>> innovation, money, and power collide in silicon valley and beyond. "bloomberg technology" with emily chang. weekdays at 5:00 p.m. in new york and 2:00 p.m. in san francisco. from the heart of where innovation, money and power collide, in silicon valley and beyond. this is "bloomberg technology" w ith emily chang. emily: i'm emily chang in san francisco and this is "bloomberg technology." in the next hour, a security incident. the latest details on what hackers got access to. as president biden warns u.s. businesses to harden their cyber

defenses against russia. plus, robinhood unveils a new debit card that will prompt users to round up their small chain and invest it in stocks and even crypto. an exclusive interview with the cheap product officer coming up. -- chief product officer coming up. and how to get more women into nft's and web3. we speak about how one person is making sure no one gets left behind. all that in a moment. stocks rebounding despite global uncertainty tied to inflation, the fed, and war on ukraine. ed, walk us through the date. ed: risk on the sentiment of market on tuesday. the nasdaq 100 very technology heavy index up by almost 2%. that is despite real pop in yields to the u.s. 10 year yields. the benchmark treasury up towards 2.4%.

that usually puts downward pressure on tech stocks, not at the moment. tesla a big driver for the equity moments. biggest gain on the nasdaq, up almost 8%. they've got elon musk dancing in berlin. and as part of that broader risk on sentiment, bitcoin above $42,000 per token, its highest level in three weeks. come with me into my bloomberg terminal. look at this chart. it looks like investors could be dip buying technology stocks. the white line is the u.s. 10 year yield. you can see that surge in yield has not deterred technology investors. the nasdaq 100 bounced back 12% from the march 14 low. that is despite this hawkish turn we have seen from the fed. we know the outlook in more certainty for higher rates. not a problem for technology investors, who seem to be coming back in. i'm also looking at

cybersecurity. okta down 1.8%. it had been down as much as 9% after the group lapsus claims it had hacked or infiltrated the system privileges of okta, which we will come to in just a minute. it is paring those losses out after the company put out a blog post. the nasdaq cybersecurity index up, a pretty significant jump, at elevated levels after that morning from president biden on monday that it could be we see more cyber security threats from russia amid the conflict happening in ukraine. emily: ed ludlow, thank you. let's take into the okta breach. what happened? what did hackers get their hands on? i want to bring in bloomberg's jeff stone, who covers cybersecurity. the initial reporting was that it was a security breach. okta now saying their service was not reached. what happened? jeff: what okta is saying does

not quite fit with the hackers. essentially what the company said this afternoon is someone, an attacker, had access to a third-party employee's access account for five days, which would give them would appears to be a dramatic amount of access into systems at the company. the nature of the breach still is under investigation. emily: okta is a service that is used by businesses around the world to keep them safe. looking at this more recent blog post by okta, they say the service has not been breached, there are no corrective actions that need to be taken by our customers. what do you read into about how significant this breach, if you will, was? jeff: any time a security firm or identity management firm goes through an incident like this, it is serious because of the

amount of information they carry about their customers. withowine depth of the incident, okta's customers certainly have reason to be on guard. we have seen early reporting out from cloudflare indicating that it also detected this. they had some further safety measures in place that prevented them from being affected. we hope other customers are in the same boat. emily: do we know who is behind lapsus? i believe telegram played some sort of role? jeff: lapsus is a new digital extortion group. they are using the messaging app telegram to announce their purported breaches and auction off their data and hopefully recruit insiders for further access at companies like okta. they also have claimant breaches at microsoft, ub -- claimed breaches at microsoft, ubisoft.

