>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang.

♪ emily: i am emily chang "bloomberg technology in service go and this is "bloomberg technology." coming up the next hour pinterest gets ready, joining us for an exclusive interview with what he has learned after 30 days on the job, and the action plan to evolve the social commerce platform in the face of tough macro conditions. we will be talking with outgoing ceo jason gardner as -- looking for his or her placement as fintech -- saying he is no longer the right person to run the coming for the next phase of growth. who is javier? the facebook veteran is now meadows new coo, why he is being called the anti-cheryl. let's look at the markets, it

seemed to rally yesterday but maybe went a little too far. what are investors thinking? >> there was a day that lacked any sort of nature catalyst. -- major catalyst. a lot of the red on the screen and the equity market has been higher, it turned a corner the nasdaq 100 down .7%. apple who really zeroed in on apple right now, such a significant impact on the market given its waiting on the major indices and that has been the topic of discussion. it has been doing relatively well coming off the june lows. we are talking what to ideas, apple stock is at a record high compared to the s&p 500, they have come up there june low, but apple is doing even better.

it's waiting as a percentage of the s&p 500 is at a record high. it is having a significant drag on the market either direction. bloomberg reporting a scoop, according to sources apple instructed its suppliers, 90 million handsets to be prepared to be made. it continues well, i'm watching rivian, a company i tracked really closely, strong quarterly sales, it is expecting a wider loss of the year, raw material inflation, supply crunch, freight costs. the ribbon called starts in any moment, -- the rivian start their call in just a moment, before i go happy birthday. emily: i appreciate you not sharing my age. news of a regime change made shareholders anxious, they are

on the hunt for a new executive team, shares plunged after the credit card issuer announced of the shakeup. joining me now to talk about it is outgoing ceo jason gardner who is now searching for his successor. tell us more of this story behind this new shift change. why and why now? >> happy birthday, emily. emily: thank you. >> thank you for your continued interest in marquette, i started planning, -- succession planning when i took over, it was not sitting at thought about but i got more intense in january in terms of succession planning and what if i get hit by a bus and who would take over the company, i talked to a lot of other ceos, founder ceos that asked -- that stepped into the executive chairman role, and it was really enlightening. i've else i was somewhere that

love people, products, customers. finding a ceo who is much better suited or our next days of growth, building a sustainably profitable company. that combination was really powerful. i got really excited about it. i spoke with the board, told him what i plan was, and i wanted to be very transparent about it, to our employees, customers, shareholders. really excited about this step, i care deeply about the company is what is best for marqeta. whether it could be six months or year when we find a new ceo, i am really excited about the decision and what is next. >> why the ceo and coo roles at the same time? >> company organizations are organisms. we want to be five civil and nimble, i was make -- we want to

be flexible and nimble. we change from time to time, we have been having conversations over the last few weeks, what is next for the business. this er a is next, it is not a coo, it is bringing in somebody solely focused on the revenue side of the business, while i can be focused on being a ceo and focusing on the day-to-day operations of the company, embodied by the next ceo and creating a combination between that. i thought that was the next best step for the business. she and i thought it was best she stepped away as i focused on hiring. we are excited about the next step and it feels like a wait has been lifted off, i do not like secrets, secrets are uncomfortable and transparency. is a core tenant of who i. am. to be able to talk about this publicly is wonderful. >> i'm curis about the advice

you might have two other sticking about the -- curious about the advice you might have to others who might be thinking about the same thing. it is hard to step away from your baby. what message would you send other executives out there about trying to figure out when is the right time. >> you have to do what is best for the business. as a public company ceo you have to do what is best for your shareholders as well. what is a powerful combination that will build a better, stronger business in the future? i ultimately decide the combination between a founder and wants to be focused on people, products, under -- customers and a ceo that is focused on the day-to-day operations of the business, that is best for marqets. -- marqeta. i young my baby, -- i love my baby that is now a young adult,

living in the care of some of the future is the x best step. -- next best step. think of what is best for the company, be transparent about it as people know what is your intent for the future. emily: we are in the middle of a difficult macroeconomic environment, we may be headed into a recession. what is your outlook on the fintech landscape and the environment your success will be walking into? >> we had a great first half, remain cautious in the second half. you are right, depend on the experts you talk to, we are in a recession, not in a recession, the recession is coming. it is not clear where we are headed, we are a very strong company, figure 3% year-over-year growth -- 53% year-over-year growth, 1.7 billion dollars in cash, a lot of options. if it is investing in the business we are hiring, or m&a.

