>> from the heart of where innovation, power and money collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ emily: i emily chang in san am francisco. and this is "bloomberg technology." coming up the next putin and his hour, isolating putin and his allies from financial systems. the doj task force will track the use of crypto to evade sanctions along with yachts and

jets and other luxury assets of russian oligarchs. our conversation with lisa monaco. roscoe the salesforce co-ceo gives us his view on how the war in ukraine and the global economic uncertainty will impact global business, off the back of the company's urning results, plus how the developing team in ukraine is faring. and bytedance says the exchange will not impose a blanket ban on russian users. a unilateral decision would be unethical according to its ceo. more on that ahead in the next hour. all of that in a moment, but first, u.s. stocks rallying back after two days of losses. the crisis is roiling global markets. our ed ludlow is here with more. ed: the real focus on wednesday is the federal reserve and chair powell given us testimony on capitol hill, basically saying that he backs a quarter percentage point hike this

month. it sent out hints about policy going forward. the outlook for rate front and center. that really drove the equities rally you are seeing on your screen. broad gains, but technology participating as well. the nasdaq 100 up by 1.7%, even as yields continue to rise. the benchmark u.s. 10 year yield up 15 basis points, 1.87%. you saw a dramatic drop over the last four days with the flight to safety, but yields are bouncing back. oil continues to be a story directly linked to the ukraine crisis and russian supply. my goodness. i keep looking down the screen. $110 a barrel, wti crude. astonishing. i do want to bring this back to ukraine and russia. one subset that has taken off is the blue line, which is cybersecurity stocks, outperforming since february 23, continuing to see gains on wednesday. this is clearly linked to what

is happening in ukraine, and basically investors betting that we will see gains in the sector going forward based in the tactics being used in that conflict, and what we are seeing in any useful. of course, a lot of corporate stories. the big one, ford announcing it will split its company into two businesses. ev and legacy guest. the stock is up 8.4%. ford announcing on tuesday night they are halting operations in russia because of that country's actions in ukraine. apple up 2%. bloomberg's mark gurman telling us this could be the biggest year yet for new hardware out of apple. so we will pay attention to that one. apple, of course halting sales , in russia on tuesday. netflix was the biggest laggard on the nasdaq 100, saying it is pausing future projects and acquisitions in russia due to the invasion in ukraine. that is reporting from a variety of sources.

so clearly, this is still top of mind for investors. emily: absolutely, and we will hear your interview with the ford ceo jim farley, later this hour. meantime the u.s. and allies stepping up pressure over the invasion of ukraine. the justice department has launched pop in interagency task force -- launched a new interagency task force to enforce sanctions that target wealthy citizens and seize assets from luxury yachts to crypto. i spoke with lisa monaco about how the task force plans to intercept russian oligarchs. >> what we are doing with this task force klepto capture, is bringing together experts from within the justice department and across the government to go after stolen and hidden assets of russian oligarchs. these are put -- putin's cronies bolstering the russian , regime and trying to hide ill-gotten gains in luxury yachts, jets, apartments.

you name it. the message is that we are going to go after these proceeds, we will freeze them with the sanctions that we are levying in an unprecedented way both in the united states and with our international partners and allies. then where we can trace those assets and the money used so procure them to criminal activity like sanctions evasion or money laundering, we will then freeze those assets, because people are dying and bombs are dropping in the ukraine because of russia's unprovoked aggression in the ukraine. this type of behavior and sanctions evasion by russian oligarchs cannot stand. that is the message with this task force. emily: how concerned are you that these oligarchs are already moving their assets, their jets,., out of reach of law enforcement? how difficult is that make the job you are trying to do? lisa: we have authorities and's

we're putting them all to use. that is why you are seeing this unprecedented level of focus and resources being put to these challenge. -- to this challenge. we have seen the efforts of oligarchs trying to evade sanctions, this has happened in the past as well. what we have is new tools, more capability to go after these ill-gotten gains. and what we're also doing -- and this is important for your audience, i think -- the message to the financial sector and two businesses out there are, be on high alert. if individuals, if your business is using financial institutions to move that money, to do that business, you have to be on high alert. make sure that you know your customer compliance, make sure your anti-money laundering compliance is in shape, because the consequences of it not being is going to be severe, it is going to be quite serious. the message to financial