emily: two we know of lapsus' ti es to a nationstate? -- do we know of lapsus' ties to a nationstate? jeff: financially motivated hacking still is going, if not accelerating. lapsus appears to be a financially motivated group. initial research at least suggests they appear to be located in south america or brazil. that is based on some of their targeting and victim data. they don't appear to be particularly skilled. they also claim to have access to microsoft source code. difficult to say. emily: that said, give usmore context on president biden's -- us more context on president biden's warning that businesses around the world should be hardening their cyber defenses. jeff: we were expecting a much

louder, perhaps more devastating cyber war when russia's invasion of ukraine got underway. that has not happened in the way analysts initially expected, but the warning yesterday certainly gives u.s. companies reason to be on guard again. some of the reporting we are starting to hear is -- the reporting we are starting to hear is while there are not specific details from the white house, that update may have been based on intelligence that may indicate as russia's invasion has not gone according to plan, they may resort to cyber activity to raise money or create havoc in different ways. we know u.s. companies certainly are on guard. emily: jeff stone, who covers cyber for bloomberg, thanks for breaking down some complex issues in cyberspace. coming up, robinhood's new cash card. we hear from the chief product officer on how they want to make investing in stocks and crypto

as easy as buying a cup of coffee. this is bloomberg. ♪ >> if you are a crypto curious gen z and millennial, you can just invest in bitcoin or invest in crypto without going off the deep end. we think that is one of the things that will be interesting. or you can split your paycheck and get some of the money in crypto. ♪

emily: robinhood just unveiled a new debit card that will prompt users to take their spare change and invest it in small increments for you. that means if you buy a cup of

coffee, round up your purchase to the nearest dollar, robinhood will invest it in the assets of your choice, including crypto. we caught up with aparna chennapragada exclusively to discuss. aparna: of course we are working on many other products that make investing easy for an entire generation of folks to get started with, but particularly excited to share the robinhood cash card. it basically is a spending account and a debit card that allows you not only to spend on things that you need, but will help you turn that into investing on things that you want. what do i mean? it does three things really well. one, it does help you round up the spare change. you by of cup of coffee and turn it into spare change you can invest in crypto or stocks, so turning spending into investing. second, we robinhood will give

you a weekly bonus to reward you for that and support your investing journey. finally we are also working with merchants and retailers to get more savings, especially in this context of inflation and price rise. your question is valid, why this? we think of this as just another step, the next big step in investing is tackling spending. we think this is expanding the definition of investing. you don't have to wait until you accumulate wealth to then invest to grow it. you start investing at the beginning of the financial journey right when you start spending. emily: so far robinhood earns the majority of its revenue from trading activity. what are the signs you have that a cash card or spending account is something that robinhood users want? aparna: first of all we have a cash management customer that has been using it as part of the brokerage account. we know based on customer

research that the next generation of folks are wary of credit card bills, but at the same time they have high interest in investing, whether it be the stock market or in crypto. we think this is a way we can help them not only go about their everyday existing behavior -- this does not require them to change anything, but as they do so they can put away a bit of money towards their future. the early signs we are getting from product testing are very strong. people love this connection between spending and investing. one customer described it as this is a debit card with all the trappings of a credit card and none of its pitfalls. emily: how much revenue do you expect to earn from this product? aparna: i think there are a couple really strong things we are looking for here. one is our customers who sign up

for are loving the product, turning those cups of coffee into investing. just like many other fintech products, there is the interchange piece that we la unched on this. the second thing which is powerful for customers and the business is it starts this virtual cycle of spending turning into investing that is really good for customers for their long-term. but also great for us as a business. more diversified and more connected. we have multiple product lines now. emily: you mentioned in your announcement that for gen z, credit cards are not as popular as a payment method for millennials. why do you think that is? how does that change the future of financing? aparna: this is fascinating because when you dig into it there is a few different reasons. the default assumption is of course i'm a they are still

building their credit, therefore credit cards are not acceptable to them. there is some truth to that, but there are two other reasons. one is we found a lot of interest from customers in terms of being in control of their cash flow and being wary of predatory rates that dig a deeper hole of debt they are not able to come out of. that is one. the second reason is there is always a catch. there is a catch in terms of the rewards are restricted for the few. if you pay x dollars per year, then you could the beautiful car, and so on. we have been trying to do this on the investing side. what does it take for us to give the results of the few for everyone?