we have a very strong blue-chip base of customers continue to perform while we are building out more and more businesses around the world investing a product, people, future. emily: i appreciate you joining us, thank you for sharing some of that with us and we will be watching to see how this shuffle plays out. >> ticker. -- take care. emily: coming up a conversation with the newly appointed ceo of pinterest. next. this is bloomberg. ♪

♪ emily: it has been one month

since the executive shovel at pinterest, last month the cofounder and handed the reins to ready, he said he would lay out a plan of action helping people go from inspiration to realization, bill ready joins me now. great to have you back on the show. your first 30 days, what has been the focus and how are you shaping that plan of action? >> it has been a great first month with the team. we jumped right into it with earnings and some great engagement with our investors. what has been inspiring for me coming into pinterest, the things i admired from the outside in terms of their mission, vision, how much people really care about it being a positive place on the internet. a place where people can go for daily inspiration.

looking for things to make, do, buy. it is great to see the momentum the team has built over many years and a lot of exciting things we're working on now. emily: you are -- were running the comers at google, for they were the coo of paypal, you were at braintree, several times on our show in that role. how did the conversation start with pinterest? >> i admire what and in the team -- ben and the team built over many years. more recently we talked about not only how he was taking about he was from himself, but how it -- what he wants from pinterest. a lot of great alignment for the vision of the business. as you touched on in the intro, opportunity to go from inspiration to realization i think is a really unique thing

that does not exist in many places. finding inspiration and intent in the claim -- same platform is really unique and uncommon. there is a lot of -- the opportunity to have people take all the way through that to realization is a great chapter where pinterest can go. making sure to continue on the inspiration and discovery that is already the core of what people love about the platform. emily: there are some that were surprised that dan had left -- ben had left, he had been there for years, can you give us more insight as to why now is the time to move on? >> he did an amazing job over the course of 12 years building a business from zero. ben and i spent a lot of time and we have common ideas of where the company can go.

i'm excited to continue engaging with him, he is a very engaged and passionate work member dashboard member -- board member. he is done a lot of amazing work in getting pinterest to where it is today and he has a lot of -- in terms of going forward. emily: i am a big pinner, it says that is really important section of -- intersection of e-commerce and search. some say there has not been a lot of innovation and evolution over the last several years, have you want to better harvest that power -- harnessed the power? >> i think the team has innovated quite a lot, the platform today compared to the past there is a lot to be excited about. the shift to video, for example, we shared this on our earnings, 10% plus of our engagement is

coming over video while also staying true to what users expect in terms of bringing together great inspirational images and people interested in. i think it is a good example of innovating with users. there is still a lot left to be done. that is around how do you help people harness that inspiration and intent that they have? people are not casually browsing. it is not leaned back, people are coming with an intent and a purpose. they are coming at a part of their journey where they still have not yet decided what it is they want to do or buy. they know they want to put together a great outfit, plan a party, or redesign a room, they are at this moment where they're still trying to figure out what do they want in that room come what the outfit to become what they want that party to look like. that is a really great moment in the user's journey, our platform is unique and we have an opportunity take the user from

not just putting together that great outfit or put together that great room, i can go all the way to action in finding the things i want to buy to put that together or find places connect with to take the next step in that journey. that is where there is a lot of forward innovation left to go. i think you continue to see that resonate with users and advertisers. you see it play out in the ads business where the company's of inspiration and intent -- combination of inspiration and intent makes pinterest a must buy for advertisers. emily: how do you think your google payments experience can play here? is the biggest opportunity advertising? is the biggest opportunity e-commerce? is the dream to be seized -- see something on pinterest and buy it?

to figure out where the palo came from or how to make it if they want to make it themselves -- pillow came from and how to make it themselves? >> yes to each of those. what pinterest does really well is is a curated journey. there is a lot of great ai and ml that puts things together things and you are trying to figure out what you on to do, making, doing, buying. we can ring a lot of inspiration together on those. it is curated, it is not just what is a really great dress that i want, but what are the accessories to go with it? a lot of human duration where people make the associations on the platform. where we stand out quite unique is our ability to ring those things together. -- bring those things together. from inspiration to realization there is some real superpowers the pinterest five arm has not

just -- has that is not just ai or ml. what is the room going to look like in this aesthetic? it helps us think about how to resolve shopping even more than by. -- buying. the first 20 years of e-commerce was solving for buying not so much a shopping. we think about the retail commerce world so much as about shopping, -- walking to the bar, getting inspiration about what is there. you see allow that already, we can take users a lot further down that journey. emily: elliot has recently taken a big steak, what has been your communications with them? what is their expectations? >> we shared this on our

