>> from the heart of where innovation, money and power collide in silicon valley and belong -- beyond, this is bloomberg technology with emily chang. ♪ emily: i'm emily chang in san francisco in this is uber technology. a security incident, what hackers got access to as president biden warns u.s. diseases to harden cyber defenses against russia.

plus robinhood unveils a new debit card that will prompt users to round up a small change and invest in stocks and crypto as you spend. an interview with the chief product officer. how to get more women into nfts and web-ts, the future of the internet. we will speak with randy zuckerberg about how no one gets left behind. the market sucks rebounded despite global uncertainty tied to inflation, the fed and the war in ukraine. i want to bring in ed ludlow. walk us through the day. ed: a lot going on but risk on his sentiment on tuesday. the nasdaq 100, very technology heavy, up by all most to 2%. that is despite real popping yields, the 10 year yield, benchmark treasury, u.s. 10 year yield up.

that would put pressure on tech stocks but not so much. tesla a big driver for those equity markets. again are on the nasdaq 100, real news for the company, elon musk dancing in berlin. we will talk about that and as a part of the risk on his sentiment, bitcoin about 42,000 dollars, heading toward 43 for its highest level in three weeks. coming to me from the bloomberg terminal, look at this chart. it looks like investors could be dipped buying technology stocks, the yellow line the nasdaq 100. the white line is the u.s. 10 year yield. you can see the surge in yield does not discourage technology investors. the nasdaq has bounced back from its march 14 low. that is despite a hawkish turn have seen from the fed. we know the outlook and more certainty for higher rates, not a problem for technology investors who seem to be coming back in. also looking at cybersecurity. there's a lot going on.

okta down 1.8%, it had been down more than -- as much as nine after a group claimed it tapped into it. the company put out a blog post. you look at the nasdaq at cybersecurity index, up 3%, a significant jump. it is elevated numbers after the warning from president biden on monday that it could be that we see more cybersecurity threats from russia amid the conflict in ukraine. emily: thank you. let's dig into the okta reach, what happened, wanted hackers get and how serious is it. i want to bring an bloomberg subject stone who covers cybersecurity. that reporting was it was a security breach but they are now saying their service was not breached. what happened? >> what they are saying does not

fit with the hackers, but what the company said this afternoon is that someone, an attacker have access to a third-party employee's access account for five days, which would give them what appears to be a dramatic amount of access into systems at the company. the nature of the breach is still under investigation. okta is a service -- emily: okta is used by businesses around the world to keep them safe. looking at the most recent blog post, they are saying the service has not been breached, it is fully operational, no corrective action needs to be taken by customers. what do you read into about how significant this breach, if you will, was? jeff: anytime a security firm or identity firm okta has this, it

is a concern because the amount of information the carried out customers. without knowing the depth, their customers have reason to be on guard. we have seen reporting from cloud flare indicating they also detected this and they had further safety measures in place that prevented them from being affected. we hope other customers during the same boat. emily: do we know who is behind this, and i believe telegrams played a role? jeff: that's right. they are a new extortion group using a app to announce breaches and auction off data and hopefully includes -- have breaches. they claim some have a number of verbs. emily: do they know if there

tied to any nation states, with these threats from russia coming from president biden it is hard to jump to that conclusion. jeff: one thing to keep in mind as the invasion of ukraine continues is that initially motivated hacking is going to -- is still going, if not exhilarating. they appear to be financially motivated. initial research suggests they appear to be located in south america or brazil is on some of their targeting and victim data. but they don't appear to be particularly skilled. they also claim to have access to microsoft source code so it is difficult to say. emily: give us more context on president biden's morning that u.s. businesses, businesses around the world should be hardening cyber defenses. they are preparing for russian cyber attackers to double down. jeff: correct. we were expecting a noisier and

more devastating cyberwar when they envision got underway. it has not happened in the way analysts 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 that while there may not be specific technical details in the announcement from the white house, that update may have been based on intelligence that would think that as russia's invasion has not gone according to plan, they may resort to cyber activity to raise money or create havoc. we know that u.s. companies are on guard. emily: jeff stone, thank you for helping us break down these issues happening in cyberspace. coming up, robinhood's new cash card. we are 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 need not go deep into the rabbit hole of crypto. you can round up spare change, invested bitcoin or crypto without going off the deep end and we think that is actually one of the things that is interesting. you can split your paycheck and get some of the money in crypto.