a great-looking car, a great app, intuitive design, and rewards that feel like a credit card without any of the catch. emily: robinhood's chief product officer, aparna chennapragada. you can catch the full interview on bloomberg.com. meantime, mckenzie scott made the largest publicly disclosed gift since she pledged to give away the majority of her will -- her wealth in 2019. she donated $634 million to habitat for humanity. scott is the ex-wife of amazon founder jeff bezos. she is worth more than $54 billion according to the bloomberg billionaires index. coming up, how to get more women creating nft's. we speak to entrepreneur randi zuckerberg and a ceo about their upcoming class on nft's for wo men. this is bloomberg. ♪

emily: nft's, the collectible art projects, could be the future of content creation, but how do we get more women creating them? that is the focus of randi zuckerberg, plunging a -- launching a new class to help women participate in the rapidly evolving nft landscape. i want to bring in randi zuckerberg, along with stacey bendet, the creative director and ceo of alice and olivia, one of my favorite brands. randi, talk to me about this class you are launching to teach creatives. randi: first of all, nft's are an incredible gateway enter learning more about crypto and finance. they are an incredible platform for artists and creatives to connect directly with their

audience for the first time. for me, i collected a lot of art. i invested in theater and shows and always missed having that one on one connection with the artists themselves. nft's provide the perfect weight to do that. i'm excited to be partnering with stacey. emily: why are you teaming up with randi on this? you are launching an nft blouse, which i believe randi is weari ng. talk to us about the link between nft and real-world fashion. stacey: for brands, nft's are a way to connect with your customer. randi inspired me to bring more women into the crypto space. a lot of women are overwhelmed by purchasing their first nft, what an nft is. we thought that if we could create a blouse that is one of our best selling shapes with a fun beautiful print and give the

nft away with it, it was a way to invite more women into the crypto space. randi offered to teach a class to the creative community and to the alice and olivia customers and women who want to learn more about nft's. emily: we saw a lot of nft hype last year. some seem to think the hype is slowing down. the average trading volume is dropping. how do you make sense of that? how does this new audience of potential creators make sense of that? randi: it is a great question. i don't know if it is slowing down as much as it is evolving. six or seven months ago it was differentiated enough to just be a woman creating nft's, put a collection out, sell out. today it is not like that anymore. nft's need to come with utilities like a blouse, like

jewelry, like event pickups or meet ups with a vip or mentor. i think we are in a transition point with nft's and crypto where we are going from this world with just collections of jpegs and art to really thinking how these become investments of long-term utilities. emily: there is a big concern that women are going to get left out of nft's and crypto like we saw women get left out of the big consumer tech wave. stacey, you spent the early days of your career coding websites for some of the world's biggest fashion brands in a male dominated space. how has your experience driven your interest in this initiative? how do we make sure women don't get left behind again? stacey: we need to educate them, inspire, and teach them. we are hoping randi's class teaches thousands of women about

crypto and nft and everything in between. we saw this boom in hundreds of millions spent on the art world in the nft space. there is another side to the nft space that allows brands to connect with customers, with women, to allow nft's to be this gateway to give all kinds of different incentives and surprises to their customers. i think we are just beginning to see what the nft world can offer both the creatives to consumers. it is important for women to understand and engage in it. we are both determined to make sure women are not be left -- are not left behind in this space. emily: you recently put together a very well produced video focused on crypto and nft's, and there was a strong response to

it. not all of it was positive. what do you make of the response? randi: you have known me for a long time. we sang together in college, so anyone who knows me should not be surprised that i would put something like this out. i will be honest that the crypto world, all that we talk about with getting more women into the space, and fortunately the crypto world is not very welcoming, not very inviting for newcomers. it feels intimidating. it feels challenging to be a woman walking into an industry that is 95% male. for me, everything i do in the space, education is designed to make crypto feel fun and welcoming and exciting because it's not hard. there is incredible opportunity. if some of the og's that they call themselves in crypto don't like that i am coming in to have

fun and welcome women, my content is not for them. my content is for the millions of newcomers who will be coming into crypto in the coming years. emily: my producers are asking me for more details on us singing together in college, so thank you for that. [laughter] i have a last quick question about the metaverse. you can't talk about crypto and web3 without the metaverse. is this some where we are going to be living and working and playing in? or is it going to be a small subset of our lives? randi: first, i'm just excited to get back to the actual-versee after two years of living on zoom. i am excited about the metaverse. some of the nft collections i'm working on, building schools and education in the metaverse for schools around the world who

can't go to school. excited about the opportunity for performances and art in the metaverse. i do think that the last two years, as crazy as it has been, has trained everyone to spend more of our lives online, and to care about our identity online. it will be interesting to see what comes. emily: randi zuckerberg, tech entrepreneur, who also sang a cappella in college, with me, alongside alice and olivia ceo stacey bendet. we will see how this course plays out. coming up, disney finds itself in a balancing act with employee walkouts. how the house of mouse is responding. that is next. this is bloomberg. ♪