earnings, we both made comments on this, we had collaborative dialogue and shared a lot of conviction and vision for where the business can go. there's been a lot of good dialogue there. the investor community i have spent a lot of time within past lives. that community knows i really care about making sure we have good engagement with our investors in listening and understanding. i want to listen and understand to all of our stakeholders. we had good engaging dialogue with elliott's just as we will continue to have good engaging dialogue with all of our investors. it is good to have a large it's of -- sophisticated investor that shares conviction about the business and the future of pinterest. emily: they initially led the way with creating a better workplace culture, tracy was really active about the -- it

has been accused of gender distribution of race discrimination, employees have staged a walkout, over the last 30 days what has been done and what is there left to do? >> this is the events of a few years ago, the company has made tremendous progress, i have spent time of the board talking about before joining. one of these, how much ben in the team and the board really leaned in not just wanted to go take action on these things and get to better places on these things, but to really start to lead the way on these. as a thing about diversity, inclusion, as we think about how we hold a really positive community, whether things i think is so inspiring to me about pinterest is that it is a very positive place on the internet. where people are going to be inspired and uplifted. it is not a place where people will go to shout about their politics at the neighbors, and

will a place where people are lifted up and inspired. saying you want to create a community inside the company that matches that. it is a great combination, and i think there is tremendous progress on that. i think for any company that work is never done and there is always more to do. it is top of mind for me and will continue to be a priority for me and the team. emily: pinterest has some prime san francisco real estate, we will talk about that during the break and we're looking at video inside the office right now. instep sanford's ago there is concern that the heyday of office culture is over. how are you balancing work from home and people coming back from the office and reinvigorating office culture? >> number one is been great to be in the office with the pinterest team. great to see people back in the office again and collaborating. i think it is really good to see more of that happening. at the same time, we are in a

new world, very different from what it was pre-pandemic. i think hybrid work, remote work will be important parts of how you think about building a highly talented and engaged employee base and i think there is real opportunities there we think about what that means in terms of attracting more diverse talent. you can reach into new geographies or attract people balancing different things in the work life balance. i think this notion there is no one-size-fits-all i think is really fantastic in terms of how we not only meet our team where we are, we are opening new doors and how we attract great town to a great talent can come from. emily: ok, bill ready, ceo of pinterest the first 30 days. appreciate it. >> coming up, why apple is putting a software update on hold this is bloomberg.

♪

emily: if you other stores we are watching the pentagon has certified space x to use reusable boosters on the rockets to launch a secret spy satellite. this gives space x a temporary edge as a companies first saw -- spy satellite launch with recyclable booster will take some time from october through december. the world's largest asset manager is making a significant move into crypto market, like rock offering a private bitcoin trust tracking the private -- price of the currency. coming up, bubbles rocky road ahead from competition from

match and tender, what is next that's what is ahead we will discuss next. coming up, we will profile javier, the successor who maybe nothing like her. that is next. this is bloomberg. ♪

emily: welcome back. let's take a look at bumble it

lowered its full-year revenue guidance taking a hit from the war in ukraine and stiff competition. why are we seeing bumble struggle? ask >> thank you for having me. one of the biggest reasons why bumble is trading off today is because expectations were building into the trend. if we look at our internet universe, bumble stock has been one of the best-performing names year to date and a market that is tough. as we were heading into it, expectations were for strong quarter and it is giving back some of that. fundamentally, we don't think much has changed. the guide is lower, but a lot of that is because of fx and they should get a lot of that back.

they are largely resilient and a little bit of a lower guidance because of product changes that they are pushing off until 2023. >> bumble is unique in that it has another dating app which it acquired in europe which is also under pressure. then competition for match and tender. -- match and tinder. >> the best thing for bumble is hinge. what came out during the earnings call that their ceo mentioned is that bumble remains the number one downloaded app in their major markets. what that tells us is they are executing pretty well to the degree that now they are the most downloaded app implying

that market share gain across markets. as we look ahead, we would compare hinge and how that is trending in other markets. versus bumble and that's going to be the race. so far, bumble is doing well. hinge is supposed to grow 50% and bumble is a $1 billion business. it is a bigger scale growing over 30% year-over-year and they are also executing well. emily: i want to talk to you about etsy reporting better-than-expected results despite the macroenvironment. why does it seem to be bucking the trend? >> at the is very unique. not only in the types of things