emily: robinhood unveiled a new debit card that will prompt users to invest in small increments for you.

they will invest in the assets of your choice, including crypto. we caught up with the chief product officer exclusively to discuss. >> of course we are working on many other products that make investing easy for an entire generation for folks to get started with, but particularly excited to share the robinhood cash card. when it does, it is basically a spending account in the cash 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 by that? it does three things really well. it does actually help you round up the spare change, you buy a cup of coffee, you can invest in crypto or stocks and to turn -- we will give you a weekly bonus to regard you and that and

support your investing journey and we are working with merchants and retailers to help you get more savings, especially in the context of inflation and price hikes. your question is valid, and we think of this as the next big step in investing, tackling spending. because we think this is expanding the definition of investing. you don't have to great -- wait until you accumulate wealth to grow it. you start investing at the beginning of the financial journey right when you start spending. emily: so far, robinhood earns a majority of its revenue from trading activity. signs you have that eight cash card or spending account is something robinhood users want? >> there's a couple things. we have a cash management customer that have been using it as part of a brokerage fund. the know based on customer research that the next generation of folks, they are

debit primary, but at the same time they have high interest in investing, whether in the stock market or crypto. so we think this is a way that we can help them not only just go about their everyday existing behaviors, this does not require them to change anything, as they do so, it will start to put away a little money toward tomorrow in the future so the early signs are very strong people -- strong. people of this. this is a debit card with all of the trappings of a credit card and none of the pitfalls. emily: how much revenue do you expect to earn in particular? >> there are couple of things we are expecting, customers who sign up for it are loving the product, using it for everyday

spending, turning back cups of coffee into investing and like many other products, there are the fees and the interchange that we learn from this, but the second thing which is for customers and businesses, starts as your cycle turning into investing that is really good for customers in the long term. but also great for us as a business, more diversified and more connected and we have more product lines now. emily: you mentioned that for gen z, credit cards are not as popular as a payment method for millennials. why do you think that is and how does that change the future of financing? >> this is fascinating because when you dig into it, there are a few to for reasons. one, the default assumption you go in with is they are building their credit and the credit cards are not accessible to

them. there is that there are other reasons. we have got interest from customers in terms of being in control of cash flows and being wary of predatory rates that they can hold on debt that they are not able to come out of. so that is one reason. the second reason you think about is there is always a catch. people are describing it, there is a catch but the rewards are restricted for a few. if you pay these dollars per year, you get this card. if you pay this much money, you get all of these points and so on. just like we have been trying to do on the investing side, we said what does it mean and what does it take for us to give whatever was the result for a few for everyone. a great looking card, great app

with lots of security features, intuitive design and rewards of filigree credit card without any of the catch. emily: the robinhood chief product officer there, you can catch the full interview on our website. midst -- mckenzie scott has made the largest publicly disclosed gift since she pledged to give away a majority of her wealth in 2019 she donated 490 -- four to $36 million to habitat for humanity, the ex-wife of amazon founder jeff bezos. according to the billionaires index, she's worth more than $54 billion. coming up, how to get more women creating nfts. we speak with entrepreneurs and allison olivia ceo stacy about their class on nfts for women. this is bloomberg. ♪

emily: nfts, collectible art projects could be the future of content creation, but how do we get more women creating them? that is focus of a woman launching a class to teach women to participate in this landscape. i want to ring her in along with stacy who cofounded and is the ceo of alice and olivia, one of my favorite brands. talk to me about the class you are wanting to teach creative's. what do you want students to get out of this? randi: first, nfts are a gateway into learning about crypto and finance, and incredible platform for artists and creative's to connect directly with their audience for the first time. i know for me, i collect a lot

of art, i haven't that -- invested in theater and shows and i have always missed having that one-on-one connection with the artist themselves. nfts provide that so i'm excited to be partnering with stacy. emily: why are you teaming up with randi on this? you are launching and nft blouse which i believe she is wearing. talk about the link between nft and real-world fashion. >> for brands, nft's are a great way to connect with your customer but she inspired me to use our blouse as a way to bring more women into the crypto space. a lot of women are overwhelmed about how to purchase this, what to do with it and what and nft is. we thought if we could create a blouse, the best-selling shape with a fun print, and give the