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>> this is a great day for the factory. i would just like to thank everyone who helped. thank you very much. it really made a very big difference. and to the community -- i mean, tesla will make sure that this is a gem, you know, a gemstone for the area, for germany, and for the world. emily: you heard it.

tesla is up and running in germany. i want to get straight to ed ludlow, who has been tracking this story. something got elon dancing. ed: whether it was the fact that the berlin plant was online or the share place. look at this chart over the last several days, up almost 25%. the stock jumped 8%, the biggest in almost two months. it is up for six straight days, best streak since october, and back above $1 trillion in market cap. musk did make good on his prominence to dance at the opening of the berlin plant, just as he did in shanghai. what do you say when you see images like that? emily: he's got quite the moves, huh? ed: i'm not going to comment on that. the berlin plant is so important for tesla. two years or so since it was announced. and the first 30 vehicles delivered today. this is the chart that matters.

this is the projected production for tesla over the next couple years. shanghai, three-month yellow section. you see the two slivers of pink and blue, berlin and the texas plant that has not come online. yes, they are underweight, but there will be difficulties. by the end of this year, they want berlin to produce around 5000 to 10,000 vehicles a week. today was the first 30. they experimented with technology. it will be interesting how well they will be able to ramp up. emily: one thing we know for sure, our viewers will never be able to unseat elon musk -- unsee elon musk dance. we are following the discontent at disney over the ceo's response to the controversial florida bill, better known as don't say gay. on tuesday employees across the company walked off the job,

including one of the biggest stars of the disney channel. >> what is up? we are walking out today in support of this ridiculous bill! we don't like it. we are walking out. it's stupid. we love everyone, and support, support. bye! [applause] we walking out! emily: ravne symone and the cast of -- raven symone and the cost of her -- cast of "raven's home." >> this is something we were wondering when this was first announced by employees a week ago that they were asking people to take time off everyday, culminating in this full day walkout today. it's not huge. there was about 100 people in

the park that i saw. many had walked earlier in front of the burbank headquarters of disney. they are a very passionate group. i spoke to them. they feel very strongly about this topic and they are not going to let bob jpeg, the ceo of disney, off easy. emily: what is your sense about how he is weathering this? it seems like he conceded to making a mistake, not taking the position initially, but now they course corrected 180 degrees. is it enough? chris: he course corrected very quickly. in a couple days he said he reversed his position. he's had to apologize a couple times. yesterday, big town hall of employees. he said he will go on a global listening tour and talk to other senior leaders next week. took a strong position against

the texas bill, a similar topic. he is trying to make amends for this among disney employees. emily: is it going to work? there is speculation that he has a year left on his contract, that could be the end. chris: part of the problem for him is this dovetails with a lot of other issues. there is a perception that he is not as strong a people person as his process are bob iger was. -- his predecessor bob iger was. this is just one example in that narrative, an executive could maybe do a lot better job in connecting with the people who create content for disney. emily: where is iger in all of this? he came out against the bill early on. there is speculation bob iger could be coming back. chris: he gave an interview last

month where he said no way, that won't happen. that said, he is a careful political guy. he could get away from this political firestorm by taking a stand before disney can. people start asking, what is disney's overall position? that is when chapek ultimately responded weeks later. their relationship is not great. i think chapek chafed at the control iger had as chairman for over two years. iger maybe feels like he was not listened to enough during that time. emily: we will continue to watch your reporting on this. coming up, could ethereum be taking over bitcoin? we have more on the recent crypto market trends and what it means for vc investing, next. this is bloomberg. ♪