institutions and businesses here is be on high alert for oligarchs trying to evade sanctions, trying to continue to use our financial system to bolster the russian regime. emily: you are targeting cryptocurrency assets in particular. are you focused on freezing existing assets or preventing fiat from moving into new crypto assets? and what kind of volume are we talking about here? lisa:. we are at a crossroads with cryptocurrency and we need to focus on a new category of crime , the use of cryptocurrency to conduct criminal activity, to hide or seek to hide the proceeds of criminal activity. you have seen us go after this aggressively. just a few weeks ago, i announced the largest financial she just ever in the history of the department of justice, $3.6 billion of cryptocurrency seized in bitcoin. what we are seeing is criminal

actors trying to use cryptocurrency to evade law enforcement, to conduct criminal activity. what we are saying with with this task force today, and with the national cryptocurrency enforcement team that we launched last year, that we are putting new focus, unprecedented resources, and intensity around this effort. emily: have crypto exchanges been helpful? which ones? and if they are not being helpful or complying, how soon could we see d.o.j. action? lisa: the cryptocurrency enforcement team that i announced last year is targeted at making sure we have our eyes of the entire ecosystem that lets criminal activity flourish, including criminal activity conducted with cryptocurrency. we need the cooperation of right-thinking and well-behaving cryptocurrency exchanges, and other businesses.

the bitfinex seizure that i mentioned just now, that we did a few weeks ago, happened in large part because we had some cooperation from businesses, from financial institutions who had their anti-money laundering and know your customer compliance finely tuned, and they cooperated and alerted us to unusual activity. that has to continue to happen, and if it doesn't, businesses are going to find themselves in our crosshairs. emily: does the administration feel that squeezing these russian oligarchs will put pressure on president putin to withdraw his troops, to get out of office, and if not, could that galvanize greater russian aggression? against the west? lisa: looked, emily, i had another job in the past where i focused exclusively on national security and homeland security issues. i am going to leave the foreign policy strategy and prognostication to others.

the focus here in the justice department is to do our part along with the treasury department, along with our international partners and allies to bring our tools to bear, to continue to isolate putin, isolate his cronies, isolate the oligarchs who seek to bolster and support the activity, the unprovoked aggression that is going on in ukraine. and what we're doing with this task force is to send a very clear and unmistakable message -- if you seek to use this corruptly gathered money, and if you seek to evade sanctions, we are coming for you, we are coming for your yacht, for your jet, for your luxury apartment. that is the clear message. emily: u.s. deputy attorney general lisa monaco. coming up, how russia continues to wield misinformation as one of its own powerful weapons, and how to fight it, with our next guest.

that's next. ♪

emily: the conflict in ukraine, continued to intensify. and with a russian airstrike hitting key's main radio and television tower, the war is also one of control over information. let's talk about that and more with jeannie finn and co., a senior fellow at harvard kennedy's -- more with jane lytvynenko, a senior fellow at a harvard research center. talk to us about this information and how it is being used as a weapon right now.

jane: one thing to understand as russia has been sending false information about ukraine for years, and use some of that information as false justification to further invade the country during the war that has been going on for eight years. part of that meant distorting ukrainians history, ukrainian culture and people, but only a more granular level, it also meant videos that purported to show something that they didn't actually show. making the justification for the war. emily: would you say that vladimir putin has been using this as a weapon to build up to this moment? jane: absolutely. disinformation is a huge weapon for the russian government. we saw it in 2014 during the annexation of crimea, the occupation of eastern ukraine. we saw it during the downing of mh-17, nbc at now.

