>> from the heart of where innovation, money, and power collide in silicon valley and beyond, this is "bloomberg technology" with emily chang. emily: i'm emily chang in san francisco and this is "bloomberg technology." coming up in the next hour, facebook and instagram officially banned in russia. a russian prosecutor calling the meta-platform extremist

organization. the war on disinformation about a war. plus, discontentment with disney. a plan to walk out tuesday. and what serena williams takes from the court to investing. the tennis star joins us to talk about her first venture fund and talks about everything from tom brady to her own thoughts about retirement and what the serena slam of business might be. we will get to that in a moment, but first a look at the market. tech shares under pressure after fed chair jay powell says the central bank could raise rates faster if needed. ed ludlow is here with all the big moves. reporter: that hawkish tone, a lot of red on the screen. really pouring cold water on u.s. tech stocks. let's take a look at what the fed chair had to say. >> we will take necessary steps

to ensure a price stability. in particular, if we conclude it is appropriate to move more aggressively by raising the federal funds rate more than 25 basis points, we will do so and if we determine we need to tighten beyond common measures of neutral and into a more restrictive stance, we will do that as well. reporter: we reinforce the idea higher rates are coming and could be coming fast. you can see the u.s. 10 year yield at 2.3%, highest since 2019. tech stocks have been the most vulnerable. we had a massive rally in tech stocks last week. down again on monday. but when push comes to shove, we are headed to the first quarterly decline since march 2020. the biggest quarterly decline since 2018 and the market doubling down on this idea that tech stocks are sensitive to higher rates because they discount the present value of

future profits. of course there is some stories and moves out there. let's start with alphabet, the parent company of google. the justice department saying google employees are improperly using attorney-client privilege, trying to shield documents from discovery. that had downward pressure on the stock. meta-platforms across the parent company of facebook and instagram, a russian court has banned those. it is the first time the country has used this extremist law in connection with a foreign technology company. that's a story we have talked about a lot of late. general motors, examples where one month into the ukraine conflict, analysts getting really concerned with the impact on global. emily: thank you for that round up.

russia is banning both facebook, and instagram the meta-platform now up officially blocked across the country, the first time russia's sweeping extremism law has been used against a foreign tech company. joining me now is david competitor, founder and chief editor of techonomy. how is this different? >> they were blocked last week i believed with instagram and facebook has been a couple weeks now. my understanding is it makes it actually an issue, a crime if you are working for one of these companies. if you're supporting one of these, you would be you considered supporting extremist haven use -- behaviors. it's clear if you are an employee, that would be a problem. facebook says they don't have employees in russia right now. what happens if you are an advertiser on one of these platforms? what happens if you are an investor who owns stock?

is that financial support of meta in this case? that is confusing but ultimately, it makes it much more official than a simple block. emily: a lot of interesting question. s. it seems to be a rather rare example of facebook coming off looking like the good guy. >> it is true. i think this is the first time i have been on your show in a long time were fundamentally i have to say facebook is the good guy. facebook was providing genuine information in russia. yes it was banned but this new legal ruling is turning the screws even higher although we have to be aware in russia, there is no legal system of the type we know. the courts are simply a rubberstamp for whatever the government decides. it's true that advertisers could be in jeopardy, but if the

government wanted to come down on those people, it could do so for whatever reason it shows. but facebook, the best thing that could happen to them would be another arab spring, which would show the world they could be used for good things. they are in the doghouse for all kinds of other reasons otherwise. emily: what are the chances this could lead to criminal charges against facebook and instagram employees? >> i think that's the idea. if you are an employee working at the company, you could then be accused of aiding this extremist activity. again, i spoke to someone at facebook earlier this morning. i was told they don't have employees in the country right now. . it does raise questions around perhaps russian nationals who work for meta-or facebook in other countries. maybe they don't live in russia now, can they return at some point? maybe they have family over there.