emily: time for our crypto report and a look at what is happening in crypto markets. crypto assets getting a boost, but divergence seems to be forming between the two largest cryptocurrencies. shen ali bostick with what is happening. >> there is green on the screen today. bitcoin got a decent left, more than 3% in the last 24 hours. i want to point out something

that everybody is watching, ethereum. not only is it rising, a little less than bitcoin's over the last 24 hours, we also see it rising almost double the amount of bitcoin rising over a seven-day period, getting that left of more than -- that lift of more than 16%. why is that? people looking forward to new establishments when it comes to ethereum, new technology upgrades, but it is a long way off when you look at market cap of the two. valuation alone of ethereum perhaps gives it more of a way to rise. emily: stick with us as we bring in our next guest for his take on markets and crypto, specifically -- thanks so much for joining us. we are looking at crypto from the perspective of venture capitalists. how are you advising clients

where to put money given the looming regulatory uncertainty and what's happening with russia and ukraine and these sanctions? >> those are all really good points. i am definitely a crypto believer. my fund has invested in companies like coinbase, so we are in it, but at the same time i think regulation is the greatest threat to cryptocurrency. i think the crypto community misinterpreted the executive order president biden issued two weeks ago around it. it didn't say we are shutting crypto down. people breathed a sigh of relief. but in reality it reinforced the power the ftc and others have to regulate crypto as they see fit. i think this is a concern. emily: how big a concern? bradley: there is no reason why he could not say we are going to

prohibit margin based lending or requiring a stable coin currency reserve. they could do a lot to hurt crypto. the point, to me, the crypto world has to grow up politically and recognize that because their greatest threat is regulatory risk, they have to get political in the way that other industries are. if they find it distasteful, they have to do it. emily: there is a big debate happening, bitcoin versus ethereum. i just asked serena williams, who has her own venture capital fund now, what she thinks. take a listen. serena: i think bitcoin has had an amazing boom and it has continued to do something amazing. it is huge. i am personally really in love

with ethereum. it's more accessible. emily: are you a bitcoin or ethereum guy? why? bradley: i don't invest in the actual currency either way. my view is we can assess whether we think a company will succeed, then we can impact the company's future activity and everything else. whether bitcoin will go up and down on a given day is beyond my pay grade. i think there are certain things to ethereum in terms of the blockchain it is on and accessibility, that serena is probably right, it is easy to see why it is becoming a real competitor. sonali: many investors like you are investing in crypto infrastructure given these uncertainties around regulation. from a valuation standpoint, are you worried too much money is

flowing into infra structure companies at a time when there are still worries about a disconnect between private and public valuations? bradley: that is a very fair point. i think back to when we invested in a company in austin, texas that just had a billion-dollar valuation. i remember thinking, if i am a user of digital health, i should invest. i think it is the same thing here. i think the regulation is an existential risk to cryptocurrency, but i think it is here for the long term. if you look at as a piece of infrastructure that the community needs, one problem we often have in venture is because there is a much money in the sector now, people are investing in companies that sell problems -- solve problems that don't exist. sonali: howdy think about crypto investing versus broader web3?

do you think part of the crypto landscape is over or under invested in? bradley: right now it is over invested in because we don't have any web3, nobody knows what that means yet. where the two get interesting is when we are in the metaverse, that is in my view when crypto goes from an asset class -- to when tons of transactions are happening in the metaverse, that is when it makes sense for vendors to say yes, we take amex and visa, but we also take ethereum and bitcoin. the two converge when the metaverse and web3 -- emily: who runs the future of the metaverse and how is that guiding your decisions? bradley: nobody knows. [laughter] but where we should take note is you have companies like facebook and microsoft and apple sending

tens of billions of dollars -- spending tens of millions of dollars on metaverse. they want to build walled gardens that keep you in their infrastructure. i wrote a memo two months ago on how to regulate the metaverse. i did it because i know if we follow the difficult path where a technology company comes up with a new idea, they launch it, and after some time the government starts to regulate it, you've got to get ahead of these problems on the front end. if we want government to have some say over the metaverse, the reason that is important is all the lack of privacy and affordability that we had in internet 2.0 in this country, most people would like to have more protections when the metaverse and web3 comes. if government does not proactively say how do we look out for consumers in the

metaverse, then no one is going to. sonali: i have another question about venture capital and how it changes as it pertains to crypto. given people are raising money in new ways in the crypto landscape, do you think if the vc space does not adapt, they risk competing very heavily with crypto investments? bradley: for sure. yes and no. yes, because you're and crypto companies themselves are doing internal venture investing. there are funds focused on crypto and nothing else and they will have an advantage in terms of the ability to analyze deals. at the same time, when times are really flush, everyone is throwing money at them, either because of regulation or some other problem. the price of crypto declines significantly, all these companies making side investments and everything else may end quickly.