they sell that you might not have a direct comparison with. what is really helping etsy is they have a sticky seller base that doesn't sell necessarily on amazon or ebay as much as craft fairs. these are lower sellers doing it as a side job but they have talented skills. they have a very sticky buyer base in terms of retention and the people that come over and over again on etsy driving purchase frequency. as that becomes more habitual, that's what's sustaining etsy. the key question is on a macroenvironment where consumer spend is shifting away from discretionary physical goods into travel and services, what happens to their overall growth rate and why would they have the right to win? emily: finally, peloton earnings

coming up in a few days. the rival between palatine is -- and soulcycle, it's in attaining that they are doing a lot of things to try to get riders and exercisers back. what is your take on peloton's new leadership and its chances for a turnaround? >> i have confidence in the new ceo. the challenge palatine is facing is they have -- the challenge peloton is facing, is the inventory drawdown. they have a lot of inventory they need to sell. they have cash issues which means they have to show positive free cash flow by the end of next year. while there is competition, the biggest thing is going to be execution.

i have confidence but i'm not sure how deep their bench is. >> we will be following peloton earnings out in the next few days. now i want to pivot to meta and sheryl sandberg's successor. he may be so different than her, you might call him the anti-sheryl sandberg. he rarely speaks publicly or even post to facebook or instagram but he has had a hand in all of the major competitive battles and acquisitions. it was him who expanded the service to unprecedented size and power. for more of this i want to bring in kurt wagner. >> his personality is very different in the role he's going to play.

sheryl sandberg, we see her all the time she's a best-selling author and she's out speaking publicly. she is shaking hands with politicians. javier is none of those things. he is low-key and influential but even inside his own company, people don't know who he is. he's a very different personality but here he is stepping into the same title a similar job and it's huge job given everything they're going through. emily: what does that mean for meta culturally? if people inside the company don't know who he is, does that matter? >> it kind of reestablishes or further establishes mark zuckerberg as the main guy. before even though mark has been more forward as the face of the company over the last couple of years, he was still -- it was up mark zuckerberg and sheryl sandberg show.

now you have mark and not really anyone else. i think this further solidifies zuckerberg as the face. emily: facebook's valuation has been cut in half over the last six months. can javier olivan along with mark zuckerberg turnaround? >> i am not one to bet against mark zuckerberg. here he is a real crisis of the business for the company. this has always been up and to the right. never have the had to deal with something like revenue growth decline which they had for the first time last quarter. they are betting big on the metaverse right now. that's still years away. if they're going to turn things

around, it will have to be that javier olivan can boost the ads business again. it's not small by any means, it's not experiencing the kind of growth we have seen and come to know from them. emily: it will be certainly interesting to watch this all play out. thank you as always. meantime, ceos are increasingly turning to social media to share their feelings about layoffs. in june, one ceo -- released names and information on employees who have been laughed. now another post goes viral. he ended the post as self -- with a selfie of him crying. he embraced the backlash and

dubbed himself the crying ceo. then there was this interview with redfin ceo who had this to say when i asked about last. >> we laid off 6% of our workforce and i'm the one accountable for that. i feel so ashamed about it. i was so blue, i still am. but it's what we had to do to run a profitable business. now i think we feel more optimistic about the future, but we are still running on a nice edge. -- nice edge. -- knife's edge. emily: coming up, crypto mixers what are they and could they be the next money-laundering scheme? this is bloomberg. ♪

emily: time for our bill report. -- crypto report. we are diving into crypto mixers. it is a service that makes transaction more anonymous and harder to trace. while it's great for privacy, it has become a tool for global money-laundering. recently, tornado cash was sanctioned by the u.s. treasury after it was used to launder more than $7 billion in digital currency in 2019. let's talk about the debate which has spurred in the crypto community.

thank you for joining. michael, do you think the accusation allegation is fair that these mixers have become dangerous? >> to a large extent what we have seen over the many years i've been in the crypto space is the majority of the funds going to mixers are for largely criminal activity. to that extent, it is true. there are lots of other purposes that you could use mixers for that are perfectly viable. the purpose that is anonymity -- emily: administrators have described as the go to mixer for criminals. does your data support that? >> north korea is known to be one of the biggest in the crypto space in terms of organized

crime. they have done different hacks and stolen crypto over the years. there gort -- go to mixer was tornado cash. emily: can you paint a bigger picture? how big has cybercrime been this year? >> cybercrime has been a decline. last year for example crypto in transaction volume grew five times over a year. cybercrime doubled. it means you are now moving from percentages to basis points and counting criminal activity in the crypto space. the same time, the numbers are really big. just this year, we have seen a new kind of hack between different blockchain's getting

hacked. that is largely been north korean hackers behind that. clearly a lot about things are happening and it's big, but relatively small compared to the other activity in crypto. >> this is been fascinating because just a few months ago, the tornado cash founders told bloomberg news that because it is smart contract-based, written on decided by prewritten codes, we can't enforce sanctions against it. we know that the treasury department disagrees, but for developers that are out there now writing and developing code, how can they make sure that what they are creating complies with sanctions? >> we have a sanction oracle on the blockchain that you can write into a smart contract. then you're compliant in the sense that you check.