it is definitely a complicated issue that is creating some questions at meta today. emily: so far, whatsapp, another meta platform, does not appear to be blocked and it does not appear twitter and youtube have fallen under this law either. what do you make of that? >> i would probably say it is a matter of time probably in all three cases. certainly, whatsapp is at virtue of the authorities because it is entirely encrypted so they can't see what's happening inside it, but i would not be surprised if it were later decided that whatsapp constituted a threat, all they have to do is see evidence it is causing problems for the. like i said before, the government of russia can act by fiat on anything they want at any time. in terms of youtube in particular, there's been

speculation that youtube might experience something shortly. twitter, obviously twitter would be a logical candidate for shut down as well. emily: what do you make of the fact that russia has not appeared to take official action on these other platforms yet? >> i would agree with david, i feel like this is a matter of time. but the fact that meta has been so aggressive in policing and cutting off state backed media from russia, remember they had this change in policy or if you are in ukraine, you can post things wishing violence on invading russian forces. i think that policy and loophole, they say normally that would be against rules but in ukraine, you can do this, i think that really angered authorities in russia and they pointed to that as being a real

issue that they seem to be taking a firmer stance on meta-than other companies. emily: obviously the bigger question is what does russia's internet look like over the long-term? is this the beginning of a digital iron curtain that will remain down for years? will there be a separate russian internet as we have seen in china? >> actually, the answer to that is unequivocally yes. there is a digital iron curtain that has been slowly dropping. what would be even worse is the system that china has because at least china is a digitally savvy country at the national level. russia actually had been researching in recent years the possibility of changing the way that urls actually work so that you would not necessarily be able to type in the same thing you could type in here and have it go to the same place.

that would be the ultimate example of a different internet. even in china, urls work the same way. that is where russia is headed. if you can't completely shut down information and still have internet as we know it, they are shutting down all information. emily: what are the business implications? obviously china is a massive market. russia is much smaller but certainly important. >> i believe the cfo of meta said the total business of russia with advertisers in and out of the country trying to reach people in russia was something about 1.5 percent of facebook's total advertising revenue. that's a lot of money, but not a massive amount. i wrote in the newsletter last week that i don't know if meta has the financial incentives to bend over backwards to get back

into russia, whereas they might want to make concessions in other parts of the world. i don't think their business is big enough there to sacrifice the stuff they have wanted to do now. i'm not sure if this might be the beginning of a different version for the russian internet. emily: certainly a fascinating and evolving situation. kurt wagner and david kirkpatrick, thank you both. coming up, disney workers planning to walk out tuesday, angry over the company's stance on a controversial florida bill and at ceo bob chapek in particular. what this means, coming up. this is bloomberg. ♪

emily: tuesday, disney employees plan to put their discontent on full display, planning to walk out in protest of florida's don't say gay bill which governor ron desantis has not signed yet but is expected to. this essentially bans schools from discussing gender issues with children. the disney ceo bob chapek refuse to initially release a statement on the bill until last week. many cast members have launched walkouts on their brakes this would be a much bigger walk out tuesday. disney hosting a town hall to quell some of the anger internally. for more on what it means for the future of disney ceo bob

chapek, i'm joined by rich greenfield. disney is holding this meeting today to try to cut some of the tension here. what do you make of the fact that disney employees have been so vocal about their unhappiness with how disney ceo bob chapek has handled this? >> we have seen a lot of voicing of feelings among employees in the last couple years. if you think about the furlough of employees and layoffs that occur, this has been a difficult couple of year period for all consumers and all employees. certainly for disney employees, this has been challenging. executives and management teams will make mistakes. i think the real hallmark of long-term success is whether they recognize those and pivot quickly. i think that's what you are seeing here, pretty rapid change

, not letting this drag on and addressing the issue quickly. i can't speak to why the original decision was made and the logic, but i think it is comforting that the speed of changing their minds was swift. i think that's what matters. disney is at a critical crosswords -- crossroads. i think we are all waiting to see, who is bob chapek? what is his long-term disney plan? to your question, will we get to see it? will we get to see him put in motion his long-term plan? emily: i wonder what your answer to that question is, are these staffers upset enough that this will give bob chapek serious concerns? >> i think he must have heard