-- and we see it now. disinformation is a weapon he has been using all around the world in an attempt to undermine democracy, which of course, the u.s. felt intimately as well. emily: so, how well do you think these big tech platforms like facebook and twitter are handling this now? we have seen some steps taken in the last couple of days, not nearly enough is my guess. jane: from the tracking we are doing about the disinformation that we see on social media, there steps have been good, but limited and scattershot. there has been a ban on rt and sputnik in europe, but we do not see that same ban worldwide which raises a serious question. like, why? rt and sputnik have huge audiences outside of europe, including in southern and northern america. we also see direct television providers attempt to thwart

russian disinformation, but again, russians are very good, russian dis-informers, particularly, are very good at getting around restrictions on social media, and in fact, they are very well-practiced around that. this is a war that spans social media platforms. it's not just about the big three in north america, it's also about tiktok, telegram. there is really no social media network that is untouched by this. emily: talk to us about how everyday ukrainians are navigating this. do they see the difference between information and misinformation? how do they tried to separate fact from fiction? jane: there is a gargantuan effort to essentially undermine russian disinformation, either as it comes in or before it comes in. and there is a few different ways that both ukrainians and outside groups are doing this. ukrainian television channel,

ukraine 24, which is a few television channels banded together to provide round-the-clock coverage of the war, are debunking disinformation in real-time. there is also real information exchange happening between ukrainians who are filming scenes from the war and are trying to figure out where was the most recent attack, how many were hurt, and of course, you see an open source intelligence community, which essentially has gathered the breadcrumbs, put those breadcrumbs together for a fuller picture to essentially undermine russian narratives. that is why the ukrainian voices that we see online have been much more powerful than the russian disinformation. emily: we are in the middle of a crisis, a war. what can we do in this moment -- i know that you pioneered a message that swiftly and effectively debunks some of this

stuff. how do we do that instantaneously? lisa: the main thing is to understand that this war is not going to be over tomorrow, and we will continue to see a big flood of videos and images from the ground all the time, and we need to be prepared for that. one important thing to remember is there are reporters who are risking their lives on the ground, both ukrainian and reporters, and international reporters, to bring accurate information. i would also say that it is important to be particularly cautious with images and videos that don't have more than one angle, because of how many images and videos exist of the different attacks, and decontextualized media in particular is something that has been very prevalent. and so, i understand that it is an unsatisfying answer to say, "go to official news sources," but, at the moment, an individual will struggle with the idea of verifying a single video and whether it is accurate or not.

whereas newsrooms are prepared for this and they are putting out the best as they can. emily: we appreciate you shedding some light on this. jane lytvynenko, harford -- harvard senior research fellow. coming up, bret taylor on the back of salesforce' latest earnings report. plus his thoughts on the global uncertainty ahead, next. this is bloomberg. ♪

emily: salesforce beat wall street estimates in the third quarter with revenue up 25% and a strong forecast ahead as the company works to integrate its billion-dollar acquisition of slack. salesforce's co-ceo brett taylor is with me now. great to have you back with us. it's an inflection point, and i have to ask you about what is going on in ukraine, and geopolitics.

how concerned are you about what this means for humanity, and the global economy and business? bret: i want to start where you just started, which is humanity. our hearts go out to the people of ukraine. watching the suffering printout in real-time in the media is just horrific. we are showing up as humanitarians to help people and refugees. speaking to the economic impact, there is a lot of uncertainty in the economy right now. this war in europe, which is horrific, inflation, the supply chain crisis, despite all that, the one thing that is enduring is really investment in human technology. it started in the pandemic and it continues. the head. you saw that in our record

performance this past year, which we are so grateful for, in the face of all this disruption, which is why we beat our q4 guidance, it raised our guidance for next year, and we continue to keep the momentum. emily: we have seen companies self-sanctioning -- apple, netflix, ford. is that something salesforce is considering at the moment when it comes to russia? bret: we don't really have a presence in the region. we've never had an office there, no material business there. our focus is how can we use our business as a platform for change. we made a one million-dollar grant to help with the refugee crisis and ukrainian people. i have been heartened to see so many salesforce employees show up and ask how they can help. we have a number of employees with families in the region. we are trying to help out all of the families and this time of global crisis. really trying to have the humility to understand what can we do to play our part in this military in crisis.

emily: i know m&a has an a key strategy to drive growth, you were the chief architect of the slok acquisition. i know that you have ruled out m&a in the near future, but could the changing global dynamic change that strategy? bret: honestly, we are not interested in material, day in the near term because we are so excited about slack. we spent the past two years with this global pandemic, keeping people in their home offices and away from their offices. coming out of this pandemic, as people reconnect, this idea that every company needs a digital headquarters to connect their employees and partners because we are going to be working from anywhere, i think that is incredibly exciting. you saw incredible momentum of the slack business this past quarter. slack actually grew to 100,000 customers, 46% year-over-year.

we see such great momentum, that is my focus. emily: i know you were listening earlier, you are the chair of twitter's board. the subject of misinformation and how big tech companies are handling it has been a very big topic. how do you think twitter is handling russian misinformation, and what more do you think platforms like twitter and facebook and tiktok can do? bret: i want to express my confidence in the ceo of twitter and the twitter management team. as your previous guests alluded to, these are some of the most complex and sophisticated problems any technology company is facing right now. it has also shown the importance of twitter as a platform as so much of this plays out on the platform. these are incredibly complex and nuanced issues, i really enjoyed the previous segment. all i can say is that i have faith in the management at twitter in helping the company navigate this. emily: quick question. salesforce shares are down from a high in november. why is this disconnect between the optimism i hear from you and

from marc, and the stock price? bret: we just put up the best year and our company's history, the best quarter, raised our guidance for this year. i couldn't be more excited about the future of salesforce as a business. really across all parts of our portfolio. we are 23 years old next week, our sales is up 17% this year, $6 billion revenue run rate. slack is doing well, organic investments have never been doing better. i think the stock price will follow. we know that we show up for our customers, drive performance for the company, show up for all of our stakeholders. we believe in the long run, the stock price will follow. emily: the salesforce co-ceo, bret taylor, thank you so much for stopping by. coming up, ukraine is home to a massive developer community employed by companies around the world. how tech companies are managing the crisis, and ties to russian investors, next.

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emily: welcome back to bloomberg technology, i am emily chang as in san francisco. we watch the war in ukraine and fold, companies continue to reevaluate their business ties to russia. apple, ford, netflix to name a few. many tech companies rely on talent in ukraine itself. for more on this, i am joined by a general partner at hatton partners. andrea, thank you so much for joining us.

a lot of people don't know that ukraine has a huge developer community. how many of your portfolio companies rely on developers in ukraine, how are they being impacted by this? andrea: overall, i would say that if we look at the global landscape of developer talent across the globe, over 70% of the activity in late stage companies has some level of presence in ukraine, specifically engineering. if we break that down further, the majority of the u.k. brings in engineering talent from the ukraine. incredible to realize. with our teams, they have pockets of their engineering product teams that we are seeing centralized in the ukraine, and that is nearly half of our larger effort for the companies that are in the late-stage, and some of them are based overseas and very much so boots on the

ground in addressing this from there. emily: so how is this impacting the developer community in ukraine, and how are the founders thinking about this when we are trying to stay staffed and scaling their businesses? andrea: our global message is to be helpful, be empathetic, but also to be pragmatic. many of them are sending a signal to their developers overseas, especially in the ukraine, offering any level of support. but what i am seeing very much so is that founders and executive board members are being asked to be incredibly realistic around the impact of what is going on. and what i say impact, not just in the near term, but. this impact things like -- not

just in the near term, but in the next 12 months. how will this impact things like the product roadmap, financial projections, and plans of that business, and what that means to those teams that were centralized in ukraine, who are spearheading that initiative? the discussions that are happening within their boardrooms in the late-stage companies. emily: russia is a large source of venture capital in tech startups around the world. are you seeing companies reconsider their ties to russian investors? andrea: yeah. overall, i think the general consensus that we are seeing amongst the late-stage and mid-stage venture communities, is that a lot of these relationships across the globe started long before there was ever the tension that has risen up to this level, and so really, i think it goes back to the grassroots of what a relationship looks like between the company and their investors. if that relationship was there prior, obviously, those companies are still harvesting those relationships and realizing what that will look like going forward. for companies that are raising