however you also need to check for things that are related to that. >> an existential topic about -- it feels like a lot of these hacks are happening in cross blockchain bridges. what about bridges specifically makes them vulnerable? >> a bridge is basically a place where you buffer or stall funds when you move them between blockchain's. i may want to buy one and to do that because basically hot wallet sitting in a system of the internet then i get something else on the other side. now you can sit billions of dollars in a wallet and that makes it honey pot. when i been looking through various papers, typically it has been extremely hard to break into but last year, we saw huge

growth in crypto and everyone wanted to be first to market. sometimes limitations in the actual basic security around servers that were running these hot wallet has been less good and that has been exploited mainly by north korea. emily: thank you for helping us explore. coming up, the latest on rivian. just reporting it's earnings results. is it a hit or miss? that's next. this is bloomberg. ♪

>> apple is delaying its next major ipad software update by

about one month from september to october. apple made the decision for a number of reasons including a stage manager multitasking interface that is still buggy and in order to link the launch closer to ventura. in shifting the launches to the fall in 2011, apple has released its new iphone and ipad releases -- updates at the same time every year. it will also make it a bit harder for developers to launch apps that run on both the ipad and iphone that require new api features found across the ios. stage manager is still quite

buggy. i don't find it intuitive and it's not compatible with most ipads and many third-party apps on the app store. it clearly needs some more polish. and complaints from consumers, it will no longer overshadow the earlier launch of the iphone 14. those new iphones along with apple watch series eight models are coming in october. emily: don't forget you can subscribe to his weekly newsletter at bloomberg.com. now onto the world of electric vehicles. rivian cutting its annual earnings forecast saying it would have a larger than guided loss on inflationary lows. it did reaffirm its delivery forecast.

what's going on? ed: it's interesting because we have followed this company for a few years. it was the first quarter of meaningful sales. it's a reality check. with inflation and raw materials, they are basically saying we are not going to lose 4.7 5 billion dollars, we're going to lose $5.5 billion and pullback are spending because things are tough. emily: is demand still strong? they have a super long wait list. ed: they are what we call supply constraint. they can't build the vehicles fast enough. what's interesting on the earnings call, he said he felt the product still had pricing power. they raised prices in march anyway which was a scandal because they raised it for existing reservation holders but the idea they could raise

further is a show that people still want this product. what's on your screen, the model is still at over $70,000. that doesn't show confidence and the demand is good. emily: what is your sense of how rivian is weathering the supply challenges versus tesla? ed: rivian doesn't have the scale of tesla and that's part of the problem. they're having to go to their suppliers and say we can do this, give us the chips that we need. look at our shiny factory. those chip supplies are also supplying many others. the shares have been bouncing around after hours. they were down than up and there is an element of relief. when lucid head earnings, they cut their forecast for the second time this year because they couldn't get parts. rivian reaffirmed its guidance to build 25,000 this year.

even though it's tough, they are sticking to what they said they could do. emily: what is your sense of whether this is just growing pains? ed: they certainly project confidence. they have a very talented cfo. she talks cfo talk. she does hint that things could improve the second half of this year. the inflation act could help them a lot. not just in consumer ev's, they make the vans for amazon and their hope is to sell vans to other fleet operators as well. emily: of all of the ev's you cover, which one is best poised to whether the storm and tough environment? ed: all of them. general motors and ford are demonstrating ford more so that they have the effect ring experience to make it work there transitioning from gas to ev.

rivian, they have $15 million on their balance sheet. they are laying off, cutting costs and acknowledging how hard it is. they are doing what many of their peers don't do which is resisting the urge to oversell themselves. see how it goes. emily: that does it for this edition of bloomberg technology. friday, we have the ceo of posh mark. ed will be filling in for me. don't forget to check out our podcast wherever you get your podcast. i'm emily chang in san francisco. this is bloomberg. ♪

this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app.

haidi: