you cut them off, there is no source for the people doing the thefts to sell their goods. that is a tactic we have also agreed as a group to try to attack this problem. emily: in that case, if these are being organized via social media, do you think the platforms should do more to crack down? is there anything that can be done to hold them accountable? >> there is, i think, particularly in terms of assisting -- and i think they want to. i know our law enforcement community in the san francisco bay area has had discussions and planning meetings with the heads of these social platform groups to try to get their assistance and i'm told that they are more than willing to offer whatever help they can. they recognize the problem and don't want to be a vehicle for crime. i think we are going to have some positive outcomes as we move forward. emily: all right, the san mateo county district attorney, thank you for sharing your perspective with us.
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coming up, the rise of telehealth. we will talk about why vc's are betting big. more on that coming up next. this is bloomberg. ♪
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emily: with the world still grappling with the variance in public health challenges, telehealth is poised to get even bigger. oracle announced it is acquiring an electronic records company for 28.3 billion dollars, a massive deal. i want to bring in kathy gow to
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help make sense of all of this. what do you make of this acquisition? especially in light of the former aws relationship? >> absolutely, great to be back on the show. this is a major acquisition by oracle. it is their largest acquisition ever and it is a massive deal. cerner is a leading electronic medical records company with about a quarter of market share. this acquisition really gives oracle a trove of health data and an opening for oracle cloud. i think this deal certainly gives oracle a boost in the health care space versus competitors from a footprint perspective, but i have no doubt competitors will not be sitting on their hands. microsoft earlier had announced this year an acquisition of nuance. emily: what do you think this means for aws? >> i think it means that
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companies like oracle, like microsoft, and others including salesforce are all now seeing the health tech space as a huge opportunity. remember, the market for health care in the u.s. is a $4 trillion market. it is joy norma's. all large cloud providers are trying to gain a significant foothold in this industry. emily: talk to us about where you see this going in the context of health care and health care technology, which to be fair was quite slow to take off, but has been accelerated as a result of the pandemic. >> absolutely. the reason why i'm so excited to talk about this topic is health has really been undergoing a massive transformation over the past two years. over the past two years, we saw telehealth go mainstream. we saw covid vaccines get developed, distributed,
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including going through full clinical trials in under year. this was just unheard of before covid. the average drug takes about 10 years to get to market, just to give you a sense of how much the drug development timeframe was condensed for covid vaccines. covid fundamentally changed patient, provider, and pharma behavior, which created a massive opportunity for not only founders and innovators in the space, but also for investors like myself. i think this is really just the beginning of a massive wave of innovation that will be driven in part by cloud adoption. emily: meantime, pfizer and merck have a covid pill that the fda approved -- could approve at any moment. what should we be expecting for the course of drug development over the next year? >> you know, one of the big
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predictions i have for 2022 and beyond is that the faster drug development processes that we have seen over the past two years are really likely to outlive covid. there has been a massive amount of innovation around clinical trials in recent years. one megatrend i would like to point out is the emergence of something called decentralized clinical trials. these are virtual clinical trials where patients can participate in these trials from the comfort of their own home and record data remotely through monitoring devices and through smart phones. they are often cheaper, they reduce patient burden, while increasing patient accessibility and retention. one company that is making waves in this market is backed by sapphire, they are a leading
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company that provides cloud data end to end solutions that allow big pharma companies to run decentralized clinical trials and to end. emily: all right, much to look forward to in the next year. thank you for joining us. coming up, we will be joined by the founder of girls who code to talk about how cryptocurrency is playing a part in its latest plan to narrow the digital divide. that is next. as we had to break, let's take a look at microsoft and at&t. the telecommunications giant has agreed to sell its agribusiness to microsoft after the carrier decided digital advertising was not central to its operation. this is bloomberg. ♪
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emily: girls who code, the
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organization that claims -- aims to close the gender gap, is now accepting crypto is a form of payment. joining me now is the founder. thank you for joining us. what are the opportunities that you see by accepting crypto for education and empowerment or increasing accessibility? >> one of the reasons why we decided to accept crypto is because we want our girls to not just fully participate in web 3.0, but to rule it. what i have learned the past 10 years in building girls who code and trying to make web 2.0 more inclusive and less exclusionary is that it is really hard. when a platform is built without women and without people of color, it is hard to push our way in. i think with web 3.0, we have this opportunity with crypto,
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nft's, and anything else that is coming up to have girls be a part of it from the ground up. that is exciting to me. emily: companies like kickstarter, discord, reddit, those are a few of the companies that got blowback after announcing their crypto plans and girls who code also got some pushback. this from twitter, someone tweeting, take note of the fact that only people voicing support for this are people who have made their entire personality, nobody except grifters and marks think this is a good idea. what do you make of that and how are you responding? >> first of all, i wasn't surprised. i think a lot of the pushback is around it potentially being a scam. there is a lot of fear when there is something new. here is the reality. 23% of black americans in crypto compared to 11% of white americans. 50% of those that are crypto curious our women.