rounds of funding right now, they are having discussions with investors who might be located in russia, ukraine, and asking whether or not there will be any imminent delays, which obviously we are seeing by way of the banking system, around employing the capital needed as part of funding. but i don't know that i am necessarily seeing a complete shift in relationships. of course, there are many phenomenal people in russia who had zero intent to see this happen. so i don't know if i see a general shift, but it certainly is a scary signal about how the flow of funds work, and rounds of funding going forward. emily: how is fundraising being impacted right now? it certainly seems like global and fundraising announcements have slowed. do you think we are going to see a slowdown in venture capital invested because of the uncertain macroeconomic environment? andrea: i truly stick with the belief that tech is the new gold. the world is going to continue

looking a lot more like "ready player one" going forward, and it's not slowing down. with that in mind, i don't see that there's generally a shift in mindset for a slowdown in venture capital dollars being deployed, but in terms of the realistic expectations for how companies should be valued. maybe there is this desire to be a hyper growth company that will exist long after the turmoil ceases, but the realistic expectations are being set around how we should value the businesses, and how they should be paired to their public market comparables. emily: andrea walne, manhattan venture partners, thank you. the conflict in ukraine and the impact on the global economy top of mind for ceos around the world. i spoke earlier with the ceo of sofi, which aims to be a one-stop shop for customers. he is also paying close

attention to rate hikes and inflation, and the impact of war might have on none of that. he spoke with him along with my colleague, matt miller. take a listen. >> sofi has a history of living through turmoil. we started in 2021 with a different economy and backdrop for the year. we just reported our third consecutive quarter of record revenue growth, up more than 50%. we also had record member growth and product growth. really a testament to our one-stop shop strategy and ability to meet our members needs across their entire financial lives, and doing it even more efficiently with a full year of profitability. so yes, the environment is very volatile, rates are going to increase, that is reflected in our outlook for 2022. we are calling for $1.5 billion of revenue and $180 million of ibitda and seeing really strong growth in our member base in q1, in addition to the demand we have for our technology platform

with galilea. so we are benefiting from sector trends. we have to deal with the volatility and cyclicality of rates and inflation and monetary policy, but it's all part of the norm. emily: obviously, there are huge humanitarian concerns given what is happening with russia's assault on ukraine. i know that you were a veteran yourself, and i am curious what perspective you bring to this about what this means for the world and for global business. anthony: it's absolutely a travesty that people have to live in fear. that fear of the threat of violence has become a reality. ultimately we have a responsibility as a country, as a nation, to help those that can't help themselves. obviously, the people of ukraine are putting up a heckuva fight, but they are under armed and under resourced, relative to a power like russia, the former soviet union. and ultimately,

sanctions are the first step, but there will likely have to be more actions down the road. we have to ensure that they will have the ability to be a sovereign nation, and live a life of freedom relative to the suppression of the russians. emily: i understand you hold some crypto, and sofi offers crypto services now. what do you read into this decoupling we have seen with of bitcoin from global equities, and why that is indeed happening . anthony: the trend in cryptocurrency -- you know, it is an unproven asset, highly volatile and very risky. we do offer it for our members, 30 cryptocurrencies. we do provide that education and warning that they could lose their money and recommend they only allocate a small percentage of their assets to it. but it is an asset that is providing a unique value proposition for a variety of constituencies, and that is what is really driving the volatility. the decoupling you are seeing could be driven by a number of different factors.