nft away, it is a way to invite women to the space and she offered to teach class to the creative community, and the women who want to learn about entity -- nfts. emily: we saw a lot of nft height last year and some to think it is slowing down. if you look at the average trading volume, it is dropping. how do you make sense about and how does this new audience of potential creators make sense of that, whether or not to invest in this space? i don't -- >> i don't know if it is slowing down as much is that is changing and evolving. six or seven months ago it was differentiated enough to be a woman created nft, put a collection out and sell out. it's not like that anymore, the market places evolving and the nft needs to come with utilities like a blouse, jewelry, event

tickets or meet ups with a vip or a mentor. so i think we are in a transition point with crypto right now where we are going from this world where it was just these collectives of jpeg's and art and see how this can become an investment in utility. emily: there's a concern women are going to get left out of nfts and crypto like the consumer tech wave. i know you spent some of your career coding for some of the biggest fashion brands in a male-dominated space. how has your experience and your interest in this initiative -- how do we make sure women don't get left behind? >> we need to educate, inspire and teach them. you're hoping the class has thousands of women that joined to learn about nft's, crypto and everything in between. i want to add that i think --

right now we saw this boom in billions or hundreds of millions being spent on the art world in the nft space. but there is another space -- another side to the space that allows brands to connect with customers, women, to allow nfts to be a gateway to give all kinds of different incentives and surprises to their customers. i think we are just beginning to see what the world can offer to both the art world, creative's, consumers and we both agree it is important for women to understand and engage in it. i think we are both determined to make sure women are not left behind in the space. those of -- emily: there's a question of how you strike the right note with your audience, you put together a video focus on crypto and nfts and there was a strong response,

not all of it positive. what was your goal in what you make of the response? randi: you have known me for a long time, we sing together in college so anyone who knows me should not be surprised that i would put some thing like this out. but i'm going to be honest that the crypto world, all that we talked about with getting more women into the space, unfortunately for crypto world is not welcoming or inviting for newcomers. it feels intimidating, challenging to be a woman walking into an industry that is 95% male. for me, everything i do in this space, education, my courses, these videos, it is designed to make crypto feel fun, welcoming and inviting because it is not hard and there is incredible opportunity. so if some of the ogs and

crypto don't like that i'm coming in to have fun and welcome women, my content is not for them. i content is for the millions of women and people and newcomers who are going to be coming into crypto in this year and the years. emily: my producers are asking more details for us singing together in college, so thank you. i want to talk about the metaverse because you can't talk about crypto without talking about this. what is your vision for the future of the vetiver's? -- metaverse? is it somewhere we will be living and playing, or a small subset of our lives? randi: i'm just excited to be getting back to the actual-verse after living on zuma. i'm excited though, some of the nft collections i'm working with are working on building schools and education for girls around the world who can't go to

school where it is too dangerous are not allowed. i'm excited about the opportunities for performances and art in the metaverse. so i do think 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 lives and our identity online. it will be interesting to see what comes. emily: randi zuckerberg, who sang a cappella in college with me, along with the alice and olivia ceo stacey b endet, thank yo doozyu in a balancing. act with employee walkouts, how the house of mouse is responding. that's next. this is bloomberg. ♪

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

tesla is up and running in germany. we have been tracking the story and something has got you on dancing -- got elon dancing. reporter: you look at this chart over the past six days. on tuesday, the stock jumped 8%, the biggest jump in two months. it is the best streak since october and it is about $1 trillion of market capital. plus he has made good on his promise to dance of the opening of the berlin plant just as he did in shanghai. what do you say and what do you say when you see images like that? emily: quite the move, huh? ed: they mention it pretty quickly, two years since it was announced in the first 30 vehicles were delivered today. this is the chart that matters.