loud and clear how broad-based the fear and concern was around this decision, to reverse course so publicly and so quickly. not to mention internal meetings. bob chapek's long-term future will be most likely judged on the big strategic decisions he makes. what is the plan for disney plus? is it being merged with hulu? are they creating one service in going after netflix and trying to become a massive streaming company? or are they just going to focus on disney content? like espn, why are they in the sports business? sports is not a business you can scale. the nfl owns the nfl, not disney. you think about the ufc, the biggest piece of espn plus, that is owned by endeavor. you get that like wise disney in these businesses and what is the

long-term strategy west or mark there's no doubt bob iger set in motion this tremendous ramp in disney plus subscribers, but is you look at -- as you look at the next five to 10 years, what does disney want to be? does it want to be netflix or stick to its core franchises and verticals, which is probably a smaller but successful and profitable business? emily: what do you make of the bob iger side of this story? the fact that he doesn't agree with this position bob chapek initially took, that they reportedly no longer talk. the speculation going so far, that bob iger could replace bob chapek. i believe he said that is ridiculous, but we are in a rapidly evolving situation here.

>> this has been a relatively challenging couple of years, a lot of layoffs, a lot of change, closing down operations. shanghai disney world just closed down again today i believe. this is sort of a never ending saga that impacts employees. we are living in a social media world where people can express views about how they feel very visibly. in terms of bob iger versus jpeg, i don't know what to say other than bob iger is gone, che apek is in charge. i think what matters is, what does the board think? investors are concerned that they don't really understand what the strategy is. are they going after netflix or is this more of a disney focused

story? comcast owns one third of hulu. what is the plan? is it about a mega service or will they continue to run three streaming services? there's disney plus, hulu and espn plus. it seems from a consumer standpoint, having multiple logins, multiple different interfaces, seems suboptimal. obviously part of that is comcast's fault battling over price, but when you think about what bob iger did, he made an important strategic decision that shaped the entire future of his run as ceo. that was a tremendous acquisition that changed how investors thought about the walt disney company and the content and the ip and the rest is history. the question for bob chapek, do you keep espn? all of these are big strategic

decisions. i think we will get answers about all of this but i think the stock is somewhat struggling and we are struggling not knowing exactly what bob chapek will do. emily: we will see how big the walkout is, but do you think this blowback could spread to consumers? there has been some discontent, the skyhigh pricing of the star wars hotel. can consumers revolt? >> my partner at light shed covers the live entertainment business. i think michael repeat no has talked openly about the incredible demand for concert tickets even with rising gas prices. we have seen incredible demand for experiences. disney world is packed to the gills. margins are moving to levels we have not seen in years. there's always risk.

if disney had not reversed course and addressed concerns of employees quickly, i think anything was possible. i think the issue will be right now, they are raising pricing and taking advantage of this environment. inflation is rising and i think they are looking at demand. they cannot keep -- they can't handle the demand and i think that is partly why they are taking advantage. but investors are not worried about parks. investors have one concern. they are only worried about disney plus and the long-term strategy. that's what we will hope to hear from buck quebec when he holds an analyst meeting later this month. emily: and we will see how long a chance he gets to prove himself. rich greenfield, from lightshed partners thank you. coming up, mixing popcorn with

mining. why amc is buying 22% stake in a gold mining company. coming up next. this is bloomberg. ♪

emily: now to amc flipping the script. the entertainment giant announcing it is buying 22% of a gold and silver mining company. an unorthodox move for the world's largest movie theater chain, and a past darling of meme stock investors. alex webb explains. reporter: why it is a cinemark chain investing in gold? during the big meme stock last year, the market capitalization jumped from $4 billion to more than $30 billion in the space of a few weeks. the ceo has plans to invest about $30 million in a gold mine. it said something quite interesting about how he sees both companies.

the role of ceo often has to do with capital allocation, in other words how you spend investors' money, to get the best return. you can open new locations, invest in innovation, adding new headcount, you can think about acquiring a company that will play well with your existing companies, and the firms's work better together than on their own. thirdly, you can just return the money to investors. he's not opting to do any of those things. returning money to investors would be a strange choice. he only raised from them last year. and besides, amc raises at a premium to competitors. when it comes to adjacent deals or the existing business, he says i can't find a way of generating as good return as i

can investing in a gold mine. in other words, the projection is the cinema business is not very good and you should put your money elsewhere. he's cutting out the middleman and doing it himself. emily: alex webb there. coming up, from the tennis court, to vc's. we speak to serena william about the next generation of start up champs. ♪