i don't want to speculate on what is driving it, but it is a new asset that people are using to accomplish different objectives, and that has been what has driven the volatility. we have been very smart about making sure that we give people a selection, but we also give them the ability to do recurring investments and dollar cost averaging into something that is as volatile as it has been. matt: obviously, the ability that sofi users have to invest across platforms, i talked with my coanchor on a regular basis, and she sells the product like no other. how much of lived did you get from the super bowl? and introducing new customers to the things they can do on sophia? anthony: so the super bowl occurred in the first quarter of 2022, which we haven't reported yet, but our results yesterday saw a big benefit from having

the nfl relationship with the rams and chargers. we benefited from having 12 home games at the stadium, five or on on them on national primetime television, and we are able to reach 22 million unique households on average in each one of those games. so the ability to reach that much of the united states helps to drive brand awareness, obsessed become a household name, which then drives greater efficiency of promotions and marketing. acceleration in member growth, a that is why we saw suchacceleration in member growth, a record of over 500,000, and an acceleration of in the number of new products added, over 50% increase. emily: the so-fi ceo, anthony noto. coming up, crypto and sanctions. we will dig deeper into how borderless crypto exchanges are around the road are complying, or not, with international laws and regulations as it pertains directly to russian users. that is next.

this is bloomberg. ♪

>> whoever is on the sanctions list, they will not be able to use our platform. whoever is not, they can. we work very closely with international regulators, very closely, to apply sanctions. the review that we do not have unilateral decision power on her own to freeze normal people's accounts, i think that would unethical for us to do. emily: the bryan and c4 [page there, -- finance ceo changpeng

zhao there, commenting on the shanks than. i want to dig into this with our crypto report. very significant, especially in the context of what the doj announced today. a task force to track money, assets of oligarchs, including crypto. what are you making of how these exchanges are interpreting what laws they have to comply with? kriti: it is interesting. in addition to the doj, you have senators asking the u.s. treasury department to keep a close eye on crypto and sanctions across the world. but if you look at some of the biggest exchanges -- finance said they would comply with shanks than rules. coinbase which is based in the united states, also says that they complied with shanks than rules, so does ftx. the problem at hand, you have many exchanges across the world were crypto is borderless. the question is are there exchanges out there are that do not comply with shanks than, and to what extent are u.s. and e.u. regulators able to get a hold on

those exchanges in addition to recognizing that some of these exchanges may not have the kyc -- know your customer capabilities -- and expertise, to really know what is going on? emily: i did ask lisa monaco about this earlier. how exchanges are working with the administration and the department of justice to not just get these luxury yachts and jets and apartments, but tracked down cryptocurrency. take a quick listen to what she had to say. lisa: we need the corporation of right-thinking and well-behaving with currency exchanges and other businesses. that has to continue to happen. if it doesn't, businesses are going to find themselves in our crosshairs. emily: i.d.s exchanges in a difficult position? how easy is it to tell if your users are russian oligarchs or not?

kriti: that's an interesting question here, because besides some multitude of exchanges and the chains of transfers you can see across the exchanges, there is also the pure instance in which you might have a sanctioned individual who theoretically sets up an entity somewhere else, puts it in somebody else's name, puts it in another country and then makes transactions that way. tracking the end-user is going to be what's difficult across those multitude of exchanges with the staff they are bringing on. we know many of these exchanges are 70 bringing on staff at a greater degree, but do they have the tools to really track who the end-users are at the end of the day? emily: meantime,, another story that is developing, the ftc scrutinizing nfts over illegal crypto token offerings. what we know about this? kriti: what is so interesting about this is that project that are raising money through nfts or other means, this is really

the ftc trying to look at what projects really replicate traditional securities offerings. we have seen many renditions of this. the reason this is so interesting is not only is the ftc trying to liken what is happening in the nft market to the ideal market, you have also seen a lot of rug pools and investors getting duped. two things going on at the same time. emily: thank you for your reporting. coming up. ford is reorganizing, separating ev from its legacy business. our next guest, talks to us about how the carmaker plans to become a world-changing company yet again. that is next. this is bloomberg. ♪