i don't know that the company has longevity, but right now they have advantage. emily: bradley tusk, along with sonali bosket. ramp, a startup valued and now at well over a billion dollars. what the company plans to do with all that cash, next. ♪

emily: as corporate life slowly gets back to a new normal, the fintech startup ramp is taking advantage, raising another $750

million, valued at over $8 billion. joining me now, the ceo of ramp, eric glyman. thanks so much for joining us. talk to us about ramp's business and why it is important in the fintech landscape today. eric: thanks so much for having me. ramp is a finance automation platform. we offer built-in expense to management, build payments and account automation. we help the average company spent 3.3% less each year and close their books eight times faster. emily: you are competing with giants like american express. what do you have on them? eric: first, it is a fundamental design that is focused on our customer. we thought a lot about how to design points programs to incentivize companies to spend more revenue for the company. we design our products to be intent on helping the business owners vent less money.

-- spend less money. we believe we were able to grow revenues by a factor of 10 times year over year. we think that aligned approach is what business owners are looking for. emily: $8.1 billion, it certainly has the valuation. how do you plan to invest this new capital? eric: primarily on hiring. today ramp is about 300 people and we intend to double that over the coming year, primarily hiring in research and development, engineering products, the software that identifies where companies are wasting time, helping automate that away full, wasting money, where companies are getting charged more than others and combat price disinformation, and supporting more business owners. we support over 5000 companies today in the u.s. and intend to use the funding to scale to tens of thousands. emily: you are planning to open

a new office in miami later this year. why miami and how much of your workforce will be coming in to that office versus working remotely? eric: thanks so much for asking. first, miami has become an and credibly dynamic city, especially coming into and out of the pandemic. we are seeing a lot of new business formation, founders heading down there. ramp wants to be where business owners are forming companies. people are seeking to grow the workforce. a lot of this is around supporting the businesses down there, but throughout the pandemic we see that a lot of our our workforce once to work in great places. people are used to being able to work where they want and how they want. by june, we should open our office. we will be hiring locally and supporting companies that want to work from a sunny place.

emily: what are the small businesses you are working with telling you given geopolitical uncertainty, inflation? there is a lot of uncertainty about what lies ahead. eric: for sure. we talk with finance teams, founders, day in and day out. during this period, businesses are trying to do the same thing they are always trying to do, grow business, have a great livelihood, and support others. what is especially important is capital is harder to access. making sure people are being prudent with their finances. for us, a lot of that comes down to can we help companies identify where there is waste, where companies are spending more than others, and helping companies that are looking to bring down their spending and designing software that helps them achieve that. a lot of people are looking for support for travel. as workforces have suddenly

become hybrid during the pandemic, even though there is uncertainty globally, a lot of americans are starting to see others in different offices around the country. so integrated travel management, expense management and the like are hot areas of development for our customers. emily: when is the ipo? eric: no current plans, but we are trying to build a business for the long run and align incentives. that is what we are focused on day in and day out. we will see where things take us. emily: eric glyman, ceo of ramp. thank you so much for joining us. that does it for this edition of "bloomberg technology." we will be right back here tomorrow. don't forget to check out our new podcast. every episode of the show, you can listen on the go, on apple, spotify, on the terminal. we will be right back here tomorrow. i am emily chang in san francisco. this is bloomberg. ♪

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>> a very good morning it welcome today break australia. we are counting down to asia's major market opens. >> and good evening from bloomberg's world headquarters in new york, i'm kathleen hays. u.s. stocks rebound while the treasury well deepens and the treasury digest the fed chairs possible 50 basis point rate hike. >> crash investigators reveal the pilo