emily: welcome back to "bloomberg technology." i'm emily chang in san francisco. let's get back to the markets. ed ludlow is taking a look at chinese tech companies, who have had another rough day in u.s. trading. reporter: i think if there was a pocket of pain on monday, it was in u.s. listed shares of chinese technology companies. for everything going on in the world, the outlook for the federal reserve and rates, that what is happening in ukraine and global quantity -- commodities,

chinese tech companies also have to track what's going on with policymakers in china. these stocks have been fluctuating all over the place. down percent, underperforming broader indices. we're we are left is a situation where wall street and analysts are not getting it right on their forecast for the price of u.s. listed chinese companies. these are big names like alibaba and jd.com, tencent music. what this board shows is the percentage difference from the current price, where the share prices are right now versus the highest price target and the lowest on the street. let's take alibaba as one example. the highest street target is 163% above where the shares closed. the lowest, 40% where -- below where we are right now. it was about a change of tone

from policymakers. you and i have talked for a year about chinese regulators clamping down on technology and internet companies. last wednesday, bring up the next board -- golden dragon index, the basket massively underperforming. 33% gain in a single day because policies -- policymakers came out and said they would be more supportive and make a downward push. some wall street names really struggling to get it right. emily: i will try to muster some sympathy. thank you. tennis legend serena williams has raised 100 million dollars in her venture capital fund. the goal is to find the next generation of champions from underrepresented backgrounds. williams has been investing in early-stage startups for nine years, but this is the first time she has raised outside carpet all -- capital.i spoke with williams and her partner

about where they think a new class of startups can be found. >> we don't check just one box. we are looking forward to helping wellness -- health and wellness, fintech, the crypto space, the web three point, and fts are something on everyone's minds and i don't think you can have a vc firm and not have some really big part of that part of the web three space. we are kind of looking in those particular areas. emily: you have been the greatest of all time and tennis for so long, but in venture capital, you have been in stealth mode or under the radar. a lot of celebrities and athletes don't get taken seriously necessarily unless they are investing directly in their craft. is there something motivating about trying to prove yourself at something new? serena: yes. honestly that's one of the reasons i have been investing so

long and in stealth mode for so long. i feel like whether it's entertainers or athletes, when we try to do something different, it is seen as more of an opportunity instead of a passion. i wake up every morning thinking, i cannot wait to open my computer and look at index or talk to a company or see what we will do today. it is something i am passionate about and i genuinely have so much fun with it. that's also another reason why i was operating in stealth. i wanted to build my portfolio and build my track record, so when people have questions, i can say go to our track record, go to our data and see what we have done in the past and it gives you a glimpse of when we do have a bigger fund and being able to write those big checks and what we will do in the future. emily: allison, there's a lot of money flowing into the venture capital ecosystem, a lot of competitors. vc's often claim to have a unique network.

your network with serena's would seem to be unparalleled. how does that come to life on behalf of your startups? are there any examples you can share? >> one of the great things we are able to do is leverage the network, with behind-the-scenes connections. obviously, serena has lots of followers and being on instagram, so that's great, but when we can connect someone to the head of esg at nike or someone at amazon or proctor and gamble, those are business development opportunities, potential acquirers, or investing in themselves and the start up space. emily: you said yourself you don't like to lose. what do you take from the court to investing? serena: that is a good question. it is about having a winning attitude and about understanding that you have to put a lot of time into this. you have to put a lot of effort

into learning. for me, i'm the kind of person that i like to really do my homework and my due diligence and figure out exactly so i can be the best at it, because i know what that takes. i know what it takes to be the best at something in the world. i'm bringing that to the table and not many people have that. at the same time i understand the hard work and dedication. also, the champions mentality, i like winning. if you do, what does it take to win? it is figuring that out and applying it to this part of my life. emily: speaking of the track record, serena ventures has backed 13 unicorns, six exits to date. what is the advice you give to founders about the macroeconomic environment, given what we are seeing with inflation and interest rates, and geopolitical uncertainty? alison: there's obviously a lot of risk right now in the world and we think about what that means, but we've also seen times of great economic distress, some