this is the projected production that tesla has covered over the years. shanghai and the inspection, burn on the other sections. you see the two slivers of pink and blue. you can see how slowly analysts expect the ramp to be at these plants, so good news is underway but there will be some difficulties. let's talk about how by the end of the year, they want berlin to produce around 5000 vehicles per week. they have experience -- experimented with technology and it will be interesting on the back of this supply chain crunch how they will be able to produce. emily: one thing we know for sure, our viewers will never be able to unseat elon musk dancing. another story we are continuing to follow, the discontent at disney in the response to the florida bill, better known as don't say gay. many parts of the company walked out of the job, including one of the biggest stars on disney

channel. >> where the cast of raven's home and we are walking out today in support of this ridiculous bill. we don't like it. >> it is stupid. >> we love everyone and support, support, support. >> bye. >> we wanted out. emily: the cast of raven's home and raven simone. joining me now is chris who was at the walkout in l.a. >> this is something that we were wondering about the employees who announce this a week ago, taking time off to accommodate this big walkout today. it is not huge. there were about 100 people in the park that i saw, many of

them had walked earlier from the burbank headquarters and they were passionate. they feel very strongly about this, not going to let the ceo of disney get off easy on this. emily: what is your sense of how bob chapek has been weathering this? now they have course corrected 180 degrees. is it enough? chris: he corrected very quickly. he has had to come out to apologize a couple of times. yesterday there was a big town hall with employees. he said he is going to go on a global listing tour, talk with other senior leaders. this power that they were supposed to have next week in orlando to do that, he took a strong position against the

texas court of orders that addressed a similar topic, so he is trying to make amends with the community of disney employees. emily: is it going to work? there has been speculation that he has a year left on his contract and that could be the end. chris: this does help with a lot of other issues. there is a perception that he is not as strong of a person as his predisaster's where -- predec essors were, and this is just one example of that narrative, that maybe he could do a lot better job of protecting the people who create the content. emily: where is zeiger's and all of this? the speculation has ranged to bob iger could be coming back.

chris: he did an interview last month saying that no way that will happen. that said, he has weathered the store -- storm for chapek bite standing out against this bill before disney had, and then people were asking disney, and that is when chapek responded a week later. i think chapek chipset the control that iger had for two years. emily: we will continue to watch the reporting on this. thank you. coming up, could ethereum be taking over bitcoin? what it means for investing. this is bloomberg. ♪

emily: time for our crypto report on what is happening in the crypto market. crypto assets getting a boost but divergence seems to be forming between the two largest cryptocurrencies. our reporter here with more. what is happening? >> bitcoin has gotten a decent lift of more than 3% in the last 24 hours, but i do want to point

out something that everybody is watching, and that is a cerium. it is -- that is ethereum. we see it rising almost double. really getting that lift of more than 16% as you can see it in that period. why is that? people are looking forward to new establishing's when it comes to ethereum, but it is a long way off if you look at the market cap of the two. emily: stick with us as we bring in our next guest for his take on markets and crypto, specifically, brad, thank you for joining us. you're looking at the crypto space, but from the perspective of a venture capitalist, how are you advising people where to put their money given the more

regulatory uncertainty and what is happening with russia and ukraine and the sanctions? >> those are all good points. i am definitely a crypto believer. we are certainly in it but at the same time, i do think that galatian is the greatest threat to cryptocurrency -- regulation is the greatest threat to cryptocurrency. around it, people didn't say that they are shutting crypto down, so we decide where we leave, but in reality, we just have all of the power that the agencies have to regulate it, but it should be a bigger concern than it has been so far. emily: how big of a concern? >> there is really no reason why we are going to impose these

kinds of reporting requirements or stations in a way that makes transactions possible or prohibiting larger spending or stable currency reserves as unreasonable, so they could do a lot to hurt crypto and i think the point here is the crypto world has to grow up and recognize that because their biggest threat is regulatory risk, they have to get political. emily: there is a big debate happening, bitcoin versus ethere um, i just asked serena williams what she had to say. >> i think bitcoin has had an amazing boom and it continues to do something amazing. it is huge. i am personally in love with

ethereum. it is more accessible. emily: are you a bitcoin or et hereum guy? bradley: i don't invest in the actual currencies either way. we look at how this will impact the company's future and everything else, but on any given day, it is beyond my pay grade. there are certain things to et hereum in terms of what blockchain it is on. emily: i am curious. many investors like you are investing in the crypto infrastructure given the uncertainties a route -- around regulation, but are you worried at all that perhaps too much money is flowing into the