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this is a platform bringing in women and people of color. if we want to solve those things and make web 3.0 less energy intensive, if we want to make it more inclusive, we've got to let women and people of color in at the beginning, so we are not missing out and we are not sitting out and we have learned too much from the past 10 years that that is not a good idea for you all the and equity. emily: as we get to the end of this year, i'm so curious about the progress made over the course of 2021 and what impacts the pandemic and the shift to remote learning have had. >> it has been an incredible year. we just did a partnership with doja cat where we got 13 billion impressions, 100,000 girls in one day logged on to basically code doja cat's nails. this is happening. this movement is happening. 10 years ago i said we wanted to
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teach a million girls to code and we are getting there very fast. we are really excited about the progress, but as the variant is popping it set up again and you are seeing schools shut down and we go back to remote learning, we still are being -- we still haven't solved the digital divide. there are far too many kids getting wi-fi in burger parking lots. far too many kids don't have a device to learn how to code. we have a lot more work to do. i still think we have to invest deeply in k-12 education. the pandemic has shown us that it is more important than ever. every day, another industry is automated by technology. it is more important than ever that our children have an opportunity to learn and to be a part of this new growth in 21st century jobs. we got to double down on the education of our kids. the reality is we have made and norma's amount of progress in getting our girls interested. when you look at all of the
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problems we have solved, covid, climate, cancer, it is going to be girls that solve those problems, our kids. emily: 2023, there have been concerns about women backsliding. do you worry about that playing out or are you hopeful? are you more optimistic? >> i'm screaming it from the mountain tops that we need a marshall plan for moms. as my son just opened up the door. it is bathtime. all of us are trying to be moms, be parents at the same time of trying to maintain our full-time jobs. it is not working. millions of women are being pushed out of the labor force. we just let joe manchin stand in the way of paid leave and affordable childcare and the child tax credit and basically say, sorry, moms, no relief for you this christmas. we are doubling down on the change we are going to make in the private sector. still today, less than 4% of
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private companies offer subsidized childcare. the vast majority of companies say they offer paid leave, but there is a huge amount of variability on whether it is two weeks, eight weeks, 12 weeks. the vast majority of men in their organizations don't take it. we still have an enormous motherhood penalty. the pay cap is attributed to the difference between our pay for moms and for dad's. we need to change this. you should never let this crisis pass without finishing this fight for gender equality once and for all. and it does frighten me that we are not paying attention again to the millions of people that have left the workforce. we have had the largest exodus of women leaving the workforce in the history of our nation. it is a national crisis. but still, a few men are standing in the way of doing what is right. you know, i'm not standing for it and we are building something to take moms from rage to power. emily: thank you for calling
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attention to it. thank you. thank you for joining us and that does it for this edition of "bloomberg technology." tune in tomorrow. we have great guests. i'm emily chang in san francisco. i will be back after new year's. have a safe and happy holiday. ♪
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