of the best companies come out of that. people look to new opportunities. also with interest rates going up, debts could become more expensive, so there's more opportunities for different forms of financing. early-stage, it is still the same course. make sure you have enough capital to get to the next stage, how can we help you? what are the things you need to build to the next level? what are the tools you need? for us, it is kind of business as usual. there's a lot of opportunity happening and a lot of great companies we are seeing and fronting, but also -- and funding, but also making sure you have some saved away for a rainy day because no one knows what's around the corner. emily: the new york times ran a story about your fund and mistakenly printed a photo of your sister instead of you. you tweeted about this saying, "no matter how far we've come, we get reminded that it's not enough." how did you process that mistake? serena: honestly, i've been

through a lot in my career and in my life, and i don't let one thing to me off too much. -- take me off too much. for me i process it as an opportunity to let people know, you are not the only one being overlooked. this is why i'm raising serena ventures and why i want to make an impact because we need people like me, and like alison, to write that check so we don't have to be overlooked, and to say, let me just post this as fast as i can. i'm not even going to think about it because it doesn't matter to me. so it's about changing that narrative. i think that is important. if you have a platform to talk about it and discuss it, it needs to be discussed. i think it is important for other women and people of color to see that you are not the only

one struggling. i've been number one for i don't know, eons, and the fact that that can still happen is just the truth that this is why we have serena ventures. emily: speaking of other great athletes, tom brady on rewhat i? serena: i think everybody is happy about it, or most people were. i know that i was. it was mixed feelings about him retiring and then felt really good about the un-retiring. emily: like tom brady, you have accomplished seemingly everything possible on the court, and now you have other business interests. how much longer are we going to see you playing tennis and are you thinking about the r word more? serena: i think every tennis

player things about the r word as soon as they hit five years. [laughter] it is so intense, literally 11 months out of the year. but i don't know. i always tell people, i'm not planning for tomorrow, only in business. emily: all right. what is the serena slam for business? what does that look like? serena: i have never been asked that question and i've never thought about it. i think that is such a good idea. i have a serena slam in tennis. what a good idea. i love that. i will think of something and come back to you on that. i love that. you just challenged me. i love being challenged. alison: her eyes lit up. i have work to do today. you just give me work to do! emily: [laughter] that note, you have broken so

many barriers and prove people wrong who did not believe in you, so i have to ask about what happened to naomi osaka at indian wells. what is your reaction to this especially given your own experience? serena: yeah, i thought that -- everyone is different. i always say this. it is sport. i know a lot of people in sport, whether it is football -- i know in basketball, shooting a free throw with all the noise and the angry words and the fans, it is interesting. so it is a part of sport, unfortunately. you have to be able to keep going in those times because, unfortunately, people can be really mean. and that is terrible. i've been around when people have been really mean.

you just kind of have to understand that that's their opinion, it's a free world and they are able to have that, but for my opinion, i'm not going to have that meanness win. it's like, how do i do that? so unfortunately i hate that it's a part of sport, but it is and will probably always be, but everyone is different. emily: serena williams and alison rappaport. we have the full interview at bloomberg.com. coming up, we speak with the cofounder and chief security officer of chainalysis, a tool to monitor russian sanctions and how they picture the role going forward in national security. this is bloomberg.

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emily: time now for the crypto report, no week four of the war on ukraine. it has been a wild ride both for financial markets and cryptocurrency.sonali basak is with us to talk about more. talk about the latest move. reporter: after a small slump, we are seeing crypto prices moved back higher finally, a sustained level above 41,000 dollars at the moment. that is higher than it was at the beginning of last week, but i do want to talk about longer-term moves.