infrastructure companies at a time where they are still worried about a disconnect between private and health evaluations? bradley: that is a fair point and i think back when we invested in a company which is one based in texas that just got a billion-dollar evaluation. when we look at the future of digital health, i should invest in it. i do think the regulation is at risk for central currency, but i think it is here to stay. if it is a piece that the community really needs, it is making sense. one problem that we have as venture, people are investing in companies that do not give embarrassments paid whatever problem you're solving has to have that. emily: do you think that the crypto part of the landscape is under or over invested in here? bradley: right now it is over

invested simply because we do not have great investments that various people do because no one knows exactly what that means. where the two big relievers are here, when we have web three, when we have the metaverse, though -- those are when we will have the assets. when 100% of the assets are completely digital, that is going to make sense to say that we take ethereum and bitcoin. these two really converge once those happens. emily: who runs the metaverse of the future in your view and how is that guiding your investment decisions? bradley: that is a great question. as you know, nobody knows, but the one thing we know is that you have companies like facebook and microsoft and apple spending tens of billions of dollars on

metaverse development. they want to build walls that keep you inside their ecosystems and infrastructures rather than sending money to somebody else, and i remember to make -- two months ago where i read something about the metaverse where if we follow a difficult path that a technology company comes up with an idea, they launch it, and they realize that they need to regulate it, there needs to be rules. you have got the response on the front and. we want the government to have some say on the metaverse, but all of the lack of privacy and portability and data ownership that we have, those people would like to have more protection with the metaverse and web three. if the government doesn't proactively say how we proactively protect the

metaverse, then people will have a hard time. emily: given that people are raising money in so many ways in the crypto landscape, do you think that if the vc space doesn't adapt, that they risk competing heavily with crypto investment? bradley: yes, for sure. yes because you are seeing crypto companies themselves doing internal investing, some specifically focused on crypto and nothing else, and they are going to have the ability to see these deals and analyze those deals. at the same time, when times are really lush, everybody is throwing money either because of regulation or some other problem. all of these companies making investments in other crypto stardust and infrastructure and everything else.

i don't think the competition has longevity but right now they have some advantages. emily: bradley tusk along with sonali basak. coming up, i will be joined by the ceo of the start up now valued at $28 billion. what the company plans to do with all of that cash, next. ♪

emily: it is important in the sin tech landscape today. eric: thank you for having me. ramp is a finance management corporation. the impact that we strive for companies is that we help the average companies spend 3.3% less each year. emily: you're competing with giants like american express. what do you have on them? eric: it is fundamentally a design that is focused on our customer, so with others in the space, it is about more revenue for the company. we design our products with the intent of helping those owners spend less money, and that is

why we were able to grow our revenues by 10 times the number of shareholders paid we think that is the approach that business owners are looking for. emily: 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 and research development, engineering product designed to come up with software that identifies things like certain companies charging more than others, and also to support more business owners. we support over 5000 companies in the u.s. today. emily: you're also planning to open a new office in miami this

year. why miami and how much of your workforce will be coming into that office versus working remotely? eric: thanks so much for asking. the claimant has become -- miami has become an incredibly dynamic city. we are seeing a lot of new business formation, founders heading down there, and ramp wants to be where business owners are forming their companies. where people are growing their workforce, so a lot of this is around supporting the businesses out there, but also coming out of the pandemic, we see a lot of our workforce once to work in a great place. people are used to being able to work where they want to work and how they work, so we should open our office. we are going to be hiring locally. emily: given you are working

with small businesses, what are they telling you given geopolitical uncertainty and inflation? there is a lot of uncertainty about what lies ahead. eric: we have talked with finance teams, cfo's date in and day out, and in this period, we are always trying to do the same thing we have in doing, which is grow business and have a great livelihood to support others. what is an specially important and people are planning for, making sure they are being prudent with their funds. for us a lot of that comes down to, can we help companies identify where there are ways where companies are spending more than others and helping those that are looking to bring down their spending. a lot of people are looking for support for travel, and the workforce has suddenly become

hybrid during the pandemic, a lot of americans are starting to see others in different offices and locations across the country. travel management, expense management are part of the development for customers. emily: one is the ipo -- when is the ipo? eric: none so far. we are focused on growing the business day in and day out. emily: ceo of ramp, thank you for joining us. that does it for this addition of -- this edition of "bloomberg technology." don't forget to check out our new podcast. you can listen on the go, on apple, spotify, the i heart terminal. we will be back here tomorrow. i am emily chang in san francisco. this is bloomberg. ♪

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