emily: more than one billion people around the world visit tiktok every month, and that immense growth has the company facing searing scrutiny. the tiktok ceo shouzi chew talked about managing u.s. and chinese regulators on the latest episode of the "david rubenstein show: peer-to-peer conversations ," in an interview on february 17. take a listen. >> i would approach all of the governments and regulators to be collaborative, transparent, be available, answer any questions. that is the approach we have taken. that is the approach we have taken. that approach has been an approach that has been very beneficial for us over the course of the last few years. emily: you can watch more of that interview with the ceo of tiktok shouzi chew on "david rubenstein: peer-to-peer conversations" tonight at 9:00

p.m. on bloomberg television. meantime, ford will separate its ev operations from its legacy combustion engine business in a historic reorganization. our ed ludlow spoke with the ford ceo jim farley about that. , jim: the most important thing is our core automotive business. it's profitable, made $10 billion last year. but it needs to be a lot more profitable. we think we will have to take about $3 billion out of our structure costs to make that business fully competitive on a return basis. some of that will be quality. a lot of that will be just waste in the system. we can't stop there. we have to grow, too. that is why we are committing to 2 million vehicles on the battery electric side. the last thing is, we have to get our build material down for our evs. we already got $2000 out of the marquis, we have been working on it for about eight weeks. there is a lot of opportunity to

get the build material because down for ev's, and that will contribute to the more profitable business. we can use that profit and cash flow to reinvest in growth. ed: you have an opportunity to get smart with this. could we see a spinoff of the battery business or autonomous the autonomous vehicle business, or even green bones? what kind of tools are your disposal now? jim: look, we did one of the green bonds in our industry, it first went really well. why? because we tied it to actual green-energy vehicles, zero emission, investment in our plants and vehicles. and boy, did the market respond. we like that direction. emily: jim farley, you can check more of that interview at bloomberg.com. i want to bring in our ed ludlow, who conducted that interview, and of course, you broke that story a couple of weeks ago that ford was considering this, and at the time, they denied it. what did jim farley have to say about that? ed: ford is going to do what he

it can, which is manage the existing legacy business, bring profit out of it, use that money to fund ev growth. they want to be tesla. but tesla didn't have a legacy combustion business to go off. you are completely right, they, according to bloomberg sources, did consider a spinoff, and farley explained at the news conference earlier on wednesday morning that they looked at it carefully, that is his quote. but in the end, they decided they didn't go for it because they wanted the two individual businesses to share their strengths, have like a symbiotic relationship. emily: meantime, ford is one of the biggest companies self -sanctioning in russia. what did he have to say about their decision, how long that will stand? ed: he was very sympathetic with the ukrainian people. he talks to me about some of the ukrainian employees that ford has outside of their building, demonstrating and sharing their thoughts. he just reiterated the action, which is that ford has paused

operations in russia. but being honest, those were scaled anyway. ford has in pulling out of that market since 2017. the other impact is supply chain. ford got hit in 2021 by rising input costs around commodities. that is not getting any better. you look at oil, industrial metals. farley said they will continue to feel that pain, at least in the short-term, from supply chain disruptions. emily: facing all of these challenges, ford is, to put it lightly, far, far behind tesla when it comes to ev's. what is the assessment on whether they can become a world -changing company yet again? ed: farley believes in this plan. take profit from the pickup trucks inputted into the evs. the other part of the news was they up their commitments to $50 billion, and want to do 2 million evs annually by 2026. that is a rapid acceleration of their plan, a bigger commitment, and a greater proportion of their overall cars. so he admitted to me, this is going to be really hard, they

have to execute, that they have to do this not just to tesla, but to beat their detroit crosstown rivals, such as general motors. emily: ed ludlow, excellent reporting by you, excellent interview with jim farley. of course, you can check it out at bloomberg.com. that does it for this edition of "bloomberg technology." we will be joined by the ceo of grab tomorrow, and we will also talk about the developments in ukraine tomorrow, the impact on technology and developer community, right here on "bloomberg technology." i am emily chang. this is bloomberg. ♪

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>> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. >> the following is a paid presentation furnished by rare collectibles tv llc. >> in 1915, the united states was in the middle of world war i. woodrow wilson was president. in the world of numismatics, the mint director decided it was time to replace the barber half-dollar that had been designed by mint engraver charles barber. he conducted a competition to