the sustained level above $41,000, if you take a look at what bitcoin has done throughout the start of the war, you have seen it lift higher. there's a couple reasons. one from regulatory clarity, from the u.s. and others, but also the idea that bitcoin can really serve as an alternate form of currency has jogged the minds of many investors around the world, especially as it has aided ukrainians who need it. as you know there's a flipside, the worry underneath the surface of whether it will be used to evade sanctions. emily: let's talk about that a bit more. i want to bring in our next guest to talk about this, the chainalysis cofounder and chief security officer jonathan levin . chainalysis is using a tool that would help users identify whether the people they're interacting with our sanctioned

entities. can you explain how this works? >> yes, thank you for having me. essentially what we have seen in sanctions in the u.s. come out, recently and over the last two years as it comes to cryptocurrencies, is the overseas sanctions after really -- actually lift addresses from cryptocurrency blockchain switch helps people understand whether they are interacting with people that are sanctioned individuals and prohibited. what we have released out there is an ability for anyone in the world free of charge to actually screen transactions they are processing against that api order contract oracle to see whether there hitting one of those listed addresses. reporter: i wonder what you think of the role of

intermediaries, exchanges and the necessity to work with lawmakers and regulators? do you think there's more of a role they need to play in order to make sure the rules are followed? >> the industry has been preparing for this for a long time and you fed exchanges and financial institutions as they step into this space and mature into risk and compliance going into business as usual. they know what the scenario is. they know what to do and they've been adapting to the latest actions by regulators around the world that have taken steps to broaden sanctions. i think from that standpoint, it is sort of business as usual, albeit a little busier than usual in the sanctions teams and financial institutions. emily: how much of it are you seeing of russians potentially using cryptocurrencies to circumvent these rules?

>> so currently, we are tracking very closely the macroenvironment. we are looking at all of the entry points and exit points from the russian economy into cryptocurrencies and tracking changes in liquidity, changes in volume, patterns of transactions to understand, has there been a systemic change in which people are using cryptocurrency in russia and evading sanctions. so far, we are not seeing serve the systemic level of cryptocurrency being used to evade sanctions that people were worried about at the beginning of this. sonali: how do you think about the war of cyberattacks in the war more largely? is there evidence that this can become a bigger issue? what is the role of folks in the crypto community who are also thinking about this at scale?

>> i think it's a great question because really what we've seen in this war in general is cyber is a domain as part of the war, increased cyberattacks on ukrainian internet infrastructure, and we seen activity to do with ransomware really increase as there have been some links -- leaks. really it is incumbent on everyone in the industry to share attacks that are happening so there can be indicators and shared intelligence across geographies and business. so i think there is more partnership to be done and you are seeing a lot of the development of these and re-prioritization of that in the u.s. emily: you believe the war in

ukraine is a key inflection point for the crypto industry. how do you see this playing out? >> i think one thing it has done is really surfaced that cryptocurrencies can be used for humanitarian purposes. the distinct example of the speed by which money was able to go from donors in all these countries around the world and into the hands of the ukrainian government, and them to purchase military equipment and emergency food supplies to actually finance the defense of their country, that is a really tangible example that is now in the minds of a lot of people around the world. the other things, it is actually possible to have sanctions compliant for cryptocurrency businesses around the world. i think the combination for

legitimacy and utility of cryptocurrency coming to the forefront as well as this increased focus and scrutiny on the regulatory piece is going to breed an inflection point in how regulated cryptocurrency businesses are able to function in western economies. emily: chainalysis cofounder and chief security officer jonathan levin, along with our sonali basak. thank you. much more ahead on "bloomberg technology." stay with us. this is bloomberg. ♪

>> we don't think of it as a race at blue origin. we are in this for the long-term. by long term, i don't mean five years. i don't mean 10 years. the vision of blue origin is generation spanning.

i will not see it happen in my lifetime or even my children's lifetimes that is how long the horizon of blue origin is and i'm excited to be part of this early step, but it will keep on going. emily: chief architect of blue origin's sub-orbital rocket gary lai, when jeff bezos made history of the first manned rocket to space. now he will join in jeff bezos' footsteps and join blue origins flight on march 29.he will take the place of saturday night live star p davidson, who dropped out when it was announced the flight was changed. that does it for this edition of "bloomberg technology." join us tomorrow. we will be joined by bradley tusk of tusk ventures.he will talk about crypto investing and who will run the metaverse. that's tomorrow on "bloomberg technology." i'm emily chang. this is bloomberg. ♪

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♪ >> very good morning. welcome to daybreak australia counting down to asia's major market open. >> jerome powell talkers message royals markets. the fed signals it may raise rates at a much faster pace.

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